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Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE MEASUREMENTS:
ASC 820 defines fair value, establishes a framework for measuring fair value and requires additional disclosures regarding certain fair value measurements. ASC 820 establishes a three-tier hierarchy for measuring fair value, as follows:
•Level 1 – quoted market prices in active markets for identical assets and liabilities
•Level 2 – inputs other than quoted prices that are directly or indirectly observable
•Level 3 – unobservable inputs where there is little or no market activity
Our strategic investments in InvestCloud and Vista, discussed in Note 6 "Investments" are excluded from the recurring fair value table shown below, as we have elected to apply the measurement alternative for those investments.
The following table summarizes our assets and liabilities measured at fair value on a recurring basis, as of the dates indicated within the fair value hierarchy (in thousands):
 Level 1Level 2Level 3
Measured at NAV (1)
Total
As of December 31, 2023    
Investments in trading securities$32,674 $— $— $— $32,674 
Private investment fund— — — 241 241 
Total assets measured at fair value$32,674 $— $— $241 $32,915 
Salient Acquisition contingent consideration$— $— $10,133 $— $10,133 
Total liabilities measured at fair value$— $— $10,133 $— $10,133 
As of December 31, 2022    
Investments in trading securities$15,342 $— $— $— $15,342 
Private investment fund— — — 235 235 
Private equity— — 2,792 — 2,792 
Total assets measured at fair value$15,342 $— $2,792 $235 $18,369 
Salient Acquisition contingent consideration$— $— $12,901 $— $12,901 
Total liabilities measured at fair value$— $— $12,901 $— $12,901 
(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 allow reconciliation of the fair value hierarchy to the amounts presented on our Consolidated Balance Sheets.
Prior to our exchange of Charis shares for shares in Vista, our investment in Charis was included within Level 3 of the fair value hierarchy as we valued it utilizing inputs not observable in the market. Historically, our investment was measured at fair value on a recurring basis using a market approach based on either a price to tangible book value multiple range determined to be reasonable in the current environment, or on market transactions. On April 3, 2023, Charis was acquired by Vista in a transaction in which the Company exchanged its shares in Charis for shares in Vista.