Note 30 - Supplemental Cash Flow Disclosure

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

30. SUPPLEMENTAL CASH FLOW DISCLOSURE 

Cash flows from investments (including derivatives) classified as investments-trading or trading securities sold, not yet purchased are presented on a net basis as a component of cash flows from operations.  Cash flows from investments (including derivatives) classified as other investments, at fair value or other investments sold, not yet purchased are presented on a gross basis as a component of cash flows from investing. 

Interest paid by the Company on its debt and redeemable financial instruments was $5,607, $4,782, and $6,388 for the years ended December 31, 2023, 2022, and 2021, respectively.    

The Company paid income taxes of $539, $327, and $166 for the years ended December 31, 2023, 2022, and 2021, respectively, and received income tax refunds of  $96, $0, and $96 for the years ended December 31, 2023, 2022, and 2021, respectively. 

In 2023, the Company had the following significant non-cash transactions that are not reflected on the statement of cash flows:

• The Company net received units of membership interest in the Operating LLC.  The Company recognized a net increase in additional paid-in capital of $636, a net decrease  AOCI of $14, and a decrease in non-controlling interest of  $622.  See note 21.

• In conjunction with the consolidation of the SPAC Fund, the Company recorded an increase in receivables from brokers, dealers, and clearing agencies of $68,066, an increase in other investments, at fair value of $40,388, an increase in other assets of $63, an increase in accounts payable of $82,711, and an increase in other investments sold, not yet purchased of $25,806. See note 4.

• The Company received equity shares in public companies in exchange for advisory services.  The fair market value of the shares received was $18,248.  The Company included this in new issue and advisory revenue in the statement of operations.

• The Company recorded a net decrease in investments in equity method affiliates of $10,102 and a net increase in other investments, at fair value of $10,102 resulting from an in-kind distribution from an equity method affiliate.

• In connection with several SFA transactions, the Company received equity shares in a public company, recorded a net increase of $58,286 in other investments, at fair value, and a corresponding increase in other investments, sold not yet purchased of $58,286.  

In 2022, the Company had the following significant non-cash transactions that are not reflected on the statement of cash flows:

•  The Company net surrendered units of membership interests in the Operating LLC.  The Company recognized a net decrease in additional paid-in capital of $338, a net increase of $4 in AOCI, and an increase of $334 in non-controlling interest.  See note 21.

•  The Company recorded a $15,000 increase in convertible non-controlling interest and a $15,000 decrease in debt as a result of the DGC Trust election to convert the 2017 Convertible Note into units of membership interest of the Operating LLC.

•  The Company recorded a decrease in equity method affiliates of $20,915 and an increase in other investments, at fair value of $20,915 resulting from an in-kind distribution from equity method affiliates.

•  The Company received equity shares in several public companies in exchange for advisory services.  The fair market value of the shares received was $7,416.  The Company included this in new issue and advisory revenue in the statement of operations.

•  The Company recorded a decrease in other investments, at fair value of $6,417 and a corresponding decrease in non-controlling interest resulting from in-kind distributions to the non-controlling interest of certain SPAC sponsor entities.

•  The Company recorded an increase in other investments, at fair value of $844 and a corresponding decrease in other investment, not yet purchased of $844 resulting from an investment reclass.

In 2021, the Company had the following significant non-cash transactions that are not reflected on the statement of cash flows:

• The Company net surrendered units of membership interests in the Operating LLC.  The Company recognized a net decrease in additional paid-in capital of $1,929, a net decrease of $10 in AOCI, and a net increase of $1,939 in non-controlling interest.  See note 21.

• The Company recorded a decrease of $2,103 in due from related party, a corresponding increase of $701 in other investments, at fair value, and a corresponding decrease of $1,402 to non-controlling interest, all as a result of an in-kind distribution of incremental LP interests, from the 2020 performance fee earned, to all the members of Vellar GP, including the Company.

• The Company recorded a decrease of $3,958 in investments in equity method affiliates and a $31,049 decrease in other investments, at fair value and a corresponding decrease in non-controlling interest resulting from an in-kind distribution from Insurance SPAC II.

• The Company recorded a decrease in other investments, at fair value of $20,119 and a corresponding decrease in non-controlling interest resulting from an in-kind distribution from Insurance SPAC.

• The Company recorded a net decrease in investments in equity method affiliates of $5,439 and a net increase in other investments, at fair value of $5,439 resulting from an in-kind distribution from an equity method affiliate.

• The Company recorded a decrease in other investments, at fair value of $2,415 and a decrease in non-controlling interest of $2,415 resulting from an in-kind distribution from other consolidated subsidiaries.