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Investments of Operating Entities and Consolidated Funds (Tables)
 6 Months Ended
Jun. 30, 2012
Operating Companies [Member]
  
Investment Holdings [Line Items]  
Marketable Securities
As of June 30, 2012 and December 31, 2011, securities owned, at fair value consisted of the following:
 
As of June 30, 2012
 
As of December 31, 2011
 
(dollars in thousands)
U.S. Government securities (a)
$
206,123

 
$
182,868

Common stocks
353,840

 
250,380

Convertible bonds (b)
12,633

 
18,130

Corporate bonds (c)
191,840

 
231,864

Options
36,520

 
55,699

Warrants and rights
3,494

 
2,759

Mutual funds
2,816

 
3,214

 
$
807,266

 
$
744,914

(a)
As of June 30, 2012, maturities ranged from July 2013 to November 2013 and interest rates ranged between 0.25% and 1%. As of December 31, 2011, maturities ranged from November 2013 to November 2021 and interest rates ranged between 0.25% and 8%.
(b)
As of June 30, 2012, maturities ranged from October 2014 to June 2016 and interest rates ranged between 5.25% and 5.75%. As of December 31, 2011, the maturity was August 2027 with an interest rate of 2.75%.
(c)
As of June 30, 2012, maturities ranged from September 2012 to February 2041 and interest rates ranged between 3.13% and 13.50%. As of December 31, 2011, maturities ranged from January 2012 to February 2041 and interest rates ranged between 3.13% and 13.50%.
Schedule of Other Investments
As of June 30, 2012 and December 31, 2011, other investments consisted of the following:
 
As of June 30, 2012
 
As of December 31, 2011
 
(dollars in thousands)
(1) Portfolio Funds, at fair value
$
46,083

 
$
40,350

(2) Real estate investments, at fair value
2,079

 
2,353

(3) Equity method investments
19,443

 
16,687

(4) Lehman claims, at fair value
731

 
553

 
$
68,336

 
$
59,943
Schedule of Other Investments, Portfolio Funds
The Portfolio Funds, at fair value as of June 30, 2012 and December 31, 2011, included the following:

As of June 30, 2012
 
As of December 31, 2011

(dollars in thousands)
Healthcare Royalty Partners (a)(*)
$
7,711

 
$
6,297

Healthcare Royalty Partners II (a)(*)
2,434

 
1,521

Ramius Global Credit Fund LP (b)(*)
13,201

 
11,790

Ramius Alternative Replication Ltd (c)(*)
832

 
837

Tapestry Investment Co PCC Ltd (d)
187

 
185

Ramius Enhanced Replication Fund LLC (e)(*)
705

 
337

Starboard Value and Opportunity Fund LP (f)(*)
12,126

 
11,123

Other private investment (g)
7,297

 
7,415

RCG LV Park Lane LLC (h)
700

 
—

Other affiliated funds (i)(*)
890

 
845


$
46,083

 
$
40,350

* These portfolio funds are affiliates of the Company
The Company has no unfunded commitments regarding the portfolio funds held by the Company except as noted for Healthcare Royalty Partners (formerly Cowen Healthcare Royalty Partners), Healthcare Royalty Partners II (formerly Cowen Healthcare Royalty Partners II) and Starboard Value and Opportunity Fund LP in Note 13.
(a)
Healthcare Royalty Partners and Healthcare Royalty Partners II are private equity funds and therefore redemptions will be made when the underlying investments are liquidated.
(b)
Ramius Global Credit Fund LP has a quarterly redemption policy with a 60 day notice period and a 4% penalty on redemptions of investments of less than a year in duration.
(c)
Ramius Alternative Replication Ltd has monthly redemption policy with a seven day notice period.
(d)
Tapestry Investment Company PCC Ltd is in the process of liquidation and redemptions will be made periodically at the investment managers' decision as the underlying investments are liquidated.
(e)
Ramius Enhanced Replication Fund LLC has monthly redemption policy with a seven day notice period.
(f)
Starboard Value and Opportunity Fund LP permits quarterly withdrawals upon ninety days notice.
(g)
Other private investment represents the Company's closed end investment in an investment company, which was formed to make an investment in a wireless broadband communication provider in Italy.
(h)
RCG LV Park Lane LLC  is single purpose entity formed to participate in a joint venture which acquired, at a discount, the mortgage notes on a portfolio of multifamily real estate properties located in Birmingham, Alabama.  RCG LV Park Lane is a private equity structure and therefore redemptions will be made when the underlying investments are liquidated.
(i)
The majority of these funds are real estate fund affiliates of the Company or are managed by the Company and the investors can redeem from these funds as investments are liquidated.
Schedule of Equity Method Investments
The following table summarizes equity method investments held by the Company:
 
