Long-Term Investments (Tables)

12 Months Ended

Dec. 31, 2019

Long-term investments consisted of the following:



	December 31, 2019		December 31, 2018
Equity securities at fair value that qualify for the NAV practical expedient	$	45,781	$	54,628
Equity-method investments	15,942		11,631
	$	61,723	$	66,259

Equity method investments

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



	December 31, 2019		December 31, 2018
Investment securities	$	210,685	$	33,830
Cash and cash equivalents	26,088		521
Other assets	1,861		33
Total assets	$	238,634	$	34,384

Other liabilities	$	85,623	$	738
Total liabilities	85,623		738
Partners’ capital	153,011		33,646
Total liabilities and partners’ capital	$	238,634	$	34,384



	Year Ended December 31,
	2019			2018			2017
Investment income	$	2,834		$	549		$	792
Expenses	6,756			861			690
Net investment (loss) gain	(3,922		)	(312		)	102
Total net realized gain (loss) and net change in unrealized depreciation from investments	18,822			(5,781		)	100
Net increase (decrease) in partners’ capital resulting from operations	$	14,900		$	(6,093	)	$	202

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



	September 30, 2019			September 30, 2018
Cash and cash equivalents	$	251,033		$	262,834
Receivables from clearing brokers, note receivable and other receivable, net	175,600			165,149
Goodwill and intangible assets, net	188,975			200,199
Other assets	202,516			172,409
Total assets	$	818,124		$	800,591

Accrued compensation, commissions and fees payable	$	142,875		$	141,260
Accounts payable and accrued liabilities	37,197			50,122
Notes payable, net of $5,881 and $115 unamortized discount in 2019 and 2018, respectively	315,898			185,199
Other liabilities	73,380			37,658
Total liabilities	569,350			414,239
Preferred stock	2			2
Common stock	15			20
Additional paid-in capital	317,735			487,752
Accumulated deficit	(68,971		)	(101,467		)
Total controlling shareholders’ equity	248,781			386,307
Non-controlling interest	(7		)	45
Total shareholders’ equity	248,774			386,352
Total liabilities and shareholders’ equity	$	818,124		$	800,591

(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,
	2019			2018			2017
Revenues	$	1,428,688		$	1,380,031		$	1,221,195
Expenses	1,385,699			1,345,768			1,217,331
Income before other items	42,989			34,263			3,864
Change in fair value of contingent consideration	(363		)	(232		)	48
Income from continuing operations	42,626			34,031			3,912
Net income	$	31,779		$	30,858		$	1,669

Long-term investments consisted of the following:



	December 31, 2019		December 31, 2018
Equity securities at fair value that qualify for the NAV practical expedient	$	45,781	$	54,628
Equity-method investments	15,942		11,631
	$	61,723	$	66,259

Equity-method investments consisted of the following:



	December 31, 2019		December 31, 2018
Indian Creek Investors LP (“Indian Creek”)	$	735	$	1,167
Boyar Value Fund (“Boyar”)	9,989		8,384
Optika Fund LLC (“Optika”)	4,785		—
Ladenburg Thalmann Financial Services Inc. (“LTS”)	433		2,080
Castle Brands, Inc. (“Castle”)	—		—
	$	15,942	$	11,631

Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the following: 1 QPS Tower, 10 Madison Square West, Greenwich, Other Condominium and Mixed Use Development, Apartment Buildings, Hotels, Commercial and Other. The equity in earnings in 1 QPS Tower and Greenwich for the year ended December 31, 2018 were significant enough to warrant separate disclosure. For the year ended December 31, 2017, 10 Madison Square West was significant enough to warrant separate disclosure.

