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Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of 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 (in thousands):
| Assets at Fair Value at September 30, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Netting and Collateral |  | Total
Financial instruments owned, at fair value—Domestic government debt | $ | 194,309 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 194,309 |
Financial instruments owned, at fair value—Foreign government debt | — |  |  | 15,879 |  |  | — |  |  | — |  |  | 15,879 |
Financial instruments owned, at fair value—Equities | 636 |  |  | — |  |  | — |  |  | — |  |  | 636 |
Financial instruments owned, at fair value—Corporate bonds | — |  |  | 202 |  |  | — |  |  | — |  |  | 202 |
FX swaps | — |  |  | 4,477 |  |  | — |  |  | (724) |  |  | 3,753 |
Forwards | — |  |  | 1,341 |  |  | — |  |  | (77) |  |  | 1,264 |
Interest rate swaps | — |  |  | 6,127 |  |  | — |  |  | (6,040) |  |  | 87 |
Futures | 55,742 |  |  | — |  |  | — |  |  | (55,742) |  |  | — |
Total | $ | 250,687 |  |  | $ | 28,026 |  |  | $ | — |  |  | $ | (62,583) |  |  | $ | 216,130 |
| Liabilities at Fair Value at September 30, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Netting and Collateral |  | Total
FX swaps | $ | — |  |  | $ | 6,662 |  |  | $ | — |  |  | $ | (724) |  |  | $ | 5,938 |
Forwards | — |  |  | 780 |  |  | — |  |  | (77) |  |  | 703 |
Futures | 55,791 |  |  | — |  |  | — |  |  | (55,742) |  |  | 49 |
Interest rate swaps | — |  |  | 6,040 |  |  | — |  |  | (6,040) |  |  | — |
Contingent consideration | — |  |  | — |  |  | 8,788 |  |  | — |  |  | 8,788 |
Total | $ | 55,791 |  |  | $ | 13,482 |  |  | $ | 8,788 |  |  | $ | (62,583) |  |  | $ | 15,478 |
| Assets at Fair Value at December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Netting and Collateral |  | Total
Financial instruments owned, at fair value—Domestic government debt | $ | 31,141 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 31,141 |
Financial instruments owned, at fair value—Foreign government debt | — |  |  | 14,164 |  |  | — |  |  | — |  |  | 14,164 |
Financial instruments owned, at fair value—Equities | 487 |  |  | — |  |  | — |  |  | — |  |  | 487 |
FX swaps | — |  |  | 3,467 |  |  | — |  |  | (793) |  |  | 2,674 |
Forwards | — |  |  | 855 |  |  | — |  |  | (50) |  |  | 805 |
Interest rate swaps | — |  |  | 12,310 |  |  | — |  |  | (12,182) |  |  | 128 |
Futures | — |  |  | 62,693 |  |  | — |  |  | (62,693) |  |  | — |
Total | $ | 31,628 |  |  | $ | 93,489 |  |  | $ | — |  |  | $ | (75,718) |  |  | $ | 49,399 |
| Liabilities at Fair Value at December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Netting and Collateral |  | Total
FX swaps | $ | — |  |  | $ | 5,912 |  |  | $ | — |  |  | $ | (793) |  |  | $ | 5,119 |
Forwards | — |  |  | 659 |  |  | — |  |  | (50) |  |  | 609 |
Futures | — |  |  | 62,721 |  |  | — |  |  | (62,693) |  |  | 28 |
Interest rate swaps | — |  |  | 12,182 |  |  | — |  |  | (12,182) |  |  | — |
Contingent consideration | — |  |  | — |  |  | 11,929 |  |  | — |  |  | 11,929 |
Total | $ | — |  |  | $ | 81,474 |  |  | $ | 11,929 |  |  | $ | (75,718) |  |  | $ | 17,685 |
Schedule of Changes in Level 3 Financial Liabilities Measured at Fair Value on Recurring Basis | Changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended September 30, 2024 were as follows (in thousands):
|  |  |  |  |  |  |  |  |  |  | Unrealized (gains) losses for the period included in:
| Opening Balance at July 1, 2024 |  | Total realized and unrealized (gains) losses included in Net income (loss)¹ |  | Purchases/ Issuances |  | Sales/ Settlements |  | Closing Balance at September 30, 2024 |  | Net (income) loss on Level 3 Assets/Liabilities Outstanding at September 30, 2024 |  | Other comprehensive income (loss) on Level 3 Assets/Liabilities Outstanding at September 30, 2024
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration | $ | 8,631 |  |  | $ | 754 |  |  | $ | — |  |  | $ | (597) |  |  | $ | 8,788 |  |  | $ | 754 |  |  | $ | — |
____________________________ 1 Realized and unrealized gains (losses) are reported in “Other income (loss)” in the Company’s unaudited Condensed Consolidated Statements of Operations. Changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended September 30, 2023 were as follows (in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  | Unrealized (gains) losses for the period included in:
| Opening Balance at July 1, 2023 |  | Total realized and unrealized (gains) losses included in Net income (loss)¹ |  |  |  | Purchases/ Issuances 2 |  | Sales/ Settlements |  | Closing Balance at September 30, 2023 |  | Net (income) loss on Level 3 Assets/Liabilities Outstanding at September 30, 2023 |  | Other comprehensive income (loss) on Level 3 Assets/Liabilities Outstanding at September 30, 2023
