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Investments of Operating Entities and Consolidated Funds - (Tables)
 12 Months Ended
Dec. 31, 2020
Investment Holdings [Line Items]  
Marketable Securities
As of December 31, 2020 and 2019, securities owned, at fair value consisted of the following:
As of December 31,
 20202019
 (dollars in thousands)
Common stock$1,770,451 $1,546,484 
Preferred stock69,358 12,656 
Warrants and rights27,701 22,109 
Government bonds19,721 15,916 
Corporate bonds86,503 25,500 
Convertible bonds6,040 2,500 
Term loan (*)12,623 1,067 
Trade claims (*)9,205 7,320 
$2,001,602 $1,633,552 
(*)The Company has elected the fair value option for securities owned, at fair value with a fair value of $8.8 million and $8.4 million, respectively, at December 31, 2020 and 2019.
Schedule of Derivative Instruments
The Company's long and short exposure to derivatives is as follows:
Receivable on derivative contractsAs of December 31,
20202019
 Number of contracts / Notional ValueFair valueNumber of contracts / Notional ValueFair value
 (dollars in thousands)
Currency forwards$4,902 $15 $— $— 
Swaps$944,544 64,634 $383,752 6,151 
Options other (a)371,188 49,102 550,188 60,066 
Netting - swaps (b)(62,269)(3,240)
$51,482 $62,977 
Payable for derivative contracts
As of December 31,
20202019
 Number of contracts / Notional ValueFair valueNumber of contracts / Notional ValueFair value
 (dollars in thousands)
Futures$— $— $10,224 $217 
Currency forwards$123,346 3,067 $77,790 851 
Swaps$896,863 43,560 $607,717 26,409 
Options other (a)198,320 66,566 306,306 36,524 
Netting - swap (b)(37,033)(3,240)
$76,160 $60,761 
(a) Includes the volume of contracts for index, equity, commodity future and cash conversion options.
b) Derivatives are reported on a net basis, by counterparty, when a legal right of offset exists under an enforceable netting agreement as well as net of cash collateral received or posted under enforceable credit support agreements. See Note 2g for further information on offsetting of derivative financial instruments.
The following tables present the gross and net derivative positions and the related offsetting amount, as of December 31, 2020 and 2019. This table does not include the impact of over-collateralization.
Gross amounts offset on the Consolidated Statements of Financial Condition (a)Net amounts included on the Consolidated Statements of Financial ConditionGross amounts not offset in the Consolidated Statements of Financial Condition
Gross amounts recognizedFinancial instruments (a)Cash Collateral pledged (a)Net amounts
(dollars in thousands)
As of December 31, 2020
Receivable on derivative contracts, at fair value$113,751 $62,269 $51,482 $691 $169 $50,622 
Payable for derivative contracts, at fair value113,193 37,033 76,160 691 3,174 72,295 
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 
(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.
Schedule of Other Investments
As of December 31, 2020 and 2019, other investments included the following:
As of December 31,
 20202019
 (dollars in thousands)
Portfolio funds, at fair value (1)$133,454 $114,504 
Carried interest (2)82,892 30,360 
Equity method investments (3)38,681 40,858 
$255,027 $185,722 
Schedule of Other Investments, Portfolio Funds
The Portfolio Funds, at fair value as of December 31, 2020 and 2019, included the following:
As of December 31,
20202019
(dollars in thousands)
Starboard Value and Opportunity Fund LP (c)(*)$42,519 $37,895 
Formation8 Partners Fund I, L.P. (f)31,894 33,613 
Cowen Healthcare Investments II LP (i) (*)26,186 14,652 
Lagunita Biosciences, LLC (d)3,850 4,802 
Eclipse Ventures Fund I, L.P. (b)4,457 3,960 
HealthCare Royalty Partners II LP (a)(*)1,588 1,781 
RCG Longview Debt Fund V, L.P. (g)(*)— 1,732 
HealthCare Royalty Partners LP (a)(*)1,072 1,326 
Starboard Leaders Fund LP (e)(*)2,020 1,560 
Eclipse SPV I, LP (j)(*)1,708 1,447 
Ramius Merger Fund LLC (m)(*)2,197 — 
TriArtisan ES Partners LLC (k)(*)1,657 1,082 
Cowen Healthcare Investments III LP (i)(*)5,714 1,398 
TriArtisan PFC Partners LLC (l)(*)691 909 
Starboard Value and Opportunity Fund Ltd (c) (*)2,364 — 
Eclipse Ventures Fund II, L.P. (b)1,733 1,330 
Eclipse Continuity Fund I, L.P. (b)1,101 823 
Difesa Partners, LP (h) (*)848 508 
BDC Fund I Coinvest 1, L.P. (n) (*)1,250 — 
Other private investment (o)(*)326 4,448 
Other affiliated funds (p)(*)279 1,238 
$133,454 $114,504 
* 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)Each of Eclipse Ventures Fund I, L.P., Eclipse Ventures Fund II, L.P. and Eclipse Continuity Fund I, L.P. are venture capital funds which invests in early stage and growth stage hardware companies. Distributions will be made when the underlying investments are liquidated.
