

			June 30, 2026				December 31, 2025
Debt Securities			$	199,318			$	877,803
Equity Securities			375				355
Debt Securities Carried by EGL			759,725				486,641
Investment Funds			169,989				175,418
Total Investment Securities, at fair value			$	1,129,407			$	1,540,217

Certificates of Deposit, at contract value	18,926				40,421

Total Investment Securities and Certificates of Deposit	$	1,148,333			$	1,580,638

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, 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 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 $11 and $218 as of June 30, 2026 and December 31, 2025, 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 $7 and ($188) for the three and six months ended June 30, 2026, respectively, and $8 and ($293) for the three and six months ended June 30, 2025, respectively.

Gross realized gains included within Other Revenue, Including Interest and Investments, were $3 for each of the six months ended June 30, 2026 and 2025. Gross realized losses included within Other Revenue, Including Interest and Investments, were ($42) and ($20) for the six months ended June 30, 2026 and 2025, respectively.

Proceeds from the sales and maturities of available-for-sale securities, including interest, were $881,184 for the six months ended June 30, 2026 and $25,925 and $841,964 for the three and six months ended June 30, 2025, respectively.


	June 30, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	199,307	$	199,318	$	877,606	$	877,803



Total	$	199,307	$	199,318	$	877,606	$	877,803

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 June 30, 2026 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 $85 and $20 for the three and six months ended June 30, 2026, respectively, and ($19) and ($108) for the three and six months ended June 30, 2025, 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 Unaudited Condensed Consolidated Statements of Operations, as required for broker-dealers in securities. The Company had net realized and unrealized gains (losses) of $74 and $21 for the three and six months ended June 30, 2026, respectively, and ($53) and ($157) for the three and six months ended June 30, 2025, respectively.

The Company invests in a portfolio of exchange-traded funds as an economic hedge against its deferred cash compensation program. See Note 15 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 $21,526 and $14,312 for the three and six months ended June 30, 2026, respectively, (of which $21,526 and ($13,568), respectively, were net unrealized gains (losses)) and $15,085 and $9,154 for the three and six months ended June 30, 2025, respectively, (of which $15,085 and ($13,454), respectively, were net unrealized gains (losses)).

At June 30, 2026 and December 31, 2025, the Company held certificates of deposit of $18,926 and $40,421, respectively, with certain banks with original maturities of seven months or less when purchased.