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Investment Securities and Certificates of Deposit
 9 Months Ended
Sep. 30, 2025
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, 2025 and December 31, 2024 were as follows:
 September 30, 2025December 31, 2024
Debt Securities$716,741 $813,804 
Equity Securities287 298 
Debt Securities Carried by EGL540,133 459,916 
Investment Funds171,218 178,703 
Total Investment Securities, at fair value$1,428,379 $1,452,721 
Certificates of Deposit, at contract value136,758 66,660 
Total Investment Securities and Certificates of Deposit$1,565,137 $1,519,381 
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, 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 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 $130 and $297 as of September 30, 2025 and December 31, 2024, respectively. Gross unrealized losses included in Accumulated Other Comprehensive Income (Loss) were ($3) as of September 30, 2025.
Net unrealized gains (losses) included in Other Comprehensive Income were $121 and ($172) for the three and nine months ended September 30, 2025, respectively, and $125 and ($32) for the three and nine months ended September 30, 2024, respectively.
Gross realized gains included within Other Revenue, Including Interest and Investments, were $3 for the nine months ended September 30, 2025. Gross realized losses included within Other Revenue, Including Interest and Investments, were ($20) for the nine months ended September 30, 2025 and ($47) for the nine months ended September 30, 2024.
Proceeds from the sales and maturities of available-for-sale securities, including interest, were $250,000 and $1,091,964 for the three and nine months ended September 30, 2025, respectively, and $187,000 and $934,511 for the three and nine months ended September 30, 2024, respectively.
Scheduled maturities of the Company's available-for-sale debt securities as of September 30, 2025 and December 31, 2024 were as follows:
 September 30, 2025December 31, 2024
 Amortized
Cost		Fair ValueAmortized
Cost		Fair Value
Due within one year$716,614 $716,741 $813,507 $813,804 
Total$716,614 $716,741 $813,507 $813,804 
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 September 30, 2025 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 $97 and ($11) for the three and nine months ended September 30, 2025, respectively, and ($1) and ($122) for the three and nine months ended September 30, 2024, respectively.
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 Unaudited Condensed Consolidated Statements of Operations, as required for broker-dealers in securities. The Company had net realized and unrealized gains of $187 and $30 for the three and nine months ended September 30, 2025, respectively, and $295 and $210 for the three and nine months ended September 30, 2024, 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 15 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 of $12,400 and $21,554 for the three and nine months ended September 30, 2025, respectively, (of which $12,400 and ($1,054), respectively, were net unrealized gains (losses)) and $9,106 and $30,217 for the three and nine months ended September 30, 2024, respectively, (of which $8,836 and $19,515, respectively, were net unrealized gains).
Certificates of Deposit
At September 30, 2025 and December 31, 2024, the Company held certificates of deposit of $136,758 and $66,660, respectively, with certain banks with original maturities of seven months or less when purchased.