Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following tables present fair value measurements:

	March 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Investments Measured at NAV (1)		Total
Cash equivalents	$	66,217	$	—	$	—	$	—	$	66,217
Equity investments at fair value:
Common stocks	$	154,071	$	704	$	—	$	—	$	154,775
Limited partnership interests	—		—		12,896		1,170		14,066
Master limited partnership interests	364		—		—		—		364
Preferred securities	1,601		64		—		—		1,665
Non-Traded REIT	—		23,860		—		—		23,860
Other	247		—		—		124		371
Total	$	156,283	$	24,628	$	12,896	$	1,294	$	195,101
Trading investments:
Fixed income	$	—	$	77,926	$	—	$	—	$	77,926
Equity method investments	$	—	$	—	$	—	$	13	$	13
Total investments	$	156,283	$	102,554	$	12,896	$	1,307	$	273,040
Derivatives - assets:
Total return swaps	$	—	$	87	$	—	$	—	$	87
Forward contracts - foreign exchange	—		519		—		—		519
Total	$	—	$	606	$	—	$	—	$	606
Derivatives - liabilities:
Total return swaps	$	—	$	908	$	—	$	—	$	908
Total	$	—	$	908	$	—	$	—	$	908

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(1)    Comprised of certain investments measured at fair value using net asset value (NAV) as a practical expedient.

	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Investments Measured at NAV (1)		Total
Cash equivalents	$	151,915	$	—	$	—	$	—	$	151,915
Equity investments at fair value:
Common stocks	$	163,365	$	697	$	—	$	—	$	164,062
Limited partnership interests	—		—		13,202		1,228		14,430
Master limited partnership interests	282		—		—		—		282
Preferred securities	1,775		62		—		—		1,837
Other	226		—		—		121		347
Total	$	165,648	$	759	$	13,202	$	1,349	$	180,958
Trading investments:
Fixed income	$	—	$	77,996	$	—	$	—	$	77,996
Equity method investments	$	—	$	—	$	—	$	16	$	16
Total investments	$	165,648	$	78,755	$	13,202	$	1,365	$	258,970
Derivatives - assets:
Total return swaps	$	—	$	28	$	—	$	—	$	28
Total	$	—	$	28	$	—	$	—	$	28
Derivatives - liabilities:
Total return swaps	$	—	$	2,488	$	—	$	—	$	2,488
Forward contracts - foreign exchange	—		405		—		—		405
Total	$	—	$	2,893	$	—	$	—	$	2,893

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(1)    Comprised of certain investments measured at fair value using NAV as a practical expedient.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis:

	Three Months Ended March 31,
(in thousands)	2024		2023
Balance at beginning of period	$	13,202	10,759
Purchases/contributions	489		2,892
Unrealized gains (losses)	(795)		(18)
Balance at end of period	$	12,896	$	13,633