Piper Sandler Companies (PIPR) 10-Q 5 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 31, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Trading Symbol	PJC
Entity Registrant Name	Piper Jaffray Companies
Entity Central Index Key	1,230,245
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		14,827,021

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands		Sep. 30, 2018		Dec. 31, 2017
Assets
Cash and cash equivalents	[1]	$ 68,774		$ 33,793
Receivables from brokers, dealers and clearing organizations		174,065		145,394
Financial instruments and other inventory positions owned		635,893		663,330
Financial instruments and other inventory positions owned and pledged as collateral		162,227		720,047
Total financial instruments and other inventory positions owned		798,120		1,383,377
Fixed assets (net of accumulated depreciation and amortization of $61,897 and $55,944, respectively)		31,267		25,179
Goodwill		81,855		81,855
Intangible assets (net of accumulated amortization of $93,262 and $85,417, respectively)		14,989		22,834
Investments		152,380		176,212
Net deferred income tax assets		103,287		101,205
Other assets		68,699		54,834
Total assets		1,493,436		2,024,683
Liabilities and Shareholders’ Equity
Short-term financing		49,957		289,937
Senior notes		125,000		125,000
Payables to brokers, dealers and clearing organizations		6,371		19,392
Financial instruments and other inventory positions sold, but not yet purchased		254,585		399,227
Accrued compensation		252,448		400,092
Other liabilities and accrued expenses		57,660		49,800
Total liabilities		746,021		1,283,448
Shareholders’ equity:
Common stock, $0.01 par value: Shares authorized: 100,000,000 at September 30, 2018 and December 31, 2017; Shares issued: 19,517,285 at September 30, 2018 and 19,512,914 at December 31, 2017; Shares outstanding: 13,366,703 at September 30, 2018 and 12,911,149 at December 31, 2017		195		195
Additional paid-in capital		801,417		791,970
Retained earnings (1)		169,894	[2]	176,270
Less common stock held in treasury, at cost: 6,150,582 shares at September 30, 2018 and 6,601,765 shares at December 31, 2017		(270,046)		(273,824)
Accumulated other comprehensive loss		(1,249)		(1,279)
Total common shareholders’ equity		700,211		693,332
Noncontrolling interests		47,204		47,903
Total shareholders’ equity		747,415		741,235
Total liabilities and shareholders’ equity		$ 1,493,436		$ 2,024,683
[1]	Upon adoption of ASU 2016-18, restricted cash includes cash and cash equivalents previously segregated for regulatory purposes. See Note 2 for further discussion.
[2]	Includes the cumulative effect adjustment upon adoption of ASU 2014-09, as amended. See Note 2 for further discussion.

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Accumulated depreciation and amortization on fixed assets	$ 61,897	$ 55,944
Accumulated amortization on intangible assets	$ 93,262	$ 85,417
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	19,517,285	19,512,914
Common stock, shares outstanding	13,366,703	12,911,149
Common stock held in treasury, shares	6,150,582	6,601,765

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017		Sep. 30, 2018	Sep. 30, 2017
Revenues:
Investment banking	$ 166,458	$ 190,482		$ 411,203	$ 461,260
Institutional brokerage	31,738	34,873		92,415	111,083
Asset management	13,377	12,818		38,706	44,011
Interest	6,592	7,164		25,183	22,649
Investment income/(loss)	3,068	(422)		6,706	15,406
Total revenues	221,233	244,915		574,213	654,409
Interest expense	3,705	4,348		14,142	15,568
Net revenues	217,528	240,567		560,071	638,841
Non-interest expenses:
Compensation and benefits	139,151	169,469		369,895	438,161
Outside services	9,521	7,495		29,024	27,612
Occupancy and equipment	8,967	8,127		26,476	24,846
Communications	7,561	7,136		24,112	22,025
Marketing and business development	6,718	6,683		21,702	22,512
Deal-related expenses	7,671	0		18,888	0
Trade execution and clearance	2,049	2,125		6,240	5,864
Restructuring costs	0	0		3,770	0
Goodwill impairment	0	114,363		0	114,363
Intangible asset amortization	2,615	3,822		7,845	11,466
Back office conversion costs	0	1,293		0	3,027
Other operating expenses	3,640	2,290		9,187	8,525
Total non-interest expenses	187,893	322,803		517,139	678,401
Income/(loss) before income tax expense/(benefit)	29,635	(82,236)		42,932	(39,560)
Income tax expense/(benefit)	7,365	(31,423)		5,351	(26,912)
Net income/(loss)	22,270	(50,813)		37,581	(12,648)
Net income/(loss) applicable to noncontrolling interests	247	(1,100)		(1,271)	3,217
Net income/(loss) applicable to Piper Jaffray Companies	22,023	(49,713)		38,852	(15,865)
Net income/(loss) applicable to Piper Jaffray Companies' common shareholders	$ 19,377	$ (50,415)	[1]	$ 33,650	$ (18,106)	[1]
Earnings/(loss) per common share
Basic	$ 1.45	$ (3.91)		$ 2.54	$ (1.42)
Diluted	1.43	(3.91)	[2]	2.50	(1.42)	[2]
Dividends declared per common share	$ 0.38	$ 0.31		$ 2.75	$ 0.94
Weighted average number of common shares outstanding
Basic	13,343	12,898		13,248	12,774
Diluted	13,508	12,975	[2]	13,444	12,945	[2]
[1]	No allocation of undistributed income was made due to loss position. See Note 14.
[2]	Earnings per diluted common share is calculated using the basic weighted average number of common shares outstanding for periods in which a loss is incurred.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 22,270	$ (50,813)	$ 37,581	$ (12,648)
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustment	(102)	142	30	1,137
Comprehensive income/(loss)	22,168	(50,671)	37,611	(11,511)
Comprehensive income/(loss) applicable to noncontrolling interests	247	(1,100)	(1,271)	3,217
Comprehensive income/(loss) applicable to Piper Jaffray Companies	$ 21,921	$ (49,571)	$ 38,882	$ (14,728)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017
Operating Activities:
Net income/(loss)		$ 37,581	$ (12,648)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization of fixed assets		6,199	5,343
Deferred income taxes		(2,082)	(47,984)
Stock-based compensation		32,046	26,459
Goodwill impairment		0	114,363
Amortization of intangible assets		7,845	11,466
Amortization of forgivable loans		3,789	5,207
Receivables:
Customers		0	31,917
Brokers, dealers and clearing organizations		(28,671)	131,850
Securities purchased under agreements to resell		0	159,697
Net financial instruments and other inventory positions owned		440,615	18,021
Investments		23,832	(11,470)
Other assets		(17,439)	7,185
Payables:
Customers		0	(29,352)
Brokers, dealers and clearing organizations		(13,021)	13,423
Securities sold under agreements to repurchase		0	(15,046)
Accrued compensation		(134,470)	4,666
Other liabilities and accrued expenses		4,178	7,864
Net cash provided by operating activities		360,402	420,961
Investing Activities:
Purchases of fixed assets, net		(12,329)	(4,310)
Net cash used in investing activities		(12,329)	(4,310)
Financing Activities:
Decrease in short-term financing		(239,980)	(342,035)
Repayment of senior notes		0	50,000
Payment of cash dividend		(41,631)	(14,217)
Increase/(decrease) in noncontrolling interests		572	(11,714)
Repurchase of common stock		(31,664)	(25,065)
Proceeds from stock option exercises		0	1,703
Net cash used in financing activities		(312,703)	(441,328)
Currency adjustment:
Effect of exchange rate changes on cash		(389)	1,235
Net increase/(decrease) in cash, cash equivalents and restricted cash (1)	[1]	34,981	(23,442)
Cash, cash equivalents and restricted cash at beginning of period (1)	[1]	33,793	70,374
Cash, cash equivalents and restricted cash at end of period (1)	[1]	68,774	46,932
Supplemental disclosure of cash flow information –
Interest		14,586	15,397
Income taxes		$ 16,638	$ 7,781
[1]	Upon adoption of ASU 2016-18, restricted cash includes cash and cash equivalents previously segregated for regulatory purposes. See Note 2 for further discussion.

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Piper Jaffray Companies is the parent company of Piper Jaffray & Co. ("Piper Jaffray"), a securities broker dealer and investment banking firm; Piper Jaffray Ltd., a firm providing securities brokerage and mergers and acquisitions services in Europe; Piper Jaffray Finance LLC, which facilitates corporate debt underwriting in conjunction with affiliated credit vehicles; Advisory Research, Inc. ("ARI"), which provides asset management services to separately managed accounts, closed-end and open-end funds and partnerships; Piper Jaffray Investment Group Inc. and PJC Capital Management LLC, which consist of entities providing alternative asset management services; Piper Jaffray Financial Products Inc. and Piper Jaffray Financial Products II Inc., entities that facilitate derivative transactions; and other immaterial subsidiaries. Effective August 7, 2017, Piper Jaffray transitioned from a self clearing securities broker dealer to a fully disclosed clearing model. Pershing LLC ("Pershing") is Piper Jaffray's clearing broker dealer responsible for the clearance and settlement of firm and customer cash and security transactions. Piper Jaffray Companies and its subsidiaries (collectively, the "Company") operate in two reporting segments: Capital Markets and Asset Management. A summary of the activities of each of the Company's business segments is as follows: Capital Markets The Capital Markets segment provides investment banking services and institutional sales, trading and research services. Investment banking services include financial advisory services, management of and participation in underwritings and public finance activities. Revenues are generated through the receipt of advisory and financing fees. Institutional sales, trading and research services focus on the trading of equity and fixed income products with institutions, government and non-profit entities. Revenues are generated through commissions and sales credits earned on equity and fixed income institutional sales activities, net interest revenues on trading securities held in inventory, and profits and losses from trading these securities. Also, the Company generates revenue through strategic trading and investing activities, which focus on investments in municipal bonds, U.S. government agency securities, and merchant banking activities involving equity investments in late stage private companies. The Company has created alternative asset management funds in merchant banking, energy and senior living in order to invest firm capital and to manage capital from outside investors. The Company receives management and performance fees for managing these funds. Asset Management The Asset Management segment provides traditional asset management services with product offerings in master limited partnerships and equity securities to institutions and individuals. Revenues are generated in the form of management and performance fees. Revenues are also generated through investments in the partnerships and funds that the Company manages. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and the rules and regulations of the Securities and Exchange Commission ("SEC"). Pursuant to this guidance, certain information and disclosures have been omitted that are included within complete annual financial statements. Except as disclosed herein, there have been no material changes in the information reported in the financial statements and related disclosures in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 . The consolidated financial statements include the accounts of Piper Jaffray Companies, its wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest. Noncontrolling interests represent equity interests in consolidated entities that are not attributable, either directly or indirectly, to Piper Jaffray Companies. Noncontrolling interests include the minority equity holders' proportionate share of the equity in the Company's alternative asset management funds. All material intercompany balances have been eliminated. Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates and assumptions are based on the best information available, actual results could differ from those estimates.

Accounting Policies and Pronoun

Accounting Policies and Pronouncements	9 Months Ended
	Sep. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Accounting Policies and Pronouncements	Accounting Policies and Pronouncements Summary of Significant Accounting Policies Refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2017 for a full description of the Company's significant accounting policies. Changes to the Company's significant accounting policies are described below. Revenue Recognition Investment Banking – Investment banking revenues, which include advisory and underwriting fees, are recorded when the performance obligation for the transaction is satisfied under the terms of each engagement. Expenses associated with such transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded. Investment banking revenues are presented gross of related client reimbursed deal expenses. Expenses for completed deals are reported separately in deal-related expenses on the consolidated statements of operations. Expenses related to investment banking deals not completed are recognized as non-interest expenses on the consolidated statements of operations. The Company's advisory fees generally consist of a nonrefundable up-front fee and a success fee. The nonrefundable fee is recorded as deferred revenue upon receipt and recognized at a point in time when the performance obligation is satisfied, or when the transaction is deemed by management to be terminated. Management's judgment is required in determining when a transaction is considered to be terminated. The substantial majority of the Company's advisory and underwriting fees (i.e., the success related advisory fee) are considered variable consideration and recognized when it is probable that the variable consideration will not be reversed in a future period. The variable consideration is considered to be constrained until satisfaction of the performance obligation. The Company's performance obligation is generally satisfied at a point in time upon the closing of a strategic transaction, completion of a financing or underwriting arrangement, or some other defined outcome (e.g., providing a fairness opinion). At this time, the Company has transferred control of the promised service and the customer obtains control. As these arrangements represent a single performance obligation, allocation of the transaction price is not necessary. The Company has elected to apply the following optional exemptions regarding disclosure of its remaining performance obligations: (i) the Company's performance obligation is part of a contract that has an original expected duration of one year or less and/or (ii) the variable consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation. Institutional Brokerage – Institutional brokerage revenues include (i) commissions received from customers for the execution of brokerage transactions in listed and over-the-counter (OTC) equity, fixed income and convertible debt securities, which are recognized at a point in time on the trade date because the customer has obtained the rights to the underlying security provided by the trade execution service, (ii) trading gains and losses, recorded on changes in the fair value of long and short security positions in the reporting period and (iii) fees received by the Company for equity research, which are generally recognized in the period received. The Company permits institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. As the Company is not acting as a principal in satisfying the performance obligation for these arrangements, expenses relating to soft dollars are netted against commission revenues and included in other liabilities and accrued expenses on the consolidated statements of financial condition. Asset Management – Asset management fees include revenues the Company receives in connection with management and investment advisory services performed for separately managed accounts and various funds and partnerships. The performance obligation related to the transfer of these services is satisfied over time and the related fees are recognized under the output method, which reflects the fees that the Company has a right to invoice based on the services provided during the period. Fees are defined in client contracts as a percentage of portfolio assets under management. Amounts related to remaining performance obligations are not disclosed as the Company applies the output method. Asset management revenues may also include performance fees. Performance fees, if earned, are recognized when it is probable that such revenue will not be reversed in a future period. For the Company's alternative asset management funds, management will consider such factors as the remaining assets and residual life of the fund to conclude whether it is probable that a significant reversal of revenue will not occur in the future. For the Company's traditional asset management funds, performance fees are earned when the investment return on assets under management exceeds certain benchmark targets or other performance targets over a specified measurement period (e.g., monthly, quarterly or annually). These performance fees are typically annual performance hurdles and recognized in the fourth quarter of the applicable year, or upon client liquidation. See Note 15 for revenues from contracts with customers disaggregated by major business activity. Adoption of New Accounting Standards Revenue Recognition In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"), which supersedes previous revenue recognition guidance, including most industry-specific guidance. ASU 2014-09, as amended, requires a company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services, and also requires enhanced disclosures. The Company adopted this guidance effective as of January 1, 2018 under the modified retrospective method, in which the cumulative effect of applying the standard was recognized at the date of initial application. The cumulative effect adjustment that the Company recognized upon adoption as of January 1, 2018 was a decrease to retained earnings of $3.6 million , net of tax. The Company applied the guidance only to those contracts that were not completed at the date of initial application. The previous broker dealer industry treatment of netting deal expenses with investment banking revenues was superseded under the new guidance. As a result of adopting ASU 2014-09, the Company now presents investment banking revenues gross of related client reimbursed deal expenses and deal-related expenses as non-interest expenses on the consolidated statements of operations, rather than the previous presentation of netting deal expenses incurred for completed investment banking deals within revenues. For the three and nine months ended September 30, 2018 , the Company reported higher investment banking revenues and higher non-compensation expenses of $7.7 million and $18.9 million , respectively. This change did not impact earnings. In addition, the Company now defers the recognition of performance fees on its merchant banking, energy and senior living alternative asset management funds until such fees are no longer subject to reversal, which will cause a delay in the recognition of these fees as revenue. For the nine months ended September 30, 2018 , the amount of asset management revenue from performance fees that the Company would have recognized if not for this change was not material. With the exception of the above, the Company's previous methods of recognizing investment banking revenues were not significantly impacted by the new guidance. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" ("ASU 2016-01"). The amendments in ASU 2016-01 address certain aspects of the recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 became effective for the Company as of January 1, 2018. There was no material impact to the Company's results of operations, financial position or disclosures upon adoption as the Company's financial instruments are already recorded at fair value. Statement of Cash Flows In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"). ASU 2016-15 clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The amendments in ASU 2016-15 became effective for the Company as of January 1, 2018, with retrospective application. There was no material impact to the Company's presentation of its consolidated statements of cash flows upon adoption of ASU 2016-15. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash" ("ASU 2016-18"). Under ASU 2016-18, restricted cash will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the consolidated statements of cash flows. ASU 2016-18 became effective for the Company as of January 1, 2018, with retrospective application. As a registered broker dealer, Piper Jaffray is subject to Rule 15c3-3 of the Securities Exchange Act of 1934, which requires broker dealers carrying customer accounts to maintain cash or qualified securities in a segregated reserve account for the exclusive benefit of its customers. These accounts were previously classified as cash and cash equivalents segregated for regulatory purposes on the consolidated statements of financial condition. Subsequent to transitioning to a fully disclosed clearing model in 2017, Piper Jaffray no longer carries customer accounts and is no longer subject to Rule 15c3-3. The following table provides a reconciliation of cash, cash equivalents and restricted cash for all periods presented on the consolidated statements of cash flows: December 31, September 30, December 31, (Dollars in thousands) 2017 2017 2016 Cash and cash equivalents $ 33,793 $ 40,916 $ 41,359 Cash and cash equivalents segregated for regulatory purposes — 6,016 29,015 Cash, cash equivalents and restricted cash $ 33,793 $ 46,932 $ 70,374 Future Adoption of New Applicable Accounting Standards Leases In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 requires lessees to recognize a right-of-use asset and lease liability on the consolidated statements of financial position and disclose key information about leasing arrangements. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from current U.S. GAAP. ASU 2016-02 is effective for the Company as of January 1, 2019. As of September 30, 2018 , the Company had approximately 65 operating leases for office space with aggregate minimum lease commitments of $71.1 million . Upon adoption, lease commitments will be reflected on the statement of financial condition as a right-of-use asset and a lease commitment liability. The Company has identified its arrangements that are within the scope of the new guidance, and continues to evaluate their potential impact on the consolidated statements of financial condition and related disclosures. Upon adoption of ASU 2016-02, the Company does not expect material changes to the recognition of rent expense in its consolidated statements of operations. The new guidance is not expected to materially impact Piper Jaffray's net capital position. Financial Instruments – Credit Losses In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). The new guidance requires an entity to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts as opposed to delaying recognition until the loss was probable of occurring. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted for annual and interim periods beginning after December 15, 2018. The Company does not expect the adoption of ASU 2016-13 to have a material impact on its consolidated financial statements.

