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INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investment Balances
CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
September 30, 2025:
U.S. Government securities$7,240 $284 $(80)$7,444 
Money market funds8,800 174 — 8,974 
Equity funds595 355 (127)823 
Equities321 102 (108)315 
Exchange-traded bond funds148 2 — 150 
Total trading securities17,104 917 (315)17,706 
Private investment funds1,028 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 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.
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, 2025December 31, 2024
InvestCloud, Inc.$4,455 $4,455 
Vista Bancshares, Inc.2,792 2,792 
WEBs - preferred stock2,799 1,799 
WEBs - call option201 201 
TXSE3,450 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):