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, 2018
Jan. 01, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
ASSETS          
Cash and cash equivalents $ 182,693 $ 172,103 $ 172,103 $ 98,930  
Securities owned, at fair value 10,923 3,881 3,881    
Receivables from clearing brokers 24,068 48,543 48,543    
Receivables from other broker-dealers 7,078 2,822 2,822    
Notes receivable from financial advisors, net 5,809 6,803 47,369    
Other receivables, net 133,242 119,356 60,707    
Fixed assets, net 29,994 23,621 23,621    
Restricted cash 6,588 760 760 1,011  
Intangible assets, net 73,064 79,966 103,611    
Goodwill 126,079 124,210 124,210 124,031  
Contract acquisition costs, net 80,726 61,340 0    
Cash surrender value of life insurance 11,406 12,711 12,711    
Income taxes receivable 2,156   0    
Other assets 47,078 31,712 31,687    
Total assets 740,904 687,828 632,025 546,003  
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Securities sold, but not yet purchased, at fair value 2,575 231 231    
Accrued compensation 39,192 33,233 33,343    
Commissions and fees payable 105,306 96,616 67,221    
Accounts payable and accrued liabilities 48,813 39,241 40,478    
Deferred rent 2,956 2,151 2,151    
Deferred income taxes 14,068   2,968    
Deferred compensation liability 20,622 18,161 18,161    
Accrued interest 123 232 232    
Notes payable, net of unamortized discount of $6,372 and $424 in 2018 and 2017, respectively, and net of debt issuance costs of $7,086 and $3,412 in 2018 and 2017 respectively. 254,072 96,849 96,849    
Total liabilities 487,727 292,652 261,634    
Commitments and contingencies (Note 14)      
Shareholders’ equity:          
Preferred stock, $.0001 par value; authorized 50,000,000 shares: 8% Series A cumulative redeemable preferred stock; designated 23,844,916 shares in 2018 and 2017; shares issued and outstanding 17,012,075 in 2018 and 2017 (liquidation preference $425,302 in 2018 and 2017) 2 2 2    
Common stock, $.0001 par value; authorized 1,000,000,000 shares in 2018 and 2017; shares issued and outstanding, 146,535,796 in 2018 and 198,583,941 in 2017 14 20 20    
Additional paid-in capital 344,356 520,135 520,135    
Accumulated deficit (91,246) (125,004) (149,778)    
Total shareholders’ equity of the Company 253,126 395,153 370,379    
Noncontrolling interest 51 23 12    
Total shareholders' equity 253,177 395,176 370,391 $ 362,501 $ 376,031
Total liabilities and shareholders' equity $ 740,904 $ 687,828 $ 632,025