New Valley LLC (Tables)

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Investments in real estate ventures

New Valley received distributions from its investments in real estate ventures as follows:

	December 31, 2016			December 31, 2015
Condominium and Mixed Use Development:
New York City SMSA	$	(27,574	)	$	(18,787	)
All other U.S. areas	(10,336		)	—
	(37,910		)	(18,787		)
Apartment Buildings:
All other U.S. areas	(9,055		)	(3,290		)
	(9,055		)	(3,290		)
Hotels:
International	(8,120		)	—
	(8,120		)	—
Commercial:
New York City SMSA	(515		)	(480		)
	(515		)	(480		)
Other	(1,050		)	(900		)
Total distributions	$	(56,650	)	$	(23,457	)

The components of “Investments in real estate ventures” were as follows:

	Range of Ownership	December 31, 2016		December 31, 2015
Condominium and Mixed Use Development:
New York City SMSA	3.1% - 49.5%	$	131,770	$	138,247
All other U.S. areas	15.0% - 48.5%	40,950		25,776
		172,720		164,023
Apartment Buildings:
All other U.S. areas	7.6% - 16.3%	8,287		15,754
		8,287		15,754
Hotels:
New York City SMSA	5.2%	21,895		19,697
International	49.0%	3,037		10,228
		24,932		29,925
Commercial:
New York City SMSA	49.0%	3,290		5,449
All other U.S. areas	2.1%	10,000		—
		13,290		5,449
Other	50.0%	2,029		2,017
Investments in real estate ventures		$	221,258	$	217,168

New Valley made contributions to its investments in real estate ventures as follows:

	December 31, 2016		December 31, 2015
Condominium and Mixed Use Development:
New York City SMSA	$	5,661	$	48,232
All other U.S. areas	23,874		12,836
	29,535		61,068
Hotels:
New York City SMSA	4,082		1,896
International	490		1,377
	4,572		3,273
Commercial:
New York City SMSA	—		5,931
All other U.S. areas	10,000		—
	10,000		5,931
Total contributions	$	44,107	$	70,272

New Valley's maximum exposure to loss was as follows:

	December 31, 2016
Condominium and Mixed Use Development:
New York City SMSA	$	133,335
All other U.S. areas	46,712
	180,047
Apartment Buildings:
All other U.S. areas	8,287
	8,287
Hotels:
New York City SMSA	21,895
International	3,037
	24,932
Commercial:
New York City SMSA	3,290
All other U.S. areas	10,000
	13,290
Other	2,029
Total maximum exposure to loss	$	228,585

New Valley recognized equity in earnings (losses) from real estate ventures as follows:

	December 31, 2016			December 31, 2015			December 31, 2014
Condominium and Mixed Use Development:
New York City SMSA	$	7,432		$	4,533		$	7,806
All other U.S. areas	(1,793		)	(869		)	100
	5,639			3,664			7,906
Apartment Buildings:
All other U.S. areas	1,588			527			341
	1,588			527			341
Hotels:
New York City SMSA	(1,884		)	(1,540		)	(2,643		)
International	439			(1,594		)	(1,612		)
	(1,445		)	(3,134		)	(4,255		)
Commercial:
New York City SMSA	(1,644		)	(2		)	—
	(1,644		)	(2		)	—
Other	1,062			946			111
Total equity in earnings from real estate ventures	$	5,200		$	2,001		4,103

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

Investments in Real Estate, net

The components of “Investments in Real Estate, net” were as follows:

	December 31, 2016		December 31, 2015
Escena, net	$	10,792	$	10,716
Sagaponack	12,848		12,602
Investment in real estate, net	$	23,640	$	23,318

The assets have been classified as an “Investments in Real Estate, net” on the Company’s consolidated balance sheet and the components are as follows:

	December 31, 2016			December 31, 2015
Land and land improvements	$	8,907		$	8,907
Building and building improvements	1,878			1,875
Other	2,028			1,923
	12,813			12,705
Less accumulated depreciation	(2,021		)	(1,989		)
	$	10,792		$	10,716