Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

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 measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015:



	September 30, 2016
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)	$	—	$	44,313	$	—	$	44,313
Securities Investments (1)	3,996		1,773		—		5,769
Investment Funds	26,063		—		—		26,063
Financial Instruments Owned and Pledged as Collateral at Fair Value	17,848		—		—		17,848
Total Assets Measured At Fair Value	$	47,907	$	46,086	$	—	$	93,993

	December 31, 2015
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)	$	—	$	44,144	$	—	$	44,144
Securities Investments (1)	5,200		1,749		—		6,949
Investment Funds	2,347		—		—		2,347
Financial Instruments Owned and Pledged as Collateral at Fair Value	41,742		—		—		41,742
Total Assets Measured At Fair Value	$	49,289	$	45,893	$	—	$	95,182


(1)	Includes $9,667 and $9,653 of treasury bills, municipal bonds and commercial paper classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of September 30, 2016 and December 31, 2015, respectively.

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.



			September 30, 2016
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	436,362	$	436,362	$	—	$	—	$	436,362
Securities Purchased Under Agreements to Resell	12,881		—		12,881		—		12,881
Accounts Receivable	146,341		—		146,341		—		146,341
Receivable from Employees and Related Parties	19,325		—		19,325		—		19,325
Assets Segregated for Bank Regulatory Requirements	10,200		10,200		—		—		10,200
Closely-held Equity Security	1,079		—		—		1,079		1,079
Loans Receivable	3,500		—		3,572		—		3,572
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	33,017	$	—	$	33,017	$	—	$	33,017
Securities Sold Under Agreements to Repurchase	30,757		—		30,757		—		30,757
Payable to Employees and Related Parties	25,759		—		25,759		—		25,759
Notes Payable	168,035		—		174,707		—		174,707
Subordinated Borrowings	16,550		—		17,142		—		17,142

			December 31, 2015
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	439,111	$	439,111	$	—	$	—	$	439,111
Securities Purchased Under Agreements to Resell	2,191		—		2,191		—		2,191
Accounts Receivable	175,497		—		175,497		—		175,497
Receivable from Employees and Related Parties	21,189		—		21,189		—		21,189
Assets Segregated for Bank Regulatory Requirements	10,200		10,200		—		—		10,200
Closely-held Equity Security	1,079		—		—		1,079		1,079
Loans Receivable	3,500		—		3,666		—		3,666
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	43,878	$	—	$	43,878	$	—	$	43,878
Securities Sold Under Agreements to Repurchase	44,000		—		44,000		—		44,000
Payable to Employees and Related Parties	28,392		—		28,392		—		28,392
Notes Payable	119,250		—		120,373		—		120,373
Subordinated Borrowings	22,550		—		23,076		—		23,076