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Investments of Operating Entities and Consolidated Funds - (Tables)
 9 Months Ended
Sep. 30, 2021
Investment Holdings [Line Items]  
Marketable Securities As of September 30, 2021 and December 31, 2020, securities owned, at fair value consisted of the following:
As of September 30, 2021As of December 31, 2020
 (dollars in thousands)
Common stock$3,634,290 $1,770,301 
Preferred stock117,922 69,358 
Warrants and rights34,393 27,701 
Government bonds21,936 19,721 
Corporate bonds120,390 86,503 
Convertible bonds7,363 6,040 
Term loan (*)12,578 12,623 
Trade claims (*)5,681 8,713 
Private investments361 642 
$3,954,914 $2,001,602 
(*)The Company has elected the fair value option for securities owned, at fair value with a fair value of $5.7 million and $8.8 million, respectively, at September 30, 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 September 30, 2021As of December 31, 2020
 Number of contracts / Notional ValueFair valueNumber of contracts / Notional ValueFair value
 (dollars in thousands)
Currency forwards$141,105 $1,241 $4,902 $15 
Equity swaps$3,128,378 320,825 $944,544 64,634 
Options (a)186,836 44,370 371,188 49,102 
Netting - swaps (b)(154,015)(62,269)
$212,421 $51,482 
Payable for derivative contracts
As of September 30, 2021As of December 31, 2020
 Number of contracts / Notional ValueFair valueNumber of contracts / Notional ValueFair value
 (dollars in thousands)
Futures$13,164 $261 $— $— 
Currency forwards$5,180 22 $123,346 3,067 
Equity swaps$886,267 146,837 $896,863 43,560 
Interest rate swaps$285,000 518 $— — 
Options (a)163,652 40,514 198,320 66,566 
Netting - swap (b)(141,280)(37,033)
$46,872 $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 September 30, 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 September 30, 2021
Receivable on derivative contracts, at fair value$366,436 $154,015 $212,421 $1,684 $139,849 $70,888 
Payable for derivative contracts, at fair value188,152 141,280 46,872 1,684 — 45,188 
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 September 30, 2021 and December 31, 2020, other investments included the following:
As of September 30, 2021As of December 31, 2020
 (dollars in thousands)
Portfolio funds, at fair value (1)$138,023 $133,454 
Carried interest (2)84,312 82,892 
Equity method investments (3)40,096 38,681 
$262,431 $255,027 
Schedule of Other Investments, Portfolio Funds
The portfolio funds, at fair value as of September 30, 2021 and December 31, 2020, included the following:
As of September 30, 2021As of December 31, 2020
(dollars in thousands)
Starboard Value and Opportunity Fund LP (c)(*)$47,248 $42,519 
Formation8 Partners Fund I, L.P. (f)22,972 31,894 
Cowen Healthcare Investments II LP (i) (*)15,749 26,186 
Lagunita Biosciences, LLC (d)5,584 3,850 
Eclipse Ventures Fund I, L.P. (b)6,153 4,457 
HealthCare Royalty Partners II LP (a)(*)1,426 1,588 
HealthCare Royalty Partners LP (a)(*)861 1,072 
Starboard Leaders Fund LP (e)(*)2,374 2,020 
Eclipse SPV I, LP (j)(*)2,402 1,708 
Ramius Merger Fund LLC (m)(*)1,607 2,197 
TriArtisan ES Partners LLC (k)(*)1,804 1,657 
Cowen Healthcare Investments III LP (i)(*)7,484 5,714 
TriArtisan PFC Partners LLC (l)(*)980 691 
Starboard Value and Opportunity Fund Ltd (c) (*)2,622 2,364 
Eclipse Ventures Fund II, L.P. (b)2,615 1,733 
Eclipse Continuity Fund I, L.P. (b)1,702 1,101 
Cowen Sustainable Investments I LP (i)(*)11,563 — 
Difesa Partners, LP (h) 976 848 
BDC Fund I Coinvest 1, L.P. (g) 1,250 1,250 
Other private investment (n)(*)308 326 
Other affiliated funds (o)(*)343 279 
$138,023 $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 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)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)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.
