v3.26.1
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 assets30,582 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, 2026December 31, 2025
(in thousands)CostFair ValueCostFair Value
Investment Securities - fair value
Sponsored funds$27,146 $27,923 $51,993 $51,013 
Equity securities15,424 19,004 19,703 22,903 
Debt securities2,786 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.