Investments

6 Months Ended

Jun. 30, 2026

Schedule of Investments [Abstract]

Investments

Investments

Investments consist primarily of investments in equity method investments and the Company's sponsored products. The Company's investments, excluding the assets of consolidated investment products ("CIP") discussed in Note 15, at June 30, 2026 and December 31, 2025 were as follows:

(in thousands)	June 30, 2026		December 31, 2025
Investment securities - fair value	$	49,700	$	76,462
Equity method investments (1)	59,591		60,928
Nonqualified retirement plan assets	30,582		20,090
Total investments	$	139,873	$	157,480

(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, 2026				December 31, 2025
(in thousands)	Cost		Fair Value		Cost		Fair Value
Investment Securities - fair value
Sponsored funds	$	27,146	$	27,923	$	51,993	$	51,013
Equity securities	15,424		19,004		19,703		22,903
Debt securities	2,786		2,773		2,531		2,546
Total investment securities - fair value	$	45,356	$	49,700	$	74,227	$	76,462

For the three and six months ended June 30, 2026, the Company recognized net realized gains of $1.3 million and $3.3 million, respectively, related to its investment securities - fair value. 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.