D. Investments in Partnerships, Offshore Funds and Variable Interest Entities (“VIEs”)

The Company is general partner or co-general partner of various affiliated entities in which the Company has investments totaling $95.4 million, $94.2 million and $93.0 million at June 30, 2015, December 31, 2014 and June 30, 2014, respectively, and whose underlying assets consist primarily of marketable securities (the “affiliated entities”). We also have investments in unaffiliated entities of $13.6 million, $13.4 million and $14.9 million at June 30, 2015, December 31, 2014 and June 30, 2014, respectively (the “unaffiliated entities”). On a quarterly basis, we evaluate each entity for the appropriate accounting treatment and disclosure. Certain of the affiliated entities, and none of the unaffiliated entities, are consolidated.

For those entities where consolidation is not deemed to be appropriate, we report them in our condensed consolidated statement of financial condition under the caption “Investments in partnerships”. This caption includes those investments, in both affiliated and unaffiliated entities, which the Company accounts for under the equity method of accounting, as well as certain investments that the feeder funds hold that are carried at fair value, as described in Note C. The Company reflects the equity in earnings of these equity method investees and the change in fair value of the consolidated feeder funds (“CFFs”) under the caption Net gain/(loss) from investments on the condensed consolidated statements of income.

The following table highlights the number of entities, including voting interest entities (“VOEs”), that we consolidate as well as under which accounting guidance they are consolidated, including CFFs, which retain their specialized investment company accounting in consolidation, partnerships and offshore funds.

Entities consolidated
	CFFs		Partnerships		Offshore Funds		Total
	VIEs	VOEs	VIEs	VOEs	VIEs	VOEs	VIEs	VOEs
Entities consolidated at December 31, 2013	1	2	-	1	-	1	1	4
Additional consolidated entities	-	-	-	-	-	-	-	-
Deconsolidated entities	-	-	-	-	-	-	-	-
Entities consolidated at June 30, 2014	1	2	-	1	-	1	1	4
Additional consolidated entities	-	-	-	-	-	-	-	-
Deconsolidated entities	-	-	-	-	-	-	-	-
Entities consolidated at December 31, 2014	1	2	-	1	-	1	1	4
Additional consolidated entities	-	1	-	1	1	-	1	2
Deconsolidated entities	-	(1)	-	-	-	(1)	-	(2)
Entities consolidated at June 30, 2015	1	2	-	2	1	-	2	4

At and for the six months ended June 30, 2015, the one CFF VIE is consolidated, as the Company has been determined to be the primary beneficiary because it has an equity interest and absorbs the majority of the expected losses and/or expected gains. At and for the six months ended June 30, 2015, the one CFF VOE and one Partnership VOE are consolidated because the unaffiliated partners or shareholders lack substantive kick-out rights, and the Company, as either the general partner or investment manager, is deemed to have control. During the three months ended June 30, 2015, it was determined that an additional Partnership VOE should be consolidated when the Partnership was created on April 1, 2015 without unaffiliated capital and an Offshore Fund VIE should be consolidated as the last unaffiliated investor withdrew during the second quarter. Additionally, during the three months ended March 31, 2015, an Offshore Fund VOE was deconsolidated as the Company’s ownership percentage fell below 50%, a CFF VOE was deconsolidated when it was closed and a different CFF VOE was consolidated as the last unaffiliated investor withdrew on March 31, 2015.

At and for the six months ended June 30, 2014 and at December 31, 2014, one CFF VIE is consolidated, as the Company has been determined to be the primary beneficiary because it has an equity interest and absorbs the majority of the expected losses and/or expected gains. At and for the six months ended June 30, 2014 and at December 31, 2014, two CFF VOEs, one Partnership VOE and one Offshore Fund VOE are consolidated because the unaffiliated partners or shareholders lack substantive rights, and the Company, as either the general partner or investment manager, is deemed to have control.

The following table breaks down the investments in partnerships line by accounting method, either fair value or equity method, and investment type (in thousands):

	June 30, 2015
	Investment Type
	Affiliated						Unaffiliated
	Consolidated
Accounting method	Feeder Funds		Partnerships		Offshore Funds		Partnerships		Offshore Funds		Total

Fair Value	$	21,526	$	-	$	-	$	-	$	-	$	21,526
Equity Method		-		38,515		35,311		6,349		7,249		87,424

Total	$	21,526	$	38,515	$	35,311	$	6,349	$	7,249	$	108,950

	December 31, 2014
	Investment Type
	Affiliated						Unaffiliated
	Consolidated
Accounting method	Feeder Funds		Partnerships		Offshore Funds		Partnerships		Offshore Funds		Total

Fair Value	$	23,803	$	-	$	-	$	-	$	-	$	23,803
Equity Method		-		34,385		36,033		6,552		6,864		83,834

Total	$	23,803	$	34,385	$	36,033	$	6,552	$	6,864	$	107,637

	June 30, 2014
	Investment Type
	Affiliated						Unaffiliated
	Consolidated
Accounting method	Feeder Funds		Partnerships		Offshore Funds		Partnerships		Offshore Funds		Total

Fair Value	$	24,856	$	-	$	-	$	-	$	-	$	24,856
Equity Method		-		32,830		35,268		6,699		8,243		83,040

Total	$	24,856	$	32,830	$	35,268	$	6,699	$	8,243	$	107,896

The following table includes the net impact by line item on the condensed consolidated statements of financial condition for each category of entity consolidated (in thousands):

