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Investments | 9 Months Ended
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Sep. 30, 2024
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") (through July 2024), Atalanta Sosnoff Capital, LLC ("Atalanta Sosnoff"), Luminis Partners ("Luminis") (through September 2024) 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, 2024 and December 31, 2023 was as follows:
| September 30, 2024 |  | December 31, 2023
ABS | $ | — |  |  | $ | 18,770 |
Atalanta Sosnoff | 11,109 |  |  | 10,906 |
Luminis | — |  |  | 6,296 |
Seneca Evercore | 1,255 |  |  | 904 |
Total | $ | 12,364 |  |  | $ | 36,876 |
ABS In July 2024, the Company sold its remaining 26% ownership interest in ABS for cash of $18,113. This transaction resulted in a gain of $615 for the three and nine months ended September 30, 2024, included within Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statement of Operations. This investment resulted in earnings of $2,031 for the nine months ended September 30, 2024, and $1,066 and $3,136 for the three and nine months ended September 30, 2023, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. Atalanta Sosnoff The Company has an investment accounted for under the equity method of accounting in Atalanta Sosnoff. At September 30, 2024, the Company's ownership interest in Atalanta Sosnoff was 49%. This investment resulted in earnings of $865 and $2,181 for the three and nine months ended September 30, 2024, respectively, and $418 and $1,144 for the three and nine months ended September 30, 2023, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. Luminis In September 2024, the Company agreed to the redemption of its interest in Luminis, such that it will no longer have an equity interest in Luminis following the redemption. The Company will receive no consideration in respect of the redemption. As a result, the Company incurred a loss associated with the write-off of the remaining carrying value of its investment of $7,305 for the three and nine months ended September 30, 2024, included within Special Charges, Including Business Realignment Costs, on the Unaudited Condensed Consolidated Statement 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. Accordingly, the redemption resulted in the reclassification of $581 and $77 of cumulative foreign currency translation losses from Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest, respectively, on the Unaudited Condensed Consolidated Statement of Financial Condition to Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024. This investment resulted in earnings of $78 and $783 for the three and nine months ended September 30, 2024, respectively, and $53 and $350 for the three and nine months ended September 30, 2023, respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations. Seneca Evercore The Company has an investment accounted for under the equity method of accounting in Seneca Evercore. At September 30, 2024, the Company's ownership interest in Seneca Evercore was 20%. This investment resulted in earnings of $129 and $259 for the three and nine months ended September 30, 2024, respectively, and $127 and $44 for the three and nine months ended September 30, 2023, 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, 2024 and 2023 and $237 for each of the nine months ended September 30, 2024 and 2023. The Company assesses each of 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") and Trilantic Capital Partners V, L.P. ("Trilantic V"). 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, as well as 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, 2024 and December 31, 2023 was as follows:
| September 30, 2024 |  | December 31, 2023
Glisco II, Glisco III and Glisco IV | $ | 3,743 |  |  | $ | 4,141 |
Trilantic IV and Trilantic V | 1,784 |  |  | 1,766 |
Total Private Equity Funds | $ | 5,527 |  |  | $ | 5,907 |
Net realized and unrealized gains (losses) on private equity fund investments were ($4) and ($105) for the three and nine months ended September 30, 2024, respectively, and $54 and $694 for the three and nine months ended September 30, 2023, respectively. In the event the funds perform poorly, the Company may be obligated to repay certain carried interest previously distributed. As of September 30, 2024, there was no previously distributed carried interest received from the funds 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 $3,147 and $3,580 included in its Unaudited Condensed Consolidated Statements of Financial Condition at September 30, 2024 and December 31, 2023, 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, 2024 and December 31, 2023 was $5,330 and $5,762, 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 $668 and $636 as of September 30, 2024 and December 31, 2023, respectively, are accounted for at their cost minus impairment, if any, plus or minus changes resulting from observable price changes.

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