Annual report pursuant to Section 13 and 15(d)

Noncontrolling Interests And Redeemable Noncontrolling Interest

v3.20.4
Noncontrolling Interests And Redeemable Noncontrolling Interest
12 Months Ended
Dec. 31, 2020
Noncontrolling Interests And Redeemable Noncontrolling Interest [Abstract]  
Noncontrolling Interests And Redeemable Noncontrolling Interest

17.    Noncontrolling Interests and Redeemable Noncontrolling Interest



The redeemable noncontrolling interest included in the Company’s consolidated statements of financial condition as of December 31, 2019 of $4.0 million is comprised of a redeemable noncontrolling interest associated with IT’SUGAR. The Company owns 90.4% of IT’SUGAR’s Class B Units, while the remaining 9.6% of such units are a noncontrolling interest held by an executive officer of IT’SUGAR and may be redeemed for cash at the holder’s option upon a contingent event outside of the Company’s control. As a result of IT’SUGAR filing the Bankruptcy Cases and the related deconsolidation of IT’SUGAR by the Company, the Company derecognized the redeemable noncontrolling interest in IT’SUGAR. See Note 23 for additional discussion.



The noncontrolling interests included in the Company’s consolidated statements of financial condition as of December 31, 2020 and 2019 of $0.1 million and $1.0 million are comprised of noncontrolling equity interests in a restaurant the Company acquired through foreclosure. In October 2020, the Company acquired an additional 28% equity interest in the restaurant, which decreased the noncontrolling interests from 47% at December 31, 2019 to 19% as of December 31, 2020.