HFF 10-Q 4 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	HF
Entity Registrant Name	HFF, Inc.
Entity Central Index Key	1,380,509
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Class A Shares Outstanding		38,572,725

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 175,783	$ 235,582
Accounts receivable	3,743	2,124
Mortgage notes receivable	844,426	290,933
Prepaid taxes	1,515	1,118
Prepaid expenses and other current assets	10,894	12,971
Total current assets, net	1,036,361	542,728
Property and equipment, net	15,508	15,837
Deferred tax asset, net	102,388	112,557
Goodwill	8,528	3,712
Intangible assets, net	41,114	36,714
Other noncurrent assets	7,377	5,111
Total Assets	1,211,276	716,659
Current liabilities:
Current portion of long-term debt	448	448
Warehouse line of credit	841,626	290,980
Accrued compensation and related taxes	28,353	44,685
Accounts payable	1,314	2,065
Payable under tax receivable agreement	11,315	11,315
Other current liabilities	19,072	18,803
Total current liabilities	902,128	368,296
Deferred rent credit	11,355	11,485
Payable under the tax receivable agreement, less current portion	100,077	100,077
Long-term debt, less current portion	122	259
Total liabilities	1,013,682	480,117
Stockholders' equity:
Treasury stock, 167,605 and 372,325 shares at cost, respectively	(5,088)	(11,477)
Additional paid-in-capital	131,037	132,513
Accumulated other comprehensive loss	(2)
Retained earnings	71,260	115,121
Total equity	197,594	236,542
Total liabilities and stockholders' equity	1,211,276	716,659
Class A Common Stock [Member]
Stockholders' equity:
Class A common stock, par value $0.01 per share, 175,000,000 authorized; 38,740,330 and 38,463,448 shares issued, respectively; 38,572,725 and 38,091,123 shares outstanding, respectively	$ 387	$ 385

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Treasury stock, shares	167,605	372,325
Class A Common Stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	175,000,000	175,000,000
Common stock, shares issued	38,740,330	38,463,448
Common stock, shares outstanding	38,572,725	38,091,123

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Capital markets services revenue	$ 132,713	$ 113,670
Interest on mortgage notes receivable	4,999	3,264
Other	1,094	596
Total revenues	138,806	117,530
Expenses
Cost of services	80,131	68,502
Personnel	14,332	13,579
Occupancy	4,215	3,353
Travel and entertainment	4,709	4,465
Supplies, research, and printing	1,768	1,796
Insurance	604	612
Professional fees	1,906	1,253
Depreciation and amortization	3,667	2,669
Interest on warehouse line of credit	3,538	1,911
Other operating	3,172	2,649
Total expenses	118,042	100,789
Operating income	20,764	16,741
Interest and other income, net	10,794	6,317
Interest expense	(7)	(13)
(Increase) decrease in payable under the tax receivable agreement	0	0
Income before income taxes	31,551	23,045
Income tax expense	11,895	9,169
Net income	$ 19,656	$ 13,876
Earnings per share - Basic and Diluted
Income available to HFF, Inc. common stockholders - Basic	$ 0.51	$ 0.36
Income available to HFF, Inc. common stockholders - Diluted	$ 0.50	$ 0.36
Other comprehensive income:
Net income	$ 19,656	$ 13,876
Foreign currency translation adjustments	(2)
Comprehensive income	$ 19,654	$ 13,876

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]Class A Common Stock [Member]	Treasury Stock [Member]	Additional Paid in Capital [Member]	Accumulated Other Comprehensive Income/(loss) [Member]	Retained Earnings [Member]
Beginning balance at Dec. 31, 2015	$ 214,504	$ 383	$ (11,378)	$ 117,216		$ 108,283
Beginning balance, shares at Dec. 31, 2015		37,854,312	497,055
Stock compensation and other, net	7,201			7,201
Incremental tax adjustment from share-based award activities	(591)			(591)
Issuance of Class A common stock, net		$ 1	$ 2,618	(2,619)
Issuance of Class A common stock, net, shares		337,126	(226,235)
Repurchase of Class A common stock	(2,946)		$ (2,946)
Repurchase of Class A common stock, shares		(110,891)	110,891
Dividends paid	(68,362)			1,995		(70,357)
Net income	13,876					13,876
Ending balance at Mar. 31, 2016	163,682	$ 384	$ (11,706)	123,202		51,802
Ending balance, shares at Mar. 31, 2016		38,080,547	381,711
Beginning balance at Dec. 31, 2016	236,542	$ 385	$ (11,477)	132,513		115,121
Beginning balance, shares at Dec. 31, 2016		38,091,123	372,325
Stock compensation and other, net	7,265			7,822		(557)
Issuance of Class A common stock, net		$ 2	$ 12,239	(12,241)
Issuance of Class A common stock, net, shares		675,151	(398,269)
Repurchase of Class A common stock	(5,850)		$ (5,850)
Repurchase of Class A common stock, shares		(193,549)	193,549
Other comprehensive (loss)	(2)				$ (2)
Dividends paid	(60,017)			2,943		(62,960)
Net income	19,656					19,656
Ending balance at Mar. 31, 2017	$ 197,594	$ 387	$ (5,088)	$ 131,037	$ (2)	$ 71,260
Ending balance, shares at Mar. 31, 2017		38,572,725	167,605

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net income	$ 19,656	$ 13,876
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock based compensation	3,906	2,839
Incremental tax adjustment from share-based award activities		591
Deferred taxes	10,169	8,361
Depreciation and amortization:
Property and equipment	1,001	764
Intangibles	2,665	1,905
Gain on sale or disposition of assets, net	(7,774)	(4,343)
Mortgage service rights assumed	(1,307)	(1,398)
Proceeds from sale of mortgage servicing rights		744
Increase (decrease) in cash from changes in:
Accounts receivable	(707)	1,198
Mortgage notes receivable	(550,646)	(196,780)
Net borrowings on warehouse line of credit	550,646	196,780
Prepaid taxes, prepaid expenses and other current assets	1,710	(2,289)
Other noncurrent assets	(2,166)	(60)
Accrued compensation and related taxes	(12,973)	(28,351)
Accounts payable	(759)	(1,414)
Other current liabilities	(196)	(10,807)
Deferred rent	(130)	475
Net cash provided by (used in) operating activities	13,095	(17,909)
Investing activities
Purchases of property and equipment	(658)	(414)
Purchase of businesses	(6,230)
Net cash used in investing activities	(6,888)	(414)
Financing activities
Payments on long-term debt	(137)	(145)
Incremental tax adjustment from share-based award activities		(591)
Dividends paid	(60,017)	(68,362)
Treasury stock	(5,850)	(2,946)
Net cash used in financing activities	(66,004)	(72,044)
Net decrease in cash	(59,797)	(90,367)
Cash and cash equivalents, beginning of period	235,582	233,904
Effects of foreign currency translation on cash and cash equivalents	(2)
Cash and cash equivalents, end of period	$ 175,783	$ 143,537

