Investments in Partnerships, Offshore Funds and Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2015

Investments in Partnerships, Offshore Funds and Variable Interests [Abstract]

Schedule of Number of Entities Consolidated

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

Investments in Partnerships by Accounting Method

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

Condensed Consolidated Statements Of Financial Condition By Entity Consolidated

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

Condensed Consolidated Statements Of Income By Entity Consolidated

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

	Three Months Ended June 30, 2015
	Prior to									Offshore
	Consolidation			CFFs			Partnerships			Funds			As Reported
Total revenues	$	102,715		$	(10	)	$	(1	)	$	-		$	102,704
Total expenses		67,695			39			21			-			67,755
Operating income		35,020			(49	)		(22	)		-			34,949
Total other income/(expense), net		3,167			41			19			(6	)		3,221
Income before income taxes		38,187			(8	)		(3	)		(6	)		38,170
Income tax provision		14,123			-			-			-			14,123
Net income		24,064			(8	)		(3	)		(6	)		24,047
Net loss attributable to noncontrolling interests		(37	)		(8	)		(3	)		(6	)		(54	)
Net income attributable to GAMCO	$	24,101		$	-		$	-		$	-		$	24,101

	Three Months Ended June 30, 2014
	Prior to								Offshore
	Consolidation		CFFs			Partnerships			Funds			As Reported
Total revenues	$	108,513	$	(7	)	$	(1	)	$	(209	)	$	108,296
Total expenses		70,515		(20	)		14			250			70,759
Operating income		37,998		13			(15	)		(459	)		37,537
Total other income, net		8,093		130			33			665			8,921
Income before income taxes		46,091		143			18			206			46,458
Income tax provision		17,135		-			-			-			17,135
Net income		28,956		143			18			206			29,323
Net income attributable to noncontrolling interests		6		143			18			206			373
Net income attributable to GAMCO	$	28,950	$	-		$	-		$	-		$	28,950

	Six Months Ended June 30, 2015
	Prior to									Offshore
	Consolidation			CFFs			Partnerships			Funds			As Reported
Total revenues	$	206,581		$	(16	)	$	(2	)	$	(14	)	$	206,549
Total expenses		137,524			72			30			29			137,655
Operating income		69,057			(88	)		(32	)		(43	)		68,894
Total other income/(expense), net		9,077			91			18			28			9,214
Income before income taxes		78,134			3			(14	)		(15	)		78,108
Income tax provision		29,302			-			-			-			29,302
Net income		48,832			3			(14	)		(15	)		48,806
Net loss attributable to noncontrolling interests		(45	)		3			(14	)		(15	)		(71	)
Net income attributable to GAMCO	$	48,877		$	-		$	-		$	-		$	48,877

	Six Months Ended June 30, 2014
	Prior to									Offshore
	Consolidation			CFFs			Partnerships			Funds			As Reported
Total revenues	$	213,214		$	(14	)	$	(2	)	$	(425	)	$	212,773
Total expenses		138,227			14			26			470			138,737
Operating income		74,987			(28	)		(28	)		(895	)		74,036
Total other income, net		13,634			206			37			1,137			15,014
Income before income taxes		88,621			178			9			242			89,050
Income tax provision		31,751			-			-			-			31,751
Net income		56,870			178			9			242			57,299
Net income/(loss) attributable to noncontrolling interests		(34	)		178			9			242			395
Net income attributable to GAMCO	$	56,904		$	-		$	-		$	-		$	56,904

GAMCO's Net Interest in Consolidated VIEs

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

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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