Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

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, 2015 and December 31, 2014:



	September 30, 2015
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)	$	—	$	43,917	$	—	$	43,917
Securities Investments (1)	4,849		1,665		—		6,514
Mutual Funds	2,275		—		—		2,275
Financial Instruments Owned and Pledged as Collateral at Fair Value	51,655		—		—		51,655
Total Assets Measured At Fair Value	$	58,779	$	45,582	$	—	$	104,361

	December 31, 2014
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)	$	—	$	34,343	$	—	$	34,343
Securities Investments (1)	5,550		1,642		—		7,192
Mutual Funds	5,702		—		—		5,702
Financial Instruments Owned and Pledged as Collateral at Fair Value	98,688		—		—		98,688
Total Assets Measured At Fair Value	$	109,940	$	35,985	$	—	$	145,925


(1)	Includes $10,303 and $9,252 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, 2015 and December 31, 2014, 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, 2015
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	267,842	$	267,842	$	—	$	—	$	267,842
Securities Purchased Under Agreements to Resell	351		—		351		—		351
Accounts Receivable	162,691		—		162,691		—		162,691
Receivable from Employees and Related Parties	18,814		—		18,814		—		18,814
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		—		3,653		—		3,653

Financial Liabilities:
Accounts Payable and Accrued Expenses	$	37,809	$	—	$	37,809	$	—	$	37,809
Securities Sold Under Agreements to Repurchase	52,025		—		52,025		—		52,025
Payable to Employees and Related Parties	29,041		—		29,041		—		29,041
Notes Payable	106,829		—		127,418		—		127,418
Subordinated Borrowings	22,550		—		23,421		—		23,421

			December 31, 2014
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	342,908	$	342,908	$	—	$	—	$	342,908
Securities Purchased Under Agreements to Resell	7,669		—		7,669		—		7,669
Accounts Receivable	136,280		—		136,280		—		136,280
Receivable from Employees and Related Parties	17,327		—		17,327		—		17,327
Assets Segregated for Bank Regulatory Requirements	10,200		10,200		—		—		10,200
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	37,104	$	—	$	37,104	$	—	$	37,104
Securities Sold Under Agreements to Repurchase	106,499		—		106,499		—		106,499
Payable to Employees and Related Parties	18,875		—		18,875		—		18,875
Notes Payable	105,226		—		131,340		—		131,340
Subordinated Borrowings	22,550		—		22,550		—		22,550