	June 30, 2015
	Prior to								Offshore
	Consolidation		CFFs			Partnerships			Funds			As Reported
Assets
Cash and cash equivalents	$	372,204	$	9		$	66		$	5		$	372,284
Investments in securities		134,555		-			8,535			918			144,008
Investments in sponsored investment companies		126,305		-			-			-			126,305
Investments in partnerships		107,520		11,287			(9,391	)		(466	)		108,950
Receivable from brokers		54,715		-			1,804			60			56,579
Investment advisory fees receivable		32,719		5			32			10			32,766
Other assets		31,066		(5,985	)		8			5			25,094
Total assets	$	859,084	$	5,316		$	1,054		$	532		$	865,986
Liabilities and equity
Securities sold, not yet purchased	$	9,413	$	-		$	146		$	266		$	9,825
Accrued expenses and other liabilities		175,924		53			326			168			176,471
Total debt		106,628		-			-			-			106,628
Redeemable noncontrolling interests		-		5,263			582			98			5,943
Total equity		567,119		-			-			-			567,119
Total liabilities and equity	$	859,084	$	5,316		$	1,054		$	532		$	865,986

	December 31, 2014
	Prior to								Offshore
	Consolidation		CFFs			Partnerships			Funds			As Reported
Assets
Cash and cash equivalents	$	298,149	$	(11	)	$	86		$	-		$	298,224
Investments in securities		200,443		-			7,801			51,293			259,537
Investments in sponsored investment companies		39,537		-			-			-			39,537
Investments in partnerships		111,380		4,438			(8,181	)		-			107,637
Receivable from brokers		24,301		-			623			51,155			76,079
Investment advisory fees receivable		42,102		(6	)		(2	)		(222	)		41,872
Other assets		43,393		-			-			151			43,544
Total assets	$	759,305	$	4,421		$	327		$	102,377		$	866,430
Liabilities and equity
Securities sold, not yet purchased	$	9,991	$	-		$	-		$	604		$	10,595
Accrued expenses and other liabilities		109,356		22			24			38,141			147,543
Total debt		112,163		-			-			-			112,163
Redeemable noncontrolling interests		-		4,399			303			63,632			68,334
Total equity		527,795		-			-			-			527,795
Total liabilities and equity	$	759,305	$	4,421		$	327		$	102,377		$	866,430

	June 30, 2014
	Prior to							Offshore
	Consolidation		CFFs		Partnerships			Funds			As Reported
Assets
Cash and cash equivalents	$	307,197	$	6	$	287		$	-		$	307,490
Investments in securities		209,181		-		8,602			7,813			225,596
Investments in sponsored investment companies		40,777		-		14			-			40,791
Investments in partnerships		112,305		4,962		(9,371	)		-			107,896
Receivable from brokers		38,266		-		792			19,887			58,945
Investment advisory fees receivable		32,269		28		(2	)		(67	)		32,228
Other assets		31,673		40		8			135			31,856
Total assets	$	771,668	$	5,036	$	330		$	27,768		$	804,802
Liabilities and equity
Securities sold, not yet purchased	$	13,995	$	-	$	-		$	334		$	14,329
Accrued expenses and other liabilities		148,625		84		21			9,889			158,619
Total debt		111,813		-		-			-			111,813
Redeemable noncontrolling interests		-		4,952		309			17,545			22,806
Total equity		497,235		-		-			-			497,235
Total liabilities and equity	$	771,668	$	5,036	$	330		$	27,768		$	804,802

We sponsor a number of investment vehicles where we are the general partner or investment manager. Certain of these vehicles are VIEs, but we are not the primary beneficiary, in all but two cases, because we do not absorb a majority of the entities’ expected losses and/or expected returns, and they are, therefore, not consolidated. We consolidate the two VIEs where we are the primary beneficiary. The Company has not provided any financial or other support to those VIEs where we are not the primary beneficiary. The total net assets of these non-consolidated VIEs at June 30, 2015, December 31, 2014 and June 30, 2014 were $68.0 million, $71.6 million and $74.4 million, respectively. On June 30, 2015, the maximum exposure to loss as a result of our involvement with the non-consolidated VIEs is limited to the investment in one VIE of $9.8 million and the deferred carried interest that we have in another of $41,000 which was included in investments in partnerships on the condensed consolidated statements of financial condition. On December 31, 2014 and June 30, 2014, our maximum exposure to loss as a result of our involvement with the non-consolidated VIEs is limited to the investment in two VIEs of $10.6 million and $8.9 million, respectively, and the deferred carried interest that we have in another of $43,000 and $47,000, respectively, which was included in investments in partnerships on the condensed consolidated statements of financial condition. Additionally, as the general partner or investment manager to these VIEs the Company earns fees in relation to these roles, which given a decline in AUMs of the VIEs would result in lower fee revenues earned by the Company which would be reflected on the condensed consolidated statement of income, condensed consolidated statement of financial condition and condensed consolidated statement of cash flows.

The assets of these VIEs may only be used to satisfy obligations of the VIEs. The following table presents the balances related to the VIEs that are consolidated and are included on the condensed consolidated statements of financial condition as well as GAMCO’s net interest in the VIEs. There are two VIEs consolidated at June 30, 2015 and one VIE consolidated at December 31, 2014 and June 30, 2014:

	June 30, 2015			December 31, 2014			June 30, 2014
(In thousands)
Cash and cash equivalents	$	5		$	-		$	-
Investments in securities		918			-			-
Investments in partnerships		11,665			13,434			14,125
Receivable from brokers		60			-			-
Other assets		6			-			-
Payable to brokers		(144	)		-			-
Securities sold, not yet purchased		(266	)		-			-
Accrued expenses and other liabilities		(6,027	)		(12	)		(18	)
Redeemable noncontrolling interests		(812	)		(794	)		(1,155	)
GAMCO's net interests in consolidated VIE	$	5,405		$	12,628		$	12,952