Investments

9 Months Ended

Sep. 30, 2020

Investments Debt And Equity Securities [Abstract]

Investments

Note 8—Investments

The following is a summary of Investments:

	As of
	September 30, 2020		December 31, 2019
	(in thousands)
Equity Investments, at Fair Value
Equity Securities	$	13,556	$	15,715
Mutual Funds		7,307		20,039
Total Equity Investments, at Fair Value		20,863		35,754
Trading Securities
U.S. Treasury Bills		—		9,100
Total Trading Securities		—		9,100
Investments in Equity Method Investees		5,838		11,080
Total	$	26,701	$	55,934

Investment, at Fair Value

Investments, at Fair Value consisted of the following at September 30, 2020:

	Cost		Unrealized Gain/(Loss)			Fair Value
	(in thousands)
Equity Securities	$	15,211	$	(1,655	)	$	13,556
Mutual Funds		7,279		28			7,307
Total Equity Investments, at Fair Value	$	22,490	$	(1,627	)	$	20,863

	Amortized Cost		Unrealized Gain/(Loss)		Fair Value
	(in thousands)
U.S. Treasury Bills	$	—	$	—	$	—
Total Trading Securities	$	—	$	—	$	—

       Securities Sold Short, at Fair Value consisted of the following at September 30, 2020:

	Proceeds		Unrealized (Gain)/Loss		Fair Value
	(in thousands)
Equity Securities	$	660	$	30	$	690
Total Securities Sold Short, at Fair Value	$	660	$	30	$	690

Investments, at Fair Value consisted of the following at December 31, 2019:

	Cost		Unrealized Gain/(Loss)		Fair Value
	(in thousands)
Equity Securities	$	14,712	$	1,003	$	15,715
Mutual Funds		20,015		24		20,039
Total Equity Investments, at Fair Value	$	34,727	$	1,027	$	35,754

	Amortized Cost		Unrealized Gain/(Loss)		Fair Value
	(in thousands)
U.S. Treasury Bills	$	9,099	$	1	$	9,100
Total Trading Securities	$	9,099	$	1	$	9,100

Equity Investments, at Fair Value

Equity investments, at fair value consist of equity securities held by the Company’s consolidated subsidiaries and individual investments held directly by the Company primarily for the purpose of satisfying certain of the Company’s obligations under its deferred compensation program. Equity investments, at fair value also includes investments in open-ended registered mutual funds for which the Company has neither control nor the ability to exercise significant influence. Equity investments are measured at fair value based on quoted market prices or published net asset values.

Trading Securities

Trading securities consists of fixed income investments held directly by the Company.  Fixed income investments are carried at fair value based on quoted market prices or market prices obtained from independent pricing services engaged by management.

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 Equity Method Investments on the consolidated statements of financial condition. As of September 30, 2020, the Company's investments range between 2% and 6% of the capital of these entities and have an aggregate carrying value of $5.8 million.