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Equity Method Investments | 9 Months Ended
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Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments | Note 6 – Equity Method Investments In November 2018, CPFH LLC, of which the Company holds a 25% share, was formed to purchase certain real estate assets among partners in a joint venture. In March 2020, HGC Origination I LLC and HGC Funding I LLC were formed as joint ventures with a partner for purposes of conducting business relating to the sourcing, origination and funding of loans to debt purchasing clients. In April 2022, KNFH LLC, of which the Company holds a 25% share, was formed to purchase certain real estate assets and machinery and equipment among partners in a joint venture. CPFH LLC and KNFH LLC are joint ventures formed in connection with the Company’s Industrial Assets Division, whereas HGC Origination I LLC and HGC Funding I LLC were formed in connection with its Financial Assets Division. The table below details the Company’s joint venture revenues and earnings during the nine months ended September 30, 2022 and 2021 (in thousands):
|  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |
Revenues: |  |  |  |  |  |
Oak Grove Asset Acquisitions LP |  | $ | — |  |  | $ | 5 |
CPFH LLC |  |  | 31,072 |  |  |  | 350 |
KNFH LLC |  |  | 16,882 |  |  |  | — |
HGC Funding I LLC and Origination I LLC |  |  | 1,611 |  |  |  | 73 |
Total revenues |  | $ | 49,565 |  |  | $ | 428 |
Operating (loss) income: |  |  |  |  |  |
Oak Grove Asset Acquisitions LP |  | $ | — |  |  | $ | 4 |
CPFH LLC |  |  | 15,357 |  |  |  | (402 | )
KNFH LLC |  |  | 6,915 |  |  |  | — |
HGC Funding I LLC and Origination I LLC |  |  | 1,589 |  |  |  | 51 |
Total operating (loss) income |  | $ | 23,861 |  |  | $ | (347 | )
The table below details the summarized components of assets and liabilities of the Company’s joint ventures, as of September 30, 2022 and December 31, 2021 (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Assets: |  |  |  |  |  |
CPFH LLC |  |  | 779 |  |  |  | 11,789 |
KNFH LLC |  |  | 2,712 |  |  |  | — |
HGC Funding I LLC and Origination I LLC |  |  | 31,790 |  |  |  | 10,476 |
Total assets |  | $ | 35,281 |  |  | $ | 22,265 |
Liabilities: |  |  |  |  |  |
CPFH LLC |  |  | 138 |  |  |  | 6,099 |
KNFH LLC |  |  | 43 |  |  |  | — |
HGC Funding I LLC and Origination I LLC |  |  | — |  |  |  | — |
Total liabilities |  | $ | 181 |  |  | $ | 6,099 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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