v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
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 and certain other financial assets and liabilities 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 assets and liabilities 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 asset or liability and includes situations where there is little, if any, market activity. 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 and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025:
June 30, 2026
Level 1Level 2Level 3Total
Assets:
Debt Securities Carried by EGL$759,725 $— $— $759,725 
Other Debt and Equity Securities(1)
211,501 — — 211,501 
Investment Funds 169,989 — — 169,989 
Total Assets Measured At Fair Value$1,141,215 $— $— $1,141,215 
Liabilities:
Contingent Consideration Liability(2)
$— $— $26,935 $26,935 
Total Liabilities Measured at Fair Value$— $— $26,935 $26,935 
December 31, 2025
Level 1Level 2Level 3Total
Assets:
Debt Securities Carried by EGL$486,641 $— $— $486,641 
Other Debt and Equity Securities(1)
901,266 — — 901,266 
Investment Funds175,418 — — 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 
(1)Includes $11,808 and $23,108 of U.S. Treasury securities classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of June 30, 2026 and December 31, 2025, respectively.
(2)The Company's contingent consideration liability is reflected, at fair value, within Other Long-term Liabilities on the Company's Unaudited Condensed Consolidated Statements 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. The change in the fair value of the contingent consideration resulted in Other Operating Expenses of $1,613 and $2,816 for the three and six months ended June 30, 2026, respectively on the Unaudited Condensed Consolidated Statements of Operations.
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.
June 30, 2026
CarryingEstimated Fair Value
AmountLevel 1Level 2Level 3Total
Financial Assets:
Cash and Cash Equivalents(1)
$1,244,791 $1,244,791 $— $— $1,244,791 
Certificates of Deposit18,926 — 18,926 — 18,926 
Receivables(2)
716,020 — 710,682 — 710,682 
Contract Assets(3)
79,000 — 75,629 — 75,629 
Closely-held Equity Securities1,662 — — 1,662 1,662 
Financial Liabilities:
Accounts Payable and Accrued Expenses$43,485 $— $43,485 $— $43,485 
Payable to Employees and Related Parties205,741 — 205,741 — 205,741 
Notes Payable539,979 — 518,702 — 518,702 
December 31, 2025
CarryingEstimated Fair Value
AmountLevel 1Level 2Level 3Total
Financial Assets:
Cash and Cash Equivalents(1)
$1,402,912 $1,402,912 $— $— $1,402,912 
Certificates of Deposit40,421 — 40,421 — 40,421 
Receivables(2)
685,665 — 680,998 — 680,998 
Contract Assets(3)
175,349 — 173,097 — 173,097 
Closely-held Equity Securities1,673 — — 1,673 1,673 
Financial Liabilities:
Accounts Payable and Accrued Expenses$44,562 $— $44,562 $— $44,562 
Payable to Employees and Related Parties181,591 — 181,591 — 181,591 
Notes Payable(4)
588,224 — 575,879 — 575,879 
(1)Excludes $11,808 and $23,108 of U.S. Treasury securities classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of June 30, 2026 and December 31, 2025, respectively.
(2)Includes Accounts Receivable, as well as long-term receivables, which are included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(3)Includes current and long-term contract assets included in Other Current Assets and Other Assets on the Unaudited Condensed 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 Unaudited Condensed Consolidated Statements of Financial Condition.