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Organization HFF, Inc., a Delaware corporation (the “Company”), through its Operating Partnerships, Holliday Fenoglio Fowler, L.P., a Texas limited partnership (“HFF LP”), HFF Securities L.P., a Delaware limited partnership and registered broker-dealer (“HFF Securities” and together with HFF LP, the “Operating Partnerships”), HFF Real Estate Limited, a company incorporated in England and Wales and HFF Securities Limited, a company incorporated in England and Wales (collectively, with HFF Real Estate Limited, the “UK Subsidiaries”), is a commercial real estate financial intermediary providing commercial real estate and capital markets services including debt placement, investment sales, equity placements, investment banking and advisory services, loan sales and loan sale advisory services, commercial loan servicing, and capital markets advice and maintains offices in 23 cities in the United States and effective January 17, 2017, one office in London, United Kingdom. The Company’s operations are impacted by the availability of equity and/or debt as well as credit and liquidity in the domestic and global capital markets especially in the commercial real estate sector. Significant disruptions or changes in domestic and global capital market flows, as well as credit and liquidity issues in the global and domestic capital markets, regardless of their duration, could adversely affect the supply and/or demand for capital from investors for commercial real estate investments which could have a significant impact on all of the Company’s capital market services revenues. Initial Public Offering and Reorganization The Company was formed in November 2006 in connection with a proposed initial public offering of its Class A common stock. On November 9, 2006, the Company filed a registration statement on Form S-1 S-1 In addition to cash received for its sale of all of the shares of Holliday GP and approximately 44.7% of partnership units of each of the Operating Partnerships (including partnership units in the Operating Partnerships held by Holliday GP), HFF Holdings also received, through the issuance of one share of the Company’s Class B common stock to HFF Holdings, an exchange right that permitted HFF Holdings to exchange interests in the Operating Partnerships for shares of (i) the Company’s Class A common stock (the “Exchange Right”) and (ii) rights under a tax receivable agreement between the Company and HFF Holdings. Since all of the partnership units had been exchanged as of August 31, 2012, the Class B common stock was transferred to the Company and retired on August 31, 2012 in accordance with the Company’s certificate of incorporation. See Note 12 for further discussion of the tax receivable agreement. As a result of the reorganization, the Company became a holding company through a series of transactions pursuant to a sale and purchase agreement. Pursuant to the Offering and reorganization, the Company’s sole assets are, through its wholly-owned subsidiary HoldCo LLC, partnership interests of HFF LP and HFF Securities and all of the shares of Holliday GP. Basis of Presentation The accompanying consolidated financial statements of the Company as of March 31, 2017 and December 31, 2016 and for the three month periods ended March 31, 2017 and March 31, 2016, include the accounts of HFF LP, HFF Securities, the Company’s wholly-owned subsidiaries, Holliday GP and Partnership Holdings and effective January 17, 2017, HFF Securities Limited and HFF Real Estate Limited. All significant intercompany accounts and transactions have been eliminated. As the sole stockholder of Holliday GP (the sole general partner of the Operating Partnerships), HFF, Inc. operates and controls all of the business and affairs of the Operating Partnerships. As the indirect sole stockholder of the UK Subsidiaries, HFF, Inc. also operates and controls all of the business and affairs of the UK Subsidiaries. The Company consolidates the financial results of the Operating Partnerships. Recent Accounting Pronouncements In December 2016, the Financial Accounting Standards Board (“FASB”) issued Update 2016-19 In March 2016, the FASB issued changes to the accounting for equity compensation. This update simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This update also permits an entity to make an election to either estimate the number of awards that are expected to vest or account for forfeitures as they occur. This update was effective for the Company beginning in fiscal year 2017 and the Company made an election to change its accounting for forfeitures from the previously-required estimation method to recognizing forfeitures when they occur. The Company recognized $0.6 million as a reduction in retained earnings on January 1, 2017 as a result of eliminating the estimated forfeiture rate on unvested restricted stock units. In May 2014, the FASB issued ASU No. 2014-09, Revenue Recognition We are continuing the review of our contracts with customers to identify potential differences that could result from applying the new guidance. As we complete our overall assessment, we are also identifying any needed changes to our accounting policies and practices, business processes, systems and controls to support the new revenue recognition and disclosure requirements. Based on our evaluation to date, we do not expect the adoption of this accounting guidance to have a significant impact on our consolidated financial statements. In February 2016, the FASB issued new guidance on the accounting for leases. This new guidance will require that a lessee recognize assets and liabilities on the balance sheet for all leases with a lease term of more than twelve months, with the result being the recognition of a right of use asset and a lease liability. The new lease accounting requirements are effective for the Company’s 2019 fiscal year with a modified retrospective transition approach required, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This ASU eliminates Step 2 from the goodwill impairment test. This ASU also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those years, with early adoption permitted. We are evaluating the effect that ASU 2017-04 will have on our goodwill assessment process, but do not believe the adoption of ASU 2017-04

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies These interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, the instructions to Quarterly Report on Form 10-Q 10-01 S-X 10-K The Company has a firm profit participation plan, office profit participation plans, and an executive bonus plan (the “Plans”) that each allow for incentive payments to be made, based on the achievement of various performance metrics, either in the form of cash or stock at the election of the Company’s board of directors. The expense associated with the Plans is included within personnel expenses in the consolidated statements of income. The expense recorded for these Plans is estimated during the year based on actual results at each interim reporting date and an estimate of future results for the remainder of the year. Based on an accounting policy election and consistent with ASC 718, Compensation - Stock Compensation paid-in-capital

