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DISCONTINUED OPERATIONS (Tables) | 9 Months Ended
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Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Disposal Groups, Including Discontinued Operations | The major classes of assets and liabilities included in discontinued operations were as follows (in thousands):
| Brands Transaction |  | Great American Group |  | Total
| September 30, 2024
ASSETS | (Unaudited)
Cash and cash equivalents | $ | 585 |  |  | $ | 8,650 |  |  | $ | 9,235 |
Securities and other investments owned, at fair value | 174,753 |  |  | — |  |  | 174,753 |
Accounts receivable, net | 2,924 |  |  | 12,038 |  |  | 14,962 |
Prepaid expenses and other assets | 2 |  |  | 2,645 |  |  | 2,647 |
Operating lease right-of-use assets | — |  |  | 235 |  |  | 235 |
Property and equipment, net | — |  |  | 5 |  |  | 5 |
Goodwill | — |  |  | 5,688 |  |  | 5,688 |
Other intangible assets, net | 84,176 |  |  | — |  |  | 84,176 |
Total assets | $ | 262,440 |  |  | $ | 29,261 |  |  | $ | 291,701 |
LIABILITIES |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 1,471 |  |  | $ | 1,471 |
Accrued expenses and other liabilities | 1,308 |  |  | 15,556 |  |  | 16,864 |
Deferred revenue | 546 |  |  | 72 |  |  | 618 |
Operating lease liabilities | — |  |  | 257 |  |  | 257 |
Total liabilities | $ | 1,854 |  |  | $ | 17,356 |  |  | $ | 19,210 |
|  |  |  |  |  |  | Brands Transaction |  | Great American Group |  | Total
|  |  | December 31, 2023
ASSETS |  |  | (Unaudited)
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 |  |  |  |  |  |  |  |  |  |  |
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
| Three Months Ended September 30, |  | Three Months Ended September 30, |  | Three Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |  |  |  |  |
Services and fees | $ | 4,136 |  |  | $ | 4,304 |  |  | $ | 33,605 |  |  | $ | 29,623 |  |  | $ | 37,741 |  |  | $ | 33,927 |
Sale of goods | — |  |  | — |  |  | 6,893 |  |  | 65,117 |  |  | 6,893 |  |  | 65,117 |
Total revenues | 4,136 |  |  | 4,304 |  |  | 40,498 |  |  | 94,740 |  |  | 44,634 |  |  | 99,044 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
Direct cost of services | — |  |  | — |  |  | 13,732 |  |  | 15,234 |  |  | 13,732 |  |  | 15,234 |
Cost of goods sold | — |  |  | — |  |  | 6,558 |  |  | 35,836 |  |  | 6,558 |  |  | 35,836 |
Selling, general and administrative expenses | 950 |  |  | 791 |  |  | 13,288 |  |  | 18,576 |  |  | 14,238 |  |  | 19,367 |
Total operating expenses | 950 |  |  | 791 |  |  | 33,578 |  |  | 69,646 |  |  | 34,528 |  |  | 70,437 |
Operating income | 3,186 |  |  | 3,513 |  |  | 6,920 |  |  | 25,094 |  |  | 10,106 |  |  | 28,607 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |
Interest income | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  | — |
Dividend income | 8,899 |  |  | 9,503 |  |  | — |  |  | — |  |  | 8,899 |  |  | 9,503 |
Realized and unrealized gains (losses) on investments | (113,234) |  |  | 1,926 |  |  | — |  |  | — |  |  | (113,234) |  |  | 1,926 |
Loss on disposal | (39,500) |  |  | — |  |  | — |  |  | — |  |  | (39,500) |  |  | — |
Interest expense | (690) |  |  | — |  |  | (8,841) |  |  | (7,736) |  |  | (9,531) |  |  | (7,736) |
(Loss) income from discontinued operations before income taxes | (141,339) |  |  | 14,942 |  |  | (1,919) |  |  | 17,358 |  |  | (143,258) |  |  | 32,300 |
(Provision for) benefit from income taxes | 6,983 |  |  | (4,648) |  |  | (2,471) |  |  | (3,911) |  |  | 4,512 |  |  | (8,559) |
(Loss) income from discontinued operations, net of income taxes | $ | (134,356) |  |  | $ | 10,294 |  |  | $ | (4,390) |  |  | $ | 13,447 |  |  | $ | (138,746) |  |  | $ | 23,741 |