As of June 30, 2012
 
As of December 31, 2011
 
(dollars in thousands)
RCG Longview Debt Fund IV Management, LLC
$
1,254

 
$
1,980

Healthcare Royalty GP, LLC (formerly Cowen Healthcare Royalty GP, LLC)
629
 
513
Healthcare Royalty GP II, LLC (formerly Cowen Healthcare Royalty GP II, LLC)
412
 
258
CBOE Stock Exchange, LLC
2,176
 
2,423
Starboard Value LP
7,328
 
3,693
RCG Longview Partners, LLC
1,832
 
1,569
RCG Longview Louisiana Manager, LLC
1,567
 
1,140
RCG Urban American, LLC
1,319
 
1,258
RCG Urban American Management, LLC
532
 
1,096
RCG Longview Equity Management, LLC
196
 
557
Urban American Real Estate Fund II, L.P.
1,488
 
1,541
RCG Kennedy House, LLC
383
 
323
Other
327
 
336
 
$
19,443

 
$
16,687
Schedule of Results of Operations, Equity Method Investments
The summarized income statement information for the Company's investment in the individually significant investee is as follows:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2012
 
2011
 
2012
 
2011
 
(dollars in thousands)
Revenues
$
6,383

 
$
600

 
$
9,651

 
$
600

Expenses
(2,419
)
 
(471
)
 
(2,747
)
 
(471
)
Net realized and unrealized gains (losses)
20

 
(4
)
 
57

 
(4
)
Net Income
$
3,984

 
$
125

 
$
6,961

 
$
125
Investments Sold, Not yet Purchased
As of June 30, 2012 and December 31, 2011 securities sold, not yet purchased, at fair value consisted of the following:
 
As of June 30, 2012
 
As of December 31, 2011
 
(dollars in thousands)
U.S. Government securities (a)
$
225,679

 
$
165,197

Common stocks
142,314

 
123,877

Corporate bonds (b)
7,985

 
1,529

Options
24,964

 
43,648

Warrants and rights
3

 
—

 
$
400,945

 
$
334,251

(a)
As of June 30, 2012, maturities ranged from May 2013 to January 2040 and interest rates ranged between 0.19% and 7.41%. As of December 31, 2011, maturities ranged from September 2013 to January 2040 and interest rates ranged between 0.13% and 7.41%.
(b)
As of June 30, 2012, the maturities ranged from October 2012 to January 2026 with an interest rate between 5.55% and 6.30%. As of December 31, 2011, maturities ranged from December 2016 to January 2026 and interest rates ranged between 5.55% and 9.50%.
Schedule of Securities Financing Transactions
The following table represents the Company's securities purchased under agreements to resell and securities sold under agreements to repurchase as of June 30, 2012 and December 31, 2011:
 
As of June 30, 2012
 
(dollars in thousands)
Securities purchased under agreements to resell
 
Agreements with Barclays Capital Inc bearing interest of 0.09% - 0.16% due on July 2, 2012
$
224,573

Securities sold under agreements to repurchase
 
Agreements with Royal Bank of Canada bearing interest of 2.12% - 2.20% due on July 10, 2012 to June 25, 2013
29,039

Agreements with Barclays Capital Inc bearing interest of 0.21% - 0.22% due July 2, 2012
205,919

 
$
234,958

 
As of December 31, 2011
 
(dollars in thousands)
Securities purchased under agreements to resell
 
Agreements with Barclays Capital Inc bearing interest of (0.38%) - 0.25% due on January 3, 2012
$
166,260

Securities sold under agreements to repurchase
 
Agreements with Royal Bank of Canada bearing interest of 1.53% - 1.58% due on January 3, 2012 to June 25, 2012
49,450

