Quarterly report pursuant to Section 13 or 15(d)

Noncontrolling Interests

v3.21.1
Noncontrolling Interests
3 Months Ended
Mar. 31, 2021
Noncontrolling Interests [Abstract]  
Noncontrolling Interests

12.    Noncontrolling Interests



The noncontrolling interest included in the Company’s condensed consolidated statements of financial condition as of March 31, 2021 and December 31, 2020 of $0.2 million and $0.1 million, respectively, is comprised of a 19% noncontrolling equity interest in a restaurant the Company acquired through foreclosure. During the three months ended March 31, 2021, the Company attributed $0.1 million of net income to the noncontrolling interest, while during the three months ended March 31, 2020, the Company attributed $0.7 million of net loss to the noncontrolling interest.



During the three months ended March 31, 2020, the Company’s condensed consolidated financial statements included the results of operations and financial position of IT’SUGAR, a partially-owned subsidiary in which it held a controlling financial interest, and as a result, the Company was previously required to attribute net income or loss to a redeemable noncontrolling interest in IT’SUGAR. As a result of the filing of the Bankruptcy Cases by IT’SUGAR and its subsidiaries, the Company deconsolidated IT’SUGAR as of September 22, 2020 and derecognized the related redeemable noncontrolling interest in IT’SUGAR. The net loss attributable to redeemable noncontrolling interest in IT’SUGAR’s was $2.7 million for the three months ended March 31, 2020.