Fair Value Measurements of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Carrying Amounts and Fair Values of Financial Instruments

The carrying amounts and fair values of the Company’s financial instruments as of September 30, 2023, are presented below (in thousands):

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Assets
Money market accounts*	$	30,313	$	—	$	—	$	30,313
Marketable securities – certificates of deposit	2,125		—		—		2,125
Marketable securities – equity securities	896		—		—		896
Interest rate swaps	—		4,187		—		4,187
Interest rate collar	—		1,328		—		1,328
Total assets	$	33,334	$	5,515	$	—	$	38,849
Liabilities
AAMG contingent consideration	$	—	$	—	$	5,235	$	5,235
VOMG contingent consideration	—		—		17		17
DMG remaining equity interest purchase	—		—		8,542		8,542
Sun Labs remaining equity interest purchase	—		—		8,121		8,121
Total liabilities	$	—	$	—	$	21,915	$	21,915

*    Included in cash and cash equivalents

The carrying amounts and fair values of the Company’s financial instruments as of December 31, 2022, are presented below (in thousands):

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Assets
Money market accounts*	$	135,235	$	—	$	—	$	135,235
Marketable securities – equity securities	5,567		—		—		5,567
Contingent equity securities	—		—		1,900		1,900
Interest rate swaps	—		3,164		—		3,164
Total assets	$	140,802	$	3,164	$	1,900	$	145,866
Liabilities
APCMG contingent consideration	$	—	$	—	$	1,000	$	1,000
AAMG contingent consideration	—		—		5,851		5,851
VOMG contingent consideration	—		—		17		17
DMG remaining equity interest purchase	—		—		8,542		8,542
Sun Labs remaining equity interest purchase	—		—		5,849		5,849
Total liabilities	$	—	$	—	$	21,259	$	21,259

*    Included in cash and cash equivalents

Schedule of Change in Fair Value of Level 3 Liabilities

The change in the fair value of Level 3 liabilities for the nine months ended September 30, 2023 was as follows (in thousands):

	Amount
Balance at January 1, 2023	$	21,259
Unrealized loss recognized from change in fair value of existing Level 3 liabilities*	1,656
APCMG contingent consideration paid	(1,000)
Balance at September 30, 2023	$	21,915

* The change in the fair value of existing Level 3 liabilities is presented in unrealized loss on investments in the accompanying consolidated statement of income.

Schedule of Gain (Loss) on Equity Securities

The components comprising total gains and losses on equity securities are as follows (in thousands) for the periods listed below:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Total losses recognized on equity securities	$	(870)	$	(6,251)	$	(6,571)	$	(21,138)
Gains recognized on equity securities sold	—		—		—		2,272
Unrealized losses recognized on equity securities held at end of period	$	(870)	$	(6,251)	$	(6,571)	$	(18,866)