Stock Compensation

Stock Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation	3. Stock Compensation The stock compensation cost that has been charged against income for the three months ended March 31, 2017 was $3.9 million, which is recorded in personnel expenses in the consolidated statements of income. The stock compensation cost that has been charged against income for the three months ended March 31, 2016 was $2.8 million. At March 31, 2017, there was approximately $45.8 million of unrecognized compensation cost related to non-vested During the three month period ended March 31, 2017, no options were granted, vested, exercised or forfeited. During the three month period ended March 31, 2017, 821,166 new restricted stock units were granted, 596,908 restricted stock units vested of which 591,818 were converted to Class A common stock, and 4,832 restricted stock units were forfeited. The fair value of vested restricted stock units was $5.5 million at March 31, 2017.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property and Equipment	4. Property and Equipment Property and equipment consist of the following (dollars in thousands): March 31, 2017 December 31, 2016 Furniture and equipment $ 7,763 $ 7,667 Computer equipment 2,145 2,145 Capitalized software costs 2,189 2,043 Leasehold improvements 16,090 15,813 Subtotal 28,187 27,668 Less accumulated depreciation and amortization (12,679 ) (11,831 ) $ 15,508 $ 15,837 At March 31, 2017 and December 31, 2016, the Company has recorded, within furniture and equipment, office equipment under capital leases of $1.8 million and $1.9 million, respectively, including accumulated amortization of $1.3 million and $1.2 million, respectively, which is included within depreciation and amortization expense in the accompanying consolidated statements of income. See Note 7 for discussion of the related capital lease obligations.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	5. Intangible Assets The Company’s intangible assets consist primarily of mortgage servicing rights and customer contracts and relationships. The customer contracts and relationships intangibles were part of the assets acquired in two business acquisitions that the Company completed in the first quarter of 2017. The acquisitions, which were not significant, were accounted for as business combinations using the acquisition method of accounting, which established a new basis of accounting for all assets acquired and liabilities assumed at fair value. The purchase price allocation was based on preliminary fair values of the assets acquired and liabilities assumed at the date of the acquisitions. The purchase price allocation will be finalized within twelve months from the acquisitions’ closing date. The Company’s intangible assets are summarized as follows (dollars in thousands): March 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Amortizable intangible assets: Mortgage servicing rights $ 68,935 $ (28,752 ) $ 40,183 $ 64,648 $ (28,034 ) $ 36,614 Other 931 — 931 — — — Total intangible assets $ 69,866 $ (28,752 ) $ 41,114 $ 64,648 $ (28,034 ) $ 36,614 As of March 31, 2017 and December 31, 2016, the Company serviced $60.7 billion and $58.0 billion, respectively, of commercial loans. The Company earned $6.7 million in servicing fees and interest on float and escrow balances for the three month period ending March 31, 2017. The Company earned $5.5 million in servicing fees and interest on float and escrow balances for the three month period ending March 31, 2016. These revenues are recorded as capital markets services revenues in the consolidated statements of income. The total commercial loan servicing portfolio includes loans for which there are no corresponding mortgage servicing rights recorded on the balance sheet, as these servicing rights were assumed prior to the Company’s adoption of ASC 860, Transfers and Servicing The Company stratifies its servicing portfolio based on the type of loan, including life company loans, commercial mortgage backed securities (“CMBS”), Freddie Mac and limited-service life company loans. Changes in the carrying value of mortgage servicing rights for the three month periods ended March 31, 2017 and 2016, were as follows (dollars in thousands): Category 12/31/16 Capitalized Amortized Sold / 3/31/17 Freddie Mac $ 16,234 $ 4,927 $ (967 ) $ — $ 20,194 CMBS 16,247 311 (1,048 ) — 15,510 Life company 3,567 889 (563 ) — 3,893 Life company – limited 566 107 (87 ) — 586 Total $ 36,614 $ 6,234 $ (2,665 ) $ — $ 40,183 Category 12/31/15 Capitalized Amortized Sold / 3/31/16 Freddie Mac $ 7,074 $ 2,446 $ (388 ) $ (801 ) $ 8,331 CMBS 16,768 391 (1,008 ) 602 16,753 Life company 2,729 848 (441 ) — 3,136 Life company – limited 351 159 (68 ) — 442 Total $ 26,922 $ 3,844 $ (1,905 ) $ (199 ) $ 28,662 Amounts capitalized represent mortgage servicing rights retained upon the sale of originated loans to Federal Home Loan Mortgage Corporation (“Freddie Mac”) and mortgage servicing rights acquired without the exchange of initial consideration. The Company recorded mortgage servicing rights retained upon the sale of originated loans to Freddie Mac of $4.9 million and $2.4 million on $1.4 billion and $0.9 billion of loans, respectively, during the three month periods ending March 31, 2017 and 2016, respectively. The Company recorded mortgage servicing rights acquired without the exchange of initial consideration on the CMBS and Life company tranches of $1.3 million and $1.4 million on $3.5 billion and $3.3 billion of loans, respectively, during the three month periods ending March 31, 2017 and 2016, respectively. During the three months ending March 31, 2016, the Company sold the cashiering portion of certain Freddie Mac mortgage servicing rights. While the Company transferred the risks and rewards of ownership of the cashiering portion of the mortgage servicing rights, the Company continues to perform limited servicing activities on these securitized loans. Therefore, the remaining servicing rights were transferred to the CMBS servicing tranche. The net result of these transactions was the Company recording a gain in the three months ending March 31, 2016 of $0.5 million, within interest and other income, net in the consolidated statements of income. During the three months ending March 31, 2017, the Company did not sell any of the servicing rights on Freddie Mac loans. The Company also received securitization compensation in relation to the sale of the cashiering portion of certain Freddie Mac mortgage servicing rights in the three months ending March 31, 2017 and 2016 of $1.5 million and $1.2 million, respectively. The securitization compensation is recorded within interest and other income, net in the consolidated statements of income. Amortization expense related to intangible assets was $2.7 million and $1.9 million during the three month periods ended March 31, 2017 and 2016, respectively and is recorded in depreciation and amortization in the consolidated statements of income. Estimated amortization expense for the next five years is as follows (dollars in thousands): Remainder of 2017 $ 7,242 2018 8,207 2019 6,163 2020 4,730 2021 4,143 2022 3,576 The weighted-average life of the mortgage servicing rights intangible asset was 6.6 years at March 31, 2017.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurement	6. Fair Value Measurement ASC Topic 820, Fair Value Measurement In May 2011, the FASB issued an accounting pronouncement which amends the fair value measurement and disclosure requirements to achieve common disclosure requirements between GAAP and International Financial Reporting Standards. The accounting pronouncement requires certain disclosures about transfers between Level 1 and Level 2 of the fair value hierarchy, sensitivity of fair value measurements categorized within Level 3 of the fair value hierarchy, and categorization by level of items that are reported at cost but are required to be disclosed at fair value. The adoption of this pronouncement had no impact on the Company’s consolidated financial statements. In the normal course of business, the Company enters into contractual commitments to originate (purchase) and sell multifamily mortgage loans at fixed prices with fixed expiration dates. The commitments become effective when the borrowers “lock-in” The following tables set forth the Company’s financial assets that were accounted for at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 Fair Value Measurements Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring fair value measurements Mortgage notes receivable $ 844,426 $ — $ 844,426 $ — Total recurring fair value measurements $ 844,426 $ — $ 844,426 $ — December 31, 2016 Fair Value Measurements Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring fair value measurements Mortgage notes receivable $ 290,933 $ — $ 290,933 $ — Total recurring fair value measurements $ 290,933 $ — $ 290,933 $ — The valuation of mortgage notes receivable is calculated based on already locked in interest rates. These assets are classified as Level 2 in the fair value hierarchy as all inputs are reasonably observable. In accordance with GAAP, from time to time, the Company measures certain assets at fair value on a nonrecurring basis. These assets may include mortgage servicing rights. The mortgage servicing rights are recorded at fair value upon initial recording and were not re-measured The following table sets forth the Company’s financial assets that were accounted for at fair value on a nonrecurring basis by level within the fair value hierarchy as of March 31, 2017 and December 31, 2016 (in thousands): Nonrecurring fair value measurements: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2017 Mortgage servicing rights $ 40,183 $ — $ — $ 54,235 Total nonrecurring fair value measurements $ 40,183 $ — $ — $ 54,235 December 31, 2016 Mortgage servicing rights $ 36,615 $ — $ — $ 49,970 Total nonrecurring fair value measurements $ 36,615 $ — $ — $ 49,970 Mortgage servicing rights do not trade in an active, open market with readily-available observable prices. Since there is no ready market value for the mortgage servicing rights, such as quoted market prices or prices based on sales or purchases of similar assets, the Company determines the fair value of the mortgage servicing rights by estimating the present value of future cash flows associated with the servicing of the loans. Management makes certain assumptions and judgments in estimating the fair value of servicing rights, including the benefits of servicing (contractual servicing fees and interest on escrow and float balances), the cost of servicing, prepayment rates (including risk of default), an inflation rate, the expected life of the cash flows and the discount rate. The significant assumptions utilized to value servicing rights as of March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 December 31, 2016 Expected life of cash flows 3 years to 9 years 3 years to 11 years Discount rate (1) 10% to 16% 10% to 16% Prepayment rate 0% to 8% 0% to 8% Inflation rate 2% 2% Cost of service per loan $1,920 to $4,860 $1,920 to $4,997 (1) Reflects the time value of money and the risk of future cash flows related to the possible cancellation of servicing contracts, transferability restrictions on certain servicing contracts, concentration in the life company portfolio and large loan risk. The above assumptions are subject to change based on management’s judgments and estimates of future changes in the risks related to future cash flows and interest rates. Changes in these factors would cause a corresponding increase or decrease in the prepayment rates and discount rates used in the Company’s valuation model. FASB ASC Topic 825, Financial Instruments Cash and Cash Equivalents Warehouse line of credit

