Fair Value (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 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 December 31, 2020
Cash equivalents	$	32,661	$	-	$	-	$	32,661
Investments in securities:
Common stocks		19,099		-		-		19,099
Open-end Funds		6,128		-		-		6,128
Closed-end Funds		618		-		-		618
Total investments in securities		25,845		-		-		25,845
Total assets at fair value	$	58,506	$	-	$	-	$	58,506
Liabilities
Securities sold, not yet purchased:
Trading - Common stocks	$	799	$	-	$	-	$	799
Total securities sold, not yet purchased	$	799	$	-	$	-	$	799

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
Closed-end Funds		511		-		-		511
Open-end Funds		752		-		-		752
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 short-term investments in U.S. Treasury Bills and investments in fixed maturity securities disclosed but not carried at fair value, including those U.K. Gilts investments designated as held-to-maturity which are carried at amortized cost remeasured in U.S. dollars, as of December 31, 2020 and 2019 (in thousands):

	December 31, 2020						December 31, 2019
	Carrying Value			Fair Value Level 1			Carrying Value (1)			Fair Value Level 1
U.S. Treasury Bills		$	64,988		$	64,994		$	-		$	-
U.K. Gilts			-			-			6,547			6,547
Total		$	64,988		$	64,994		$	6,547		$	6,547

(1) Amortized cost at December 31, 2019 prior to remeasurement in U.S. dollars was $6,343.

At December 31, 2020 and 2019, the 5.875% Senior Notes were recorded at face value, net of amortized issuance costs, as follows (in thousands) on the consolidated statements of financial position:

	December 31, 2020						December 31, 2019
	Carrying Value			Fair Value Level 2			Carrying Value			Fair Value Level 2
5.875% Senior notes		$	24,215		$	24,554		$	24,191		$	24,815
Total		$	24,215		$	24,554		$	24,191		$	24,815