| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE
2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Principles
of Consolidation and Basis of Presentation The
condensed consolidated financial statements include the accounts of B. Riley Financial, Inc. and its wholly-owned and majority-owned
subsidiaries. The condensed consolidated financial statements also include the accounts of (a) Great American Global Partners,
LLC which is controlled by the Company as a result of its ownership of a 50% member interest, appointment of two of the three
executive officers and significant influence over the funding of operations, and (b) GA Retail Investments, L.P. which is controlled
by the Company as a result of its ownership of a 50% partnership interest, appointment of executive officers and significant influence
over the operations. The condensed consolidated financial statements have been prepared by the Company, without audit, pursuant
to interim financial reporting guidelines and the rules and regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles
generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and
regulations. In the opinion of the Company’s management, all adjustments, consisting of only normal and recurring adjustments,
necessary for a fair presentation of the financial position and the results of operations for the periods presented have been
included. These condensed consolidated financial statements and the accompanying notes should be read in conjunction with the
audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2016, filed with the Securities and Exchange Commission (“SEC”) on March 10, 2017.
The results of operations for the nine months ended September 30, 2017 are not necessarily indicative of the operating results
to be expected for the full fiscal year or any future periods.
(b) Use of Estimates The
preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements
and reported amounts of revenue and expense during the reporting period. Estimates are used when accounting for certain items
such as valuation of securities, reserves for accounts receivable and slow moving goods held for sale or auction, the carrying
value of intangible assets and goodwill, the fair value of mandatorily redeemable noncontrolling interests, fair value of share-based
arrangements, fair value of contingent consideration in business combination’s and accounting for income tax valuation allowances.
Estimates are based on historical experience, where applicable, and assumptions that management believes are reasonable under
the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ.
(c) Revenue Recognition
Revenues
are recognized in accordance with the accounting guidance when persuasive evidence of an arrangement exists, the related services
have been provided, the fee is fixed or determinable, and collection is reasonably assured. Revenues
in the Capital Markets segment are primarily comprised of (i) fees earned from corporate finance, investment banking, restructuring
and wealth management services; (ii) revenues from sales and trading activities; and (iii) interest income from securities lending
activities. Fees
earned from corporate finance and investment banking services are derived from debt, equity and convertible securities offerings
in which the Company acted as an underwriter or placement agent and from financial advisory services rendered in connection with
client mergers, acquisitions, restructurings, recapitalizations and other strategic transactions. Fees from underwriting activities
are recognized in earnings when the services related to the underwriting transaction are completed under the terms of the engagement
and when the income was determined and is not subject to any other contingencies. Fees
earned from wealth management services consist primarily of investment management fees that are recognized over the period the
services are provided. Investment management fees are primarily comprised of fees for investment management services and are generally
based on the dollar amount of the assets being managed. Revenues
from sales and trading include (i) commissions resulting from equity securities transactions executed as agent or principal and
are recorded on a trade date basis; (ii) related net trading gains and losses from market making activities and from the
commitment of capital to facilitate customer orders; (iii) fees paid for equity research; and (iv) principal transactions
which include realized and unrealized gains and losses and interest and dividend income resulting from our principal investments
in equity and other securities for the Company’s account. Revenues
from securities lending activities consist of interest income from equity and fixed income securities that are borrowed from one
party and loaned to another. The Company maintains relationships with a broad group of banks and broker-dealers to facilitate
the sourcing, borrowing and lending of equity and fixed income securities in a “matched book” to limit the Company’s
exposure to fluctuations in the market value or securities borrowed and securities loaned. Revenues
in the Auction and Liquidation segment are comprised of (i) commissions and fees earned on the sale of goods at auctions and liquidations;
(ii) revenues from auction and liquidation services contracts where the Company guarantees a minimum recovery value for goods
