Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
ASSETS    
Cash and cash equivalents $ 98,930 $ 118,677
Securities owned, at fair value 3,543 4,079
Receivables from clearing brokers 41,492 44,466
Receivables from other broker-dealers 853 2,150
Notes receivable from financial advisors, net 32,611 26,967
Other receivables, net 54,634 48,564
Fixed assets, net 21,253 21,753
Restricted assets 1,011 1,011
Intangible assets, net 124,938 137,931
Goodwill 124,031 125,572
Cash surrender value of life insurance 10,210 9,247
Other assets 32,497 33,688
Total assets 546,003 574,105
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Securities sold, but not yet purchased, at fair value 382 238
Accrued compensation 26,299 29,115
Commissions and fees payable 60,594 59,995
Accounts payable and accrued liabilities 39,876 30,804
Deferred rent 1,764 1,551
Deferred income taxes 10,642 4,416
Deferred compensation liability 17,247 17,211
Accrued interest 281 823
Notes payable, net of $872 and $1,492 unamortized discount in 2016 and 2015, respectively and net of debt issuance costs of $0 and $253 in 2016 and 2015, respectively. 26,417 53,921
Total liabilities 183,502 198,074
Commitments and contingencies (Note 13)
Shareholders’ equity:    
Preferred stock, $.0001 par value; authorized 50,000,000 shares in 2016 and 25,000,000 shares in 2015: 8% Series A cumulative redeemable preferred stock; authorized 17,290,000 shares in 2016 and 2015; shares issued and outstanding 15,844,916 in 2016 and 14,683,021 in 2015 (liquidation preference $396,123 in 2016 and $367,076 in 2015) 1 1
Common stock, $.0001 par value; authorized 1,000,000,000 shares in 2016 and 800,000,000 shares in 2015; shares issued and outstanding, 194,057,738 in 2016 and 182,338,038 in 2015 19 19
Additional paid-in capital 519,879 511,138
Accumulated deficit (157,425) (135,156)
Total shareholders’ equity of the Company 362,474 376,002
Noncontrolling interest 27 29
Total shareholders' equity 362,501 376,031
Total liabilities and shareholders' equity $ 546,003 $ 574,105