Investments

9 Months Ended

Sep. 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 September 30, 2025 and December 31, 2024 were as follows:

(in thousands)	September 30, 2025		December 31, 2024
Investment securities - fair value	$	110,561	$	83,771
Equity method investments (1)	19,345		20,286
Nonqualified retirement plan assets	19,606		15,159
Total investments	$	149,512	$	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:

	September 30, 2025				December 31, 2024
(in thousands)	Cost		Fair Value		Cost		Fair Value
Investment Securities - fair value
Sponsored funds	$	53,466	$	56,383	$	63,220	$	63,296
Equity securities	19,020		22,124		17,406		19,019
Debt securities	32,059		32,054		1,457		1,456
Total investment securities - fair value	$	104,545	$	110,561	$	82,083	$	83,771

For the three and nine months ended September 30, 2025, the Company recognized net realized gains of $0.8 million and $0.8 million, respectively, related to its investment securities - fair value. 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.