Agreements with Barclays Capital Inc bearing interest of 0.03% - 0.08% due on January 3, 2012
179,333

 
$
228,783
Consolidated Funds [Member]
  
Investment Holdings [Line Items]  
Marketable Securities
As of June 30, 2012 and December 31, 2011 securities owned, at fair value, held by the Consolidated Funds are comprised of:

As of June 30, 2012
 
As of December 31, 2011

(dollars in thousands)
Government sponsored securities (a)
$
1,602

 
$
2,006

Commercial paper (b)
632

 
3,927

Corporate bond (c)
—

 
401


$
2,234

 
$
6,334

(a)
As of June 30, 2012, maturities ranged from October 2012 to May 2014 and interest rates ranged between 0.32% and 1.74%. As of December 31, 2011, maturities ranged from October 2012 to October 2013 and interest rates ranged between 0.32% and 1.74%.
(b)
As of June 30, 2012, commercial paper was purchased at a discount and matures on July 2, 2012. As of December 31, 2011, commercial paper was purchased at a discount and matures on January 3, 2012.
(c)
As of December 31, 2011, the maturity was April 2012 with an interest rate of 0.58%.
Schedule of Other Investments
As of June 30, 2012 and December 31, 2011 other investments, at fair value, held by the Consolidated Funds are comprised of:

As of June 30, 2012
 
As of December 31, 2011

(dollars in thousands)
(1) Portfolio Funds
$
221,380

 
$
221,480

(2) Lehman claims
6,538

 
7,340


$
227,918

 
$
228,820
Schedule of Other Investments, Portfolio Funds
As of June 30, 2012 and December 31, 2011, investments in Portfolio Funds, at fair value, included the following:

As of June 30, 2012
 
As of December 31, 2011

(dollars in thousands)
Investments of Enterprise LP
$
195,325

 
$
193,012

Investments of consolidated fund of funds
26,055

 
28,468


$
221,380

 
$
221,480
Schedule of Other Investments, Funds Investment Companies
The following is a summary of the investments held by the four consolidated fund of funds, at fair value, as of June 30, 2012 and December 31, 2011:
 
 
 
Fair Value as of June 30, 2012
 

Strategy
 
Ramius Levered Multi-Strategy FOF LP
 
Ramius Multi-Strategy Master FOF LP
 
Ramius Vintage Multi-Strategy Master FOF LP
 
RTS Global 3X Fund LP
 
Total
 
 

 
(dollars in thousands)
 
Tapestry Pooled Account V LLC*
Credit-Based
 
$
440

 
$
905

 
$
966

 
$
—

 
$
2,311

(b)
Independently Advised Portfolio Funds*
Futures & Global Macro
 
—

 
—

 
—

 
11,873

 
11,873

(c)
Externally Managed Portfolio Funds
Credit-Based
 
152

 
57

 
240

 
—

 
449

(b)
Externally Managed Portfolio Funds
Event Driven
 
1,699

 
2,545

 
4,070

 
—

 
8,314

(d)
Externally Managed Portfolio Funds
Hedged Equity
 
17

 
226

 
1,008

 
—

 
1,251

(e)
Externally Managed Portfolio Funds
Multi-Strategy
 
246

 
635

 
685

 
—

 
1,566

(f)
Externally Managed Portfolio Funds
Fixed Income Arbitrage
 
29

 
42

 
—

 
—

 
71

(g)
Externally Managed Portfolio Funds
Opportunistic Equity
 
—

 
103

 
117

 
—

 
220

(h)

 
 
$
2,583

 
$
4,513

 
$
7,086

 
$
11,873

 
$
26,055

 
 
 
 
Fair value as of December 31, 2011
 

Strategy
 
Ramius Levered Multi-Strategy FOF LP
 
Ramius Multi-Strategy FOF LP
 
Ramius Vintage Multi-Strategy FOF LP
 
RTS Global 3X Fund LP
 
Total
 
 
 
 
(dollars in thousands)
 