Capital Lease Obligations

Capital Lease Obligations	3 Months Ended
	Mar. 31, 2017
Leases [Abstract]
Capital Lease Obligations	7. Capital Lease Obligations Capital lease obligations consist of the following at March 31, 2017 and December 31, 2016 (dollars in thousands): March 31, 2017 December 31, 2016 Capital lease obligations $ 570 $ 707 Less current maturities 448 448 $ 122 $ 259 Capital lease obligations consist primarily of office equipment leases that expire at various dates through November 2019. A summary of future minimum lease payments under capital leases at March 31, 2017 is as follows (dollars in thousands): Remainder of 2017 $ 310 2018 216 2019 44 $ 570

Warehouse Line of Credit

Warehouse Line of Credit	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Warehouse Line of Credit	8. Warehouse Line of Credit HFF LP maintains two uncommitted warehouse revolving lines of credit for the purpose of funding the Freddie Mac mortgage loans that it originates as a Freddie Mac Multifamily Approved Seller/Servicer for Conventional and Senior Housing Loan provider (“Freddie Mac Program”). The Company is a party to an uncommitted $450 million financing arrangement with PNC Bank, N.A. (“PNC”) that can be increased to $550 million four times per year for a period of 45 calendar days. The Company is also party to an uncommitted $125 million financing arrangement with The Huntington National Bank (“Huntington”) that can be increased to $150 million three times in a one-year Each funding is separately approved on a transaction-by-transaction 30-day

Lease Commitments

Lease Commitments	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Lease Commitments	9. Lease Commitments The Company leases various corporate offices (which leases sometime include parking spaces) and office equipment under noncancelable operating leases. These leases have initial terms of three to eleven years. Several of the leases have termination clauses whereby the term may be reduced by two to seven years upon prior notice and payment of a termination fee by the Company. Total rental expense charged to operations was $3.6 million and $2.8 million during the three month periods ending March 31, 2017 and 2016, respectively, and is recorded within occupancy expense in the consolidated statements of income. Future minimum rental payments for the next five years under operating leases with noncancelable terms in excess of one year and without regard to early termination provisions are as follows (dollars in thousands): Remainder of 2017 $ 8,181 2018 10,417 2019 10,143 2020 9,430 2021 8,011 2022 5,890 The Company subleases certain office space to subtenants, which subleases may be canceled at any time. The rental income received from these subleases is included as a reduction of occupancy expenses in the accompanying consolidated statements of income. The Company also leases certain office equipment under capital leases that expire at various dates through 2019. See Note 4 and Note 7 above for further description of the assets and related obligations recorded under these capital leases at March 31, 2017 and December 31, 2016, respectively.

Servicing

Servicing	3 Months Ended
	Mar. 31, 2017
Transfers and Servicing [Abstract]
Servicing	10. Servicing The Company services commercial real estate loans for lenders. The unpaid principal balance of the servicing portfolio totaled $60.7 billion and $58.0 billion at March 31, 2017 and December 31, 2016, respectively. In connection with its servicing activities, the Company holds funds in escrow for the benefit of mortgagors for hazard insurance, real estate taxes and other financing arrangements. At March 31, 2017 and December 31, 2016, the funds held in escrow totaled $182.1 million and $182.3 million, respectively. These funds, and the offsetting obligations, are not presented in the Company’s financial statements as they do not represent the assets and liabilities of the Company. Pursuant to the requirements of the various investors for which the Company services loans, the Company maintains bank accounts, holding escrow funds, which have balances in excess of the FDIC insurance limit. The fees earned on these escrow funds are reported in capital markets services revenue in the consolidated statements of income.

Legal Proceedings

Legal Proceedings	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	11. Legal Proceedings The Company is party to various litigation matters, in most cases involving ordinary course and routine claims incidental to its business. The Company cannot estimate with certainty its ultimate legal and financial liability with respect to any pending matters. In accordance with ASC 450, Contingencies,

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes Income tax expense includes current and deferred taxes as follows (dollars in thousands): Current Deferred Total Three months ended March 31, 2017: Federal $ 1,085 $ 9,250 $ 10,335 State 641 919 1,560 $ 1,726 $ 10,169 $ 11,895 Current Deferred Total Three months ended March 31, 2016: Federal $ 639 $ 7,651 $ 8,290 State 169 710 879 $ 808 $ 8,361 $ 9,169 The reconciliation between the income tax computed by applying the U.S. federal statutory rate and the effective tax rate on net income is as follows for the three months ended March 31, 2017 and 2016 (dollars in thousands): March 31, 2017 2016 Income tax expense / (benefit) Rate Rate Taxes computed at federal rate $ 11,043 35.0 % $ 8,065 35.0 % State and local taxes, net of federal tax benefit 1,303 4.1 % 882 3.8 % Rate differential on non-US 91 0.3 % — 0.0 % Stock-based compensation (1,124 ) (3.6 )% — 0.0 % Meals and entertainment 346 1.1 % 218 1.0 % Other 236 0.8 % 4 0.0 % Income tax expense $ 11,895 37.7 % $ 9,169 39.8 %

Stockholders Equity

Stockholders Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Stockholders Equity	13. Stockholders Equity The Company is authorized to issue 175,000,000 shares of Class A common stock, par value $0.01 per share. Each share of Class A common stock entitles its holder to one vote on all matters to be voted on by stockholders generally. Holders of Class A common stock vote together as a single class on all matters presented to the stockholders for their vote or approval. The Company had issued 38,740,330 and 38,463,448 shares of Class A common stock as of March 31, 2017 and December 31, 2016, respectively. On January 24, 2017, the Company’s board of directors declared a special cash dividend of $1.57 per share of Class A common stock to stockholders of record on February 9, 2017. The aggregate dividend payment was paid on February 21, 2017 and totaled approximately $60.0 million based on the number of shares of Class A common stock then outstanding. Additionally, 95,648 restricted stock units (dividend equivalent units) were granted for those unvested and vested but not issued restricted stock units as of the record date of February 9, 2017. These dividend equivalent units follow the same vesting terms as the underlying restricted stock units.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	14. Earnings Per Share The Company’s net income and weighted average shares outstanding for the three month periods ended March 31, 2017 and 2016 consist of the following (dollars in thousands): Three months ended March 31, 2017 2016 Net income $ 19,656 $ 13,876 Weighted Average Shares Outstanding: Basic 38,538,641 38,166,836 Diluted 39,166,361 38,373,929 The calculations of basic and diluted net income per share amounts for the three month periods ended March 31, 2017 and 2016 are described and presented below. Basic Net Income per Share Numerator Denominator Diluted Net Income per Share Numerator Denominator Three months ended March 31, 2017 2016 Basic Earnings Per Share of Class A Common Stock Numerator: Net income $ 19,656 $ 13,876 Denominator: Weighted average number of shares of Class A common stock outstanding 38,538,641 38,166,836 Basic net income per share of Class A common stock $ 0.51 $ 0.36 Diluted Earnings Per Share of Class A Common Stock Numerator: Net income $ 19,656 $ 13,876 Denominator: Basic weighted average number of shares of Class A common stock 38,538,641 38,166,836 Add—dilutive effect of: Unvested restricted stock units 612,779 195,406 Stock options 14,941 11,687 Weighted average common shares outstanding — diluted 39,166,361 38,373,929 Diluted earnings per share of Class A common stock $ 0.50 $ 0.36

