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Fair Value of Financial Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2018
Fair Value Disclosures [Abstract] |
Fair Value Hierarchy of Financial Assets and Liabilities under U.S. GAAP Guidance | The following tables set forth by level within the fair value hierarchy financial assets and liabilities accounted for at fair value under U.S. GAAP guidance at March 31, 2018 and December 31, 2017 (in thousands):
|  | Assets at Fair Value at March 31, 2018 |
|  | Level 1 |  |  | Level 2 1 |  |  | Level 3 |  |  | Netting and Collateral |  |  | Total |
Loans held for sale, at fair value |  | $ | — |  |  | $ | 965,639 |  |  | $ | — |  |  | $ | — |  |  | $ | 965,639 |
Marketable securities |  |  | 96,061 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 96,061 |
Government debt |  |  | 88,577 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 88,577 |
Securities owned—Equities |  |  | 780 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 780 |
Forwards |  |  | — |  |  |  | 213 |  |  |  | 9,687 |  |  |  | (12 | ) |  |  | 9,888 |
Rate lock commitments |  |  | — |  |  |  | — |  |  |  | 8,750 |  |  |  | — |  |  |  | 8,750 |
Foreign exchange/commodities options |  |  | 102,667 |  |  |  | — |  |  |  | — |  |  |  | (98,736 | ) |  |  | 3,931 |
Futures |  |  | — |  |  |  | 43,541 |  |  |  | — |  |  |  | (42,308 | ) |  |  | 1,233 |
Foreign exchange swaps |  |  | — |  |  |  | 1,249 |  |  |  | — |  |  |  | (306 | ) |  |  | 943 |
Total |  | $ | 288,085 |  |  | $ | 1,010,642 |  |  | $ | 18,437 |  |  | $ | (141,362 | ) |  | $ | 1,175,802 |
1 In addition, the Company has equity securities with a fair value of approximately $30.9 million which are recorded in “Other Assets” in the Company’s unaudited condensed consolidated statements of financial condition as of March 31, 2018. These investments are remeasured to fair value on a non-recurring basis and are classified within Level 2 in the fair value hierarchy.
|  | Liabilities at Fair Value at March 31, 2018 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Netting and Collateral |  |  | Total |
Rate lock commitments |  | $ | — |  |  | $ | — |  |  | $ | 8,980 |  |  | $ | — |  |  | $ | 8,980 |
Forwards |  |  | — |  |  |  | 227 |  |  |  | 2,421 |  |  |  | (12 | ) |  |  | 2,636 |
Futures |  |  | — |  |  |  | 43,118 |  |  |  | — |  |  |  | (42,308 | ) |  |  | 810 |
Foreign exchange swaps |  |  | — |  |  |  | 1,033 |  |  |  | — |  |  |  | (306 | ) |  |  | 727 |
Foreign exchange/commodities options |  |  | 98,736 |  |  |  | — |  |  |  | — |  |  |  | (98,736 | ) |  |  | — |
Contingent consideration |  |  | — |  |  |  | — |  |  |  | 59,242 |  |  |  | — |  |  |  | 59,242 |
Total |  | $ | 98,736 |  |  | $ | 44,378 |  |  | $ | 70,643 |  |  | $ | (141,362 | ) |  | $ | 72,395 |
|  | Assets at Fair Value at December 31, 2017 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Netting and Collateral |  |  | Total |
Loans held for sale, at fair value |  | $ | — |  |  | $ | 362,635 |  |  | $ | — |  |  | $ | — |  |  | $ | 362,635 |
Marketable securities |  |  | 208,176 |  |  | — |  |  | — |  |  | — |  |  |  | 208,176 |
Government debt |  |  | 32,744 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 32,744 |
Securities owned—Equities |  |  | 263 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 263 |
Foreign exchange/commodities options |  |  | 31,834 |  |  | — |  |  | — |  |  |  | (27,418 | ) |  |  | 4,416 |
Forwards |  |  | — |  |  |  | 610 |  |  |  | 3,753 |  |  |  | (101 | ) |  |  | 4,262 |
Rate lock commitments |  |  | — |  |  | — |  |  |  | 2,923 |  |  | — |  |  |  | 2,923 |
Foreign exchange swaps |  |  | — |  |  |  | 1,135 |  |  |  | — |  |  |  | (334 | ) |  |  | 801 |
Interest rate swaps |  |  | — |  |  |  | 242 |  |  | — |  |  | — |  |  |  | 242 |
Futures |  |  | — |  |  |  | 78,969 |  |  |  | — |  |  |  | (78,944 | ) |  |  | 25 |
Total |  | $ | 273,017 |  |  | $ | 443,591 |  |  | $ | 6,676 |  |  | $ | (106,797 | ) |  | $ | 616,487 |
|  | Liabilities at Fair Value at December 31, 2017 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Netting and Collateral |  |  | Total |
Foreign exchange swaps |  | $ | — |  |  | $ | 3,180 |  |  | $ | — |  |  | $ | (334 | ) |  | $ | 2,846 |
Rate lock commitments |  |  | — |  |  |  | — |  |  |  | 2,390 |  |  |  | — |  |  |  | 2,390 |
Forwards |  |  | — |  |  |  | 927 |  |  |  | 657 |  |  |  | (101 | ) |  |  | 1,483 |
Futures |  |  | — |  |  |  | 80,010 |  |  |  | — |  |  |  | (78,944 | ) |  |  | 1,066 |
Foreign exchange/commodities options |  |  | 27,548 |  |  |  | — |  |  |  | — |  |  |  | (27,418 | ) |  |  | 130 |
Equity options |  |  | 18 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18 |
Contingent consideration |  |  | — |  |  |  | — |  |  |  | 67,172 |  |  |  | — |  |  |  | 67,172 |
