Investments

12 Months Ended

Dec. 31, 2020

Investments, All Other Investments [Abstract]

Investments

Investments

The Company's investments include investments in private companies and partnerships.

	December 31,		December 31,
(Amounts in thousands)	2020		2019
Investments at fair value	$	174,849	$	149,987
Investments at cost	611		1,084
Investments accounted for under the equity method	7,719		7,070
Total investments	183,179		158,141
Less investments attributable to noncontrolling interests (1)	(96,657)		(75,245)
	$	86,522	$	82,896

(1)    Noncontrolling interests are primarily attributable to unrelated third party ownership in consolidated merchant banking funds.

At December 31, 2020, investments carried on a cost basis had an estimated fair market value of $0.6 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.