Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 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 months ended March 31, 2021 and 2020 there were no transfers between Levels 2 and 3.

	March 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Recurring fair value measurements:
Cash equivalents	$	502	$	502	$	—	$	—
Securities owned, at fair value
ETFs		23,862		23,862		—		—
Pass-through GSEs		8,832		—		8,832		—
Corporate bonds		2,077		—		2,077		—
Total	$	35,273	$	24,364	$	10,909	$	—
Non-recurring fair value measurements:
Securrency, Inc. – Series A convertible preferred stock(1)	$	8,349	$	—	$	—	$	8,349
Liabilities:
Recurring fair value measurements:
Deferred consideration (Note 9)	$	227,146	$	—	$	—	$	227,146

(1) Fair value determined on March 8, 2021 (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 12)	$	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 in which these financial interests were sold (Note 22). Thesys was written down to zero on September 30, 2020.

(2) Fair value of $145,847 and $24,344 determined on June 16, 2020 and August 13, 2020, respectively (Note 10).

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,
	2021			2020
Deferred consideration (Note 9)
Beginning balance	$	230,137		$	173,024
Net realized losses (1)		4,270			3,760
Net unrealized (gains)/losses (2)		(2,832	)		2,208
Settlements		(4,429	)		(3,692	)
Ending balance	$	227,146		$	175,300

(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.