Investments

6 Months Ended

Jun. 30, 2021

Investments Debt And Equity Securities [Abstract]

Investments

Note 8—Investments

The following is a summary of Investments:

	As of
	June 30, 2021		December 31, 2020
	(in thousands)
Equity Investments, at Fair Value
Equity Securities	$	41,714	$	18,739
Mutual Funds		7,326		7,314
Total Equity Investments, at Fair Value		49,040		26,053
Investments in Equity Method Investees		7,407		8,051
Total	$	56,447	$	34,104

Investment, at Fair Value

Investments, at Fair Value consisted of the following at June 30, 2021:

	Cost		Unrealized Gain/(Loss)		Fair Value
	(in thousands)
Equity Securities	$	36,938	$	4,776	$	41,714
Mutual Funds		7,313		13		7,326
Total Equity Investments, at Fair Value	$	44,251	$	4,789	$	49,040

       Securities Sold Short, at Fair Value consisted of the following at June 30, 2021:

	Proceeds		Unrealized (Gain)/Loss		Fair Value
	(in thousands)
Equity Securities	$	833	$	37	$	870
Total Securities Sold Short, at Fair Value	$	833	$	37	$	870

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:

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

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 June 30, 2021, the Company's investments range between 1% and 8% of the capital of these entities and have an aggregate carrying value of $7.4 million.