Financial Instruments and Other

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased	9 Months Ended
	Sep. 30, 2018
Financial Instruments Owned and Sold, Not yet Purchased [Abstract]
Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased	Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased September 30, December 31, (Dollars in thousands) 2018 2017 Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 21,473 $ 51,896 Convertible securities 126,641 74,456 Fixed income securities 42,976 30,145 Municipal securities: Taxable securities 41,766 67,699 Tax-exempt securities 226,702 744,241 Short-term securities 150,090 62,251 Mortgage-backed securities 16 481 U.S. government agency securities 173,477 317,318 U.S. government securities 1,561 9,317 Derivative contracts 13,418 25,573 Total financial instruments and other inventory positions owned $ 798,120 $ 1,383,377 Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 116,712 $ 101,517 Fixed income securities 31,187 30,292 U.S. government agency securities 37,245 49,077 U.S. government securities 65,205 213,312 Derivative contracts 4,236 5,029 Total financial instruments and other inventory positions sold, but not yet purchased $ 254,585 $ 399,227 At September 30, 2018 and December 31, 2017 , financial instruments and other inventory positions owned in the amount of $162.2 million and $720.0 million , respectively, had been pledged as collateral for short-term financings. Financial instruments and other inventory positions sold, but not yet purchased represent obligations of the Company to deliver the specified security at the contracted price, thereby creating a liability to purchase the security in the market at prevailing prices. The Company is obligated to acquire the securities sold short at prevailing market prices, which may exceed the amount reflected on the consolidated statements of financial condition. The Company economically hedges changes in the market value of its financial instruments and other inventory positions owned using inventory positions sold, but not yet purchased, interest rate derivatives, credit default swap index contracts, U.S. treasury bond futures and exchange traded options. Derivative Contract Financial Instruments The Company uses interest rate swaps, interest rate locks, credit default swap index contracts, U.S. treasury bond futures and equity option contracts as a means to manage risk in certain inventory positions. The Company also enters into interest rate swaps to facilitate customer transactions. The following describes the Company's derivatives by the type of transaction or security the instruments are economically hedging. Customer matched-book derivatives: The Company enters into interest rate derivative contracts in a principal capacity as a dealer to satisfy the financial needs of its customers. The Company simultaneously enters into an interest rate derivative contract with a third party for the same notional amount to hedge the interest rate and credit risk of the initial client interest rate derivative contract. In certain limited instances, the Company has only hedged interest rate risk with a third party, and retains uncollateralized credit risk as described below. The instruments use interest rates based upon either the London Interbank Offer Rate ("LIBOR") index or the Securities Industry and Financial Markets Association ("SIFMA") index. Trading securities derivatives: The Company enters into interest rate derivative contracts and uses U.S. treasury bond futures to hedge interest rate and market value risks associated with its fixed income securities. These instruments use interest rates based upon the Municipal Market Data ("MMD") index, LIBOR or the SIFMA index. The Company also enters into credit default swap index contracts to hedge credit risk associated with its taxable fixed income securities and option contracts to hedge market value risk associated with its convertible securities. Derivatives are reported on a net basis by counterparty (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) when a legal right of offset exists and on a net basis by cross product when applicable provisions are stated in master netting agreements. Cash collateral received or paid is netted on a counterparty basis, provided a legal right of offset exists. The total absolute notional contract amount, representing the absolute value of the sum of gross long and short derivative contracts, provides an indication of the volume of the Company's derivative activity and does not represent gains and losses. The following table presents the gross fair market value and the total absolute notional contract amount of the Company's outstanding derivative instruments, prior to counterparty netting, by asset or liability position: September 30, 2018 December 31, 2017 (Dollars in thousands) Derivative Derivative Notional Derivative Derivative Notional Derivative Category Assets (1) Liabilities (2) Amount Assets (1) Liabilities (2) Amount Interest rate Customer matched-book $ 159,244 $ 147,944 $ 2,602,498 $ 239,224 $ 225,890 $ 2,819,006 Trading securities 1,714 368 243,175 126 4,459 399,450 Equity options Trading securities — — — 6 — 9,635 $ 160,958 $ 148,312 $ 2,845,673 $ 239,356 $ 230,349 $ 3,228,091 (1) Derivative assets are included within financial instruments and other inventory positions owned on the consolidated statements of financial condition. (2) Derivative liabilities are included within financial instruments and other inventory positions sold, but not yet purchased on the consolidated statements of financial condition. The Company's derivative contracts do not qualify for hedge accounting, therefore, unrealized gains and losses are recorded on the consolidated statements of operations. The gains and losses on the related economically hedged inventory positions are not disclosed below as they are not in qualifying hedging relationships. The following table presents the Company's unrealized gains/(losses) on derivative instruments: Three Months Ended Nine Months Ended (Dollars in thousands) September 30, September 30, Derivative Category Operations Category 2018 2017 2018 2017 Interest rate derivative contract Investment banking $ (301 ) $ (300 ) $ (1,567 ) $ (1,076 ) Interest rate derivative contract Institutional brokerage 980 1,627 5,212 (16,028 ) Credit default swap index contract Institutional brokerage — 4,304 — 4,482 $ 679 $ 5,631 $ 3,645 $ (12,622 ) Credit risk associated with the Company's derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. Credit exposure associated with the Company's derivatives is driven by uncollateralized market movements in the fair value of the contracts with counterparties and is monitored regularly by the Company's financial risk committee. The Company considers counterparty credit risk in determining derivative contract fair value. The majority of the Company's derivative contracts are substantially collateralized by its counterparties, who are major financial institutions. The Company has a limited number of counterparties who are not required to post collateral. Based on market movements, the uncollateralized amounts representing the fair value of the derivative contract can become material, exposing the Company to the credit risk of these counterparties. As of September 30, 2018 , the Company had $13.5 million of uncollateralized credit exposure with these counterparties (notional contract amount of $178.6 million ), including $10.8 million of uncollateralized credit exposure with one counterparty.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Based on the nature of the Company's business and its role as a "dealer" in the securities industry or as a manager of alternative asset management funds, the fair values of its financial instruments are determined internally. The Company's processes are designed to ensure that the fair values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, unobservable inputs are developed based on an evaluation of all relevant empirical market data, including prices evidenced by market transactions, interest rates, credit spreads, volatilities and correlations and other security-specific information. Valuation adjustments related to illiquidity or counterparty credit risk are also considered. In estimating fair value, the Company may utilize information provided by third party pricing vendors to corroborate internally-developed fair value estimates. The Company employs specific control processes to determine the reasonableness of the fair value of its financial instruments. The Company's processes are designed to ensure that the internally-estimated fair values are accurately recorded and that the data inputs and the valuation techniques used are appropriate, consistently applied, and that the assumptions are reasonable and consistent with the objective of determining fair value. Individuals outside of the trading departments perform independent pricing verification reviews as of each reporting date. The Company has established parameters which set forth when the fair value of securities are independently verified. The selection parameters are generally based upon the type of security, the level of estimation risk of a security, the materiality of the security to the Company's financial statements, changes in fair value from period to period, and other specific facts and circumstances of the Company's securities portfolio. In evaluating the initial internally-estimated fair values made by the Company's traders, the nature and complexity of securities involved (e.g., term, coupon, collateral, and other key drivers of value), level of market activity for securities, and availability of market data are considered. The independent price verification procedures include, but are not limited to, analysis of trade data (both internal and external where available), corroboration to the valuation of positions with similar characteristics, risks and components, or comparison to an alternative pricing source, such as a discounted cash flow model. The Company's valuation committee, comprised of members of senior management and risk management, provides oversight and overall responsibility for the internal control processes and procedures related to fair value measurements. The following is a description of the valuation techniques used to measure fair value. Cash Equivalents Cash equivalents include highly liquid investments with original maturities of 90 days or less. Actively traded money market funds are measured at their net asset value and classified as Level I. Financial Instruments and Other Inventory Positions Owned The Company records financial instruments and other inventory positions owned and financial instruments and other inventory positions sold, but not yet purchased at fair value on the consolidated statements of financial condition with unrealized gains and losses reflected on the consolidated statements of operations. Equity securities – Exchange traded equity securities are valued based on quoted prices from the exchange for identical assets or liabilities as of the period-end date. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level I. Non-exchange traded equity securities (principally hybrid preferred securities) are measured primarily using broker quotations, prices observed for recently executed market transactions and internally-developed fair value estimates based on observable inputs and are categorized within Level II of the fair value hierarchy. Convertible securities – Convertible securities are valued based on observable trades, when available. Accordingly, these convertible securities are categorized as Level II. Corporate fixed income securities – Fixed income securities include corporate bonds which are valued based on recently executed market transactions of comparable size, internally-developed fair value estimates based on observable inputs, or broker quotations. Accordingly, these corporate bonds are categorized as Level II. Taxable municipal securities – Taxable municipal securities are valued using recently executed observable trades or market price quotations and therefore are generally categorized as Level II. Tax-exempt municipal securities – Tax-exempt municipal securities are valued using recently executed observable trades or market price quotations and therefore are generally categorized as Level II. Certain illiquid tax-exempt municipal securities are valued using market data for comparable securities (maturity and sector) and management judgment to infer an appropriate current yield or other model-based valuation techniques deemed appropriate by management based on the specific nature of the individual security and are therefore categorized as Level III. Short-term municipal securities – Short-term municipal securities include auction rate securities, variable rate demand notes, and other short-term municipal securities. Variable rate demand notes and other short-term municipal securities are valued using recently executed observable trades or market price quotations and therefore are generally categorized as Level II. Auction rate securities with limited liquidity are categorized as Level III and are valued using discounted cash flow models with unobservable inputs such as the Company's expected recovery rate on the securities. Mortgage-backed securities – Mortgage-backed securities are valued using observable trades, when available. Certain mortgage-backed securities are valued using models where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data. To the extent we hold, these mortgage-backed securities are categorized as Level II. Certain mortgage-backed securities collateralized by residential mortgages are valued using cash flow models that utilize unobservable inputs including credit default rates, prepayment rates, loss severity and valuation yields. As judgment is used to determine the range of these inputs, these mortgage-backed securities are categorized as Level III. U.S. government agency securities – U.S. government agency securities include agency debt bonds and mortgage bonds. Agency debt bonds are valued by using either direct price quotes or price quotes for comparable bond securities and are categorized as Level II. Mortgage bonds include bonds secured by mortgages, mortgage pass-through securities, agency collateralized mortgage-obligation ("CMO") securities and agency interest-only securities. Mortgage pass-through securities, CMO securities and interest-only securities are valued using recently executed observable trades or other observable inputs, such as prepayment speeds and therefore are generally categorized as Level II. Mortgage bonds are valued using observable market inputs, such as market yields on spreads over U.S. treasury securities, or models based upon prepayment expectations. These securities are categorized as Level II. U.S. government securities – U.S. government securities include highly liquid U.S. treasury securities which are generally valued using quoted market prices and therefore categorized as Level I. The Company does not transact in securities of countries other than the U.S. government. Derivatives – Derivative contracts include interest rate swaps, interest rate locks, credit default swap index contracts, U.S. treasury bond futures and equity option contracts. These instruments derive their value from underlying assets, reference rates, indices or a combination of these factors. The Company's equity option derivative contracts are valued based on quoted prices from the exchange for identical assets or liabilities as of the period-end date. To the extent these contracts are actively traded and valuation adjustments are not applied, they are categorized as Level I. The Company's credit default swap index contracts are valued using market price quotations and are classified as Level II. The majority of the Company's interest rate derivative contracts, including both interest rate swaps and interest rate locks, are valued using market standard pricing models based on the net present value of estimated future cash flows. The valuation models used do not involve material subjectivity as the methodologies do not entail significant judgment and the pricing inputs are market observable, including contractual terms, yield curves and measures of volatility. These instruments are classified as Level II within the fair value hierarchy. Certain interest rate locks transact in less active markets and were valued using valuation models that included the previously mentioned observable inputs and certain unobservable inputs that required significant judgment, such as the premium over the MMD curve. These instruments are classified as Level III. Investments The Company's investments valued at fair value include equity investments in private companies and partnerships, investments in registered mutual funds and private company debt. Investments in registered mutual funds are valued based on quoted prices on active markets and classified as Level I. Investments in private companies are valued based on an assessment of each underlying security, considering rounds of financing, third party transactions and market-based information, including comparable company transactions, trading multiples (e.g., multiples of revenue and earnings before interest, taxes, depreciation and amortization ("EBITDA")) and changes in market outlook, among other factors. These securities are generally categorized as Level III. Fair Value Option – The fair value option permits the irrevocable fair value option election on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The fair value option was elected for certain merchant banking and other investments at inception to reflect economic events in earnings on a timely basis. Merchant banking and other equity investments of $3.3 million and $14.1 million , included within investments on the consolidated statements of financial condition, are accounted for at fair value and are classified as Level III assets at September 30, 2018 and December 31, 2017 , respectively. The realized and unrealized net gains from fair value changes included in earnings as a result of electing to apply the fair value option to certain financial assets were $0.9 million and $1.4 million for the nine months ended September 30, 2018 and 2017 , respectively. The following table summarizes quantitative information about the significant unobservable inputs used in the fair value measurement of the Company's Level III financial instruments as of September 30, 2018 : Valuation Weighted Technique Unobservable Input Range Average (1) Assets: Financial instruments and other inventory positions owned: Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve in basis points ("bps") (2) 1 - 11 bps 8.7 bps Investments at fair value: Equity securities in private companies Market approach Revenue multiple (3) 2 - 6 times 4.8 times EBITDA multiple (3) 13 - 16 times 14.4 times Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve in bps (2) 7 - 16 bps 8.9 bps Uncertainty of fair value measurements: (1) Unobservable inputs were weighted by the relative fair value of the financial instruments. (2) Significant increase/(decrease) in the unobservable input in isolation would have resulted in a significantly lower/(higher) fair value measurement. (3) Significant increase/(decrease) in the unobservable input in isolation would have resulted in a significantly higher/(lower) fair value measurement. The following table summarizes the valuation of the Company's financial instruments by pricing observability levels defined in FASB Accounting Standards Codification Topic 820, "Fair Value Measurement" ("ASC 820") as of September 30, 2018 : Counterparty and Cash Collateral (Dollars in thousands) Level I Level II Level III Netting (1) Total Assets: Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 266 $ 21,207 $ — $ — $ 21,473 Convertible securities — 126,641 — — 126,641 Fixed income securities — 42,976 — — 42,976 Municipal securities: Taxable securities — 41,766 — — 41,766 Tax-exempt securities — 226,702 — — 226,702 Short-term securities — 150,045 45 — 150,090 Mortgage-backed securities — — 16 — 16 U.S. government agency securities — 173,477 — — 173,477 U.S. government securities 1,561 — — — 1,561 Derivative contracts — 159,685 1,273 (147,540 ) 13,418 Total financial instruments and other inventory positions owned 1,827 942,499 1,334 (147,540 ) 798,120 Cash equivalents 40,793 — — — 40,793 Investments at fair value 39,501 — 104,285 (2) — 143,786 Total assets $ 82,121 $ 942,499 $ 105,619 $ (147,540 ) $ 982,699 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 112,642 $ 4,070 $ — $ — $ 116,712 Fixed income securities — 31,187 — — 31,187 U.S. government agency securities — 37,245 — — 37,245 U.S. government securities 65,205 — — — 65,205 Derivative contracts — 147,944 368 (144,076 ) 4,236 Total financial instruments and other inventory positions sold, but not yet purchased $ 177,847 $ 220,446 $ 368 $ (144,076 ) $ 254,585 (1) Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties. (2) Noncontrolling interests of $47.2 million are attributable to third party ownership in consolidated merchant banking and senior living funds. The following table summarizes the valuation of the Company's financial instruments by pricing observability levels defined in ASC 820 as of December 31, 2017 : Counterparty and Cash Collateral (Dollars in thousands) Level I Level II Level III Netting (1) Total Assets: Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 1,863 $ 50,033 $ — $ — $ 51,896 Convertible securities — 74,456 — — 74,456 Fixed income securities — 30,145 — — 30,145 Municipal securities: Taxable securities — 67,699 — — 67,699 Tax-exempt securities — 743,541 700 — 744,241 Short-term securities — 61,537 714 — 62,251 Mortgage-backed securities — — 481 — 481 U.S. government agency securities — 317,318 — — 317,318 U.S. government securities 9,317 — — — 9,317 Derivative contracts 6 239,224 126 (213,783 ) 25,573 Total financial instruments and other inventory positions owned 11,186 1,583,953 2,021 (213,783 ) 1,383,377 Cash equivalents 3,782 — — — 3,782 Investments at fair value 39,504 — 126,060 (2) — 165,564 Total assets $ 54,472 $ 1,583,953 $ 128,081 $ (213,783 ) $ 1,552,723 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 91,934 $ 9,583 $ — $ — $ 101,517 Fixed income securities — 30,292 — — 30,292 U.S. government agency securities — 49,077 — — 49,077 U.S. government securities 213,312 — — — 213,312 Derivative contracts — 225,916 4,433 (225,320 ) 5,029 Total financial instruments and other inventory positions sold, but not yet purchased $ 305,246 $ 314,868 $ 4,433 $ (225,320 ) $ 399,227 (1) Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties. (2) Noncontrolling interests of $44.4 million are attributable to third party ownership in consolidated merchant banking and senior living funds. The Company's Level III assets were $105.6 million and $128.1 million , or 10.7 percent and 8.2 percent of financial instruments measured at fair value at September 30, 2018 and December 31, 2017 , respectively. There were no significant transfers between levels for the nine months ended September 30, 2018 . The following tables summarize the changes in fair value associated with Level III financial instruments held at the beginning or end of the periods presented: Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at June 30, Transfers Transfers gains/ gains/ September 30, September 30, (Dollars in thousands) 2018 Purchases Sales in out (losses) (1) (losses) (1) 2018 2018 (1) Assets: Financial instruments and other inventory positions owned: Municipal securities: Short-term securities $ 45 $ — $ — $ — $ — $ — $ — $ 45 $ — Mortgage-backed securities 18 — — — — — (2 ) 16 (2 ) Derivative contracts 930 — (90 ) — — 90 343 1,273 441 Total financial instruments and other inventory positions owned 993 — (90 ) — — 90 341 1,334 439 Investments at fair value 108,121 10,000 (14,199 ) — (357 ) 4,949 (4,229 ) 104,285 (4,229 ) Total assets $ 109,114 $ 10,000 $ (14,289 ) $ — $ (357 ) $ 5,039 $ (3,888 ) $ 105,619 $ (3,790 ) Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 1,005 $ (210 ) $ 40 $ — $ — $ 169 $ (636 ) $ 368 $ (464 ) Total financial instruments and other inventory positions sold, but not yet purchased $ 1,005 $ (210 ) $ 40 $ — $ — $ 169 $ (636 ) $ 368 $ (464 ) (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income/(loss) on the consolidated statements of operations. Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at June 30, Transfers Transfers gains/ gains/ September 30, September 30, (Dollars in thousands) 2017 Purchases Sales in out (losses) (1) (losses) (1) 2017 2017 (1) Assets: Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities $ 1,117 $ — $ (267 ) $ — $ — $ — $ (100 ) $ 750 $ (100 ) Short-term securities 721 — — — — — (16 ) 705 (16 ) Mortgage-backed securities 4,251 — — — — — 70 4,321 70 Derivative contracts 383 105 — — — (105 ) 303 686 686 Total financial instruments and other inventory positions owned 6,472 105 (267 ) — — (105 ) 257 6,462 640 Investments at fair value 113,885 18,250 — — — — (1,975 ) 130,160 (1,975 ) Total assets $ 120,357 $ 18,355 $ (267 ) $ — $ — $ (105 ) $ (1,718 ) $ 136,622 $ (1,335 ) Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 5,573 $ — $ 3,461 $ — $ — $ (3,461 ) $ (1,323 ) $ 4,250 $ 1,430 Total financial instruments and other inventory positions sold, but not yet purchased $ 5,573 $ — $ 3,461 $ — $ — $ (3,461 ) $ (1,323 ) $ 4,250 $ 1,430 (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income/(loss) on the consolidated statements of operations. Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers Transfers gains/ gains/ September 30, September 30, (Dollars in thousands) 2017 Purchases Sales in out (losses) (1) (losses) (1) 2018 2018 (1) Assets: Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities $ 700 $ — $ — $ — $ (700 ) $ — $ — $ — $ — Short-term securities 714 — (725 ) — — 51 5 45 — Mortgage-backed securities 481 — (5 ) — — — (460 ) 16 (93 ) Derivative contracts 126 4 (2,965 ) — — 2,961 1,147 1,273 1,273 Total financial instruments and other inventory positions owned 2,021 4 (3,695 ) — (700 ) 3,012 692 1,334 1,180 Investments at fair value 126,060 11,708 (29,139 ) — (502 ) 14,015 (17,857 ) 104,285 (8,307 ) Total assets $ 128,081 $ 11,712 $ (32,834 ) $ — $ (1,202 ) $ 17,027 $ (17,165 ) $ 105,619 $ (7,127 ) Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 4,433 $ (1,600 ) $ 3,266 $ — $ — $ (1,666 ) $ (4,065 ) $ 368 $ 368 Total financial instruments and other inventory positions sold, but not yet purchased $ 4,433 $ (1,600 ) $ 3,266 $ — $ — $ (1,666 ) $ (4,065 ) $ 368 $ 368 (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income/(loss) on the consolidated statements of operations. Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers Transfers gains/ gains/ September 30, September 30, (Dollars in thousands) 2016 Purchases Sales in out (losses) (1) (losses) (1) 2017 2017 (1) Assets: Financial instruments and other inventory positions owned: Municipal securities: Taxable securities $ 2,686 $ — $ (2,703 ) $ — $ — $ 716 $ (699 ) $ — $ — Tax-exempt securities 1,077 — (267 ) — — — (60 ) 750 (60 ) Short-term securities 744 — (25 ) — — 2 (16 ) 705 (16 ) Mortgage-backed securities 5,365 997 (1,854 ) — — 296 (483 ) 4,321 (90 ) Derivative contracts 13,952 350 (11,978 ) — — 11,628 (13,266 ) 686 686 Total financial instruments and other inventory positions owned 23,824 1,347 (16,827 ) — — 12,642 (14,524 ) 6,462 520 Investments at fair value 123,319 25,444 (25,211 ) — (601 ) 9,399 (2,190 ) 130,160 7,704 Total assets $ 147,143 $ 26,791 $ (42,038 ) $ — $ (601 ) $ 22,041 $ (16,714 ) $ 136,622 $ 8,224 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 1,487 $ (719 ) $ 11,219 $ — $ — $ (10,500 ) $ 2,763 $ 4,250 $ 4,125 Total financial instruments and other inventory positions sold, but not yet purchased $ 1,487 $ (719 ) $ 11,219 $ — $ — $ (10,500 ) $ 2,763 $ 4,250 $ 4,125 (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income/(loss) on the consolidated statements of operations. The carrying values of the Company's cash, receivables and payables either from or to brokers, dealers and clearing organizations and short-term financings approximate fair value due to their liquid or short-term nature. Non-Recurring Fair Value Measurement During the third quarter of 2017, the Company recorded a non-cash goodwill impairment charge of $114.4 million representing the full value of goodwill attributable to the asset management reporting unit. The fair value measurement used in the analysis was calculated using the income approach (discounted cash flow method) and market approach (earnings multiples of public company comparables). The discounted cash flow model was calculated using unobservable inputs, such as revenue and EBITDA forecasts, which are classified as Level III within the fair value hierarchy.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2018
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Variable Interest Entities	Variable Interest Entities ("VIEs") The Company has investments in and/or acts as the managing partner of various partnerships, limited liability companies, and registered mutual funds. These entities were established for the purpose of investing in securities of public or private companies, or municipal debt obligations, or providing financing to senior living facilities, and were initially financed through the capital commitments or seed investments of the members. VIEs are entities in which equity investors lack the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities. The determination as to whether an entity is a VIE is based on the structure and nature of each entity. The Company also considers other characteristics such as the power through voting rights or similar rights to direct the activities of an entity that most significantly impact the entity's economic performance and how the entity is financed. The Company is required to consolidate all VIEs for which it is considered to be the primary beneficiary. The determination as to whether the Company is considered to be the primary beneficiary is based on whether the Company has both the power to direct the activities of the VIE that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Consolidated VIEs The Company's consolidated VIEs at September 30, 2018 included certain alternative asset management funds in which the Company has an investment and, as the managing partner, is deemed to have both the power to direct the most significant activities of the funds and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these funds. The following table presents information about the carrying value of the assets and liabilities of the VIEs which are consolidated by the Company and included on the consolidated statements of financial condition at September 30, 2018 . The assets can only be used to settle the liabilities of the respective VIE, and the creditors of the VIEs do not have recourse to the general credit of the Company. One of these VIEs has $25.0 million of bank line financing available with an interest rate based on prime plus an applicable margin. The assets and liabilities are presented prior to consolidation, and thus a portion of these assets and liabilities are eliminated in consolidation. Alternative Asset (Dollars in thousands) Management Funds Assets: Investments $ 100,905 Other assets 6,761 Total assets $ 107,666 Liabilities: Other liabilities and accrued expenses $ 10,740 Total liabilities $ 10,740 The Company has investments in a grantor trust which was established as part of a nonqualified deferred compensation plan. The Company is the primary beneficiary of the grantor trust. Accordingly, the assets and liabilities of the grantor trust are consolidated by the Company on the consolidated statements of financial condition. See Note 13 for additional information on the nonqualified deferred compensation plan. Nonconsolidated VIEs The Company determined it is not the primary beneficiary of certain VIEs and accordingly does not consolidate them. These VIEs had net assets approximating $0.5 billion and $0.6 billion at September 30, 2018 and December 31, 2017 , respectively. The Company's exposure to loss from these VIEs is $6.9 million , which is the carrying value of its capital contributions recorded in investments on the consolidated statements of financial condition at September 30, 2018 . The Company had no liabilities related to these VIEs at September 30, 2018 and December 31, 2017 , respectively. Furthermore, the Company has not provided financial or other support to these VIEs that it was not previously contractually required to provide as of September 30, 2018 .

