Investments

9 Months Ended

Sep. 30, 2021

Schedule of Investments [Abstract]

Investments

Investments

Investments consist primarily of investments in the Company's sponsored products. The Company's investments, excluding the assets of consolidated investment products ("CIP") discussed in Note 16, at September 30, 2021 and December 31, 2020 were as follows:

(in thousands)	September 30, 2021		December 31, 2020
Investment securities - fair value	$	78,143	$	39,990
Equity method investments (1)	12,914		12,676
Nonqualified retirement plan assets	12,378		10,612
Other investments	2,197		1,666
Total investments	$	105,632	$	64,944

(1)     The Company's equity method investments are valued on a three-month lag based upon the availability of financial information. 

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 was as follows:

	September 30, 2021				December 31, 2020
(in thousands)	Cost		Fair Value		Cost		Fair Value
Investment Securities - fair value
Sponsored funds	$	59,342	$	64,691	$	22,378	$	25,909
Equity securities	10,362		13,446		9,614		14,078
Debt securities	7		6		7		3
Total investment securities - fair value	$	69,711	$	78,143	$	31,999	$	39,990

For the three and nine months ended September 30, 2021, the Company recognized realized gains of $0.2 million and $2.0 million, respectively, on the sale of its investment securities - fair value. For the three and nine months ended September 30, 2020, the Company recognized realized gains of $4.5 million and $4.2 million, respectively, on the sale of its investment securities - fair value.