Investments

6 Months Ended

Jun. 30, 2025

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 14, at June 30, 2025 and December 31, 2024 were as follows:

(in thousands)	June 30, 2025		December 31, 2024
Investment securities - fair value	$	82,894	$	83,771
Equity method investments (1)	18,921		20,286
Nonqualified retirement plan assets	18,812		15,159
Total investments	$	120,627	$	119,216

(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 in separate accounts. The composition of the Company’s investment securities - fair value was as follows:

	June 30, 2025				December 31, 2024
(in thousands)	Cost		Fair Value		Cost		Fair Value
Investment Securities - fair value
Sponsored funds	$	57,757	$	59,489	$	63,220	$	63,296
Equity securities	18,193		21,059		17,406		19,019
Debt securities	2,363		2,346		1,457		1,456
Total investment securities - fair value	$	78,313	$	82,894	$	82,083	$	83,771

For the three and six months ended June 30, 2025, the Company recognized net realized losses of $0.2 million and $21.5 thousand, respectively, related to its investment securities - fair value. For the three and six months ended June 30, 2024, the Company recognized net realized gains of $1.0 million and $0.7 million, respectively, related to its investment securities - fair value.