Investments

9 Months Ended

Sep. 30, 2024

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, 2024 and December 31, 2023 were as follows:

(in thousands)	September 30, 2024		December 31, 2023
Investment securities - fair value	$	127,914	$	97,304
Equity method investments (1)	21,830		22,710
Nonqualified retirement plan assets	14,927		12,682
Total investments	$	164,671	$	132,696

(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, 2024				December 31, 2023
(in thousands)	Cost		Fair Value		Cost		Fair Value
Investment Securities - fair value
Sponsored funds	$	77,211	$	80,303	$	80,794	$	77,433
Equity securities	17,674		21,693		16,353		19,871
Debt securities	25,887		25,918		—		—
Total investment securities - fair value	$	120,772	$	127,914	$	97,147	$	97,304

For the three and nine months ended September 30, 2024, the Company recognized net realized gains of $0.5 million and $1.2 million, respectively, related to its investment securities - fair value. For the three and nine months ended September 30, 2023, the Company recognized net realized losses of $0.1 million and net realized gains of $2.1 million, respectively, related to its investment securities - fair value.