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Investment Securities and Certificates of Deposit
 12 Months Ended
Dec. 31, 2024
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 December 31, 2024 and 2023 were as follows:
December 31,
 20242023
Debt Securities$813,804 $744,315 
Equity Securities298 375 
Debt Securities Carried by EGL459,916 476,778 
Investment Funds178,703 160,559 
Total Investment Securities, at fair value$1,452,721 $1,382,027 
Certificates of Deposit, at contract value66,660 54,856 
Total Investment Securities and Certificates of Deposit$1,519,381 $1,436,883 
Debt Securities
Debt Securities are classified as available-for-sale securities within Investment Securities and Certificates of Deposit on the Consolidated Statements of Financial Condition. These securities, which are primarily comprised of U.S. Treasury securities, are stated at fair value with unrealized gains and losses included in Accumulated Other Comprehensive Income (Loss) on the Consolidated Statements of Financial Condition and realized gains and losses included in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations, on a specific identification basis.
Gross unrealized gains included in Accumulated Other Comprehensive Income (Loss) were $297 and $141 as of December 31, 2024 and 2023, respectively. Gross unrealized losses included in Accumulated Other Comprehensive Income (Loss) were ($4) as of December 31, 2023.
Net unrealized gains included in Other Comprehensive Income were $162, $139 and $4,459 for the years ended December 31, 2024, 2023 and 2022, respectively.
Gross realized losses included within Other Revenue, Including Interest and Investments, were ($49), ($261) and ($34) for the years ended December 31, 2024, 2023 and 2022, respectively.
Proceeds from the sales and maturities of available-for-sale securities, including interest, were $1,291,058, $1,772,642 and $1,415,291 for the years ended December 31, 2024, 2023 and 2022, respectively.
Scheduled maturities of the Company's available-for-sale debt securities as of December 31, 2024 and 2023 were as follows:
 December 31, 2024December 31, 2023
 Amortized
Cost		Fair ValueAmortized
Cost		Fair Value
Due within one year$813,507 $813,804 $743,198 $743,338 
Due after one year through five years— — 980 977 
Total$813,507 $813,804 $744,178 $744,315 
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. Treasury securities and the Company has not incurred credit losses on its securities. As such, the Company does not consider these securities to be impaired at December 31, 2024 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 Consolidated Statements of Operations. The Company had net realized and unrealized gains (losses) of
($78), $41 and ($525) for the years ended December 31, 2024, 2023 and 2022, respectively (of which ($78), $41 and ($496), respectively, were net unrealized gains (losses)).
Debt Securities Carried by EGL
EGL invests in a fixed income portfolio consisting primarily of U.S. Treasury securities. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations, as required for broker-dealers in securities. The Company had net realized and unrealized gains of $12, $216 and $1,777 for the years ended December 31, 2024, 2023 and 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 18 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 Consolidated Statements of Operations. The Company had net realized and unrealized gains (losses) of $33,894, $31,724 and ($29,778) for the years ended December 31, 2024, 2023 and 2022, respectively (of which $23,192, $26,342 and ($45,619), respectively, were net unrealized gains (losses)).
Certificates of Deposit
At December 31, 2024 and 2023, the Company held certificates of deposit of $66,660 and $54,856, respectively, with certain banks with original maturities of four months or less when purchased.