INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]


	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):

WESTWOOD HOLDINGS GROUP INC 10-Q