The Company's Investment Securities and Certificates of Deposit as of March 31, 2024 and December 31, 2023 were as follows:



			March 31, 2024				December 31, 2023
Debt Securities			$	185,414			$	744,315
Equity Securities			297				375
Debt Securities Carried by EGL			467,486				476,778
Investment Funds			164,104				160,559
Total Investment Securities, at fair value			$	817,301			$	1,382,027

Certificates of Deposit, at contract value	48,001				54,856

Total Investment Securities and Certificates of Deposit	$	865,302			$	1,436,883

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 $4 and $148 for the three months ended March 31, 2024 and 2023, respectively. Gross unrealized losses included in Accumulated Other Comprehensive Income (Loss) were ($149) for the three months ended March 31, 2024.

Gross realized losses included within Other Revenue, Including Interest and Investments, were ($47) and ($151) for the three months ended March 31, 2024 and 2023, respectively.

Proceeds from the sales and maturities of available-for-sale securities, including interest, were $747,511 and $999,387 for the three months ended March 31, 2024 and 2023, respectively.

Scheduled maturities of the Company's available-for-sale debt securities as of March 31, 2024 and December 31, 2023 were as follows:


	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	184,436	$	184,438	$	743,198	$	743,338
Due after one year through five years	984		976		980		977


Total	$	185,420	$	185,414	$	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. 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 March 31, 2024 and has not recorded a credit allowance on these 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 ($78) and $163 for the three months ended March 31, 2024 and 2023, respectively.

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 (losses) of ($135) and $6 for the three months ended March 31, 2024 and 2023, respectively.

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 of $14,895 and $9,441 for the three months ended March 31, 2024 and 2023, respectively (of which $5,215 and $4,680, respectively, were net unrealized gains).

At March 31, 2024 and December 31, 2023, the Company held certificates of deposit of $48,001 and $54,856, respectively, with certain banks with original maturities of four months or less when purchased.