Investments

The Company's investments include investments in private companies and partnerships, registered mutual funds and private company debt.



	September 30,			December 31,
(Dollars in thousands)	2018			2017
Investments at fair value	$	143,786		$	165,564
Investments at cost	1,614			2,416
Investments accounted for under the equity method	6,980			8,232
Total investments	152,380			176,212

Less investments attributable to noncontrolling interests (1)	(47,204		)	(44,397		)
	$	105,176		$	131,815


(1)	Noncontrolling interests are attributable to third party ownership in consolidated merchant banking and senior living funds.

At September 30, 2018, investments carried on a cost basis had an estimated fair market value of $1.6 million. Because valuation estimates were based upon management's judgment, investments carried at cost would be categorized as Level III assets in the fair value hierarchy, if they were carried at fair value.

Investments accounted for under the equity method include general and limited partnership interests. The carrying value of these investments is based on the investment vehicle's net asset value. The net assets of investment partnerships consist of investments in both marketable and non-marketable securities. The underlying investments held by such partnerships are valued based on the estimated fair value determined by management in the Company's capacity as general partner or investor and, in the case of investments in unaffiliated investment partnerships, are based on financial statements prepared by the unaffiliated general partners.