being sold at auction or liquidation; (iii) revenue from the sale of goods that are purchased by the Company for sale at auction
or liquidation sales events; (iv) fees earned from real estate services and the origination of loans; (v) revenues from financing
activities is recorded over the lives of related loans receivable using the interest method; and (vi) revenues from contractual
reimbursable expenses incurred in connection with auction and liquidation contracts. Commission
and fees earned on the sale of goods at auction and liquidation sales are recognized when evidence of an arrangement exists, the
sales price has been determined, title has passed to the buyer and the buyer has assumed the risks of ownership, and collection
is reasonably assured. The commission and fees earned for these services are included in revenues in the accompanying condensed
consolidated statements of operations. Under these types of arrangements, revenues also include contractual reimbursable costs. Revenues
earned from auction and liquidation services contracts where the Company guarantees a minimum recovery value for goods being sold
at auction or liquidation are recognized based on proceeds received. The Company records proceeds received from these types of
engagements first as a reduction of contractual reimbursable expenses, second as a recovery of its guarantee and thereafter as
revenue, subject to such revenue meeting the criteria of having been fixed or determinable. Contractual reimbursable expenses
and amounts advanced to customers for minimum guarantees are initially recorded as advances against customer contracts in the
accompanying condensed consolidated balance sheets. If, during the auction or liquidation sale, the Company determines that the
proceeds from the sale will not meet the minimum guaranteed recovery value as defined in the auction or liquidation services contract,
the Company accrues a loss on the contract in the period that the loss becomes known. The
Company also evaluates revenue from auction and liquidation contracts in accordance with the accounting guidance to determine
whether to report Auction and Liquidation segment revenue on a gross or net basis. The Company has determined that it acts as
an agent in a substantial majority of its auction and liquidation services contracts and therefore reports the auction and liquidation
revenues on a net basis. Revenues
from the sale of goods are recorded gross and are recognized in the period in which the sale of goods held for sale or auction
are completed, title to the property passes to the purchaser and the Company has fulfilled its obligations with respect to the
transaction. These revenues are primarily the result of the Company acquiring title to merchandise with the intent of selling
the items at auction or for augmenting liquidation sales. For liquidation contracts where we take title to retail goods, our net
sales represent gross sales invoiced to customers, less certain related charges for discounts, returns, and other promotional
allowances and are recorded net of sales or value added tax. Revenues
in the Valuation and Appraisal segment are primarily comprised of fees for valuation and appraisal services. Revenues are recognized
upon the delivery of the completed services to the related customers and collection of the fee is reasonably assured. Revenues
in the Valuation and Appraisal segment also include contractual reimbursable costs. Revenues
in the Principal Investments - United Online segment are primarily comprised of services revenues, which are derived primarily
from fees charged to pay accounts; advertising and other revenues; and products revenues, which are derived primarily from the
sale mobile broadband service devices, including the related shipping and handling fees. Service
revenues are derived primarily from fees charged to pay accounts and are recognized in the period in which fees are fixed or determinable
and the related services are provided to the customer. The Company’s pay accounts generally pay in advance for their services
by credit card, PayPal, automated clearinghouse or check, and revenues are then recognized ratably over the service period. Advance
payments from pay accounts are recorded in the condensed consolidated balance sheets as deferred revenue. In circumstances where
payment is not received in advance, revenues are only recognized if collectability is reasonably assured. Advertising
revenues consist primarily of amounts from the Company’s Internet search partner that are generated as a result of users
utilizing the partner’s Internet search services and amounts generated from display advertisements. The Company recognizes
such advertising revenues in the period in which the advertisement is displayed or, for performance-based arrangements, when the
related performance criteria are met. In determining whether an arrangement exists, the Company ensures that a written contract
is in place, such as a standard insertion order or a customer-specific agreement. The Company assesses whether performance criteria
have been met and whether the fees are fixed or determinable based on a reconciliation of the performance criteria and the payment
terms associated with the transaction. The reconciliation of the performance criteria generally includes a comparison of customer-provided
performance data to the contractual performance obligation and to internal or third-party performance data in circumstances where
that data is available.
