Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.22.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value of Liabilities Measured on Recurring Basis

The following table classifies Fortress’ financial instruments, measured at fair value on a recurring basis, into the fair value hierarchy on the Consolidated Balance Sheet as of December 31, 2020:

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Fair Value Measurement as of  December 31, 2020

($ in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets

 

​

  

 

​

  

 

​

  

 

​

  

Fair value of investment in Caelum

​

$

—

​

$

—

​

$

17,566

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$

17,566

Total

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$

—

​

$

—

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$

17,566

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$

17,566

​

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The table below provides a roll forward of the changes in fair value of Level 3 financial instruments for the years ended December 31, 2021 and 2020:

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Investment in

($ in thousands)

    

Caelum

Balance at January 1, 2020

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$

11,148

Change in fair value of investment in Caelum

​

​

6,418

Balance at December 31, 2020

​

$

17,566

Change in fair value of investment in Caelum

​

​

39,294

Sale of Caelum

​

​

(56,860)

Balance at December 31, 2021

​

$

—

Warrants to Purchase Common Stock [Member]  
Fair Value of Liabilities Measured on Recurring Basis

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​

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​

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Warrants

​

($ in thousands)

    

liabilities

    

Balance at December 31, 2019

​

$

27

​

Change in fair value

​

​

1,189

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Reclass partner company's warrants from liability to equity

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(1,216)

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Balance at December 31, 2020

​

$

—

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Additions:

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Journey contingent payment liability

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3,819

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Journey placement agent warrant

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​

362

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Change in fair value of derivative liability

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​

447

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Conversion of partner company derivative liabilities

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​

(4,628)

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Balance at December 31, 2021

​

$

—

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Placement Agent Warrants [Member] | Cyprium [Member]  
Summary of the Weighted average Significant Unobservable Inputs

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​

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​

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December 31

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​

​

2020

​

Risk-free interest rate

    

0.69

%  

Expected dividend yield

 

—

 

Expected term in years

 

10.0

 

Expected volatility

 

85

%  

Placement Agent Warrants [Member] | Journey [Member]  
Summary of the Weighted average Significant Unobservable Inputs

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​

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Risk-free interest rate

 

0.98

%

Expected dividend yield

​

—

​

Expected term in years

 

1.0

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Expected volatility

 

50

%