v3.25.3
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 assets19,606 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, 2025December 31, 2024
(in thousands)CostFair ValueCostFair Value
Investment Securities - fair value
Sponsored funds$53,466 $56,383 $63,220 $63,296 
Equity securities19,020 22,124 17,406 19,019 
Debt securities32,059 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.