INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
June 30, 2025:
U.S. Government securities	$	8,245	$	266	$	(80)	$	8,431
Money market funds	7,650		174		—		7,824
Equity funds	936		338		(129)		1,145

Equities	301		88		(108)		281
Exchange-traded bond funds	141		—		—		141
Total trading securities	17,273		866		(317)		17,822
Private investment funds	1,043		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 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. 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, 2025		December 31, 2024
InvestCloud	$	4,455	$	4,455
Vista	2,792		2,792
WEBs - preferred stock	1,799		1,799
WEBs - call option	201		201
TXSE	1,500		1,500
Ridgeline	1,000		—
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):

WESTWOOD HOLDINGS GROUP INC 10-Q