(c)Starboard Value and Opportunity Fund LP and Starboard Value and Opportunity Fund Ltd 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. is a 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)Difesa Partners, LP permits semi-annual withdrawals occurring on or after the anniversary of initial contribution upon 90 days written notice.
(i)Cowen Healthcare Investments II LP and Cowen Healthcare Investments III LP are private equity funds.  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)Ramius Merger Fund LLC permits monthly withdrawals on 45 days prior notice.
(n)BDC Fund I Coinvest 1, L.P. is a private equity fund focused on investing in growth companies in industries disrupted by digitization. Distributions will be made when the underlying investments are liquidated.
(o)Other private investment represents the Company's closed end investment in a Portfolio Fund that invests in a wireless broadband communication provider in Italy.
(p)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.
Carried Interest
The carried interest as of December 31, 2020 and 2019, included the following:
As of December 31,
20202019
(dollars in thousands)
Cowen Healthcare Investments II LP$62,112 $23,759 
Cowen Healthcare Investments III LP11,520 — 
TriArtisan TGIF Partners LLC3,361 — 
TriArtisan ES Partners LLC3,152 — 
TriArtisan PFC Partners LLC1,455 — 
Ramius Multi-Strategy Fund LP734 — 
Ramius Merger Fund LLC 368 — 
Other private investment (a)— 4,737 
RCG IO Renergys Sarl190 1,251 
Ramius Multi-Strategy Fund LP — 613 
$82,892 $30,360 
(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.
Schedule Equity Method Investments
The following table summarizes equity method investments held by the Company:
As of December 31,
20202019
(dollars in thousands)
Starboard Value LP$31,528 $24,292 
Surf House Ocean Views Holdings, LLC— 7,804 
HealthCare Royalty GP III, LLC 2,213 2,230 
RCG Longview Debt Fund V Partners, LLC— 2,889 
RCG Longview Management, LLC268 583 
HealthCare Royalty GP, LLC 920 108 
HealthCare Royalty GP II, LLC 269 302 
RCG Longview Debt Fund IV Management, LLC331 331 
RCG Longview Equity Management, LLC105 105 
HCR Stafford Fund GP, LLC1,025 880 
Liberty Harbor North222 292 
Other1,800 1,042 
$38,681 $40,858 
Schedule of Securities Sold, Not yet Purchased As of December 31, 2020 and 2019, securities sold, not yet purchased, at fair value consisted of the following:
As of December 31,
 20202019
 (dollars in thousands)
Common stock$699,894 $425,448 
Corporate bonds11,358 5,933 
Government bonds1,500 1,950 
Preferred stock6,589 3,686 
Warrants and rights8,774 14,819 
$728,115 $451,836 
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, 2020 and 2019.
