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Investments
 12 Months Ended
Dec. 31, 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 CIP discussed in Note 19, at December 31, 2024 and 2023, were as follows: 
 December 31,
(in thousands)20242023
Investment securities - fair value$83,771 $97,304 
Equity method investments (1)20,286 22,710 
Nonqualified retirement plan assets15,159 12,682 
Total investments$119,216 $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: 
December 31, 2024December 31, 2023
(in thousands)CostFair
Value		CostFair
Value
Investment Securities - fair value:
Sponsored funds$63,220 $63,296 $80,794 $77,433 
Equity securities17,406 19,019 16,353 19,871 
Debt securities1,457 1,456 — — 
Total investment securities - fair value$82,083 $83,771 $97,147 $97,304 
 
For the years ended December 31, 2024, 2023 and 2022, the Company recognized net realized gains of $3.8 million and $2.1 million, and a net realized loss of $1.4 million, respectively, related to its investment securities - fair value.

Equity Method Investments
The Company's equity method investments primarily consist of a minority investment in an investment manager and an investment in a limited partnership. For the years ended December 31, 2024, 2023 and 2022, distributions from equity method investments were $5.4 million, $2.3 million and $2.2 million, respectively. The remaining capital commitment for one of the Company's equity method investments at December 31, 2024 was $0.2 million.

Nonqualified Retirement Plan Assets
The Company's Excess Incentive Plan allows certain employees to voluntarily defer compensation. The Company
holds the Excess Incentive Plan assets in a rabbi trust, which is subject to the claims of the Company's creditors in the event of the Company's bankruptcy or insolvency. Each participant is responsible for designating investment options for their contributions, and the ultimate distribution paid to each participant reflects any gains or losses on the assets realized while in the trust. Assets held in trust are included in investments and are carried at fair value utilizing Level 1 valuation techniques in accordance with ASC 320, Investments - Debt Securities; the associated obligations to participants are included in other liabilities on the Consolidated Balance Sheets.