
	June 30, 2026		December 31, 2025
Available for sale debt securities	$	141,249	$	158,690
Investment products and equities	69,651		67,414
Investments in affiliated funds	12,922		11,593
Investments in limited partnership funds	777		1,158
Equity method investments (See Note 2)	94,310		189,149
Total	$	318,909	$	428,004


	At June 30, 2026
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Mortgage-backed securities issued by GNMA	$	145,079	$	—	$	(6,481)	$	138,598
Corporate and government agency debt securities	2,651		—		—		2,651
	$	147,730	$	—	$	(6,481)	$	141,249


	At December 31, 2025
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Mortgage-backed securities issued by GNMA	$	163,071	$	—	$	(4,381)	$	158,690

	$	163,071	$	—	$	(4,381)	$	158,690

Unrealized holding losses, net of income tax benefit, at June 30, 2026 and December 31, 2025 of available-for-sale debt securities were:


	June 30, 2026		December 31, 2025
Unrealized holding losses	$	(6,481)	$	(4,381)
Less: Income tax benefit	1,491		1,008
Unrealized holding losses, net of tax	(4,990)		(3,373)

The unrealized losses are associated with the Company’s investments in mortgage-backed securities issued by GNMA and were caused by interest rate increases (See Note 4). The contractual cash flows of these securities are guaranteed by an agency of the U.S. government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost bases of the Company's investments. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases.

The unrealized losses, net of unrealized gains, associated with the Company's available-for-sale debt securities are reported as a separate component of Accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets.


	At June 30, 2026
	Cost		Fair Value
Within one year	$	2,774	$	2,736
After one year through five years	2,246		1,996
After 5 years through 10 years	37,504		33,370
After 10 years	105,206		103,147
	$	147,730	$	141,249


	At December 31, 2025
	Cost		Fair Value
Within one year	$	—	$	—
After one year through five years	3,248		2,930
After 5 years through 10 years	14,789		13,787
After 10 years	145,034		141,973
	$	163,071	$	158,690

There were no material realized gains or losses from available-for-sale debt securities during the six months ended June 30, 2026 and 2025, respectively.

The Company's investments in investment products and equities had a fair value of $69,651 and $67,414 at June 30, 2026 and December 31, 2025, respectively. There were no material realized gains or losses during the six months ended June 30, 2026 and 2025, respectively, from investment products and equities.

The Company has an investment in funds sponsored by LSV. The Company records this investment at fair value. Unrealized gains and losses from the change in fair value of these funds are recognized in Net gain from investments on the accompanying Consolidated Statements of Operations.

The Company's investment in the funds had a fair value of $12,922 and $11,593 at June 30, 2026 and December 31, 2025, respectively. The Company recognized unrealized gains of $1,329 and $1,144 during the six months ended June 30, 2026 and 2025, respectively, from the change in fair value of the funds.

The Company’s broker-dealer subsidiary, SIDCO, has investments in U.S. government agency securities with maturity dates less than one year. These investments are reflected as Securities owned on the accompanying Consolidated Balance Sheets. Due to specialized accounting practices applicable to investments by broker-dealers, the securities are reported at fair value and changes in fair value are recorded in current period earnings. The securities had a fair value of $25,532 and $33,777 at June 30, 2026 and December 31, 2025, respectively. There were no material net gains or losses related to the securities during the three and six months ended June 30, 2026 and 2025.