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Investments of Operating Entities and Consolidated Funds - (Tables)
 12 Months Ended
Dec. 31, 2021
Investment Holdings [Line Items]  
Marketable Securities As of December 31, 2021 and 2020, securities owned, at fair value consisted of the following:
As of December 31,
 20212020
 (dollars in thousands)
Common stock$2,428,820 $1,770,301 
Preferred stock134,930 69,358 
Warrants and rights46,459 27,701 
Government bonds16,002 19,721 
Corporate bonds21,468 86,503 
Convertible bonds5,250 6,040 
Term loan (*)3,907 12,623 
Trade claims (*)3,496 8,713 
Private investments410 642 
$2,660,742 $2,001,602 
(*)The Company has elected the fair value option for securities owned, at fair value with a fair value of $3.5 million and $8.8 million, respectively, at December 31, 2021 and 2020.
Schedule of Derivative Instruments
The Company's long and short exposure to derivatives is as follows:
Receivable on derivative contractsAs of December 31,
20212020
 Number of contracts / Notional ValueFair valueNumber of contracts / Notional ValueFair value
 (dollars in thousands)
Currency forwards$10,727 $80 $4,902 $15 
Equity swaps$2,235,181 306,578 $944,544 64,634 
Options (a)217,393 61,219 371,188 49,102 
Netting - swaps (b)(81,742)(62,269)
$286,135 $51,482 
Payable for derivative contracts
As of December 31,
20212020
 Number of contracts / Notional ValueFair valueNumber of contracts / Notional ValueFair value
 (dollars in thousands)
Futures$9,378 $266 $— $— 
Currency forwards$149,575 1,346 $123,346 3,067 
Equity swaps$988,329 114,689 $896,863 43,560 
Options (a)182,440 36,192 198,320 66,566 
Netting - swap (b)(92,330)(37,033)
$60,163 $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 December 31, 2021 and 2020. 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, 2021
Receivable on derivative contracts, at fair value$367,877 $81,742 $286,135 $1,421 $211,442 $73,272 
Payable for derivative contracts, at fair value152,493 92,330 60,163 2,839 — 57,324 
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 December 31, 2021 and 2020, other investments included the following:
As of December 31,
 20212020
 (dollars in thousands)
Portfolio funds, at fair value (1)$137,986 $133,454 
Carried interest (2)88,925 82,892 
Equity method investments (3)47,200 38,681 
$274,111 $255,027 
Schedule of Other Investments, Portfolio Funds
The portfolio funds, at fair value as of December 31, 2021 and 2020, included the following:
As of December 31,
20212020
(dollars in thousands)
HealthCare Royalty Partners LP (a)(*)$832 $1,072 
HealthCare Royalty Partners II LP (a)(*)1,259 1,588 
Eclipse Ventures Fund I, L.P. (b)5,829 4,457 
Eclipse Ventures Fund II, L.P. (b)2,354 1,733 
Eclipse Continuity Fund I, L.P. (b)1,641 1,101 
Starboard Value and Opportunity Fund LP (c)(*)49,252 42,519 
Starboard Value and Opportunity Fund Ltd (c) (*)2,732 2,364 
Lagunita Biosciences, LLC (d)5,671 3,850 
Starboard Leaders Fund LP (e)(*)2,823 2,020 
Formation8 Partners Fund I, L.P. (f)20,992 31,894 
BDC Fund I Coinvest 1, L.P. (g) 1,250 1,250 
Difesa Partners, LP (h) 1,017 848 
Cowen Sustainable Investments I LP (i)(*)13,102 — 
Cowen Healthcare Investments II LP (i) (*)13,055 26,186 
Cowen Healthcare Investments III LP (i)(*)8,426 5,714 
Cowen Healthcare Investments IV LP (i)(*)1,071 — 
Eclipse SPV I, LP (j)(*)1,445 1,708 
TriArtisan ES Partners LLC (k)(*)1,805 1,657 
TriArtisan PFC Partners LLC (l)(*)1,112 691 
Ramius Merger Fund LLC (m)(*)1,692 2,197 
Other private investment (n)(*)303 326 
Other affiliated funds (o)(*)323 279 
$137,986 $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 27.
