December 31, 2017

December 31, 2016

Carrying
Amount

Fair
Value

Carrying
Amount

Fair
Value

Fair Value
Hierarchy

Financial Assets:

Cash and cash equivalents

$

53,822

$

53,822

$

37,517

$

37,517

Investments

$

626

$

626

$

335

$

335

N/A

(1)

Financial liabilities:

Notes Payable

$

740

$

740

$

2,486

$

2,486

Level 2

(2)

(1)

Investments consist of the Company’s equity method investments in affiliated investment funds which have been established and managed by the Company and its affiliates.  Fair value of investments is based on the net asset value of the affiliated investment funds which is a practical expedient for fair value, which is not included in the fair value hierarchy under GAAP. 

(2)

The carrying value of notes payable approximates fair value, which is determined based on interest rates currently available to the Company for similar debt.