(d) Direct Cost
of Services Direct
cost of services relate to service and fee revenues. The costs consist of employee compensation and related payroll benefits,
travel expenses, the cost of consultants assigned to revenue-generating activities and direct expenses billable to clients in
the Valuation and Appraisal segment. Direct costs of services include participation in profits under collaborative arrangements
in which the Company is a majority participant. Direct costs of services also include the cost of consultants and other direct
expenses related to auction and liquidation contracts pursuant to commission and fee based arrangements in the Auction and Liquidation
segment. Direct cost of services in the Principal Investments - United Online segment include cost of telecommunications and data
center costs, personnel and overhead-related costs associated with operating the Company’s networks and data centers, depreciation
of network computers and equipment, third party advertising sales commissions, license fees, costs related to providing customer
support, costs related to customer billing and processing of customer credit cards and associated bank fees. Direct cost of services
does not include an allocation of the Company’s overhead costs.
(e) Interest Expense
- Securities Lending Activities Interest
expense from securities lending activities is included in operating expenses related to operations in the Capital Markets segment.
Interest expense from securities lending activities is incurred from equity and fixed income securities that are loaned to the
Company.
(f) Concentration
of Risk Revenue
from one liquidation engagement represented 24.4% of total revenues during the three months ended September 30, 2016 and 15.6%
of total revenues during the nine months ended September 30, 2016. Revenues in the Capital Markets, Valuation and Appraisal and
Principal Investments - United Online segments are currently primarily generated in the United States. Revenues in the Auction
and Liquidation segment are primarily generated in the United States, Australia, Canada and Europe. The
Company’s activities in the Auction and Liquidation segment are executed frequently with, and on behalf of, distressed customers
and secured creditors. Concentrations of credit risk can be affected by changes in economic, industry, or geographical factors.
The Company seeks to control its credit risk and potential risk concentration through risk management activities that limit the
Company’s exposure to losses on any one specific liquidation services contract or concentration within any one specific
industry. To mitigate the exposure to losses on any one specific liquidation services contract, the Company sometimes conducts
operations with third parties through collaborative arrangements. The
Company maintains cash in various federally insured banking institutions. The account balances at each institution periodically
exceed the Federal Deposit Insurance Corporation’s (“FDIC”) insurance coverage, and as a result, there is a
concentration of credit risk related to amounts in excess of FDIC insurance coverage. The Company has not experienced any losses
in such accounts. The Company also has substantial cash balances from proceeds received from auctions and liquidation engagements
that are distributed to parties in accordance with the collaborative arrangements.
(g) Advertising
Expenses The
Company expenses advertising costs, which consist primarily of costs for printed materials, as incurred. Advertising costs totaled
$183 and $339 for the three months ended September 30, 2017 and 2016, respectively, and $1,227 and $1,235 for the nine months
ended September 30, 2017 and 2016, respectively. Advertising expense is included as a component of selling, general and administrative
expenses in the accompanying condensed consolidated statements of operations.
(h) Share-Based
Compensation The
Company’s share-based payment awards principally consist of grants of restricted stock and restricted stock units. In accordance
with the applicable accounting guidance, share-based payment awards are classified as either equity or liabilities. For equity-classified
awards, the Company measures compensation cost for the grant of membership interests at fair value on the date of grant and recognizes
compensation expense in the condensed consolidated statements of operations over the requisite service or performance period the
award is expected to vest. The fair value of the liability-classified award will be subsequently remeasured at each reporting
date through the settlement date. Change in fair value during the requisite service period will be recognized as compensation
cost over that period.