Receivables from and Payables t

Receivables from and Payables to Brokers, Dealers and Clearing Organizations	9 Months Ended
	Sep. 30, 2018
Brokers and Dealers [Abstract]
Receivables from and Payables to Brokers, Dealers and Clearing Organizations	Receivables from and Payables to Brokers, Dealers and Clearing Organizations September 30, December 31, (Dollars in thousands) 2018 2017 Receivable from clearing organizations $ 153,527 $ 109,270 Deposits with clearing organizations 2,551 11,019 Receivable from brokers and dealers 15,058 12,041 Receivable arising from unsettled securities transactions — 9,218 Other 2,929 3,846 Total receivables from brokers, dealers and clearing organizations $ 174,065 $ 145,394 September 30, December 31, (Dollars in thousands) 2018 2017 Payable to brokers and dealers $ 6,371 $ 18,584 Payable arising from unsettled securities transactions — 808 Total payables to brokers, dealers and clearing organizations $ 6,371 $ 19,392 As discussed in Note 1, Piper Jaffray transitioned from a self clearing securities broker dealer to a fully disclosed clearing model in 2017. Under the Company's fully disclosed clearing agreement, the majority of its securities inventories and all of its customer activities are held by or cleared through Pershing. The Company has also established an arrangement to obtain financing from Pershing related to the majority of its trading activities. Financing under this arrangement is secured primarily by securities, and collateral limitations could reduce the amount of funding available under this arrangement. The funding is at the discretion of Pershing and could be denied. The Company's clearing arrangement activities are recorded net from trading activity. The Company's fully disclosed clearing agreement includes a covenant requiring Piper Jaffray to maintain excess net capital of $120 million .

Investments

Investments	9 Months Ended
	Sep. 30, 2018
Investments, All Other Investments [Abstract]
Investments	Investments The Company's investments include investments in private companies and partnerships, registered mutual funds and private company debt. September 30, December 31, (Dollars in thousands) 2018 2017 Investments at fair value $ 143,786 $ 165,564 Investments at cost 1,614 2,416 Investments accounted for under the equity method 6,980 8,232 Total investments 152,380 176,212 Less investments attributable to noncontrolling interests (1) (47,204 ) (44,397 ) $ 105,176 $ 131,815 (1) Noncontrolling interests are attributable to third party ownership in consolidated merchant banking and senior living funds. At September 30, 2018 , investments carried on a cost basis had an estimated fair market value of $1.6 million . Because valuation estimates were based upon management's judgment, investments carried at cost would be categorized as Level III assets in the fair value hierarchy, if they were carried at fair value. Investments accounted for under the equity method include general and limited partnership interests. The carrying value of these investments is based on the investment vehicle's net asset value. The net assets of investment partnerships consist of investments in both marketable and non-marketable securities. The underlying investments held by such partnerships are valued based on the estimated fair value determined by management in the Company's capacity as general partner or investor and, in the case of investments in unaffiliated investment partnerships, are based on financial statements prepared by the unaffiliated general partners.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets September 30, December 31, (Dollars in thousands) 2018 2017 Fee receivables $ 26,170 $ 20,884 Income tax receivables 7,311 — Accrued interest receivables 8,485 6,981 Forgivable loans, net 8,377 7,452 Prepaid expenses 8,016 6,769 Other 10,340 12,748 Total other assets $ 68,699 $ 54,834

Short-Term Financing

Short-Term Financing	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Short-Term Financing	Short-Term Financing Outstanding Balance Weighted Average Interest Rate September 30, December 31, September 30, December 31, (Dollars in thousands) 2018 2017 2018 2017 Commercial paper (secured) $ 49,957 $ 49,974 3.12 % 2.32 % Prime broker arrangement — 239,963 N/A 2.23 % Total short-term financing $ 49,957 $ 289,937 The Company issues secured commercial paper to fund a portion of its securities inventory. The commercial paper notes ("CP Notes") can be issued with maturities of 27 days to 270 days from the date of issuance. The CP Notes are currently issued under two separate programs, CP Series A and CP Series II A, and are secured by different inventory classes. As of September 30, 2018 , the weighted average maturity of outstanding CP Notes was 10 days . The CP Notes are interest bearing or sold at a discount to par with an interest rate based on LIBOR plus an applicable margin. CP Series II A includes a covenant that requires the Company's U.S. broker dealer subsidiary to maintain excess net capital of $100 million . The Company had established an arrangement to obtain financing with a prime broker related to its municipal bond fund. Financing under this arrangement was primarily secured by municipal securities and collateral limitations could reduce the amount of funding available. Prime broker financing activities were recorded net of receivables from trading activity. The funding was at the discretion of the prime broker subject to a notice period. In the third quarter of 2018, the Company completed the liquidation of its municipal bond fund, and closed this prime broker arrangement. The Company has both committed and uncommitted short-term bank line financing available on a secured basis. The Company uses these credit facilities in the ordinary course of business to fund a portion of its daily operations and the amount borrowed under these credit facilities varies daily based on the Company's funding needs. The Company's committed short-term bank line financing at September 30, 2018 consisted of a one -year $200 million committed revolving credit facility with U.S. Bank, N.A., which was renewed in December 2017. Advances under this facility are secured by certain marketable securities. The facility includes a covenant that requires the Company's U.S. broker dealer subsidiary to maintain minimum net capital of $120 million , and the unpaid principal amount of all advances under this facility will be due on December 14, 2018 . The Company pays a nonrefundable commitment fee on the unused portion of the facility on a quarterly basis. At September 30, 2018 , the Company had no advances against this line of credit. The Company's uncommitted secured line at September 30, 2018 totaled $85 million and is dependent on having appropriate collateral, as determined by the bank agreement, to secure an advance under the line. The availability of the Company's uncommitted line is subject to approval by the bank each time an advance is requested and may be denied. At September 30, 2018 , the Company had no advances against this line of credit.

Contingencies, Commitments and

Contingencies, Commitments and Guarantees	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Guarantees	Contingencies, Commitments and Guarantees The Company has been named as a defendant in various legal actions, including complaints and litigation and arbitration claims, arising from its business activities. Such actions include claims related to securities brokerage and investment banking activities, and certain class actions that primarily allege violations of securities laws and seek unspecified damages, which could be substantial. Also, the Company is involved from time to time in investigations and proceedings by governmental agencies and self-regulatory organizations ("SROs") which could result in adverse judgments, settlement, penalties, fines or other relief. The Company has established reserves for potential losses that are probable and reasonably estimable that may result from pending and potential legal actions, investigations and regulatory proceedings. Reasonably possible losses in excess of amounts accrued at September 30, 2018 are not material. In many cases, however, it is inherently difficult to determine whether any loss is probable or even possible or to estimate the amount or range of any potential loss, particularly where proceedings may be in relatively early stages or where plaintiffs are seeking substantial or indeterminate damages. Matters frequently need to be more developed before a loss or range of loss can reasonably be estimated. Given uncertainties regarding the timing, scope, volume and outcome of pending and potential legal actions, investigations and regulatory proceedings and other factors, the amounts of reserves and ranges of reasonably possible losses are difficult to determine and of necessity subject to future revision. Subject to the foregoing, management of the Company believes, based on currently available information, after consultation with outside legal counsel and taking into account its established reserves, that pending legal actions, investigations and regulatory proceedings will be resolved with no material adverse effect on the consolidated statements of financial condition, results of operations or cash flows of the Company. However, if during any period a potential adverse contingency should become probable or resolved for an amount in excess of the established reserves, the results of operations and cash flows in that period and the financial condition as of the end of that period could be materially adversely affected. In addition, there can be no assurance that material losses will not be incurred from claims that have not yet been brought to the Company's attention or are not yet determined to be reasonably possible. Operating Lease Commitments The Company leases office space throughout the United States and in a limited number of foreign countries where the Company's international operations reside. Aggregate minimum lease commitments under operating leases as of September 30, 2018 are as follows: (Dollars in thousands) Remainder of 2018 $ 3,557 2019 13,601 2020 13,686 2021 9,329 2022 7,985 Thereafter 22,900 Total $ 71,058 Investment Commitments As of September 30, 2018 , the Company had commitments to invest approximately $80.6 million in limited partnerships or limited liability companies that make direct or indirect equity or debt investments in companies.

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2018
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring The Company incurred the following pre-tax restructuring costs principally related to headcount reductions in both the Capital Markets and Asset Management segments. Three Months Ended Nine Months Ended (Dollars in thousands) September 30, 2018 September 30, 2018 Severance, benefits and outplacement costs $ — $ 3,455 Contract termination costs — 185 Vacated leased office space — 130 Total pre-tax restructuring costs $ — $ 3,770

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Share Repurchases Effective September 30, 2017, the Company's board of directors authorized the repurchase of up to $150.0 million in common shares through September 30, 2019 . During the nine months ended September 30, 2018 , the Company repurchased 124,606 shares at an average price of $72.26 per share for an aggregate purchase price of $9.0 million related to this authorization. The Company has $141.0 million remaining under this authorization. Effective August 14, 2015, the Company's board of directors authorized the repurchase of up to $150.0 million in common shares through September 30, 2017 . During the nine months ended September 30, 2017 , the Company repurchased 36,936 shares at an average price of $67.62 per share for an aggregate purchase price of $2.5 million related to this authorization. The Company also purchases shares of common stock from restricted stock award recipients upon the award vesting as recipients sell shares to meet their employment tax obligations. The Company purchased 264,254 shares and 308,801 shares, or $22.7 million and $22.6 million of the Company's common stock for this purpose during the nine months ended September 30, 2018 and 2017 , respectively. Issuance of Shares The Company issues common shares out of treasury stock as a result of employee restricted share vesting and exercise transactions as discussed in Note 13 . During the nine months ended September 30, 2018 and 2017 , the Company issued 840,043 shares and 850,925 shares, respectively, related to these obligations. Dividends Beginning in 2017, the Company initiated the payment of a quarterly cash dividend to holders of its common stock, which includes unvested restricted shares. In addition, the Company's board of directors approved a dividend policy with the intention of returning a metric based on net income from the previous fiscal year. This includes an annual special cash dividend, payable in the first quarter of each year, beginning in 2018. During the nine months ended September 30, 2018 , the Company declared and paid quarterly cash dividends on its common stock, aggregating $1.125 per share, and an annual special cash dividend on its common stock of $1.62 per share, totaling $41.6 million . On October 26, 2018 , the board of directors declared a cash dividend of $0.375 per share to be paid on December 14, 2018 , to shareholders of record as of the close of business on November 28, 2018 . Noncontrolling Interests The consolidated financial statements include the accounts of Piper Jaffray Companies, its wholly owned subsidiaries and other entities in which the Company has a controlling financial interest. Noncontrolling interests represent equity interests in consolidated entities that are not attributable, either directly or indirectly, to Piper Jaffray Companies. Noncontrolling interests include the minority equity holders' proportionate share of the equity in merchant banking funds of $42.0 million and a senior living fund aggregating $5.2 million as of September 30, 2018 . As of December 31, 2017 , noncontrolling interests included the minority equity holders' proportionate share of the equity in merchant banking funds of $42.7 million and a senior living fund aggregating $5.2 million . Ownership interests in entities held by parties other than the Company's common shareholders are presented as noncontrolling interests within shareholders' equity, separate from the Company's own equity. Revenues, expenses and net income or loss are reported on the consolidated statements of operations on a consolidated basis, which includes amounts attributable to both the Company's common shareholders and noncontrolling interests. Net income or loss is then allocated between the Company and noncontrolling interests based upon their relative ownership interests. Net income applicable to noncontrolling interests is deducted from consolidated net income to determine net income applicable to the Company. There was no other comprehensive income or loss attributed to noncontrolling interests for the nine months ended September 30, 2018 and 2017 , respectively. The following table presents the changes in shareholders' equity for the nine months ended September 30, 2018 : Common Common Total Shares Shareholders' Noncontrolling Shareholders' (Amounts in thousands, except share amounts) Outstanding Equity Interests Equity Balance at December 31, 2017 12,911,149 $ 693,332 $ 47,903 $ 741,235 Net income/(loss) — 38,852 (1,271 ) 37,581 Dividends — (41,631 ) — (41,631 ) Amortization/issuance of restricted stock — 44,541 — 44,541 Issuance of treasury shares for restricted stock vestings 840,043 — — — Repurchase of common stock through share repurchase program (124,606 ) (9,004 ) — (9,004 ) Repurchase of common stock for employee tax withholding (264,254 ) (22,660 ) — (22,660 ) Shares reserved/issued for director compensation 4,371 348 — 348 Other comprehensive income — 30 — 30 Cumulative effect upon adoption of new accounting standard, net of tax (1) — (3,597 ) — (3,597 ) Fund capital contributions, net — — 572 572 Balance at September 30, 2018 13,366,703 $ 700,211 $ 47,204 $ 747,415 (1) Cumulative effect adjustment upon adoption of ASU 2014-09, as amended. See Note 2 for further discussion.