Ramius Multi-Strategy Master FOF LP*
Multi-Strategy
 
$
—

 
$
8,269

 
$
—

 
$
—

 
$
8,269

(a)
Ramius Vintage Multi-Strategy Master FOF LP*
Multi-Strategy
 
—

 
—

 
8,883

 
—

 
8,883

(a)
Tapestry Pooled Account V LLC*
Credit-Based
 
438

 
—

 
—

 
—

 
438

(b)
Independently Advised Portfolio Funds*
Futures & Global Macro
 
—

 
—

 
—

 
8,078

 
8,078

(c)
Externally Managed Portfolio Funds
Credit-Based
 
260

 
—

 
—

 
—

 
260

(b)
Externally Managed Portfolio Funds
Event Driven
 
1,992

 
—

 
—

 
—

 
1,992

(d)
Externally Managed Portfolio Funds
Hedged Equity
 
35

 
—

 
—

 
—

 
35

(e)
Externally Managed Portfolio Funds
Multi-Strategy
 
459

 
—

 
—

 
—

 
459

(f)
Externally Managed Portfolio Funds
Fixed Income Arbitrage
 
54

 
—

 
—

 
—

 
54

(g)
 
 
 
$
3,238

 
$
8,269

 
$
8,883

 
$
8,078

 
$
28,468

 
 *    These Portfolio Funds are affiliates of the Company.
The Company has no unfunded commitments regarding investments held by the four consolidated funds.
(a)
Investments held in affiliated master funds can be redeemed on a monthly basis with no advance notice.
(b)
The Credit‑Based strategy aims to generate returns via positions in the credit sensitive sphere of the fixed income markets. The strategy generally involves the purchase of corporate bonds with hedging of the interest exposure. The investments held in Tapestry Pooled Account V LLC, a related fund, are held solely in a credit based fund which the fund's manager has placed in a side-pocket. The remaining amount of the investments within this category represents an investment in a fund that is in the process of liquidating. Distributions from this fund will be received as underlying investments are liquidated.
(c)
The Futures and Global Macro strategy is comprised of several portfolio accounts, each of which will be advised independently by a commodity trading advisor implementing primarily managed futures or global macro‑based investment strategies. The trading advisors (through their respective portfolio accounts) will trade independently of each other and, as a group, will employ a wide variety of systematic, relative value and discretionary trading programs in the global currency, fixed income, commodities and equity futures markets. In implementing their trading programs, the trading advisors will trade primarily in the futures and forward markets (as well as in related options). Although certain trading advisors may be permitted to use total return swaps and trade other financial instruments from time to time on an interim basis, the primary focus will be on the futures and forward markets. Redemption frequency of these portfolio accounts are monthly (and intra month for a $10,000 fee) and the notification period for redemptions is 5 business days (or 3 business days for intra month redemptions).
(d)
The Event Driven strategy is generally implemented through various combinations and permutations of merger arbitrage, restructuring and distressed instruments. The investments in this category are primarily in a side pocket or suspended with undetermined payout dates.
(e)
The Hedged Equity strategy focuses on equity strategies with some directional market exposure. The strategy attempts to profit from market efficiencies and direction. The investee fund manager has side-pocketed investments.
(f)
The Multi‑Strategy investment objective is to invest discrete pools of its capital among portfolio managers that invest through investment funds, forming multi-strategy, diversified investment portfolios designed to achieve non-market directional returns with low relative volatility. The investments in this category represent investments in a fund that is in the process of liquidating. Distributions from this fund will be received as underlying investments are liquidated.
(g)
The Fixed Income Arbitrage strategy seeks to achieve long term capital appreciation by employing a variety of strategies to generate returns without significant exposure to credit spread, interest rate changes or duration. As of June 30, 2012, the investment manager has gated investments.
(h)
The Opportunistic Equity investment style seeks to profit from higher levels of realized market volatility giving to shorter term price momentum and mean reversion trading opportunities.  The investee fund manager has side-pocketed investments with undetermined payout dates.
Enterprise Master [Member]
  
Investment Holdings [Line Items]  
Schedule of Other Investments, Portfolio Funds
 
 
 
As of June 30, 2012
 
As of December 31, 2011

Strategy
 
Fair Value
 
 
 