10 Madison Square West:



	Year Ended December 31,
	2019			2018			2017
Income Statement
Revenue	$	281		$	28,539		$	197,157
Cost of goods sold	—			24,250			116,120
Other expenses (income)	8,877			(4,236		)	11,649
(Loss) income from continuing operations	$	(8,596	)	$	8,525		$	69,388



	December 31, 2019		December 31, 2018
Balance Sheets
Investment in real estate	$	4,989	$	2,369
Total assets	15,186		15,071
Total debt	3,275		3,319
Total liabilities	3,575		3,616
Non-controlling interest	10,228		10,091

1 QPS Tower:



	Year Ended December 31,
	2019		2018			2017
Income Statement
Revenue	$	386,470	$	14,625		$	4,216
Cost of goods sold	220,316		—			—
Other expenses	141,742		26,357			18,508
Income (loss) from continuing operations	$	24,412	$	(11,732	)	$	(14,292	)



	December 31, 2019		December 31, 2018
Balance Sheets
Investment in real estate	$	—	$	215,956
Total assets	—		220,350
Total debt	—		209,602
Total liabilities	—		212,640

Greenwich:



	Year Ended December 31,
	2019			2018			2017
Income Statement
Revenue	$	5		$	28		$	(768	)
Other expenses	6,658			146,286			2,696
Loss from continuing operations	$	(6,653	)	$	(146,258	)	$	(3,464	)



	December 31, 2019			December 31, 2018
Balance Sheets
Investment in real estate	$	504,221		$	403,815
Total assets	512,038			419,518
Total debt	460,124			408,779
Total liabilities	544,687			445,514
Non-controlling interest	(23,942		)	(19,064		)

Other Condominium and Mixed Use Development:



	Year Ended December 31,
	2019			2018		2017
Income Statement
Revenue	$	208,481		$	365,890	$	176,306
Cost of goods sold	76,162			71,623		93,766
Other expenses	132,931			44,211		47,590
(Loss) income from continuing operations	$	(612	)	$	250,056	$	34,950



	December 31, 2019		December 31, 2018
Balance Sheets
Investment in real estate	$	3,569,915	$	2,541,994
Total assets	3,628,402		2,701,652
Total debt	2,593,606		1,798,296
Total liabilities	2,896,607		2,036,431
Non-controlling interest	69,787		150,897

Apartment Buildings:



	Year Ended December 31,
	2019		2018			2017
Income Statement
Revenue	$	70,862	$	44,366		$	66,588
Other expenses	67,094		105,899			64,431
Income (loss) from continuing operations	$	3,768	$	(61,533	)	$	2,157



	December 31, 2019		December 31, 2018
Balance Sheets
Investment in real estate	$	545,400	$	558,268
Total assets	562,879		574,664
Total debt	402,526		412,447
Total liabilities	410,723		420,164
Non-controlling interest	114,193		115,952

Hotels:



	Year Ended December 31,
	2019			2018			2017
Income Statement
Revenue	$	147,446		$	171,949		$	75,862
Cost of goods sold	5,399			4,522			4,035
Other expenses	220,045			268,007			112,124
Loss from continuing operations	$	(77,998	)	$	(100,580	)	$	(40,297	)



	December 31, 2019		December 31, 2018
Balance Sheets
Investment in real estate	$	1,017,810	$	1,019,133
Total assets	1,133,697		1,126,598
Total debt	778,194		696,200
Total liabilities	816,118		736,101
Non-controlling interest	284,298		348,451

Commercial:



	Year Ended December 31,
	2019		2018		2017
Income Statement
Revenue	$	31,980	$	56,773	$	6,636
Other expenses	7,724		11,647		3,294
Income from continuing operations	$	24,256	$	45,126	$	3,342



	December 31, 2019		December 31, 2018
Balance Sheets
Investment in real estate	$	52,384	$	53,193
Total assets	70,169		70,395
Total debt	55,625		55,625
Total liabilities	54,342		54,645

Other:



	Year Ended December 31,
	2019			2018			2017
Income Statement
Revenue	$	4,008		$	4,823		$	3,442
Other expenses	13,515			6,382			5,069
Loss income from continuing operations	$	(9,507	)	$	(1,559	)	$	(1,627	)



	December 31, 2019		December 31, 2018
Balance Sheets
Investment in real estate	$	1,054,134	$	710,549
Total assets	1,192,149		1,152,124
Total debt	671,845		658,592
Total liabilities	850,587		665,463
Non-controlling interest	263,438		392,933