Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

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, 2017 and December 31, 2016:



	September 30, 2017
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)	$	—	$	44,736	$	—	$	44,736
Securities Investments (1)	4,414		1,714		—		6,128
Investment Funds	26,408		—		—		26,408
Financial Instruments Owned and Pledged as Collateral at Fair Value	22,632		—		—		22,632
Total Assets Measured At Fair Value	$	53,454	$	46,450	$	—	$	99,904

	December 31, 2016
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)	$	—	$	44,630	$	—	$	44,630
Securities Investments (1)	3,794		1,728		—		5,522
Investment Funds	25,508		—		—		25,508
Financial Instruments Owned and Pledged as Collateral at Fair Value	18,535		—		—		18,535
Total Assets Measured At Fair Value	$	47,837	$	46,358	$	—	$	94,195


(1)	Includes $24,937 and $9,173 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, 2017 and December 31, 2016, 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, 2017
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	414,918	$	414,918	$	—	$	—	$	414,918
Certificates of Deposit	63,417		—		63,417		—		63,417
Securities Purchased Under Agreements to Resell	11,268		—		11,268		—		11,268
Accounts Receivable	206,885		—		206,885		—		206,885
Receivable from Employees and Related Parties	16,934		—		16,934		—		16,934
Assets Segregated for Bank Regulatory Requirements	10,200		10,200		—		—		10,200
Closely-held Equity Security	1,079		—		—		1,079		1,079
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	33,001	$	—	$	33,001	$	—	$	33,001
Securities Sold Under Agreements to Repurchase	33,912		—		33,912		—		33,912
Payable to Employees and Related Parties	27,832		—		27,832		—		27,832
Notes Payable	168,282		—		170,284		—		170,284
Subordinated Borrowings	6,799		—		6,968		—		6,968

			December 31, 2016
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	549,351	$	549,351	$	—	$	—	$	549,351
Securities Purchased Under Agreements to Resell	12,585		—		12,585		—		12,585
Accounts Receivable	230,522		—		230,522		—		230,522
Receivable from Employees and Related Parties	15,034		—		15,034		—		15,034
Assets Segregated for Bank Regulatory Requirements	10,200		10,200		—		—		10,200
Closely-held Equity Security	1,079		—		—		1,079		1,079
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	30,723	$	—	$	30,723	$	—	$	30,723
Securities Sold Under Agreements to Repurchase	31,150		—		31,150		—		31,150
Payable to Employees and Related Parties	27,366		—		27,366		—		27,366
Notes Payable	168,097		—		170,251		—		170,251
Subordinated Borrowings	16,550		—		16,803		—		16,803