CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 248,772	$ 182,693
Securities owned, at fair value	4,449	10,923
Receivables from clearing brokers	23,086	24,068
Receivables from other broker-dealers	4,051	7,078
Notes receivable from financial advisors, net	8,781	5,809
Other receivables, net	71,810	68,942
Insurance trailing commissions receivable	73,782	64,300
Fixed assets, net	33,750
Fixed assets, net		29,994
Right-of-use assets	30,571
Restricted cash	770	6,588
Intangible assets, net	59,998	73,064
Goodwill	126,079	126,079
Contract acquisition costs, net	87,942	80,726
Cash surrender value of life insurance	15,230	11,406
Income taxes receivable	0	2,156
Other assets	40,865	47,078
Total assets	829,936	740,904
LIABILITIES AND SHAREHOLDERS’ EQUITY
Securities sold, but not yet purchased, at fair value	420	2,575
Accrued compensation	40,350	39,264
Commissions and fees payable	109,719	105,306
Accounts payable and accrued liabilities	50,038	48,741
Deferred rent		2,956
Lease liability	33,510
Deferred income taxes	12,269	14,068
Deferred compensation liability	26,722	20,622
Accrued interest	0	123
Notes payable, net of unamortized discount of $5,718 and $6,372 in 2019 and 2018, respectively, and net of debt issuance costs of $8,642 and $7,086 in 2019 and 2018 respectively.	315,443	254,072
Total liabilities	588,471	487,727
Commitments and contingencies (Note 15)
Shareholders’ equity:
Preferred stock, $.0001 par value; authorized 50,000,000 shares: 8% Series A cumulative redeemable preferred stock; designated 23,844,916 shares in 2019 and 2018; shares issued and outstanding 17,401,282 in 2019 and 17,012,075 in 2018 (liquidation preference $435,032 and $425,302 in 2019 and 2018, respectively)	2	2
Common stock, $.0001 par value; authorized 1,000,000,000 shares in 2019 and 2018; shares issued and outstanding, 149,311,259 in 2019 and 146,535,796 in 2018	15	14
Additional paid-in capital	309,918	344,356
Accumulated deficit	(68,479)	(91,246)
Total shareholders’ equity of the Company	241,456	253,126
Noncontrolling interest	9	51
Total shareholders' equity	241,465	253,177
Total liabilities and shareholders' equity	$ 829,936	$ 740,904

LADENBURG THALMANN FINANCIAL SERVICES INC. 10-K