Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

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, 2018 and December 31, 2017:



	September 30, 2018
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities⁽¹⁾	$	112,361	$	56,660	$	—	$	169,021
Securities Investments⁽²⁾	6,342		1,942		—		8,284
Investment Funds	63,652		—		—		63,652
Financial Instruments Owned and Pledged as Collateral at Fair Value	22,493		—		—		22,493
Total Assets Measured At Fair Value	$	204,848	$	58,602	$	—	$	263,450

	December 31, 2017
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities⁽¹⁾	$	—	$	44,648	$	—	$	44,648
Securities Investments⁽²⁾	4,336		1,795		—		6,131
Investment Funds	27,699		—		—		27,699
Financial Instruments Owned and Pledged as Collateral at Fair Value	19,374		—		—		19,374
Total Assets Measured At Fair Value	$	51,409	$	46,443	$	—	$	97,852


(1)	Includes $23,194 and $10,354 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, 2018 and December 31, 2017, respectively.


(2)	Includes $6,635 and $3,092 of treasury bills and notes and municipal bonds classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of September 30, 2018 and December 31, 2017, 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, 2018
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	395,323	$	395,323	$	—	$	—	$	395,323
Certificates of Deposit	100,000		—		100,000		—		100,000
Debt Security Investment	9,305		—		—		9,305		9,305
Securities Purchased Under Agreements to Resell	3,616		—		3,616		—		3,616
Accounts Receivable	232,256		—		232,256		—		232,256
Receivable from Employees and Related Parties	23,872		—		23,872		—		23,872
Closely-held Equity Security	1,079		—		—		1,079		1,079
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	41,669	$	—	$	41,669	$	—	$	41,669
Securities Sold Under Agreements to Repurchase	26,130		—		26,130		—		26,130
Payable to Employees and Related Parties	34,167		—		34,167		—		34,167
Notes Payable	168,543		—		163,476		—		163,476

			December 31, 2017
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	596,141	$	596,141	$	—	$	—	$	596,141
Certificates of Deposit	63,527		—		63,527		—		63,527
Debt Security Investment	10,995		—		—		10,995		10,995
Securities Purchased Under Agreements to Resell	10,645		—		10,645		—		10,645
Accounts Receivable	184,993		—		184,993		—		184,993
Receivable from Employees and Related Parties	17,030		—		17,030		—		17,030
Closely-held Equity Security	1,079		—		—		1,079		1,079
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	34,111	$	—	$	34,111	$	—	$	34,111
Securities Sold Under Agreements to Repurchase	30,027		—		30,027		—		30,027
Payable to Employees and Related Parties	31,167		—		31,167		—		31,167
Notes Payable	168,347		—		171,929		—		171,929
Subordinated Borrowings	6,799		—		6,859		—		6,859