Investments

Investments consist primarily of investments in the Company's sponsored products. The Company’s investments, excluding the assets of consolidated investment products discussed in Note 18, at December 31, 2017 and 2016 were as follows:



	December 31,
	2017		2016
($ in thousands)
Marketable securities	$	66,424	$	74,907
Equity method investments	11,098		7,731
Nonqualified retirement plan assets	6,706		5,808
Investments in collateralized loan obligations	23,339		—
Other investments	925		925
Total investments	$	108,492	$	89,371

Marketable Securities

The Company’s marketable securities consist of both trading and available-for-sale securities. The composition of the Company’s marketable securities is summarized as follows:



December 31, 2017
	Cost		Unrealized Loss			Unrealized Gain		Fair Value
($ in thousands)
Trading:
Sponsored funds	$	47,084	$	(1,294	)	$	1,059	$	46,849
Equity securities	13,141		(2		)	2,671		15,810
Available-for-sale:
Sponsored closed-end funds	3,761		(302		)	306		3,765
Total marketable securities	$	63,986	$	(1,598	)	$	4,036	$	66,424



December 31, 2016
	Cost		Unrealized Loss			Unrealized Gain		Fair Value
($ in thousands)
Trading:
Sponsored funds	$	61,784	$	(1,942	)	$	177	$	60,019
Equity securities	10,578		—			895		11,473
Available-for-sale:
Sponsored closed-end funds	3,500		(265		)	180		3,415
Total marketable securities	$	75,862	$	(2,207	)	$	1,252	$	74,907

For the year ended December 31, 2017, the Company recognized a net realized loss of $1.5 million on trading securities. For the year ended December 31, 2016, the Company recognized a net realized loss of $0.3 million on trading securities. For the year ended December 31, 2015, the Company recognized a net realized gain of $0.4 million on trading securities.

Equity Method Investments

In 2014, the Company acquired an interest in a limited partnership for approximately $5.0 million which included a future capital commitment for up to $5.0 million, in the event that it was called by the partnership. For the year ended December 31, 2017, distributions from the partnership were $0.9 million. For the year ended December 31, 2016, there were no distributions from the partnership. For the year ended December 31, 2016, the Company made capital contributions of $2.5 million to the partnership, and the remaining capital commitment is $2.3 million.

Nonqualified Retirement Plan Assets

The Excess Incentive Plan allows certain employees to voluntarily defer compensation. The Company holds the Excess Incentive Plan assets in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of the Company’s bankruptcy or insolvency. Each participant is responsible for designating investment options for assets they contribute, and the ultimate distribution paid to each participant reflects any gains or losses on the assets realized while in the trust. Assets held in trust are included in investments and are carried at fair value utilizing Level 1 valuation techniques in accordance with ASC 320; the associated obligations to participants are included in other liabilities in the Company’s Consolidated Balance Sheets.

Investments in collateralized loan obligations

The Company has investments in CLOs for which the Company provides investment management services. These investments in collateralized loan obligations are classified as both trading and available-for-sale.

Other Investments

Other investments represent interests in entities not accounted for under the equity method such as the cost method or fair value.