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration | $ | 8,909 |  |  | $ | 110 |  |  |  |  | $ | (2,176) |  |  | $ | (844) |  |  | $ | 5,999 |  |  | $ | 44 |  |  | $ | — |
____________________________ 1 Realized and unrealized gains (losses) are reported in “Other income (loss)” in the Company’s unaudited Condensed Consolidated Statements of Operations. 2 For the three months ended September 30, 2023, a $2.2 million measurement period adjustment is included in “Purchases/Issuances” relating to the Trident Acquisition (see Note 16—“Goodwill and Other Intangible Assets, Net” for additional information). Changes in Level 3 liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2024 were as follows (in thousands):
|  |  |  |  |  |  |  |  |  |  | Unrealized (gains) losses for the period included in:
| Opening Balance at January 1, 2024 |  | Total realized and unrealized (gains) losses included in Net income (loss)¹ |  | Purchases/ Issuances |  | Sales/ Settlements |  | Closing Balance at September 30, 2024 |  | Net income (loss) on Level 3 Assets / Liabilities Outstanding at September 30, 2024 |  | Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at September 30, 2024
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration | $ | 11,929 |  |  | $ | 499 |  |  | $ | — |  |  | $ | (3,640) |  |  | $ | 8,788 |  |  | $ | 499 |  |  | $ | — |
____________________________ 1 Realized and unrealized gains (losses) are reported in “Other income (loss)” in the Company’s unaudited Condensed Consolidated Statements of Operations. Changes in Level 3 liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2023 were as follows (in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  | Unrealized (gains) losses for the period included in:
| Opening Balance at January 1, 2023 |  | Total realized and unrealized (gains) losses included in Net income (loss)¹ |  |  |  | Purchases/ Issuances 2 |  | Sales/ Settlements |  | Closing Balance at September 30, 2023 |  | Net income (loss) on Level 3 Assets / Liabilities Outstanding at September 30, 2023 |  | Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at September 30, 2023
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration | $ | 24,279 |  |  | $ | 723 |  |  |  |  | $ | 2,499 |  |  | $ | (21,502) |  |  | $ | 5,999 |  |  | $ | 116 |  |  | $ | — |
____________________________ 1 Realized and unrealized gains (losses) are reported in “Other income (loss)” in the Company’s unaudited Condensed Consolidated Statements of Operations. 2 For the nine months ended September 30, 2023, a $2.2 million measurement period adjustment is included in “Purchases/Issuances” relating to the Trident Acquisition (see Note 16—“Goodwill and Other Intangible Assets, Net” for additional information).
Schedule of 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 liabilities measured at fair value on a recurring basis (dollar amounts in thousands):
| Fair Value as of September 30, 2024 |  |  |  |  |  |  |  |
| Assets |  | Liabilities |  | Valuation Technique |  | Unobservable Inputs |  | Range |  | Weighted Average
|  |  |  |  |  |  | Discount rate 1 |  | 7.2%-9.2% |  | 8.7%
Contingent consideration | $ | — |  |  | $ | 8,788 |  |  | Present value of expected payments |  | Probability of meeting earnout and contingencies |  | 20%-100% |  | 86.4%2
____________________________ 1 The discount rate is based on the Company’s calculated weighted-average cost of capital. 2 The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.
| Fair Value as of December 31, 2023 |  |  |  |  |  |  |  |
| Assets |  | Liabilities |  | Valuation Technique |  | Unobservable Inputs |  | Range |  | Weighted Average
|  |  |  |  |  |  | Discount rate 1 |  | 7.2%-9.2% |  | 8.6%
Contingent consideration | $ | — |  |  | $ | 11,929 |  |  | Present value of expected payments |  | Probability of meeting earnout and contingencies |  | 20%-100% |  | 86.5%2
____________________________ 1 The discount rate is based on the Company’s calculated weighted-average cost of capital. 2 The probability of meeting the earnout targets was based on the acquirees’ 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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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