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 19, at December 31, 2018 and 2017 were as follows:



	December 31,
($ in thousands)	2018		2017
Investment securities - fair value	$	59,271	$	69,101
Investment securities - available for sale	2,023		20,662
Equity method investments	10,573		11,098
Nonqualified retirement plan assets	6,716		6,706
Other investments	975		925
Total investments	$	79,558	$	108,492

Investment Securities - fair value

Investment securities - fair value consist of investments in the Company's sponsored funds, separately managed accounts and trading debt securities. The composition of the Company’s investment securities - fair value is summarized as follows:



December 31, 2018
($ in thousands)	Cost		Fair Value
Investment Securities - Equity:
Sponsored funds	$	43,507	$	40,191
Equity securities	16,380		16,981
Trading debt securities	3,816		2,099
Total investment securities - equity	$	63,703	$	59,271



December 31, 2017
($ in thousands)	Cost		Fair Value
Investment Securities - Equity:
Sponsored funds	$	50,845	$	50,614
Equity securities	13,141		15,810
Trading debt securities	3,816		2,677
Total investment securities - equity	$	67,802	$	69,101

For the year ended December 31, 2018, the Company recognized a net realized gain of $1.8 million on investment securities - equity. For the years ended December 31, 2017 and 2016, the Company recognized net realized losses of $1.5 million and $0.3 million, respectively, on investment securities - equity.

Investments securities - available for sale

The investment securities - available for sale consists of investments in CLOs for which the Company provides investment management services and does not consolidate. The composition of the Company’s investment securities - available for sale is summarized as follows:



December 31, 2018
($ in thousands)	Cost		Unrealized Loss			Unrealized Gain		Fair Value
Investments in CLOs	$	3,696	$	(1,673	)	$	—	$	2,023



December 31, 2017
($ in thousands)	Cost		Unrealized Loss			Unrealized Gain		Fair Value
Investments in CLOs	$	21,240	$	(630	)	$	52	$	20,662

Equity Method Investments

The Company's equity method investments primarily consist of investments in limited partnerships. For the years ended December 31, 2018 and 2017, distributions from equity method investments were $4.2 million and $0.9 million, respectively. For the year ended December 31, 2016, there were no distributions from equity method investments. For the year ended December 31, 2016, the Company made capital contributions of $2.5 million to one of its equity method investments, and the remaining capital commitment at December 31, 2018 is $0.7 million.

Nonqualified Retirement Plan Assets

The Company's 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.

Other Investments

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