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Investments of Operating Entities and Consolidated Funds - (Tables)
 12 Months Ended
Dec. 31, 2015
Investment Holdings [Line Items]  
Marketable Securities
As of December 31, 2015 and 2014, securities owned, at fair value consisted of the following:
 
As of December 31,
 
2015
 
2014
 
(dollars in thousands)
U.S. Government securities (a)
$
3,016

 
$
2,010

Preferred stock (b)
25,563

 
15,070

Common stocks (b)
516,108

 
597,476

Convertible bonds (c)
819

 
900

Corporate bonds (d)
47,192

 
159,557

Warrants and rights
3,059

 
1,417

Mutual funds (e)
14,477

 
15,776

 
$
610,234

 
$
792,206

(a)
As of December 31, 2015, maturities ranged from January 2016 to August 2016 with interest rates ranged between 0% to 5.95%. As of December 31, 2014, maturities ranged from May 2015 to April 2016 with interest rates ranged between 0% to 5.95%.
(b)
Included in preferred stocks and common stocks are investments in securities for which the Company has elected the fair value option with the fair value of $7.7 million and $7.4 million, respectively, at December 31, 2015 and $14.3 million of common stocks at December 31, 2014. These investments were acquired in contemplation with merchant banking transactions.
(c)
As of December 31, 2015, maturities ranged from July 2016 to March 2018 with interest rates ranged between 8% to 10.00%. As of December 31, 2014, the maturity was February 2015 with an interest rate of 10.00%.
(d)
As of December 31, 2015, maturities ranged from March 2016 to February 2046 and interest rates ranged between 3.25% to 9.00%. As of December 31, 2014, maturities ranged from February 2015 to February 2046 and interest rates ranged between 5.63% to 11.54%.
Schedule of Derivative Instruments
The Company's long and short exposure to derivatives is as follows:
Receivable on derivative contracts
As of December 31,
 
2015
 
2014
 
Number of contracts / Notional Value
 
Fair value
 
Number of contracts / Notional Value
 
Fair value
 
(dollars in thousands)
Futures
$
9,416

 
$
189

 
$
3,041

 
$
75

Currency forwards
$
67,862

 
659

 
$
23,961

 
310

Equity swaps
$
118,488

 
2,327

 
$
12,904

 
251

Options other (a)
289,433

 
31,456

 
367,441

 
48,201

Foreign currency options
$
283,797

 
4,987

 
$
32,200

 
1,040

 
 
 
$
39,618

 
 
 
$
49,877

(a) Includes index, equity, commodity future and cash conversion options.
Payable for derivative contracts
As of December 31,
 
2015
 
2014
 
Number of contracts / Notional Value
 
Fair value
 
Number of contracts / Notional Value
 
Fair value
 
(dollars in thousands)
Futures
$
11,995

 
$
101

 
$
2,213

 
$
33

Currency forwards
$
44,156

 
463

 
$
—

 
—

Equity and credit default swaps
$
7,605

 
71

 
$
18,352

 
1,603

Options other (a)
16,632

 
20,548

 
22,043

 
39,694

 
 
 
$
21,183

 
 
 
$
41,330


(a) Includes index, equity, commodity future and cash conversion options.
The following tables present the gross and net derivative positions and the related offsetting amount, as of December 31, 2015 and 2014.
 
 
 
 
 
 
 
Gross amounts not offset in the Statement of Financial Condition
 
 
 
Gross amounts recognized
 
Gross amounts offset on the Consolidated Statements of Financial Condition (a)
 
Net amounts included on the Consolidated Statements of Financial Condition
 
Financial instruments
 
Cash Collateral pledged (b)
 
Net amounts
 
(dollars in thousands)
As of December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Receivable on derivative contracts, at fair value
$
39,618

 
$
—

 
$
39,618

 
$
—

 
$
9,339

 
$
30,279

Payable for derivative contracts, at fair value
21,183

 
—

 
21,183

 
—

 
534

 
20,649

 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Receivable on derivative contracts, at fair value
49,877