|  |  |  |  |  |  | Brands Transaction |  | Great American Group |  | Total
|  |  |  |  |  |  | Nine Months Ended September 30, |  | Nine Months Ended September 30, |  | Nine Months Ended September 30,
|  |  |  |  |  |  |  |  |  |  |  |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services and fees |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,675 |  |  | $ | 13,654 |  |  | $ | 66,962 |  |  | $ | 68,074 |  |  | $ | 80,637 |  |  | $ | 81,728 |
Sale of goods |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 17,477 |  |  | 67,009 |  |  | 17,477 |  |  | 67,009 |
Total revenues |  |  |  |  |  |  |  |  |  |  |  |  | 13,675 |  |  | 13,654 |  |  | 84,439 |  |  | 135,083 |  |  | 98,114 |  |  | 148,737 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct cost of services |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 18,060 |  |  | 21,815 |  |  | 18,060 |  |  | 21,815 |
Cost of goods sold |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 14,306 |  |  | 36,506 |  |  | 14,306 |  |  | 36,506 |
Selling, general and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  | 2,832 |  |  | 2,721 |  |  | 37,520 |  |  | 40,515 |  |  | 40,352 |  |  | 43,236 |
Total operating expenses |  |  |  |  |  |  |  |  |  |  |  |  | 2,832 |  |  | 2,721 |  |  | 69,886 |  |  | 98,836 |  |  | 72,718 |  |  | 101,557 |
Operating income |  |  |  |  |  |  |  |  |  |  |  |  | 10,843 |  |  | 10,933 |  |  | 14,553 |  |  | 36,247 |  |  | 25,396 |  |  | 47,180 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |  |  | — |
Dividend income |  |  |  |  |  |  |  |  |  |  |  |  | 26,459 |  |  | 26,094 |  |  | — |  |  | — |  |  | 26,459 |  |  | 26,094 |
Realized and unrealized gains (losses) on investments |  |  |  |  |  |  |  |  |  |  |  |  | (108,304) |  |  | (7,940) |  |  | — |  |  | — |  |  | (108,304) |  |  | (7,940) |
Loss on disposal |  |  |  |  |  |  |  |  |  |  |  |  | (39,500) |  |  | — |  |  | — |  |  | — |  |  | (39,500) |  |  | — |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (2,102) |  |  | — |  |  | (25,781) |  |  | (21,492) |  |  | (27,883) |  |  | (21,492) |
(Loss) income from discontinued operations before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | (112,604) |  |  | 29,087 |  |  | (11,224) |  |  | 14,755 |  |  | (123,828) |  |  | 43,842 |
(Provision for) benefit from income taxes |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | (7,388) |  |  | 1 |  |  | (3,911) |  |  | 1 |  |  | (11,299) |
(Loss) income from discontinued operations, net of income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | (112,604) |  |  | $ | 21,699 |  |  | $ | (11,223) |  |  | $ | 10,844 |  |  | $ | (123,827) |  |  | $ | 32,543 |
Cash flows from discontinued operations were as follows (in thousands):
| Nine Months Ended September 30,
| 2024 |  | 2023
Net cash from discontinued operations provided by (used in): |  |  |
Operating activities | $ | 32,707 |  |  | $ | 9,793 |
Investing activities | (5) |  |  | — |
Financing activities | (33,490) |  |  | (25,353) |
Effect of foreign currency on cash | 749 |  |  | (1,383) |
Net decrease in cash and cash equivalents | $ | (39) |  |  | $ | (16,943) |
Schedule of Supplemental Disclosures from Cash Flows | Supplemental disclosures from cash flows were as follows (in thousands):
| Nine Months Ended September 30,
| 2024 |  | 2023
Interest paid - Continuing Operations | $ | 179,695 |  |  | $ | 219,797 |
Interest paid - Discontinued Operations | 25,726 |  |  | 12,076 |
Interest paid - Total | $ | 205,421 |  |  | $ | 231,874 |
Taxes paid - Continuing Operations | $ | 3,645 |  |  | 7,796 |
Taxes paid - Discontinued Operations | 2,173 |  |  | 2 |
Taxes paid - Total | $ | 5,818 |  |  | $ | 7,798 |

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