Investments

9 Months Ended

Sep. 30, 2022

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 17, at September 30, 2022 and December 31, 2021 were as follows:

(in thousands)	September 30, 2022		December 31, 2021
Investment securities - fair value	$	73,134	$	80,335
Equity method investments (1)	11,593		13,038
Nonqualified retirement plan assets	11,588		13,321
Other investments	1,930		2,196
Total investments	$	98,245	$	108,890

(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 and separately managed accounts. The composition of the Company’s investment securities - fair value was as follows:

	September 30, 2022				December 31, 2021
(in thousands)	Cost		Fair Value		Cost		Fair Value
Investment Securities - fair value
Sponsored funds	$	70,788	$	61,699	$	63,090	$	66,326
Equity securities	11,570		11,435		10,659		14,009
Total investment securities - fair value	$	82,358	$	73,134	$	73,749	$	80,335

For each of the three and nine months ended September 30, 2022, the Company recognized net realized gains of $0.4 million on the sale of its investment securities - fair value. For the three and nine months ended September 30, 2021, the Company recognized net realized gains of $0.2 million and $2.0 million, respectively, on the sale of its investment securities - fair value.