Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023:


	March 31, 2024
	Level 1		Level 2		Level 3		Total
Debt Securities Carried by EGL	$	467,486	$	—	$	—	$	467,486
Other Debt and Equity Securities(1)	195,387		—		—		195,387
Investment Funds	164,104		—		—		164,104


Total Assets Measured At Fair Value	$	826,977	$	—	$	—	$	826,977

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Debt Securities Carried by EGL	$	476,778	$	—	$	—	$	476,778
Other Debt and Equity Securities(1)	753,247		—		—		753,247
Investment Funds	160,559		—		—		160,559
Other	—		1,585		—		1,585
Total Assets Measured At Fair Value	$	1,390,584	$	1,585	$	—	$	1,392,169

(1)Includes $9,676 and $8,557 of treasury bills classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of March 31, 2024 and December 31, 2023, 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, 2024
	Carrying		Estimated Fair Value
	Amount		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and Cash Equivalents	$	560,100	$	560,100	$	—	$	—	$	560,100
Certificates of Deposit	48,001		—		48,001		—		48,001


Receivables(1)	416,997		—		414,158		—		414,158
Contract Assets(2)	37,273		—		36,650		—		36,650


Closely-held Equity Securities	631		—		—		631		631

Financial Liabilities:
Accounts Payable and Accrued Expenses	$	29,520	$	—	$	29,520	$	—	$	29,520

Payable to Employees and Related Parties	63,841		—		63,841		—		63,841

Notes Payable	373,756		—		353,518		—		353,518


			December 31, 2023
	Carrying		Estimated Fair Value
	Amount		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and Cash Equivalents	$	588,321	$	588,321	$	—	$	—	$	588,321
Certificates of Deposit	54,856		—		54,856		—		54,856


Receivables(1)	465,295		—		461,682		—		461,682
Contract Assets(2)	91,246		—		90,876		—		90,876


Closely-held Equity Securities	636		—		—		636		636

Financial Liabilities:
Accounts Payable and Accrued Expenses	$	25,989	$	—	$	25,989	$	—	$	25,989

Payable to Employees and Related Parties	45,838		—		45,838		—		45,838
Notes Payable	373,885		—		360,252		—		360,252

(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.