March 31, 2020

December 31, 2019

Carrying
Amount

Fair
Value

Carrying
Amount

Fair
Value

Fair Value
Hierarchy

Financial Assets:

Cash and cash equivalents

$

32,753

$

32,753

$

52,832

$

52,832

Level 1

(1) 

Investments

$

777

$

777

$

1,781

$

1,781

N/A

(2)

Financial liabilities:

Borrowings under credit facility

$

15,300

$

15,300

$

16,200

$

16,200

Level 2

(3)

(1)

Includes $1,395 and $1,392 of cash equivalents at March 31, 2020 and December 31, 2019, 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 borrowings under the revolving credit agreement and the contingent consideration related to acquisition earnouts approximate fair value, which is determined based on interest rates currently available to the Company for similar debt and the weighted average cost of capital of the Company.