Investments

9 Months Ended

Sep. 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 September 30, 2023 and December 31, 2022 were as follows:

(in thousands)	September 30, 2023		December 31, 2022
Investment securities - fair value	$	118,464	$	76,999
Equity method investments (1)	22,557		11,448
Nonqualified retirement plan assets	11,328		10,154
Other investments	—		1,729
Total investments	$	152,349	$	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:

	September 30, 2023				December 31, 2022
(in thousands)	Cost		Fair Value		Cost		Fair Value
Investment Securities - fair value
Sponsored funds	$	82,156	$	76,958	$	67,472	$	62,744
Equity securities	15,829		17,167		13,440		14,255
Debt securities	24,339		24,339		—		—
Total investment securities - fair value	$	122,324	$	118,464	$	80,912	$	76,999

For the three and nine months ended September 30, 2023, the Company recognized net realized losses of $0.1 million and net realized gains $2.1 million, respectively, related to its investment securities - fair value. For the three and nine months ended September 30, 2022, the Company recognized net realized gains of $0.4 million and $0.4 million, respectively, related to its investment securities - fair value.