Investment Securities (Tables)

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment securities at fair value consisted of the following:

	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

(1) These assets are measured at net asset value (“NAV”) as a practical expedient under ASC 820.

Net gains (losses) recognized on investment securities were as follows:

	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)

The components of debt securities available for sale at December 31, 2020 were as follows:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable debt securities	$	90,621	$	583	$	—	$	91,204

The components of debt securities available for sale at December 31, 2019 were as follows:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable debt securities	$	82,714	$	731	$	—	$	83,445

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)

Schedule of Maturity Dates of Fixed Income Securities

The table below summarizes the maturity dates of debt securities available for sale at December 31, 2020.

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	$	—

Schedule of Realized Gains (Losses)

Gross realized gains and losses recognized on debt securities available for sale were as follows:

	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)

Equity Method Investments

Equity-method investments consisted of the following:

	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

Equity in earnings from investments were:

	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

Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the mutual fund and hedge funds.

	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.

	Three Months Ended		Twelve Months Ended
	December 31,		September 30,
	2019		2019		2018
Revenues	$	395,735	$	1,428,688	$	1,380,031
Expenses	394,992		1,385,699		1,345,768
Income before other items	743		42,989		34,263
Change in fair value of contingent consideration	(374)		(363)		(232)
Income from continuing operations	369		42,626		34,031
Net income	$	508	$	31,779	$	30,858

Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the following: Other Condominium and Mixed Use Development, Apartment Buildings, Hotels, Commercial and Other.

Other Condominium and Mixed Use Development:

	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	386,859	$	208,767	$	394,457
Cost of goods sold	302,234		76,162		95,873
Other expenses	270,642		149,014		186,261
(Loss) income from continuing operations	$	(186,017)	$	(16,409)	$	112,323

	December 31, 2020		December 31, 2019
Balance Sheets
Investment in real estate	$	4,465,118	$	4,079,125
Total assets	4,551,788		4,155,625
Total debt	3,569,361		3,057,005
Total liabilities	3,921,492		3,444,868
Non-controlling interest	83,807		123,736

Apartment Buildings:

	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	65,808	$	70,862	$	44,366
Other expenses	63,705		67,094		105,899
Income (loss) from continuing operations	$	2,103	$	3,768	$	(61,533)

	December 31, 2020		December 31, 2019
Balance Sheets
Investment in real estate	$	544,610	$	545,400
Total assets	563,523		562,879
Total debt	392,324		402,526
Total liabilities	399,269		410,723
Non-controlling interest	123,273		114,193

Hotels:

	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	130,742	$	147,446	$	171,949
Cost of goods sold	2,671		5,399		4,522
Other expenses	256,973		220,045		268,007
Loss from continuing operations	$	(128,902)	$	(77,998)	$	(100,580)

	December 31, 2020		December 31, 2019
Balance Sheets
Investment in real estate	$	1,489,085	$	1,017,810
Total assets	1,575,800		1,133,697
Total debt	1,071,445		778,194
Total liabilities	1,143,419		816,118
Non-controlling interest	427,439		284,298

Commercial:

	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	7,911	$	7,821	$	7,688
Equity in (losses) earnings	(13,671)		24,159		49,085
Other expenses	4,740		7,724		11,647
(Loss) income from continuing operations	$	(10,500)	$	24,256	$	45,126

	December 31, 2020		December 31, 2019
Balance Sheets
Investment in real estate	$	51,487	$	52,384
Total assets	70,270		70,169
Total debt	55,625		55,625
Total liabilities	55,199		54,342

Other:

	Year Ended December 31,
	2020		2019		2018
Income Statements
Revenue	$	571	$	390,478	$	19,448
Cost of Goods Sold	—		220,316		—
Other expenses	48,633		155,257		32,739
(Loss) income from continuing operations	$	(48,062)	$	14,905	$	(13,291)

	December 31, 2020		December 31, 2019
Balance Sheets
Investment in real estate	$	1,216,819	$	1,054,134
Total assets	1,237,794		1,192,149
Total debt	722,930		671,845
Total liabilities	903,196		850,587
Non-controlling interest	272,196		263,438