Investments of Operating Entities and Consolidated Funds (Tables)

3 Months Ended

Mar. 31, 2013

Operating Companies

As of March 31, 2013 and 2012, securities owned, at fair value consisted of the following:



	As of March 31, 2013		As of December 31, 2012
	(dollars in thousands)
U.S. Government securities (a)	$	134	$	137,478
Preferred stock	2,332		2,332
Common stocks	293,067		259,292
Convertible bonds (b)	8,615		6,202
Corporate bonds (c)	143,446		193,078
Options	18,908		20,546
Warrants and rights	3,343		2,354
Mutual funds	2,953		2,845
	$	472,798	$	624,127


(a)	As of March 31, 2013, maturities ranged from September 2013 to April 2016 and interest rates ranged between 0.11% and 5.95%. As of December 31, 2012, maturities ranged from November 2013 to November 2022 and interest rates ranged between 0.25% and 5.95%.


(b)	As of March 31, 2013, maturities ranged from May 2014 to October 2014 with an interest rate of 5.00% to 6.25%. As of December 31, 2012, maturities ranged from May 2014 to July 2014 with an interest rate of 5.00%.


(c)	As of March 31, 2013, maturities ranged from April 2013 to February 2041 and interest rates ranged between 2.47% and 12.50%. As of December 31, 2012, maturities ranged from January 2013 to February 2041 and interest rates ranged between 3.09% and 12.50%.

Schedule of Other Investments

As of March 31, 2013 and December 31, 2012, other investments consisted of the following:



	As of March 31, 2013		As of December 31, 2012
	(dollars in thousands)
(1) Portfolio Funds, at fair value	$	57,549	$	55,898
(2) Real estate investments, at fair value	1,875		1,864
(3) Equity method investments	20,368		26,462
(4) Lehman claims, at fair value	660		706
	$	80,452	$	84,930

Schedule of Other Investments, Portfolio Funds

The Portfolio Funds, at fair value as of March 31, 2013 and December 31, 2012, included the following:



	As of March 31, 2013		As of December 31, 2012
	(dollars in thousands)
HealthCare Royalty Partners (a)(*)	$	8,182	$	7,866
HealthCare Royalty Partners II (a)(*)	3,361		6,415
OSP Credit Fund LP (formerly known as Ramius Global Credit Fund LP) (b)(*)	15,249		14,196
Tapestry Investment Co PCC Ltd (c)	81		194
Starboard Value and Opportunity Fund LP (d)(*)	16,395		15,706
Formation 8 Partners Fund I (e)	1,500		1,500
RCG LV Park Lane LLC (f)	705		708
RCGL 12E13th LLC (g)	400		—
RCG Longview Debt Fund V, L.P. (g)	2,301		—
Other private investment (h)	7,593		7,826
Other affiliated funds (i)(*)	1,782		1,487
	$	57,549	$	55,898

* 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 in Note 13.


(a)	HealthCare Royalty Partners and HealthCare Royalty Partners II are private equity funds and therefore distributions will be made when the underlying investments are liquidated.


(b)	OSP Credit Fund LP (formerly known as 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)	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.


(d)	Starboard Value and Opportunity Fund LP permits quarterly withdrawals upon ninety days notice.


(e)	Formation 8 Partners Fund I is a private equity fund which invests in equity of early stage and growth transformational IT and energy technology companies. Distributions will be made when the underlying investments are liquidated.


(f)	RCG LV Park Lane LLC is a 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 LLC is a private equity structure and therefore distributions will be made when the underlying investments are liquidated.


(g)	RCGL 12E13th LLC and RCG Longview Debt Fund V, L.P. are real estate private equity structures and therefore distributions will be made when the underlying investments are liquidated.


(h)	Other private investment represents the Company's closed end 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 March 31, 2013		As of December 31, 2012
	(dollars in thousands)
RCG Longview Debt Fund IV Management, LLC	$	1,079	$	1,954
HealthCare Royalty GP, LLC	667		642
HealthCare Royalty GP II, LLC	569		1,086
CBOE Stock Exchange, LLC	2,015		2,058
Starboard Value LP	7,398		12,757
RCG Longview Partners, LLC	1,826		1,535
RCG Longview Louisiana Manager, LLC	1,883		1,866
RCG Urban American, LLC	1,414		1,380
RCG Urban American Management, LLC	642		545
RCG Longview Equity Management, LLC	192		285
Urban American Real Estate Fund II, L.P.	1,736		1,636
RCG Kennedy House, LLC	309		377
Other	638		341
	$	20,368	$	26,462

Schedule of Results of Operations, Equity Method Investments

The summarized income statement information for the Company's investments in the individually significant investees is as follows:



	Three months ended March 31,
	2013		2012
	(dollars in thousands)
Revenues	$	4,865	$	4,997
Less: Expenses	1,327		1,374
Net realized and unrealized gains (losses)	107		37
Net Income	$	3,645	$	3,660

Investments Sold, Not yet Purchased

As of March 31, 2013 and December 31, 2012 securities sold, not yet purchased, at fair value consisted of the following:



	As of March 31, 2013		As of December 31, 2012
	(dollars in thousands)
Common stocks	215,863		168,797
Corporate bonds (a)	60		61
Options	12,907		9,076
Warrants and rights	3		3
	$	228,833	$	177,937


(a)	As of March 31, 2013, the maturity was January 2026 with an interest rate of 5.55%. As of December 31, 2012, the maturity was January 2026 with an interest rate of 5.55% .

