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FAIR VALUE (Tables) | 9 Months Ended
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Sep. 30, 2023
FAIR VALUE |
Assets measured at fair value | Assets measured at fair value are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023 | ​ | December 31, 2022
​ | ​ | Quoted | ​ | Prices with | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Quoted | ​ | Prices with | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Prices in | ​ | Other | ​ | ​ | Prices with | ​ | ​ | ​ | ​ | Prices in | ​ | Other | ​ | ​ | Prices with | ​ | ​ | ​
​ | ​ | Active | ​ | Observable | ​ | ​ | Unobservable | ​ | ​ | ​ | ​ | Active | ​ | Observable | ​ | ​ | Unobservable | ​ | ​ | ​
​ | ​ | Markets | ​ | Inputs | ​ | ​ | Inputs | ​ | ​ | ​ | ​ | Markets | ​ | Inputs | ​ | ​ | Inputs | ​ | ​ | ​
​ |  | (Level 1) |  | (Level 2) |  | ​ | (Level 3) | ​ | Total |  | (Level 1) |  | (Level 2) |  | ​ | (Level 3) |  | Total
Money market funds | ​ | $ | 496,910 |  | $ | 11,894 | ​ | $ | — |  | $ | 508,804 |  | $ | 390,219 |  | $ | 1,286 | ​ | $ | — |  | $ | 391,505
Fixed income funds | ​ |  | 4,768 | ​ |  | 18,160 | ​ | ​ | — |  |  | 22,928 | ​ |  | 2,594 | ​ |  | 16,692 | ​ | ​ | — |  |  | 19,286
Treasury securities | ​ | ​ | 344 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 344 | ​ | ​ | 343 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 343
Equity securities | ​ |  | 14,755 | ​ |  | — | ​ | ​ | 4,000 |  |  | 18,755 | ​ |  | 17,337 | ​ |  | — | ​ | ​ | — |  |  | 17,337
Alternative investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,184 | ​ | ​ | 4,184 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,102 | ​ | ​ | 4,102
Mutual funds: | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​
Domestic stock funds | ​ |  | 12,048 | ​ |  | — | ​ | ​ | — |  |  | 12,048 | ​ |  | 13,067 | ​ |  | — | ​ | ​ | — |  |  | 13,067
International stock funds | ​ |  | 467 | ​ |  | — | ​ | ​ | — |  |  | 467 | ​ |  | 1,414 | ​ |  | — | ​ | ​ | — |  |  | 1,414
Target funds | ​ |  | 8 | ​ |  | — | ​ | ​ | — |  |  | 8 | ​ |  | 8 | ​ |  | — | ​ | ​ | — |  |  | 8
Bond funds | ​ |  | 5,158 | ​ |  | — | ​ | ​ | — |  |  | 5,158 | ​ |  | 130 | ​ |  | — | ​ | ​ | — |  |  | 130
Alternative funds | ​ | ​ | 485 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 485 | ​ | ​ | 474 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 474
Total mutual funds | ​ |  | 18,166 | ​ |  | — | ​ | ​ | — |  |  | 18,166 | ​ |  | 15,093 | ​ |  | — | ​ | ​ | — |  |  | 15,093
Total | ​ | $ | 534,943 | ​ | $ | 30,054 | ​ | $ | 8,184 | ​ | $ | 573,181 | ​ | $ | 425,586 | ​ | $ | 17,978 | ​ | $ | 4,102 | ​ | $ | 447,666
Available for sale investment portfolio | Ardellis’ available for sale investment portfolio, including funds held with the State of Michigan, consists of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023 | ​ | December 31, 2022
​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​
​ |  | Cost |  | Gain (Loss) |  | Fair Value |  | Cost |  | Gain (Loss) |  | Fair Value
Fixed income | ​ | $ | 25,336 |  | $ | (2,408) |  | $ | 22,928 | ​ | $ | 21,399 | ​ | $ | (2,113) |  | $ | 19,286
Treasury securities | ​ | ​ | 344 | ​ | ​ | — | ​ | ​ | 344 | ​ | ​ | 343 | ​ | ​ | — | ​ | ​ | 343
Equity | ​ |  | 13,349 | ​ |  | 1,406 |  |  | 14,755 | ​ |  | 15,762 | ​ |  | 1,575 |  | ​ | 17,337
Mutual funds | ​ | ​ | 17,184 | ​ | ​ | 939 |  | ​ | 18,123 | ​ | ​ | 13,430 | ​ | ​ | 1,144 |  | ​ | 14,574
Alternative investments | ​ | ​ | 3,184 | ​ | ​ | 1,000 |  | ​ | 4,184 | ​ | ​ | 3,105 | ​ | ​ | 997 |  | ​ | 4,102
Total | ​ | $ | 59,397 | ​ | $ | 937 |  | $ | 60,334 | ​ | $ | 54,039 | ​ | $ | 1,603 |  | $ | 55,642

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
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