| 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 (“SEC”).
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, 2017, filed with the SEC on March 14, 2018. The results of operations for the three months
ended March 31, 2018 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 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
On
January 1, 2018, we adopted Accounting Standards Codification (“ASC”) 606 – Revenue from Contracts with Customers
Revenues
are recognized when control of the promised goods or performance obligations for services is transferred to our customers, in
an amount that reflects the consideration we expect to be entitled to in exchange for the goods or services. Revenues
from contracts with customers in the Capital Markets segment, Auction and Liquidation segment, Valuation and Appraisal segment,
and Principal Investments – United Online segment are primarily comprised of the following: Capital
Markets segment Fees
from wealth and asset management services consist primarily of investment management fees that are recognized over the period
the performance obligation for 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 are recognized when the performance obligation is satisfied and include commissions resulting from equity
securities transactions executed as agent or principal and are recorded on a trade date basis and fees paid for equity research. Auction
and Liquidation segment 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 over time when the performance obligation is satisfied. We generally use the cost-to-cost
measure of progress for our contracts because it best depicts the transfer of services to the customer which occurs as we incur
costs on our contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based
on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues, including
estimated fees or profits, are recorded proportionally as costs are incurred. Costs to fulfill the contract include labor and
other direct costs related to the contract. Due to the nature of the guarantees and performance obligations under these contracts,
the estimation of revenue that is ultimately earned is complex and subject to many variables and requires significant judgment.
It is common for these contracts to contain provisions that can either increase or decrease the transaction price upon completion
of our performance obligations under the contract. Estimated amounts are included in the transaction price at the most likely
amount it is probable that a significant reversal of revenue will not occur. Our estimates of variable consideration and determination
of whether or not to include estimated amounts in the transaction price are based on an assessment of our anticipated performance
under the contract taking into consideration all historical, current and forecasted information that is reasonably available to
us. Costs that directly relate to the contract and expected to be recoverable are capitalized as an asset and included in advances
against customer contracts the accompanying condensed consolidated balance sheets. These costs are amortized as the services are
transferred to the customer over the contract period, which generally does not exceed six months, and the expense is recognized
a component of direct cost of services. If, during the auction or liquidation sale, the Company determines that the total costs
to be incurred on a performance obligation under a contract exceeds the total estimated revenues to be earned, a provision for
the entire loss on the performance obligation is recognized in the period the loss is determined. Valuation
and Appraisal segment Principal
Investments – United Online segment 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 transaction price is 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. Sale
of product revenues are derived primarily from the sale of mobile broadband service devices to customers and includes the related
shipping and handling fees. Revenues
from other sources in the Capital Markets segment is primarily comprised of (i) interest income from securities lending activities,
(ii) related net trading gains and losses from market making activities, the commitment of capital to facilitate customer orders,
(iii) trading activities from our principal investments in equity and other securities for the Company’s account, and (iv)
other income. Interest
income from securities lending activities consists 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. Other
revenues includes (i) net trading gains and losses from market making activities in our fixed income group, (ii) carried interest
from our asset management recognized as earnings from financial assets within the scope of ASC 323 - Investments - Equity Method
and Joint Ventures Revenue from Contracts with Customers Investments - Equity Method and Joint Ventures
(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 12.2% of total revenues during the three months ended March 31, 2017. 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
$93 and $181 for the three months ended March 31, 2018 and 2017, respectively. Advertising expense is included as a component
of selling, general and administrative expenses in the accompanying condensed consolidated statements of income.
(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 income 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 $217 and $374 during the three months ended March 31, 2018 and 2017,
respectively. The restructuring charge of $217 during the three months ended March 31, 2018 was primarily related to the planned
consolidation of office space related to operations in the capital markets segment. The restructuring charge of $374 during the
three months ended March 31, 2017 was primarily comprised of employee termination costs related to a reduction in personnel in
the principal investment – United Online segment of our operations. The
following table summarizes the changes in accrued restructuring charge during the three months ended March 31, 2018:
Three
Months Ended
Accrued
restructuring charge, beginning of year $ 2,600
Restructuring
charge 217
Cash
paid (1,221 )
Non-cash
items (20 )
Accrued
restructuring charge, end of period $ 1,576 The
following tables summarize the restructuring activities during the three months ended March 31, 2018 and 2017:
Three
Months Ended March 31,
2018 2017
Capital
Principal Corporate Total Capital
Principal Corporate Total
Restructuring
charge:
Employee
termination (recovery) costs $ (29 ) $ — $ — $ (29 ) $ — $ 374 $ — $ 374
Facility
closure and consolidation charge (recovery) 284 — (38 ) 246 — — — —
Total
restructuring charge (recovery) $ 255 $ — $ (38 ) $ 217 $ — $ 374 $ — $ 374
(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. The
Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017. The Tax Act reduces the U.S. federal corporate
tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that
were previously tax deferred, provides an exemption from U.S. federal tax for dividends received from foreign subsidiaries, and
creates new taxes on certain foreign sourced earnings. As of the completion of these financial statements and related disclosures,
we have not completed our accounting for the tax effects of the Tax Act; however, as described below, we have made a reasonable
estimate of such effects and recorded a provisional tax expense of $13,052, which is included as a component of income tax expense
in the fourth quarter of 2017. This provisional tax expense incorporates assumptions made based upon the Company’s current
interpretation of the Tax Act, and may change as we receive additional clarification and implementation guidance and as the interpretation
of the Tax Act evolves. In accordance with SEC Staff Accounting Bulletin No. 118, the Company will finalize the accounting for
the effects of the Tax Act no later than the fourth quarter of 2018. Future adjustments made to the provisional effects will be
reported as a component of income tax expense from continuing operations in the reporting period in which any such adjustments
are determined.
(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 March 31, 2018, restricted cash balance of $23,371 included $14,000 held in escrow as a deposit related to a customer contract,
$8,904 of cash collateral related to certain retail liquidation engagements and $467 cash segregated in a special bank account
for the collateral for one of our telecommunication suppliers. As of December 31, 2017, restricted cash balance of $19,711 included
$19,197 of cash collateral related to a retail liquidation engagement and $514 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 ASC “Topic 210: Balance Sheet,”
(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 months ended March 31, 2018 and 2017 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 $1,177 and $520 for the three
months ended March 31, 2018 and 2017, 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 March 31, 2018 and December 31, 2017, the Company’s securities owned and securities sold not yet purchased at fair value
consisted of the following securities:
March
31, December
31,
Securities
and other investments owned:
Common
stocks and warrants $ 69,869 $ 67,306
Corporate
bonds 7,769 6,539
Fixed
income securities 2,896 2,329
Loans
receivable 29,176 33,713
Partnership
interests and other 41,107 35,473
$ 150,817 $ 145,360
Securities
sold not yet purchased:
Common
stocks $ 12,190 $ 19,145
Corporate
bonds 4,102 1,175
Fixed
income securities 334 699
Partnership
interests and other 3,110 7,272
$ 19,736 $ 28,291
(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 and preferred
stocks and warrants, corporate bonds, loans receivable and investments in partnerships. Investments in common stocks that are
based on quoted prices in active markets are included in Level 1 of the fair value hierarchy. The Company also holds nonpublic
common and preferred 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 certain 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 ASC “Topic 820: Fair Value Measurements,” 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 March 31, 2018 and December 31, 2017.
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 $ 69,869 $ 35,982 $ — $ 33,887
Corporate
bonds 7,769 — 7,769 —
Fixed
income securities 2,896 — 2,896 —
Loans
receivable 29,176 — — 29,176
Partnership
interests and other 38,546 615 1,012 36,919
Total
assets measured at fair value $ 148,256 $ 36,597 $ 11,677 $ 99,982
Liabilities:
Securities
sold not yet purchased:
Common
stocks $ 12,190 $ 12,190 $ — $ —
Corporate
bonds 4,102 — 4,102 —
Fixed
income securities 334 — 334 —
Partnership
interests and other 3,110 3,110 — —
Total
securities sold not yet purchased 19,736 15,300 4,436 —
Mandatorily
redeemable noncontrolling interests issued after November 5, 2003 4,536 — — 4,536
Total
liabilities measured at fair value $ 24,272 $ 15,300 $ 4,436 $ 4,536
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 $ 67,306 $ 38,960 $ — $ 28,346
Corporate
bonds 6,539 — 6,539 —
Fixed
income securities 2,329 — 2,329 —
Loans
receivable 33,713 — — 33,713
Partnership
interests and other 31,883 686 5,093 26,104
Total
assets measured at fair value $ 141,770 $ 39,646 $ 13,961 $ 88,163
Liabilities:
Securities
sold not yet purchased:
Common
stocks $ 19,145 $ 19,145 $ — $ —
Corporate
bonds 1,175 — 1,175 —
Fixed
income securities 699 — 699 —
Partnership
interest and other 7,272 7,272 — —
Total
securities sold not yet purchased 28,291 26,417 1,874 —
Mandatorily
redeemable noncontrolling interests issued after November 5, 2003 4,478 — — 4,478
Total
liabilities measured at fair value $ 32,769 $ 26,417 $ 1,874 $ 4,478 As
of March 31, 2018, securities and other investments owned included $2,561 of investment funds valued at NAV per share as a practical
expedient. As such, total securities and other investments owned of $150,817 in the condensed consolidated balance sheets at March
31, 2018 included investments in investment funds of $2,561 and securities and other investments owned in the amount of $148,256
as outlined in the fair value table above. As
of December 31, 2017, securities and other investments owned included $3,590 of investment funds valued at NAV per share as a
practical expedient. As such, total securities and other investments owned of $145,360 in the condensed consolidated balance sheets
at December 31, 2017 included investments in investment funds of $3,590 and securities and other investments owned in the amount
of $141,770 as outlined in the fair value table above. As
of March 31, 2018 and December 31, 2017, financial assets measured and reported at fair value on a recurring basis and classified
within Level 3 were $99,982 and $88,163, respectively, or 7.0% and 6.4%, 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. The
changes in Level 3 fair value hierarchy during the three months ended March 31, 2018 and 2017 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
Period Adjustments Earnings Settlements of
Level 3 Period
Three
Months Ended March 31, 2018
Common
stocks and warrants $ 28,346 $ (1,885 ) $ 578 $ 6,848 $ — $ 33,887
Loans
receivable 33,713 (417 ) — (4,120 ) — 29,176
Partnership
interests and other 26,104 (193 ) (161 ) 11,169 — 36,919
Mandatorily
redeemable noncontrolling interests issued after November 5, 2003 4,478 — 58 — — 4,536
Three
Months Ended March 31, 2017
Common
stocks $ 299 $ 87 $ — $ (385 ) $ — $ 1
Corporate
bonds 160 — — — — 160
Loans
receivable — — — 11,831 — 11,831
Partnership
interests 13,426 2,061 — 284 — 15,771
Mandatorily
redeemable noncontrolling interests issued after November 5, 2003 3,214 — (24 ) — — 3,190
Contingent
consideration 1,242 8 — (1,250 ) — — The
fair value adjustment for contingent consideration of $8 represents imputed interest for the three months ended March 31, 2017.
The amount reported in the table above also for the three months ended March 31, 2018 and 2017 includes the amount of un |
