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Investments, Carried at Cost (Tables)

9 Months Ended

Sep. 30, 2019

Investment [Line Items]

Investments, Carried at Cost

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

		September 30, 2019				December 31, 2018
AdvisorEngine – Preferred stock		$	25,000			$	25,000
Thesys Group, Inc. (“Thesys”)			3,080				3,080
Total		$	28,080			$	28,080

Advisor Engine [Member]

Investment [Line Items]

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

		Range (Weighted Average)
Market Approach
Revenue multiple			4.7x - 5.4x (5.0x)
Income Approach
Weighted average cost of capital (“WACC”)			26.0%

Thesys Group, Inc [Member]

Investment [Line Items]

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 this assessment:

		Range (Weighted Average)
Income Approach(1)
WACC		3.8% - 15.5% (14.1%)

(1) The inputs selected varied, based upon the Thesys business line being valued. An increase in the WACC would result in a lower enterprise value.

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Name Accounting Standards Codification
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-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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