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Note 12 - Investments in Equity Method Affiliates | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 12. INVESTMENTS IN EQUITY METHOD AFFILIATES ﻿ Equity method accounting requires that the Company record its investments in equity method affiliates on the consolidated balance sheets and recognize its share of the equity method affiliates' net income as earnings each reporting period. The Company elected to use the cumulative earnings approach for the distributions it receives from its equity method investments. Under the cumulative earnings approach, any distributions received up to the amount of cumulative earnings are treated as return on investment and classified in operating activities within the cash flows. Any excess distributions would be considered as return of investments and classified in investing activities. ﻿ The Company has certain equity method affiliates for which it has elected the fair value option. Those investees are excluded from the table below. Those investees are included as a component of other investments, at fair value in the consolidated balance sheets. All gains and losses (unrealized and realized) from securities classified as other investments, at fair value in the consolidated balance sheets are recorded as a component of principal transactions and other income in the consolidated statement of operations ﻿ The following table summarizes the activities and earnings of the Company's investments that are accounted for under the equity method. See note 4 and note 31.
INVESTMENTS IN EQUITY METHOD AFFILIATES
(Dollars in Thousands)
|  | Insurance SPACs |  |  | SPAC Sponsor Entities |  |  | AOI |  |  | CK Capital |  |  | SPAC Series Funds |  |  | Total |
December 31, 2018 |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Investments / advances |  |  | 3,775 |  |  |  | - |  |  |  | 559 |  |  |  | 18 |  |  |  | - |  |  |  | 4,352 |
Distributions / repayments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Earnings / (loss) realized |  |  | (553 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (553 | )
December 31, 2019 |  |  | 3,222 |  |  |  | - |  |  |  | 559 |  |  |  | 18 |  |  |  | - |  |  |  | 3,799 |
Investments / advances |  |  | 10,325 |  |  |  | 122 |  |  |  | 2,097 |  |  |  | - |  |  |  | 178 |  |  |  | 12,722 |
Distributions / repayments |  |  | (84 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (84 | )
Earnings / (loss) realized |  |  | (3,656 | ) |  |  | (18 | ) |  |  | 360 |  |  |  | 278 |  |  |  | 81 |  |  |  | (2,955 | )
December 31, 2020 |  | $ | 9,807 |  |  | $ | 104 |  |  | $ | 3,016 |  |  | $ | 296 |  |  | $ | 259 |  |  | $ | 13,482 |
﻿ The Insurance SPACs represent the Company's consolidated subsidiaries equity method investments in Insurance SPAC, Insurance SPAC II, and Insurance SPAC III. See note 4. The SPAC Sponsor Entities represent equity method investments in three different sponsor entities for SPACs not sponsored by the Company. The Company's equity method investments in these sponsor entities entitles it to an allocation of 765,000 founders shares in the public company SPACs that these sponsor entities are invested in as of December 31, 2020. See note 3 - X for discussion of how these will be accounted for if the underlying SPACs complete a business combination or liquidate. Furthermore, even if a business combination is completed the founders shares allocable to the Company may be adjusted significantly downward based on final negotiation with the business combination counterparty. AOI is a company based in the Netherlands that invests in real estate. CK Capital is a company based in the Netherlands that manages investments in real estate. See note 4 and 31. The SPAC Series Funds each invest in the membership interests of an individual sponsor entity. The Company manages these funds and serves as general partner. The Company invests in the SPAC Series Funds itself and also receives an allocation of the founders shares from each series fund is invested in connection with its role as general partner and manager. Amounts paid by the Company in connection with receiving its allocation of founders shares are included in the table above along with the SPAC Series Funds. As of December 31, 2020, the Company is entitled to receive a total allocation of 1,074,000 founders shares from three different series funds. These allocations will be worthless if the underlying SPACs fail to complete their business combination and liquidate. Furthermore, even if a business combination is completed the founders shares allocable to the Company may be adjusted significantly downward based on final negotiation with the business combination counterparty. ﻿

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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 http://asc.fasb.org/topic&trid=2196965 + Details
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