 
—

 
49,877

 
—

 
2,588

 
47,289

Payable for derivative contracts, at fair value
41,330

 
—

 
41,330

 
—

 
1,603

 
39,727

(a)
Includes financial instruments subject to enforceable master netting provisions that are permitted to be offset to the extent an event of default has occurred.
(b)
Includes the amount of collateral held or posted.
Schedule of Other Investments
As of December 31, 2015 and 2014, other investments included the following:
 
As of December 31,
 
2015
 
2014
 
(dollars in thousands)
(1) Portfolio Funds, at fair value
$
111,360

 
$
103,466

(2) Real estate investments, at fair value
1,921

 
2,175

(3) Equity method investments
27,067

 
61,443

(4) Lehman claims, at fair value
299

 
380

 
$
140,647

 
$
167,464
Schedule of Other Investments, Portfolio Funds
The Portfolio Funds, at fair value as of December 31, 2015 and 2014, included the following:
 
As of December 31,

2015
 
2014

(dollars in thousands)
HealthCare Royalty Partners (a)(*)
$
12,127

 
$
11,935

HealthCare Royalty Partners II (a)(*)
6,006

 
6,648

Orchard Square Partners Credit Fund LP (b)
4,170

 
11,532

Starboard Value and Opportunity Fund LP (c)(*)
20,369

 
21,792

Starboard Partners Fund LP (d)(*)
14,036

 
14,652

Starboard Leaders Fund LP (e)(*)
1,080

 
1,367

Formation8 Partners Fund I, L.P. (f)
19,454

 
11,283

Formation8 Partners Hardware Fund I, L.P. (g)
1,101

 
—

RCG LV Park Lane LLC (h) (*)
809

 
642

RCGL 12E13th LLC (i) (*)
609

 
638

RCG Longview Debt Fund V, L.P. (i) (*)
18,147

 
12,876

RCG LPP SME Co-Invest, L.P. (j) (*)
2,468

 
—

Other private investment (k) (*)
6,909

 
7,324

Other affiliated funds (l)(*)
4,075

 
2,777

 
$
111,360

 
$
103,466

* 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 18.
(a)
HealthCare Royalty Partners, L.P. and HealthCare Royalty Partners II, L.P. are private equity funds and therefore distributions will be made when cash flows are received from the underlying investments, typically on a quarterly basis.
(b)
Orchard Square Partners 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)
Starboard Value and Opportunity Fund LP permits quarterly withdrawals upon 90 days notice.
(d)
Starboard Partners Fund LP permits redemptions on a semi-annual basis on 180 days prior written notice subsequent to an initial two year lock up.
(e)
Starboard Leaders Fund LP does not permit withdrawals, but instead allows terminations with respect to capital commitments upon 30 days prior written notice at any time following the first anniversary of an investors initial capital contribution.
(f)
Formation8 Partners Fund I, L.P. is a private equity fund which invests in early stage and growth transformational information and energy technology companies. Distributions will be made when the underlying investments are liquidated.
(g)
Formation8 Partners Hardware Fund I, L.P. is a private equity fund which invests in early stage and growth hardware companies. Distributions will be made when the underlying investments are liquidated.
(h)
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.
(i)
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.
(j)
RCG LPP SME Co-Invest, L.P. is a single purpose entity formed to participate in a joint venture which acquired two fully entitled residential development sites in the New York City metro area. RCG LPP SME Co-Invest, L.P. is a private equity structure and therefore distributions will be made when the underlying investments are liquidated.
(k)
Other private investment represents the Company's closed end investment in a portfolio fund that invests in a wireless broadband communication provider in Italy.
(l)
The majority of these funds are affiliates of the Company or are managed by the Company and the investors can redeem from these funds as investments are liquidated.
Schedule of Other Investments, Equity Method
For the period ended December 31, 2015, equity method investments held by the Company in aggregate have met the significance criteria as defined under SEC guidance. As such, the Company is required to present summarized financial information for these significant investees for the years ended December 31, 2015, 2014 and 2013 and such information is as follows.
 
