| Schedule of Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis |
The following tables present the carrying values and estimated fair values at September 30, 2018 and December 31, 2017 of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and information is provided on their classification within the fair value hierarchy. Such instruments are carried at amounts that approximate fair value due to their short-term nature and generally negligible credit risk.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2018 |
Assets |
|
Carrying Value |
|
Level 1 |
|
Level 2 |
|
Total Estimated Fair Value |
Cash and cash equivalents |
|
$ |
262,834 |
|
|
$ |
262,834 |
|
|
$ |
— |
|
|
$ |
262,834 |
|
Receivables from clearing brokers |
|
26,650 |
|
|
— |
|
|
26,650 |
|
|
26,650 |
|
Receivables from other broker-dealers |
|
1,472 |
|
|
— |
|
|
1,472 |
|
|
1,472 |
|
Notes receivables, net (1)
|
|
6,520 |
|
|
— |
|
|
6,520 |
|
|
6,520 |
|
Other receivables, net |
|
130,507 |
|
|
— |
|
|
130,507 |
|
|
130,507 |
|
|
|
$ |
427,983 |
|
|
$ |
262,834 |
|
|
$ |
165,149 |
|
|
$ |
427,983 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Accrued compensation |
|
$ |
32,013 |
|
|
$ |
— |
|
|
$ |
32,013 |
|
|
$ |
32,013 |
|
Commissions and fees payable |
|
109,247 |
|
|
— |
|
|
109,247 |
|
|
109,247 |
|
Accounts payable and accrued liabilities (2)
|
|
48,183 |
|
|
— |
|
|
48,183 |
|
|
48,183 |
|
Accrued interest |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Notes payable, net (3)
|
|
185,199 |
|
|
— |
|
|
194,131 |
|
|
194,131 |
|
|
|
$ |
374,642 |
|
|
$ |
— |
|
|
$ |
383,574 |
|
|
$ |
383,574 |
|
(1) Carrying value approximates fair value, which is determined based on a valuation technique to convert future cash payments or forgiveness transactions to a single discounted preset value amount.
(2) Excludes contingent consideration liabilities of $1,939.
(3) Estimated fair value based on then current rates at which similar amounts of debt could be borrowed.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
Assets |
|
Carrying Value |
|
Level 1 |
|
Level 2 |
|
Total Estimated Fair Value |
Cash and cash equivalents |
|
$ |
172,103 |
|
|
$ |
172,103 |
|
|
$ |
— |
|
|
$ |
172,103 |
|
Receivables from clearing brokers |
|
48,543 |
|
|
— |
|
|
48,543 |
|
|
48,543 |
|
Receivables from other broker-dealers |
|
2,822 |
|
|
— |
|
|
2,822 |
|
|
2,822 |
|
Notes receivables, net (1)
|
|
47,369 |
|
|
— |
|
|
47,369 |
|
|
47,369 |
|
Other receivables, net |
|
60,707 |
|
|
— |
|
|
60,707 |
|
|
60,707 |
|
|
|
$ |
331,544 |
|
|
$ |
172,103 |
|
|
$ |
159,441 |
|
|
$ |
331,544 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Accrued compensation |
|
$ |
33,343 |
|
|
$ |
— |
|
|
$ |
33,343 |
|
|
$ |
33,343 |
|
Commissions and fees payable |
|
67,221 |
|
|
— |
|
|
67,221 |
|
|
67,221 |
|
Accounts payable and accrued liabilities (2)
|
|
38,374 |
|
|
— |
|
|
38,374 |
|
|
38,374 |
|
Accrued interest |
|
232 |
|
|
— |
|
|
232 |
|
|
232 |
|
Notes payable, net (3)
|
|
96,849 |
|
|
— |
|
|
99,129 |
|
|
99,129 |
|
|
|
$ |
236,019 |
|
|
$ |
— |
|
|
$ |
238,299 |
|
|
$ |
238,299 |
|
(1) Carrying value approximates fair value, which is determined based on a valuation technique to convert future cash payments or forgiveness transactions to a single discounted preset value amount.
(2) Excludes contingent consideration liabilities of $2,104.
(3) Estimated fair value based on then current rates at which similar amounts of debt could be borrowed.
|
| Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis |
The following tables present the financial assets and liabilities measured at fair value on a recurring basis at September 30, 2018 and December 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2018 |
Assets |
|
Carrying Value |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total Estimated Fair Value |
Certificates of deposit |
|
$ |
602 |
|
|
$ |
602 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
602 |
|
Debt securities |
|
1,694 |
|
|
— |
|
|
1,694 |
|
|
— |
|
|
1,694 |
|
Common stock and warrants |
|
3,155 |
|
|
2,302 |
|
|
853 |
|
|
— |
|
|
3,155 |
|
Total |
|
$ |
5,451 |
|
|
$ |
2,904 |
|
|
$ |
2,547 |
|
|
$ |
— |
|
|
$ |
5,451 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Contingent consideration payable |
|
$ |
1,939 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,939 |
|
|
$ |
1,939 |
|
Debt securities |
|
65 |
|
|
— |
|
|
65 |
|
|
— |
|
|
65 |
|
Common stock and warrants |
|
1 |
|
|
1 |
|
|
— |
|
|
— |
|
|
1 |
|
Total |
|
$ |
2,005 |
|
|
$ |
1 |
|
|
$ |
65 |
|
|
$ |
1,939 |
|
|
$ |
2,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
Assets |
|
Carrying Value |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total Estimated Fair Value |
Certificates of deposit |
|
$ |
568 |
|
|
$ |
568 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
568 |
|
Debt securities |
|
1,918 |
|
|
— |
|
|
1,918 |
|
|
— |
|
|
1,918 |
|
Common stock and warrants |
|
1,395 |
|
|
765 |
|
|
630 |
|
|
— |
|
|
1,395 |
|
Total |
|
$ |
3,881 |
|
|
$ |
1,333 |
|
|
$ |
2,548 |
|
|
$ |
— |
|
|
$ |
3,881 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Contingent consideration payable |
|
$ |
2,104 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,104 |
|
|
$ |
2,104 |
|
Debt securities |
|
151 |
|
|
— |
|
|
151 |
|
|
— |
|
|
151 |
|
Common stock and warrants |
|
80 |
|
|
80 |
|
|
— |
|
|
— |
|
|
80 |
|
Total |
|
$ |
2,335 |
|
|
$ |
80 |
|
|
$ |
151 |
|
|
$ |
2,104 |
|
|
$ |
2,335 |
|
|
| Schedule of Changes in Carrying Value of Contingent Consideration |
Set forth below are changes in the carrying value of contingent consideration related to acquisitions, which is included in accounts payable and accrued liabilities:
|
|
|
|
|
|
Fair value of contingent consideration as of December 31, 2016 |
|
$ |
7,144 |
|
Payments |
|
(5,021 |
) |
Change in fair value of contingent consideration |
|
(19 |
) |
Fair value of contingent consideration as of December 31, 2017 |
|
$ |
2,104 |
|
Payments |
|
(409 |
) |
Change in fair value of contingent consideration |
|
61 |
|
Fair value of contingent consideration as of March 31, 2018 |
|
$ |
1,756 |
|
Payments |
|
(40 |
) |
Change in fair value of contingent consideration |
|
50 |
|
Fair value of contingent consideration as of June 30, 2018 |
|
$ |
1,766 |
|
Payments |
|
(500 |
) |
Change in fair value of contingent consideration |
|
54 |
|
Fair value of contingent consideration in connection with KFG acquisition |
|
619 |
|
Fair value of contingent consideration as of September 30, 2018 |
|
$ |
1,939 |
|
|