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Investments | 12 Months Ended
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Dec. 31, 2023
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 CIP discussed in Note 20, at December 31, 2023 and 2022, were as follows:
| December 31,
(in thousands) | 2023 |  | 2022
Investment securities - fair value | $ | 97,304 |  |  | $ | 76,999 |
Equity method investments (1) | 22,710 |  |  | 11,448 |
Nonqualified retirement plan assets | 12,682 |  |  | 10,154 |
Other investments | — |  |  | 1,729 |
Total investments | $ | 132,696 |  |  | $ | 100,330 |
(1)The Company's equity method investments are valued on a three-month lag based upon the availability of financial information. On January 1, 2023, the Company made an additional investment in an existing minority interest in an affiliated manager for $11.6 million including transaction costs. Investment Securities - Fair Value Investment securities - fair value consist of investments in the Company's sponsored funds and separately managed accounts. The composition of the Company's investment securities - fair value was as follows:
| December 31, 2023 |  | December 31, 2022
(in thousands) | Cost |  |  |  |  |  | Fair Value |  | Cost |  | Fair Value
Investment Securities - fair value: |  |  |  |  |  |  |  |  |  |  |
Sponsored funds | $ | 80,794 |  |  |  |  |  |  | $ | 77,433 |  |  | $ | 67,472 |  |  | $ | 62,744 |
Equity securities | 16,353 |  |  |  |  |  |  | 19,871 |  |  | 13,440 |  |  | 14,255 |
Total investment securities - fair value | $ | 97,147 |  |  |  |  |  |  | $ | 97,304 |  |  | $ | 80,912 |  |  | $ | 76,999 |
For the years ended December 31, 2023, 2022 and 2021, the Company recognized a net realized gain of $2.1 million, a net realized loss of $1.4 million, and a net realized gain of $5.0 million, respectively, related to its investment securities - fair value. Equity Method Investments The Company's equity method investments primarily consist of a minority investment in an affiliated manager and an investment in a limited partnership. For the years ended December 31, 2023, 2022 and 2021, distributions from equity method investments were $2.3 million, $2.2 million and $3.7 million, respectively. The remaining capital commitment for one of the Company's equity method investments at December 31, 2023 was $0.2 million. Nonqualified Retirement Plan Assets The Company's Excess Incentive Plan allows certain employees to voluntarily defer compensation. The Company holds the Excess Incentive Plan assets in a rabbi trust, which is subject to the claims of the Company's creditors in the event of the Company's bankruptcy or insolvency. Each participant is responsible for designating investment options for their contributions, and the ultimate distribution paid to each participant reflects any gains or losses on the assets realized while in the trust. Assets held in trust are included in investments and are carried at fair value utilizing Level 1 valuation techniques in accordance with ASC 320, Investments - Debt Securities; the associated obligations to participants are included in other liabilities on the Consolidated Balance Sheets. Other Investments Other investments represent interests in entities not accounted for under the equity method such as those accounted for under the cost method.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org//321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org//325/tableOfContent + Details
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- References No definition available. + Details
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