Fair Value |
F. Fair Value The following tables present information about the Company’s assets and liabilities by major category measured at fair value on a recurring basis as of December 31, 2020 and 2019 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. The following tables present assets and liabilities measured at fair value on a recurring basis as of the dates specified (in thousands): | | 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) | | | Total | | Cash equivalents | | $ | 34,010 | | | $ | - | | | $ | - | | | $ | 34,010 | | Investments in securities (including GBL stock): | | | | | | | | | | | | | | | | | Trading - U.S. Treasury Bills | | | 344,453 | | | | - | | | | - | | | | 344,453 | | Common stocks | | | 231,901 | | | | 5,440 | | | | 36 | | | | 237,377 | | Mutual funds | | | 1,294 | | | | - | | | | - | | | | 1,294 | | Other | | | 6,133 | | | | 621 | | | | 4,462 | | | | 11,216 | | Total investments in securities | | | 583,781 | | | | 6,061 | | | | 4,498 | | | | 594,340 | | Investments in affiliated registered investment companies: | | | | | | | | | | | | | | | | | Closed-end funds | | | 104,719 | | | | - | | | | 2,000 | | | | 106,719 | | Mutual funds | | | 63,886 | | | | - | | | | - | | | | 63,886 | | Total investments in affiliated | | | | | | | | | | | | | | | | | registered investment companies | | | 168,605 | | | | - | | | | 2,000 | | | | 170,605 | | Total investments held at fair value | | | 752,386 | | | | 6,061 | | | | 6,498 | | | | 764,945 | | Total assets at fair value | | $ | 786,396 | | | $ | 6,061 | | | $ | 6,498 | | | $ | 798,955 | | Liabilities | | | | | | | | | | | | | | | | | Common stocks | | $ | 16,090 | | | $ | - | | | $ | - | | | $ | 16,090 | | Other | | | 543 | | | | 938 | | | | - | | | | 1,481 | | Securities sold, not yet purchased | | $ | 16,633 | | | $ | 938 | | | $ | - | | | $ | 17,571 | |
| | 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) | | | Total | | Cash equivalents | | $ | 343,428 | | | $ | - | | | $ | - | | | $ | 343,428 | | Investments in securities (including GBL stock): | | | | | | | | | | | | | | | | | Trading - U.S. Treasury Bills | | | 29,037 | | | | - | | | | - | | | | 29,037 | | Common stocks | | | 257,520 | | | | 4,444 | | | | 89 | | | | 262,053 | | Mutual funds | | | 2,196 | | | | - | | | | - | | | | 2,196 | | Other | | | 2,428 | | | | 509 | | | | 4,134 | | | | 7,071 | | Total investments in securities | | | 291,181 | | | | 4,953 | | | | 4,223 | | | | 300,357 | | Investments in affiliated registered investment companies: | | | | | | | | | | | | | | | | | Closed-end funds | | | 99,834 | | | | - | | | | - | | | | 99,834 | | Mutual funds | | | 59,477 | | | | - | | | | - | | | | 59,477 | | Total investments in affiliated | | | | | | | | | | | | | | | | | registered investment companies | | | 159,311 | | | | - | | | | - | | | | 159,311 | | Total investments held at fair value | | | 450,492 | | | | 4,953 | | | | 4,223 | | | | 459,668 | | Total assets at fair value | | $ | 793,920 | | | $ | 4,953 | | | $ | 4,223 | | | $ | 803,096 | | Liabilities | | | | | | | | | | | | | | | | | Common stocks | | $ | 16,300 | | | $ | - | | | $ | - | | | $ | 16,300 | | Other | | | - | | | | 119 | | | | - | | | | 119 | | Securities sold, not yet purchased | | $ | 16,300 | | | $ | 119 | | | $ | - | | | $ | 16,419 | |
The following table presents additional information about assets by major category measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value: | | Year ended December 31, 2020 | | | Year ended December 31, 2019 | | | | Common Stocks | | | Other | | | Total | | | Common Stocks | | | Other | | | Total | | | | | | | | | | | | | | | | | | | | | Beginning balance | | $ | 89 | | | $ | 4,134 | | | $ | 4,223 | | | $ | 12 | | | $ | 3,458 | | | $ | 3,470 | | Total gains/(losses) | | | (53 | ) | | | 16 | | | | (37 | ) | | | 14 | | | | 673 | | | | 687 | | Purchases | | | - | | | | 2,000 | | | | 2,000 | | | | - | | | | 3 | | | | 3 | | Sales | | | - | | | | (1,800 | ) | | | (1,800 | ) | | | - | | | | - | | | | - | | Transfers | | | - | | | | 2,112 | | | | 2,112 | | | | 63 | | | | - | | | | 63 | | Ending balance | | $ | 36 | | | $ | 6,462 | | | $ | 6,498 | | | $ | 89 | | | $ | 4,134 | | | $ | 4,223 | | Changes in net unrealized gain/(loss) included in Net gain/(loss) from investments related to Level 3 assets still held as of the reporting date | | $ | (31 | ) | | $ | (22 | ) | | $ | (53 | ) | | $ | (8 | ) | | $ | 673 | | | $ | 665 | |
Total realized and unrealized gains and losses for level 3 assets are reported in net gain/(loss) from investments in the consolidated statements of income. During the years ended December 31, 2020 and 2019, the Company transferred investments with a value of approximately $2,221,000 and $63,000, respectively, from Level 1 to Level 3 due to the unavailability of observable inputs. For the year ended December 31, 2020, the Company transferred an investment with a value of approximately $109,000 from Level 3 to Level 1 due to increased availability of market price quotations. At December 31, 2020, assets held in the trust account through PMV were comprised of U.S. Treasury Bills which mature in less than one year with an amortized cost and fair value of $175 million.
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