Compensation Plans

Compensation Plans	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation Plans	Compensation Plans Stock-Based Compensation Plans The Company maintains two stock-based compensation plans, the Piper Jaffray Companies Amended and Restated 2003 Annual and Long-Term Incentive Plan (the "Incentive Plan") and the 2016 Employment Inducement Award Plan (the "Inducement Plan"). The Company's equity awards are recognized on the consolidated statements of operations at grant date fair value over the service period of the award, less forfeitures. The following table provides a summary of the Company's outstanding equity awards (in shares or units) as of September 30, 2018 : Incentive Plan Restricted Stock Annual grants 657,185 Sign-on grants 70,627 727,812 Inducement Plan Restricted Stock 254,058 Total restricted stock related to compensation 981,870 Simmons Deal Consideration (1) 772,764 Total restricted stock outstanding 1,754,634 Incentive Plan Restricted Stock Units Leadership grants 194,251 Incentive Plan Stock Options 81,667 (1) The Company issued restricted stock with service conditions as part of deal consideration for the acquisition of Simmons & Company International ("Simmons") on February 26, 2016. Incentive Plan The Incentive Plan permits the grant of equity awards, including restricted stock, restricted stock units and non-qualified stock options, to the Company's employees and directors for up to 8.2 million shares of common stock ( 0.8 million shares remained available for future issuance under the Incentive Plan as of September 30, 2018 ). The Company believes that such awards help align the interests of employees and directors with those of shareholders and serve as an employee retention tool. The Incentive Plan provides for accelerated vesting of awards if there is a severance event, a change in control of the Company (as defined in the Incentive Plan), in the event of a participant's death, and at the discretion of the compensation committee of the Company's board of directors. Restricted Stock Awards Restricted stock grants are valued at the market price of the Company's common stock on the date of grant and are amortized over the requisite service period. The Company grants shares of restricted stock to employees as part of year-end compensation ("Annual Grants") and upon initial hiring or as a retention award ("Sign-on Grants"). The Company's Annual Grants are made each year in February. Annual Grants vest ratably over three years in equal installments. The Annual Grants provide for continued vesting after termination of employment, so long as the employee does not violate certain post-termination restrictions set forth in the award agreement or any agreements entered into upon termination. The Company determined the service inception date precedes the grant date for the Annual Grants, and that the post-termination restrictions do not meet the criteria for an in-substance service condition, as defined by FASB Accounting Standards Codification Topic 718, "Compensation — Stock Compensation." Accordingly, restricted stock granted as part of the Annual Grants is expensed in the one -year period in which those awards are deemed to be earned, which is generally the calendar year preceding the February grant date. For example, the Company recognized compensation expense during fiscal 2017 for its February 2018 Annual Grant. If an equity award related to the Annual Grants is forfeited as a result of violating the post-termination restrictions, the lower of the fair value of the award at grant date or the fair value of the award at the date of forfeiture is recorded within the consolidated statements of operations as a reversal of compensation expense. Sign-on Grants are used as a recruiting tool for new employees and are issued to current employees as a retention tool. These awards have both cliff and ratable vesting terms, and the employees must fulfill service requirements in exchange for rights to the awards. Compensation expense is amortized on a straight-line basis from the grant date over the requisite service period, generally one to five years. Employees forfeit unvested shares upon termination of employment and a reversal of compensation expense is recorded. Annually, the Company grants stock to its non-employee directors. The stock-based compensation paid to non-employee directors is fully expensed on the grant date and included within outside services expense on the consolidated statements of operations. Restricted Stock Units The Company grants restricted stock units to its leadership team ("Leadership Grants"). 2018 and 2017 Leadership Grants Restricted stock units granted in 2018 and 2017 will vest and convert to shares of common stock at the end of each 36 -month performance period only if the Company satisfies predetermined performance and/or market conditions over the performance period. Under the terms of these awards, the number of units that will actually vest and convert to shares will be based on the extent to which the Company achieves specified targets during each performance period. The maximum payout leverage under these grants is 150 percent . Up to 75 percent of the award can be earned based on the Company achieving certain average adjusted return on equity targets, as defined in the terms of the award agreements. The fair value of this portion of the award was based on the closing price of the Company's common stock on the grant date. If the Company determines that it is probable that the performance condition will be achieved, compensation expense is amortized on a straight-line basis over the 36 -month performance period. The probability that the performance condition will be achieved is reevaluated each reporting period with changes in estimated outcomes accounted for using a cumulative effect adjustment to compensation expense. Compensation expense will be recognized only if the performance condition is met. Employees forfeit unvested restricted stock units upon termination of employment with a corresponding reversal of compensation expense. As of September 30, 2018 , the Company has determined that the performance condition is probable of achieving 50 percent of the 2018 award and 75 percent of the 2017 award. Up to 75 percent of the award can be earned based on the Company's total shareholder return relative to members of a predetermined peer group. The market condition must be met for the awards to vest and compensation cost will be recognized regardless if the market condition is satisfied. Compensation expense is amortized on a straight-line basis over the 36 -month requisite service period. Employees forfeit unvested restricted stock units upon termination of employment with a corresponding reversal of compensation expense. For this portion of the awards, the fair value on the grant date was determined using a Monte Carlo simulation with the following assumptions: Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2018 2.40% 34.8% 2017 1.62% 35.9% Because the market condition portion of the awards vesting depend on the Company's total shareholder return relative to a peer group, the valuation modeled the performance of the peer group as well as the correlation between the Company and the peer group. The expected stock price volatility assumptions were determined using historical volatility, as correlation coefficients can only be developed through historical volatility. The risk-free interest rates were determined based on three -year U.S. Treasury bond yields. In the fourth quarter of 2017, the compensation committee of the Company's board of directors included defined retirement provisions in its Leadership Grants, beginning with the February 2018 grant. Certain grantees meeting defined age and service requirements will be fully vested in the awards as long as performance and post-termination obligations are met throughout the performance period. These retirement-eligible grants are expensed in the period in which those awards are deemed to be earned, which is the calendar year preceding the February grant date. For example, the Company recognized compensation expense for retirement-eligible grantees in fiscal 2017 for its February 2018 Leadership Grant. Leadership Grants Prior to 2017 Restricted stock units granted prior to 2017 contain market condition criteria and will vest and convert to shares of common stock at the end of each 36 -month performance period only if the Company's stock performance satisfies predetermined market conditions over the performance period. Under the terms of the grants, the number of units that will vest and convert to shares will be based on the Company's stock performance achieving specified targets during each performance period. Compensation expense is recognized over each 36 -month performance period. Up to 50 percent of these awards can be earned based on the Company's total shareholder return relative to members of a predetermined peer group and up to 50 percent of the awards can be earned based on the Company's total shareholder return. The fair value of the awards on the grant date was determined using a Monte Carlo simulation with the following assumptions pursuant to the methodology above: Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2016 0.98% 34.9% 2015 0.90% 29.8% Stock Options On February 15, 2018, the Company granted options to certain executive officers. These options are expensed on a straight-line basis over the required service period of five years , based on the estimated fair value of the award on the date of grant. The exercise price per share is equal to the closing price on the date of grant plus ten percent . These options are subject to graded vesting, beginning on the third anniversary of the grant date, so long as the employee remains continuously employed by the Company. The maximum term of these stock options is ten years. The fair value of this stock option award was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Risk-free interest rate 2.82% Dividend yield 3.22% Expected stock price volatility 37.20% Expected life of options (in years) 7.0 Fair value of options granted (per share) $24.49 The risk-free interest rate assumption was based on the U.S. Treasury bond yield with a maturity equal to the expected life of the options. The dividend yield assumption was based on the assumed dividend payout over the expected life of the options. The expected stock price volatility assumption was determined using historical volatility, as correlation coefficients can only be developed through historical volatility. Inducement Plan The Company established the Inducement Plan in conjunction with the acquisition of Simmons. The Company granted $11.6 million ( 286,776 shares) in restricted stock under the Inducement Plan on May 16, 2016 . These shares cliff vest on May 16, 2019. Inducement Plan awards are amortized as compensation expense on a straight-line basis over the vesting period. Employees forfeit unvested Inducement Plan shares upon termination of employment and a reversal of compensation expense is recorded. Stock-Based Compensation Activity The following table summarizes the Company's stock-based compensation expense: Three Months Ended Nine Months Ended September 30, September 30, (amounts in millions) 2018 2017 2018 2017 Stock-based compensation expense $ 12.7 $ 13.5 $ 31.1 $ 25.8 Forfeitures 0.2 0.7 0.7 3.0 Tax benefit related to stock-based compensation expense 2.3 4.2 5.2 7.1 The following table summarizes the changes in the Company's unvested restricted stock: Unvested Weighted Average Restricted Stock Grant Date (in Shares) Fair Value December 31, 2017 2,225,617 $ 46.40 Granted 291,597 89.31 Vested (745,578 ) 49.03 Canceled (17,002 ) 51.18 September 30, 2018 1,754,634 $ 52.36 The following table summarizes the changes in the Company's unvested restricted stock units: Unvested Weighted Average Restricted Grant Date Stock Units Fair Value December 31, 2017 244,772 $ 27.89 Granted 53,796 92.93 Vested (86,511 ) 21.83 Canceled (17,806 ) 23.91 September 30, 2018 194,251 $ 48.97 As of September 30, 2018 , there was $9.1 million of total unrecognized compensation cost related to restricted stock and restricted stock units expected to be recognized over a weighted average period of 1.0 year . The following table summarizes the changes in the Company's outstanding stock options: Weighted Average Weighted Remaining Options Average Contractual Term Aggregate Outstanding Exercise Price (in Years) Intrinsic Value December 31, 2017 — $ — 0.0 $ — Granted 81,667 99.00 Exercised — — Canceled — — September 30, 2018 81,667 $ 99.00 9.4 $ — As of September 30, 2018 , there was $1.8 million of unrecognized compensation cost related to stock options expected to be recognized over a weighted average period of 4.4 years . There were no options exercised during the nine months ended September 30, 2018 . Acquisition-related Compensation Arrangements The Company entered into acquisition-related compensation arrangements with certain employees for retention purposes. Additional cash compensation may be available to certain investment banking employees subject to exceeding an investment banking revenue threshold during the three year Simmons post-acquisition period to the extent they are employed by the Company at the time of payment. Amounts estimated to be payable related to this performance award plan will be recorded as compensation expense on the consolidated statements of operations over the requisite performance period of three years . As of September 30, 2018 , the Company had accrued $38.0 million related to this performance award plan. The Company recorded compensation expense of $0.6 million and $7.4 million for the three months ended September 30, 2018 and 2017 , respectively, and $7.2 million and $10.1 million for the nine months ended September 30, 2018 and 2017 , respectively, related to this performance award plan. Deferred Compensation Plans The Company maintains various deferred compensation arrangements for employees. The nonqualified deferred compensation plan is an unfunded plan which allows certain highly compensated employees, at their election, to defer a percentage of their base salary, commissions and/or cash bonuses. The deferrals vest immediately and are non-forfeitable. The amounts deferred under this plan are held in a grantor trust. The Company invests, as a principal, in investments to economically hedge its obligation under the nonqualified deferred compensation plan. Investments in the grantor trust, consisting of mutual funds, totaled $33.0 million and $31.5 million as of September 30, 2018 and December 31, 2017 , respectively, and are included in investments on the consolidated statements of financial condition. The compensation deferred by the employees is expensed in the period earned. The deferred compensation liability was $33.1 million and $31.6 million as of September 30, 2018 and December 31, 2017 , respectively. Changes in the fair value of the investments made by the Company are reported in investment income and changes in the corresponding deferred compensation liability are reflected as compensation and benefits expense on the consolidated statements of operations. On August 9, 2017, the Company's board of directors approved the discontinuance of future deferral elections by participants for performance periods beginning after December 31, 2017. The Piper Jaffray Companies Mutual Fund Restricted Share Investment Plan is a fully funded deferred compensation plan which allows eligible employees to elect to receive a portion of the incentive compensation they would otherwise receive in the form of restricted stock, instead in restricted mutual fund shares ("MFRS Awards") of investment funds. MFRS Awards are awarded to qualifying employees in February of each year, and represent a portion of their compensation for performance in the preceding year similar to the Company's Annual Grants. MFRS Awards vest ratably over three years in equal installments and provide for continued vesting after termination of employment so long as the employee does not violate certain post-termination restrictions set forth in the award agreement or any agreement entered into upon termination. Forfeitures are recorded as a reduction of compensation and benefits expense within the consolidated statements of operations. MFRS Awards are owned by employee recipients (subject to aforementioned vesting restrictions) and as such are not included on the consolidated statements of financial condition.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share ("EPS") The Company calculates earnings per share using the two-class method. Basic earnings per common share is computed by dividing net income applicable to Piper Jaffray Companies' common shareholders by the weighted average number of common shares outstanding for the period. Net income applicable to Piper Jaffray Companies' common shareholders represents net income applicable to Piper Jaffray Companies reduced by the allocation of earnings to participating securities. No allocation of undistributed earnings is made for periods in which a loss is incurred, or for periods in which cash dividends exceed net income resulting in an undistributed loss. Distributed earnings (e.g., dividends) are allocated to participating securities. All of the Company's unvested restricted shares are deemed to be participating securities as they are eligible to share in the profits (e.g., receive dividends) of the Company. The Company's restricted stock units are not participating securities as they are not eligible to receive dividends, or the dividends are forfeitable until vested. Diluted earnings per common share is calculated by adjusting the weighted average outstanding shares to assume conversion of all potentially dilutive stock options and restricted stock units. The computation of earnings per share is as follows: Three Months Ended Nine Months Ended September 30, September 30, (Amounts in thousands, except per share data) 2018 2017 2018 2017 Net income/(loss) applicable to Piper Jaffray Companies $ 22,023 $ (49,713 ) $ 38,852 $ (15,865 ) Earnings allocated to participating securities (1) (2,646 ) (702 ) (5,202 ) (2,241 ) Net income/(loss) applicable to Piper Jaffray Companies' common shareholders (2) $ 19,377 $ (50,415 ) $ 33,650 $ (18,106 ) Shares for basic and diluted calculations: Average shares used in basic computation 13,343 12,898 13,248 12,774 Restricted stock units 165 77 196 171 Average shares used in diluted computation 13,508 12,975 (3) 13,444 (3) 12,945 (3) Earnings/(loss) per common share: Basic $ 1.45 $ (3.91 ) $ 2.54 $ (1.42 ) Diluted $ 1.43 $ (3.91 ) (3) $ 2.50 (3) $ (1.42 ) (3) (1) Represents the allocation of distributed and undistributed earnings to participating securities. No allocation of undistributed earnings is made for periods in which a loss is incurred, or for periods in which cash dividends exceed net income resulting in an undistributed loss. Distributed earnings (e.g., dividends) are allocated to participating securities. Participating securities include all of the Company's unvested restricted shares. The weighted average participating shares outstanding were 1,842,036 and 2,246,663 for the three months ended September 30, 2018 and 2017 , respectively, and 1,944,946 and 2,389,755 for the nine months ended September 30, 2018 and 2017 , respectively. (2) Net income applicable to Piper Jaffray Companies' common shareholders for diluted and basic EPS may differ under the two-class method as a result of adding the effect of the assumed exercise of stock options and restricted stock units to dilutive shares outstanding, which alters the ratio used to allocate earnings to Piper Jaffray Companies' common shareholders and participating securities for purposes of calculating diluted and basic EPS. (3) Earnings per diluted common share is calculated using the basic weighted average number of common shares outstanding for periods in which a loss is incurred, or for periods in which cash dividends exceed net income resulting in an undistributed loss. Common shares of 1,754,634 and 2,235,060 were excluded from diluted EPS at September 30, 2018 and 2017 , respectively, as the Company had undistributed losses for these periods. The anti-dilutive effects from stock options and restricted stock units were immaterial for the nine months ended September 30, 2018 and 2017 , respectively.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Basis for Presentation The Company structures its segments primarily based upon the nature of the financial products and services provided to customers and the Company's management organization. The Company evaluates performance and allocates resources based on segment pre-tax operating income or loss and segment pre-tax operating margin. Revenues and expenses directly associated with each respective segment are included in determining their operating results. Other revenues and expenses that are not directly attributable to a particular segment are allocated based upon the Company's allocation methodologies, including each segment's respective net revenues, use of shared resources, headcount or other relevant measures. Segment assets are based on those directly associated with each segment, and include an allocation of certain assets based on the most relevant measures applicable, including headcount and other factors. The substantial majority of the Company's net revenues and long-lived assets are located in the U.S. Reportable segment financial results are as follows: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Capital Markets Investment banking Advisory services $ 113,540 $ 146,816 $ 266,083 $ 332,205 Financing Equities 32,188 22,117 99,868 70,229 Debt 20,936 21,687 45,473 60,066 Total investment banking 166,664 190,620 411,424 462,500 Institutional sales and trading Equities 17,804 18,410 54,951 59,085 Fixed income 18,162 20,676 52,932 63,137 Total institutional sales and trading 35,966 39,086 107,883 122,222 Management and performance fees 1,806 678 4,824 4,172 Investment income/(loss) 3,166 (660 ) 7,607 15,155 Long-term financing expenses (1,732 ) (1,736 ) (5,351 ) (6,003 ) Net revenues 205,870 227,988 526,387 598,046 Operating expenses (1) 176,783 196,409 482,024 524,702 Segment pre-tax operating income $ 29,087 $ 31,579 $ 44,363 $ 73,344 Segment pre-tax operating margin 14.1 % 13.9 % 8.4 % 12.3 % Continued on next page Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Asset Management Management and performance fees Management fees $ 11,571 $ 12,140 $ 33,874 $ 39,839 Performance fees — — 8 — Total management and performance fees 11,571 12,140 33,882 39,839 Investment income/(loss) 87 439 (198 ) 956 Net revenues 11,658 12,579 33,684 40,795 Operating expenses (1) 11,110 126,394 35,115 153,699 Segment pre-tax operating income/(loss) $ 548 $ (113,815 ) $ (1,431 ) $ (112,904 ) Segment pre-tax operating margin 4.7 % (904.8 )% (4.2 )% (276.8 )% Total Net revenues $ 217,528 $ 240,567 $ 560,071 $ 638,841 Operating expenses 187,893 322,803 517,139 678,401 Pre-tax operating income/(loss) $ 29,635 $ (82,236 ) $ 42,932 $ (39,560 ) Pre-tax operating margin 13.6 % (34.2 )% 7.7 % (6.2 )% (1) Operating expenses include a $114.4 million goodwill impairment charge for the Asset Management segment for the three and nine months ended September 30, 2017 , as well as intangible asset amortization as set forth in the table below: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Capital Markets $ 1,214 $ 2,544 $ 3,643 $ 7,633 Asset Management 1,401 1,278 4,202 3,833 Total intangible asset amortization $ 2,615 $ 3,822 $ 7,845 $ 11,466 Reportable segment assets are as follows: September 30, December 31, (Dollars in thousands) 2018 2017 Capital Markets $ 1,411,590 $ 1,933,050 Asset Management 81,846 91,633 Total assets $ 1,493,436 $ 2,024,683

