
	December 31, 2020		December 31, 2019
Debt securities available for sale	$	91,204	$	83,445


Equity securities at fair value:
Marketable equity securities	21,155		23,819
Mutual funds invested in debt securities	23,226		22,377
Long-term investment securities at fair value (1)	34,218		45,781
Total equity securities at fair value	78,599		91,977

Total investment securities at fair value	169,803		175,422
Less:
Long-term investment securities at fair value (1)	34,218		45,781
Current investment securities at fair value	135,585		129,641

Long-term investment securities at fair value (1)	34,218		45,781
Equity-method investments	18,310		15,942
Total long-term investments	$	52,528	$	61,723


	Year Ended December 31,
	2020		2019		2018
Net gains (losses) recognized on equity securities at fair value	$	2,123	$	7,320	$	(8,449)
Net gains (losses) recognized on debt and equity securities available for sale	110		135		(34)

Impairment expense	(415)		(15)		(1,087)



Net gains (losses) recognized on investment securities	$	1,818	$	7,440	$	(9,570)


Investment Type:	Fair Value		Under 1 Year		1 Year up to 5 Years		More than 5 Years
U.S. Government securities	$	19,200	$	16,000	$	3,200	$	—
Corporate securities	52,434		27,812		24,622		—
U.S. mortgage-backed securities	10,484		2,882		7,602		—


Commercial paper	9,086		9,086		—		—


Total debt securities available for sale by maturity dates	$	91,204	$	55,780	$	35,424	$	—

There were no available-for-sale debt securities with continuous unrealized losses for less than 12 months and 12 months or greater at December 31, 2020 and 2019, respectively.


	Year Ended December 31,
	2020		2019		2018
Gross realized gains on sales	$	329	$	144	$	4
Gross realized losses on sales	(219)		(9)		(38)
Net gains (losses) recognized on debt securities available for sale	$	110	$	135	$	(34)

Impairment expense	$	(415)	$	(15)	$	(1,087)

Although management generally does not have the intent to sell any specific securities at the end of the period, in the ordinary course of managing the Company’s investment securities portfolio, management may sell securities prior to their maturities for a variety of reasons, including diversification, credit quality, yield and liquidity requirements.

The following is a summary of unrealized and realized net gains and losses recognized in net income on equity securities at fair value for the years ended December 31, 2020, 2019 and 2018, respectively:


	Year Ended December 31,
	2020		2019		2018
Net gains (losses) recognized on equity securities	$	2,123	$	7,320	$	(8,449)
Less: Net (losses) gains recognized on equity securities sold	(121)		1,526		(808)
Net unrealized gains (losses) recognized on equity securities still held at the reporting date	$	2,244	$	5,794	$	(7,641)

The Company’s mutual funds invested in debt securities are classified as Level 1 under the fair value hierarchy disclosed in Note 18. Their fair values are based on quoted prices for identical assets in active markets or inputs that are based upon quoted prices for similar instruments in active markets. The Company has unfunded commitments of $2,077 related to long-term investment securities at fair value as of December 31, 2020.

The Company received cash distributions of $32,676 as of December 31, 2020, of which $32,572 were classified as investing cash inflows. The Company received cash distributions of $8,320 and recorded $8,502 of in-transit redemptions as of December 31, 2019. $8,256 of total cash distributions received was classified as investing cash inflows. The Company received cash distributions of $13,952 as of December 31, 2018, all of which were classified as investing cash inflows.

Equity securities without readily determinable fair values that do not qualify for the NAV practical expedient consisted of investments in various limited liability companies at December 31, 2020 and 2019, respectively. The total carrying value of these investments was $5,200 and $6,200 and was included in “Other assets” on the consolidated balance sheets at December 31, 2020 and 2019, respectively. No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the years ended December 31, 2020, 2019 and 2018, respectively.


	December 31, 2020		December 31, 2019
Mutual and hedge funds	$	18,310	$	15,509
Ladenburg Thalmann Financial Services Inc. (“LTS”)	—		433
Total equity-method investments	$	18,310	$	15,942

At December 31, 2020, the Company’s ownership percentages in the mutual and hedge funds accounted for under the equity method ranged from 6.18% to 37.04%. The Company’s ownership percentage in these investments meets the threshold for equity-method accounting.

On February 14, 2020, LTS was acquired pursuant to a cash tender offer of $3.50 per outstanding common share and, in connection therewith, the Company received proceeds of $53,169 in exchange for the Company’s 15,191,205 common shares of LTS. The Company also tendered 240,000 shares of LTS 8% Series A Cumulative Redeemable Preferred Stock (Liquidation Preference $25.00 Per Share) for redemption and received an additional $6,009 in March 2020.

On October 9, 2019, Castle Brands Inc. (“Castle”) was acquired pursuant to a cash tender offer of $1.27 per outstanding common share and, in connection therewith, the Company tendered the entire amount of its 12,895,017 common shares of Castle. The Company received and recognized a gain of $16,377 from the transaction.


	December 31, 2020		December 31, 2019		December 31, 2018
Mutual fund and hedge funds	$	2,844	$	958	$	1,761
Ladenburg Thalmann Financial Services Inc. (“LTS”)	53,424		(410)		1,297
Castle Brands Inc. (“Castle”)	—		16,452		100

Equity in earnings from investments	$	56,268	$	17,000	$	3,158

The Company received total cash distributions of $54,089 ($53,901, net of reinvested dividends), $17,875 and $7,007 from the Company’s equity-method investments in 2020, 2019 and 2018, respectively. The cash distributions of $53,901 in 2020 were classified as operating cash inflows. The cash distributions of $17,875 in 2019 were classified as operating cash inflows. Of the $7,007 of cash distributions received in 2018, $5,535 were classified as investing cash inflows and the remaining $1,472 were classified as operating cash inflows.


	December 31, 2020		December 31, 2019
Investment securities	$	486,390	$	210,685
Cash and cash equivalents	7,126		26,088
Other assets	41,004		1,861
Total assets	$	534,520	$	238,634

Other liabilities	$	230,237	$	85,623
Total liabilities	230,237		85,623
Partners’ capital	304,283		153,011
Total liabilities and partners’ capital	$	534,520	$	238,634


	Year Ended December 31,
	2020		2019		2018
Investment income	$	1,779	$	2,834	$	549
Expenses	9,300		6,756		861
Net investment loss	(7,521)		(3,922)		(312)
Total net realized gain (loss) and net change in unrealized depreciation from investments	123,381		18,822		(5,781)
Net increase (decrease) in partners’ capital resulting from operations	$	115,860	$	14,900	$	(6,093)

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,		September 30,
	2020		2019
Cash and cash equivalents	$	—	$	251,033
Receivables from clearing brokers, note receivable and other receivable, net	—		175,600
Goodwill and intangible assets, net	—		188,975
Other assets	—		202,516
Total assets	$	—	$	818,124

Accrued compensation, commissions and fees payable	$	—	$	142,875
Accounts payable and accrued liabilities	—		37,197
Notes payable, net of $0 and $5,881 unamortized discount in 2020 and 2019, respectively	—		315,898
Other liabilities	—		73,380
Total liabilities	—		569,350
Preferred stock	—		2
Common stock	—		15
Additional paid-in capital	—		317,735
Accumulated deficit	—		(68,971)
Total controlling shareholders’ equity	—		248,781
Non-controlling interest	—		(7)
Total shareholders’ equity	—		248,774
Total liabilities and shareholders’ equity	$	—	$	818,124

(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.