(i) Restructuring
Charge The
Company recorded a restructuring charge in the amount of $11,484 during the nine months ended September 30, 2017. In the second
and third quarters of 2017, the Company implemented costs savings measures taking into account the planned synergies as a result
of the acquisition of FBR & Co. (“FBR”) and Wunderlich Investment Company, Inc. (“Wunderlich”), as
more fully described in Note 3, which included a reduction in force for some of the corporate executives of FBR’s and Wunderlich
and a restructuring to integrate FBR and Wunderlich’s operations with the Company’s existing operations. These initiatives
resulted in a restructuring charge of $6,105 in the second quarter of 2017 and $4,746 in the third quarters of 2017. The restructuring
charges during the second and third quarter of 2017 included $2,400 related to severance and $884 related to the accelerated vesting
of restricted stock awards to former corporate executives of FBR and Wunderlich and $3,109 of severance and $1,710 related to
accelerated vesting of stock awards to employees and $2,748 of lease loss accruals and impairments for the planned consolidation
of office space related to operations of FBR and Wunderlich. Of the $10,851 of restructuring charges related to these initiatives,
$7,245 related to the Capital Markets segment and $3,606 related to corporate overhead. The restructuring charge in 2017 also
included employee termination costs of $150 and $633 in the third quarter and the nine months ended 2017, respectively, related
to a reduction in personnel in the principal investments – United Online segment of our operations. The
following table summarizes the changes in accrued restructuring charge during the nine months ended September 30, 2017:
Nine
Months Ended
September
30, 2017
Accrued
restructuring charge, beginning of year $ 694
Restructuring
charge 11,484
Cash
paid (4,880 )
Non-cash
items (3,939 )
Accrued
restructuring charge, end of period $ 3,359 The
following tables summarize the restructuring activities during the three and nine months ended September 30, 2017 and 2016:
Three
Months Ended September 30,
2017 2016
Capital Principal
Corporate Total Capital Principal
Corporate Total
Restructuring
charge:
Employee
termination costs $ 2,285 $ 150 $ 1,102 $ 3,537 $ — $ 3,187 $ — $ 3,187
Facility
closure and consolidation charge 1,037 — 322 1,359 — — 398 398
Total
restructuring charge $ 3,322 $ 150 $ 1,424 $ 4,896 $ — $ 3,187 $ 398 $ 3,585
Nine
Months Ended September 30,
2017 2016
Capital Principal
Corporate Total Capital Principal
Corporate Total
Restructuring
charge:
Employee
termination costs $ 4,819 $ 633 $ 3,284 $ 8,736 $ — $ 3,187 $ — $ 3,187
Facility
closure and consolidation charge 2,426 — 322 2,748 — — 398 398
Total
restructuring charge $ 7,245 $ 633 $ 3,606 $ 11,484 $ — $ 3,187 $ 398 $ 3,585
(j) Income Taxes The
Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included
in the condensed consolidated financial statements or tax returns. Deferred tax liabilities and assets are determined based on
the difference between the financial statement basis and tax basis of assets and liabilities using enacted tax rates in effect
for the year in which the differences are expected to reverse. The Company estimates the degree to which tax assets and credit
carryforwards will result in a benefit based on expected profitability by tax jurisdiction. A valuation allowance for such tax
assets and loss carryforwards is provided when it is determined to be more likely than not that the benefit of such deferred tax
asset will not be realized in future periods. Tax benefits of operating loss carryforwards are evaluated on an ongoing basis,
including a review of historical and projected future operating results, the eligible carryforward period, and other circumstances.
If it becomes more likely than not that a tax asset will be used, the related valuation allowance on such assets would be reduced. The
Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be
sustained on examination by the taxing authorities, based on the technical merits of the position. Once this threshold has been
met, the Company’s measurement of its expected tax benefits is recognized in its financial statements. The Company accrues
interest on unrecognized tax benefits as a component of income tax expense. Penalties, if incurred, would be recognized as a component
of income tax expense.
(k) Cash and Cash
Equivalents The
Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
(l) Restricted
Cash As
of September 30, 2017, restricted cash balance of $9,269 included $8,759 of cash collateral related to certain retail liquidation
engagements and $510 cash segregated in a special bank account for the benefit of customers related to our broker dealer subsidiary
and collateral for one of our telecommunication supplier. As of December 31, 2016, restricted cash balance of $3,294 included
$1,440 of cash collateral related to a retail liquidation engagement in Australia, $1,320 of cash collateral for foreign exchange
contracts and $534 cash segregated in a special bank account for the benefit of customers related to our broker dealer subsidiary
and collateral for one of our telecommunication suppliers.
