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New Valley LLC (Tables)
 12 Months Ended
Dec. 31, 2020
Real Estate [Abstract]  
Investments in Real Estate Ventures
The components of “Investments in real estate ventures” were as follows:
Range of Ownership (1)
December 31, 2020December 31, 2019
Condominium and Mixed Use Development:
            New York City SMSA
3.1%- 46.7%
$30,465 $51,078 
            All other U.S. areas
19.6% - 77.8%
37,773 55,842 
68,238 106,920 
Apartment Buildings:
            All other U.S. areas
7.6%
— — 
— — 
Hotels:
            New York City SMSA
0.4% - 15.7%
2,629 2,462 
            International49.0%1,852 2,161 
4,481 4,623 
Commercial:
            New York City SMSA49.0%2,591 1,852 
            All other U.S. areas1.6%7,084 7,634 
9,675 9,486 
Other
15.0% - 49.0%
3,006 10,527 
Investments in real estate ventures$85,400 $131,556 
_____________________________
(1)The Range of Ownership reflects New Valley’s estimated current ownership percentage. New Valley’s actual ownership percentage as well as the percentage of earnings and cash distributions may ultimately differ as a result of a number of factors including potential dilution, financing or admission of additional partners.
New Valley made contributions to its investments in real estate ventures as follows:
December 31, 2020December 31, 2019
Condominium and Mixed Use Development:
            New York City SMSA$1,805 $21,760 
            All other U.S. areas11,140 29,993 
12,945 51,753 
Apartment Buildings:
            All other U.S. areas284 — 
284 — 
Hotels:
            New York City SMSA1,169 172 
1,169 172 
Other524 604 
Total contributions$14,922 $52,529 
New Valley received distributions from its investments in real estate ventures as follows:
December 31, 2020December 31, 2019
Condominium and Mixed Use Development:
            New York City SMSA$1,819 $7,955 
            All other U.S. areas18,188 1,279 
20,007 9,234 
Apartment Buildings:
            All other U.S. areas— 79 
— 79 
Hotels:
            New York City SMSA— 21,572 
            International— 215 
— 21,787 
Commercial:
            New York City SMSA601 16 
            All other U.S. areas113 250 
714 266 
Other30 16,962 
Total distributions$20,751 $48,328 
New Valley recognized equity in (losses) earnings from real estate ventures as follows:
Year Ended December 31,
202020192018
Condominium and Mixed Use Development:
            New York City SMSA$(17,167)$(31,011)$(923)
            All other U.S. areas(16,578)(6,467)(1,063)
(33,745)(37,478)(1,986)
Apartment Buildings:
            New York City SMSA— — 17,467 
            All other U.S. areas(284)79 164 
(284)79 17,631 
Hotels:
            New York City SMSA(3,248)8,081 (2,727)
            International(308)41 (246)
(3,556)8,122 (2,973)
Commercial:
            New York City SMSA1,340 1 (562)
            All other U.S. areas(437)773 1,608 
903 774 1,046 
Other(8,016)9,215 728 
Total equity in (losses) earnings from real estate ventures$(44,698)$(19,288)$14,446 
New Valley’s maximum exposure to loss was as follows:
December 31, 2020
Condominium and Mixed Use Development:
            New York City SMSA$30,465 
            All other U.S. areas37,773 
68,238 
Hotels:
            New York City SMSA2,629 
            International1,852 
4,481 
Commercial:
            New York City SMSA2,591 
            All other U.S. areas7,084 
9,675 
Other16,581 
Total maximum exposure to loss$98,975 
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 
Investments in Real Estate, net
The components of “Investments in real estate, net” were as follows:
December 31,
2020		December 31,
2019
Escena, net$9,735 $9,972 
Townhome A (11 Beach Street)5,896 — 
Sagaponack— 18,345 
            Investment in real estate, net$15,631 $28,317 
The assets have been classified as an “Investments in real estate, net” on the Company’s consolidated balance sheets and the components were as follows:
December 31,
2020		December 31,
2019
Land and land improvements$8,911 $8,910 
Building and building improvements1,926 1,926 
Other1,672 1,659 
 12,509 12,495 
Less accumulated depreciation(2,774)(2,523)
 $9,735 $9,972