Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2020 and 2019:


	December 31, 2020
	Level 1		Level 2		Level 3		Total
Debt Securities Carried by Broker-Dealers	$	550,026	$	—	$	—	$	550,026
Other Debt and Equity Securities(1)	410,456		—		—		410,456
Investment Funds	107,354		—		—		107,354


Total Assets Measured At Fair Value	$	1,067,836	$	—	$	—	$	1,067,836

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Debt Securities Carried by Broker-Dealers	$	168,650	$	58,705	$	—	$	227,355
Other Debt and Equity Securities(1)	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 $7,000 and $2,990 of treasury bills and notes and municipal bonds classified within Cash and Cash Equivalents on the Consolidated Statements of Financial Condition as of December 31, 2020 and 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 Consolidated Statements of Financial Condition, are listed in the tables below.


			December 31, 2020
	Carrying		Estimated Fair Value
	Amount		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and Cash Equivalents	$	822,598	$	822,598	$	—	$	—	$	822,598

Debt Security Investment	7,385		—		—		7,385		7,385

Receivables(1)	439,321		—		434,083		—		434,083
Contract Assets(2)	34,610		—		34,052		—		34,052
Receivable from Employees and Related Parties	23,593		—		23,593		—		23,593

Closely-held Equity Securities	683		—		—		683		683

Financial Liabilities:
Accounts Payable and Accrued Expenses	$	37,961	$	—	$	37,961	$	—	$	37,961

Payable to Employees and Related Parties	24,047		—		24,047		—		24,047

Notes Payable(3)	376,492		—		409,682		—		409,682


			December 31, 2019
	Carrying		Estimated Fair Value
	Amount		Level 1		Level 2		Level 3		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 Consolidated Statements of Financial Condition.

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