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	15. Related Party Transactions As a result of the Company’s initial public offering, the Company entered into a tax receivable agreement with HFF Holdings that provides for the payment by the Company to HFF Holdings of 85% of the amount of the cash savings, if any, in U.S. federal, state and local income tax that the Company actually realizes as a result of the increase in tax basis of the assets owned by HFF LP and HFF Securities and as a result of certain other tax benefits arising from entering into the tax receivable agreement and making payments under that agreement. As members of HFF Holdings, each of Mark Gibson, the Company’s chief executive officer, Jody Thornton, the Company’s president and member of the Company’s board of directors and a transaction professional of the Operating Partnerships, John Fowler, a current director emeritus of the Company’s board of directors and a transaction professional of the Operating Partnerships, and Matthew D. Lawton, Gerard T. Sansosti, Michael J. Tepedino and Manuel A. de Zarraga, each an Executive Managing Director and a transaction professional of the Operating Partnerships, is entitled to participate in such payments, in each case on a pro rata basis based upon such person’s ownership of interests in each series of tax receivable payments created by the initial public offering or subsequent exchange of Operating Partnership units. The Company will retain the remaining 15% of cash savings, if any, in income tax that it realizes. For purposes of the tax receivable agreement, cash savings in income tax is computed by comparing the Company’s actual income tax liability to the amount of such taxes that it would have been required to pay had there been no increase to the tax basis of the assets of HFF LP and HFF Securities allocable to the Company as a result of the initial sale and later exchanges and had the Company not entered into the tax receivable agreement. The term of the tax receivable agreement commenced upon consummation of the initial public offering and will continue until all such tax benefits have been utilized or have expired. See Note 16 for the amount recorded in relation to this agreement.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies The Company is obligated, pursuant to its tax receivable agreement with HFF Holdings, to pay to HFF Holdings 85% of the amount of cash savings in U.S. federal, state and local income tax that the Company actually realizes as a result of the increases in tax basis under Section 754 and as a result of certain other tax benefits arising from the Company entering into the tax receivable agreement and making payments under that agreement. The Company has recorded $111.4 million and $111.4 million for this obligation to HFF Holdings as a liability on the consolidated balance sheet as of March 31, 2017 and December 31, 2016, respectively. In recent years, the Company has entered into arrangements with newly-hired transaction professionals whereby these transaction professionals would be paid additional compensation if certain performance targets are met over a defined period. These payments will be made to the transaction professionals only if they enter into an employment agreement at the end of the performance period. Payments under these arrangements, if earned, would be paid in fiscal years 2017 through 2019. Currently, the Company cannot reasonably estimate the amounts that would be payable under all of these arrangements. The Company begins to accrue for these payments when it is deemed probable that payments will be made; therefore, on a quarterly basis, the Company evaluates the probability of each of the transaction professionals achieving the performance targets and the probability of each of the transaction professionals signing an employment agreement. As of March 31, 2017 and December 31, 2016, $0.3 million and $0.1 million, respectively, have been accrued for these arrangements on the consolidated balance sheet.

Organization and Basis of Pre23

Organization and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements of the Company as of March 31, 2017 and December 31, 2016 and for the three month periods ended March 31, 2017 and March 31, 2016, include the accounts of HFF LP, HFF Securities, the Company’s wholly-owned subsidiaries, Holliday GP and Partnership Holdings and effective January 17, 2017, HFF Securities Limited and HFF Real Estate Limited. All significant intercompany accounts and transactions have been eliminated. As the sole stockholder of Holliday GP (the sole general partner of the Operating Partnerships), HFF, Inc. operates and controls all of the business and affairs of the Operating Partnerships. As the indirect sole stockholder of the UK Subsidiaries, HFF, Inc. also operates and controls all of the business and affairs of the UK Subsidiaries. The Company consolidates the financial results of the Operating Partnerships.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2016, the Financial Accounting Standards Board (“FASB”) issued Update 2016-19 In March 2016, the FASB issued changes to the accounting for equity compensation. This update simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This update also permits an entity to make an election to either estimate the number of awards that are expected to vest or account for forfeitures as they occur. This update was effective for the Company beginning in fiscal year 2017 and the Company made an election to change its accounting for forfeitures from the previously-required estimation method to recognizing forfeitures when they occur. The Company recognized $0.6 million as a reduction in retained earnings on January 1, 2017 as a result of eliminating the estimated forfeiture rate on unvested restricted stock units. In May 2014, the FASB issued ASU No. 2014-09, Revenue Recognition We are continuing the review of our contracts with customers to identify potential differences that could result from applying the new guidance. As we complete our overall assessment, we are also identifying any needed changes to our accounting policies and practices, business processes, systems and controls to support the new revenue recognition and disclosure requirements. Based on our evaluation to date, we do not expect the adoption of this accounting guidance to have a significant impact on our consolidated financial statements. In February 2016, the FASB issued new guidance on the accounting for leases. This new guidance will require that a lessee recognize assets and liabilities on the balance sheet for all leases with a lease term of more than twelve months, with the result being the recognition of a right of use asset and a lease liability. The new lease accounting requirements are effective for the Company’s 2019 fiscal year with a modified retrospective transition approach required, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This ASU eliminates Step 2 from the goodwill impairment test. This ASU also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those years, with early adoption permitted. We are evaluating the effect that ASU 2017-04 will have on our goodwill assessment process, but do not believe the adoption of ASU 2017-04
Fair Value Measurement	ASC Topic 820, Fair Value Measurement
Financial Instruments	FASB ASC Topic 825, Financial Instruments Cash and Cash Equivalents Warehouse line of credit
Contingencies	The Company is party to various litigation matters, in most cases involving ordinary course and routine claims incidental to its business. The Company cannot estimate with certainty its ultimate legal and financial liability with respect to any pending matters. In accordance with ASC 450, Contingencies,

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	Property and equipment consist of the following (dollars in thousands): March 31, 2017 December 31, 2016 Furniture and equipment $ 7,763 $ 7,667 Computer equipment 2,145 2,145 Capitalized software costs 2,189 2,043 Leasehold improvements 16,090 15,813 Subtotal 28,187 27,668 Less accumulated depreciation and amortization (12,679 ) (11,831 ) $ 15,508 $ 15,837

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The Company’s intangible assets are summarized as follows (dollars in thousands): March 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Amortizable intangible assets: Mortgage servicing rights $ 68,935 $ (28,752 ) $ 40,183 $ 64,648 $ (28,034 ) $ 36,614 Other 931 — 931 — — — Total intangible assets $ 69,866 $ (28,752 ) $ 41,114 $ 64,648 $ (28,034 ) $ 36,614
Summary of Carrying and Fair Value of Mortgage Servicing Rights	Changes in the carrying value of mortgage servicing rights for the three month periods ended March 31, 2017 and 2016, were as follows (dollars in thousands): Category 12/31/16 Capitalized Amortized Sold / 3/31/17 Freddie Mac $ 16,234 $ 4,927 $ (967 ) $ — $ 20,194 CMBS 16,247 311 (1,048 ) — 15,510 Life company 3,567 889 (563 ) — 3,893 Life company – limited 566 107 (87 ) — 586 Total $ 36,614 $ 6,234 $ (2,665 ) $ — $ 40,183 Category 12/31/15 Capitalized Amortized Sold / 3/31/16 Freddie Mac $ 7,074 $ 2,446 $ (388 ) $ (801 ) $ 8,331 CMBS 16,768 391 (1,008 ) 602 16,753 Life company 2,729 848 (441 ) — 3,136 Life company – limited 351 159 (68 ) — 442 Total $ 26,922 $ 3,844 $ (1,905 ) $ (199 ) $ 28,662
Summary of Estimated Amortization Expense	Estimated amortization expense for the next five years is as follows (dollars in thousands): Remainder of 2017 $ 7,242 2018 8,207 2019 6,163 2020 4,730 2021 4,143 2022 3,576

