Investments

12 Months Ended

Dec. 31, 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 CIP discussed in Note 17, at December 31, 2025 and 2024, were as follows: 

	December 31,
(in thousands)	2025		2024
Investment securities - fair value	$	76,462	$	83,771
Equity method investments (1)	60,928		20,286
Nonqualified retirement plan assets	20,090		15,159
Total investments	$	157,480	$	119,216

(1)The Company's equity method investments are valued on a three-month lag based upon the availability of financial information. On December 15, 2025, the Company completed the acquisition of a 35% minority interest in Crescent Cove Advisors, LP for $41.1 million, including transaction costs.

Investment Securities - Fair Value

Investment securities - fair value consist of investments in the Company's sponsored funds and separate accounts. The composition of the Company's investment securities - fair value was as follows: 

	December 31,
	2025				2024
(in thousands)	Cost		Fair Value		Cost		Fair Value
Investment Securities - fair value:
Sponsored funds	$	51,993	$	51,013	$	63,220	$	63,296
Equity securities	19,703		22,903		17,406		19,019
Debt securities	2,531		2,546		1,457		1,456
Total investment securities - fair value	$	74,227	$	76,462	$	82,083	$	83,771

 

For the years ended December 31, 2025, 2024 and 2023, the Company recognized net realized gains of $2.9 million, $3.8 million and $2.1 million, respectively, related to its investment securities - fair value.

Equity Method Investments

The Company's equity method investments primarily consist of minority investments in Crescent Cove Advisors LP and Zevenbergen Capital Investments. For the years ended December 31, 2025, 2024 and 2023, distributions from equity method investments were $4.1 million, $5.4 million and $2.3 million, respectively.

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.