(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)Other private investment represents the Company's closed end investment in a portfolio fund that invests in a wireless broadband communication provider in Italy.
(o)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 September 30, 2021 and December 31, 2020, included the following:
As of September 30, 2021As of December 31, 2020
(dollars in thousands)
Cowen Healthcare Investments II LP$31,223 $62,112 
Cowen Healthcare Investments III LP10,889 11,520 
Cowen Sustainable Investments I LP6,122 — 
Cowen Sustainable Investments Offshore I LP7,505 — 
CSI I Prodigy Co-Investment LP2,817 — 
CSI PRTA Co- Investment LP11,073 — 
TriArtisan TGIF Partners LLC4,311 3,361 
TriArtisan ES Partners LLC3,416 3,152 
TriArtisan PFC Partners LLC5,803 1,455 
Ramius Multi-Strategy Fund LP615 734 
Ramius Merger Fund LLC 374 368 
RCG IO Renergys Sarl164 190 
$84,312 $82,892 
Schedule Equity Method Investments The following table summarizes equity method investments held by the Company:
As of September 30, 2021As of December 31, 2020
(dollars in thousands)
Starboard Value LP$30,793 $31,528 
HealthCare Royalty GP III, LLC 2,205 2,213 
RCG Longview Management, LLC— 268 
HealthCare Royalty GP, LLC 1,056 920 
HealthCare Royalty GP II, LLC 242 269 
HealthCare Royalty GP IV, LLC1,745 304 
RCG Longview Debt Fund IV Management, LLC331 331 
HCR Overflow Fund GP, LLC843 740 
RCG Longview Equity Management, LLC— 105 
HCR Stafford Fund GP, LLC2,022 1,025 
Liberty Harbor North222 222 
Other637 756 
$40,096 $38,681 
Schedule of Securities Sold, Not yet Purchased As of September 30, 2021 and December 31, 2020, securities sold, not yet purchased, at fair value consisted of the following:
 As of September 30, 2021As of December 31, 2020
 (dollars in thousands)
Common stock$1,352,771 $699,894 
Corporate bonds40 11,358 
Government bonds— 1,500 
Preferred stock6,624 6,589 
Warrants and rights2,288 8,774 
$1,361,723 $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 September 30, 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 September 30, 2021
Securities borrowed$2,169,056 $— $2,169,056 $— $2,185,528 $— $(16,472)
Securities loaned3,352,456 — 3,352,456 — 3,595,459 — (243,003)
Securities sold under agreements to repurchase53,839 — 53,839 — 56,121 — (2,282)
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 September 30, 2021 and December 31, 2020:
Open and OvernightUp to 30 days31 - 90 daysGreater than 90 daysTotal
(dollars in thousands)
As of September 30, 2021
Securities loaned
    Common stock$3,079,434 $— $— $— $3,079,434 
    Corporate bonds400,238 — — — 400,238 
Securities sold under agreements to repurchase
    Corporate bonds— — 29,063 — 29,063 
As of December 31, 2020
Securities loaned
    Common stock2,232,688 — — — 2,232,688 
    Corporate bonds243,726 — — — 243,726 
Securities sold under agreements to repurchase
Corporate bonds$— $— $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 September 30, 2021Linkem S.p.A.Equity, loans and warrantsItalyWireless Broadband7.82 %$84,711 
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 September 30, 2021 and December 31, 2020, securities owned, at fair value, held by the Consolidated Funds consisted of the following:
As of September 30, 2021As of December 31, 2020
 (dollars in thousands)
     Common stock$2,951 $4,816 
     Warrants and rights— 5,806 
$2,951 $10,622 
Schedule of Other Investments, Portfolio Funds
Investments in portfolio funds, at fair value
As of September 30, 2021 and December 31, 2020, investments in portfolio funds, at fair value, included the following:
As of September 30, 2021As of December 31, 2020
(dollars in thousands)
Investments of Enterprise LP$100,252 $104,475 
Investments of Cowen Sustainable Investments I LP— 88,195 
$100,252 $192,670