(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 Sustainable Investments I LP, Cowen Healthcare Investments II LP, Cowen Healthcare Investments III LP and Cowen Healthcare Investments IV 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 December 31, 2021 and 2020, included the following:
As of December 31,
20212020
(dollars in thousands)
Cowen Healthcare Investments II LP$23,327 $62,112 
Cowen Healthcare Investments III LP18,523 11,520 
Cowen Sustainable Investments I LP7,436 — 
Cowen Sustainable Investments Offshore I LP9,196 — 
CSI I Prodigy Co-Investment LP2,436 — 
CSI PRTA Co- Investment LP9,535 — 
TriArtisan TGIF Partners LLC4,047 3,361 
TriArtisan ES Partners LLC3,401 3,152 
TriArtisan PFC Partners LLC9,394 1,455 
Ramius Multi-Strategy Fund LP587 734 
Ramius Merger Fund LLC 861 368 
RCG IO Renergys Sarl136 190 
Other affiliated funds46 — 
$88,925 $82,892 
Schedule Equity Method Investments The following table summarizes equity method investments held by the Company:
As of December 31,
20212020
(dollars in thousands)
Starboard Value LP$36,889 $31,528 
HealthCare Royalty GP III, LLC 1,957 2,213 
RCG Longview Management, LLC— 268 
HealthCare Royalty GP, LLC 1,451 920 
HealthCare Royalty GP II, LLC 213 269 
HealthCare Royalty GP IV, LLC1,716 304 
RCG Longview Debt Fund IV Management, LLC331 331 
HCR Overflow Fund GP, LLC839 740 
RCG Longview Equity Management, LLC— 105 
 HCRP MGS Account Management, LLC 598 500 
HCR Stafford Fund GP, LLC2,955 1,025 
Liberty Harbor North— 222 
Other251 256 
$47,200 $38,681 
Schedule of Securities Sold, Not yet Purchased As of December 31, 2021 and 2020, securities sold, not yet purchased, at fair value consisted of the following:
As of December 31,
 20212020
 (dollars in thousands)
Common stock$1,192,396 $699,894 
Corporate bonds37 11,358 
Government bonds— 1,500 
Preferred stock9,009 6,589 
Warrants and rights6 8,774 
$1,201,448 $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 December 31, 2021 and 2020.
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, 2021
Securities borrowed$1,704,603 $— $1,704,603 $— $1,652,007 $— $52,596 
Securities loaned1,586,572 — 1,586,572 — 1,592,140 — (5,568)
Securities sold under agreements to repurchase63,469 — 63,469 — 74,443 — (10,974)
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 December 31, 2021 and 2020:
Open and OvernightUp to 30 days31 - 90 daysGreater than 90 daysTotal
(dollars in thousands)
As of December 31, 2021
Securities loaned
    Common stock$1,570,835 $— $— $— $1,570,835 
    Corporate bonds15,737 — — — 15,737 
Securities sold under agreements to repurchase
    Common stock— 20,906 42,563 — 63,469 
As of December 31, 2020
Securities loaned
    Common stock2,232,688 — — — 2,232,688 
    Corporate bonds243,726 — — — 243,726 
Securities sold under agreements to repurchase
Corporate bonds$— $— $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 December 31, 2021Linkem S.p.A.Equity and warrantsItalyWireless Broadband8.22 %$83,537 
As of December 31, 2020Linkem S.p.A.Equity, loans and warrantsItalyWireless Broadband9.07 %$87,944 
Consolidated Funds  
Investment Holdings [Line Items]  
Marketable Securities As of December 31, 2021 and 2020, securities owned, at fair value, held by the Consolidated Funds consisted of the following:
As of December 31,
 20212020
 (dollars in thousands)
     Common stock$— $4,816 
     Warrants and rights— 5,806 
$— $10,622 
Schedule of Other Investments, Portfolio Funds
Investments in portfolio funds, at fair value
As of December 31, 2021 and 2020, investments in portfolio funds, at fair value, included the following:
As of December 31,
20212020
(dollars in thousands)
Investments of Enterprise LP$99,067 $104,475 
Investments of Cowen Sustainable Investments I LP— 88,195 
$99,067 $192,670