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Investments of Operating Entities and Consolidated Funds - (Tables)
 12 Months Ended
Dec. 31, 2019
Investment Holdings [Line Items]  
Carried Interest
The carried interest as of December 31, 2019 and 2018, included the following:
As of December 31,
20192018
(dollars in thousands)
Cowen Healthcare Investments II LP (*)$23,759  $6,778  
Other private investment (a) (*)4,737  4,273  
RCG IO Renergys Sarl1,251  6,369  
Ramius Multi-Strategy Fund LP (*)613  575  
$30,360  $17,995  
(a)Other private investment represents the Company's closed end investment in a Portfolio Fund that invests in a wireless broadband communication provider in Italy.
* These carried interest balances are earned from affiliates of the Company.
Marketable Securities
As of December 31, 2019 and 2018, securities owned, at fair value consisted of the following:
As of December 31,
 20192018
 (dollars in thousands)
Common stock (*)$1,546,484  $472,299  
Preferred stock (*)12,656  5,617  
Warrants and rights (*)22,109  7,990  
Government bonds (a)15,916  13,398  
Corporate bonds (c)25,500  13,041  
Convertible bonds (b) (*)2,500  3,000  
Term loan (*)1,067  —  
Trade claims (*)7,320  5,543  
$1,633,552  $520,888  
(a)As of December 31, 2019, maturities ranged from January 2020 to June 2020 with an interest rate of 0%. As of December 31, 2018, maturities ranged from April 2019 to August 2019 with an interest rate of 0%.
(b)As of December 31, 2019, maturities ranged from April 2020 to March 2022 with an interest rate of 8%. As of December 31, 2018, the maturity was June 2020 with an interest rate of 8%.
(c)As of December 31, 2019, maturities ranged from January 2020 to May 2037 and interest rates ranged from 0% to 15%. As of December 31, 2018, maturities ranged from April 2019 to April 2049 and interest rates ranged from 2% to 15.5%.
* The Company has elected the fair value option for securities owned, at fair value with a fair value of $14.9 million and $9.4 million, respectively, at December 31, 2019 and 2018.
Schedule of Derivative Instruments The Company's long and short exposure to derivatives is as follows:
Receivable on derivative contractsAs of December 31,
20192018
 Number of contracts / Notional ValueFair valueNumber of contracts / Notional ValueFair value
 (dollars in thousands)
Futures$—  $—  $42,288  $334  
Currency forwards$—  —  $395  1  
Swaps$383,752  2,911  $13,702  917  
Options other (a)550,188  60,066  654,506  23,130  
Pay to hold$—  —  $—  743  
$62,977  $25,125  
(a) Includes the volume of contracts for index, equity, commodity future and cash conversion options.
Payable for derivative contracts
As of December 31,
20192018
 Number of contracts / Notional ValueFair valueNumber of contracts / Notional ValueFair value
 (dollars in thousands)
Futures$10,224  $217  $—  $—  
Currency forwards$77,790  851  $96,406  709  
Swaps$607,717  23,169  $52,905  2,162  
Options other (a)306,306  36,524  90,730  13,211  
$60,761  $16,082  
(a) Includes the volume of contracts for 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, 2019 and 2018. This table does not include the impact of over-collateralization.
