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INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investment Balances

						Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
March 31, 2025:
U.S. Government securities						$	8,093					$	250					$	(56)					$	8,287
Money market funds						7,646						174						—						7,820
Equity funds						935						291						(130)						1,096
Equities						341						68						(139)						270
Exchange-traded bond funds						141						—						(2)						139
Total trading securities						17,156						783						(327)						17,612
Private investment funds						1,043						1,053						(12)						2,084
Total investments carried at fair value						$	18,199					$	1,836					$	(339)					$	19,696
December 31, 2024:
U.S. Government securities						$	15,859					$	263					$	(66)					$	16,056
Money market funds						7,629						174						—						7,803
Equity funds						1,432						318						(132)						1,618
Equities						183						69						(108)						144
Exchange-traded bond funds						129						—						(2)						127
Total trading securities						25,232						824						(308)						25,748
Private investment funds						1,556						402						(12)						1,946
Total investments carried at fair value						$	26,788					$	1,226					$	(320)					$	27,694

Investments Under Measurement Alternative

Our investments below represent equity interests in private companies without readily determinable fair values. The Company has elected to apply the measurement alternative of cost minus impairment, if any, adjusted for any observable price changes in orderly transactions for these investments. The acquisition cost of Westwood Engineered Beta ("WEBs") is allocated using the relative fair value method between preferred stock and a call option. No impairments of these investments were recorded during the three months ended March 31, 2025 or March 31, 2024. Balances are shown below (in thousands):

Investment:			March 31, 2025						December 31, 2024
InvestCloud			$	4,455					$	4,455
Vista			2,792						2,792
WEBs - preferred stock			1,799						1,799
WEBs - call option			201						201
TXSE			1,500						1,500
Ridgeline			1,000						—
Total investments under measurement alternative			$	11,747					$	10,747

Equity Method Investments

These investments represent ownership interests in non-controlled partnerships and are measured based on our share of the net earnings or losses of the investee. Investment balances are included in “Equity method investments” on our Condensed Consolidated Balance Sheets and income and expenses are included in our Condensed Consolidated Statements

of Operations under "Other income." Balances are shown below (in thousands):

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

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