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 March 31, 2013 and 2012:



	As of March 31, 2013
	(dollars in thousands)
Securities sold under agreements to repurchase
Agreements with Royal Bank of Canada bearing interest of 1.74% - 2.1% due on December 2013 to July 2017	29,241
	$	29,241



	As of December 31, 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 January 31, 2013 to June 25, 2013	29,039
Agreements with Barclays Capital Inc bearing interest of (0.05%) - 0.23% due on January 1, 2013	136,906
	$	165,945

Consolidated Funds

Investment Holdings [Line Items]

Marketable Securities

As of December 31, 2012 securities owned, at fair value, held by the Consolidated Funds are comprised of:



	As of December 31, 2012
	(dollars in thousands)
Government sponsored securities (a)	$	1,911
Commercial paper (b)	1,614
	$	3,525


(a)	As of December 31, 2012, maturities ranged from August 2013 to December 2014 and interest rates ranged between 0.28% and 4.00%.


(b)	As of December 31, 2012, commercial paper was purchased at a discount and matures on January 2, 2013.

Schedule of Other Investments

As of March 31, 2013 and December 31, 2012 other investments, at fair value, held by the Consolidated Funds are comprised of:



	As of March 31, 2013		As of December 31, 2012
	(dollars in thousands)
(1) Portfolio Funds	$	178,357	$	190,081
(2) Lehman claims	15,140		14,124
	$	193,497	$	204,205

Schedule of Other Investments, Portfolio Funds

As of March 31, 2013 and December 31, 2012, investments in Portfolio Funds, at fair value, included the following:



	As of March 31, 2013		As of December 31, 2012
	(dollars in thousands)
Investments of Enterprise LP	$	170,250	$	173,348
Investments of consolidated fund of funds	8,107		16,733
	$	178,357	$	190,081

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 March 31, 2013 and December 31, 2012:



		Fair Value as of March 31, 2013
	Strategy	Ramius Levered Multi-Strategy FOF LP		Ramius Multi-Strategy Master FOF LP		Ramius Vintage Multi-Strategy Master FOF LP		Total
		(dollars in thousands)
Tapestry Pooled Account V LLC*	Credit-Based	$	260	$	534	$	571	$	1,365	(a)
Externally Managed Portfolio Funds	Event Driven	1,295		1,942		2,737		5,974		(c)
Externally Managed Portfolio Funds	Hedged Equity	—		—		768		768		(d)
		$	1,555	$	2,476	$	4,076	$	8,107



		Fair value as of December 31, 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	315		649		693		—		1,657		(a)
Independently Advised Portfolio Funds*	Futures & Global Macro	—		—		—		7,161		7,161		(b)
Externally Managed Portfolio Funds	Event Driven	1,545		2,316		3,264		—		7,125		(c)
Externally Managed Portfolio Funds	Hedged Equity	—		—		790		—		790		(d)
		$	1,860	$	2,965	$	4,747	$	7,161	$	16,733

* These Portfolio Funds are affiliates of the Company.

The Company has no unfunded commitments regarding investments held by the four consolidated fund of funds.

(a)

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 underlying 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.

(b)

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).


(c)	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.


(d)	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.

Enterprise Master

Investment Holdings [Line Items]

Schedule of Other Investments, Portfolio Funds



		As of March 31, 2013		As of December 31, 2012
	Strategy	(dollars in thousands)
RCG Longview Equity Fund, LP*	Real Estate	$	10,493	$	11,027
RCG Longview II, LP*	Real Estate	860		970
RCG Longview Debt Fund IV, LP*	Real Estate	29,440		30,572
RCG Longview, LP*	Real Estate	316		265
RCG Soundview, LLC*	Real Estate	445		2,374
RCG Urban American Real Estate Fund, L.P.*	Real Estate	1,962		1,987
RCG International Sarl*	Multi-Strategy	1,492		752
RCG Special Opportunities Fund, Ltd*	Multi-Strategy	80,067		80,166
RCG Endeavour, LLC*	Multi-Strategy	41		43
RCG Energy, LLC *	Energy	14,941		14,239
RCG Renergys, LLC*	Energy	1		1
Other Private Investments	Various	12,071		12,430
Real Estate Investments	Real Estate	12,502		12,321
		$	164,631	$	167,147


*	These Portfolio Funds are affiliates of the Company.

Schedule of Securities Financing Transactions



	As of March 31, 2013		As of December 31, 2012
	(dollars in thousands)
Bank debt	$	106	$	79
Common stock	2,682		2,680
Preferred stock	997		997
Private equity	297		297
Restricted stock	110		26
Rights	1,665		1,714
Trade claims	128		128
Warrants	2		2
	$	5,987	$	5,923

Schedule of Derivative Instruments



	As of March 31, 2013		As of December 31, 2012
Description	(dollars in thousands)
Currency forwards	$	5	$	6
	$	5	$	6

RTS Global 3X Fund LP

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 December 31, 2012:



	As of December 31, 2012
	(dollars in thousands)
Bond futures	$	489
Commodity forwards	(659		)
Commodity futures	47
Currency forwards	202
Currency futures	264
Energy futures	239
Equity future	(27		)
Index futures	(257		)
Interest rate futures	40
	$	338