Fair Value (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following tables present fair value measurements:

	September 30, 2020
(in thousands)	Level 1		Level 2		Level 3		Investments Measured at NAV as FV		Investments Carried at Amortized Cost		Total
Cash equivalents	$	82,751	$	—	$	—	$	—	$	—	$	82,751
Equity investments at fair value
Common stocks	$	81,505	$	—	$	—	$	—	$	—	$	81,505
Company-sponsored funds	133		—		—		—		—		133
Limited partnership interests	619		—		—		277		—		896
Preferred securities	829		12		—		—		—		841
Other	—		—		—		117		—		117
Total	$	83,086	$	12	$	—	$	394	$	—	$	83,492
Trading investments
Fixed income	$	—	$	17,406	$	—	$	—	$	—	$	17,406
Held-to-maturity investments	$	—	$	—	$	—	$	—	$	49,976	$	49,976
Equity method investments	$	—	$	—	$	—	$	491	$	—	$	491
Total investments	$	83,086	$	17,418	$	—	$	885	$	49,976	$	151,365
Derivatives - assets
Futures - commodities	$	663	$	—	$	—	$	—	$	—	$	663
Total return swaps - commodities	—		37		—		—		—		37
Forward contracts - foreign exchange	—		9		—		—		—		9
Total	$	663	$	46	$	—	$	—	$	—	$	709
Derivatives - liabilities
Futures - commodities	$	283	$	—	$	—	$	—	$	—	$	283
Total return swaps - equities	—		45		—		—		—		45
Forward contracts - foreign exchange	—		288		—		—		—		288
Total	$	283	$	333	$	—	$	—	$	—	$	616

	December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Investments Measured at NAV as FV		Investments Carried at Amortized Cost		Total
Cash equivalents	$	85,889	$	—	$	—	$	—	$	—	$	85,889
Equity investments at fair value
Common stocks	$	87,408	$	—	$	—	$	—	$	—	$	87,408
Company-sponsored funds	132		—		—		—		—		132
Limited partnership interests	1,048		—		—		337		—		1,385
Preferred securities	704		108		—		—		—		812
Other	—		—		—		135		—		135
Total	$	89,292	$	108	$	—	$	472	$	—	$	89,872
Trading investments
Fixed income	$	—	$	14,980	$	—	$	—	$	—	$	14,980
Held-to-maturity investments	$	—	$	—	$	—	$	—	$	49,807	$	49,807
Equity method investments	$	—	$	—	$	—	$	554	$	—	$	554
Total investments	$	89,292	$	15,088	$	—	$	1,026	$	49,807	$	155,213
Derivatives - assets
Futures - commodities	$	570	$	—	$	—	$	—	$	—	$	570
Forward contracts - foreign exchange	—		74		—		—		—		74
Total	$	570	$	74	$	—	$	—	$	—	$	644
Derivatives - liabilities
Futures - commodities	$	339	$	—	$	—	$	—	$	—	$	339
Total return swaps - commodities	—		173		—		—		—		173
Forward contracts - foreign exchange	—		44		—		—		—		44
Total	$	339	$	217	$	—	$	—	$	—	$	556