Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2020 and December 31, 2019:



	September 30, 2020
	Level I		Level II		Level III		Total
Debt Securities Carried by Broker-Dealers⁽¹⁾	$	219,849	$	—	$	—	$	219,849
Other Debt and Equity Securities⁽²⁾	10,243		—		—		10,243
Investment Funds	95,751		—		—		95,751
Financial Instruments Owned and Pledged as Collateral at Fair Value	13,279		—		—		13,279
Total Assets Measured At Fair Value	$	339,122	$	—	$	—	$	339,122

	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 $215,098 of treasury bills classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2020.

(2)

Includes $9,899 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 September 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.



			September 30, 2020
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	924,294	$	924,294	$	—	$	—	$	924,294
Debt Security Investment	6,684		—		—		6,684		6,684
Securities Purchased Under Agreements to Resell	8,766		—		8,766		—		8,766
Receivables⁽¹⁾	345,331		—		342,398		—		342,398
Contract Assets⁽²⁾	21,697		—		21,517		—		21,517
Receivable from Employees and Related Parties	25,900		—		25,900		—		25,900
Closely-held Equity Securities	1,724		—		—		1,724		1,724
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	41,084	$	—	$	41,084	$	—	$	41,084
Securities Sold Under Agreements to Repurchase	22,050		—		22,050		—		22,050
Payable to Employees and Related Parties	21,512		—		21,512		—		21,512
Notes Payable⁽³⁾	374,510		—		400,507		—		400,507

			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, as well as long-term receivables, which are 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.