Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

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 and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024:


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Debt Securities Carried by EGL	$	486,641	$	—	$	—	$	486,641
Other Debt and Equity Securities(1)	901,266		—		—		901,266
Investment Funds	175,418		—		—		175,418


Total Assets Measured At Fair Value	$	1,563,325	$	—	$	—	$	1,563,325
Liabilities:
Contingent Consideration Liability(2)	$	—	$	—	$	24,521	$	24,521
Total Liabilities Measured at Fair Value	$	—	$	—	$	24,521	$	24,521

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Debt Securities Carried by EGL	$	459,916	$	—	$	—	$	459,916
Other Debt and Equity Securities(1)	824,069		—		—		824,069
Investment Funds	178,703		—		—		178,703

Total Assets Measured At Fair Value	$	1,462,688	$	—	$	—	$	1,462,688

(1)Includes $23,108 and $9,967 of U.S. Treasury securities classified within Cash and Cash Equivalents on the Consolidated Statements of Financial Condition as of December 31, 2025 and 2024, respectively.

(2)The contingent consideration liability is initially recorded at fair value on the acquisition date and is included within Other Long-term Liabilities on the Company's Consolidated Statement of Financial Condition. The fair value of the contingent consideration liability is remeasured at each reporting period using the probability-weighted expected return method. The inputs used to derive the fair value of the contingent consideration include the application of probabilities when assessing certain performance thresholds for the relevant periods. Any change in the fair value is recognized in Other Operating Expenses on the Company's Consolidated Statement of Operations. There was no change in the fair value of this liability from acquisition to December 31, 2025.

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 Consolidated Statements of Financial Condition, are listed in the tables below.


			December 31, 2025
	Carrying		Estimated Fair Value
	Amount		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and Cash Equivalents(1)	$	1,402,912	$	1,402,912	$	—	$	—	$	1,402,912
Certificates of Deposit	40,421		—		40,421		—		40,421


Receivables(2)	685,665		—		680,998		—		680,998
Contract Assets(3)	175,349		—		173,097		—		173,097


Closely-held Equity Securities	1,673		—		—		1,673		1,673

Financial Liabilities:
Accounts Payable and Accrued Expenses	$	44,562	$	—	$	44,562	$	—	$	44,562

Payable to Employees and Related Parties	181,591		—		181,591		—		181,591

Notes Payable(4)	588,224		—		575,879		—		575,879


			December 31, 2024
	Carrying		Estimated Fair Value
	Amount		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and Cash Equivalents(1)	$	863,078	$	863,078	$	—	$	—	$	863,078
Certificates of Deposit	66,660		—		66,660		—		66,660


Receivables(2)	522,816		—		518,485		—		518,485
Contract Assets(3)	76,856		—		76,184		—		76,184


Closely-held Equity Securities	625		—		—		625		625

Financial Liabilities:
Accounts Payable and Accrued Expenses	$	29,041	$	—	$	29,041	$	—	$	29,041

Payable to Employees and Related Parties	48,494		—		48,494		—		48,494
Notes Payable(4)	373,895		—		356,531		—		356,531

(1)Excludes $23,108 and $9,967 of U.S. Treasury securities classified within Cash and Cash Equivalents on the Consolidated Statements of Financial Condition as of December 31, 2025 and 2024, respectively.

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

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

(4)Includes current and long-term Notes Payable included in Current Portion of Notes Payable and Notes Payable on the Consolidated Statements of Financial Condition.