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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended March 31, 2022

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
VECTOR GROUP LTD.
(Exact name of registrant as specified in its charter)
Delaware1-575965-0949535
(State or other jurisdiction of incorporationCommission File Number(I.R.S. Employer Identification No.)
incorporation or organization)
4400 Biscayne Boulevard
Miami, Florida 33137
305-579-8000
(Address, including zip code and telephone number, including area code,
of the principal executive offices)
Securities Registered Pursuant to 12(b) of the Act:
Title of each class:TradingName of each exchange
Symbol(s)on which registered:
Common stock, par value $0.10 per shareVGRNew York Stock Exchange
    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
x Yes o No
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
x Yes o No
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging Growth Company
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
    Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes x No
    At May 6, 2022, Vector Group Ltd. had 154,938,177 shares of common stock outstanding.



VECTOR GROUP LTD.

FORM 10-Q

TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
Item 1. Vector Group Ltd. Condensed Consolidated Financial Statements (Unaudited):
Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021
Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021
Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2022 and 2021
Condensed Consolidated Statements of Stockholders' Deficiency for the three months ended March 31, 2022 and 2021
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021
Notes to Condensed Consolidated Financial Statements
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
SIGNATURE

1

VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
March 31,
2022
December 31,
2021
ASSETS:
Current assets:
Cash and cash equivalents$238,305 $193,411 
Investment securities at fair value133,338 146,687 
Accounts receivable - trade, net29,885 16,067 
Inventories97,991 94,615 
Income taxes receivable, net 10,948 
Other current assets8,103 10,075 
Total current assets507,622 471,803 
Property, plant and equipment, net36,079 36,883 
Investments in real estate, net9,039 9,098 
Long-term investments (includes $31,057 and $32,089 at fair value)
49,799 53,073 
Investments in real estate ventures111,503 105,062 
Operating lease right-of-use assets10,133 10,972 
Intangible assets107,511 107,511 
Other assets80,884 76,685 
Total assets$912,570 $871,087 
LIABILITIES AND STOCKHOLDERS' DEFICIENCY:
Current liabilities:
   Current portion of notes payable and long-term debt$76 $79 
 Current payments due under the Master Settlement Agreement
68,591 11,886 
Income taxes payable, net3,462  
Current operating lease liability3,860 3,838 
Other current liabilities139,961 149,487 
Total current liabilities215,950 165,290 
Notes payable, long-term debt and other obligations, less current portion1,399,631 1,398,591 
Non-current employee benefits69,164 68,970 
Deferred income taxes, net31,307 34,768 
Non-current operating lease liability7,885 8,853 
Payments due under the Master Settlement Agreement11,116 13,224 
Other liabilities18,169 22,944 
Total liabilities1,753,222 1,712,640 
Commitments and contingencies (Note 9)
Stockholders' deficiency:
Preferred stock, par value $1 per share, 10,000,000 shares authorized
  
Common stock, par value $0.1 per share, 250,000,000 shares authorized, 154,938,177 and 153,959,427 shares issued and outstanding
15,494 15,396 
Additional paid-in capital12,183 11,172 
Accumulated deficit(852,863)(852,398)
Accumulated other comprehensive loss(15,466)(15,723)
Total Vector Group Ltd. stockholders' deficiency(840,652)(841,553)
Total liabilities and stockholders' deficiency$912,570 $871,087 

The accompanying notes are an integral part of the condensed consolidated financial statements.
2


VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
Three Months Ended
March 31,
20222021
Revenues:
   Tobacco*$309,048 $268,463 
   Real estate2,994 2,525 
       Total revenues312,042 270,988 
Expenses:
 Cost of sales:
   Tobacco*211,537 164,031 
   Real estate1,278 876 
       Total cost of sales212,815 164,907 
Operating, selling, administrative and general expenses24,029 30,101 
Litigation settlement and judgment expense72 5 
Operating income75,126 75,975 
Other income (expenses):
Interest expense(25,098)(28,721)
Loss on extinguishment of debt (21,362)
Equity in (losses) earnings from investments(2,242)577 
Equity in (losses) earnings from real estate ventures(1,877)1,589 
Other, net(1,145)2,706 
Income before provision for income taxes44,764 30,764 
Income tax expense12,222 9,214 
Income from continuing operations32,542 21,550 
Income from discontinued operations, net of income taxes 10,407 
Net income$32,542 $31,957 
Per basic common share:
Net income from continuing operations applicable to common shares $0.21 $0.14 
Net income from discontinued operations applicable to common shares  0.06 
Net income applicable to common shares$0.21 $0.20 
Per diluted common share:
Net income from continuing operations applicable to common shares$0.21 $0.14 
Net income from discontinued operations applicable to common shares  0.06 
Net income applicable to common shares$0.21 $0.20 
                                      

* Revenues and cost of sales include federal excise taxes of $116,079, and $97,714 for the three months ended March 31, 2022 and 2021, respectively.


The accompanying notes are an integral part of the condensed consolidated financial statements.
3


VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in Thousands)
Unaudited
 Three Months Ended
March 31,
 20222021
 
Net income$32,542 $31,957 
Net unrealized losses on investment securities available for sale:
Change in net unrealized losses(1,222)(182)
Net unrealized losses (gains) reclassified into net income1,165 (41)
Net unrealized losses on investment securities available for sale(57)(223)
Net change in pension-related amounts:
Amortization of loss404 482 
Other comprehensive income347 259 
Income tax effect on:
Change in net unrealized losses on investment securities316 49 
Net unrealized losses (gains) reclassified into net income on investment securities(301)11 
Pension-related amounts(105)(130)
Income tax provision on other comprehensive income(90)(70)
Other comprehensive income, net of tax257 189 
Comprehensive income$32,799 $32,146 

The accompanying notes are an integral part of the condensed consolidated financial statements.
4


VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY
(Dollars in Thousands, Except Share Amounts)
Unaudited
Vector Group Ltd. Stockholders' Deficiency
Additional Paid-InAccumulated
Other Comprehensive
Common StockAccumulated
SharesAmountCapitalDeficitLossTotal
Balance as of January 1, 2022153,959,427 $15,396 $11,172 $(852,398)$(15,723)$(841,553)
Net income— — — 32,542 — 32,542 
Total other comprehensive income— — — — 257 257 
Dividends on common stock ($0.20 per share)
— — — (31,767)— (31,767)
Restricted stock grants1,070,000 107 (107)— —  
Surrender of shares in connection with restricted stock vesting(91,250)(9)(1,029)— — (1,038)
Stock-based compensation— — 2,147 — — 2,147 
Other— — — (1,240)— (1,240)
Balance as of March 31, 2022154,938,177 $15,494 $12,183 $(852,863)$(15,466)$(840,652)
Vector Group Ltd. Stockholders' Deficiency
Additional Paid-InAccumulated
Other Comprehensive
Common StockAccumulated
SharesAmountCapitalDeficitLossTotal
Balance as of January 1, 2021153,324,629 $15,332 $ $(653,945)$(21,074)$(659,687)
Net income— — — 31,957 — 31,957 
Total other comprehensive income— — — — 189 189 
Dividends on common stock ($0.20 per share)
— —  (31,618)— (31,618)
Restricted stock grant870,000 87 (87)— —  
Stock-based compensation— — 2,660 — — 2,660 
Balance as of March 31, 2021154,194,629 $15,419 $2,573 $(653,606)$(20,885)$(656,499)

The accompanying notes are an integral part of the condensed consolidated financial statements.
5


VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
Unaudited
Three Months Ended
March 31,
20222021
Net cash provided by operating activities$74,796 $78,364 
Cash flows from investing activities:
Sale of investment securities16,933 10,228 
Maturities of investment securities21,105 13,968 
Purchase of investment securities(27,231)(38,441)
Proceeds from sale or liquidation of long-term investments 4,389 
Purchase of long-term investments(1,000)(5,813)
Investments in real estate ventures(8,488)(8,087)
Distributions from investments in real estate ventures3,310 7,577 
Increase in cash surrender value of life insurance policies(765)(564)
Increase in restricted assets (3)
Capital expenditures(1,222)(1,931)
Paydowns of investment securities63 172 
Net cash provided by (used in) investing activities2,705 (18,505)
Cash flows from financing activities:
Proceeds from issuance of debt 875,000 
Deferred financing costs (20,000)
Repayments of debt(11)(853,158)
Borrowings under revolving credit facility67,298 259 
Repayments on revolving credit facility(67,298)(259)
Dividends on common stock(31,658)(32,273)
Other(938)(21)
Net cash used in financing activities(32,607)(30,452)
Net increase in cash, cash equivalents and restricted cash44,894 29,407 
Cash, cash equivalents and restricted cash, beginning of period194,849 365,677 
Cash, cash equivalents and restricted cash, end of period$239,743 $395,084 

The accompanying notes are an integral part of the condensed consolidated financial statements.
6

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

1.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)Basis of Presentation:
The condensed consolidated financial statements of Vector Group Ltd. (the “Company” or “Vector”) include the accounts of Liggett Group LLC (“Liggett”), Vector Tobacco LLC (“Vector Tobacco”), Liggett Vector Brands LLC (“Liggett Vector Brands”), New Valley LLC (“New Valley”) and other less significant subsidiaries. New Valley includes the accounts of other less significant subsidiaries. All significant intercompany balances and transactions have been eliminated.
Liggett and Vector Tobacco are engaged in the manufacture and sale of cigarettes in the United States. Liggett Vector Brands coordinates Liggett and Vector Tobacco’s sales and marketing efforts. Certain references to “Liggett” refer to the Company’s tobacco operations, including the business of Liggett and Vector Tobacco, unless otherwise specified. New Valley is engaged in the real estate business.
The unaudited, interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in management’s opinion, contain all adjustments, consisting only of normal recurring items, necessary for a fair statement of the results for the periods presented. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”). The consolidated results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the entire year.
(b)Distributions and Dividends on Common Stock:

The Company records distributions on its common stock as dividends in its condensed consolidated statements of stockholders’ deficiency to the extent of retained earnings. Any amounts exceeding retained earnings are recorded as a reduction to additional paid-in capital to the extent paid-in-capital is available and then to accumulated deficit.

(c)Earnings Per Share (“EPS”):

Net income for purposes of determining basic and diluted EPS for discontinued operations and net income available to common stockholders was as follows:
Three Months Ended
March 31,
20222021
Net income from continuing operations$32,542 $21,550 
Net income from discontinued operations 10,407 
Net income32,542 31,957 
Income from continuing operations attributable to participating securities(983)(776)
Net income applicable to common shares$31,559 $31,181 

Net income for purposes of determining basic and diluted EPS for continuing operations applicable to common shares was as follows:
Three Months Ended
March 31,
20222021
Net income from continuing operations$32,542 $21,550 
Income from continuing operations attributable to participating securities(983)(754)
Net income available to common stockholders$31,559 $20,796 

7

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

Basic and diluted EPS for continuing and discontinued operations were calculated using the following common shares:
Three Months Ended
March 31,
20222021
Weighted-average shares for basic EPS152,586,900 152,249,440 
Plus incremental shares related to stock options and non-vested restricted stock158,353 134,650 
Weighted-average shares for diluted EPS152,745,253 152,384,090 

It may not be possible to recalculate EPS attributable to common stockholders by adjusting EPS from continuing operations by EPS from discontinued operations as each amount is calculated independently.

