Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2021 and December 31, 2020:


	June 30, 2021
	Level 1		Level 2		Level 3		Total
Debt Securities Carried by Broker-Dealers	$	519,888	$	—	$	—	$	519,888
Other Debt and Equity Securities(1)	289,291		—		—		289,291
Investment Funds	137,127		—		—		137,127


Total Assets Measured At Fair Value	$	946,306	$	—	$	—	$	946,306

	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 $5,900 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 June 30, 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.


			June 30, 2021
	Carrying		Estimated Fair Value
	Amount		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and Cash Equivalents	$	436,287	$	436,287	$	—	$	—	$	436,287
Certificates of Deposit	122,510		—		122,510		—		122,510


Receivables(1)	404,529		—		401,141		—		401,141
Contract Assets(2)	61,428		—		60,799		—		60,799
Receivable from Employees and Related Parties	19,043		—		19,043		—		19,043

Closely-held Equity Securities	691		—		—		691		691

Financial Liabilities:
Accounts Payable and Accrued Expenses	$	43,776	$	—	$	43,776	$	—	$	43,776

Payable to Employees and Related Parties	48,097		—		48,097		—		48,097

Notes Payable	376,778		—		396,393		—		396,393


			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.