Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of reconciliation of the balances for all investments measured at fair value using significant unobservable inputs

The following table presents the reconciliation of all investments measured at fair value using Level 3 inputs for the years ended December 31, 2019 and 2018:



	January 1, 2019			Transfers in to (out of) Level 3		Purchases		Sales			Realized and Unrealized Gains(Losses)⁽²⁾			December 31, 2019
Assets
Private common equity securities	$	—		$	—	$	1,000	$	—		$	—		$	1,000
Private preferred equity securities	—			—		3,000		—			—			3,000
Total assets	$	—		$	—	$	4,000	$	—		$	—		$	4,000
Liabilities
Derivative liabilities (embedded)	$	(22	)	$	—	$	—	$	—		$	(9	)	$	(31	)
Total liabilities	$	(22	)	$	—	$	—	$	—		$	(9	)	$	(31	)


	January 1, 2018			Transfers in to (out of) Level 3		Purchases		Sales ⁽¹⁾			Realized and Unrealized Gains(Losses)⁽²⁾			December 31, 2018
Assets
Private common equity securities	$	4,794		$	—	$	567	$	(4,726	)	$	(635	)	$	—
Private preferred equity securities	57,126			—		38,376		(91,065		)	(4,437		)	—
Asset-backed securities	27,308			—		35,905		(60,906		)	(2,307		)	—
Corporate bonds	9,868			—		1,372		(11,763		)	523			—
Other debt securities	713			—		—		(913		)	200			—
Rights and warrants	435			—		753		(1,380		)	192			—
Real estate	6,831			—		—		(6,817		)	(14		)	—
Total assets	$	107,075		$	—	$	76,973	$	(177,570	)	$	(6,478	)	$	—
Liabilities
Derivative liabilities (free standing)	$	(2,085	)	$	—	$	—	$	1,797		$	288		$	—
Derivative liabilities (embedded)	(171		)	—		—		—			149			(22		)
Total liabilities	$	(2,256	)	$	—	$	—	$	1,797		$	437		$	(22	)


(1)	Sales of investments measured at fair value using Level 3 inputs in the year ended December 31, 2018 include the impact of the change in investment account structure as described in Note 4.

(2)

Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in net investment income (loss) in the consolidated statements of income (loss). Realized and unrealized gains (losses) related to embedded derivatives are included in other expenses in the consolidated statements of income (loss).

Schedule of investments, categorized by the level of the fair value hierarchy

The following tables present the Company’s investments, categorized by the level of the fair value hierarchy as of December 31, 2019 and 2018:



	December 31, 2019
	Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs		Total
	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Private common equity securities	$	—	$	—	$	1,000	$	1,000
Private preferred equity securities	—		—		3,000		3,000
Total equities	—		—		4,000		4,000
U.S. Treasury securities	—		101,186		—		101,186
Sovereign debt	—		23,885		—		23,885
Total debt securities	—		125,071		—		125,071
	$	—	$	125,071	$	4,000	129,071
Investments in funds valued at NAV							860,630
Total assets							$	989,701
Liabilities
Derivative liabilities (embedded)	$	—	$	—	$	31	$	31
Total liabilities	$	—	$	—	$	31	$	31



	December 31, 2018
	Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs		Total
	(Level 1)		(Level 2)		(Level 3)		Total
Assets
U.S. Treasury securities	$	—	$	197,312	$	—	$	197,312
Sovereign debt	—		42,328		—		42,328
Total debt securities	$	—	$	239,640	$	—	239,640
Investments in funds valued at NAV							1,284,088
Total assets							$	1,523,728
Liabilities
Derivative liabilities (embedded)	$	—	$	—	$	22	$	22
Total liabilities	$	—	$	—	$	22	$	22