Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Categorization of Investments and Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the categorization of investments and certain other financial assets measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022:


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Debt Securities Carried by EGL	$	495,550	$	—	$	—	$	495,550
Other Debt and Equity Securities(1)	126,183		—		—		126,183
Investment Funds	142,604		—		—		142,604
Other	—		205		—		205

Total Assets Measured At Fair Value	$	764,337	$	205	$	—	$	764,542

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Debt Securities Carried by EGL	$	365,638	$	—	$	—	$	365,638
Other Debt and Equity Securities(1)	815,409		—		—		815,409
Investment Funds	136,718		—		—		136,718

Total Assets Measured At Fair Value	$	1,317,765	$	—	$	—	$	1,317,765

(1)Includes $8,143 and $7,939 of treasury bills classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of March 31, 2023 and December 31, 2022, respectively.

Carrying Amount and Estimated Fair Value of Financial Instrument Assets and Liabilities which are Not Measured at Fair Value

The carrying amount and estimated fair value of the Company's financial instrument assets and liabilities, which are not measured at fair value on the Unaudited Condensed Consolidated Statements of Financial Condition, are listed in the tables below.


			March 31, 2023
	Carrying		Estimated Fair Value
	Amount		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and Cash Equivalents	$	571,047	$	571,047	$	—	$	—	$	571,047
Certificates of Deposit	46,948		—		46,948		—		46,948


Receivables(1)	369,318		—		366,969		—		366,969
Contract Assets(2)	25,860		—		24,644		—		24,644
Receivable from Employees and Related Parties	20,673		—		20,673		—		20,673

Closely-held Equity Securities	616		—		—		616		616

Financial Liabilities:
Accounts Payable and Accrued Expenses	$	28,582	$	—	$	28,582	$	—	$	28,582

Payable to Employees and Related Parties	53,349		—		53,349		—		53,349

Notes Payable	372,494		—		355,719		—		355,719


			December 31, 2022
	Carrying		Estimated Fair Value
	Amount		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and Cash Equivalents	$	655,461	$	655,461	$	—	$	—	$	655,461
Certificates of Deposit	122,890		—		122,890		—		122,890


Receivables(1)	449,270		—		447,051		—		447,051
Contract Assets(2)	118,496		—		117,701		—		117,701
Receivable from Employees and Related Parties	21,914		—		21,914		—		21,914

Closely-held Equity Securities	604		—		—		604		604

Financial Liabilities:
Accounts Payable and Accrued Expenses	$	28,807	$	—	$	28,807	$	—	$	28,807

Payable to Employees and Related Parties	41,235		—		41,235		—		41,235
Notes Payable	371,774		—		349,955		—		349,955

(1)Includes Accounts Receivable, as well as long-term receivables, which are included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.

(2)Includes current and long-term contract assets included in Other Current Assets and Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.