Gross amounts not offset in the Consolidated Statements 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, 2019
Receivable on derivative contracts, at fair value$66,217  $3,240  $62,977  $—  $2,911  $60,066  
Payable for derivative contracts, at fair value64,001  3,240  60,761  —  24,020  36,741  
As of December 31, 2018
Receivable on derivative contracts, at fair value$25,125  $—  $25,125  $—  $1,662  $23,463  
Payable for derivative contracts, at fair value16,082  —  16,082  —  2,871  13,211  
(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, 2019 and 2018, other investments included the following:
As of December 31,
 20192018
 (dollars in thousands)
Portfolio funds, at fair value (1)$114,504  $124,741  
Carried interest (2)30,360  17,995  
Equity method investments (3)40,858  38,671  
$185,722  $181,407  
Schedule of Other Investments, Portfolio Funds
The Portfolio Funds, at fair value as of December 31, 2019 and 2018, included the following:
As of December 31,
20192018
(dollars in thousands)
Starboard Value and Opportunity Fund LP (c)(*)$37,895  $32,579  
Formation8 Partners Fund I, L.P. (f)33,613  34,099  
RCG Longview Debt Fund V, L.P. (g)(*)1,732  4,394  
RCG Longview II LP (g) (*)110  4,400  
Cowen Healthcare Investments II LP (i) (*)14,652  14,939  
Eclipse Ventures Fund I, L.P. (b)3,960  4,412  
HealthCare Royalty Partners LP (a)(*)1,326  1,833  
Lagunita Biosciences, LLC (d)4,802  3,833  
Starboard Leaders Fund LP (e)(*)1,560  1,230  
Eclipse SPV I, LP (j)(*)1,447  1,447  
Triartisan ES Partners LLC (k)(*)1,082  1,500  
Triartisan PFC Partners LLC (l)(*)909  —  
RCG Longview Equity Fund, LP (g) (*)835  802  
RCG Longview Debt Fund VI, LP (g) (*)—  1,586  
RCG Park Liberty GP Member LLC (g) (*)—  1,023  
HealthCare Royalty Partners II LP (a)(*)1,781  1,037  
RCGL PE MPA, LLC (g)(*)—  618  
RCG LPP2 PNW5 Co-Invest, L.P. (h)(*)—  296  
Cowen Healthcare Investments III LP1,398  —  
Difesa Partners, LP (o) (*)508  —  
Other private investment (m)(*)4,448  11,625  
Other affiliated funds (n)(*)2,446  3,088  
$114,504  $124,741  
* 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 22.
(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)Eclipse Ventures 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.
(c)Starboard Value and Opportunity Fund LP permits quarterly withdrawals upon 90 days' notice.
(d)Lagunita Biosciences, LLC, is a healthcare investment company that creates and grows early stage companies to commercialize impactful translational science that addresses significant clinical needs, is a private equity structure and therefore distributions will be made when the underlying investments are liquidated.
(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 investor's 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)RCG Longview Debt Fund V, L.P., RCG Longview II LP, RCG Park Liberty GP Member LLC, RCG Longview Equity Fund, LP, RCGL PE MPA, LLC and RCG Longview Debt Fund VI, LP are real estate private equity structures. The timing of distributions depends on the nature of the underlying investments and therefore will be made either quarterly or when the underlying investments are liquidated.
(h)RCG LPP2 PNW5 Co-Invest, L.P. is a single purpose entity formed to participate in a joint venture which acquired five multi-unit residential rental properties located in the Pacific Northwest. RCG LPP2 PNW5 Co-Invest, L.P. is a private equity structure and therefore distributions will be made when the underlying investments are liquidated.
(i)Cowen Healthcare Investments II LP is a private equity fund.  Distributions are made from the fund when cash flows or securities are received from the underlying investments. Investors do not have redemption rights.
(j)Eclipse SPV I, L.P. is a co-investment vehicle organized to invest in a private company focused on software-driven automation projects.  Distributions will be made when the underlying investments are liquidated.
(k)TriArtisan ES Partners LLC is a co-investment vehicle organized to invest in a privately-held nuclear services company. Distributions will be made when the underlying investment is liquidated.

(l)TriArtisan PFC Partners LLC is a co-investment vehicle organized to invest in a privately-held casual dining restaurant chain. Distributions will be made when the underlying investment in liquidated.
(m)Other private investment represents the Company's closed end investment in a Portfolio Fund that invests in a wireless broadband communication provider in Italy.
(n)The majority of these investment funds are affiliates of the Company or are managed by the Company and the investors can redeem from these funds as investments are liquidated.
(o)Difesa Partners, LP permits semi annual withdrawals occurring on or after the anniversary of initial contribution upon 90 days written notice.
