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INVESTMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investment Balances |
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
September 30, 2025: |  |  |  |  |  |  |  |
U.S. Government securities |  | $ | 7,240 |  |  | $ | 284 |  |  | $ | (80) |  |  | $ | 7,444 |
Money market funds |  | 8,800 |  |  | 174 |  |  | — |  |  | 8,974 |
Equity funds |  | 595 |  |  | 355 |  |  | (127) |  |  | 823 |
Equities |  | 321 |  |  | 102 |  |  | (108) |  |  | 315 |
Exchange-traded bond funds |  | 148 |  |  | 2 |  |  | — |  |  | 150 |
Total trading securities |  | 17,104 |  |  | 917 |  |  | (315) |  |  | 17,706 |
Private investment funds |  | 1,028 |  |  | 1,025 |  |  | (30) |  |  | 2,023 |
Total investments carried at fair value |  | $ | 18,132 |  |  | $ | 1,942 |  |  | $ | (345) |  |  | $ | 19,729 |
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. During the three and nine months ended September 30, 2025 we recorded an unrealized gain of approximately $2.0 million for our investment in TXSE Group Inc ("TXSE") following observable price changes in the third quarter of 2025. No impairments of these investments were recorded during the three and nine months ended September 30, 2025 or September 30, 2024. Balances are shown below (in thousands):
Investment: | September 30, 2025 | December 31, 2024 |
InvestCloud, Inc. | $ | 4,455 |  |  | $ | 4,455 |  |
Vista Bancshares, Inc. | 2,792 |  |  | 2,792 |  |
WEBs - preferred stock | 2,799 |  |  | 1,799 |  |
WEBs - call option | 201 |  |  | 201 |  |
TXSE | 3,450 |  |  | 1,500 |  |
Ridgeline, Inc. | 1,000 |  |  | — |  |
Total investments under measurement alternative | $ | 14,697 |  |  | $ | 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 our proportionate share of the investee's earnings and losses are included in our Condensed Consolidated Statements of Operations under "Other income." Balances are shown below (in thousands):

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- Definition 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). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B + Details
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