(m) Securities
Borrowed and Securities Loaned Securities
borrowed and securities loaned are recorded based upon the amount of cash advanced or received. Securities borrowed transactions
facilitate the settlement process and require the Company to deposit cash or other collateral with the lender. With respect to
securities loaned, the Company receives collateral in the form of cash. The amount of collateral required to be deposited for
securities borrowed, or received for securities loaned, is an amount generally in excess of the market value of the applicable
securities borrowed or loaned. The Company monitors the market value of the securities borrowed and loaned on a daily basis, with
additional collateral obtained, or excess collateral recalled, when deemed appropriate. The
Company accounts for securities lending transactions in accordance with Accounting Standards Update (“ASU”) 2013-01,
“Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” requiring
companies to report disclosures of offsetting assets and liabilities. The Company does not net securities borrowed and securities
loaned and these items are presented on a gross basis in the condensed consolidated balance sheets.
(n) Due from/to
Brokers, Dealers, and Clearing Organizations The
Company clears all of its proprietary and customer transactions through other broker-dealers on a fully disclosed basis. The amount
receivable from or payable to the clearing brokers represents the net of proceeds from unsettled securities sold, the Company’s
clearing deposit and amounts receivable for commissions less amounts payable for unsettled securities purchased by the Company
and amounts payable for clearing costs and other settlement charges. This amount also includes the cash collateral received for
securities loaned less cash collateral for securities borrowed. Any amounts payable would be fully collateralized by all of the
securities owned by the Company and held on deposit at the clearing broker.
(o) Accounts Receivable Accounts
receivable represents amounts due from the Company’s auction and liquidation, valuation and appraisal, capital markets and
principal investments - United Online customers. The Company maintains an allowance for doubtful accounts for estimated losses
inherent in its accounts receivable portfolio. In establishing the required allowance, management utilizes a specific customer
identification methodology. Management also considers historical losses adjusted for current market conditions and the customers’
financial condition and the current receivables aging and current payment patterns. Account balances are charged off against the
allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does
not have any off-balance sheet credit exposure related to its customers. Bad debt expense and changes in the allowance for doubtful
accounts for the three and nine months ended September 30, 2017 and 2016 are included in Note 5.
(p) Advances Against
Customer Contracts Advances
against customer contracts represent advances of contractually reimbursable expenses incurred prior to, and during the term of
the auction and liquidation services contract. These advances are charged to expense in the period that revenue is recognized
under the contract.
(q) Property and
Equipment Property
and equipment are stated at cost. Depreciation and amortization is computed using the straight-line method over the estimated
useful lives of the assets. Property and equipment held under capital leases are amortized on a straight-line basis over the shorter
of the lease term or estimated useful life of the asset. Depreciation and amortization expense was $1,243 and $531 for the three
months ended September 30, 2017 and 2016, respectively, and $2,458 and $706 for the nine months ended September 30, 2017 and 2016,
respectively.
(r) Securities
Owned and Securities Sold Not Yet Purchased Securities
owned consist of marketable securities and investments in partnership interests and other securities recorded at fair value. Securities
sold, but not yet purchased represents obligations of the Company to deliver the specified security at the contracted price and
thereby create a liability to purchase the security in the market at prevailing prices. Changes in the value of these securities
are reflected currently in the results of operations. As
of September 30, 2017 and December 31, 2016, the Company’s securities owned and securities sold not yet purchased at fair
value consisted of the following securities:
September
30, December
31,
Securities
and other investments owned:
Common
stocks and warrants $ 41,412 $ 2,084
Corporate
bonds 6,328 1,025
Loan
receivable 26,868 —
Partnership
interests and other 21,357 13,470
$ 95,965 $ 16,579
Securities
sold not yet purchased:
Common
stocks $ 23,570 $ —
Corporate
bonds 982 846
Partnership
interests and other 494 —
$ 25,046 $ 846
(s) Fair Value
Measurements The
Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment
and considers factors specific to the asset or liability. Fair value is the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement
assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability
or, in the absence of a principal market, the most advantageous market. In general, fair values determined by Level 1 inputs utilize
quoted prices (unadjusted) for identical instruments that are highly liquid, observable and actively traded in over-the-counter
markets. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable
for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active
markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose
inputs are observable and can be corroborated by market data. Level 3 inputs are unobservable inputs that are supported by little
or no market activity and that are significant to the fair value of the assets or liabilities. In certain cases, the inputs used
to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy
within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant
to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the
fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The
Company’s securities and other investments owned and securities sold and not yet purchased are comprised of common stocks
and warrants, corporate bonds, loans receivable and investments in partnerships. Investments in common stocks are based on quoted
prices in active markets which are included in Level 1 of the fair value hierarchy. The Company also holds nonpublic common stocks
and warrants for which there is little or no public market and fair value is determined by management on a consistent basis. For
investments where little or no public market exists, management’s determination of fair value is based on the best available
information which may incorporate management’s own assumptions and involves a significant degree of judgment, taking into
consideration various factors including earnings history, financial condition, recent sales prices of the issuer’s securities
and liquidity risks. These investments are included in Level 3 of the fair value hierarchy. Investments in partnership interests
include investments in private equity partnerships that primarily invest in equity securities, bonds, and direct lending funds.
