
			December 31,
			2025				2024
Debt Securities			$	877,803			$	813,804
Equity Securities			355				298
Debt Securities Carried by EGL			486,641				459,916
Investment Funds			175,418				178,703
Total Investment Securities, at fair value			$	1,540,217			$	1,452,721

Certificates of Deposit, at contract value	40,421				66,660

Total Investment Securities and Certificates of Deposit	$	1,580,638			$	1,519,381

Debt Securities are classified as available-for-sale securities within Investment Securities and Certificates of Deposit on the 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 Consolidated Statements of Financial Condition and realized gains and losses included in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations, on a specific identification basis.

Gross unrealized gains included in Accumulated Other Comprehensive Income (Loss) were $218 and $297 as of December 31, 2025 and 2024, respectively. Gross unrealized losses included in Accumulated Other Comprehensive Income (Loss) were ($21) as of December 31, 2025.

Net unrealized gains (losses) included in Other Comprehensive Income were ($104), $162 and $139 for the years ended December 31, 2025, 2024 and 2023, respectively.

Gross realized gains included within Other Revenue, Including Interest and Investments, were $3 for the year ended December 31, 2025. Gross realized losses included within Other Revenue, Including Interest and Investments, were ($20), ($49) and ($261) for the years ended December 31, 2025, 2024 and 2023, respectively.

Proceeds from the sales and maturities of available-for-sale securities, including interest, were $1,681,964, $1,291,058 and $1,772,642 for the years ended December 31, 2025, 2024 and 2023, respectively.

Scheduled maturities of the Company's available-for-sale debt securities as of December 31, 2025 and 2024 were as follows:


	December 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	877,606	$	877,803	$	813,507	$	813,804



Total	$	877,606	$	877,803	$	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 December 31, 2025 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 Consolidated Statements of Operations. The Company had net unrealized gains (losses) of $57, ($78) and $41 for the years ended December 31, 2025, 2024 and 2023, respectively.

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 Consolidated Statements of Operations, as required for broker-dealers in securities. The Company had net realized and unrealized gains (losses) of ($78), $12 and $216 for the years ended December 31, 2025, 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 18 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 Consolidated Statements of Operations. The Company had net realized and unrealized gains of $25,670, $33,894 and $31,724 for the years ended December 31, 2025, 2024 and 2023, respectively (of which $2,716, $23,192 and $26,342, respectively, were net unrealized gains).

At December 31, 2025 and 2024, the Company held certificates of deposit of $40,421 and $66,660, respectively, with certain banks with original maturities of seven months or less when purchased.