Investments

6 Months Ended

Mar. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investments

Investments

Equity Method Investment

As of March 31, 2021, Tremont Advisors owned 1,600,100, or approximately 19.3%, of TRMT’s outstanding common shares. We account for our investment in TRMT using the equity method of accounting because we are deemed to exert significant influence, but not control, over TRMT’s most significant activities. Our share of earnings from our investment in TRMT included in equity in earnings of investees in our condensed consolidated statements of income was $303 and $324 for the three months ended March 31, 2021 and 2020, respectively, and $727 and $579 for the six months ended March 31, 2021 and 2020, respectively. We received aggregate distributions from TRMT of $847 and $353 during the three months ended March 31, 2021 and 2020, respectively, and $864 and $705 during the six months ended March 31, 2021 and 2020, respectively.

Equity Method Investment Accounted for Under the Fair Value Option

As of March 31, 2021, we owned 621,853, or approximately 4.3%, of TA’s outstanding common shares. We account for our investment in TA using the equity method of accounting because we are deemed to exert significant influence, but not control, over TA’s most significant activities. We elected the fair value option to account for our equity method investment in TA and determine fair value using the closing price of TA’s common shares as of the end of the period, which is a Level 1 fair value input. The market value of our investment in TA at March 31, 2021 and September 30, 2020, based on quoted market prices, was $16,872 and $12,152, respectively. The unrealized (loss) gain in our condensed consolidated statements of income related to our investment in TA was $(3,402) and $(2,200) for the three months ended March 31, 2021 and 2020, respectively, and $4,720 and ($762) for the six months ended March 31, 2021 and 2020, respectively.