The Company’s partnership interests are valued based on the Company’s proportionate share of the net assets of the
partnership which is derived from the most recent statements received from the general partner which are included in Level 2 of
the fair value hierarchy. The Company also invests in proprietary investment funds that are valued at net asset value (“NAV”)
determined by the fund administrator. The underlying securities held by these investment companies are primarily corporate and
asset-backed fixed income securities and restrictions exist on the redemption of amounts invested by the Company. As a practical
expedient, the Company relies on the NAV of these investments as their fair value. The NAVs that have been provided by the fund
administrators are derived from the fair values of the underlying investments as of the reporting date. In accordance with ASU
2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value
per Share (or Its Equivalent),” (“ASU 2015-07”), these investment funds are not categorized within the fair
value hierarchy. The
fair value of mandatorily redeemable noncontrolling interests is determined based on the issuance of similar interests for cash,
references to industry comparables, and relied, in part, on information obtained from appraisal reports and internal valuation
models. The
following tables present information on the financial assets and liabilities measured and recorded at fair value on a recurring
basis as of September 30, 2017 and December 31, 2016.
Financial
Assets and Liabilities Measured at Fair Value
Fair
value at Quoted
prices in Other
Significant
Assets:
Securities
and other investments owned:
Common
stocks and warrants $ 41,412 $ 31,430 $ — $ 9,982
Corporate
bonds 6,328 — 6,328 —
Loan
receivable 26,868 — — 26,868
Partnership
interests and other 16,505 4,462 187 11,856
Total
assets measured at fair value $ 91,113 $ 35,892 $ 6,515 $ 48,706
Liabilities:
Securities
sold not yet purchased:
Common
stocks $ 23,569 $ 23,569 $ — $ —
Corporate
bonds 982 — 982
Partnership
interests and other 495 — 495 —
Total
securities sold not yet purchased 25,046 23,569 1,477 —
Mandatorily
redeemable noncontrolling interests issued after November 5, 2003 12,830 — — 12,830
Total
liabilities measured at fair value $ 37,876 $ 23,569 $ 1,477 $ 12,830
Financial
Assets and Liabilities Measured at Fair Value
Fair
value at Quoted
prices in Other
Significant
Assets:
Securities
and other investments owned:
Common
stocks $ 2,084 $ 1,785 $ — $ 299
Corporate
bonds 1,025 — 865 160
Partnership
interests 13,470 — 44 13,426
Total
assets measured at fair value $ 16,579 $ 1,785 $ 909 $ 13,885
Liabilities:
Securities
sold not yet purchased: $ 846 $ — $ 846 $ —
Corporate
bonds
Mandatorily
redeemable noncontrolling interests issued after November 5, 2003 3,214 — — 3,214
Contingent
consideration 1,242 — — 1,242
Total
liabilities measured at fair value $ 5,302 $ — $ 846 $ 4,456 As
of September 30, 2017, securities and other inv |
