XML 53 R37.htm IDEA: XBRL DOCUMENT v3.21.2

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021 and 2020 there were no transfers between Levels 2 and 3.

		September 30, 2021
		Total				Level 1				Level 2				Level 3
Assets:
Recurring fair value measurements:
Cash equivalents		$	20,143			$	20,143			$	—			$	—
Securities owned, at fair value
ETFs			21,454				21,454				—				—
Pass-through GSEs			95,785				24,969				70,816				—
Corporate bonds			2,151				—				2,151				—
Total		$	139,533			$	66,566			$	72,967			$	—
Non-recurring fair value measurements:
Securrency, Inc. – Series A convertible preferred stock(1)		$	8,488			$	—			$	—			$	8,488
Liabilities:
Recurring fair value measurements:
Deferred consideration (Note 9)		$	224,953			$	—			$	—			$	224,953

(1) Fair value of $8,488 and $8,349 determined on June 9, 2021 and March 8, 2021, respectively (Note 7).

		December 31, 2020
		Total				Level 1				Level 2				Level 3
Assets:
Recurring fair value measurements:
Cash equivalents		$	660			$	660			$	—			$	—
Securities owned, at fair value
ETFs			24,165				24,165				—				—
Pass-through GSEs			8,613				—				8,613				—
Corporate bonds			2,117				—				2,117				—
Total		$	35,555			$	24,825			$	10,730			$	—
Non-recurring fair value measurements:
AdvisorEngine Inc. (“AdvisorEngine”) – Financial interests(1)		$	—			$	—			$	—			$	—
Thesys Group, Inc. (“Thesys”) – Series Y Preferred Stock (1)			—				—				—				—
Total		$	—			$	—			$	—			$	—
Liabilities:
Recurring fair value measurements:
Deferred consideration (Note 9)		$	230,137			$	—			$	—			$	230,137
Non-recurring fair value measurements:
Convertible notes(2)		$	170,191			$	—			$	170,191			$	—

(1) The fair value of the AdvisorEngine financial interests of $9,592 was determined on May 4, 2020, the date on which these financial interests were sold (Note 23). Thesys was written down to zero on September 30, 2020.

(2) Fair value of $145,847 and $24,344 determined for convertible notes raised on June 16, 2020 and August 13, 2020, respectively (Note 11).

Summary of Reconciliation of Beginning and Ending Balances 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,
		2021				2020				2021				2020
Deferred consideration (Note 9)
Beginning balance		$	226,706			$	198,784			$	230,137			$	173,024
Net realized losses/(gains)(1)			4,250				4,539				12,834				12,362
Net unrealized (gains)/losses(2)			(1,737	)			8,870				(5,066	)			34,436
Settlements			(4,266	)			(4,445	)			(12,952	)			(12,074	)
Ending balance		$	224,953			$	207,748			$	224,953			$	207,748

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

(2) Recorded as gain/(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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2C
-URI http://asc.fasb.org/extlink&oid=123874694&loc=SL7498348-110258

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration