Investments

6 Months Ended

Jun. 30, 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 June 30, 2023 and December 31, 2022 were as follows:

(in thousands)	June 30, 2023		December 31, 2022
Investment securities - fair value	$	89,311	$	76,999
Equity method investments (1)	22,517		11,448
Nonqualified retirement plan assets	11,499		10,154
Other investments	12		1,729
Total investments	$	123,339	$	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:

	June 30, 2023				December 31, 2022
(in thousands)	Cost		Fair Value		Cost		Fair Value
Investment Securities - fair value
Sponsored funds	$	77,563	$	73,381	$	67,472	$	62,744
Equity securities	13,724		15,930		13,440		14,255
Total investment securities - fair value	$	91,287	$	89,311	$	80,912	$	76,999

For the three and six months ended June 30, 2023, the Company recognized net realized gains of $0.8 million and $2.2 million, respectively, related to its investment securities - fair value. For the three and six months ended June 30, 2022, the Company recognized net realized losses of $0.1 million and $30.0 thousand, respectively, related to its investment securities - fair value.