As of December 31,
 
2015
 
2014
 
(dollars in thousands)
Assets
$
118,835

 
$
196,710

Liabilities
21,349

 
21,303

Equity
$
97,486

 
$
175,407

 
Year Ended December 31,
 
2015
 
2014
 
2013
 
(dollars in thousands)
Revenues
$
49,669

 
$
160,224

 
$
78,222

Expenses
(30,516
)
 
(46,575
)
 
(49,340
)
Net realized and unrealized gains (losses)
13,221

 
14,325

 
18,589

Net Income
$
32,374

 
$
127,974

 
$
47,471

The following table summarizes equity method investments held by the Company:
 
As of December 31,
 
2015
 
2014
 
(dollars in thousands)
RCG Longview Debt Fund IV Management, LLC
$
331

 
$
676

RCG Longview Debt Fund V Partners, LLC
4,655

 
2,684

HealthCare Royalty GP, LLC
989

 
973

HealthCare Royalty GP II, LLC
1,017

 
1,125

HealthCare Royalty GP III, LLC
88

 
62

CBOE Stock Exchange, LLC
—

 
611

Starboard Value LP
15,769

 
48,772

RCG Longview Partners, LLC
—

 
237

RCG Longview Management, LLC
656

 
1,117

RCG Urban American, LLC
120

 
422

RCG Urban American Management, LLC
379

 
379

RCG Longview Equity Management, LLC
114

 
316

Urban American Real Estate Fund II, LLC
1,211

 
2,329

RCG Kennedy House, LLC
304

 
509

Other
1,434

 
1,231

 
$
27,067

 
$
61,443
Schedule of Securities Sold, Not yet Purchased
As of December 31, 2015 and 2014, securities sold, not yet purchased, at fair value consisted of the following:
 
As of December 31,
 
2015
 
2014
 
(dollars in thousands)
Common stocks
$
257,101

 
$
207,815

Corporate bonds (a)
58

 
60

 
$
257,159

 
$
207,875

(a)
As of December 31, 2015 and 2014, the maturity was January 2026 with an interest rate of 5.55%.
Securities Borrowed and Securities Loaned
Securities lending and borrowing transactions
The following tables present the contractual gross and net securities borrowing and lending agreements and the related offsetting amount, as of December 31, 2014. During the first quarter of 2015 this business was completely liquidated.
 
 
 
 
 
 
 
Gross amounts not offset in the Statement of Financial Condition
 
 
 
Gross amounts recognized
 
Gross amounts offset on the Consolidated Statements of Financial Condition (a)
 
Net amounts included on the Consolidated Statements of Financial Condition
 
Additional Amounts Available
 
Financial instruments
 
Cash Collateral pledged (b)
 
Net amounts
 
(dollars in thousands)
As of December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities borrowed
$
676,100

 
$
—

 
$
676,100

 
$
(15,655
)
 
$
(660,445
)
 
$
—

 
$
—

Securities loaned
682,493

 
—

 
682,493

 
(2,441
)
 
(680,052
)
 
—

 
—

(a)
Includes financial instruments subject to enforceable master netting provisions that are permitted to be offset to the extent an event of default has occurred.
(b)
Includes the amount of cash collateral held/posted.
Operating Entities  
Investment Holdings [Line Items]  
Schedule of Results of Operations, Equity Method Investments [Table Text Block]
For the year ended December 31, 2014, three equity method investments have met the significance criteria as defined under Regulation S-X Rule 4-08(g) of the SEC guidance. As such, the Company is presenting the following summarized financial information:
 
As of December 31,
 
2015
 
2014
 
(dollars in thousands)
Assets
 
 
 
   Cash
$
1,060

 
$
4,595

   Performance & management fee receivable
32,638

 
108,355

   Investments in Portfolio Funds, at fair value
18,797

 
12,403

   Other assets
2,327

 
1,485

Liabilities
10,426

 
12,632

Equity
$
44,396

 
$
114,206

 
Year Ended December 31,
 
2015
 
2014
 
2013
 
(dollars in thousands)
Revenues
$
36,641

 
$
129,203

 
$
41,879

Expenses
(20,658
)
 
(20,362
)
 
(11,602
)
Net realized and unrealized gains (losses)
4,258

 
4,563

 
1,566

Net Income
$
20,241

 
$
113,404

 
$
31,843
Consolidated Funds  
Investment Holdings [Line Items]  
Schedule of Other Investments
Other investments, at fair value
As of December 31, 2015 and 2014 other investments, at fair value, held by the Consolidated Funds are comprised of:
 
