Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2018 and December 31, 2017:



	March 31, 2018
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities⁽¹⁾	$	119,600	$	48,477	$	—	$	168,077
Securities Investments⁽²⁾	7,319		1,780		—		9,099
Investment Funds	52,919		—		—		52,919
Financial Instruments Owned and Pledged as Collateral at Fair Value	21,837		—		—		21,837
Total Assets Measured At Fair Value	$	201,675	$	50,257	$	—	$	251,932

	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 $130,555 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 March 31, 2018 and December 31, 2017, respectively.


(2)	Includes $3,190 and $3,092 of treasury bills and municipal bonds classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of March 31, 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.



			March 31, 2018
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	273,984	$	273,984	$	—	$	—	$	273,984
Debt Security Investment	11,132		—		—		11,132		11,132
Securities Purchased Under Agreements to Resell	10,637		—		10,637		—		10,637
Accounts Receivable	223,106		—		223,106		—		223,106
Receivable from Employees and Related Parties	20,763		—		20,763		—		20,763
Closely-held Equity Security	1,079		—		—		1,079		1,079
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	36,984	$	—	$	36,984	$	—	$	36,984
Securities Sold Under Agreements to Repurchase	32,476		—		32,476		—		32,476
Payable to Employees and Related Parties	44,807		—		44,807		—		44,807
Notes Payable	168,411		—		165,290		—		165,290
Subordinated Borrowings	99		—		100		—		100

			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