Long-Term Investments (Tables)

12 Months Ended

Dec. 31, 2016

Long-term investments consisted of the following:



	December 31, 2016		December 31, 2015
Investments accounted at cost	$	35,476	$	41,231
Investments accounted under the equity method	17,721		21,495
	$	53,197	$	62,726

Long-term investments accounted at cost consisted of the following:



	December 31, 2016				December 31, 2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
Investment partnerships	$	34,975	$	40,569	$	40,730	$	44,217
Real estate partnership	501		494		501		552
	$	35,476	$	41,063	$	41,231	$	44,769

Equity method investments

Long-term investments consisted of the following:



	December 31, 2016		December 31, 2015
Investments accounted at cost	$	35,476	$	41,231
Investments accounted under the equity method	17,721		21,495
	$	53,197	$	62,726

Long-term investments accounted for under the equity method consisted of the following:



	December 31, 2016		December 31, 2015
Indian Creek Investors LP ("Indian Creek")	$	5,248	$	4,989
Boyar Value Fund ("Boyar")	7,816		7,302
Ladenburg Thalmann Financial Services Inc. ("LTS")	4,657		9,204
Castle Brands, Inc. ("Castle")	—		—
	$	17,721	$	21,495

Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for Indian Creek and Boyar.



	December 31, 2016		December 31, 2015
Investment securities	$	67,546	$	40,676
Cash and cash equivalents	33		101
Other assets	28		8,664
Total assets	$	67,607	$	49,441

Other liabilities	$	17,216	$	408
Total liabilities	17,216		408
Partners' capital	50,391		49,033
Total liabilities and partners' capital	$	67,607	$	49,441



	Year Ended December 31,
	2016			2015			2014
Investment income	$	438		$	565		$	3,314
Expenses	(684		)	(868		)	(1,298		)
Net investment (loss) income	(246		)	(303		)	2,016
Total net realized gain (loss) and net change in unrealized depreciation from investments	3,341			(14,809		)	(168		)
Net increase (decrease) in partners' capital resulting from operations	$	3,095		$	(15,112	)	$	1,848

Pursuant to Rule 4-08(g), the following summarized financial data is presented for LTS. The Company has elected a three-month lag reporting period for LTS.



	September 30, 2016			September 30, 2015
Cash and cash equivalents	$	105,989		$	114,548
Receivables from clearing brokers, note receivable and other receivable, net	115,887			115,334
Goodwill and intangible assets, net	251,411			269,774
Other assets	70,469			63,634
Total assets	$	543,756		$	563,290

Accrued compensation, commissions and fees payable	$	76,191		$	72,936
Accounts payable and accrued liabilities	37,189			24,615
Notes payable, net of $1,001 and $1,655 unamortized discount in 2016 and 2015, respectively	48,364			59,184
Other liabilities	30,716			21,487
Total liabilities	192,460			178,222
Preferred stock	1			1
Common stock	19			19
Additional paid-in capital	509,335			517,988
Accumulated deficit	(158,055		)	(132,952		)
Total controlling shareholders' equity	351,300			385,056
Non-controlling interest	(4		)	12
Total shareholders' equity	351,296			385,068
Total liabilities and shareholders' equity	$	543,756		$	563,290

(1) The table above presents the nature and amounts of the major components of assets and liabilities, along with information regarding redeemable stock and non-controlling interest.



	Twelve Months Ended September 30,
	2016			2015			2014
Revenues	$	1,104,227		$	1,122,735		$	867,756
Expenses	(1,119,366		)	(1,132,010		)	(856,072		)
Gross (loss) profit	(15,139		)	(9,275		)	11,684
Change in fair value of contingent consideration	(154		)	31			12
(Loss) income from continuing operations	(15,293		)	(9,244		)	11,696
Net (loss) income	$	(25,159	)	$	4,396		$	22,482

Pursuant to Rule 4-08(g), the following summarized financial data is presented for Castle. The Company has elected a three-month lag reporting period for Castle.



