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Investments (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Investments Carried Under Measurement Alternative

Equity Method Investments and Investments Carried Under the Measurement Alternative


(in thousands)	Percent Ownership1		December 31, 2021		December 31, 2020
Advanced Markets Holdings	25% / 43%		$	5,110	$	8,867
China Credit BGC Money Broking Company Limited	33	%	16,784		15,119
Freedom International Brokerage	45	%	9,794		9,800
Other			1,159		3,873
Equity method investments			$	32,847	$	37,659
Investments carried under measurement alternative			192		349
Total equity method and investments carried under measurement alternative			$	33,039	$	38,008

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1Represents the Company’s voting interest in the equity method investment as of December 31, 2021 and 2020.

Summary of Financial Information for Company's Equity Method Investments

Summarized financial information for the Company’s equity method investments is as follows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Statements of operations:
Total revenues	$	108,458	$	94,744	$	77,211
Total expenses	82,581		71,241		61,680
Net income	$	25,877	$	23,503	$	15,531


	December 31,
	2021		2020
Statements of financial condition:
Cash and cash equivalents	$	104,855	$	89,627
Fixed assets, net	2,603		2,806
Other assets	42,640		29,065
Total assets	$	150,098	$	121,498
Payables to related parties	2,000		2,000
Other liabilities	92,114		70,020
Total partners’ capital	55,984		49,478
Total liabilities and partners’ capital	$	150,098	$	121,498

Investments in Variable Interest Entities

The following table sets forth the Company’s investment in its unconsolidated VIEs and the maximum exposure to loss with respect to such entities (in thousands).


	December 31, 2021				December 31, 2020
	Investment		Maximum Exposure to Loss		Investment		Maximum Exposure to Loss
Variable interest entities1	$	1,159	$	2,139	$	1,258	$	2,238

__________________

1The Company has entered into a subordinated loan agreement with Aqua, whereby the Company agreed to lend the principal sum of $980 thousand. As of December 31, 2021 and 2020, the Company’s maximum exposure to loss with respect to its unconsolidated VIEs includes the sum of its equity investments in its unconsolidated VIEs and the $980 thousand subordinated loan to Aqua.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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