(dollars in thousands)
624 Art Holdings, LLC*
Artwork
 
$
33

 
$
38

RCG Longview Equity Fund, LP*
Real Estate
 
14,832

 
14,460

RCG Longview II, LP*
Real Estate
 
1,254

 
1,592

RCG Longview Debt Fund IV, LP*
Real Estate
 
30,561

 
23,594

RCG Longview, LP*
Real Estate
 
317

 
271

RCG Soundview, LLC*
Real Estate
 
2,200

 
2,748

RCG Urban American Real Estate Fund, L.P.*
Real Estate
 
3,331

 
3,142

RCG International Sarl*
Multi-Strategy
 
851

 
870

Ramius Navigation Fund Ltd*
Multi-Strategy
 
—

 
1,106

RCG Special Opportunities Fund, Ltd*
Multi-Strategy
 
91,556

 
97,144

Ramius Credit Opportunities Fund Ltd*
Distressed
 
98

 
121

RCG Endeavour, LLC*
Multi-Strategy
 
41

 
47

RCG Energy, LLC *
Energy
 
19,164

 
16,560

RCG Renergys, LLC*
Energy
 
2

 
2

Other Private Investments
Various
 
18,513

 
16,580

Real Estate Investments
Real Estate
 
17,782

 
15,795

 
 
 
$
200,535

 
$
194,070

*
These Portfolio Funds are affiliates of the Company.
Schedule of Securities Financing Transactions
 
As of June 30, 2012
 
As of December 31, 2011
 
(dollars in thousands)
Common stock
$
2,147

 
$
2,173

Distressed debt securities
57

 
—

Preferred stock
984

 
1,027

Private equity
303

 
276

Restricted stock
29

 
47

Rights
2,171

 
2,173

Trade claims
128

 
128

Warrants
5

 
3

 
$
5,824

 
$
5,827
Schedule of Derivative Instruments
 
As of June 30, 2012
 
As of December 31, 2011
 
(dollars in thousands)
Currency forwards
$
(15
)
 
$
53

 
$
(15
)
 
$
53
Ramius Multi-Strategy Master FOF LP and Ramius Vintage Multi-Strategy Master FOF LP [Member]
  
Investment Holdings [Line Items]  
Schedule of Other Investments, Portfolio Funds
The following table presents summarized investment information for the underlying Portfolio Funds held by Multi‑Strat Master FOF and Vintage Master FOF, at estimated fair value, as of December 31, 2011:
 
 
 
As of December 31, 2011
 
Strategy
 
Ramius
Multi-Strategy
Master FOF LP
 
Ramius Vintage
Multi-Strategy
Master FOF LP
 
 
 
(dollars in thousands)
Ramius Vintage Multi-Strategy Master FOF LP*
Multi Strategy
 
$
552

 
$
—

Tapestry Pooled Account V, LLC*
Credit-Based
 
901

 
962

Externally Managed Funds
Credit-Based
 
40

 
399

Externally Managed Funds
Event Driven
 
3,015

 
5,044

Externally Managed Funds
Fixed Income Arbitrage
 
79

 
—

Externally Managed Funds
Hedged Equity
 
1,272

 
1,753

Externally Managed Funds
Multi Strategy
 
1,319

 
1,442

 
 
 
$
7,178

 
$
9,600

*
These Portfolio Funds are affiliates of the Company.
RTS Global 3X Fund LP [Member]
  
Investment Holdings [Line Items]  
Schedule of Derivative Instruments
The following table presents the summarized investment information, which primarily consists of receivables/(payables) on derivatives, for the underlying Portfolio Funds held by RTS Global 3X, at fair value, as of June 30, 2012 and December 31, 2011:
 
As of June 30, 2012
 
As of December 31, 2011
 
(dollars in thousands)
Bond futures
$
37

 
$
(2
)
Commodity options
—

 
181

Currency options
—

 
487

Commodity forwards
597

 
51

Commodity futures
(533
)
 
756

Currency forwards
(110
)
 
157

Currency futures
(373
)
 
418

Energy futures
(87
)
 
2

Equity future
19

 
—

Foreign currency option
—

 
358

Index options
(1
)
 
80

Index futures
510

 
80

Interest rate futures
286

 
20

Interest rate options
—

 
(25
)
 
$
345

 
$
2,563