
	June 30,		December 31,
(Amounts in thousands)	2026		2025
Investments at fair value	$	285,887	$	305,473

Investments accounted for under the equity method	21,351		17,045
Total investments	307,238		322,518

Less: Investments attributable to noncontrolling interests (1)	(195,032)		(216,838)
Total investments attributable to Piper Sandler Companies	$	112,206	$	105,680

(1)Noncontrolling interests are attributable to unrelated third-party ownership in consolidated alternative asset management funds.

Investments at fair value include equity investments in private companies and mutual funds related to deferred compensation plans. See Note 6 for additional information on the Company's investments at fair value.

Investments accounted for under the equity method include general and limited partnership interests. The carrying value of these investments is based on the investment vehicle's net asset value. The net assets of investment partnerships consist of investments in both marketable and non-marketable securities. The underlying investments held by such partnerships are valued based on the estimated fair value determined by management in the Company's capacity as general partner or investor and, in the case of investments in unaffiliated investment partnerships, are based on financial statements prepared by the unaffiliated general partners.