Net Capital Requirements and Ot

Net Capital Requirements and Other Regulatory Matters	9 Months Ended
	Sep. 30, 2018
Regulatory Capital Requirements [Abstract]
Net Capital Requirements and Other Regulatory Matters	Net Capital Requirements and Other Regulatory Matters Piper Jaffray is registered as a securities broker dealer with the SEC and is a member of various SROs and securities exchanges. The Financial Industry Regulatory Authority, Inc. ("FINRA") serves as Piper Jaffray's primary SRO. Piper Jaffray is subject to the uniform net capital rule of the SEC and the net capital rule of FINRA. Piper Jaffray has elected to use the alternative method permitted by the SEC rule which requires that it maintain minimum net capital of $1.0 million . Advances to affiliates, repayment of subordinated debt, dividend payments and other equity withdrawals by Piper Jaffray are subject to certain approvals, notifications and other provisions of SEC and FINRA rules. At September 30, 2018 , net capital calculated under the SEC rule was $199.1 million , and exceeded the minimum net capital required under the SEC rule by $198.1 million . The Company's committed short-term credit facility and its senior notes include covenants requiring Piper Jaffray to maintain minimum net capital of $120 million . CP Notes issued under CP Series II A include a covenant that requires Piper Jaffray to maintain excess net capital of $100 million . The Company's fully disclosed clearing agreement with Pershing also includes a covenant requiring Piper Jaffray to maintain excess net capital of $120 million . Piper Jaffray Ltd., a broker dealer subsidiary registered in the United Kingdom, is subject to the capital requirements of the Prudential Regulation Authority and the Financial Conduct Authority. As of September 30, 2018 , Piper Jaffray Ltd. was in compliance with the capital requirements of the Prudential Regulation Authority and the Financial Conduct Authority. Piper Jaffray Hong Kong Limited is licensed by the Hong Kong Securities and Futures Commission, which is subject to the liquid capital requirements of the Securities and Futures (Financial Resources) Rule promulgated under the Securities and Futures Ordinance. At September 30, 2018 , Piper Jaffray Hong Kong Limited was in compliance with the liquid capital requirements of the Hong Kong Securities and Futures Commission.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded income tax expense of $7.4 million and $5.4 million for the three and nine months ended September 30, 2018 , respectively. Income tax expense was reduced by a tax benefit of $0.4 million and $6.8 million for the three and nine months ended September 30, 2018 , respectively, related to stock-based compensation awards vesting at values greater than the grant price. The Company recorded an income tax benefit of $31.4 million and $26.9 million for the three and nine months ended September 30, 2017 , respectively, as a result of pre-tax losses related to the $114.4 million non-cash goodwill impairment charge for the asset management reporting unit. The tax benefit related to stock-based compensation awards vesting at values greater than the grant price was $0.3 million and $9.1 million for the three and nine months ended September 30, 2017 , respectively. SEC Staff Accounting Bulletin No. 118, "Income Tax Accounting Implications of the Tax Cuts and Jobs Act" ("SAB 118") permitted companies to report a provisional amount in the 2017 financial statements if the accounting for income tax effects of the Tax Cuts and Jobs Act was incomplete as of December 31, 2017. This provisional amount would be subject to adjustment during a defined measurement period. Pursuant to SAB 118, the Company recorded an additional $1.0 million of income tax expense for the nine months ended September 30, 2018 .

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event The Company has entered into fixed rate senior notes with certain entities advised by Pacific Investment Management Company ("PIMCO"). The outstanding balance of the fixed rate Class C Notes was $125.0 million at September 30, 2018 and December 31, 2017 . The fixed rate Class C Notes were repaid by the Company upon maturity on October 9, 2018 .

Accounting Policies and Prono_2

Accounting Policies and Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Revenue Recognition	Revenue Recognition Investment Banking – Investment banking revenues, which include advisory and underwriting fees, are recorded when the performance obligation for the transaction is satisfied under the terms of each engagement. Expenses associated with such transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded. Investment banking revenues are presented gross of related client reimbursed deal expenses. Expenses for completed deals are reported separately in deal-related expenses on the consolidated statements of operations. Expenses related to investment banking deals not completed are recognized as non-interest expenses on the consolidated statements of operations. The Company's advisory fees generally consist of a nonrefundable up-front fee and a success fee. The nonrefundable fee is recorded as deferred revenue upon receipt and recognized at a point in time when the performance obligation is satisfied, or when the transaction is deemed by management to be terminated. Management's judgment is required in determining when a transaction is considered to be terminated. The substantial majority of the Company's advisory and underwriting fees (i.e., the success related advisory fee) are considered variable consideration and recognized when it is probable that the variable consideration will not be reversed in a future period. The variable consideration is considered to be constrained until satisfaction of the performance obligation. The Company's performance obligation is generally satisfied at a point in time upon the closing of a strategic transaction, completion of a financing or underwriting arrangement, or some other defined outcome (e.g., providing a fairness opinion). At this time, the Company has transferred control of the promised service and the customer obtains control. As these arrangements represent a single performance obligation, allocation of the transaction price is not necessary. The Company has elected to apply the following optional exemptions regarding disclosure of its remaining performance obligations: (i) the Company's performance obligation is part of a contract that has an original expected duration of one year or less and/or (ii) the variable consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation. Institutional Brokerage – Institutional brokerage revenues include (i) commissions received from customers for the execution of brokerage transactions in listed and over-the-counter (OTC) equity, fixed income and convertible debt securities, which are recognized at a point in time on the trade date because the customer has obtained the rights to the underlying security provided by the trade execution service, (ii) trading gains and losses, recorded on changes in the fair value of long and short security positions in the reporting period and (iii) fees received by the Company for equity research, which are generally recognized in the period received. The Company permits institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. As the Company is not acting as a principal in satisfying the performance obligation for these arrangements, expenses relating to soft dollars are netted against commission revenues and included in other liabilities and accrued expenses on the consolidated statements of financial condition. Asset Management – Asset management fees include revenues the Company receives in connection with management and investment advisory services performed for separately managed accounts and various funds and partnerships. The performance obligation related to the transfer of these services is satisfied over time and the related fees are recognized under the output method, which reflects the fees that the Company has a right to invoice based on the services provided during the period. Fees are defined in client contracts as a percentage of portfolio assets under management. Amounts related to remaining performance obligations are not disclosed as the Company applies the output method. Asset management revenues may also include performance fees. Performance fees, if earned, are recognized when it is probable that such revenue will not be reversed in a future period. For the Company's alternative asset management funds, management will consider such factors as the remaining assets and residual life of the fund to conclude whether it is probable that a significant reversal of revenue will not occur in the future. For the Company's traditional asset management funds, performance fees are earned when the investment return on assets under management exceeds certain benchmark targets or other performance targets over a specified measurement period (e.g., monthly, quarterly or annually). These performance fees are typically annual performance hurdles and recognized in the fourth quarter of the applicable year, or upon client liquidation. See Note 15 for revenues from contracts with customers disaggregated by major business activity.

Accounting Policies and Prono_3

Accounting Policies and Pronouncements (Tables)	9 Months Ended
	Sep. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash for all periods presented on the consolidated statements of cash flows: December 31, September 30, December 31, (Dollars in thousands) 2017 2017 2016 Cash and cash equivalents $ 33,793 $ 40,916 $ 41,359 Cash and cash equivalents segregated for regulatory purposes — 6,016 29,015 Cash, cash equivalents and restricted cash $ 33,793 $ 46,932 $ 70,374

Financial Instruments and Oth_2

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased (Tables)	9 Months Ended
	Sep. 30, 2018
Financial Instruments Owned and Sold, Not yet Purchased [Abstract]
Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased by Type	September 30, December 31, (Dollars in thousands) 2018 2017 Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 21,473 $ 51,896 Convertible securities 126,641 74,456 Fixed income securities 42,976 30,145 Municipal securities: Taxable securities 41,766 67,699 Tax-exempt securities 226,702 744,241 Short-term securities 150,090 62,251 Mortgage-backed securities 16 481 U.S. government agency securities 173,477 317,318 U.S. government securities 1,561 9,317 Derivative contracts 13,418 25,573 Total financial instruments and other inventory positions owned $ 798,120 $ 1,383,377 Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 116,712 $ 101,517 Fixed income securities 31,187 30,292 U.S. government agency securities 37,245 49,077 U.S. government securities 65,205 213,312 Derivative contracts 4,236 5,029 Total financial instruments and other inventory positions sold, but not yet purchased $ 254,585 $ 399,227
Schedule of Gross Fair Market Value and Total Absolute Notional Contract Amount	The following table presents the gross fair market value and the total absolute notional contract amount of the Company's outstanding derivative instruments, prior to counterparty netting, by asset or liability position: September 30, 2018 December 31, 2017 (Dollars in thousands) Derivative Derivative Notional Derivative Derivative Notional Derivative Category Assets (1) Liabilities (2) Amount Assets (1) Liabilities (2) Amount Interest rate Customer matched-book $ 159,244 $ 147,944 $ 2,602,498 $ 239,224 $ 225,890 $ 2,819,006 Trading securities 1,714 368 243,175 126 4,459 399,450 Equity options Trading securities — — — 6 — 9,635 $ 160,958 $ 148,312 $ 2,845,673 $ 239,356 $ 230,349 $ 3,228,091 (1) Derivative assets are included within financial instruments and other inventory positions owned on the consolidated statements of financial condition. (2) Derivative liabilities are included within financial instruments and other inventory positions sold, but not yet purchased on the consolidated statements of financial condition.
Unrealized Gains/(Losses) on Derivative Instruments	The following table presents the Company's unrealized gains/(losses) on derivative instruments: Three Months Ended Nine Months Ended (Dollars in thousands) September 30, September 30, Derivative Category Operations Category 2018 2017 2018 2017 Interest rate derivative contract Investment banking $ (301 ) $ (300 ) $ (1,567 ) $ (1,076 ) Interest rate derivative contract Institutional brokerage 980 1,627 5,212 (16,028 ) Credit default swap index contract Institutional brokerage — 4,304 — 4,482 $ 679 $ 5,631 $ 3,645 $ (12,622 )

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Information about Significant Unobservable Inputs used in Fair Value Measurement	The following table summarizes quantitative information about the significant unobservable inputs used in the fair value measurement of the Company's Level III financial instruments as of September 30, 2018 : Valuation Weighted Technique Unobservable Input Range Average (1) Assets: Financial instruments and other inventory positions owned: Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve in basis points ("bps") (2) 1 - 11 bps 8.7 bps Investments at fair value: Equity securities in private companies Market approach Revenue multiple (3) 2 - 6 times 4.8 times EBITDA multiple (3) 13 - 16 times 14.4 times Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve in bps (2) 7 - 16 bps 8.9 bps Uncertainty of fair value measurements: (1) Unobservable inputs were weighted by the relative fair value of the financial instruments. (2) Significant increase/(decrease) in the unobservable input in isolation would have resulted in a significantly lower/(higher) fair value measurement. (3) Significant increase/(decrease) in the unobservable input in isolation would have resulted in a significantly higher/(lower) fair value measurement.
Valuation of Financial Instruments by Pricing Observability Levels	The following table summarizes the valuation of the Company's financial instruments by pricing observability levels defined in FASB Accounting Standards Codification Topic 820, "Fair Value Measurement" ("ASC 820") as of September 30, 2018 : Counterparty and Cash Collateral (Dollars in thousands) Level I Level II Level III Netting (1) Total Assets: Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 266 $ 21,207 $ — $ — $ 21,473 Convertible securities — 126,641 — — 126,641 Fixed income securities — 42,976 — — 42,976 Municipal securities: Taxable securities — 41,766 — — 41,766 Tax-exempt securities — 226,702 — — 226,702 Short-term securities — 150,045 45 — 150,090 Mortgage-backed securities — — 16 — 16 U.S. government agency securities — 173,477 — — 173,477 U.S. government securities 1,561 — — — 1,561 Derivative contracts — 159,685 1,273 (147,540 ) 13,418 Total financial instruments and other inventory positions owned 1,827 942,499 1,334 (147,540 ) 798,120 Cash equivalents 40,793 — — — 40,793 Investments at fair value 39,501 — 104,285 (2) — 143,786 Total assets $ 82,121 $ 942,499 $ 105,619 $ (147,540 ) $ 982,699 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 112,642 $ 4,070 $ — $ — $ 116,712 Fixed income securities — 31,187 — — 31,187 U.S. government agency securities — 37,245 — — 37,245 U.S. government securities 65,205 — — — 65,205 Derivative contracts — 147,944 368 (144,076 ) 4,236 Total financial instruments and other inventory positions sold, but not yet purchased $ 177,847 $ 220,446 $ 368 $ (144,076 ) $ 254,585 (1) Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties. (2) Noncontrolling interests of $47.2 million are attributable to third party ownership in consolidated merchant banking and senior living funds. The following table summarizes the valuation of the Company's financial instruments by pricing observability levels defined in ASC 820 as of December 31, 2017 : Counterparty and Cash Collateral (Dollars in thousands) Level I Level II Level III Netting (1) Total Assets: Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 1,863 $ 50,033 $ — $ — $ 51,896 Convertible securities — 74,456 — — 74,456 Fixed income securities — 30,145 — — 30,145 Municipal securities: Taxable securities — 67,699 — — 67,699 Tax-exempt securities — 743,541 700 — 744,241 Short-term securities — 61,537 714 — 62,251 Mortgage-backed securities — — 481 — 481 U.S. government agency securities — 317,318 — — 317,318 U.S. government securities 9,317 — — — 9,317 Derivative contracts 6 239,224 126 (213,783 ) 25,573 Total financial instruments and other inventory positions owned 11,186 1,583,953 2,021 (213,783 ) 1,383,377 Cash equivalents 3,782 — — — 3,782 Investments at fair value 39,504 — 126,060 (2) — 165,564 Total assets $ 54,472 $ 1,583,953 $ 128,081 $ (213,783 ) $ 1,552,723 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 91,934 $ 9,583 $ — $ — $ 101,517 Fixed income securities — 30,292 — — 30,292 U.S. government agency securities — 49,077 — — 49,077 U.S. government securities 213,312 — — — 213,312 Derivative contracts — 225,916 4,433 (225,320 ) 5,029 Total financial instruments and other inventory positions sold, but not yet purchased $ 305,246 $ 314,868 $ 4,433 $ (225,320 ) $ 399,227 (1) Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties. (2) Noncontrolling interests of $44.4 million are attributable to third party ownership in consolidated merchant banking and senior living funds.
Changes in Fair Value Associated with Level III Financial Instruments	The following tables summarize the changes in fair value associated with Level III financial instruments held at the beginning or end of the periods presented: Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at June 30, Transfers Transfers gains/ gains/ September 30, September 30, (Dollars in thousands) 2018 Purchases Sales in out (losses) (1) (losses) (1) 2018 2018 (1) Assets: Financial instruments and other inventory positions owned: Municipal securities: Short-term securities $ 45 $ — $ — $ — $ — $ — $ — $ 45 $ — Mortgage-backed securities 18 — — — — — (2 ) 16 (2 ) Derivative contracts 930 — (90 ) — — 90 343 1,273 441 Total financial instruments and other inventory positions owned 993 — (90 ) — — 90 341 1,334 439 Investments at fair value 108,121 10,000 (14,199 ) — (357 ) 4,949 (4,229 ) 104,285 (4,229 ) Total assets $ 109,114 $ 10,000 $ (14,289 ) $ — $ (357 ) $ 5,039 $ (3,888 ) $ 105,619 $ (3,790 ) Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 1,005 $ (210 ) $ 40 $ — $ — $ 169 $ (636 ) $ 368 $ (464 ) Total financial instruments and other inventory positions sold, but not yet purchased $ 1,005 $ (210 ) $ 40 $ — $ — $ 169 $ (636 ) $ 368 $ (464 ) (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income/(loss) on the consolidated statements of operations. Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at June 30, Transfers Transfers gains/ gains/ September 30, September 30, (Dollars in thousands) 2017 Purchases Sales in out (losses) (1) (losses) (1) 2017 2017 (1) Assets: Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities $ 1,117 $ — $ (267 ) $ — $ — $ — $ (100 ) $ 750 $ (100 ) Short-term securities 721 — — — — — (16 ) 705 (16 ) Mortgage-backed securities 4,251 — — — — — 70 4,321 70 Derivative contracts 383 105 — — — (105 ) 303 686 686 Total financial instruments and other inventory positions owned 6,472 105 (267 ) — — (105 ) 257 6,462 640 Investments at fair value 113,885 18,250 — — — — (1,975 ) 130,160 (1,975 ) Total assets $ 120,357 $ 18,355 $ (267 ) $ — $ — $ (105 ) $ (1,718 ) $ 136,622 $ (1,335 ) Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 5,573 $ — $ 3,461 $ — $ — $ (3,461 ) $ (1,323 ) $ 4,250 $ 1,430 Total financial instruments and other inventory positions sold, but not yet purchased $ 5,573 $ — $ 3,461 $ — $ — $ (3,461 ) $ (1,323 ) $ 4,250 $ 1,430 (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income/(loss) on the consolidated statements of operations. Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers Transfers gains/ gains/ September 30, September 30, (Dollars in thousands) 2017 Purchases Sales in out (losses) (1) (losses) (1) 2018 2018 (1) Assets: Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities $ 700 $ — $ — $ — $ (700 ) $ — $ — $ — $ — Short-term securities 714 — (725 ) — — 51 5 45 — Mortgage-backed securities 481 — (5 ) — — — (460 ) 16 (93 ) Derivative contracts 126 4 (2,965 ) — — 2,961 1,147 1,273 1,273 Total financial instruments and other inventory positions owned 2,021 4 (3,695 ) — (700 ) 3,012 692 1,334 1,180 Investments at fair value 126,060 11,708 (29,139 ) — (502 ) 14,015 (17,857 ) 104,285 (8,307 ) Total assets $ 128,081 $ 11,712 $ (32,834 ) $ — $ (1,202 ) $ 17,027 $ (17,165 ) $ 105,619 $ (7,127 ) Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 4,433 $ (1,600 ) $ 3,266 $ — $ — $ (1,666 ) $ (4,065 ) $ 368 $ 368 Total financial instruments and other inventory positions sold, but not yet purchased $ 4,433 $ (1,600 ) $ 3,266 $ — $ — $ (1,666 ) $ (4,065 ) $ 368 $ 368 (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income/(loss) on the consolidated statements of operations. Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers Transfers gains/ gains/ September 30, September 30, (Dollars in thousands) 2016 Purchases Sales in out (losses) (1) (losses) (1) 2017 2017 (1) Assets: Financial instruments and other inventory positions owned: Municipal securities: Taxable securities $ 2,686 $ — $ (2,703 ) $ — $ — $ 716 $ (699 ) $ — $ — Tax-exempt securities 1,077 — (267 ) — — — (60 ) 750 (60 ) Short-term securities 744 — (25 ) — — 2 (16 ) 705 (16 ) Mortgage-backed securities 5,365 997 (1,854 ) — — 296 (483 ) 4,321 (90 ) Derivative contracts 13,952 350 (11,978 ) — — 11,628 (13,266 ) 686 686 Total financial instruments and other inventory positions owned 23,824 1,347 (16,827 ) — — 12,642 (14,524 ) 6,462 520 Investments at fair value 123,319 25,444 (25,211 ) — (601 ) 9,399 (2,190 ) 130,160 7,704 Total assets $ 147,143 $ 26,791 $ (42,038 ) $ — $ (601 ) $ 22,041 $ (16,714 ) $ 136,622 $ 8,224 Liabilities: Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 1,487 $ (719 ) $ 11,219 $ — $ — $ (10,500 ) $ 2,763 $ 4,250 $ 4,125 Total financial instruments and other inventory positions sold, but not yet purchased $ 1,487 $ (719 ) $ 11,219 $ — $ — $ (10,500 ) $ 2,763 $ 4,250 $ 4,125 (1) Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are reported in investment banking revenues or investment income/(loss) on the consolidated statements of operations.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2018
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Schedule of Consolidated Variable Interest Entities	The following table presents information about the carrying value of the assets and liabilities of the VIEs which are consolidated by the Company and included on the consolidated statements of financial condition at September 30, 2018 . The assets can only be used to settle the liabilities of the respective VIE, and the creditors of the VIEs do not have recourse to the general credit of the Company. One of these VIEs has $25.0 million of bank line financing available with an interest rate based on prime plus an applicable margin. The assets and liabilities are presented prior to consolidation, and thus a portion of these assets and liabilities are eliminated in consolidation. Alternative Asset (Dollars in thousands) Management Funds Assets: Investments $ 100,905 Other assets 6,761 Total assets $ 107,666 Liabilities: Other liabilities and accrued expenses $ 10,740 Total liabilities $ 10,740

