Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Values of Assets Within Fair Value Hierarchy

The following table summarizes the values of our assets and liabilities as of the dates indicated within the fair value hierarchy (in thousands):

	Level 1		Level 2		Level 3		Measured at NAV (1)		Total
As of December 31, 2019
Investments in trading securities	$	50,324	$	—	$	—	$	—	$	50,324
Private investment fund	—		—		—		263		263
Private equity	—		—		3,975		—		3,975
Total assets measured at fair value	$	50,324	$	—	$	3,975	$	263	$	54,562
As of December 31, 2018
Investments in trading securities	$	65,781	$	—	$	—	$	—	$	65,781
Total assets measured at fair value	$	65,781	$	—	$	—	$	—	$	65,781
(1) Comprised of certain investments measured at fair value using NAV as a practical expedient. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on our Consolidated Balance Sheets.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis for the periods presented (in thousands):

	Years ended December 31,
	2019		2018
Beginning balance	$	—	$	—
Purchases	3,420		—
Unrealized gains	555		—
Ending balance	$	3,975	$	—