
	December 31, 2021		December 31, 2020
Debt securities available for sale	$	103,906	$	91,204


Equity securities at fair value:
Marketable equity securities	19,560		21,155
Mutual funds invested in debt securities	23,221		23,226
Long-term investment securities at fair value (1)	32,089		33,981
Total equity securities at fair value	74,870		78,362

Total investment securities at fair value	178,776		169,566
Less:
Long-term investment securities at fair value (1)	32,089		33,981
Current investment securities at fair value	$	146,687	$	135,585

Long-term investment securities at fair value (1)	$	32,089	$	33,981
Equity-method investments	20,984		18,310
Total long-term investments	$	53,073	$	52,291

Equity securities at cost: (2)
Other equity securities at cost	$	5,200	$	5,200

(2) These assets are without readily determinable fair values that do not qualify for the NAV practical expedient and are included in Other assets on the consolidated balance sheets.


	Year Ended December 31,
	2021		2020		2019
Net gains recognized on equity securities at fair value	$	9,615	$	2,123	$	7,320
Net gains recognized on debt and equity securities available for sale	45		110		135

Impairment expense	(276)		(415)		(15)




Net gains recognized on investment securities	$	9,384	$	1,818	$	7,440


Investment Type:	Fair Value		Under 1 Year		1 Year up to 5 Years		More than 5 Years
U.S. Government securities	$	6,481	$	5,688	$	793	$	—
Corporate securities	47,531		20,028		27,503		—
U.S. mortgage-backed securities	19,572		1,824		17,748		—


Commercial paper	29,103		29,103		—		—

Foreign fixed-income securities	1,219		1,219		—		—
Total debt securities available for sale by maturity dates	$	103,906	$	57,862	$	46,044	$	—

There were no available-for-sale debt securities with continuous unrealized losses for less than 12 months and 12 months or greater at December 31, 2021 and 2020, respectively.


	Year Ended December 31,
	2021		2020		2019
Gross realized gains on sales	$	108	$	329	$	144
Gross realized losses on sales	(63)		(219)		(9)
Net gains recognized on debt securities available for sale	$	45	$	110	$	135

Impairment expense	$	(276)	$	(415)	$	(15)

Although management generally does not have the intent to sell any specific securities at the end of the period, in the ordinary course of managing the Company’s investment securities portfolio, management may sell securities prior to their maturities for a variety of reasons, including diversification, credit quality, yield and liquidity requirements.

The following is a summary of unrealized and realized net gains and losses recognized in net income on equity securities at fair value for the years ended December 31, 2021, 2020 and 2019, respectively:


	Year Ended December 31,
	2021		2020		2019
Net gains recognized on equity securities	$	9,615	$	2,123	$	7,320
Less: Net gains (losses) recognized on equity securities sold	7,534		(121)		1,526
Net unrealized gains recognized on equity securities still held at the reporting date	$	2,081	$	2,244	$	5,794

The Company’s mutual funds invested in debt securities are classified as Level 1 under the fair value hierarchy disclosed in Note 18. Their fair values are based on quoted prices for identical assets in active markets or inputs that are based upon quoted prices for similar instruments in active markets. The Company has unfunded commitments of $514 related to long-term investment securities at fair value as of December 31, 2021.

The Company received cash distributions of $11,642 as of December 31, 2021, of which $11,509 were classified as investing cash inflows. The Company received cash distributions of $32,676 as of December 31, 2020, of which $32,572 were classified as investing cash inflows. The Company received cash distributions of $8,320 and recorded $8,502 of in-transit redemptions as of December 31, 2019, all of which were classified as investing cash inflows. $8,256 of total cash distributions received was classified as investing cash inflows.

Equity securities without readily determinable fair values that do not qualify for the NAV practical expedient consisted of investments in various limited liability companies at December 31, 2021 and 2020, respectively. The total carrying value of these investments was $5,200 and $5,200 and was included in “Other assets” on the consolidated balance sheets at December 31, 2021 and 2020, respectively. No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the years ended December 31, 2021, 2020 and 2019, respectively.

At December 31, 2021, the Company’s ownership percentages in the mutual and hedge funds accounted for under the equity method ranged from 6.43% to 37.78%. The Company’s ownership percentage in these investments meets the threshold for equity-method accounting.

On February 14, 2020, Ladenburg Thalmann Financial Services Inc. (“LTS”) was acquired pursuant to a cash tender offer of $3.50 per outstanding common share and, in connection therewith, the Company received proceeds of $53,169 in exchange for the Company’s 15,191,205 common shares of LTS. The Company also tendered 240,000 shares of LTS 8% Series A Cumulative Redeemable Preferred Stock (Liquidation Preference $25.00 Per Share) for redemption and received an additional $6,009 in March 2020.

On October 9, 2019, Castle Brands Inc. (“Castle”) was acquired pursuant to a cash tender offer of $1.27 per outstanding common share and, in connection therewith, the Company tendered the entire amount of its 12,895,017 common shares of Castle. The Company received and recognized a gain of $16,377 from the transaction.


	Year Ended December 31,
	2021		2020		2019
Mutual fund and hedge funds	$	2,675	$	2,844	$	958
Ladenburg Thalmann Financial Services Inc.	—		53,424		(410)
Castle Brands Inc.	—		—		16,452

Equity in earnings from investments	$	2,675	$	56,268	$	17,000

The Company received $50 in dividends from one of its equity-method investments that were reinvested back into the fund in 2021. The Company received total cash distributions of $54,089 ($53,901, net of reinvested dividends) and $17,875 from the Company’s equity-method investments in 2020 and 2019, respectively. The cash distributions of $53,901 in 2020 were classified as operating cash inflows. The cash distributions of $17,875 were classified as operating cash inflows.


	December 31, 2021		December 31, 2020
Investment securities	$	493,705	$	486,390
Cash and cash equivalents	44,644		7,126
Other assets	14,151		41,004
Total assets	$	552,500	$	534,520

Other liabilities	$	214,607	$	230,237
Total liabilities	214,607		230,237
Partners’ capital	337,893		304,283
Total liabilities and partners’ capital	$	552,500	$	534,520


	Year Ended December 31,
	2021		2020		2019
Investment income	$	1,574	$	1,779	$	2,834
Expenses	12,873		9,300		6,756
Net investment loss	(11,299)		(7,521)		(3,922)
Total net realized gain and net change in unrealized depreciation from investments	48,342		123,381		18,822
Net increase in partners’ capital resulting from operations	$	37,043	$	115,860	$	14,900

Pursuant to Rule 4-08(g), the following summarized financial data is presented for LTS. The Company accounts for its investment in LTS using a three-month lag reporting period.


	Three Months Ended
	December 31,
	2019
Revenues	$	395,735
Expenses	394,992
Income before other items	743
Change in fair value of contingent consideration	(374)
Income from continuing operations	369
Net income	$	508