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Investment Securities
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Investment Securities INVESTMENT SECURITIES
Investment securities consisted of the following:
September 30,
2022		December 31, 2021
Debt securities available for sale$80,585 $103,906 
Equity securities at fair value:
Marketable equity securities13,467 19,560 
Mutual funds invested in debt securities21,772 23,221 
Long-term investment securities at fair value (1)
28,582 32,089 
          Total equity securities at fair value63,821 74,870 
Total investment securities at fair value144,406 178,776 
Less:
Long-term investment securities at fair value (1)
28,582 32,089 
Current investment securities at fair value$115,824 $146,687 
Long-term investment securities at fair value (1)
$28,582 $32,089 
Equity-method investments15,812 20,984 
Total long-term investments$44,394 $53,073 
Equity securities at cost (2)
$6,200 $5,200 
(1) These assets are measured at net asset value (“NAV”) as a practical expedient under ASC 820.
(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 condensed consolidated balance sheets.

Net (losses) gains recognized on investment securities were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
Net (losses) gains recognized on equity securities$(2,174)$(1,661)$(7,513)$9,148 
Net (losses) gains recognized on debt securities available for sale— (29)6 36 
Impairment expense(953)(7)(2,789)(65)
Net (losses) gains recognized on investment securities$(3,127)$(1,697)$(10,296)$9,119 
(a) Debt Securities Available for Sale:
The components of debt securities available for sale at September 30, 2022 were as follows:    
CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Marketable debt securities$80,581 $4 $— $80,585 
The table below summarizes the maturity dates of debt securities available for sale at September 30, 2022.
Investment Type:Fair ValueUnder 1 Year1 Year up to 5 YearsMore than 5 Years
U.S. Government securities$1,572 $1,572 $— $— 
Corporate securities51,986 31,199 20,787 — 
U.S. mortgage-backed securities27,027 3,151 23,876 — 
Total debt securities available for sale by maturity dates
$80,585 $35,922 $44,663 $— 

The components of debt securities available for sale at December 31, 2021 were as follows:
CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Marketable debt securities$103,838 $68 $— $103,906 

There were no available-for-sale debt securities with continuous unrealized losses for less than 12 months and 12 months or greater at September 30, 2022 and December 31, 2021, respectively.

Gross realized gains and losses on debt securities available for sale were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
Gross realized gains on sales$— $29 $7 $96 
Gross realized losses on sales— (58)(1)(60)
Net gains (losses) recognized on debt securities available for sale$— $(29)$6 $36 
Impairment expense$(953)$(7)$(2,789)$(65)

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.

(b) Equity Securities at Fair Value:

The following is a summary of unrealized and realized net losses and gains recognized in net income on equity securities at fair value during the three and nine months ended September 30, 2022 and 2021, respectively:

Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
Net (losses) gains recognized on equity securities$(2,174)$(1,661)$(7,513)$9,148 
Less: Net (losses) gains recognized on equity securities sold(16)2,095 290 6,318 
Net unrealized (losses) gains recognized on equity securities still held at the reporting date$(2,158)$(3,756)$(7,803)$2,830 
The Company’s investments in mutual funds that invest in debt securities are classified as Level 1 under the fair value hierarchy disclosed in Note 10. 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 September 30, 2022.
The Company received cash distributions of $4,953 and $8,509 related to its long-term investment securities at fair value for the nine months ended September 30, 2022 and 2021, respectively. Of the total $4,953 distributions, the Company classified $540 as operating cash inflows and $4,413 as investing cash inflows for the nine months ended September 30, 2022, and the total $8,509 distributions were classified as investing cash inflows for the nine months ended September 30, 2021.

(c) Equity-Method Investments:

Equity-method investments consisted of the following:
 September 30,
2022		December 31, 2021
Mutual fund and hedge funds$15,812 $20,984 

At September 30, 2022, the Company’s ownership percentages in the mutual fund and hedge funds accounted for under the equity method ranged from 6.30% to 38.34%. The Company’s ownership percentage in these investments meets the threshold for equity-method accounting.

Equity in (losses) earnings from investments were:
Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
Mutual fund and hedge funds$(619)$44 $(5,172)$1,562 

(d) Equity Securities Without Readily Determinable Fair Values That Do Not Qualify for the NAV Practical Expedient
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 September 30, 2022 and December 31, 2021, respectively. The total carrying value of these investments was $6,200 as of September 30, 2022 and $5,200 as of December 31, 2021, and was included in “Other assets” on the condensed consolidated balance sheets. No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the three and nine months ended September 30, 2022 and 2021, respectively.