September 30, 2018

December 31, 2017

Carrying
Amount

Fair
Value

Carrying
Amount

Fair
Value

Fair Value
Hierarchy

Financial Assets:

Cash and cash equivalents

$

57,715

$

57,715

$

53,822

$

53,822

Level I

(1) 

Investments

$

16

$

16

$

626

$

626

N/A

(2)

Financial liabilities:

Notes Payable

$

—

$

—

$

740

$

740

Level II

(3)

(1)

Includes $17,175 and $16,500 of cash equivalents at September 30, 2018 and December 31, 2017, respectively, that fall under Level 1 in the fair value hierarchy.

(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 and borrowings under the revolving credit agreement approximates fair value, which is determined based on interest rates currently available to the Company for similar debt.