Receivables from and Payables_2

Receivables from and Payables to Brokers, Dealers and Clearing Organizations (Tables)	9 Months Ended
	Sep. 30, 2018
Brokers and Dealers [Abstract]
Schedule of Receivables from and Payables to Brokers, Dealers and Clearing Organizations	September 30, December 31, (Dollars in thousands) 2018 2017 Receivable from clearing organizations $ 153,527 $ 109,270 Deposits with clearing organizations 2,551 11,019 Receivable from brokers and dealers 15,058 12,041 Receivable arising from unsettled securities transactions — 9,218 Other 2,929 3,846 Total receivables from brokers, dealers and clearing organizations $ 174,065 $ 145,394 September 30, December 31, (Dollars in thousands) 2018 2017 Payable to brokers and dealers $ 6,371 $ 18,584 Payable arising from unsettled securities transactions — 808 Total payables to brokers, dealers and clearing organizations $ 6,371 $ 19,392

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2018
Investments, All Other Investments [Abstract]
Schedule of Investments	The Company's investments include investments in private companies and partnerships, registered mutual funds and private company debt. September 30, December 31, (Dollars in thousands) 2018 2017 Investments at fair value $ 143,786 $ 165,564 Investments at cost 1,614 2,416 Investments accounted for under the equity method 6,980 8,232 Total investments 152,380 176,212 Less investments attributable to noncontrolling interests (1) (47,204 ) (44,397 ) $ 105,176 $ 131,815 (1) Noncontrolling interests are attributable to third party ownership in consolidated merchant banking and senior living funds.

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	September 30, December 31, (Dollars in thousands) 2018 2017 Fee receivables $ 26,170 $ 20,884 Income tax receivables 7,311 — Accrued interest receivables 8,485 6,981 Forgivable loans, net 8,377 7,452 Prepaid expenses 8,016 6,769 Other 10,340 12,748 Total other assets $ 68,699 $ 54,834

Short-Term Financing (Tables)

Short-Term Financing (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Summary of Short-Term Financing and Weighted Average Interest Rate on Borrowings	Outstanding Balance Weighted Average Interest Rate September 30, December 31, September 30, December 31, (Dollars in thousands) 2018 2017 2018 2017 Commercial paper (secured) $ 49,957 $ 49,974 3.12 % 2.32 % Prime broker arrangement — 239,963 N/A 2.23 % Total short-term financing $ 49,957 $ 289,937

Contingencies, Commitments an_2

Contingencies, Commitments and Guarantees (Tables)	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Aggregate Minimum Lease Commitments Under Operating Leases	The Company leases office space throughout the United States and in a limited number of foreign countries where the Company's international operations reside. Aggregate minimum lease commitments under operating leases as of September 30, 2018 are as follows: (Dollars in thousands) Remainder of 2018 $ 3,557 2019 13,601 2020 13,686 2021 9,329 2022 7,985 Thereafter 22,900 Total $ 71,058

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 30, 2018
Restructuring and Related Activities [Abstract]
Schedule of Pre-tax Restructuring Costs	The Company incurred the following pre-tax restructuring costs principally related to headcount reductions in both the Capital Markets and Asset Management segments. Three Months Ended Nine Months Ended (Dollars in thousands) September 30, 2018 September 30, 2018 Severance, benefits and outplacement costs $ — $ 3,455 Contract termination costs — 185 Vacated leased office space — 130 Total pre-tax restructuring costs $ — $ 3,770

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Changes in Shareholders' Equity	Ownership interests in entities held by parties other than the Company's common shareholders are presented as noncontrolling interests within shareholders' equity, separate from the Company's own equity. Revenues, expenses and net income or loss are reported on the consolidated statements of operations on a consolidated basis, which includes amounts attributable to both the Company's common shareholders and noncontrolling interests. Net income or loss is then allocated between the Company and noncontrolling interests based upon their relative ownership interests. Net income applicable to noncontrolling interests is deducted from consolidated net income to determine net income applicable to the Company. There was no other comprehensive income or loss attributed to noncontrolling interests for the nine months ended September 30, 2018 and 2017 , respectively. The following table presents the changes in shareholders' equity for the nine months ended September 30, 2018 : Common Common Total Shares Shareholders' Noncontrolling Shareholders' (Amounts in thousands, except share amounts) Outstanding Equity Interests Equity Balance at December 31, 2017 12,911,149 $ 693,332 $ 47,903 $ 741,235 Net income/(loss) — 38,852 (1,271 ) 37,581 Dividends — (41,631 ) — (41,631 ) Amortization/issuance of restricted stock — 44,541 — 44,541 Issuance of treasury shares for restricted stock vestings 840,043 — — — Repurchase of common stock through share repurchase program (124,606 ) (9,004 ) — (9,004 ) Repurchase of common stock for employee tax withholding (264,254 ) (22,660 ) — (22,660 ) Shares reserved/issued for director compensation 4,371 348 — 348 Other comprehensive income — 30 — 30 Cumulative effect upon adoption of new accounting standard, net of tax (1) — (3,597 ) — (3,597 ) Fund capital contributions, net — — 572 572 Balance at September 30, 2018 13,366,703 $ 700,211 $ 47,204 $ 747,415 (1) Cumulative effect adjustment upon adoption of ASU 2014-09, as amended. See Note 2 for further discussion.

Compensation Plans (Tables)

Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Outstanding Equity Awards	The following table provides a summary of the Company's outstanding equity awards (in shares or units) as of September 30, 2018 : Incentive Plan Restricted Stock Annual grants 657,185 Sign-on grants 70,627 727,812 Inducement Plan Restricted Stock 254,058 Total restricted stock related to compensation 981,870 Simmons Deal Consideration (1) 772,764 Total restricted stock outstanding 1,754,634 Incentive Plan Restricted Stock Units Leadership grants 194,251 Incentive Plan Stock Options 81,667 (1) The Company issued restricted stock with service conditions as part of deal consideration for the acquisition of Simmons & Company International ("Simmons") on February 26, 2016.
Schedule of RSU Valuation Assumptions	For this portion of the awards, the fair value on the grant date was determined using a Monte Carlo simulation with the following assumptions: Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2018 2.40% 34.8% 2017 1.62% 35.9% The fair value of the awards on the grant date was determined using a Monte Carlo simulation with the following assumptions pursuant to the methodology above: Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2016 0.98% 34.9% 2015 0.90% 29.8%
Schedule of Stock Options Valuation Assumptions	The fair value of this stock option award was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Risk-free interest rate 2.82% Dividend yield 3.22% Expected stock price volatility 37.20% Expected life of options (in years) 7.0 Fair value of options granted (per share) $24.49
Schedule of Stock-Based Compensation Expense	The following table summarizes the Company's stock-based compensation expense: Three Months Ended Nine Months Ended September 30, September 30, (amounts in millions) 2018 2017 2018 2017 Stock-based compensation expense $ 12.7 $ 13.5 $ 31.1 $ 25.8 Forfeitures 0.2 0.7 0.7 3.0 Tax benefit related to stock-based compensation expense 2.3 4.2 5.2 7.1
Changes in Unvested Restricted Stock	The following table summarizes the changes in the Company's unvested restricted stock: Unvested Weighted Average Restricted Stock Grant Date (in Shares) Fair Value December 31, 2017 2,225,617 $ 46.40 Granted 291,597 89.31 Vested (745,578 ) 49.03 Canceled (17,002 ) 51.18 September 30, 2018 1,754,634 $ 52.36
Changes in Unvested Restricted Stock Units	The following table summarizes the changes in the Company's unvested restricted stock units: Unvested Weighted Average Restricted Grant Date Stock Units Fair Value December 31, 2017 244,772 $ 27.89 Granted 53,796 92.93 Vested (86,511 ) 21.83 Canceled (17,806 ) 23.91 September 30, 2018 194,251 $ 48.97
Changes in Outstanding Stock Options	The following table summarizes the changes in the Company's outstanding stock options: Weighted Average Weighted Remaining Options Average Contractual Term Aggregate Outstanding Exercise Price (in Years) Intrinsic Value December 31, 2017 — $ — 0.0 $ — Granted 81,667 99.00 Exercised — — Canceled — — September 30, 2018 81,667 $ 99.00 9.4 $ —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Computation of Earnings per Share	The computation of earnings per share is as follows: Three Months Ended Nine Months Ended September 30, September 30, (Amounts in thousands, except per share data) 2018 2017 2018 2017 Net income/(loss) applicable to Piper Jaffray Companies $ 22,023 $ (49,713 ) $ 38,852 $ (15,865 ) Earnings allocated to participating securities (1) (2,646 ) (702 ) (5,202 ) (2,241 ) Net income/(loss) applicable to Piper Jaffray Companies' common shareholders (2) $ 19,377 $ (50,415 ) $ 33,650 $ (18,106 ) Shares for basic and diluted calculations: Average shares used in basic computation 13,343 12,898 13,248 12,774 Restricted stock units 165 77 196 171 Average shares used in diluted computation 13,508 12,975 (3) 13,444 (3) 12,945 (3) Earnings/(loss) per common share: Basic $ 1.45 $ (3.91 ) $ 2.54 $ (1.42 ) Diluted $ 1.43 $ (3.91 ) (3) $ 2.50 (3) $ (1.42 ) (3) (1) Represents the allocation of distributed and undistributed earnings to participating securities. No allocation of undistributed earnings is made for periods in which a loss is incurred, or for periods in which cash dividends exceed net income resulting in an undistributed loss. Distributed earnings (e.g., dividends) are allocated to participating securities. Participating securities include all of the Company's unvested restricted shares. The weighted average participating shares outstanding were 1,842,036 and 2,246,663 for the three months ended September 30, 2018 and 2017 , respectively, and 1,944,946 and 2,389,755 for the nine months ended September 30, 2018 and 2017 , respectively. (2) Net income applicable to Piper Jaffray Companies' common shareholders for diluted and basic EPS may differ under the two-class method as a result of adding the effect of the assumed exercise of stock options and restricted stock units to dilutive shares outstanding, which alters the ratio used to allocate earnings to Piper Jaffray Companies' common shareholders and participating securities for purposes of calculating diluted and basic EPS. (3) Earnings per diluted common share is calculated using the basic weighted average number of common shares outstanding for periods in which a loss is incurred, or for periods in which cash dividends exceed net income resulting in an undistributed loss. Common shares of 1,754,634 and 2,235,060 were excluded from diluted EPS at September 30, 2018 and 2017 , respectively, as the Company had undistributed losses for these periods.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Reportable Segment Financial Results	Reportable segment financial results are as follows: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Capital Markets Investment banking Advisory services $ 113,540 $ 146,816 $ 266,083 $ 332,205 Financing Equities 32,188 22,117 99,868 70,229 Debt 20,936 21,687 45,473 60,066 Total investment banking 166,664 190,620 411,424 462,500 Institutional sales and trading Equities 17,804 18,410 54,951 59,085 Fixed income 18,162 20,676 52,932 63,137 Total institutional sales and trading 35,966 39,086 107,883 122,222 Management and performance fees 1,806 678 4,824 4,172 Investment income/(loss) 3,166 (660 ) 7,607 15,155 Long-term financing expenses (1,732 ) (1,736 ) (5,351 ) (6,003 ) Net revenues 205,870 227,988 526,387 598,046 Operating expenses (1) 176,783 196,409 482,024 524,702 Segment pre-tax operating income $ 29,087 $ 31,579 $ 44,363 $ 73,344 Segment pre-tax operating margin 14.1 % 13.9 % 8.4 % 12.3 % Continued on next page Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Asset Management Management and performance fees Management fees $ 11,571 $ 12,140 $ 33,874 $ 39,839 Performance fees — — 8 — Total management and performance fees 11,571 12,140 33,882 39,839 Investment income/(loss) 87 439 (198 ) 956 Net revenues 11,658 12,579 33,684 40,795 Operating expenses (1) 11,110 126,394 35,115 153,699 Segment pre-tax operating income/(loss) $ 548 $ (113,815 ) $ (1,431 ) $ (112,904 ) Segment pre-tax operating margin 4.7 % (904.8 )% (4.2 )% (276.8 )% Total Net revenues $ 217,528 $ 240,567 $ 560,071 $ 638,841 Operating expenses 187,893 322,803 517,139 678,401 Pre-tax operating income/(loss) $ 29,635 $ (82,236 ) $ 42,932 $ (39,560 ) Pre-tax operating margin 13.6 % (34.2 )% 7.7 % (6.2 )% (1) Operating expenses include a $114.4 million goodwill impairment charge for the Asset Management segment for the three and nine months ended September 30, 2017 , as well as intangible asset amortization as set forth in the table below: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Capital Markets $ 1,214 $ 2,544 $ 3,643 $ 7,633 Asset Management 1,401 1,278 4,202 3,833 Total intangible asset amortization $ 2,615 $ 3,822 $ 7,845 $ 11,466
Reportable Segment Assets	Reportable segment assets are as follows: September 30, December 31, (Dollars in thousands) 2018 2017 Capital Markets $ 1,411,590 $ 1,933,050 Asset Management 81,846 91,633 Total assets $ 1,493,436 $ 2,024,683

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2018segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

Accounting Policies and Prono_4

Accounting Policies and Pronouncements - Additional Information (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deal-related expenses		$ 7,671	$ 0	$ 18,888	$ 0
Cash, cash equivalents and restricted cash	[1]	68,774	46,932	68,774	46,932	$ 33,793	$ 70,374
Aggregate minimum lease commitments		$ 71,058		$ 71,058
ASU 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash and cash equivalents			40,916		40,916	33,793	41,359
Cash and cash equivalents segregated for regulatory purposes			6,016		6,016	0	29,015
Cash, cash equivalents and restricted cash			$ 46,932		$ 46,932	$ 33,793	$ 70,374
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of operating leases		65		65
Aggregate minimum lease commitments		$ 71,058		$ 71,058
Retained earnings | ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease to retained earnings		$ (3,597)		$ (3,597)
[1]	Upon adoption of ASU 2016-18, restricted cash includes cash and cash equivalents previously segregated for regulatory purposes. See Note 2 for further discussion.

