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Investment Securities and Certificates of Deposit | 9 Months Ended
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Sep. 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 September 30, 2023 and December 31, 2022 were as follows:
|  |  |  |  |  |  | September 30, 2023 |  |  |  |  |  |  |  | December 31, 2022
Debt Securities |  |  |  |  |  |  | $ | 433,496 |  |  |  |  |  |  |  |  | $ | 807,135 |
Equity Securities |  |  |  |  |  |  | 272 |  |  |  |  |  |  |  |  | 335 |
Debt Securities Carried by EGL |  |  |  |  |  |  | 471,016 |  |  |  |  |  |  |  |  | 365,638 |
Investment Funds |  |  |  |  |  |  | 148,673 |  |  |  |  |  |  |  |  | 136,718 |
Total Investment Securities, at fair value |  |  |  |  |  |  | $ | 1,053,457 |  |  |  |  |  |  |  |  | $ | 1,309,826 |
Certificates of Deposit, at contract value |  | 84,163 |  |  |  |  |  |  |  |  | 122,890 |
Total Investment Securities and Certificates of Deposit |  | $ | 1,137,620 |  |  |  |  |  |  |  |  | $ | 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 $69 and $262 for the three and nine months ended September 30, 2023, respectively, and $1,936 and $2,284 for the three and nine months ended September 30, 2022, respectively. Gross unrealized losses included in Accumulated Other Comprehensive Income (Loss) were ($48) and ($241) for the three and nine months ended September 30, 2023 and ($342) and ($365) for the three and nine months ended September 30, 2022, respectively. Gross realized losses included within Other Revenue, Including Interest and Investments, were ($261) for the nine months ended September 30, 2023, and ($34) for the nine months ended September 30, 2022. Proceeds from the sales and maturities of available-for-sale securities, including interest, were $250,000 and $1,493,992 for the three and nine months ended September 30, 2023, respectively, and $233,638 and $997,349 for the three and nine months ended September 30, 2022, respectively. Scheduled maturities of the Company's available-for-sale debt securities as of September 30, 2023 and December 31, 2022 were as follows:
| September 30, 2023 |  | December 31, 2022
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within one year | $ | 432,499 |  |  | $ | 432,533 |  |  | $ | 800,710 |  |  | $ | 805,190 |
Due after one year through five years | 977 |  |  | 963 |  |  | 1,942 |  |  | 1,945 |
Total | $ | 433,476 |  |  | $ | 433,496 |  |  | $ | 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 September 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 losses of ($286) and ($63) for the three and nine months ended September 30, 2023, respectively, and ($131) and ($579) for the three and nine months ended September 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 $129 and $147 for the three and nine months ended September 30, 2023, respectively, and $1,013 and $1,541 for the three and nine months ended September 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 ($5,541) and $15,515 for the three and nine months ended September 30, 2023, respectively, (of which ($5,541) and $10,709, respectively, were net unrealized gains (losses)) and ($7,454) and ($38,970) for the three and nine months ended September 30, 2022, respectively, (of which ($7,454) and ($54,670), respectively, were net unrealized losses). Certificates of Deposit At September 30, 2023 and December 31, 2022, the Company held certificates of deposit of $84,163 and $122,890, respectively, with certain banks with original maturities of four months or less when purchased.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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