December 31, 2016

December 31, 2015

Carrying
Amount

Fair
Value

Carrying
Amount

Fair
Value

Fair Value
Hierarchy

Financial Assets:

Cash

$

37,517

$

37,517

$

31,562

$

31,562

Restricted Certificates of Deposit and Escrow

$

—

$

—

$

587

$

587

Level 1

(1)

Investments

$

335

$

335

$

32

$

32

N/A

(2)

Financial liabilities:

Notes Payable

$

2,486

$

2,486

$

4,514

$

4,514

Level 2

(3)

(1)

Restricted certificates of deposit and escrow consists of money market funds that are carried at either cost or amortized cost that approximates fair value due to their short-term maturities. The money market funds are valued through the use of quoted market prices, or $1.00, which is generally the net asset value of the funds.

(2)

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. 

(3)

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