Fair Value (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of March 31, 2020 and December 31, 2019 (in thousands):

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2020

Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2020
Cash equivalents	$	77,481	$	-	$	-	$	77,481
Investments in securities:
Common stocks		16,729		-		-		16,729
Mutual funds		661		-		-		661
Closed-end funds		429		-		-		429
Total investments in securities		17,819		-		-		17,819
Total assets at fair value	$	95,300	$	-	$	-	$	95,300

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019

Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2019
Cash equivalents	$	85,823	$	-	$	-	$	85,823
Investments in securities:
Common stocks		26,463		-		-		26,463
Mutual funds		752		-		-		752
Closed-end funds		511		-		-		511
Total investments in securities		27,726		-		-		27,726
Total assets at fair value	$	113,549	$	-	$	-	$	113,549

Financial Assets and Liabilities Disclosed But Not Carried at Fair Value

The following table presents the carrying value and fair value of the Company’s investments in debt securities disclosed but not carried at fair value, including those foreign government obligations investments designated as held-to-maturity which are carried at amortized cost remeasured in U.S. dollars, as of March 31, 2020 and December 31, 2019 (in thousands):

	March 31, 2020						December 31, 2019
	Carrying Value			Fair Value Level 1			Carrying Value			Fair Value Level 1
Foreign government obligations		$	2,998		$	2,998		$	6,547		$	6,547
Total		$	2,998		$	2,998		$	6,547		$	6,547

At March 31, 2020 and December 31, 2019, the Senior Notes were recorded at face value, net of amortized issuance costs, as follows (in thousands) on the Condensed Consolidated Statements of Financial Condition:

	March 31, 2020						December 31, 2019
	Carrying Value			Fair Value Level 2			Carrying Value			Fair Value Level 2
Senior notes		$	24,197		$	24,022		$	24,191		$	24,815
Total		$	24,197		$	24,022		$	24,191		$	24,815