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Financial Assets Accounted at Fair Value on Recurring Basis	The following tables set forth the Company’s financial assets that were accounted for at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 Fair Value Measurements Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring fair value measurements Mortgage notes receivable $ 844,426 $ — $ 844,426 $ — Total recurring fair value measurements $ 844,426 $ — $ 844,426 $ — December 31, 2016 Fair Value Measurements Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring fair value measurements Mortgage notes receivable $ 290,933 $ — $ 290,933 $ — Total recurring fair value measurements $ 290,933 $ — $ 290,933 $ —
Financial Assets Accounted at Fair Value on Nonrecurring Basis	The following table sets forth the Company’s financial assets that were accounted for at fair value on a nonrecurring basis by level within the fair value hierarchy as of March 31, 2017 and December 31, 2016 (in thousands): Nonrecurring fair value measurements: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2017 Mortgage servicing rights $ 40,183 $ — $ — $ 54,235 Total nonrecurring fair value measurements $ 40,183 $ — $ — $ 54,235 December 31, 2016 Mortgage servicing rights $ 36,615 $ — $ — $ 49,970 Total nonrecurring fair value measurements $ 36,615 $ — $ — $ 49,970
Significant Assumptions Utilized to Value Servicing Rights	The significant assumptions utilized to value servicing rights as of March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 December 31, 2016 Expected life of cash flows 3 years to 9 years 3 years to 11 years Discount rate (1) 10% to 16% 10% to 16% Prepayment rate 0% to 8% 0% to 8% Inflation rate 2% 2% Cost of service per loan $1,920 to $4,860 $1,920 to $4,997 (1) Reflects the time value of money and the risk of future cash flows related to the possible cancellation of servicing contracts, transferability restrictions on certain servicing contracts, concentration in the life company portfolio and large loan risk.

Capital Lease Obligations (Tabl

Capital Lease Obligations (Tables)	3 Months Ended
	Mar. 31, 2017
Leases [Abstract]
Summary of Capital Lease Obligations	Capital lease obligations consist of the following at March 31, 2017 and December 31, 2016 (dollars in thousands): March 31, 2017 December 31, 2016 Capital lease obligations $ 570 $ 707 Less current maturities 448 448 $ 122 $ 259
Summary of Future Minimum Lease Payments Under Capital Leases	Capital lease obligations consist primarily of office equipment leases that expire at various dates through November 2019. A summary of future minimum lease payments under capital leases at March 31, 2017 is as follows (dollars in thousands): Remainder of 2017 $ 310 2018 216 2019 44 $ 570

Lease Commitments (Tables)

Lease Commitments (Tables)	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Summary of Future Minimum Rental Payments	Future minimum rental payments for the next five years under operating leases with noncancelable terms in excess of one year and without regard to early termination provisions are as follows (dollars in thousands): Remainder of 2017 $ 8,181 2018 10,417 2019 10,143 2020 9,430 2021 8,011 2022 5,890

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense Includes Current and Deferred Taxes	Income tax expense includes current and deferred taxes as follows (dollars in thousands): Current Deferred Total Three months ended March 31, 2017: Federal $ 1,085 $ 9,250 $ 10,335 State 641 919 1,560 $ 1,726 $ 10,169 $ 11,895 Current Deferred Total Three months ended March 31, 2016: Federal $ 639 $ 7,651 $ 8,290 State 169 710 879 $ 808 $ 8,361 $ 9,169
Summary of Income Tax Expense Allocation	The reconciliation between the income tax computed by applying the U.S. federal statutory rate and the effective tax rate on net income is as follows for the three months ended March 31, 2017 and 2016 (dollars in thousands): March 31, 2017 2016 Income tax expense / (benefit) Rate Rate Taxes computed at federal rate $ 11,043 35.0 % $ 8,065 35.0 % State and local taxes, net of federal tax benefit 1,303 4.1 % 882 3.8 % Rate differential on non-US 91 0.3 % — 0.0 % Stock-based compensation (1,124 ) (3.6 )% — 0.0 % Meals and entertainment 346 1.1 % 218 1.0 % Other 236 0.8 % 4 0.0 % Income tax expense $ 11,895 37.7 % $ 9,169 39.8 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Summary of Net Income and Weighted Average Shares Outstanding	The Company’s net income and weighted average shares outstanding for the three month periods ended March 31, 2017 and 2016 consist of the following (dollars in thousands): Three months ended March 31, 2017 2016 Net income $ 19,656 $ 13,876 Weighted Average Shares Outstanding: Basic 38,538,641 38,166,836 Diluted 39,166,361 38,373,929
Summary of Calculations of Basic and Diluted Net Income per Share	Three months ended March 31, 2017 2016 Basic Earnings Per Share of Class A Common Stock Numerator: Net income $ 19,656 $ 13,876 Denominator: Weighted average number of shares of Class A common stock outstanding 38,538,641 38,166,836 Basic net income per share of Class A common stock $ 0.51 $ 0.36 Diluted Earnings Per Share of Class A Common Stock Numerator: Net income $ 19,656 $ 13,876 Denominator: Basic weighted average number of shares of Class A common stock 38,538,641 38,166,836 Add—dilutive effect of: Unvested restricted stock units 612,779 195,406 Stock options 14,941 11,687 Weighted average common shares outstanding — diluted 39,166,361 38,373,929 Diluted earnings per share of Class A common stock $ 0.50 $ 0.36

Organization and Basis of Pre31

Organization and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017Officeshares	Jan. 01, 2017USD ($)	Dec. 31, 2016shares	Jan. 30, 2007$ / sharesshares	Nov. 09, 2006shares
UNITED STATES
Class of Stock [Line Items]
Number of offices | Office	23
London, United Kingdom [Member]
Class of Stock [Line Items]
Number of offices | Office	1
IPO [Member]
Class of Stock [Line Items]
Percentage of shares purchase from Partners	44.70%
IPO [Member] | Unvested Restricted Stock Units [Member]
Class of Stock [Line Items]
Reduction in retained earnings | $		$ 0.6
Class A Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized	175,000,000		175,000,000
Sale of common stock, shares	38,740,330		38,463,448
Class A Common Stock [Member] | HFF Holdings [Member]
Class of Stock [Line Items]
Sale of common stock, shares	38,740,330		38,463,448
Class A Common Stock [Member] | IPO [Member]
Class of Stock [Line Items]
Common share proposed for public offering					14,300,000
Common stock, shares authorized				14,300,000
Initial public offering price, per share | $ / shares				$ 18
Common Class B [Member] | IPO [Member] | HFF Holdings [Member]
Class of Stock [Line Items]
Sale of common stock, shares	1

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017
Office and Firm Profit Participation Plans [Member]
Summary Of Significant Accounting Policies [Line Items]
Vesting period	50 months

Stock Compensation - Additional

Stock Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation cost	$ 3,906	$ 2,839
Options, Granted	0
Options, Vested	0
Options, Forfeited	0
Options, Exercised	0
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested restricted stock units	$ 45,800
Weighted average contractual term	2 years 9 months 18 days
Restricted stock units outstanding	2,305,408
Number of stock units with continued vesting requirements	2,106,372
Restricted stock units, Granted	821,166
Restricted stock units, forfeited	4,832
Restricted stock units vested	596,908
Fair value of restricted stock units	$ 5,500
Restricted Stock Units [Member] | Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units outstanding, Converted to common stock	591,818