As of December 31,

2015
 
2014

(dollars in thousands)
(1) Portfolio Funds
$
263,818

 
$
188,884

(2) Lehman claims
—

 
493


$
263,818

 
$
189,377
Schedule of Other Investments, Portfolio Funds
Investments in Portfolio Funds, at fair value
As of December 31, 2015 and 2014, investments in Portfolio Funds, at fair value, included the following:
 
As of December 31,

2015
 
2014

(dollars in thousands)
Investments of Enterprise LP
$
111,075

 
$
138,253

Investments of Merger Fund
74,348

 
50,631

Investments of Quadratic LLC
78,395

 
—


$
263,818

 
$
188,884
Enterprise Master  
Investment Holdings [Line Items]  
Schedule of Derivative Instruments
Receivable/(Payable) on derivative contracts, at fair value, owned by Enterprise Master
 
As of December 31,

2015
 
2014
Description
(dollars in thousands)
Currency forwards
$
(4
)
 
$
64

 
$
(4
)
 
$
64
Schedule of Securities Owned
Securities owned by Enterprise Master, at fair value
 
As of December 31,
 
2015
 
2014
 
(dollars in thousands)
Bank debt
$
—

 
$
20

Common stock
724

 
1,659

Preferred stock
1,484

 
576

Private equity
—

 
587

Restricted stock
124

 
124

Rights
321

 
2,802

Trade claims
128

 
128

 
$
2,781

 
$
5,896
Schedule of Other Investments, Portfolio Funds
Portfolio Funds, owned by Enterprise Master, at fair value
 
 
 
As of December 31,
 
 
 
2015
 
2014
 
Strategy
 
(dollars in thousands)
RCG Longview Equity Fund, LP*
Real Estate
 
$
7,635

 
$
9,090

RCG Longview II, LP*
Real Estate
 
698

 
747

RCG Longview Debt Fund IV, LP*
Real Estate
 
3,577

 
5,348

RCG Longview, LP*
Real Estate
 
—

 
40

RCG Soundview, LLC*
Real Estate
 
452

 
452

RCG Urban American Real Estate Fund, L.P.*
Real Estate
 
312

 
1,161

RCG International Sarl*
Multi-Strategy
 
—

 
2,113

RCG Special Opportunities Fund, Ltd*
Multi-Strategy
 
81,544

 
92,405

RCG Energy, LLC *
Energy
 
1,189

 
2,294

RCG Renergys, LLC*
Energy
 
1

 
1

Other Private Investments
Various
 
10,515

 
12,057

Other Real Estate Investments (*)
Real Estate
 
5,753

 
10,138

 
 
 
$
111,676

 
$
135,846

*
Affiliates of the Company.
Merger Master  
Investment Holdings [Line Items]  
Marketable Securities
Securities owned by Merger Master, at fair value
 
As of December 31,

2015
 
2014

(dollars in thousands)
Common stocks
$
157,429

 
$
133,510

Corporate bonds (a)
492

 
3,383


$
157,921

 
$
136,893

(a)
As of December 31, 2015, the maturity was ranged from June 2024 with interest rate of 5.25%. As of December 31, 2014, maturities ranged from February 2017 to June 2019 and interest rates ranged between 8.50% and 9.75%
Schedule of Derivative Instruments
Receivable on derivative contracts, at fair value, owned by Merger Master
 
As of December 31,

2015
 
2014
Description
(dollars in thousands)
Options
$
1,275

 
$
541

Currency forwards
235

 
—

Equity swaps
1,001

 
78

 
$
2,511

 
$
619







Payable for derivative contracts, at fair value, owned by Merger Master
 
As of December 31,
 
2015
 
2014
Description
(dollars in thousands)
Options
$
563

 
$
238

Equity swaps
30

 
58

 
$
593

 
$
296
Quadratic Master  
Investment Holdings [Line Items]  
Schedule of Derivative Instruments
Receivable on derivative contracts, at fair value, owned by Quadratic Master
 
As of December 31, 2015
Description
(dollars in thousands)
Options
$
9,007

Currency forwards
92

 
$
9,099