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Investments, Carried at Cost (Tables)

12 Months Ended

Dec. 31, 2017

Investments Schedule [Abstract]

Investments at Carried Cost

The following table sets forth the Company’s investments, carried at cost:

		December 31, 2017				December 31, 2016
AdvisorEngine – Preferred stock		$	25,000			$	20,000
AdvisorEngine – Option			3,278				—
Thesys.			6,909				—
Total		$	35,187			$	20,000

Summary of Ranges and Weighted Averages of Significant Unobservable Inputs Used to Determine Enterprise Value

The table below presents the ranges and weighted averages of significant unobservable inputs used in these approaches to determine the enterprise value of Thesys.

Market Approach(1)		Range (Weighted Average)
Revenue multiple		0.9x
Income Approach(1)		Range (Weighted Average)
Weighted average cost of capital (“WACC”)		11.5% – 14.5% (12.6%)

⁽¹⁾  The approach and inputs selected varied, based upon the Thesys business line being valued.

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Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

A tabular disclosure of (a) the aggregate carrying amount of all cost-method investments; (b) the aggregate carrying amount of cost-method investments that the investor did not evaluate for impairment for cost-method investments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 325
-SubTopic 20
-Section 50
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-URI http://asc.fasb.org/extlink&oid=75025870&loc=d3e40691-111596

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