Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019 and December 31, 2018:



	September 30, 2019
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities Carried by Broker-Dealers	$	177,652	$	52,029	$	—	$	229,681
Other Debt and Equity Securities⁽¹⁾	115,774		2,147		—		117,921
Investment Funds	63,626		—		—		63,626
Financial Instruments Owned and Pledged as Collateral at Fair Value	23,643		—		—		23,643
Total Assets Measured At Fair Value	$	380,695	$	54,176	$	—	$	434,871

	December 31, 2018
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities Carried by Broker-Dealers⁽²⁾	$	109,577	$	62,801	$	—	$	172,378
Other Debt and Equity Securities⁽¹⁾	6,232		1,982		—		8,214
Investment Funds	54,776		—		—		54,776
Financial Instruments Owned and Pledged as Collateral at Fair Value	22,349		—		—		22,349
Total Assets Measured At Fair Value	$	192,934	$	64,783	$	—	$	257,717


(1)	Includes $2,989 and $6,326 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, 2019 and December 31, 2018, respectively.

(2)

Includes $24,415 of treasury bills, municipal bonds and commercial paper classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statement of Financial Condition as of December 31, 2018.

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, 2019
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	301,729	$	301,729	$	—	$	—	$	301,729
Certificates of Deposit	211,861		—		211,861		—		211,861
Debt Security Investment	8,851		—		—		8,851		8,851
Securities Purchased Under Agreements to Resell	1,423		—		1,423		—		1,423
Receivables⁽¹⁾	370,248		—		367,232		—		367,232
Contract Assets⁽²⁾	3,362		—		3,169		—		3,169
Receivable from Employees and Related Parties	20,655		—		20,655		—		20,655
Closely-held Equity Securities	1,721		—		—		1,721		1,721
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	46,779	$	—	$	46,779	$	—	$	46,779
Securities Sold Under Agreements to Repurchase	25,062		—		25,062		—		25,062
Payable to Employees and Related Parties	28,748		—		28,748		—		28,748
Notes Payable	372,526		—		381,061		—		381,061

			December 31, 2018
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	759,849	$	759,849	$	—	$	—	$	759,849
Certificates of Deposit	100,000		—		100,000		—		100,000
Debt Security Investment	9,717		—		—		9,717		9,717
Securities Purchased Under Agreements to Resell	2,696		—		2,696		—		2,696
Receivables⁽¹⁾	370,023		—		369,636		—		369,636
Contract Assets⁽²⁾	3,374		—		3,348		—		3,348
Receivable from Employees and Related Parties	23,836		—		23,836		—		23,836
Closely-held Equity Security	1,079		—		—		1,079		1,079
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	37,948	$	—	$	37,948	$	—	$	37,948
Securities Sold Under Agreements to Repurchase	25,075		—		25,075		—		25,075
Payable to Employees and Related Parties	31,894		—		31,894		—		31,894
Notes Payable	168,612		—		166,555		—		166,555


(1)	Includes Accounts Receivable and Long-term receivables included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.

(2)

Includes current and long-term contract assets included in Other Current Assets and Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.