Total |  | $ | 27,566 |  |  | $ | 84,117 |  |  | $ | 70,219 |  |  | $ | (106,797 | ) |  | $ | 75,105 |
Changes in Level 3 Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | Level 3 Financial Assets and Liabilities Changes in Level 3 rate lock commitments, forwards and contingent consideration measured at fair value on a recurring basis for the three months ended March 31, 2018 were as follows (in thousands):
|  | Opening Balance as of January 1, 2018 |  |  | Total realized and unrealized gains (losses) included in Net income (loss) |  |  | Unrealized gains (losses) included in Other comprehensive income (loss) |  |  | Purchases/Issuances |  |  | Sales/Settlements |  |  | Closing Balance at March 31, 2018 |  |  | Unrealized gains (losses) for Level 3 Assets / Liabilities Outstanding at March 31, 2018 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rate lock commitments and forwards, net |  | $ | 3,629 |  |  | $ | 7,036 |  |  | $ | — |  |  | $ | — |  |  | $ | (3,629 | ) |  | $ | 7,036 |  |  | $ | 7,036 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration1 |  | $ | 67,172 |  |  | $ | (707 | ) |  | $ | (863 | ) |  | $ | 22 |  |  | $ | (9,522 | ) |  | $ | 59,242 |  |  | $ | (1,570 | )
1 Realized and unrealized gains (losses) are reported in “Other expenses” and “Other income (loss),” as applicable, in the Company’s unaudited condensed consolidated statements of operations. Changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2017 are as follows (in thousands):
|  | Opening Balance as of January 1, 2017 |  |  | Total realized and unrealized gains (losses) included in Net income (loss) |  |  | Unrealized gains (losses) included in Other comprehensive income (loss) |  |  | Purchases/Issuances |  |  | Sales/Settlements |  |  | Closing Balance at March 31, 2017 |  |  | Unrealized gains (losses) for Level 3 Assets / Liabilities Outstanding at March 31, 2017 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rate lock commitments and forwards, net |  | $ | 10,254 |  |  | $ | 2,462 |  |  | $ | — |  |  | $ | — |  |  | $ | (10,254 | ) |  | $ | 2,462 |  |  | $ | 2,462 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration1 |  | $ | 65,838 |  |  | $ | (1,111 | ) |  | $ | (211 | ) |  | $ | 6,190 |  |  | $ | (10,153 | ) |  | $ | 63,197 |  |  | $ | (1,322 | )
1 Realized and unrealized gains (losses) are reported in “Other expenses” and “Other income (loss),” as applicable, in the Company’s unaudited condensed consolidated statements of operations.
Quantitative Information about Level 3 Fair Value Measurements on Recurring Basis | The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurement of Level 3 assets and liabilities measured at fair value on a recurring basis (in thousands):
|  | Fair Value as of March 31, 2018 |  |  |  |  |  |  |  |  |
|  | Assets |  |  | Liabilities |  |  | Valuation Technique |  | Unobservable Inputs |  | Range |  | Weighted Average
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rate lock commitments |  | $ | 8,750 |  |  | $ | 8,980 |  |  | Discounted cash flow model and other observable market data |  | Counterparty credit risk |  | N/A |  | N/A
Forwards |  | $ | 9,687 |  |  | $ | 2,421 |  |  | Discounted cash flow model and other observable market data |  | Counterparty credit risk |  | N/A |  | N/A
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | — |  |  | $ | 59,242 |  |  | Present value of expected payments |  | Discount rate Probability of meeting earnout and contingencies |  | 3.3%-10.4% 75%-100% |  | 8.1% 97%1
1 | The probability of meeting the earnout targets as of March 31, 2018 was based on the acquired businesses’ projected future financial performance, including revenues.
|  | Fair Value as of December 31, 2017 |  |  |  |  |  |  |  |  |
|  | Assets |  |  | Liabilities |  |  | Valuation Technique |  | Unobservable Inputs |  | Range |  | Weighted Average
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rate lock commitments |  | $ | 2,923 |  |  | $ | 2,390 |  |  | Discounted cash flow model and other observable market data |  | Counterparty credit risk |  | N/A |  | N/A
Forwards |  | $ | 3,753 |  |  | $ | 657 |  |  | Discounted cash flow model and other observable market data |  | Counterparty credit risk |  | N/A |  | N/A
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | — |  |  | $ | 67,172 |  |  | Present value of expected payments |  | Discount rate Probability of meeting earnout and contingencies |  | 3.3%-10.4% 75%-100% |  | 8.2% 97%1
1 | The probability of meeting the earnout targets as of December 31, 2017 was based on the acquired businesses’ projected future financial performance, including revenues.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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