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Investment Securities | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Note 3. Investment Securities The disclosures below include details of Artisan’s investments, excluding money market funds and consolidated investment products. Investments held by consolidated investment products are described in Note 6, “Variable Interest Entities and Consolidated Investment Products”.
| As of December 31, 2022 |  | As of December 31, 2021
Investments in equity securities | $ | 76,156 |  |  | $ | 37,179 |
Investments in equity securities accounted for under the equity method | 9,259 |  |  | 10,699 |
Total investment securities | $ | 85,415 |  |  | $ | 47,878 |
Artisan’s investments in equity securities consist of investments in Artisan Funds, Artisan Global Funds and Artisan Private Funds. As of December 31, 2022, $63.3 million of Artisan’s investment securities were related to the economic hedge of franchise capital awards. Unrealized gain (loss) related to investment securities held at the end of the periods indicated below were as follows:
| As of December 31, 2022 |  | As of December 31, 2021 |  | As of December 31, 2020
Unrealized gain (loss) on investment securities held at the end of the period | $ | (14,799) |  |  | $ | 1,602 |  |  | $ | 716 |
Other net investment gain (loss) is presented within the non-operating income (expense) section of the Consolidated Statements of Operations. The components of other net investment gain (loss) are as follows:
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Net investment gain (loss) on seed investments | $ | (3,407) |  |  | $ | (401) |  |  | $ | 160 |
Net investment gain (loss) on franchise capital investments | $ | (13,198) |  |  | $ | 2,716 |  |  | $ | — |
Other | $ | 332 |  |  | $ | (559) |  |  | $ | 145 |
Other net investment gain (loss) | $ | (16,273) |  |  | $ | 1,756 |  |  | $ | 305 |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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