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Investments | 12 Months Ended
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Dec. 31, 2024
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 19, at December 31, 2024 and 2023, were as follows:
| December 31,
(in thousands) | 2024 |  | 2023
Investment securities - fair value | $ | 83,771 |  |  | $ | 97,304 |
Equity method investments (1) | 20,286 |  |  | 22,710 |
Nonqualified retirement plan assets | 15,159 |  |  | 12,682 |
Total investments | $ | 119,216 |  |  | $ | 132,696 |
(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 separately managed accounts. The composition of the Company's investment securities - fair value was as follows:
| December 31, 2024 |  | December 31, 2023
(in thousands) | Cost |  |  |  |  |  | Fair Value |  | Cost |  | Fair Value
Investment Securities - fair value: |  |  |  |  |  |  |  |  |  |  |
Sponsored funds | $ | 63,220 |  |  |  |  |  |  | $ | 63,296 |  |  | $ | 80,794 |  |  | $ | 77,433 |
Equity securities | 17,406 |  |  |  |  |  |  | 19,019 |  |  | 16,353 |  |  | 19,871 |
Debt securities | 1,457 |  |  |  |  |  |  | 1,456 |  |  | — |  |  | — |
Total investment securities - fair value | $ | 82,083 |  |  |  |  |  |  | $ | 83,771 |  |  | $ | 97,147 |  |  | $ | 97,304 |
For the years ended December 31, 2024, 2023 and 2022, the Company recognized net realized gains of $3.8 million and $2.1 million, and a net realized loss of $1.4 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 investment manager and an investment in a limited partnership. For the years ended December 31, 2024, 2023 and 2022, distributions from equity method investments were $5.4 million, $2.3 million and $2.2 million, respectively. The remaining capital commitment for one of the Company's equity method investments at December 31, 2024 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.

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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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