Financial Instruments and Oth_3

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased - Schedule of Financial Instruments Owned and Financial Instruments Sold, but Not Yet Purchased by Type (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Financial instruments and other inventory positions owned:
Equity securities	$ 21,473	$ 51,896
Convertible securities	126,641	74,456
Fixed income securities	42,976	30,145
Taxable securities	41,766	67,699
Tax-exempt securities	226,702	744,241
Short-term securities	150,090	62,251
Mortgage-backed securities	16	481
U.S. government agency securities	173,477	317,318
U.S. government securities	1,561	9,317
Derivative contracts	13,418	25,573
Total financial instruments and other inventory positions owned	798,120	1,383,377
Financial instruments and other inventory positions sold, but not yet purchased:
Equity securities	116,712	101,517
Fixed income securities	31,187	30,292
U.S. government agency securities	37,245	49,077
U.S. government securities	65,205	213,312
Derivative contracts	4,236	5,029
Total financial instruments and other inventory positions sold, but not yet purchased	254,585	399,227
Financial instruments and other inventory positions owned and pledged as collateral	$ 162,227	$ 720,047

Financial Instruments and Oth_4

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased - Schedule of Gross Fair Market Value and Total Absolute Notional Contract Amount (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Derivative Assets	$ 160,958	$ 239,356
Derivative Liabilities	148,312	230,349
Notional Amount	2,845,673	3,228,091
Customer matched-book | Interest rate
Derivative [Line Items]
Notional Amount	2,602,498	2,819,006
Customer matched-book | Interest rate | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets	159,244	239,224
Customer matched-book | Interest rate | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities	147,944	225,890
Trading securities | Interest rate
Derivative [Line Items]
Notional Amount	243,175	399,450
Trading securities | Interest rate | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets	1,714	126
Trading securities | Interest rate | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities	368	4,459
Trading securities | Equity options
Derivative [Line Items]
Notional Amount	0	9,635
Trading securities | Equity options | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets	0	6
Trading securities | Equity options | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities	$ 0	$ 0

Financial Instruments and Oth_5

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased - Unrealized Gains/(Losses) on Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	$ 679	$ 5,631	$ 3,645	$ (12,622)
Interest rate derivative contract | Investment banking
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	(301)	(300)	(1,567)	(1,076)
Interest rate derivative contract | Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	980	1,627	5,212	(16,028)
Credit default swap index contract | Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	$ 0	$ 4,304	$ 0	$ 4,482

Financial Instruments and Oth_6

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased - Additional Information (Details) - Maximum risk of loss $ in Millions	Sep. 30, 2018USD ($)
Counterparties not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollateralized credit exposure	$ 13.5
Notional contract amount	178.6
One unnamed financial institutional not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollateralized credit exposure	$ 10.8

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value Option (Details) - Merchant Banking Investments - Level III - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments at fair value	$ 3.3		$ 14.1
Gains from changes in fair value	$ 0.9	$ 1.4

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Information about Significant Unobservable Inputs used in Fair Value Measurement (Details) - Level III	9 Months Ended
	Sep. 30, 2018basis_points
Interest rate locks | Financial instruments and other inventory positions owned | Minimum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Premium over the MMD curve in basis points	1
Interest rate locks | Financial instruments and other inventory positions owned | Maximum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Premium over the MMD curve in basis points	11
Interest rate locks | Financial instruments and other inventory positions owned | Weighted Average | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Premium over the MMD curve in basis points	8.7
Equity investment in private company | Investments | Minimum | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Revenue multiple	2
EBITDA multiple	13
Equity investment in private company | Investments | Maximum | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Revenue multiple	6
EBITDA multiple	16
Equity investment in private company | Investments | Weighted Average | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Revenue multiple	4.8
EBITDA multiple	14.4
Interest rate locks | Financial instruments and other inventory positions sold, but not yet purchased | Minimum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Premium over the MMD curve in basis points	7
Interest rate locks | Financial instruments and other inventory positions sold, but not yet purchased | Maximum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Premium over the MMD curve in basis points	16
Interest rate locks | Financial instruments and other inventory positions sold, but not yet purchased | Weighted Average | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Premium over the MMD curve in basis points	8.9

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Additional Information (Details) - Level III - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 105,619	$ 128,081
Percentage of Level III assets to financial instruments measured at fair value	10.70%	8.20%

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Valuation of Financial Instruments by Pricing Observability Levels (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Assets:
Equity securities	$ 21,473	$ 51,896
Convertible securities	126,641	74,456
Fixed income securities	42,976	30,145
Taxable securities	41,766	67,699
Tax-exempt securities	226,702	744,241
Short-term securities	150,090	62,251
Mortgage-backed securities	16	481
U.S. government agency securities	173,477	317,318
U.S. government securities	1,561	9,317
Derivative contracts	13,418	25,573
Derivative contracts	(147,540)	(213,783)
Total financial instruments and other inventory positions owned	798,120	1,383,377
Liabilities
Equity securities	116,712	101,517
Fixed income securities	31,187	30,292
U.S. government agency securities	37,245	49,077
U.S. government securities	65,205	213,312
Derivative contracts	4,236	5,029
Derivative contracts	(144,076)	(225,320)
Total financial instruments and other inventory positions sold, but not yet purchased	254,585	399,227
Securities posted as collateral to its counterparties	0	0
Investments at fair value	143,786	165,564
Transfers between fair value levels	0
Investments attributable to noncontrolling interests
Liabilities
Investments at fair value	47,204	44,397
Level I
Assets:
Equity securities	266	1,863
U.S. government securities	1,561	9,317
Derivative contracts		6
Total financial instruments and other inventory positions owned	1,827	11,186
Cash equivalents	40,793	3,782
Investments at fair value	39,501	39,504
Total assets	82,121	54,472
Liabilities
Equity securities	112,642	91,934
U.S. government securities	65,205	213,312
Total financial instruments and other inventory positions sold, but not yet purchased	177,847	305,246
Level II
Assets:
Equity securities	21,207	50,033
Convertible securities	126,641	74,456
Fixed income securities	42,976	30,145
Taxable securities	41,766	67,699
Tax-exempt securities	226,702	743,541
Short-term securities	150,045	61,537
U.S. government agency securities	173,477	317,318
Derivative contracts	159,685	239,224
Total financial instruments and other inventory positions owned	942,499	1,583,953
Total assets	942,499	1,583,953
Liabilities
Equity securities	4,070	9,583
Fixed income securities	31,187	30,292
U.S. government agency securities	37,245	49,077
Derivative contracts	147,944	225,916
Total financial instruments and other inventory positions sold, but not yet purchased	220,446	314,868
Level III
Assets:
Tax-exempt securities		700
Short-term securities	45	714
Mortgage-backed securities	16	481
Derivative contracts	1,273	126
Total financial instruments and other inventory positions owned	1,334	2,021
Investments at fair value	104,285	126,060
Total assets	105,619	128,081
Liabilities
Derivative contracts	368	4,433
Total financial instruments and other inventory positions sold, but not yet purchased	368	4,433
Measured on a recurring basis
Assets:
Equity securities	21,473	51,896
Convertible securities	126,641	74,456
Fixed income securities	42,976	30,145
Taxable securities	41,766	67,699
Tax-exempt securities	226,702	744,241
Short-term securities	150,090	62,251
Mortgage-backed securities	16	481
U.S. government agency securities	173,477	317,318
U.S. government securities	1,561	9,317
Derivative contracts	13,418	25,573
Total financial instruments and other inventory positions owned	798,120	1,383,377
Cash equivalents	40,793	3,782
Investments at fair value	143,786	165,564
Total assets	982,699	1,552,723
Liabilities
Equity securities	116,712	101,517
Fixed income securities	31,187	30,292
U.S. government agency securities	37,245	49,077
U.S. government securities	65,205	213,312
Derivative contracts	4,236	5,029
Total financial instruments and other inventory positions sold, but not yet purchased	$ 254,585	$ 399,227

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Changes in Fair Value Associated with Level III Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 109,114	$ 120,357	$ 128,081	$ 147,143
Purchases	(10,000)	(18,355)	(11,712)	(26,791)
Sales	(14,289)	(267)	(32,834)	(42,038)
Transfers in	0	0	0	0
Transfers out	357	0	1,202	601
Realized gains/(losses)	5,039	(105)	17,027	22,041
Unrealized gains/(losses)	(3,888)	(1,718)	(17,165)	(16,714)
Ending balance	105,619	136,622	105,619	136,622
Unrealized gains/ (losses) for assets held at period end	(3,790)	(1,335)	(7,127)	8,224
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,005	5,573	4,433	1,487
Purchases	(210)	0	(1,600)	(719)
Sales	40	3,461	3,266	11,219
Transfers in	0	0	0	0
Transfers out	0	0	0	0
Realized gains/(losses)	169	(3,461)	(1,666)	(10,500)
Unrealized gains/(losses)	(636)	(1,323)	(4,065)	2,763
Ending balance	368	4,250	368	4,250
Unrealized gains/(losses) for liabilities held at period end	(464)	1,430	368	4,125
Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	993	6,472	2,021	23,824
Purchases	0	(105)	(4)	(1,347)
Sales	(90)	(267)	(3,695)	(16,827)
Transfers in	0	0	0	0
Transfers out	0	0	700	0
Realized gains/(losses)	90	(105)	3,012	12,642
Unrealized gains/(losses)	341	257	692	(14,524)
Ending balance	1,334	6,462	1,334	6,462
Unrealized gains/ (losses) for assets held at period end	439	640	1,180	520
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	108,121	113,885	126,060	123,319
Purchases	(10,000)	(18,250)	(11,708)	(25,444)
Sales	(14,199)	0	(29,139)	(25,211)
Transfers in	0	0	0	0
Transfers out	357	0	502	601
Realized gains/(losses)	4,949	0	14,015	9,399
Unrealized gains/(losses)	(4,229)	(1,975)	(17,857)	(2,190)
Ending balance	104,285	130,160	104,285	130,160
Unrealized gains/ (losses) for assets held at period end	(4,229)	(1,975)	(8,307)	7,704
Taxable securities | Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance				2,686
Purchases				0
Sales				(2,703)
Transfers in				0
Transfers out				0
Realized gains/(losses)				716
Unrealized gains/(losses)				(699)
Ending balance		0		0
Unrealized gains/ (losses) for assets held at period end				0
Tax-exempt securities | Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		1,117	700	1,077
Purchases		0	0	0
Sales		(267)	0	(267)
Transfers in		0	0	0
Transfers out		0	700	0
Realized gains/(losses)		0	0	0
Unrealized gains/(losses)		(100)	0	(60)
Ending balance	0	750	0	750
Unrealized gains/ (losses) for assets held at period end		(100)	0	(60)
Short-term securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers out	0	0	0	0
Short-term securities | Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	45	721	714	744
Purchases	0	0	0	0
Sales	0	0	(725)	(25)
Transfers in	0	0	0	0
Realized gains/(losses)	0	0	51	2
Unrealized gains/(losses)	0	(16)	5	(16)
Ending balance	45	705	45	705
Unrealized gains/ (losses) for assets held at period end	0	(16)	0	(16)
Mortgage-backed securities | Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	18	4,251	481	5,365
Purchases	0	0	0	(997)
Sales	0	0	(5)	(1,854)
Transfers in	0	0	0	0
Transfers out	0	0	0	0
Realized gains/(losses)	0	0	0	296
Unrealized gains/(losses)	(2)	70	(460)	(483)
Ending balance	16	4,321	16	4,321
Unrealized gains/ (losses) for assets held at period end	(2)	70	(93)	(90)
Derivative contracts | Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	930	383	126	13,952
Purchases	0	105	4	350
Sales	(90)	0	(2,965)	(11,978)
Transfers in	0	0	0	0
Transfers out	0	0	0	0
Realized gains/(losses)	90	(105)	2,961	11,628
Unrealized gains/(losses)	343	303	1,147	(13,266)
Ending balance	1,273	686	1,273	686
Unrealized gains/ (losses) for assets held at period end	441	686	1,273	686
Derivative contracts | Financial instruments and other inventory positions sold, but not yet purchased
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,005	5,573	4,433	1,487
Purchases	(210)	0	(1,600)	(719)
Sales	40	3,461	3,266	11,219
Transfers in	0	0	0	0
Transfers out	0	0	0	0
Realized gains/(losses)	169	(3,461)	(1,666)	(10,500)
Unrealized gains/(losses)	(636)	(1,323)	(4,065)	2,763
Ending balance	368	4,250	368	4,250
Unrealized gains/(losses) for liabilities held at period end	$ (464)	$ 1,430	$ 368	$ 4,125

Fair Value of Financial Instr_8

Fair Value of Financial Instruments - Non-Recurring Fair Value Measurement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge	$ 0	$ 114,363	$ 0	$ 114,363
Non-recurring fair value measurement | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge		$ 114,363

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Consolidated Variable Interest Entities (Details) - Variable Interest Entity, Primary Beneficiary $ in Thousands	Sep. 30, 2018USD ($)
Variable Interest Entity [Line Items]
Consolidated VIE assets	$ 107,666
Consolidated VIE liabilities	10,740
Investments
Variable Interest Entity [Line Items]
Consolidated VIE assets	100,905
Other assets
Variable Interest Entity [Line Items]
Consolidated VIE assets	6,761
Other liabilities and accrued expenses
Variable Interest Entity [Line Items]
Consolidated VIE liabilities	$ 10,740

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Available bank line financing	$ 25,000,000
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure
Variable Interest Entity [Line Items]
Variable interest entities, nonconsolidated net assets	500,000,000	$ 600,000,000
Variable interest entities, exposure to loss	6,900,000
Variable interest entity, nonconsolidated liabilities	$ 0	$ 0

Receivables from and Payables_3

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Schedule of Receivables from and Payables to Brokers, Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Receivables from Brokers-Dealers and Clearing Organizations [Abstract]
Receivable from clearing organizations	$ 153,527	$ 109,270
Deposits with clearing organizations	2,551	11,019
Receivable from brokers and dealers	15,058	12,041
Receivable arising from unsettled securities transactions	0	9,218
Other	2,929	3,846
Total receivables from brokers, dealers and clearing organizations	174,065	145,394
Payables to Broker-Dealers and Clearing Organizations [Abstract]
Due to brokers and dealers	6,371	18,584
Payable arising from unsettled securities transactions	0	808
Total payables to brokers, dealers and clearing organizations	$ 6,371	$ 19,392

Receivables from and Payables_4

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Additional Information (Details)	Sep. 30, 2018USD ($)
Pershing clearing arrangement
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Excess net capital required	$ 120,000,000

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Investments at fair value	$ 143,786	$ 165,564
Investments at cost	1,614	2,416
Investments accounted for under the equity method	6,980	8,232
Total investments	152,380	176,212
Investments attributable to noncontrolling interests
Schedule of Investments [Line Items]
Investments at fair value	47,204	44,397
Investments attributable to parent
Schedule of Investments [Line Items]
Total investments	$ 105,176	$ 131,815

Investments - Additional Inform

Investments - Additional Information (Details) $ in Millions	Sep. 30, 2018USD ($)
Investments, All Other Investments [Abstract]
Estimated fair market value of investments carried at cost	$ 1.6

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Fee receivables	$ 26,170	$ 20,884
Income tax receivables	7,311	0
Accrued interest receivables	8,485	6,981
Forgivable loans, net	8,377	7,452
Prepaid expenses	8,016	6,769
Other	10,340	12,748
Total other assets	$ 68,699	$ 54,834

Short-Term Financing - Summary

Short-Term Financing - Summary of Short Term Financing and Weighted Average Interest Rate on Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Short-term Debt [Line Items]
Oustanding Balance	$ 49,957	$ 289,937
Commercial paper (secured)
Short-term Debt [Line Items]
Oustanding Balance	$ 49,957	$ 49,974
Weighted Average Interest Rate	3.12%	2.32%
Prime broker arrangement
Short-term Debt [Line Items]
Oustanding Balance	$ 0	$ 239,963
Weighted Average Interest Rate		2.23%

Short-Term Financing - Addition

Short-Term Financing - Additional Information (Details)	9 Months Ended
	Sep. 30, 2018USD ($)program	Dec. 31, 2017USD ($)
Short-term Debt [Line Items]
Short-term financing	$ 49,957,000	$ 289,937,000
Commercial paper (secured)
Short-term Debt [Line Items]
Number of commercial paper programs | program	2
Short-term financing	$ 49,957,000	$ 49,974,000
Commercial paper (secured) | Minimum
Short-term Debt [Line Items]
Debt term	27 days
Commercial paper (secured) | Maximum
Short-term Debt [Line Items]
Debt term	270 days
Commercial paper (secured) | CP Series II A
Short-term Debt [Line Items]
Excess net capital required	$ 100,000,000
Commercial paper (secured) | CP Series II A | Weighted Average
Short-term Debt [Line Items]
Debt term	10 days
Bank lines (secured) | Committed Credit Facility
Short-term Debt [Line Items]
Debt term	1 year
Line of credity, maximum borrowing capacity	$ 200,000,000
Minimum net capital required	120,000,000
Short-term financing	0
Bank lines (secured) | Uncommitted Credit Facility
Short-term Debt [Line Items]
Line of credity, maximum borrowing capacity	85,000,000
Short-term financing	$ 0

Contingencies, Commitments an_3

Contingencies, Commitments and Guarantees - Schedule of Aggregate Minimum Lease Commitments Under Operating Leases (Details) $ in Thousands	Sep. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2018	$ 3,557
2,019	13,601
2,020	13,686
2,021	9,329
2,022	7,985
Thereafter	22,900
Total	$ 71,058

Contingencies, Commitments an_4

Contingencies, Commitments and Guarantees - Additional Information (Details) $ in Millions	Sep. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitments to investment vehicles	$ 80.6

