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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, 2020December 31, 2019
Debt securities available for sale$91,204 $83,445 
Equity securities at fair value:
     Marketable equity securities21,155 23,819 
     Mutual funds invested in debt securities23,226 22,377 
     Long-term investment securities at fair value (1)
34,218 45,781 
     Total equity securities at fair value78,599 91,977 
Total investment securities at fair value169,803 175,422 
Less:
     Long-term investment securities at fair value (1)
34,218 45,781 
Current investment securities at fair value135,585 129,641 
Long-term investment securities at fair value (1)
34,218 45,781 
Equity-method investments18,310 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,
202020192018
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 sale110 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:
CostGross
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:
CostGross
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,
202020192018
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 ValueUnder 1 Year1 Year up to 5 YearsMore than 5 Years
U.S. Government securities$19,200 $16,000 $3,200 $— 
Corporate securities52,434 27,812 24,622 — 
U.S. mortgage-backed securities10,484 2,882 7,602 — 
Commercial paper9,086 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,
202020192018
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, 2020December 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, 2020December 31, 2019December 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 equivalents7,126 26,088 
Other assets41,004 1,861 
    Total assets$534,520 $238,634 
Other liabilities$230,237 $85,623 
    Total liabilities230,237 85,623 
Partners’ capital304,283 153,011 
      Total liabilities and partners’ capital$534,520 $238,634 
Year Ended December 31,
202020192018
Investment income$1,779 $2,834 $549 
Expenses9,300 6,756 861 
    Net investment loss(7,521)(3,922)(312)
Total net realized gain (loss) and net change in unrealized depreciation from investments123,381 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,
20202019
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 EndedTwelve Months Ended
December 31,September 30,
201920192018
Revenues$395,735 $1,428,688 $1,380,031 
Expenses394,992 1,385,699 1,345,768 
   Income before other items743 42,989 34,263 
Change in fair value of contingent consideration(374)(363)(232)
Income from continuing operations369 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,
202020192018
Income Statements
Revenue$386,859 $208,767 $394,457 
Cost of goods sold302,234 76,162 95,873 
Other expenses270,642 149,014 186,261 
(Loss) income from continuing operations$(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 assets4,551,788 4,155,625 
Total debt3,569,361 3,057,005 
Total liabilities3,921,492 3,444,868 
Non-controlling interest83,807 123,736 
Apartment Buildings:
Year Ended December 31,
202020192018
Income Statements
Revenue$65,808 $70,862 $44,366 
Other expenses63,705 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 assets563,523 562,879 
Total debt392,324 402,526 
Total liabilities399,269 410,723 
Non-controlling interest123,273 114,193 
Hotels:
Year Ended December 31,
202020192018
Income Statements
Revenue$130,742 $147,446 $171,949 
Cost of goods sold2,671 5,399 4,522 
Other expenses256,973 220,045 268,007 
Loss from continuing operations$(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 assets1,575,800 1,133,697 
Total debt1,071,445 778,194 
Total liabilities1,143,419 816,118 
Non-controlling interest427,439 284,298 
Commercial:
Year Ended December 31,
202020192018
Income Statements
Revenue$7,911 $7,821 $7,688 
Equity in (losses) earnings(13,671)24,159 49,085 
Other expenses4,740 7,724 11,647 
(Loss) income from continuing operations$(10,500)$24,256 $45,126 
December 31,
2020		December 31,
2019
Balance Sheets
Investment in real estate$51,487 $52,384 
Total assets70,270 70,169 
Total debt55,625 55,625 
Total liabilities55,199 54,342 
Other:
Year Ended December 31,
202020192018
Income Statements
Revenue$571 $390,478 $19,448 
Cost of Goods Sold— 220,316 — 
Other expenses48,633 155,257 32,739 
(Loss) income from continuing operations$(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 assets1,237,794 1,192,149 
Total debt722,930 671,845 
Total liabilities903,196 850,587 
Non-controlling interest272,196 263,438