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Investments (Tables)

12 Months Ended

Dec. 31, 2020

Equity Method Investments And Joint Ventures [Abstract]

Equity Method Investments and Investments Carried Under Measurement Alternative

Equity Method Investments and Investments Carried Under the Measurement Alternative

(in thousands)	Percent Ownership¹			December 31, 2020		December 31, 2019
Advanced Markets Holdings		43	%	$	8,867	$	10,259
China Credit BGC Money Broking Company Limited		33	%		15,119		12,214
Freedom International Brokerage		45	%		9,800		10,142
Other					3,873		7,385
Equity method investments				$	37,659	$	40,000
Investments carried under measurement alternative					349		349
Total equity method and investments carried under measurement alternative				$	38,008	$	40,349

¹	Represents the Company’s voting interest in the equity method investment as of December 31, 2020.

Summary of Financial Information for Company's Equity Method Investments

Summarized financial information for the Company’s equity method investments is as follows (in thousands):

	Year Ended December 31,
	2020		2019		2018
Statements of operations:
Total revenues	$	94,744	$	77,211	$	85,619
Total expenses		71,241		61,680		72,906
Net income	$	23,503	$	15,531	$	12,713

	December 31,
	2020		2019
Statements of financial condition:
Cash and cash equivalents	$	89,627	$	64,614
Fixed assets, net		2,806		3,120
Other assets		29,065		22,782
Total assets	$	121,498	$	90,516
Payables to related parties		2,000		2,000
Other liabilities		70,020		46,287
Total partners’ capital		49,478		42,229
Total liabilities and partners’ capital	$	121,498	$	90,516

Investments in Variable Interest Entities

The following table sets forth the Company’s investment in its unconsolidated VIEs and the maximum exposure to loss with respect to such entities (in thousands).

December 31, 2020

December 31, 2019

Investment

Maximum

Exposure to Loss

Investment

Maximum

Exposure to Loss

Variable interest entities¹

1,258

2,238

4,699

5,679

^{The Company has entered into a subordinated loan agreement with Aqua, whereby the Company agreed to lend the principal sum of $980 thousand. As of December 31, 2020 and 2019, the Company’s maximum exposure to loss with respect to its unconsolidated VIEs includes the sum of its equity investments in its unconsolidated VIEs and the $980 thousand subordinated loan to Aqua.}

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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