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Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
ASC 820, "Fair Value Measurements and Disclosures" ("ASC 820") establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily-available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.
Investments measured and reported at fair value are classified and disclosed in one of the following categories:
Level 1 – Quoted prices are available in active markets for identical investments as of the reporting date. The type of investments included in Level 1 include listed equities, listed derivatives and U.S. Treasury securities. As required by ASC 820, the Company does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.
Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Periodically, the Company holds investments in corporate bonds, municipal bonds and other debt securities, the estimated fair values of which are based on prices provided by external pricing services. The Company also periodically holds foreign exchange currency forward contracts, the estimated fair value of which is based on foreign currency exchange rates provided by external services.
Level 3 – Pricing inputs are unobservable for the investment and includes situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation.
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, 2025 and December 31, 2024:
 March 31, 2025
 Level 1Level 2Level 3Total
Debt Securities Carried by EGL$452,544 $— $— $452,544 
Other Debt and Equity Securities(1)
209,003 — — 209,003 
Investment Funds 143,171 — — 143,171 
Total Assets Measured At Fair Value$804,718 $— $— $804,718 
 December 31, 2024
 Level 1Level 2Level 3Total
Debt Securities Carried by EGL$459,916 $— $— $459,916 
Other Debt and Equity Securities(1)
824,069 — — 824,069 
Investment Funds178,703 — — 178,703 
Total Assets Measured At Fair Value$1,462,688 $— $— $1,462,688 
(1)Includes $10,075 and $9,967 of U.S. Treasury securities classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of March 31, 2025 and December 31, 2024, respectively.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.
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, 2025
 CarryingEstimated Fair Value
 AmountLevel 1Level 2Level 3Total
Financial Assets:
Cash and Cash Equivalents$542,879 $542,879 $— $— $542,879 
Certificates of Deposit16,816 — 16,816 — 16,816 
Receivables(1)
582,613 — 577,990 — 577,990 
Contract Assets(2)
48,200 — 47,482 — 47,482 
Closely-held Equity Securities645 — — 645 645 
Financial Liabilities:
Accounts Payable and Accrued Expenses$41,375 $— $41,375 $— $41,375 
Payable to Employees and Related Parties86,295 — 86,295 — 86,295 
Notes Payable(3)
375,055 — 360,596 — 360,596 
  December 31, 2024
 CarryingEstimated Fair Value
 AmountLevel 1Level 2Level 3Total
Financial Assets:
Cash and Cash Equivalents$863,078 $863,078 $— $— $863,078 
Certificates of Deposit66,660 — 66,660 — 66,660 
Receivables(1)
522,816 — 518,485 — 518,485 
Contract Assets(2)
76,856 — 76,184 — 76,184 
Closely-held Equity Securities625 — — 625 625 
Financial Liabilities:
Accounts Payable and Accrued Expenses$29,041 $— $29,041 $— $29,041 
Payable to Employees and Related Parties48,494 — 48,494 — 48,494 
Notes Payable(3)
373,895 — 356,531 — 356,531 
(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.
(3)Includes current and long-term Notes Payable included in Current Portion of Notes Payable and Notes Payable on the Unaudited Condensed Consolidated Statements of Financial Condition.