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INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investment Balances
CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
June 30, 2025:
U.S. Government securities$8,245 $266 $(80)$8,431 
Money market funds7,650 174 — 7,824 
Equity funds936 338 (129)1,145 
Equities301 88 (108)281 
Exchange-traded bond funds141 — — 141 
Total trading securities17,273 866 (317)17,822 
Private investment funds1,043 930 (27)1,946 
Total investments carried at fair value$18,316 $1,796 $(344)$19,768 
December 31, 2024:
U.S. Government securities$15,859 $263 $(66)$16,056 
Money market funds7,629 174 — 7,803 
Equity funds1,432 318 (132)1,618 
Equities183 69 (108)144 
Exchange-traded bond funds129 — (2)127 
Total trading securities25,232 824 (308)25,748 
Private investment funds1,556 402 (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 and six months ended June 30, 2025 or June 30, 2024. Balances are shown below (in thousands):
Investment:June 30, 2025December 31, 2024
InvestCloud$4,455 $4,455 
Vista2,792 2,792 
WEBs - preferred stock1,799 1,799 
WEBs - call option201 201 
TXSE1,500 1,500 
Ridgeline1,000 — 
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):