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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Summary of Categorization of Assets and Liabilities Measured at Fair Value

The tables below summarize the categorization of the Company’s assets and liabilities measured at fair value. During the three and nine months ended September 30, 2020 and 2019 there were no transfers between Levels 2 and 3.

		September 30, 2020
		Total				Level 1				Level 2				Level 3
Assets:
Recurring fair value measurements:
Cash equivalents		$	2,577			$	2,577			$	—			$	—
Securities owned, at fair value			32,574				24,101				8,473				—
Total		$	35,151			$	26,678			$	8,473			$	—
Liabilities:
Recurring fair value measurements:
Deferred consideration (Note 11)		$	207,748			$	—			$	—			$	207,748
Non-recurring fair value measurements
Convertible notes(1)		$	24,344			$	—			$	24,344			$	—

(1) Fair value determined on August 13, 2020 (Note 13)

		December 31, 2019
		Total				Level 1				Level 2				Level 3
Assets:
Recurring fair value measurements:
Cash equivalents		$	317			$	317			$	—			$	—
Securities owned, at fair value			17,319				17,319				—				—
Total		$	17,636			$	17,636			$	—			$	—
Non-recurring fair value measurements:
AdvisorEngine Inc. – Financial interests(1)		$	28,172				—				—			$	28,172
Liabilities:
Recurring fair value measurements:
Deferred consideration (Note 11)		$	173,024			$	—			$	—			$	173,024
Securities sold, but not yet purchased			582				582				—				—
Total		$	173,606			$	582			$	—			$	173,024

(1) Fair value determined on December 31, 2019 (Note 7).

Summary of Reconciliation of Recurring Fair Value Measurements

The following table presents a reconciliation of beginning and ending balances of recurring fair value measurements classified as Level 3:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2020				2019				2020				2019
Deferred consideration (Note 11)
Beginning balance		$	198,784			$	161,273			$	173,024			$	161,540
Net realized losses (1)			4,539				3,502				12,362				9,710
Net unrealized losses/(gains)(2)			8,870				6,306				34,436				5,939
Settlements			(4,445	)			(3,441	)			(12,074	)			(9,549	)
Ending balance		$	207,748			$	167,640			$	207,748			$	167,640

(1) Recorded as contractual gold payments expense on the Company’s Consolidated Statements of Operations.

(2) Recorded as loss on revaluation of deferred consideration – gold payments on the Company’s Consolidated Statements of Operations.

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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-Publisher FASB
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-Topic 820
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-Section 50
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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

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