D. Fair Value

The following tables present information about the Company’s assets and liabilities by major categories measured at fair value on a recurring basis as of March 31, 2019, December 31, 2018 and March 31, 2018 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2019 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		March 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2019
Cash equivalents	$	63,985	$	-	$	-	$	63,985
Investments in securities:
Common stocks		30,408		-		-		30,408
Closed-end Funds		1,173		-		-		1,173
Mutual Funds		42		-		-		42
Total investments in securities		31,623		-		-		31,623
Total assets at fair value	$	95,608	$	-	$	-	$	95,608

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2018 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		December 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2018
Cash equivalents	$	40,905	$	-	$	-	$	40,905
Investments in securities:
Common stocks		32,414		-		-		32,414
Closed-end Funds		1,337		-		-		1,337
Mutual Funds		38		-		-		38
Total investments in securities		33,789		-		-		33,789
Total assets at fair value	$	74,694	$	-	$	-	$	74,694

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2018 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		March 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2018
Cash equivalents	$	27,034	$	-	$	-	$	27,034
Investments in securities:
Common stocks		31,291		-		-		31,291
Closed-end Funds		105		-		-		105
Mutual Funds		11		-		-		11
Total investments in securities		31,407		-		-		31,407
Total assets at fair value	$	58,441	$	-	$	-	$	58,441

During the quarters ended March 31, 2019 and 2018, there were no transfers between any Level 1 and Level 2 holdings, or between Level 1 and Level 3 holdings.