Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 and December 31, 2019:



	June 30, 2020
	Level I		Level II		Level III		Total
Debt Securities Carried by Broker-Dealers⁽¹⁾	$	219,237	$	—	$	—	$	219,237
Other Debt and Equity Securities⁽²⁾	10,150		—		—		10,150
Investment Funds	94,213		—		—		94,213
Financial Instruments Owned and Pledged as Collateral at Fair Value	16,206		—		—		16,206
Total Assets Measured At Fair Value	$	339,806	$	—	$	—	$	339,806

	December 31, 2019
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities Carried by Broker-Dealers	$	168,650	$	58,705	$	—	$	227,355
Other Debt and Equity Securities⁽²⁾	111,823		6,449		—		118,272
Investment Funds	66,513		—		—		66,513
Financial Instruments Owned and Pledged as Collateral at Fair Value	12,431		—		—		12,431
Total Assets Measured At Fair Value	$	359,417	$	65,154	$	—	$	424,571


(1)	Includes $214,974 of treasury bills classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2020.

(2)

Includes $8,899 and $2,990 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 June 30, 2020 and December 31, 2019, 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.



			June 30, 2020
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	791,850	$	791,850	$	—	$	—	$	791,850
Debt Security Investment	6,862		—		—		6,862		6,862
Securities Purchased Under Agreements to Resell	5,144		—		5,144		—		5,144
Receivables⁽¹⁾	372,149		—		369,023		—		369,023
Contract Assets⁽²⁾	12,649		—		12,129		—		12,129
Receivable from Employees and Related Parties	22,978		—		22,978		—		22,978
Closely-held Equity Securities	1,727		—		—		1,727		1,727
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	35,947	$	—	$	35,947	$	—	$	35,947
Securities Sold Under Agreements to Repurchase	21,350		—		21,350		—		21,350
Payable to Employees and Related Parties	37,234		—		37,234		—		37,234
Notes Payable⁽³⁾	373,130		—		395,479		—		395,479

			December 31, 2019
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	630,818	$	630,818	$	—	$	—	$	630,818
Certificates of Deposit	214,796		—		214,796		—		214,796
Debt Security Investment	9,235		—		—		9,235		9,235
Securities Purchased Under Agreements to Resell	13,566		—		13,566		—		13,566
Receivables⁽¹⁾	359,909		—		357,047		—		357,047
Contract Assets⁽²⁾	34,029		—		33,854		—		33,854
Receivable from Employees and Related Parties	22,416		—		22,416		—		22,416
Closely-held Equity Securities	1,772		—		—		1,772		1,772
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	39,726	$	—	$	39,726	$	—	$	39,726
Securities Sold Under Agreements to Repurchase	26,000		—		26,000		—		26,000
Payable to Employees and Related Parties	31,703		—		31,703		—		31,703
Notes Payable	375,062		—		382,274		—		382,274


(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.

(3)

Includes current and long-term Notes Payable included in Current Portion of Notes Payable and Notes Payable on the Unaudited Condensed Consolidated Statements of Financial Condition.