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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Schedule of securities and other investments owned and securities sold not yet purchased at fair value
   December 31,   December 31, 
   2019   2018 
Securities and other investments owned:        
Equity securities  $353,162   $193,459 
Corporate bonds   19,020    18,825 
Other fixed income securities   8,414    3,825 
Loans receivable at fair value   43,338    33,731 
Partnership interests and other   27,617    23,737 
   $451,551   $273,577 
           
Securities sold not yet purchased:          
Equity securities  $5,360   $11,130 
Corporate bonds   33,436    16,338 
Other fixed income securities   3,024    10,155 
   $41,820   $37,623 
Schedule of financial assets and liabilities measured on recurring basis

The following tables present information on the financial assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2019 and 2018.

 

    Financial Assets and Liabilities Measured at Fair Value  
    on a Recurring Basis at December 31, 2019 Using  
          Quoted prices in     Other     Significant  
    Fair value at     active markets for     observable     unobservable  
    December 31,     identical assets     inputs     inputs  
    2019     (Level 1)     (Level 2)     (Level 3)  
Assets:                        
Securities and other investments owned:                        
Equity securities   $ 353,162     $ 243,911     $     $ 109,251  
Corporate bonds     19,020             19,020        
Other fixed income securities     8,414             8,414        
Loans receivable at fair value     43,338                   43,338  
Total     423,934     $ 243,911     $ 27,434     $ 152,589  
Investment funds valued at net asset value (1)     27,617                          
Total assets measured at fair value   $ 451,551                          
                                 
Liabilities:                                
Securities sold not yet purchased:                                
Equity securities   $ 5,360     $ 5,360     $     $  
Corporate bonds     33,436             33,436        
Other fixed income securities     3,024             3,024        
Total securities sold not yet purchased     41,820       5,360       36,460        
                                 
Mandatorily redeemable noncontrolling interests issued after November 5, 2003     4,616                   4,616  
Total liabilities measured at fair value   $ 46,436     $ 5,360     $ 36,460     $ 4,616  

 

    Financial Assets and Liabilities Measured at Fair Value  
    on a Recurring Basis at December 31, 2018 Using  
          Quoted prices in     Other     Significant  
    Fair value at     active markets for     observable     unobservable  
    December 31     identical assets     inputs     inputs  
    2018     (Level 1)     (Level 2)     (Level 3)  
Assets:                        
Securities and other investments owned:                        
Equity securities   $ 193,459     $ 168,882     $     $ 24,577  
Corporate bonds     18,825             18,825        
Other fixed income securities     3,825             3,825        
Loans receivable at fair value     33,731                   33,731  
Total     249,840     $ 168,882     $ 22,650     $ 58,308  
Investment funds valued at net asset value(1)     23,737                          
Total assets measured at fair value   $ 273,577                          
                                 
Liabilities:                                
Securities sold not yet purchased:                                
Equity securities   $ 11,130     $ 11,130     $     $  
Corporate bonds     16,338             16,338        
Other fixed income securities     10,155             10,155        
Total securities sold not yet purchased     37,623       11,130       26,493        
                                 
Mandatorily redeemable noncontrolling interests issued after November 5, 2003     4,633                   4,633  
Total liabilities measured at fair value   $ 42,256     $ 11,130     $ 26,493     $ 4,633  

 

 

(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy in accordance with ASC "Topic 820 Fair Value Measurements." The fair value amounts presented in the tables above for investment funds valued at net asset value are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.

 

As of December 31, 2019 and 2018, financial assets measured and reported at fair value on a recurring basis and classified within Level 3 were $152,589 and $58,308, respectively, or 6.6% and 3.0%, respectively, of the Company's total assets. In determining the fair value for these Level 3 financial assets, the Company analyzes various financial, performance and market factors to estimate the value, including where applicable, over-the-counter market trading activity.

Schedule of changes in Level 3 fair value hierarchy
  Fair value at              
   December 31,            Weighted 
   2019   Valuation Technique  Unobservable Input  Range  Average 
Assets:                 
Equity securities  $109,251   Market approach  Multiple of revenue  1.2x   1.2x
           Multiple of EBITDA  8.5x - 11.0x   9.9x
           Multiple of EV-10  0.35x   0.35x
           Market price of related security  $0.70 - $3.64/share  $3.52 
        Discounted cash flow  Market interest rate  25.7%   25.7%
        Option pricing model  Annualized volatility  75.0%   75%
Loans receivable at fair value   43,338   Discounted cash flow  Market interest rate  12.5% -13.7%   13.0%
        Market approach  Market price of related security  $0.70/share  $0.70 
Total level 3 assets measured at fair value  $152,589               
                    
Liabilities:                   
Mandatorily redeemable noncontrolling interests issued after November 5, 2003  $4,616   Market approach  Operating income multiple  6.0x   6.0x

 

The changes in Level 3 fair value hierarchy during the year ended December 31, 2019 and 2018 are as follows:

 

   Level 3   Level 3 Changes During the Period   Level 3 
   Balance at   Fair   Relating to   Purchases,   Transfer in   Balance at 
   Beginning of   Value   Undistributed   Sales and   and/or out   End of 
   Year   Adjustments   Earnings   Settlements   of Level 3   Period 
Year Ended December 31, 2019                        
Equity securities  $24,577   $(4,809)  $1,424   $91,243   $(3,184)  $109,251 
Loans receivable at fair value   33,731    10,999    1,621    (3,013)       43,338 
Mandatorily redeemable noncontrolling interests issued after November 5, 2003   4,633        (17)           4,616 
Year Ended December 31, 2018                              
Equity securities  $28,346   $(4,220)  $578   $20,843   $(20,970)  $24,577 
Loans receivable at fair value   33,713    35    300    (317)       33,731 
Partnership interests and other   26,104    1,108    607    (26,087)   (1,732)    
Mandatorily redeemable noncontrolling interests issued after November 5, 2003   4,478        155            4,633 
Schedule of warrants
   Exercise   Expiration  Issued and
Outstanding
Warrants
as of
Beginning of
   Warrants   Warrants   Issued and
Outstanding
Warrants as of
 
   Price   Date  Year   Issued   Repurchased   End of Year 
                        
For the year ended December 31, 2018                       
Wunderlich Warrants  $17.50   July 3, 2022   821,816    -    -    821,816 
                             
For the year ended December 31, 2019                            
Wunderlich Warrants  $17.50   July 3, 2022   821,816    -    (638,311)   183,505 
BR Brand Warrants  $26.24   October 28, 2024   -    200,000    -    200,000 
Total           821,816    200,000    (638,311)   383,505 
Schedule of investments in the VIE
   December 31,
2019
 
Partnership investments  $12,780 
Due from related party   12 
Maximum exposure to loss  $12,792