Investments

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investments

Note 8 — Investments

The following is a summary of Investments:

	As of
	December 31, 2021		December 31, 2020
	(in thousands)
Equity Investments, at Fair Value
Equity Securities	$	82,900	$	18,739
Mutual Funds		7,319		7,314
Total Equity Investments, at Fair Value	$	90,219	$	26,053
Investment in Equity Method Investees		5,287		8,051
Total	$	95,506	$	34,104

Investment Securities, Trading

Investments, at Fair Value consisted of the following at December 31, 2021:

	Cost		Unrealized Gain/(Loss)			Fair Value
	(in thousands)
Equity Securities	$	80,480	$	2,420		$	82,900
Mutual Funds		7,328		(9	)		7,319
Total Equity Investments, at Fair Value	$	87,808	$	2,411		$	90,219

Securities Sold Short, at Fair Value consisted of the following at December 31, 2021:

	Cost		Unrealized Gain/(Loss)			Fair Value
	(in thousands)
Equity Securities	$	259	$	(22	)	$	237
Total Securities Sold Short, at Fair Value	$	259	$	(22	)	$	237

Investments, at Fair Value consisted of the following at December 31, 2020:

	Cost		Unrealized (Gain)/Loss		Fair Value
	(in thousands)
Equity Securities	$	16,521	$	2,218	$	18,739
Mutual Funds	$	7,293	$	21	$	7,314
Total Equity Investments, at Fair Value	$	23,814	$	2,239	$	26,053

Securities Sold Short, at Fair Value consisted of the following at December 31, 2020:

	Cost		Unrealized Gain/(Loss)		Fair Value
	(in thousands)
Equity Securities	$	620	$	94	$	714
Total Securities Sold Short, at Fair Value	$	620	$	94	$	714

Investments in Equity Method Investees

The operating company sponsors and provides investment management services to certain private investment partnerships and Pzena mutual funds through which it offers its investment strategies. The Company has made investments in certain of these private investment partnerships and mutual funds to satisfy its obligations under the Company's deferred compensation program and provide the initial cash investment in our mutual funds. The Company holds a non-controlling interest and exercises significant influence in these entities, and accounts for its investments as equity method investments which are included in Investments on the consolidated statements of financial condition. As of December 31, 2021, the Company's investments range between 1% and 8% of the capital of these entities and have an aggregate carrying value of $5.3 million.