	September 30, 2016		September 30, 2015
Current assets	$	42,285	$	36,922
Non-current assets	9,085		9,845
Total assets	$	51,370	$	46,767

Current liabilities	$	12,583	$	9,947
Non-current liabilities	15,215		13,696
Total liabilities	27,798		23,643
Total controlling shareholders' equity	19,838		19,978
Non-controlling interest	3,734		3,146
Total shareholders' equity	23,572		23,124
Total liabilities and shareholders' equity	$	51,370	$	46,767



	Twelve Months Ended September 30,
	2016			2015			2014
Revenues	$	73,549		$	67,143		$	51,426
Expenses	(44,236		)	(41,317		)	(32,495		)
Gross profit	29,313			25,826			18,931
Other expenses	(28,338		)	(25,920		)	(20,399		)
Income (loss) from continuing operations	975			(94		)	(1,468		)
Net loss	$	(1,263	)	$	(2,946	)	$	(4,845	)

Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the following entities: Condominium and Mixed Use Development (10 Madison West , The Marquand, 11 Beach Street, 160 Leroy Street, 215 Chrystie Street, Queens Plaza South, 111 Murray Street, 87 Park, 20 Times Square, 25-19 43rd Avenue - The Dutch LIC, 76 Eleventh Avenue, Monad Terrace, West Hollywood Edition and 125 Greenwich Street) Apartment Buildings (ST Portfolio and Maryland Portfolio), Hotels (Coral Beach, Park Lane Hotel, and Hotel Taiwana) and Commercial (Harmon Meadow and Wynn Las Vegas Retail). New Valley has elected a one-month lag reporting period for 10 Madison West, Hotel Taiwana, 11 Beach Street, Maryland Portfolio, 20 Times Square, 160 Leroy Street, 215 Chrystie Street, 87 Park, 125 Greenwich Street, Harmon Meadow, Monad Terrace, Park Lane Hotel, ST Portfolio, Coral Beach, West Hollywood Edition and Wynn Las Vegas Retail. New Valley has elected a three month lag reporting period for The Marquand, Queens Plaza South, 111 Murray Street, 25-19 43rd Avenue - The Dutch LIC and 76 Eleventh Avenue.

Condominium and Mixed Use Development:



	Year Ended December 31,
	2016		2015		2014
Income Statement
Revenue	$	511,844	$	141,884	$	182,635
Cost of Goods Sold	303,020		92,837		96,993
Other Expenses	42,566		10,672		6,798
Income from continuing operations	$	166,258	$	38,375	$	78,844



	December 31, 2016		December 31, 2015
Balance Sheets
Investment in real estate	$	3,413,928	$	2,921,611
Total assets	3,786,206		3,237,835
Total debt	2,478,574		2,014,682
Total liabilities	2,687,351		2,195,940
Non controlling interest	564,194		535,573

Apartment & Office Buildings:



	Year Ended December 31,
	2016		2015		2014
Income Statement
Revenue	$	87,225	$	83,871	$	85,704
Other Expenses	83,117		75,384		86,153
Income from continuing operations	$	4,108	$	8,487	$	(449	)



	December 31, 2016			December 31, 2015
Balance Sheets
Investment in real estate	$	488,732		$	590,331
Total assets	522,459			626,513
Total debt	475,668			512,479
Total liabilities	484,377			529,692
Non controlling interest	(9,931		)	(4,463		)

Hotels:



	Year Ended December 31,
	2016			2015			2014
Income Statement
Revenue	$	81,517		$	83,324		$	82,899
Cost of Goods Sold	4,262			3,837			3,064
Other Expenses	114,582			112,069			133,258
Loss from continuing operations	$	(37,327	)	$	(32,582	)	$	(53,423	)



	December 31, 2016		December 31, 2015
Balance Sheets
Investment in real estate	$	781,461	$	824,753
Total assets	854,559		894,447
Total debt	491,200		511,029
Total liabilities	509,385		538,426
Non controlling interest	312,113		294,470

Commercial:



	Year Ended December 31,
	2016			2015			2014
Income Statement
Revenue	$	8,410		$	5,638
Other Expenses	11,195			5,642
Loss from continuing operations	$	(2,785	)	$	(4	)	$	—



	December 31, 2016		December 31, 2015
Balance Sheets
Investment in real estate	$	61,091	$	65,398
Total assets	74,512		67,343
Total debt	55,625		55,624
Total liabilities	57,601		56,415

Other:



	Year Ended December 31,
	2016		2015		2014
Income Statement
Revenue	$	3,344	$	3,030	$	2,714
Other Expenses	1,227		1,049		1,019
Income from continuing operations	$	2,117	$	1,981	$	1,695



	December 31, 2016		December 31, 2015
Balance Sheets
Total assets	$	5,382	$	5,157
Total liabilities	$	1,230	$	1,022