Restructuring - Schedule of Pre

Restructuring - Schedule of Pre-tax Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Restructuring Cost and Reserve [Line Items]
Pre-tax restructuring charges	$ 0	$ 0	$ 3,770	$ 0
Severance, benefits and outplacement costs
Restructuring Cost and Reserve [Line Items]
Pre-tax restructuring charges	0		3,455
Contract termination costs
Restructuring Cost and Reserve [Line Items]
Pre-tax restructuring charges	0		185
Vacated leased office space
Restructuring Cost and Reserve [Line Items]
Pre-tax restructuring charges	$ 0		$ 130

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Aug. 14, 2015
Equity, Class of Treasury Stock [Line Items]
Aggregate purchase price				$ 31,664,000	$ 25,065,000
Shares of common stock purchased from restricted stock award related to recipients' employment tax obligations				264,254	308,801
Repurchase of common stock for employee tax withholding				$ 22,700,000	$ 22,600,000
Reissuance of treasury shares as a result of employee vesting				840,043	850,925
Cash dividends paid				$ 41,600,000
Cash dividends declared		$ 0.38	$ 0.31	$ 2.75	$ 0.94
Noncontrolling interests proportionate share of equity		$ 47,204,000		$ 47,204,000		$ 47,903,000
Other comprehensive income or loss attributed to noncontrolling interests				0	$ 0
Merchant banking funds
Equity, Class of Treasury Stock [Line Items]
Noncontrolling interests proportionate share of equity		42,000,000		42,000,000		42,700,000
Senior living fund
Equity, Class of Treasury Stock [Line Items]
Noncontrolling interests proportionate share of equity		5,200,000		$ 5,200,000		$ 5,200,000
Quarterly dividend
Equity, Class of Treasury Stock [Line Items]
Cash dividends paid				$ 1.125
Quarterly dividend | Cash dividends declared
Equity, Class of Treasury Stock [Line Items]
Cash dividends declared	$ 0.375
Annual special cash dividend
Equity, Class of Treasury Stock [Line Items]
Cash dividends paid				$ 1.62
Share repurchase program, authorized 2017
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, authorized amount			$ 150,000,000		$ 150,000,000
Shares repurchased				124,606
Average share price				$ 72.26
Aggregate purchase price				$ 9,000,000
Remaining under share repurchase program		$ 141,000,000		$ 141,000,000
Share repurchase program, authorized 2015
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, authorized amount							$ 150,000,000
Shares repurchased					36,936
Average share price					$ 67.62
Aggregate purchase price					$ 2,500,000

Shareholders' Equity - Rollforw

Shareholders' Equity - Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Shareholders' Equity at beginning of period			$ 693,332
Noncontrolling interests at beginning of period			47,903
Total Shareholders' Equity at beginning of period			741,235
Common Shareholders' Equity, Net income	$ 22,023	$ (49,713)	38,852	$ (15,865)
Noncontrolling Interests, Net income	247	(1,100)	(1,271)	3,217
Total Shareholders' Equity, Net income	22,270	$ (50,813)	37,581	$ (12,648)
Dividends			(41,631)
Amortization/issuance of restricted stock			44,541
Repurchase of common stock through share repurchase program			$ 9,004
Repurchase of common stock for employee tax withholding			(264,254)	(308,801)
Repurchase of common stock for employee tax withholding			$ (22,660)
Shares reserved/issued for director compensation			348
Other comprehensive income			(30)
Cumulative effect upon adoption of new accounting standard, net of tax (1)			(3,597)
Fund capital contributions, net			572
Common Shareholders' Equity at period end	700,211		700,211
Noncontrolling Interest at period end	47,204		47,204
Total Shareholders' Equity at period end	$ 747,415		$ 747,415
Common Shares Outstanding
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Shares Outstanding at beginning of period			12,911,149
Issuance of treasury shares for restricted stock vestings			840,043
Repurchase of common stock through share repurchase program			124,606
Repurchase of common stock for employee tax withholding			(264,254)
Shares reserved/issued for director compensation			4,371
Common Shares Outstanding at period end	13,366,703		13,366,703
Common Shareholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Shareholders' Equity at beginning of period			$ 693,332
Dividends			(41,631)
Amortization/issuance of restricted stock			44,541
Repurchase of common stock through share repurchase program			9,004
Repurchase of common stock for employee tax withholding			(22,660)
Shares reserved/issued for director compensation			348
Other comprehensive income			(30)
Cumulative effect upon adoption of new accounting standard, net of tax (1)			(3,597)
Fund capital contributions, net			0
Common Shareholders' Equity at period end	$ 700,211		700,211
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling interests at beginning of period			47,903
Dividends			0
Amortization/issuance of restricted stock			0
Repurchase of common stock through share repurchase program			0
Repurchase of common stock for employee tax withholding			0
Shares reserved/issued for director compensation			0
Other comprehensive income			0
Cumulative effect upon adoption of new accounting standard, net of tax (1)			0
Fund capital contributions, net			572
Noncontrolling Interest at period end	$ 47,204		$ 47,204

Compensation Plans - Summary of

Compensation Plans - Summary of Outstanding Equity Awards (Details) - shares	Sep. 30, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options	81,667	0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	1,754,634	2,225,617
Leadership grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	194,251	244,772
Amended And Restated 2003 Annual And Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options	81,667
Amended And Restated 2003 Annual And Long-Term Incentive Plan | Leadership grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	194,251
Total restricted stock related to compensation | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	981,870
Total restricted stock related to compensation | Amended And Restated 2003 Annual And Long-Term Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	727,812
Total restricted stock related to compensation | Amended And Restated 2003 Annual And Long-Term Incentive Plan | Annual grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	657,185
Total restricted stock related to compensation | Amended And Restated 2003 Annual And Long-Term Incentive Plan | Sign-on grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	70,627
Total restricted stock related to compensation | 2016 Employment Inducement Award Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	254,058
Simmons Deal Consideration (1) | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	772,764

Compensation Plans - Schedule o

Compensation Plans - Schedule of RSU Valuation Assumptions (Details) - Restricted stock units	9 Months Ended
	Sep. 30, 2018
2,018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	2.40%
Expected Stock Price Volatility	34.80%
2,017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	1.62%
Expected Stock Price Volatility	35.90%
2,016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	0.98%
Expected Stock Price Volatility	34.90%
2,015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	0.90%
Expected Stock Price Volatility	29.80%

Compensation Plans - Schedule_2

Compensation Plans - Schedule of Stock Options Valuation Assumptions (Details) - Stock options	9 Months Ended
	Sep. 30, 2018$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.82%
Dividend yield	3.22%
Expected stock price volatility	37.20%
Expected life of options (in years)	7 years
Fair value of options granted (per share)	$ 24.49

Compensation Plans - Schedule_3

Compensation Plans - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense	$ 12.7	$ 13.5	$ 31.1	$ 25.8
Forfeitures	0.2	0.7	0.7	3
Tax benefit related to stock-based compensation expense	$ 2.3	$ 4.2	$ 5.2	$ 7.1

Compensation Plans - Changes in

Compensation Plans - Changes in Unvested Restricted Stock (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2018$ / sharesshares
Unvested Restricted Stock or Stock Units
Beginning Balance | shares	2,225,617
Granted | shares	291,597
Vested | shares	(745,578)
Canceled | shares	(17,002)
Ending Balance | shares	1,754,634
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance | $ / shares	$ 46.40
Granted | $ / shares	89.31
Vested | $ / shares	49.03
Canceled | $ / shares	51.18
Ending Balance | $ / shares	$ 52.36

Compensation Plans - Changes _2

Compensation Plans - Changes in Unvested Restricted Stock Units (Details) - Restricted stock units	9 Months Ended
	Sep. 30, 2018$ / sharesshares
Unvested Restricted Stock or Stock Units
Beginning Balance | shares	244,772
Granted | shares	53,796
Vested | shares	(86,511)
Canceled | shares	(17,806)
Ending Balance | shares	194,251
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance | $ / shares	$ 27.89
Granted | $ / shares	92.93
Vested | $ / shares	21.83
Canceled | $ / shares	23.91
Ending Balance | $ / shares	$ 48.97

Compensation Plans - Changes _3

Compensation Plans - Changes in Outstanding Stock Options (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Options Outstanding
Beginning Balance	0
Granted	81,667
Exercised	0
Cancelled	0
Ending Balance	81,667	0
Weighted Average Exercise Price (in dollars per share)
Beginning Balance	$ 0
Granted	99
Exercised	0
Cancelled	0
Ending Balance	$ 99	$ 0
Weighted Average Remaining Contractual Term (in Years)
Weighted Average Remaining Contractual Term (in Years)	9 years 4 months 15 days	0 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value	$ 0	$ 0

Compensation Plans - Additional

Compensation Plans - Additional Information (Details)	May 16, 2016USD ($)shares	Sep. 30, 2018USD ($)planshares	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)planshares	Sep. 30, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock-based compensation plans | plan		2		2
Compensation expense related to employee restricted stock awards | $		$ 12,700,000	$ 13,500,000	$ 31,100,000	$ 25,800,000
Forfeitures recorded as a result of violating the post-termination restrictions | $		200,000	700,000	700,000	3,000,000
Tax benefit related to compensation costs for stock-based compensation arrangements | $		2,300,000	$ 4,200,000	$ 5,200,000	$ 7,100,000
Remaining weighted average contractual term of stock options				4 years 4 months 15 days
Exercises during the period | shares				0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted | shares				291,597
Annual grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years				3 years
Annual grant expense period				1 year
Sign-on grants | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant requisite service period				1 year
Sign-on grants | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant requisite service period				5 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period for restricted stock units				36 months
Number of years risk free interest rate				3 years
Number of shares granted | shares				53,796
Restricted stock and restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to restricted stock | $		9,100,000		$ 9,100,000
Weighted average period over which restricted stock expense expected to be recognized				1 year
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant requisite service period				5 years
Share based compensation option exercise price				10.00%
Unrecognized compensation cost related to restricted stock | $		$ 1,800,000		$ 1,800,000
Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of stock options				10 years
Amended And Restated 2003 Annual And Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award grants authorized | shares		8,200,000		8,200,000
Shares available for future issuance | shares		800,000		800,000
2016 Employment Inducement Award Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of restricted stock granted | $	$ 11,600,000
Number of shares granted | shares	286,776
2017 and 2018 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage				150.00%
Average adjusted return on equity targets | 2017 and 2018 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage				75.00%
Average adjusted return on equity targets | Prior to 2017 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage				50.00%
Total shareholder return relative to members of a predetermined peer group | 2017 and 2018 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage				75.00%
Total shareholder return | Prior to 2017 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage				50.00%
Probable | Average adjusted return on equity targets | 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage				50.00%
Probable | Average adjusted return on equity targets | 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage				75.00%

Compensation Plans - Acquisitio

Compensation Plans - Acquisition-related Compensation Arrangements (Details) - Performance award plan - Simmons - Cash - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Requisite service period for performance award plan			3 years
Performance award plan accrual	$ 38		$ 38
Compensation expense related to this performance award plan	$ 0.6	$ 7.4	$ 7.2	$ 10.1

Compensation Plans - Deferred C

Compensation Plans - Deferred Compensation Plans (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Nonqualified Deferred Compensation Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Plan Assets	$ 33	$ 31.5
Plan Liabilities	$ 33.1	$ 31.6
Mutual Fund Restricted Shares
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Award Vesting Period	3 years

Earnings Per Share - Computatio

Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017		Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net income/(loss) applicable to Piper Jaffray Companies	$ 22,023	$ (49,713)		$ 38,852	$ (15,865)
Earnings allocated to participating securities	(2,646)	(702)		(5,202)	(2,241)
Net income/(loss) applicable to Piper Jaffray Companies' common shareholders	$ 19,377	$ (50,415)	[1]	$ 33,650	$ (18,106)	[1]
Shares for basic and diluted calculations
Average shares used in basic computation	13,343,000	12,898,000		13,248,000	12,774,000
Average shares used in diluted computation	13,508,000	12,975,000	[2]	13,444,000	12,945,000	[2]
Earnings/(loss) per common share
Basic	$ 1.45	$ (3.91)		$ 2.54	$ (1.42)
Diluted	$ 1.43	$ (3.91)	[2]	$ 2.50	$ (1.42)	[2]
Weighted average participating shares outstanding	1,842,036	2,246,663		1,944,946	2,389,755
Common shares excluded from diluted EPS				1,754,634	2,235,060
Restricted stock units
Shares for basic and diluted calculations
Dilutive impact of securities	(165,000)	(77,000)		(196,000)	(171,000)
[1]	No allocation of undistributed income was made due to loss position. See Note 14.
[2]	Earnings per diluted common share is calculated using the basic weighted average number of common shares outstanding for periods in which a loss is incurred.

Segment Reporting - Reportable

Segment Reporting - Reportable Segment Financial Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Capital Markets [Abstract]
Investment banking	$ 166,458	$ 190,482	$ 411,203	$ 461,260
Institutional sales and trading	31,738	34,873	92,415	111,083
Management and performance fees	13,377	12,818	38,706	44,011
Investment income/(loss)	3,068	(422)	6,706	15,406
Net revenues	217,528	240,567	560,071	638,841
Operating expenses	187,893	322,803	517,139	678,401
Segment pre-tax operating income/(loss)	$ 29,635	$ (82,236)	$ 42,932	$ (39,560)
Segment pre-tax operating margin	13.60%	(34.20%)	7.70%	(6.20%)
Asset Management [Abstract]
Total management and performance fees	$ 13,377	$ 12,818	$ 38,706	$ 44,011
Investment income/(loss)	3,068	(422)	6,706	15,406
Net revenues	217,528	240,567	560,071	638,841
Operating expenses	187,893	322,803	517,139	678,401
Segment pre-tax operating income/(loss)	$ 29,635	$ (82,236)	$ 42,932	$ (39,560)
Segment pre-tax operating margin	13.60%	(34.20%)	7.70%	(6.20%)
Goodwill impairment charge	$ 0	$ 114,363	$ 0	$ 114,363
Intangible asset amortization	2,615	3,822	7,845	11,466
Capital Markets
Capital Markets [Abstract]
Investment banking	166,664	190,620	411,424	462,500
Institutional sales and trading	35,966	39,086	107,883	122,222
Management and performance fees	1,806	678	4,824	4,172
Investment income/(loss)	3,166	(660)	7,607	15,155
Long-term financing expenses	(1,732)	(1,736)	(5,351)	(6,003)
Net revenues	205,870	227,988	526,387	598,046
Operating expenses	176,783	196,409	482,024	524,702
Segment pre-tax operating income/(loss)	$ 29,087	$ 31,579	$ 44,363	$ 73,344
Segment pre-tax operating margin	14.10%	13.90%	8.40%	12.30%
Asset Management [Abstract]
Total management and performance fees	$ 1,806	$ 678	$ 4,824	$ 4,172
Investment income/(loss)	3,166	(660)	7,607	15,155
Net revenues	205,870	227,988	526,387	598,046
Operating expenses	176,783	196,409	482,024	524,702
Segment pre-tax operating income/(loss)	$ 29,087	$ 31,579	$ 44,363	$ 73,344
Segment pre-tax operating margin	14.10%	13.90%	8.40%	12.30%
Intangible asset amortization	$ 1,214	$ 2,544	$ 3,643	$ 7,633
Capital Markets | Advisory services
Capital Markets [Abstract]
Investment banking	113,540	146,816	266,083	332,205
Capital Markets | Equities financing
Capital Markets [Abstract]
Investment banking	32,188	22,117	99,868	70,229
Capital Markets | Debt financing
Capital Markets [Abstract]
Investment banking	20,936	21,687	45,473	60,066
Capital Markets | Equities
Capital Markets [Abstract]
Institutional sales and trading	17,804	18,410	54,951	59,085
Capital Markets | Fixed income
Capital Markets [Abstract]
Institutional sales and trading	18,162	20,676	52,932	63,137
Asset Management
Capital Markets [Abstract]
Management and performance fees	11,571	12,140	33,882	39,839
Investment income/(loss)	87	439	(198)	956
Net revenues	11,658	12,579	33,684	40,795
Operating expenses	11,110	126,394	35,115	153,699
Segment pre-tax operating income/(loss)	$ 548	$ (113,815)	$ (1,431)	$ (112,904)
Segment pre-tax operating margin	4.70%	(904.80%)	(4.20%)	(276.80%)
Asset Management [Abstract]
Management fees	$ 11,571	$ 12,140	$ 33,874	$ 39,839
Performance fees	0	0	8	0
Total management and performance fees	11,571	12,140	33,882	39,839
Investment income/(loss)	87	439	(198)	956
Net revenues	11,658	12,579	33,684	40,795
Operating expenses	11,110	126,394	35,115	153,699
Segment pre-tax operating income/(loss)	$ 548	$ (113,815)	$ (1,431)	$ (112,904)
Segment pre-tax operating margin	4.70%	(904.80%)	(4.20%)	(276.80%)
Goodwill impairment charge		$ 114,363		$ 114,363
Intangible asset amortization	$ 1,401	$ 1,278	$ 4,202	$ 3,833

Segment Reporting - Reportabl_2

Segment Reporting - Reportable Segment Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Segment Reporting, Asset Reconciling Item [Line Items]
Reportable segment assets	$ 1,493,436	$ 2,024,683
Capital Markets
Segment Reporting, Asset Reconciling Item [Line Items]
Reportable segment assets	1,411,590	1,933,050
Asset Management
Segment Reporting, Asset Reconciling Item [Line Items]
Reportable segment assets	$ 81,846	$ 91,633

Net Capital Requirements and _2

Net Capital Requirements and Other Regulatory Matters - Additional Information (Details)	Sep. 30, 2018USD ($)
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital requirement	$ 1,000,000
Net capital	199,100,000
Excess net capital	198,100,000
Pershing clearing arrangement
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Excess net capital required	120,000,000
Committed credit facility | Senior Notes
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital required	120,000,000
Commercial paper | CP Series II A
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Excess net capital required	$ 100,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Goodwill impairment charge	$ 0	$ 114,363	$ 0	$ 114,363
Income tax expense/(benefit)	7,365	(31,423)	5,351	(26,912)
Tax benefit for stock-based compensation awards vesting during the period	$ 400	300	6,800	9,100
Additional income tax expense for remeasurement of deferred tax assets			$ 1,000
Asset Management
Goodwill impairment charge		$ 114,363		$ 114,363

Subsequent Event - Additional I

Subsequent Event - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Senior Notes	$ 125,000	$ 125,000
Senior Notes | Fixed rate Class C Notes
Subsequent Event [Line Items]
Senior Notes	$ 125,000	$ 125,000