The following non-vested restricted stock was outstanding during the three months ended March 31, 2022 and 2021, but was not included in the computation of diluted EPS because the impact of the per share expense associated with the restricted stock was greater than the average market price of the common shares during the respective periods.
Three Months Ended
March 31,
20222021
  Weighted-average shares of non-vested restricted stock 97,222 
  Weighted-average expense per share$ $14.31 

(d)Other, net:

Other, net consisted of:
Three Months Ended
March 31,
20222021
Interest and dividend income$450 $534 
Net (losses) gains recognized on investment securities(3,039)2,415 
Net periodic benefit cost other than the service costs(236)(244)
Other income1,680 1 
Other, net$(1,145)$2,706 

(e)Other Assets:

Other assets consisted of:
March 31,
2022
December 31, 2021
Restricted assets$1,551 $1,551 
Prepaid pension costs44,866 44,585 
Other assets34,467 30,549 
Total other assets$80,884 $76,685 
8

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

(f)Other Current Liabilities:

Other current liabilities consisted of:
March 31,
2022
December 31, 2021
Accounts payable$7,453 $9,443 
Accrued promotional expenses57,610 55,647 
Accrued excise and payroll taxes payable, net21,375 22,919 
Accrued interest32,667 30,676 
Accrued salaries and benefits4,042 13,982 
Allowance for sales returns6,063 6,669 
Other current liabilities10,751 10,151 
Total other current liabilities$139,961 $149,487 

(g)Reconciliation of Cash, Cash Equivalents and Restricted Cash:

The components of “Cash, cash equivalents and restricted cash” in the condensed consolidated statements of cash flows were as follows:
March 31,
2022
December 31,
2021
Cash and cash equivalents
$238,305 $193,411 
Restricted cash and cash equivalents included in other assets1,438 1,438 
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows
$239,743 $194,849 

(h)Related Party Transactions:

Agreements with Douglas Elliman. The Company received $1,050 under the Transition Services Agreement and $491 under the Aircraft Lease Agreement during the three months ended March 31, 2022.
Real estate venture investments. Douglas Elliman has been engaged by the developers as the sole broker or the co-broker for several of the real estate development projects that New Valley owns an interest in through its real estate venture investments. Douglas Elliman had gross commissions of approximately $900 and $2,357 from these projects for the three months ended March 31, 2022 and 2021, respectively.

(i)New Accounting Pronouncements:

ASUs to be adopted in future periods:
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires that an acquirer recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

9

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

2.    REVENUE RECOGNITION

Disaggregation of Revenue

The Company disaggregates revenues by segment.
Tobacco. Tobacco segment revenues are not disaggregated because all revenues are generated from the discount segment of the U.S. cigarette industry.

Real Estate. Real Estate segment revenues are disaggregated in the table below.
Three Months Ended
March 31,
20222021
Real Estate Segment Revenues
 Sales on facilities primarily from Escena $2,969 $1,625 
 Revenues from investments in real estate25 900 
Total real estate revenues$2,994 $2,525 

3.    LEASES

The Company has operating and finance leases for corporate and sales offices, and certain vehicles and equipment. The components of lease expense were as follows:
Three Months Ended
March 31,
20222021
Operating lease cost$1,125 $1,166 
Short-term lease cost
103 91 
Variable lease cost
56 52 
Finance lease cost:
Amortization
14 16 
Interest on lease liabilities
2 3 
Total lease cost
$1,300 $1,328 

10

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

Supplemental cash flow information related to leases was as follows:
Three Months Ended
March 31,
20222021
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases
$1,235 $1,266 
Operating cash flows from finance leases
2 3 
Financing cash flows from finance leases
14 15 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases
 7 
Finance leases
  

As of March 31, 2022, the Company had $120 in undiscounted lease payments relating to operating leases for equipment that have not yet commenced. The operating leases will commence in the second half of 2022 with lease terms ranging between 2 and 3 years.

4.    DISCONTINUED OPERATIONS

On December 29, 2021, the Company completed the distribution to its stockholders (including Vector common stock underlying outstanding stock options awards and restricted stock awards) of the common stock of Douglas Elliman Inc. (the “Distribution”).

