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DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Tables) | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of disposal groups, including discontinued operations | Assets and liabilities held for sale consist of the following:
|  | As of December 31, 2024 |  |
|  |  |  | Atlantic |  |  |  |
|  | Wealth |  | Coast |  |  |  |
|  | Management |  | Recycling |  | Total |  |
Assets Held for Sale |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 1,324 |  |  | $ | 1,324 |  |  |
Accounts receivable, net of allowance of $18 |  | — |  |  | 3,698 |  |  | 3,698 |  |  |
Prepaid expenses and other assets |  | 3,704 |  |  | 2,427 |  |  | 6,131 |  |  |
Operating lease right-of-use assets |  | 512 |  |  | 21,127 |  |  | 21,639 |  |  |
Property and equipment, net |  | 71 |  |  | 22,799 |  |  | 22,870 |  |  |
Goodwill |  | 13,861 |  |  | 3,280 |  |  | 17,141 |  |  |
Other intangible assets, net |  | 2,678 |  |  | 9,242 |  |  | 11,920 |  |  |
Total assets held for sale |  | $ | 20,826 |  |  | $ | 63,897 |  |  | $ | 84,723 |  |  |
Liabilities Held for Sale |  |  |  |  |  |  |  |
Accounts payable |  | $ | — |  |  | $ | 1,410 |  |  | $ | 1,410 |  |  |
Accrued expenses and other liabilities |  | — |  |  | 13,290 |  |  | 13,290 |  |  |
Operating lease liabilities |  | 525 |  |  | 24,371 |  |  | 24,896 |  |  |
Notes payable |  | — |  |  | 1,909 |  |  | 1,909 |  |  |
Total liabilities held for sale |  | $ | 525 |  |  | $ | 40,980 |  |  | $ | 41,505 |  |  |
The major classes of assets and liabilities included in discontinued operations were as follows:
| Brands Transaction |  | Great American Group |  | Total
| December 31, 2023
ASSETS |
Assets: |  |  |  |  |
Cash and cash equivalents | $ | 845 |  |  | $ | 8,429 |  |  | $ | 9,274 |
Securities and other investments owned, at fair value | 283,057 |  |  | — |  |  | 283,057 |
Accounts receivable, net | 3,232 |  |  | 11,228 |  |  | 14,460 |
Prepaid expenses and other assets | — |  |  | 1,655 |  |  | 1,655 |
Operating lease right-of-use assets | — |  |  | 438 |  |  | 438 |
Goodwill | — |  |  | 5,688 |  |  | 5,688 |
Other intangible assets, net | 123,769 |  |  | — |  |  | 123,769 |
Total assets | $ | 410,903 |  |  | $ | 27,438 |  |  | $ | 438,341 |
LIABILITIES |  |  |  |  |
Liabilities: |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 558 |  |  | $ | 558 |
Accrued expenses and other liabilities | 1,193 |  |  | 25,350 |  |  | 26,543 |
Due to related parties and partners | — |  |  | 251 |  |  | 251 |
Deferred revenue | 724 |  |  | 205 |  |  | 929 |
Operating lease liabilities | — |  |  | 475 |  |  | 475 |
Total liabilities | $ | 1,917 |  |  | $ | 26,839 |  |  | $ | 28,756 |
Revenues and income (loss) from discontinued operations were as follows (in thousands):
| Brands Transaction |  | Great American Group |  | Total
| Year Ended December 31, |  | Year Ended December 31, |  | Year Ended December 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services and fees | $ | 14,755 |  |  | $ | 18,136 |  |  | $ | 18,940 |  |  | $ | 80,612 |  |  | $ | 85,484 |  |  | $ | 60,732 |  |  | $ | 95,367 |  |  | $ | 103,620 |  |  | $ | 79,672 |
Interest income - loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,587 |  |  | — |  |  | — |  |  | 4,587 |
Sale of goods | — |  |  | — |  |  | — |  |  | 21,574 |  |  | 74,203 |  |  | 56,928 |  |  | 21,574 |  |  | 74,203 |  |  | 56,928 |
Total revenues | 14,755 |  |  | 18,136 |  |  | 18,940 |  |  | 102,186 |  |  | 159,687 |  |  | 122,247 |  |  | 116,941 |  |  | 177,823 |  |  | 141,187 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct cost of services | — |  |  | — |  |  | — |  |  | 24,363 |  |  | 24,729 |  |  | 23,920 |  |  | 24,363 |  |  | 24,729 |  |  | 23,920 |
