Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019 and 2018, there were no transfers between Levels 1, 2 and 3.

	March 31, 2019
	Total		Level 1		Level 2		Level 3
Assets:
Recurring fair value measurements:
Cash equivalents	$	566	$	566	$	—	$	—
Securities owned, at fair value		6,419		6,419		—		—
Total	$	6,985	$	6,985	$	—	$	—
Liabilities:
Recurring fair value measurements:
Deferred consideration (Note 11)	$	157,147	$	—	$	—	$	157,147
Securities sold, but not yet purchased		1,338		1,338		—		—
Total	$	158,485	$	1,338	$	—	$	157,147

	December 31, 2018
	Total		Level 1		Level 2		Level 3
Assets:
Recurring fair value measurements:
Cash equivalents	$	24	$	24	$	—	$	—
Securities owned, at fair value		8,873		8,873		—		—
Total	$	8,897	$	8,897	$	—	$	—
Non-recurring fair value measurements:
Thesys – Series Y preferred stock(1)	$	3,080	$	—	$	—	$	3,080
Total	$	3,080	$	—	$	—	$	3,080
Liabilities:
Recurring fair value measurements:
Deferred consideration (Note 11)	$	161,540	$	—	$	—	$	161,540
Securities sold, but not yet purchased		1,698		1,698		—		—
Total	$	163,238	$	1,698	$	—	$	161,540

(1) Fair value determined on December 31, 2018 (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 March 31,
	2019			2018
Deferred consideration (See Note 11)
Beginning balance	$	161,540		$	—
Net realized losses/(gains)(1)		3,098			—
Net unrealized losses/(gains)(2)		(4,404	)		—
Settlements		(3,087	)		—
Ending balance	$	157,147		$	—

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