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Investments of Operating Entities and Consolidated Funds - (Tables)
 3 Months Ended
Mar. 31, 2021
Investment Holdings [Line Items]  
Marketable Securities
As of March 31, 2021 and December 31, 2020, securities owned, at fair value consisted of the following:
As of March 31, 2021As of December 31, 2020
 (dollars in thousands)
Common stock$2,934,604 $1,770,301 
Preferred stock66,853 69,358 
Warrants and rights30,961 27,701 
Government bonds19,671 19,721 
Corporate bonds81,460 86,503 
Convertible bonds3,137 6,040 
Term loan (*)12,424 12,623 
Trade claims (*)5,905 8,713 
Private investments1,085 642 
$3,156,100 $2,001,602 
(*)The Company has elected the fair value option for securities owned, at fair value with a fair value of $5.9 million and $8.8 million, respectively, at March 31, 2021 and December 31, 2020.
Schedule of Derivative Instruments
The Company's long and short exposure to derivatives is as follows:
Receivable on derivative contractsAs of March 31, 2021As of December 31, 2020
 Number of contracts / Notional ValueFair valueNumber of contracts / Notional ValueFair value
 (dollars in thousands)
Currency forwards$132,960 $384 $4,902 $15 
Swaps$1,746,919 142,266 $944,544 64,634 
Options other (a)163,622 42,124 371,188 49,102 
Netting - swaps (b)(89,238)(62,269)
$95,536 $51,482 

Payable for derivative contracts
As of March 31, 2021As of December 31, 2020
 Number of contracts / Notional ValueFair valueNumber of contracts / Notional ValueFair value
 (dollars in thousands)
Currency forwards$1,990 $16 $123,346 $3,067 
Swaps$1,603,710 82,391 $896,863 43,560 
Options other (a)130,627 31,524 198,320 66,566 
Netting - swap (b)(61,806)(37,033)
$52,125 $76,160 
(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 2f 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 March 31, 2021 and December 31, 2020. This table does not include the impact of over-collateralization.
Gross amounts offset on the Condensed Consolidated Statements of Financial Condition (a)Net amounts included on the Condensed Consolidated Statements of Financial ConditionGross amounts not offset in the Condensed Consolidated Statements of Financial Condition
Gross amounts recognizedFinancial instruments (a)Cash Collateral pledged (a)Net amounts
(dollars in thousands)
As of March 31, 2021
Receivable on derivative contracts, at fair value$184,774 $89,238 $95,536 $2,694 $48,448 $44,394 
Payable for derivative contracts, at fair value113,931 61,806 52,125 2,694 1,124 48,307 
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 
(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 March 31, 2021 and December 31, 2020, other investments included the following:
As of March 31, 2021As of December 31, 2020
 (dollars in thousands)
Portfolio funds, at fair value (1)$151,933 $133,454 
Carried interest (2)180,352 82,892 
Equity method investments (3)34,498 38,681 
$366,783 $255,027 
Schedule of Other Investments, Portfolio Funds
The portfolio funds, at fair value as of March 31, 2021 and December 31, 2020, included the following:
As of March 31, 2021As of December 31, 2020
(dollars in thousands)
Starboard Value and Opportunity Fund LP (c)(*)$46,008 $42,519 
Formation8 Partners Fund I, L.P. (f)33,408 31,894 
Cowen Healthcare Investments II LP (i) (*)26,733 26,186 
Lagunita Biosciences, LLC (d)3,785 3,850 
Eclipse Ventures Fund I, L.P. (b)4,804 4,457 
HealthCare Royalty Partners II LP (a)(*)1,605 1,588 
HealthCare Royalty Partners LP (a)(*)1,035 1,072 
Starboard Leaders Fund LP (e)(*)2,328 2,020 
Eclipse SPV I, LP (j)(*)1,809 1,708 
Ramius Merger Fund LLC (m)(*)2,252 2,197 
TriArtisan ES Partners LLC (k)(*)1,848 1,657 
Cowen Healthcare Investments III LP (i)(*)7,717 5,714 
TriArtisan PFC Partners LLC (l)(*)760 691 
Starboard Value and Opportunity Fund Ltd (c) (*)2,556 2,364 
Eclipse Ventures Fund II, L.P. (b)1,910 1,733 
Eclipse Continuity Fund I, L.P. (b)1,252 1,101 
Cowen Sustainable Investments I LP (i)(*)9,299 — 
Difesa Partners, LP (h) 985 848 
BDC Fund I Coinvest 1, L.P. (n) 1,250 1,250 
Other private investment (o)(*)311 326 
Other affiliated funds (p)(*)278 279 
$151,933 $133,454 
* 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 17.
