XML 33 R17.htm IDEA: XBRL DOCUMENT v3.24.0.1
Investment Securities
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES INVESTMENT SECURITIES
Investment securities consisted of the following:
December 31, 2023December 31, 2022
Debt securities available for sale$73,225 $81,643 
Equity securities at fair value:
     Marketable equity securities14,286 12,724 
     Mutual funds invested in debt securities23,424 22,069 
     Long-term investment securities at fair value (1)
29,402 28,919 
     Total equity securities at fair value67,112 63,712 
Total investment securities at fair value140,337 145,355 
Less:
     Long-term investment securities at fair value (1)
29,402 28,919 
Current investment securities at fair value$110,935 $116,436 
Long-term investment securities at fair value (1)
$29,402 $28,919 
Equity-method investments17,358 16,040 
     Total long-term investments$46,760 $44,959 
Equity securities and other long-term investments at cost (2)
$7,555 $2,755 
_____________________________
(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 consolidated balance sheets.
Net gains (losses) recognized on investment securities were as follows:
Year Ended December 31,
202320222021
Net gains (losses) recognized on equity securities$3,045 $(5,011)$9,615 
Net (losses) gains recognized on debt and equity securities available for sale(159)6 45 
Impairment expense(292)(2,975)(276)
Net gains (losses) recognized on investment securities$2,594 $(7,980)$9,384 
(a) Debt Securities Available for Sale:
The components of debt securities available for sale as of December 31, 2023 were as follows:
CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Marketable debt securities$72,939 $286 $— $73,225 
The table below summarizes the maturity dates of debt securities available for sale as of December 31, 2023.
Investment Type:
Fair ValueUnder 1 Year1 Year up to 5 YearsMore than 5 Years
U.S. Government securities$38,657 $9,647 $29,010 $— 
Corporate securities12,042 12,042 — — 
U.S. mortgage-backed securities17,358 15,724 1,634 — 
Commercial paper5,168 5,168 — — 
Total debt securities available for sale by maturity dates
$73,225 $42,581 $30,644 $— 
The components of debt securities available for sale as of December 31, 2022 were as follows:
CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Marketable debt securities$81,629 $14 $— $81,643 
There were no available-for-sale debt securities with continuous unrealized losses for less than 12 months and 12 months or greater as of December 31, 2023 and 2022, respectively.
Gross realized gains and losses recognized on debt securities available for sale were as follows:
Year Ended December 31,
202320222021
Gross realized gains on sales$26 $8 $108 
Gross realized losses on sales(185)(2)(63)
Net (losses) gains recognized on debt securities available for sale$(159)$6 $45 
Impairment expense$(292)$(2,975)$(276)
Although management 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 gains and losses recognized in net income on equity securities at fair value for the years ended December 31, 2023, 2022 and 2021, respectively:
Year Ended December 31,
202320222021
Net gains (losses) recognized on equity securities $3,045 $(5,011)$9,615 
Less: Net (losses) gains recognized on equity securities sold(1,289)1,198 7,534 
Net unrealized gains (losses) recognized on equity securities still held at the reporting date$4,334 $(6,209)$2,081 
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 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 $303 related to long-term investment securities at fair value as of December 31, 2023.
The Company received $5,330 of cash distributions for the year ended December 31, 2023, all of which were classified as investing cash inflows. The company recorded $88 of in-transit redemptions as of December 31, 2023. The Company received $4,971 of cash distributions for the year ended December 31, 2022, all of which were classified as investing cash inflows. The Company received $11,642 of cash distributions for the year ended December 31, 2021, of which $11,509 were classified as investing cash inflows.
(c) Equity Securities and Other Long-Term Investments Without Readily Determinable Fair Values That Do Not Qualify for the NAV Practical Expedient
Equity securities and other long-term investments without readily determinable fair values that do not qualify for the NAV practical expedient consisted of profit participation agreements and investments in various limited liability companies. During the year ended December 31, 2023, the Company invested $5,000 into two additional investments, which do not qualify for the NAV practical expedient. The total carrying value of these investments that do not qualify for the NAV practical expedient was $7,555 as of December 31, 2023 and $2,755 as of December 31, 2022, and was included in “Other assets” on the 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 years ended December 31, 2023, 2022 and 2021, respectively.
(d) Equity-Method Investments:
Equity-method investments consisted of the following:
 December 31, 2023December 31, 2022
Mutual and hedge funds$17,358 $16,040 
As of December 31, 2023, the Company’s ownership percentages in the mutual fund and hedge funds accounted for under the equity method ranged from 7.54% to 38.67%. The Company’s ownership percentage in these investments meets the threshold for equity-method accounting.
Equity in earnings (losses) from investments were:
Year Ended December 31,
 202320222021
Mutual fund and hedge funds$1,262 $(4,995)$2,675 
The Company received $55, $51 and $50 in dividends from one of its equity-method investments that were reinvested back into the fund in 2023, 2022 and 2021, respectively.
(e) Combined Financial Statements for Unconsolidated Subsidiaries Accounted for on Equity Method
Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the mutual fund and hedge funds.
Year Ended December 31,
202320222021
Investment income$4,713 $3,209 $1,574 
Expenses10,585 13,272 12,873 
    Net investment loss(5,872)(10,063)(11,299)
Total net realized gain (loss) and net change in unrealized depreciation from investments4,824 (84,466)48,342 
Net (decrease) increase in partners’ capital resulting from operations$(1,048)$(94,529)$37,043 

December 31,
2023		December 31,
2022
Investment securities$290,916 $299,389 
Cash and cash equivalents695 2,860 
Other assets38,471 87,507 
    Total assets$330,082 $389,756 
Other liabilities$159,858 $159,246 
    Total liabilities159,858 159,246 
Partners’ capital170,224 230,510 
      Total liabilities and partners’ capital$330,082 $389,756