Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value of Financial Instruments

Schedule of condensed financial statements

The following table presents the carrying value and approximate fair value of financial instruments at June 30, 2022 and December 31, 2021 (in thousands):

	At June 30, 2022				At December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Investments(1)	$	309,442	$	308,489	$	324,889	$	324,772
Exchangeable Senior Notes(2)	$	6,374	$	10,877	$	32,232	$	134,270
Notes due 2026(2)	$	294,478	$	272,379	$	293,860	$	318,486

(1) Short-term investments consisting of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months are classified as held-to-maturity and valued using Level 1 inputs.

(2) The fair value is determined based upon Level 2 inputs as the Exchangeable Senior Notes and Notes due 2026 were trading in the private market.