(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, Cowen Healthcare Investments III LP and Cowen Sustainable Investments I 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 March 31, 2021 and December 31, 2020, included the following:
As of March 31, 2021As of December 31, 2020
(dollars in thousands)
Cowen Healthcare Investments II LP$73,415 $62,112 
Cowen Healthcare Investments III LP31,034 11,520 
Cowen Sustainable Investments I LP13,581 — 
Cowen Sustainable Investments Offshore I LP17,944 — 
CSI I Prodigy Co-Investment LP6,617 — 
CSI PRTA Co- Investment LP26,242 — 
TriArtisan TGIF Partners LLC3,689 3,361 
TriArtisan ES Partners LLC4,514 3,152 
TriArtisan PFC Partners LLC2,329 1,455 
Ramius Multi-Strategy Fund LP638 734 
Ramius Merger Fund LLC 162 368 
RCG IO Renergys Sarl187 190 
$180,352 $82,892 
Schedule Equity Method Investments
The following table summarizes equity method investments held by the Company:
As of March 31, 2021As of December 31, 2020
(dollars in thousands)
Starboard Value LP$27,769 $31,528 
HealthCare Royalty GP III, LLC 2,221 2,213 
RCG Longview Management, LLC268 268 
HealthCare Royalty GP, LLC 442 920 
HealthCare Royalty GP II, LLC 272 269 
RCG Longview Debt Fund IV Management, LLC331 331 
RCG Longview Equity Management, LLC105 105 
HCR Stafford Fund GP, LLC1,159 1,025 
Liberty Harbor North222 222 
Other1,709 1,800 
$34,498 $38,681 
Schedule of Securities Sold, Not yet Purchased As of March 31, 2021 and December 31, 2020, securities sold, not yet purchased, at fair value consisted of the following:
 As of March 31, 2021As of December 31, 2020
 (dollars in thousands)
Common stock$918,021 $699,894 
Corporate bonds453 11,358 
Government bonds522 1,500 
Preferred stock7,567 6,589 
Warrants and rights4,519 8,774 
$931,082 $728,115 
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 March 31, 2021 and December 31, 2020.
Gross amounts not offset on the Condensed Consolidated Statements of Financial Condition
Gross amounts recognized, net of allowanceGross amounts offset on the Condensed Consolidated Statements of Financial Condition (a)Net amounts included on the Condensed Consolidated Statements of Financial ConditionAdditional Amounts AvailableFinancial instrumentsCash Collateral pledged (b)Net amounts
(dollars in thousands)
As of March 31, 2021
Securities borrowed$1,996,757 $— $1,996,757 $— $1,970,665 $— $26,092 
Securities loaned3,083,945 — 3,083,945 — 3,100,800 — (16,855)
Securities sold under agreements to repurchase2,546 — 2,546 — 2,759 — (213)
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)
(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 March 31, 2021 and December 31, 2020:
Open and OvernightUp to 30 days31 - 90 daysGreater than 90 daysTotal
(dollars in thousands)
As of March 31, 2021
Securities loaned
    Common stock$2,827,291 $— $— $— $2,827,291 
    Corporate bonds256,654 — — — 256,654 
Securities sold under agreements to repurchase
    Corporate bonds— — 2,546 — 2,546 
As of December 31, 2020
Securities loaned
    Common stock2,232,687 — — — 2,232,687 
    Corporate bonds243,726 — — — 243,726 
Securities sold under agreements to repurchase
Corporate bonds$— $— $5,036 $— $5,036 
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 March 31, 2021Linkem S.p.A.Equity, loans and warrantsItalyWireless Broadband7.62 %$84,324 
As of December 31, 2020Linkem S.p.A.Equity, loans and warrantsItalyWireless Broadband9.07 %$87,944 
Consolidated Funds  
Investment Holdings [Line Items]  
Marketable Securities
As of March 31, 2021 and December 31, 2020, securities owned, at fair value, held by the Consolidated Funds consisted of the following:
As of March 31, 2021As of December 31, 2020
 (dollars in thousands)
     Common stock$3,611 $4,816 
     Warrants and rights5,329 5,806 
$8,940 $10,622 
Schedule of Other Investments, Portfolio Funds
Investments in portfolio funds, at fair value
As of March 31, 2021 and December 31, 2020, investments in portfolio funds, at fair value, included the following:
As of March 31, 2021As of December 31, 2020
(dollars in thousands)
Investments of Enterprise LP$100,035 $104,475 
Investments of Cowen Sustainable Investments I LP— 88,195 
$100,035 $192,670