Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021 and December 31, 2020:


	March 31, 2021
	Level 1		Level 2		Level 3		Total
Debt Securities Carried by Broker-Dealers	$	519,987	$	—	$	—	$	519,987
Other Debt and Equity Securities(1)	155,577		3,995		—		159,572
Investment Funds	126,581		—		—		126,581


Total Assets Measured At Fair Value	$	802,145	$	3,995	$	—	$	806,140

	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

(1)Includes $6,900 and $7,000 of treasury bills and notes classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of March 31, 2021 and December 31, 2020, 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, 2021
	Carrying		Estimated Fair Value
	Amount		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and Cash Equivalents	$	403,948	$	403,948	$	—	$	—	$	403,948
Certificates of Deposit	73,877		—		73,877		—		73,877
Debt Security Investment	6,686		—		—		6,686		6,686

Receivables(1)	424,971		—		421,717		—		421,717
Contract Assets(2)	31,972		—		31,479		—		31,479
Receivable from Employees and Related Parties	23,074		—		23,074		—		23,074

Closely-held Equity Securities	688		—		—		688		688

Financial Liabilities:
Accounts Payable and Accrued Expenses	$	40,770	$	—	$	40,770	$	—	$	40,770

Payable to Employees and Related Parties	47,042		—		47,042		—		47,042

Notes Payable	376,491		—		388,391		—		388,391


			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

(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.