Investments of Operating Entities and Consolidated Funds (Tables)

9 Months Ended

Sep. 30, 2012

Operating Companies [Member]

Investment Holdings [Line Items]

Marketable Securities

As of September 30, 2012 and December 31, 2011, securities owned, at fair value consisted of the following:

	As of September 30, 2012		As of December 31, 2011
	(dollars in thousands)
U.S. Government securities (a)	$	95,038	$	182,868
Common stocks	300,990		250,380
Convertible bonds (b)	50,854		18,130
Corporate bonds (c)	168,021		231,864
Options	26,543		55,699
Warrants and rights	4,436		2,759
Mutual funds	2,890		3,214
	$	648,772	$	744,914

(a) As of September 30, 2012, maturities ranged from November 2013 to August 2014 with interest rate of 0.25%. 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 September 30, 2012, maturities ranged from October 2014 to June 2017 and interest rates ranged between 1.38% and 5.75%. As of December 31, 2011, the maturity was August 2027 with an interest rate of 2.75%.

(c) As of September 30, 2012, maturities ranged from January 2013 to February 2041 and interest rates ranged between 4.52% 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 September 30, 2012 and December 31, 2011, other investments consisted of the following:

	As of September 30, 2012		As of December 31, 2011
	(dollars in thousands)
(1) Portfolio Funds, at fair value	$	47,287	$	40,350
(2) Real estate investments, at fair value	2,102		2,353
(3) Equity method investments	20,001		16,687
(4) Lehman claims, at fair value	761		553
	$	70,151	$	59,943

Schedule of Other Investments, Portfolio Funds

The Portfolio Funds, at fair value as of September 30, 2012 and December 31, 2011, included the following:

	As of September 30, 2012		As of December 31, 2011
	(dollars in thousands)
Healthcare Royalty Partners (a)(*)	$	8,119	$	6,297
Healthcare Royalty Partners II (a)(*)	2,617		1,521
Ramius Global Credit Fund LP (b)(*)	13,600		11,790
Ramius Alternative Replication Ltd (c)(*)	831		837
Tapestry Investment Co PCC Ltd (d)	193		185
Ramius Enhanced Replication Fund LLC (e)(*)	708		337
Starboard Value and Opportunity Fund LP (f)(*)	12,246		11,123
RCG LV Park Lane LLC (g)	700		—
Other private investment (h)	7,413		7,415
Other affiliated funds (i)(*)	860		845
	$	47,287	$	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 14.

(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) 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 distributions will be made when the underlying investments are liquidated.

(h) 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.

(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 September 30, 2012		As of December 31, 2011
	(dollars in thousands)
RCG Longview Debt Fund IV Management, LLC	$	1,490	$	1,980
Healthcare Royalty GP, LLC (formerly Cowen Healthcare Royalty GP, LLC)	662		513
Healthcare Royalty GP II, LLC (formerly Cowen Healthcare Royalty GP II, LLC)	443		258
CBOE Stock Exchange, LLC	2,165		2,423
Starboard Value LP	7,651		3,693
RCG Longview Partners, LLC	1,698		1,569
RCG Longview Louisiana Manager, LLC	1,490		1,140
RCG Urban American, LLC	1,347		1,258
RCG Urban American Management, LLC	538		1,096
RCG Longview Equity Management, LLC	226		557
Urban American Real Estate Fund II, L.P.	1,564		1,541
RCG Kennedy House, LLC	396		323
Other	331		336
	$	20,001	$	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:

		Nine Months Ended September 30, 2012
	(dollars in thousands)
Revenues		$	5,877		$	232
Expenses		(588		)	105
Net realized and unrealized gains (losses)		73			(21		)
Net Income		$	5,362		$	316

Investments Sold, Not yet Purchased

As of September 30, 2012 and December 31, 2011 securities sold, not yet purchased, at fair value consisted of the following:

	As of September 30, 2012		As of December 31, 2011
	(dollars in thousands)
U.S. Government securities (a)	$	8	$	165,197
Common stocks	195,911		123,877
Corporate bonds (b)	61		1,529
Options	14,725		43,648
	$	210,705	$	334,251

(a) As of September 30, 2012, maturities ranged from April 2016 to January 2040 and interest rates ranged between 5.95% 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 September 30, 2012, the maturity was January 2026 with an interest rate of 5.55%. 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 September 30, 2012 and December 31, 2011:

	As of September 30, 2012
	(dollars in thousands)
Securities sold under agreements to repurchase
Agreements with Royal Bank of Canada bearing interest of 2.12% - 2.2% due on October 2, 2012 to June 25, 2013	29,039
Agreements with Barclays Capital Inc bearing interest of 0.25% - 0.27% due on October 1, 2012	94,800
	$	123,839