Schedule Equity Method Investments
The following table summarizes equity method investments held by the Company:
As of December 31,
20192018
(dollars in thousands)
Surf House Ocean Views Holdings, LLC$7,804  $7,589  
Starboard Value LP24,292  12,699  
RCG Longview Debt Fund V Partners, LLC2,889  11,000  
RCG Longview Management, LLC583  1,167  
RCG Longview Debt Fund VI Partners LLC—  1,254  
HealthCare Royalty GP, LLC 108  149  
HealthCare Royalty GP II, LLC 302  176  
RCG Longview Debt Fund IV Management, LLC331  331  
HealthCare Royalty GP III, LLC 2,230  1,573  
RCG Kennedy House, LLC—  131  
RCG Longview Equity Management, LLC105  114  
RCG LPP II GP, LLC—  272  
RCG Park Liberty GP Member Manager, LLC—  1,248  
HCR Stafford Fund GP, LLC880  —  
Liberty Harbor North292  —  
Other1,042  968  
$40,858  $38,671  
Schedule of Securities Sold, Not yet Purchased As of December 31, 2019 and 2018, securities sold, not yet purchased, at fair value consisted of the following:
As of December 31,
 20192018
 (dollars in thousands)
Common stock$425,448  $194,305  
Corporate bonds (a)5,933  750  
Government bonds (b)1,950  —  
Preferred stock3,686  199  
Warrants and rights14,819  53  
$451,836  $195,307  
(a)As of December 31, 2019, the maturities ranged from January 2024 to May 2037 and interest rates ranged from 4.88% to 6.25%. As of December 31, 2018, the maturities ranged from October 2022 to January 2034 and interest rates ranged from 2.25% to 9.38%.
(b)As of December 31, 2019, the maturities ranged from October 2024 to March 2038 and interest rates ranged from 7.00% to 8.25%.
Schedule of Assets and Associated Liabilities Accounted for as Secured Borrowings The following tables present the contractual gross and net securities borrowing and lending agreements and securities sold under agreements to repurchase and the related offsetting amount as of December 31, 2019 and 2018.
Gross amounts not offset on the Consolidated Statements 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, 2019
Securities borrowed$754,441  $—  $754,441  $—  $751,913  $—  $2,528  
Securities loaned1,601,866  —  1,601,866  —  1,585,036  —  16,830  
Securities sold under agreements to repurchase23,244  —  23,244  —  27,384  —  (4,140) 
As of December 31, 2018
Securities borrowed$407,795  $—  $407,795  $—  $383,593  $—  $24,202  
Securities loaned414,852  —  414,852  —  391,310  —  23,542  
(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.
Investments Classified by Contractual Maturity Date The following tables present gross obligations for securities loaned and securities sold under agreements to repurchase by remaining contractual maturity and class of collateral pledged as of December 31, 2019 and 2018:
Open and Overnight  Up to 30 days  31 - 90 days  Greater than 90 days  Total  
(dollars in thousands)
As of December 31, 2019
Securities loaned
    Common stock$1,343,478  $—  $—  $—  $1,343,478  
    Corporate bonds258,388  —  —  —  258,388  
Securities sold under agreements to repurchase—  —  23,244  —  23,244  
As of December 31, 2018
Securities loaned
    Common stock$414,852  $—  $—  $—  $414,852  
Fair Value, Concentration of Risk
Investment's percentage of the Company's stockholders' equity  
Issuer  Security Type  Country  Industry  Percentage of Stockholders' Equity  Market Value  
(dollars in thousands) 
As of December 31, 2019  Linkem  Equity  Italy  Wireless Broadband  8.94 %$72,404  
As of December 31, 2018Linkem  Equity  Italy  Wireless Broadband  8.36 %$66,439  
Significant subsidiary - equity method [Member]  
Investment Holdings [Line Items]  
Schedule Equity Method Investments
For the period ended December 31, 2019, certain investments subject to Regulation S-X Rule 4-08(g) 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, 2019, 2018, and 2017, and such information is as follows:
