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

6 Months Ended

Jun. 30, 2014

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, 2012		1		2		-		1		-		1		1		4
Additional consolidated entities		-		-		-		-		-		-		-		-
Deconsolidated entities		-		-		-		-		-		-		-		-
Entities consolidated at June 30, 2013		1		2		-		1		-		1		1		4
Additional consolidated entities		-		-		-		-		-		-		-		-
Deconsolidated entities		-		-		-		-		-		-		-		-
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

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, 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

	December 31, 2013
	Investment Type
	Affiliated						Unaffiliated
	Consolidated
Accounting method	Feeder Funds		Partnerships		Offshore Funds		Partnerships		Offshore Funds		Total

Fair Value	$	25,253	$	-	$	-	$	-	$	-	$	25,253
Equity Method		-		21,669		35,030		6,509		7,531		70,739

Total	$	25,253	$	21,669	$	35,030	$	6,509	$	7,531	$	95,992

	June 30, 2013
	Investment Type
	Affiliated						Unaffiliated
	Consolidated
Accounting method	Feeder Funds		Partnerships		Offshore Funds		Partnerships		Offshore Funds		Total

Fair Value	$	22,514	$	-	$	-	$	-	$	-	$	22,514
Equity Method		-		26,429		32,616		5,942		7,034		72,021

Total	$	22,514	$	26,429	$	32,616	$	5,942	$	7,034	$	94,535

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, 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		$	21,768		$	804,802

	December 31, 2013
	Prior to								Offshore
	Consolidation		CFFs			Partnerships			Funds			As Reported
Assets
Cash and cash equivalents	$	209,667	$	450		$	334		$	-		$	210,451
Investments in securities		232,211		-			7,464			(8,447	)		231,228
Investments in sponsored investment companies		44,033		-			9			-			44,042
Investments in partnerships		98,494		6,517			(9,019	)		-			95,992
Receivable from brokers		35,151		-			-			14,310			49,461
Investment advisory fees receivable		52,509		(24	)		(14	)		(965	)		51,506
Other assets		27,433		(2,339	)		1,592			119			26,805
Total assets	$	699,498	$	4,604		$	366		$	5,017		$	709,485
Liabilities and equity
Securities sold, not yet purchased	$	6,049	$	-		$	-		$	129		$	6,178
Accrued expenses and other liabilities		121,356		165			29			2,913			124,463
Total debt		111,911		-			-			-			111,911
Redeemable noncontrolling interests		-		4,439			337			1,975			6,751
Total equity		460,182		-			-			-			460,182
Total liabilities and equity	$	699,498	$	4,604		$	366		$	5,017		$	709,485

	June 30, 2013
	Prior to								Offshore
	Consolidation		CFFs			Partnerships			Funds			As Reported
Assets
Cash and cash equivalents	$	222,441	$	-		$	335		$	-		$	222,776
Investments in securities		215,755		-			7,292			(2,607	)		220,440
Investments in sponsored investment companies		52,332		-			9			-			52,341
Investments in partnerships		100,342		3,189			(8,996	)		-			94,535
Receivable from brokers		27,347		-			1,680			10,642			39,669
Investment advisory fees receivable		28,326		(10	)		-			(76	)		28,240
Other assets		25,412		-			-			88			25,500
Total assets	$	671,955	$	3,179		$	320		$	8,047		$	683,501
Liabilities and equity
Securities sold, not yet purchased	$	7,427	$	-		$	-		$	171		$	7,598
Accrued expenses and other liabilities		136,309		59			21			4,274			140,663
Total debt		117,028		-			-			-			117,028
Redeemable noncontrolling interests		-		3,120			299			3,602			7,021
Total equity		411,191		-			-			-			411,191
Total liabilities and equity	$	671,955	$	3,179		$	320		$	8,047		$	683,501

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, 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

	Three Months Ended June 30, 2013
	Prior to									Offshore
	Consolidation			CFFs			Partnerships			Funds			As Reported
Total revenues	$	92,613		$	(6	)	$	-		$	(317	)	$	92,290
Total expenses		60,243			35			15			213			60,506
Operating income		32,370			(41	)		(15	)		(530	)		31,784
Total other income, net		11,219			24			33			576			11,852
Income before income taxes		43,589			(17	)		18			46			43,636
Income tax provision		15,724			-			-			-			15,724
Net income		27,865			(17	)		18			46			27,912
Net income attributable to noncontrolling interests		(28	)		(17	)		18			46			19
Net income attributable to GAMCO	$	27,893		$	-		$	-		$	-		$	27,893

	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 attributable to noncontrolling interests		(34	)		178			9			242			395
Net income attributable to GAMCO	$	56,904		$	-		$	-		$	-		$	56,904

	Six Months Ended June 30,2013
	Prior to									Offshore
	Consolidation			CFFs			Partnerships			Funds			As Reported
Total revenues	$	179,069		$	(12	)	$	(1	)	$	(585	)	$	178,471
Total expenses		115,458			88			25			389			115,960
Operating income		63,611			(100	)		(26	)		(974	)		62,511
Total other income, net		15,721			134			48			1,097			17,000
Income before income taxes		79,332			34			22			123			79,511
Income tax provision		28,919			-			-			-			28,919
Net income		50,413			34			22			123			50,592
Net income attributable to noncontrolling interests		(25	)		34			22			123			154
Net income attributable to GAMCO	$	50,438		$	-		$	-		$	-		$	50,438

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 VIE that is consolidated and is included on the condensed consolidated statements of financial condition as well as GAMCO's net interest in this VIE. Only one VIE was consolidated at June 30, 2014, December 31, 2013 and June 30, 2013:

	June 30, 2014			December 31, 2013			June 30, 2013
(In thousands)
Cash and cash equivalents	$			$			$
Investments in partnerships		14,125			15,540			13,457
Accrued expenses and other liabilities		(18	)		(2,022	)		(6	)
Redeemable noncontrolling interests		(1,155	)		(1,120	)		-
GAMCO's net interests in consolidated VIE	$	12,952		$	12,398		$	13,451

- 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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