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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2012
Schedule of Investments Classified as Investments-Trading | The following table provides a detail of the investments classified as investments-trading as of December 31 of each year: INVESTMENTS—TRADING (Dollars in Thousands)
Security Type |  | December 31, 2012 |  |  | December 31, 2011 |
U.S. government agency MBS and CMOs (1) |  | $ | 34,592 |  |  | $ | 7,563 |
U.S. government agency debt securities |  |  | 21,066 |  |  |  | 14,600 |
RMBS |  |  | 583 |  |  |  | 7,108 |
CMBS |  |  | 12 |  |  |  | 1,587 |
U.S. Treasury securities |  |  | 147 |  |  |  | 8,524 |
Interests in securitizations (2) |  |  | 352 |  |  |  | 608 |
SBA loans |  |  | 15,705 |  |  |  | 9,049 |
Corporate bonds and redeemable preferred stock |  |  | 56,022 |  |  |  | 65,445 |
Foreign government bonds |  |  | 448 |  |  |  | 67 |
Municipal bonds |  |  | 37,745 |  |  |  | 9,225 |
Certificates of deposit |  |  | 8,934 |  |  |  | 710 |
Equity securities |  |  | 533 |  |  |  | 60 |
Investments-trading |  | $ | 176,139 |  |  | $ | 124,546 |
(1) | Includes TBAs. See notes 3-G and 10.
(2) | Primarily comprised of CDOs, CLOs and ABS.
Schedule of Trading Securities Sold Not Yet Purchased | The following table shows the carrying value of all trading securities sold, not yet purchased as of December 31, of each year. TRADING SECURITIES SOLD, NOT YET PURCHASED (Dollars in Thousands)
Security Type |  | December 31, 2012 |  |  | December 31, 2011 |
U.S. government agency MBS (1) |  | $ | 13 |  |  | $ | 16 |
U.S. Treasury securities |  |  | 19,722 |  |  |  | 11,755 |
Corporate bonds and redeemable preferred stock |  |  | 21,976 |  |  |  | 87,537 |
Foreign government bonds |  |  | — |  |  |  | 158 |
Municipal bonds |  |  | 128 |  |  |  | 143 |
Certificates of deposit |  |  | 2,325 |  |  |  | 4 |
Equity securities |  |  | 3 |  |  |  | — |
Trading Securities Sold, Not Yet Purchased |  | $ | 44,167 |  |  | $ | 99,613 |
(1) | Represents TBAs. See notes 3-G and 10.
Schedule of Other Investments, at Fair Value | The following table provides detail of the investments included within other investments, at fair value: OTHER INVESTMENTS, AT FAIR VALUE (Dollars in Thousands)
|  | December 31, 2012 |
Security Type |  | Cost |  |  | Carrying Value |  |  | Unrealized Gain / (Loss) |
Interests in securitizations (1) |  | $ | 217 |  |  | $ | 77 |  |  | $ | (140 | )
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |
EuroDekania |  |  | 7,807 |  |  |  | 2,054 |  |  |  | (5,753 | )
Star Asia |  |  | 23,304 |  |  |  | 30,169 |  |  |  | 6,865 |
Tiptree |  |  | 5,561 |  |  |  | 2,834 |  |  |  | (2,727 | )
Star Asia Special Situations Fund |  |  | 1,841 |  |  |  | 2,503 |  |  |  | 662 |
Other securities |  |  | 232 |  |  |  | 431 |  |  |  | 199 |
Total equity securities |  |  | 38,745 |  |  |  | 37,991 |  |  |  | (754 | )
Residential loans |  |  | 230 |  |  |  | 255 |  |  |  | 25 |
Other investments, at fair value |  | $ | 39,192 |  |  | $ | 38,323 |  |  | $ | (869 | )
|  | December 31, 2011 |
Security Type |  | Cost |  |  | Carrying Value |  |  | Unrealized Gain / (Loss) |
Interests in securitizations (1) |  | $ | 217 |  |  | $ | 88 |  |  | $ | (129 | )
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |
EuroDekania |  |  | 7,792 |  |  |  | 2,370 |  |  |  | (5,422 | )
Star Asia |  |  | 23,219 |  |  |  | 37,358 |  |  |  | 14,139 |
Tiptree |  |  | 5,561 |  |  |  | 2,533 |  |  |  | (3,028 | )
Other securities |  |  | 232 |  |  |  | 156 |  |  |  | (76 | )
Total equity securities |  |  | 36,804 |  |  |  | 42,417 |  |  |  | 5,613 |
Residential loans |  |  | 278 |  |  |  | 267 |  |  |  | (11 | )
Other investments, at fair value |  | $ | 37,299 |  |  | $ | 42,772 |  |  | $ | 5,473 |
(1) | Represents an interest in a CDO.

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- Definition Tabular disclosure of trading securities (and certain trading assets) which consist of all investments in certain debt and equity securities (and other assets) that are bought and held principally for the purpose of selling them in the near term (thus held for only a short period of time) or for which an entity has elected the fair value option. Trading generally reflects active and frequent buying and selling, and trading securities are generally used with the objective of generating profits on short-term differences in price, but this category of investments may also include items which are not intended to be sold in the near term or for which the fair value option has been elected. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6467456&loc=d3e113888-111728 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS115-1/124-1 -Paragraph 17 -Subparagraph a(1), b(1)-b(5) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.2) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 21 -Subparagraph e -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26626-111562 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-1 -Paragraph 21 -Subparagraph a(2), b(1)-b(5) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 13 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (c),(e) -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 12 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26610-111562 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Trading Securities -URI http://asc.fasb.org/extlink&oid=6526789 + Details
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