v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
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 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.
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 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.