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:

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

$

17,566

Total

$

$

$

17,566

$

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:

Investment in

($ in thousands)

    

Caelum

Balance at January 1, 2020

$

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

Warrants

($ in thousands)

    

liabilities

    

Balance at December 31, 2019

$

27

Change in fair value

1,189

Reclass partner company's warrants from liability to equity

(1,216)

Balance at December 31, 2020

$

Additions:

 

Journey contingent payment liability

3,819

Journey placement agent warrant

362

Change in fair value of derivative liability

447

Conversion of partner company derivative liabilities

(4,628)

Balance at December 31, 2021

$

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

December 31

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

    

Risk-free interest rate

 

0.98

%

Expected dividend yield

Expected term in years

 

1.0

Expected volatility

 

50

%