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 28,187	$ 27,668
Less accumulated depreciation and amortization	(12,679)	(11,831)
Property, plant and equipment, net	15,508	15,837
Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	7,763	7,667
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	2,145	2,145
Capitalized Software Costs [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	2,189	2,043
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 16,090	$ 15,813

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Capital leased office equipment recorded in furniture and equipment	$ 28,187	$ 27,668
Accumulated depreciation and amortization of capital leased office equipment included in consolidated statements	12,679	11,831
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Capital leased office equipment recorded in furniture and equipment	1,800	1,900
Accumulated depreciation and amortization of capital leased office equipment included in consolidated statements	$ 1,300	$ 1,200

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Acquired Finite-Lived Intangible Assets [Line Items]
Total intangible assets Gross Carrying Amount	$ 69,866	$ 64,648
Accumulated Amortization	(28,752)	(28,034)
Total intangible assets Net Book Value	41,114	36,714
Mortgage Servicing Rights [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	68,935	64,648
Accumulated Amortization	(28,752)	(28,034)
Total intangible assets Net Book Value	40,183	$ 36,614
Other [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	931
Total intangible assets Net Book Value	$ 931

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Commercial loans serviced by the Company	$ 60,700,000		$ 58,000,000
Servicing fees and interest earned	6,700	$ 5,500
Loan served for mortgage servicing rights	59,400,000		56,500,000
Gain on sale of cashiering portion		500
Amortization expenses	$ 2,665	1,905
Weighted-average life of mortgage servicing rights	6 years 7 months 6 days
Mortgage Servicing Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Mortgage servicing rights	$ 40,183		$ 36,614
Freddie Mac [Member]
Finite-Lived Intangible Assets [Line Items]
Mortgage servicing rights retained upon sale	4,900	2,400
Originated loans, net	1,400,000	900,000
Amortization expenses	2,700	1,900
Freddie Mac [Member] | Interest and Other Income, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Securitization compensation received	1,500	1,200
CMBS [Member]
Finite-Lived Intangible Assets [Line Items]
Mortgage servicing rights acquired without exchange of initial consideration	1,300	1,400
Initial consideration, net	3,500,000	3,300,000
Life Company Tranches [Member]
Finite-Lived Intangible Assets [Line Items]
Mortgage servicing rights acquired without exchange of initial consideration	1,300	1,400
Initial consideration, net	$ 3,500,000	$ 3,300,000

Intangible Assets - Summary o38

Intangible Assets - Summary of Carrying and Fair Value of Mortgage Servicing Rights (Detail) - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Opening Balance	$ 36,614	$ 26,922
Capitalized	6,234	3,844
Amortized	(2,665)	(1,905)
Sold/Transferred		(199)
Closing Balance	40,183	28,662
Freddie Mac [Member]
Finite-Lived Intangible Assets [Line Items]
Opening Balance	16,234	7,074
Capitalized	4,927	2,446
Amortized	(967)	(388)
Sold/Transferred		(801)
Closing Balance	20,194	8,331
CMBS [Member]
Finite-Lived Intangible Assets [Line Items]
Opening Balance	16,247	16,768
Capitalized	311	391
Amortized	(1,048)	(1,008)
Sold/Transferred		602
Closing Balance	15,510	16,753
Life Company [Member]
Finite-Lived Intangible Assets [Line Items]
Opening Balance	3,567	2,729
Capitalized	889	848
Amortized	(563)	(441)
Closing Balance	3,893	3,136
Life Company - Limited [Member]
Finite-Lived Intangible Assets [Line Items]
Opening Balance	566	351
Capitalized	107	159
Amortized	(87)	(68)
Closing Balance	$ 586	$ 442

Intangible Assets - Summary o39

Intangible Assets - Summary of Estimated Amortization Expense (Detail) $ in Thousands	Mar. 31, 2017USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Remainder of 2017	$ 7,242
2,018	8,207
2,019	6,163
2,020	4,730
2,021	4,143
2,022	$ 3,576

Fair Value Measurement - Financ

Fair Value Measurement - Financial Assets Accounted at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage notes receivable	$ 844,426	$ 290,933
Total recurring fair value measurements	844,426	290,933
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage notes receivable	844,426	290,933
Total recurring fair value measurements	$ 844,426	$ 290,933

Fair Value Measurement - Fina41

Fair Value Measurement - Financial Assets Accounted at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total nonrecurring fair value measurements	$ 40,183	$ 36,615
Carrying Value [Member] | Mortgage Servicing Rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total nonrecurring fair value measurements	40,183	36,615
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total nonrecurring fair value measurements	54,235	49,970
Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total nonrecurring fair value measurements	$ 54,235	$ 49,970

Fair Value Measurement - Signif

Fair Value Measurement - Significant Assumptions Utilized to Value Servicing Rights (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Expected life of cash flows	3 years	3 years
Discount rate	10.00%	10.00%
Prepayment rate	0.00%	0.00%
Cost of service per loan	$ 1,920	$ 1,920
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Expected life of cash flows	9 years	11 years
Discount rate	16.00%	16.00%
Prepayment rate	8.00%	8.00%
Inflation rate	2.00%	2.00%
Cost of service per loan	$ 4,860	$ 4,997

Capital Lease Obligations - Sum

Capital Lease Obligations - Summary of Capital Lease Obligations (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Capital Lease Obligations [Abstract]
Capital lease obligations	$ 570	$ 707
Less current maturities	448	448
Capital lease obligations, non current maturities	$ 122	$ 259

Capital Lease Obligation - Addi

Capital Lease Obligation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017
Leases [Abstract]
Lease Expiration Date	Nov. 30, 2019

Capital Lease Obligation - Summ

Capital Lease Obligation - Summary of Future Minimum Lease Payments Under Capital Leases (Detail) $ in Thousands	Mar. 31, 2017USD ($)
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Remainder of 2017	$ 310
2,018	216
2,019	44
Total	$ 570

Warehouse Line of Credit - Addi

Warehouse Line of Credit - Additional Information (Detail)	3 Months Ended
	May 31, 2017USD ($)	Mar. 31, 2017USD ($)Warehouse_Line_of_Credit	Jan. 01, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Line of Credit Facility [Line Items]
Number of warehouse line of credit facilities | Warehouse_Line_of_Credit		2
Warehouse line of credit outstanding amount		$ 841,600,000			$ 291,000,000
Line of credit interest rate at the end of the period		0.79%			0.62%
LIBOR rate duration period		30 days
Line of credit interest rate description		Interest on the warehouse lines of credit is at the 30-day LIBOR rate (0.79% and 0.62% at March 31, 2017 and December 31, 2016, respectively) plus a spread. HFF LP is also paid interest on its loan secured by a multifamily loan at the rate in the Freddie Mac note.
PNC Bank, N.A. [Member]
Line of Credit Facility [Line Items]
Uncommitted financing arrangement		$ 450,000,000
Line of credit expiration date	Mar. 31, 2017
Maximum capacity	$ 2,000,000,000
PNC Bank, N.A. [Member] | Scenario, Forecast [Member]
Line of Credit Facility [Line Items]
Maximum capacity			$ 450,000,000	$ 1,500,000,000
PNC Bank, N.A. [Member] | Temporary Increase To Line Of Credit [Member]
Line of Credit Facility [Line Items]
Maximum uncommitted financing arrangement		$ 550,000,000
Maximum uncommitted financing arrangement expiration period		45 days
Frequency of temporary increases | Warehouse_Line_of_Credit		4
Huntington Bank [Member] | Temporary Increase To Line Of Credit [Member]
Line of Credit Facility [Line Items]
Uncommitted financing arrangement		$ 125,000,000
Maximum uncommitted financing arrangement		$ 150,000,000
Maximum uncommitted financing arrangement expiration period		30 days
Frequency of temporary increases | Warehouse_Line_of_Credit		3

