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FAIR VALUE (Tables)

9 Months Ended

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