Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

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 six months ended June 2018 and 2017 there were no transfers between Levels 1, 2 and 3.

	June 30, 2018
	Total		Level 1		Level 2		Level 3
Assets:
Recurring fair value measurements:
Cash and cash equivalents	$	70,744	$	70,744	$	—	$	—
Securities owned, at fair value		3,719		3,719		—		—
Total	$	74,463	$	74,463		—	$	—
Non-recurring fair value measurements:
AdvisorEngine Inc. – Option(1)	$	3,278	$	—	$	—	$	3,278
Thesys Group, Inc. – Series Y preferred stock(2)		6,909		—		—		6,909
Total	$	10,187	$	—	$	—	$	10,187
Liabilities:
Recurring fair value measurements:
Deferred consideration (Note 11)	$	162,848	$	—	$	—	$	162,848
Securities sold, but not yet purchased		2,026		2,026		—		—
Total	$	164,874	$	2,026	$	—	$	162,848

	December 31, 2017
	Total		Level 1		Level 2		Level 3
Assets:
Recurring fair value measurements:
Cash and cash equivalents	$	54,193	$	54,193	$	—	$	—
Securities owned, at fair value		66,294		1,691		64,603		—
Total	$	120,487	$	55,884	$	64,603	$	—
Non-recurring fair value measurements:
AdvisorEngine Inc. – Option(1)	$	3,278		—		—	$	3,278
Thesys Group, Inc. – Series Y preferred stock(2)		6,909		—		—		6,909
Total	$	10,187	$	—	$	—	$	10,187
Liabilities:
Recurring fair value measurements:
Securities sold, but not yet purchased	$	950	$	950	$	—	$	—
Total	$	950	$	950	$	—	$	—

(1) Fair value determined on December 29, 2017 (See Note 9)

(2) Fair value determined on June 20, 2017 (See Note 9)

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 June 30,					Six Months Ended June 30,
	2018			2017		2018			2017
Deferred consideration (See Note 11)
Beginning balance(1)	$	172,746		$	—	$	172,746		$	—
Net realized losses/(gains)(2)		2,715			—		2,715			—
Net unrealized losses/(gains)(3)		(9,898	)		—		(9,898	)		—
Settlements		(2,715	)		—		(2,715	)		—
Ending balance	$	162,848		$	—	$	162,848		$	—

(1) Arose in connection with the completion of the ETFS Acquisition on April 11, 2018 (See Note 3).

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

(3) Recorded as gain on revaluation of deferred consideration on the Company’s Consolidated Statements of Operations.