Gross amounts not offset on the Consolidated Statements of Financial Condition
Gross amounts recognized, net of allowanceGross amounts offset on the Consolidated Statements of Financial Condition (a)Net amounts included on the Consolidated Statements of Financial ConditionAdditional Amounts AvailableFinancial instrumentsCash Collateral pledged (b)Net amounts
(dollars in thousands)
As of December 31, 2020
Securities borrowed$1,908,187 $— $1,908,187 $— $1,809,399 $— $98,788 
Securities loaned2,476,414 — 2,476,414 — 2,383,342 — 93,072 
Securities purchased under agreements to resell191 — 191 — 204 — (13)
Securities sold under agreements to repurchase5,036 — 5,036 — 5,544 — (508)
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)
(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, 2020 and 2019:
Open and OvernightUp to 30 days31 - 90 daysGreater than 90 daysTotal
(dollars in thousands)
As of December 31, 2020
Securities loaned
    Common stock$2,232,687 $— $— $— $2,232,687 
    Corporate bonds243,726 — — — 243,726 
Securities sold under agreements to repurchase
    Corporate bonds— — 5,036 — 5,036 
As of December 31, 2019
Securities loaned
    Common stock1,343,478 — — — 1,343,478 
    Corporate bonds258,388 — — — 258,388 
Securities sold under agreements to repurchase
    Common stock$— $— $23,244 $— $23,244 
Fair Value, Concentration of Risk
Investment's percentage of the Company's stockholders' equity
IssuerSecurity TypeCountryIndustryPercentage of Stockholders' EquityMarket Value
(dollars in thousands)
As of December 31, 2020Linkem S.p.A.Equity, loans and warrantsItalyWireless Broadband9.07 %$87,944 
As of December 31, 2019Linkem S.p.A.Equity, loans and warrantsItalyWireless Broadband9.53 %$77,142 
Consolidated Funds  
Investment Holdings [Line Items]  
Marketable Securities
As of December 31, 2020 and 2019, securities owned, at fair value, held by the Consolidated Funds consisted of the following:
As of December 31,
 20202019
 (dollars in thousands)
     Preferred stock$— $4,393 
     Common stock4,816 200,306 
     Government bonds— 161,607 
     Corporate bonds — 3,405 
     Warrants and rights5,806 5,567 
$10,622 $375,278 
Schedule of Derivative Instruments
As of December 31, 2020 and 2019, receivable on derivative contracts, at fair value, held by the Consolidated Funds are comprised of:
As of December 31,
20202019
(dollars in thousands)
Currency forwards$— $3,302 
Equity swaps— 927 
Options— 1,604 
$— $5,833 
Payable for derivative contracts
As of December 31, 2020 and 2019, payable for derivative contracts, at fair value, held by the Consolidated Funds are comprised of:
As of December 31,
20202019
(dollars in thousands)
Currency forwards$— $88 
Equity swaps— 3,931 
Options— 750 
$— $4,769 
Schedule of Other Investments, Portfolio Funds
Investments in Portfolio Funds, at fair value
As of December 31, 2020 and 2019, investments in Portfolio Funds, at fair value, included the following:
As of December 31,
20202019
(dollars in thousands)
Investments of Enterprise LP$104,475 $99,153 
Investments of Merger Fund— 76,616 
Investments of Cowen Sustainable Investments I LP88,195 — 
$192,670 $175,769 
Merger Master  
Investment Holdings [Line Items]  
Marketable Securities
Merger Master
 As of December 31, 2019
Securities owned by Merger Master, at fair value
(dollars in thousands)
Common stock$76,531 
Warrants and rights748 
Corporate bonds2,074 
$79,353 
Securities sold, not yet purchased, by Merger Master, at fair value
Common stock$29,623 
Exchange traded funds38,527 
$68,150 
Schedule of Derivative Instruments
Receivable on derivative contracts, at fair value, owned by Merger Master
 As of December 31, 2019
Description(dollars in thousands)
Options$2,047 
Equity swaps406 
$2,453 
Payable for derivative contracts, at fair value, owned by Merger Master
As of December 31, 2019
Description(dollars in thousands)
Options$1,158 
Equity swaps268 
$1,426