Investments

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022 were as follows:

(in thousands)	March 31, 2023		December 31, 2022
Investment securities - fair value	$	80,654	$	76,999
Equity method investments (1)	22,755		11,448
Nonqualified retirement plan assets	10,740		10,154
Other investments	1,514		1,729
Total investments	$	115,663	$	100,330

(1)     The Company's equity method investments are valued on a three-month lag based upon the availability of financial information. On January 1, 2023, the Company made an additional investment in an existing minority interest in an affiliated manager for $11.6 million including transaction costs.

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:

	March 31, 2023				December 31, 2022
(in thousands)	Cost		Fair Value		Cost		Fair Value
Investment Securities - fair value
Sponsored funds	$	69,995	$	65,551	$	67,472	$	62,744
Equity securities	13,511		15,103		13,440		14,255
Total investment securities - fair value	$	83,506	$	80,654	$	80,912	$	76,999

For the three months ended March 31, 2023 and 2022, the Company recognized net realized gains of $1.3 million and $0.1 million on the sale of its investment securities - fair value.