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Investments | 9 Months Ended
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Sep. 30, 2023
Investments [Abstract] |
Investments | Investments The Company's investments reported on the Unaudited Condensed Consolidated Statements of Financial Condition consist of investments in unconsolidated affiliated companies, other investments in private equity partnerships and equity securities in private companies. The Company's investments are relatively high-risk and illiquid assets. The Company's investments in ABS Investment Management Holdings, LP and ABS Investment Management GP LLC (collectively, "ABS"), Atalanta Sosnoff Capital, LLC ("Atalanta Sosnoff"), Luminis Partners ("Luminis") and Seneca Advisors LTDA ("Seneca Evercore") are in voting interest entities. The Company's share of earnings (losses) from these investments is included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. The Company also has investments in private equity partnerships which consist of investment interests in private equity funds which are voting interest entities. Realized and unrealized gains and losses on private equity investments are included within Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations. Equity Method Investments A summary of the Company's investments accounted for under the equity method of accounting as of September 30, 2023 and December 31, 2022 was as follows:
| September 30, 2023 |  | December 31, 2022
ABS | $ | 18,277 |  |  | $ | 19,387 |
Atalanta Sosnoff | 10,664 |  |  | 10,717 |
Luminis | 6,386 |  |  | 6,092 |
Seneca Evercore | 727 |  |  | 706 |
Total | $ | 36,054 |  |  | $ | 36,902 |
ABS The Company has an investment accounted for under the equity method of accounting in ABS. At September 30, 2023, the Company's ownership interest in ABS was 26%. This investment resulted in earnings of $1,066 and $3,136 for the three and nine months ended September 30, 2023, respectively, and $1,043 and $3,413 for the three and nine months ended September 30, 2022, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. In January 2022, the Company entered into an agreement to sell a portion of its interest in ABS. This transaction closed on March 28, 2022 and resulted in the reduction of the Company's ownership interest from 46% to 26%. The Company received cash of $18,300 as consideration for its interests sold and recorded a gain of $1,294 for the nine months ended September 30, 2022, included within Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statement of Operations. Atalanta Sosnoff The Company has an investment accounted for under the equity method of accounting in Atalanta Sosnoff. At September 30, 2023, the Company's ownership interest in Atalanta Sosnoff was 49%. This investment resulted in earnings of $418 and $1,144 for the three and nine months ended September 30, 2023, respectively, and $533 and $2,411 for the three and nine months ended September 30, 2022, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. Luminis The Company has an investment accounted for under the equity method of accounting in Luminis. At September 30, 2023, the Company's ownership interest in Luminis was 20%. This investment resulted in earnings of $53 and $350 for the three and nine months ended September 30, 2023, respectively, and $397 and $787 for the three and nine months ended September 30, 2022, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. This investment is subject to currency translation from the Australian dollar to the U.S. dollar, included in Accumulated Other Comprehensive Income (Loss), on the Unaudited Condensed Consolidated Statements of Financial Condition. Seneca Evercore The Company has an investment accounted for under the equity method of accounting in Seneca Evercore. At September 30, 2023, the Company's ownership interest in Seneca Evercore was 20%. This investment resulted in earnings of $127 and $44 for the three and nine months ended September 30, 2023, respectively, and $54 and $202 for the three and nine months ended September 30, 2022, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. This investment is subject to currency translation from the Brazilian real to the U.S. dollar, included in Accumulated Other Comprehensive Income (Loss), on the Unaudited Condensed Consolidated Statements of Financial Condition. Other The Company allocates the purchase price of its equity method investments, in part, to the inherent finite-lived identifiable intangible assets of the investees. The Company's share of the earnings of the investees has been reduced by the amortization of these identifiable intangible assets of $79 for each of the three months ended September 30, 2023 and 2022 and $237 for each of the nine months ended September 30, 2023 and 2022. The Company assesses its equity method investments for impairment annually, or more frequently if circumstances indicate impairment may have occurred. Investments in Private Equity Private Equity Funds The Company's investments related to private equity partnerships and associated entities include investments in Glisco Partners II, L.P. ("Glisco II"), Glisco Partners III, L.P. ("Glisco III"), Glisco Capital Partners IV ("Glisco IV"), Trilantic Capital Partners Associates IV, L.P. ("Trilantic IV"), Trilantic Capital Partners V, L.P. ("Trilantic V") and Trilantic Capital Partners VI (North America), L.P. ("Trilantic VI") (through January 1, 2022). Portfolio holdings of the private equity funds are carried at fair value. Accordingly, the Company reflects its pro rata share of unrealized gains and losses occurring from changes in fair value. Additionally, the Company reflects its pro rata share of realized gains, losses and carried interest associated with any investment realizations. A summary of the Company's investments in the private equity funds as of September 30, 2023 and December 31, 2022 was as follows:
| September 30, 2023 |  | December 31, 2022
Glisco II, Glisco III and Glisco IV | $ | 3,992 |  |  | $ | 3,602 |
Trilantic IV and Trilantic V | 1,870 |  |  | 1,939 |
Total Private Equity Funds | $ | 5,862 |  |  | $ | 5,541 |
Net realized and unrealized gains on private equity fund investments were $54 and $694 for the three and nine months ended September 30, 2023, respectively, and $308 and $244 for the three and nine months ended September 30, 2022, respectively. In the event the funds perform poorly, the Company may be obligated to repay certain carried interest previously distributed. As of September 30, 2023, $317 of previously distributed carried interest received from the funds was subject to repayment. General Partners of Private Equity Funds which are VIEs The Company has concluded that Glisco Capital Partners II, Glisco Capital Partners III and Glisco Manager Holdings LP are VIEs and that the Company is not the primary beneficiary of these VIEs. The Company's assessment of the primary beneficiary of these entities included assessing which parties have the power to significantly impact the economic performance of these entities and the obligation to absorb losses, which could be potentially significant to the entities, or the right to receive benefits from the entities that could be potentially significant. Neither the Company nor its related parties will have the ability to make decisions that significantly impact the economic performance of these entities. Further, as a limited partner in these entities, the Company does not possess substantive participating rights. The Company had assets of $3,430 and $3,166 included in its Unaudited Condensed Consolidated Statements of Financial Condition at September 30, 2023 and December 31, 2022, respectively, related to these unconsolidated VIEs, representing the carrying value of the Company's investments in the entities. The Company's exposure to the obligations of these VIEs is generally limited to its investments in these entities. The Company's maximum exposure to loss as of September 30, 2023 and December 31, 2022 was $5,613 and $5,385, respectively, which represents the carrying value of the Company's investments in these VIEs, as well as any unfunded commitments to the current and future funds. Other Investments In certain instances, the Company receives equity securities in private companies in exchange for advisory services. These investments, which had a balance of $609 and $604 as of September 30, 2023 and December 31, 2022, respectively, are accounted for at their cost minus impairment, if any, plus or minus changes resulting from observable price changes.

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