There were no assets or liabilities of discontinued operations of Douglas Elliman as of March 31, 2022 or December 31, 2021.

The financial results of Douglas Elliman through the completion of the Distribution are presented as income from discontinued operations, net of income taxes on the Company’s condensed consolidated statements of operations. The following table presents financial results of Douglas Elliman for the periods prior to the completion of the Distribution:
 Three Months Ended March 31,
 20222021
 (Dollars in thousands)
Revenues:
   Real estate$ $272,776 
Expenses: 
Cost of sales 198,635 
Operating, selling, administrative and general expenses 59,913 
Operating income 14,228 
Other income (expenses):  
Interest expense (30)
Other, net 48 
Pretax income from discontinued operations 14,246 
Income tax expense 3,839 
Income from discontinued operations$ $10,407 

11

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

The following table presents the information regarding certain components of cash flows from discontinued operations:
 Three Months Ended March 31,
 20222021
 (Dollars in thousands)
Depreciation and amortization$ $2,123 
Non-cash lease expense 4,487 
Capital expenditures (597)

5.    INVENTORIES

Inventories consisted of:
March 31,
2022
December 31,
2021
Leaf tobacco$40,483 $38,825 
Other raw materials9,115 7,560 
Work-in-process692 2,639 
Finished goods66,328 64,218 
Inventories at current cost116,618 113,242 
LIFO adjustments(18,627)(18,627)
$97,991 $94,615 

All of the Company’s inventories at March 31, 2022 and December 31, 2021 are reported under the LIFO method. The $18,627 LIFO adjustment as of March 31, 2022 reduced the current cost of inventories by $12,128 for Leaf tobacco, $829 for Other raw materials, $18 for Work-in-process and $5,652 for Finished goods. The $18,627 LIFO adjustment as of December 31, 2021 reduced the current cost of inventories by $12,128 for Leaf tobacco, $829 for Other raw materials, $18 for Work-in-process and $5,652 for Finished goods.

The amount of capitalized Master Settlement Agreement (“MSA”) cost in “Finished goods” inventory was $20,971 and $20,450 at March 31, 2022 and December 31, 2021, respectively. Federal excise tax capitalized in inventory was $26,021 and $25,160 at March 31, 2022 and December 31, 2021, respectively.

At March 31, 2022, Liggett had tobacco purchase commitments of approximately $8,293. Liggett has a single-source supply agreement for reduced ignition propensity cigarette paper through December 2022.

12

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

6.    INVESTMENT SECURITIES

Investment securities consisted of the following:
March 31,
2022
December 31, 2021
Debt securities available for sale$91,838 $103,906 
Equity securities at fair value:
Marketable equity securities18,962 19,560 
Mutual funds invested in debt securities22,538 23,221 
Long-term investment securities at fair value (1)
31,057 32,089 
          Total equity securities at fair value72,557 74,870 
Total investment securities at fair value164,395 178,776 
Less:
Long-term investment securities at fair value (1)
31,057 32,089 
Current investment securities at fair value$133,338 $146,687 
Long-term investment securities at fair value (1)
$31,057 $32,089 
Equity-method investments18,742 20,984 
Total long-term investments$49,799 $53,073 
Equity securities at cost (2)
$6,200 $5,200 
(1) These assets are measured at net asset value (“NAV”) as a practical expedient under ASC 820.
(2) These assets are without readily determinable fair values that do not qualify for the NAV practical expedient and are included in Other assets on the condensed consolidated balance sheets.

Net (losses) gains recognized on investment securities were as follows:
Three Months Ended
March 31,
20222021
Net (losses) gains recognized on equity securities$(1,874)$2,374 
Net gains recognized on debt securities available for sale 55 
Impairment expense(1,165)(14)
Net (losses) gains recognized on investment securities$(3,039)$2,415 
(a) Debt Securities Available for Sale:
The components of debt securities available for sale at March 31, 2022 were as follows:    
CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Marketable debt securities$91,827 $11 $ $91,838