Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 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 months ended March 31, 2020 and 2019, there were no transfers between Levels 2 and 3.

	March 31, 2020
	Total		Level 1		Level 2		Level 3
Assets:
Recurring fair value measurements:
Cash equivalents	$	3,885	$	3,885	$	—	$	—
Securities owned, at fair value		20,261		20,261		—		—
Total	$	24,146	$	24,146	$	—	$	—
Non-recurring fair value measurements:
AdvisorEngine, Inc. – Financial interests(1)	$	8,500	$	—	$	—	$	8,500
Total	$	8,500	$	—	$	—	$	8,500
Liabilities:
Recurring fair value measurements:
Deferred consideration (Note 11)	$	175,300	$	—	$	—	$	175,300
Securities sold, but not yet purchased		469		469		—		—
Total	$	175,769	$	469	$	—	$	175,300

(1) Fair value determined on March 31, 2020 (Note 7).

	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(2)	$	28,172	$	—	$	—	$	28,172
Total	$	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

(2) Fair value determined on December 31, 2019.

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 March 31,
	2020			2019
Deferred consideration (Note 11)
Beginning balance	$	173,024		$	161,540
Net realized losses(1)		3,760			3,098
Net unrealized losses/(gains)(2)		2,208			(4,404	)
Settlements		(3,692	)		(3,087	)
Ending balance	$	175,300		$	157,147

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

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