Cost of goods sold | — |  |  | — |  |  | — |  |  | 17,992 |  |  | 40,515 |  |  | 17,893 |  |  | 17,992 |  |  | 40,515 |  |  | 17,893 |
Selling, general and administrative expenses | 3,071 |  |  | 3,379 |  |  | 5,218 |  |  | 52,425 |  |  | 55,189 |  |  | 54,570 |  |  | 55,496 |  |  | 58,568 |  |  | 59,788 |
Total operating expenses | 3,071 |  |  | 3,379 |  |  | 5,218 |  |  | 94,780 |  |  | 120,433 |  |  | 96,383 |  |  | 97,851 |  |  | 123,812 |  |  | 101,601 |
Operating (loss) income | 11,684 |  |  | 14,757 |  |  | 13,722 |  |  | 7,406 |  |  | 39,254 |  |  | 25,864 |  |  | 19,090 |  |  | 54,011 |  |  | 39,586 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | — |
Dividend income | 32,568 |  |  | 35,029 |  |  | 28,023 |  |  | — |  |  | — |  |  | — |  |  | 32,568 |  |  | 35,029 |  |  | 28,023 |
Realized and unrealized (losses) gains on investments | (109,196) |  |  | (536) |  |  | 46,461 |  |  | — |  |  | — |  |  | — |  |  | (109,196) |  |  | (536) |  |  | 46,461 |
Losses on extinguishment of loans and other | (434) |  |  | — |  |  | — |  |  | — |  |  | (750) |  |  | — |  |  | (434) |  |  | (750) |  |  | — |
Loss from equity method investments | — |  |  | — |  |  | — |  |  | — |  |  | (29) |  |  | — |  |  | — |  |  | (29) |  |  | — |
(Loss) gain on disposal of discontinued operations | (40,782) |  |  | — |  |  | — |  |  | 258,286 |  |  | — |  |  | — |  |  | 217,504 |  |  | — |  |  | — |
Interest expense | (2,274) |  |  | (680) |  |  | — |  |  | (30,089) |  |  | (30,093) |  |  | (183) |  |  | (32,363) |  |  | (30,773) |  |  | (183) |
(Loss) income from discontinued operations before income taxes | (108,434) |  |  | 48,570 |  |  | 88,206 |  |  | 235,609 |  |  | 8,382 |  |  | 25,681 |  |  | 127,175 |  |  | 56,952 |  |  | 113,887 |
Provision for income taxes | (1,212) |  |  | — |  |  | — |  |  | (48) |  |  | (2,422) |  |  | (1,396) |  |  | (1,260) |  |  | (2,422) |  |  | (1,396) |
(Loss) income from discontinued operations, net of income taxes | $ | (109,646) |  |  | $ | 48,570 |  |  | $ | 88,206 |  |  | $ | 235,561 |  |  | $ | 5,960 |  |  | $ | 24,285 |  |  | $ | 125,915 |  |  | $ | 54,530 |  |  | $ | 112,491 |
Cash flows from discontinued operations were as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Net cash from discontinued operations provided by (used in): |  |  |  |  |
Operating activities | $ | 20,090 |  |  | $ | 41,057 |  |  | $ | 89,205 |
Investing activities | 401,114 |  |  | — |  |  | — |
Financing activities | (428,571) |  |  | (79,138) |  |  | (57,174) |
Effect of foreign currency on cash | (1,891) |  |  | 2,495 |  |  | (807) |
Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (9,258) |  |  | $ | (35,586) |  |  | $ | 31,224 |
Schedule of supplemental disclosures from cash flows | Supplemental disclosures from cash flows were as follows (in thousands):
| Year Ended December 31,
Supplemental disclosures from cash flows: | 2024 |  | 2023 |  | 2022
Interest paid - Continuing Operations | $ | 210,349 |  |  | $ | 285,288 |  |  | $ | 178,670 |
Interest paid - Discontinued Operations | 29,949 |  |  | 30,021 |  |  | 14,717 |
Interest paid - Total | $ | 240,298 |  |  | $ | 315,309 |  |  | $ | 193,387 |
Taxes paid - Continuing Operations | 4,751 |  |  | 20,119 |  |  | 49,347 |
Taxes paid - Discontinued Operations | 2,173 |  |  | 2 |  |  | 10 |
Taxes paid - Total | $ | 6,924 |  |  | $ | 20,121 |  |  | $ | 49,357 |

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