Investment Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Investment Securities at Fair Value

Investment securities consisted of the following:

	September 30, 2020		December 31, 2019
Debt securities available for sale	$	89,239	$	83,445
Equity securities at fair value:
Marketable equity securities	11,897		23,819
Mutual funds invested in debt securities	22,956		22,377
Long-term investment securities at fair value (1)	31,619		45,781
Total equity securities at fair value	66,472		91,977
Total investment securities at fair value	155,711		175,422
Less:
Long-term investment securities at fair value	31,619		45,781
Current investment securities at fair value	124,092		129,641
Equity-method investments	$	16,240	$	15,942

(1) These assets are measured at net asset value (“NAV”) as a practical expedient under ASC 820.

Net gains (losses) recognized on investment securities were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Net gains (losses) recognized on equity securities	$	2,516	$	(1,506)	$	(4,510)	$	5,545
Net gains (losses) recognized on debt securities available for sale	22		25		(25)		67
Impairment expense	(22)		(6)		(408)		(11)
Net gains (losses) recognized on investment securities	$	2,516	$	(1,487)	$	(4,943)	$	5,601

The components of debt securities available for sale at September 30, 2020 were as follows:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable debt securities	$	88,336	$	903	$	—	$	89,239

The components of debt securities available for sale at December 31, 2019 were as follows:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable debt securities	$	82,714	$	731	$	—	$	83,445

Schedule of Maturity Dates of Fixed Income Securities

The table below summarizes the maturity dates of debt securities available for sale at September 30, 2020.

Investment Type:	Fair Value		Under 1 Year		1 Year up to 5 Years		More than 5 Years
U.S. Government securities	$	11,412	$	9,068	$	2,344	$	—
Corporate securities	58,481		28,863		29,618		—
U.S. mortgage-backed securities	5,759		114		5,645		—
Commercial paper	13,587		13,587		—		—
Total debt securities available for sale by maturity dates	$	89,239	$	51,632	$	37,607	$	—

Schedule of Realized Gains (Losses)

Gross realized gains and losses on debt securities available for sale were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Gross realized gains on sales	$	23	$	27	$	193	$	74
Gross realized losses on sales	(1)		(2)		(218)		(7)
Net gains (losses) recognized on debt securities available for sale	$	22	$	25	$	(25)	$	67
Impairment expense	$	(22)	$	(6)	$	(408)	$	(11)

Equity Securities at Fair Value

The following is a summary of unrealized and realized net gains and losses recognized in net income on equity securities at fair value during the three and nine months ended September 30, 2020 and 2019, respectively:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Net gains (losses) recognized on equity securities	$	2,516	$	(1,506)	$	(4,510)	$	5,545
Less: Net (losses) gains recognized on equity securities sold	(2)		58		(19)		468
Net unrealized gains (losses) recognized on equity securities still held at the reporting date	$	2,518	$	(1,564)	$	(4,491)	$	5,077

Equity Method Investments

Equity-method investments consisted of the following:

	September 30, 2020		December 31, 2019
Mutual fund and hedge funds	$	16,240	$	15,509
Ladenburg Thalmann Financial Services Inc. (“LTS”)	—		433
	$	16,240	$	15,942

Equity in earnings (losses) from investments were:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Mutual fund and hedge funds	$	1,468	$	(632)	$	775	$	(20)
LTS	372		139		53,424		(846)
Other	—		25		—		75
Equity in earnings (losses) from investments	$	1,840	$	(468)	$	54,199	$	(791)