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Investments (Tables)
 12 Months Ended
Dec. 31, 2013
Investments  
Schedule of fair value information regarding investments

 

(In thousands)
  2013   2012  

Investment in FATV(1)

   $ 17,624   $ 17,110  

Employee Investment Funds net of Company's ownership interest

     1,265     1,218  

Other investments

     —     2,150  
           
​ ​ ​ ​ ​ ​ ​ ​

Total Investments

   $ 18,889   $ 20,478  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
(1)
Excludes the Company's share of carried interest in FATV of approximately $2.9 million and $1.6 million at December 31, 2013 and December 31, 2012, which is unrecognized as collection is not reasonably assured.
Schedule of investment gains and losses

 

(In thousands of dollars)
  2013   2012   2011  

Investment in FATV

   $ 3,800   $ 1,261   $ 2,188  

Employee Investment Funds

     (36 )   (28 )   (39 )

Other investments

     (2,497 )   —     847  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total investment gains, net

   $ 1,267   $ 1,233   $ 2,996  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Summary of statements of financial condition for equity method investments

 

 

(In thousands of dollars)
  December 31,
2013		   December 31,
2012		  

Assets:

              

Investments at fair value

   $ 75,188   $ 69,736  

Cash and cash equivalents

     786     1,220  

Escrow receivable and other

     1,352     46  
           
​ ​ ​ ​ ​ ​ ​ ​

Total assets

   $ 77,326   $ 71,002  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

Liabilities:

              

Accrued expenses and other liabilities

   $ 57   $ 53  
           
​ ​ ​ ​ ​ ​ ​ ​

Partners' Capital:

              

Partner's capital

     77,269     70,949  
           
​ ​ ​ ​ ​ ​ ​ ​

Total Liabilities and Partners' Capital

   $ 77,326   $ 71,002  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Summary of statements of operations for equity method investments

 

 

 
   For the years ending
December 31,		  
(In thousands of dollars)
  2013   2012   2011  

Revenue:

                    

Interest income

   $ 1   $ 428   $ 37  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Expenses:

                    

Management fees

     532     576     582  

Professional fees

     61     57     74  

Other

     3     6     49  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total expenses

     596     639     705  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net investment loss

     (595 )   (211 )   (668 )

Net gains on investments

     19,417     7,454     11,507  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net increase in partners' capital from operations

   $ 18,822   $ 7,243   $ 10,839  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Schedule of other investments

 

 

(In thousands of dollars)
  2013   2012  

Balance—January 1

   $ 2,150   $ 1,200  

Purchases of investments

     947     950  

Sales / redemptions of investments

     (600) (1)   —  

Losses on investments

     (2,497 )   —  
           
​ ​ ​ ​ ​ ​ ​ ​

Balance—December 31

   $ —   $ 2,150  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
(1)
The Company held an investment in a privately held newly-formed commercial mortgage origination company ("investee"), which was redeemed during the fourth quarter of 2013 at par ($0.6 million). In connection with this redemption, the investee granted the Company warrants which are exercisable for $1, solely upon a liquidity event, as defined, and expire on November 18, 2023. To the extent that a liquidity event (as defined) were to occur, the warrants would become exercisable into a 0.4%-2.2% ownership interest in the investee. The actual ownership interest for which the warrants convert is dependent upon the certain performance hurdles being met by the investee. The Company ascribed no fair value to these warrants at December 31, 2013 as the warrants cannot be net settled and are not readily convertible to cash.