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Investments (Tables)
12 Months Ended
Dec. 31, 2019
Equity Method Investments And Joint Ventures [Abstract]  
Equity Method Investments and Investments Carried Under Measurement Alternative

Equity Method Investments and Investments Carried Under the Measurement Alternative

 

(in thousands)

 

Percent

Ownership1

 

 

December 31, 2019

 

 

December 31, 2018

 

Advanced Markets Holdings

 

 

43

%

 

$

10,259

 

 

$

10,910

 

China Credit BGC Money Broking Company Limited

 

 

33

%

 

 

12,214

 

 

 

10,435

 

Freedom International Brokerage

 

 

45

%

 

 

10,142

 

 

 

9,959

 

Other

 

 

 

 

 

 

7,385

 

 

 

3,907

 

Equity method investments

 

 

 

 

 

$

40,000

 

 

$

35,211

 

Investments carried under measurement alternative

 

 

 

 

 

 

349

 

 

 

192

 

Total equity method and investments carried under

   measurement alternative

 

 

 

 

 

$

40,349

 

 

$

35,403

 

 

1

Represents the Company’s voting interest in the equity method investment as of December 31, 2019.

Summary of Financial Information for Company's Equity Method Investments

Summarized financial information for the Company’s equity method investments is as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Statements of operations:

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

77,211

 

 

$

85,619

 

 

$

87,790

 

Total expenses

 

 

61,680

 

 

 

72,906

 

 

 

73,327

 

Net income

 

$

15,531

 

 

$

12,713

 

 

$

14,463

 

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

Statements of financial condition:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

64,614

 

 

$

74,069

 

Fixed assets, net

 

 

3,120

 

 

 

3,420

 

Other assets

 

 

22,782

 

 

 

24,530

 

Total assets

 

$

90,516

 

 

$

102,019

 

Payables to related parties

 

 

2,000

 

 

 

2,000

 

Other liabilities

 

 

46,287

 

 

 

60,858

 

Total partners’ capital

 

 

42,229

 

 

 

39,161

 

Total liabilities and partners’ capital

 

$

90,516

 

 

$

102,019

 

Investments in Variable Interest Entities

The following table sets forth the Company’s investment in its unconsolidated VIEs and the maximum exposure to loss with respect to such entities (in thousands).

 

 

 

December 31, 2019

 

 

December 31, 2018

 

 

 

Investment

 

 

Maximum

Exposure to Loss

 

 

Investment

 

 

Maximum

Exposure to Loss

 

Variable interest entities1

 

$

4,699

 

 

$

5,679

 

 

$

3,899

 

 

$

4,879

 

 

1

The Company has entered into a subordinated loan agreement with Aqua, whereby the Company agreed to lend the principal sum of $980.0 thousand. As of December 31, 2019 and 2018, the Company’s maximum exposure to loss with respect to its unconsolidated VIEs includes the sum of its equity investments in its unconsolidated VIEs and the $980.0 thousand subordinated loan to Aqua.