As of December 31,
20192018
(dollars in thousands)
Assets$1,374,077  $1,189,669  
Liabilities205,873  244,088  
Equity$1,168,204  $945,581  
Year Ended December 31,
201920182017
(dollars in thousands) 
Revenues
$200,854  $105,499  $165,550  
Expenses(79,811) (67,893) (62,175) 
Net realized and unrealized gains (losses)221,616  95,855  133,695  
Income (loss) before income taxes342,659  133,461  237,070  
Income tax expense(2,234) (51) (99) 
Net income$340,425  $133,410  $236,971  
Consolidated Funds  
Investment Holdings [Line Items]  
Marketable Securities As of December 31, 2019 and 2018, securities owned, at fair value, held by the Consolidated Funds consisted of the following:
As of December 31,
 20192018
 (dollars in thousands)
     Preferred stock$4,393  $24,314  
     Common stock200,306  95,565  
     Government bonds (a) 161,607  38,377  
     Corporate bonds (b)3,405  24,098  
     Warrants and rights5,567  5,279  
$375,278  $187,633  
(a)As of December 31, 2019, maturities ranged from February 2020 to March 2020 and interest rates were 0%. As of December 31, 2018, maturities ranged from January 2019 to April 2019 and interest rates were 0%.
(b)As of December 31, 2019, the maturity was July 2023 with an interest rate of 7.50%. As of December 31, 2018, maturities ranged from August 2020 to March 2026 and interest rates ranged from 5.88% to 7.63%.
Schedule of Derivative Instruments
As of December 31, 2019 and 2018, receivable on derivative contracts, at fair value, held by the Consolidated Funds are comprised of:
As of December 31,
20192018
(dollars in thousands)
Currency forwards$3,302  $186  
Equity swaps927  2,477  
Options1,604  1,753  
$5,833  $4,416  
Payable for derivative contracts
As of December 31, 2019 and 2018, payable for derivative contracts, at fair value, held by the Consolidated Funds are comprised of:
As of December 31,
20192018
(dollars in thousands)
Currency forwards$88  $96  
Equity swaps3,931  713  
Options750  854  
$4,769  $1,663  
Schedule of Other Investments, Portfolio Funds
Investments in Portfolio Funds, at fair value
As of December 31, 2019 and 2018, investments in Portfolio Funds, at fair value, included the following:
As of December 31,
20192018
(dollars in thousands)
Investments of Enterprise LP$99,153  $97,656  
Investments of Merger Fund76,616  88,739  
$175,769  $186,395  
Enterprise Master  
Investment Holdings [Line Items]  
Marketable Securities
Securities owned by Enterprise Master, at fair value
As of December 31,
2018
 (dollars in thousands)
Common stock$469  
$469  
Schedule of Other Investments, Portfolio Funds
Portfolio Funds, owned by Enterprise Master, at fair value
  As of December 31, 2018
 Strategy(dollars in thousands)
RCG Special Opportunities Fund, Ltd*Multi-Strategy$111,548  
Other Private InvestmentsVarious846  
 $112,394  
* Affiliates of the Company.
Merger Master  
Investment Holdings [Line Items]  
Marketable Securities
Merger Master
As of December 31,
20192018
 (dollars in thousands)
Securities owned by Merger Master, at fair value
Common stock$76,531  $162,811  
Warrants and rights748  —  
Corporate bonds2,074  116,488  
$79,353  $279,299  
Securities sold, not yet purchased, by Merger Master, at fair value
Common stock$29,623  $4,959  
Exchange traded funds38,527  4,651  
$68,150  $9,610  
Schedule of Derivative Instruments
Receivable on derivative contracts, at fair value, owned by Merger Master
As of December 31,
20192018
Description(dollars in thousands)
Options$2,047  $3,450  
Equity swaps406  5,320  
$2,453  $8,770  
Payable for derivative contracts, at fair value, owned by Merger Master
 As of December 31,
20192018
Description(dollars in thousands)
Options$1,158  $1,430  
Currency forwards—  270  
Equity swaps268  28  
$1,426  $1,728