LONG-TERM INVESTMENTS

Long-term investments consisted of the following:



	September 30, 2015		December 31, 2014
Investments accounted at cost	$	42,056	$	32,239
Investments accounted under the equity method	11,592		8,053
	$	53,648	$	40,292

Long-term investments accounted for at cost are summarized as follows:



	September 30, 2015				December 31, 2014
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term investments	$	41,541	$	46,435	$	31,541	$	38,039
Real estate partnership	515		587		698		1,108
	$	42,056	$	47,022	$	32,239	$	39,147

The Company accounts for investments which it has significant influence under the equity method. The Company recorded an equity loss of $579 and equity income of $829 for the three months ended September 30, 2015 and September 30, 2014, respectively. The Company recorded an equity loss of $2,273 and equity income of $1,462 for the nine months ended September 30, 2015 and September 30, 2014, respectively. The fair value of the investments in investment companies accounted for under the equity method was approximately $11,592 and $8,053 as of September 30, 2015 and December 31, 2014.

The Company's investments under the equity method contains an investment in the common stock of Boyar Value Fund ("Boyar"). As of September 30, 2015, the Company owned approximately 30% of the outstanding stock of Boyar. The carrying value of the investment based on the quoted market price as of September 30, 2015 was $6,984. Ladenburg Thalmann Fund Management, LLC, an indirect subsidiary of Ladenburg Thalmann Financial Services Inc. is the manager of Boyar.