Lease Commitments - Additional

Lease Commitments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating Leased Assets [Line Items]
Total rental expense	$ 3.6	$ 2.8
Lease expiration year	2,019
Maximum [Member]
Operating Leased Assets [Line Items]
Operating lease terms	11 years
Reduced operating lease terms	7 years
Minimum [Member]
Operating Leased Assets [Line Items]
Operating lease terms	3 years
Reduced operating lease terms	2 years

Lease Commitments - Summary of

Lease Commitments - Summary of Future Minimum Rental Payments (Detail) $ in Thousands	Mar. 31, 2017USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Remainder of 2017	$ 8,181
2,018	10,417
2,019	10,143
2,020	9,430
2,021	8,011
2,022	$ 5,890

Servicing - Additional Informat

Servicing - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Transfers and Servicing [Abstract]
Unpaid principal balance of servicing portfolio of commercial real estate loan	$ 60,700	$ 58,000
Funds held in escrow	$ 182.1	$ 182.3

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Expense Includes Current and Deferred Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Current Federal Tax	$ 1,085	$ 639
State Current Tax	641	169
Federal and State Current Total	1,726	808
Federal Deferred Tax	9,250	7,651
State Deferred Tax	919	710
Federal and State Deferred Total	10,169	8,361
Federal Current and Deferred Total	10,335	8,290
State Current and Deferred Total	1,560	879
Income tax expense	$ 11,895	$ 9,169

Income Taxes - Summary of Inc51

Income Taxes - Summary of Income Tax Expense Allocation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Taxes computed at federal rate	$ 11,043	$ 8,065
State and local taxes, net of federal tax benefit	1,303	882
Rate differential on non-USincome	91
Stock-based compensation	(1,124)
Meals and entertainment	346	218
Other	236	4
Income tax expense	$ 11,895	$ 9,169
Taxes computed at federal rate, Percentage	35.00%	35.00%
State and local taxes, net of federal tax benefit, Percentage	4.10%	3.80%
Rate differential on non-USincome, Percentage	0.30%	0.00%
Stock-based compensation	(3.60%)	0.00%
Meals and entertainment, Percentage	1.10%	1.00%
Other, Percentage	0.80%	0.00%
Income tax expense, Total Percentage	37.70%	39.80%

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Deferred income tax assets:
Section 754 election tax basis step-up	$ 114,693	$ 117,749
Tenant improvements	3,693	3,571
Restricted stock units	5,593	8,564
Intangible asset	379	389
Other	1,051	932
Deferred income tax asset	125,409	131,205
Deferred income tax liabilities:
Goodwill	(1,273)	(1,272)
Servicing rights	(16,546)	(15,003)
Compensation	(2,732)	(120)
Deferred rent	(1,888)	(1,671)
Investment in partnership	(582)	(582)
Deferred income tax liability	(23,021)	(18,648)
Net deferred income tax asset	$ 102,388	$ 112,557

Stockholders Equity - Additiona

Stockholders Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Feb. 21, 2017	Feb. 09, 2017	Jan. 24, 2017	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Aggregate dividend paid				$ 60,017	$ 68,362
Class A Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized				175,000,000		175,000,000	175,000,000
Common stock, par value				$ 0.01		$ 0.01	$ 0.01
Voting rights per common stock						1
Common stock, shares issued				38,740,330		38,740,330	38,463,448
Class A Common Stock [Member] | Restricted Stock Units [Member]
Class of Stock [Line Items]
Restricted stock granted for unvested and vested but not issued		95,648
Class A Common Stock [Member] | HFF Holdings [Member]
Class of Stock [Line Items]
Common stock, shares issued				38,740,330		38,740,330	38,463,448
Special cash dividend			$ 1.57
Dividends payable, date of record			Feb. 9, 2017
Dividends payable, declaration date			Jan. 24, 2017
Dividends payable, payment date			Feb. 21, 2017
Aggregate dividend paid	$ 60,000

Earnings Per Share - Summary of

Earnings Per Share - Summary of Net Income and Weighted Average Shares Outstanding (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net income	$ 19,656	$ 13,876
Weighted Average Shares Outstanding:
Basic	38,538,641	38,166,836
Diluted	39,166,361	38,373,929

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restricted Stock Units [Member]
Earnings Per Share [Line Items]
Stock units and stock options included in weighted average shares	199,036	177,852
Stock Options [Member]
Earnings Per Share [Line Items]
Stock units and stock options included in weighted average shares	0	0

Earnings Per Share - Summary 56

Earnings Per Share - Summary of Calculations of Basic and Diluted Net Income per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income	$ 19,656	$ 13,876
Denominator:
Basic weighted average number of shares of Class A common stock	38,538,641	38,166,836
Add-dilutive effect of:
Weighted average common shares outstanding - diluted	39,166,361	38,373,929
Basic net income per share of Class A common stock	$ 0.51	$ 0.36
Diluted earnings per share of Class A common stock	$ 0.50	$ 0.36
Basic Earnings Per Share of Class A Common Stock [Member] | Class A Common Stock [Member]
Numerator:
Net income	$ 19,656	$ 13,876
Denominator:
Basic weighted average number of shares of Class A common stock	38,538,641	38,166,836
Add-dilutive effect of:
Basic net income per share of Class A common stock	$ 0.51	$ 0.36
Diluted Earnings Per Share of Class A Common Stock [Member] | Class A Common Stock [Member]
Numerator:
Net income	$ 19,656	$ 13,876
Denominator:
Basic weighted average number of shares of Class A common stock	38,538,641	38,166,836
Add-dilutive effect of:
Unvested restricted stock units	612,779	195,406
Stock options	14,941	11,687
Weighted average common shares outstanding - diluted	39,166,361	38,373,929
Diluted earnings per share of Class A common stock	$ 0.50	$ 0.36

Earnings Per Share - Summary 57

Earnings Per Share - Summary of Calculations of Basic and Diluted Net Income per Share (Parenthetical) (Detail) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restricted Stock Units [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Stock units and stock options included in weighted average shares	199,036	177,852
Stock Options [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Stock units and stock options included in weighted average shares	0	0

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017
Related Party Transaction [Line Items]
Percentage of retained cash savings in income tax	15.00%
HFF Holdings [Member]
Related Party Transaction [Line Items]
Percentage of tax receivable agreement	85.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Summary Of Commitments And Contingent Liabilities [Line Items]
Liability to HFF Holdings	$ 23,021	$ 23,021	$ 18,648
Accrued additional compensation to newly hired transaction professionals	$ 300	$ 300	100
Minimum [Member]
Summary Of Commitments And Contingent Liabilities [Line Items]
Payments under compensation arrangement, Period		2,017
Maximum [Member]
Summary Of Commitments And Contingent Liabilities [Line Items]
Payments under compensation arrangement, Period		2,019
HFF Holdings [Member]
Summary Of Commitments And Contingent Liabilities [Line Items]
Amount of cash savings to HFF holdings	85.00%
Liability to HFF Holdings	$ 111,400	$ 111,400	$ 111,400
Federal [Member]
Summary Of Commitments And Contingent Liabilities [Line Items]
Amount of cash savings to HFF holdings	85.00%
State and Local Income Tax [Member]
Summary Of Commitments And Contingent Liabilities [Line Items]
Amount of cash savings to HFF holdings	85.00%