	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 September 30, 2012 and December 31, 2011 securities owned, at fair value, held by the Consolidated Funds are comprised of:

	As of September 30, 2012		As of December 31, 2011
	(dollars in thousands)
Government sponsored securities (a)	$	1,501	$	2,006
Commercial paper (b)	1,594		3,927
Corporate bond (c)	—		401
	$	3,095	$	6,334

(a) As of September 30, 2012, maturities ranged from October 2012 to February 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 September 30, 2012, commercial paper was purchased at a discount and matures on October 1, 2012. As of December 31, 2011, commercial paper was purchased at a discount and matured 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 September 30, 2012 and December 31, 2011 other investments, at fair value, held by the Consolidated Funds are comprised of:

	As of September 30, 2012		As of December 31, 2011
	(dollars in thousands)
(1) Portfolio Funds	$	198,235	$	221,480
(2) Lehman claims	6,860		7,340
	$	205,095	$	228,820

Schedule of Other Investments, Portfolio Funds

As of September 30, 2012 and December 31, 2011, investments in Portfolio Funds, at fair value, included the following:

	As of September 30, 2012		As of December 31, 2011
	(dollars in thousands)
Investments of Enterprise LP	$	174,314	$	193,012
Investments of consolidated fund of funds	23,921		28,468
	$	198,235	$	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 September 30, 2012 and December 31, 2011:

		Fair Value as of September 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	$	430	$	884	$	944	$	—	$	2,258	(b)
Independently Advised Portfolio Funds*	Futures & Global Macro	—		—		—		10,438		10,438		(c)
Externally Managed Portfolio Funds	Credit-Based	152		57		233		—		442		(b)
Externally Managed Portfolio Funds	Event Driven	1,562		2,339		3,781		—		7,682		(d)
Externally Managed Portfolio Funds	Hedged Equity	17		226		1,002		—		1,245		(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		116		—		219		(h)
		$	2,436	$	4,286	$	6,761	$	10,438	$	23,921

		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 September 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 September 30, 2012		As of December 31, 2011
	Strategy	Fair Value
		(dollars in thousands)
624 Art Holdings, LLC*	Artwork	$	32	$	38
RCG Longview Equity Fund, LP*	Real Estate	14,326		14,460
RCG Longview II, LP*	Real Estate	1,280		1,592
RCG Longview Debt Fund IV, LP*	Real Estate	30,572		23,594
RCG Longview, LP*	Real Estate	293		271
RCG Soundview, LLC*	Real Estate	2,684		2,748
RCG Urban American Real Estate Fund, L.P.*	Real Estate	3,261		3,142
RCG International Sarl*	Multi-Strategy	864		870
Ramius Navigation Fund Ltd*	Multi-Strategy	—		1,106
RCG Special Opportunities Fund, Ltd*	Multi-Strategy	79,599		97,144
Ramius Credit Opportunities Fund Ltd*	Distressed	—		121
RCG Endeavour, LLC*	Multi-Strategy	48		47
RCG Energy, LLC *	Energy	19,255		16,560
RCG Renergys, LLC*	Energy	1		2
Other Private Investments	Various	15,923		16,580
Real Estate Investments	Real Estate	13,670		15,795
		$	181,808	$	194,070

* These Portfolio Funds are affiliates of the Company.

Schedule of Securities Financing Transactions

	As of September 30, 2012		As of December 31, 2011
	(dollars in thousands)
Bank debt	$	66	$	—
Common stock	2,353		2,173
Preferred stock	823		1,027
Private equity	294		276
Restricted stock	18		47
Rights	1,755		2,173
Trade claims	128		128
Warrants	3		3
	$	5,440	$	5,827

Schedule of Derivative Instruments

	As of September 30, 2012		As of December 31, 2011
	(dollars in thousands)
Currency forwards	$	8	$	53
	$	8	$	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 September 30, 2012 and December 31, 2011:

	As of September 30, 2012			As of December 31, 2011
	(dollars in thousands)
Bond futures	$	482		$	(2	)
Commodity options	—			181
Currency options	—			487
Commodity forwards	(650		)	51
Commodity futures	1,087			756
Currency forwards	(65		)	157
Currency futures	504			418
Energy futures	76			2
Equity future	(59		)	—
Foreign currency option	—			358
Index options	(9		)	80
Index futures	(1,837		)	80
Interest rate futures	670			20
Interest rate options	—			(25		)
	$	199		$	2,563