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Investment Securities and Certificates of Deposit
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Investment Securities and Certificates of Deposit Investment Securities and Certificates of Deposit
The Company's Investment Securities and Certificates of Deposit as of June 30, 2023 and December 31, 2022 were as follows:
 June 30, 2023December 31, 2022
Debt Securities$328,991 $807,135 
Equity Securities558 335 
Debt Securities Carried by EGL424,574 365,638 
Investment Funds153,618 136,718 
Total Investment Securities, at fair value$907,741 $1,309,826 
Certificates of Deposit, at contract value54,380 122,890 
Total Investment Securities and Certificates of Deposit$962,121 $1,432,716 
Debt Securities
Debt Securities are classified as available-for-sale securities within Investment Securities and Certificates of Deposit on the Unaudited Condensed Consolidated Statements of Financial Condition. These securities are stated at fair value with unrealized gains and losses included in Accumulated Other Comprehensive Income (Loss) on the Unaudited Condensed Consolidated Statements of Financial Condition and realized gains and losses included in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations, on a specific identification basis.
Gross unrealized gains included in Accumulated Other Comprehensive Income (Loss) were $45 and $193 for the three and six months ended June 30, 2023, respectively, and $342 and $348 for the three and six months ended June 30, 2022, respectively. Gross unrealized losses included in Accumulated Other Comprehensive Income (Loss) were ($193) for the three and six months ended June 30, 2023 and ($6) and ($23) for the three and six months ended June 30, 2022, respectively.
Gross realized losses included within Other Revenue, Including Interest and Investments, were ($110) and ($261) for the three and six months ended June 30, 2023, respectively, and ($34) for the six months ended June 30, 2022.
Proceeds from the sales and maturities of available-for-sale securities, including interest, were $244,605 and $1,243,992 for the three and six months ended June 30, 2023, respectively, and $56,918 and $763,711 for the three and six months ended June 30, 2022, respectively.
Scheduled maturities of the Company's available-for-sale debt securities as of June 30, 2023 and December 31, 2022 were as follows:
 June 30, 2023December 31, 2022
 Amortized
Cost		Fair ValueAmortized
Cost		Fair Value
Due within one year$328,021 $328,029 $800,710 $805,190 
Due after one year through five years973 962 1,942 1,945 
Total$328,994 $328,991 $802,652 $807,135 
The Company has the ability and intent to hold available-for-sale securities until a recovery of fair value is equal to an amount approximating its amortized cost, which may be at maturity. Further, the securities are all U.S. Treasuries and the Company has not incurred credit losses on its securities. As such, the Company does not consider these securities to be impaired at June 30, 2023 and has not recorded a credit allowance on these securities.
Equity Securities
Equity Securities are carried at fair value with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations. The Company had net unrealized gains (losses) of $60 and $223 for the three and six months ended June 30, 2023, respectively, and ($459) and ($448) for the three and six months ended June 30, 2022, respectively.
Debt Securities Carried by EGL
EGL invests in a fixed income portfolio consisting primarily of U.S. Treasury bills. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations, as required for broker-dealers in securities. The Company had net realized and unrealized gains of $12 and $18 for the three and six months ended June 30, 2023, respectively, and $507 and $528 for the three and six months ended June 30, 2022, respectively.
Investment Funds
The Company invests in a portfolio of exchange-traded funds as an economic hedge against its deferred cash compensation program. See Note 14 for further information. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations. The Company had net realized and unrealized gains (losses) of $11,615 and $21,056 for the three and six months ended June 30, 2023, respectively, (of which $11,570 and $16,250, respectively, were net unrealized gains) and ($26,353) and ($31,516) for the three and six months ended June 30, 2022, respectively, (of which ($26,932) and ($47,216), respectively, were net unrealized losses).
Certificates of Deposit
At June 30, 2023 and December 31, 2022, the Company held certificates of deposit of $54,380 and $122,890, respectively, with certain banks with original maturities of four months or less when purchased.