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INVESTMENT SECURITIES
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES INVESTMENT SECURITIES
Investment securities consisted of the following:
March 31,
2024		December 31, 2023
Debt securities available for sale$91,157 $73,225 
Equity securities at fair value:
Marketable equity securities14,139 14,286 
Mutual funds invested in debt securities23,726 23,424 
Long-term investment securities at fair value (1)
30,461 29,402 
          Total equity securities at fair value68,326 67,112 
Total investment securities at fair value159,483 140,337 
Less:
Long-term investment securities at fair value (1)
30,461 29,402 
Current investment securities at fair value$129,022 $110,935 
Long-term investment securities at fair value (1)
$30,461 $29,402 
Equity-method investments19,495 17,358 
Total long-term investments$49,956 $46,760 
Equity securities and other long-term investments at cost (2)
$7,555 $7,555 
(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 gains (losses) recognized on investment securities were as follows:
Three Months Ended
March 31,
20242023
Net gains recognized on equity securities$1,220 $218 
Net gains (losses) recognized on debt securities available for sale1 (180)
Impairment expense(25)(44)
Net gains (losses) recognized on investment securities$1,196 $(6)
(a) Debt Securities Available for Sale:
The components of debt securities available for sale as of March 31, 2024 were as follows:    
CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Marketable debt securities$91,101 $56 $— $91,157 
The table below summarizes the maturity dates of debt securities available for sale as of March 31, 2024.
Investment Type:Fair ValueUnder 1 Year1 Year up to 5 YearsMore than 5 Years
U.S. government securities$64,074 $38,838 $25,236 $— 
Corporate securities9,327 9,327 — — 
U.S. mortgage-backed securities13,300 13,169 131 — 
Commercial paper4,456 4,456 — — 
Total debt securities available for sale by maturity dates
$91,157 $65,790 $25,367 $— 

The components of debt securities available for sale at December 31, 2023 were as follows:
CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Marketable debt securities$72,939 $286 $— $73,225 

There were no available-for-sale debt securities with continuous unrealized losses for less than 12 months and 12 months or greater as of March 31, 2024 and December 31, 2023, respectively.

Gross realized gains and losses on debt securities available for sale were as follows:
Three Months Ended
March 31,
20242023
Gross realized gains on sales$1 $4 
Gross realized losses on sales— (184)
Net gains (losses) recognized on debt securities available for sale$1 $(180)
Impairment expense$(25)$(44)

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 recognized in net income on equity securities at fair value during the three months ended March 31, 2024 and 2023, respectively:

Three Months Ended
March 31,
20242023
Net gains recognized on equity securities$1,220 $218 
Less: Net gains recognized on equity securities sold95 116 
Net unrealized gains recognized on equity securities still held at the reporting date$1,125 $102 
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 8. 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 March 31, 2024.
The Company received $2,214 of cash distributions for the three months ended March 31, 2024 and no cash distributions for the three months ended March 31, 2023. The Company recorded $88 of in-transit redemptions as of March 31, 2024. The Company classified all cash distributions as investing cash inflows.

(c) Equity-Method Investments:

Equity-method investments consisted of the following:
 March 31,
2024		December 31, 2023
Mutual fund and hedge funds$19,495 $17,358 

On March 31, 2024, the Company’s ownership percentages in the mutual fund and hedge funds accounted for under the equity method ranged from 7.84% to 38.92%. The Company’s ownership percentage in these investments meets the threshold for equity-method accounting.

Equity in earnings (losses) from investments were:
Three Months Ended
March 31,
20242023
Mutual fund and hedge funds$2,138 $(159)

(d) 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. The total carrying value of these investments without readily determinable fair values that do not qualify for the NAV practical expedient was $7,555 as of March 31, 2024 and December 31, 2023, 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 months ended March 31, 2024 and 2023, respectively.