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Fair Value Disclosures (Tables) | 12 Months Ended
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Dec. 31, 2012
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2012 and 2011, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. FAIR VALUE MEASUREMENTS ON A RECURRING BASIS (Dollars in Thousands)
|  | December 31, 2012 Fair Value |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments-trading: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency MBS and CMOs |  | $ | 34,592 |  |  | $ | — |  |  | $ | 34,592 |  |  | $ | — |
U.S. government agency debt securities |  |  | 21,066 |  |  |  | — |  |  |  | 21,066 |  |  |  | — |
RMBS |  |  | 583 |  |  |  | — |  |  |  | 583 |  |  |  | — |
CMBS |  |  | 12 |  |  |  | — |  |  |  | 12 |  |  |  | — |
U.S. Treasury securities |  |  | 147 |  |  |  | 147 |  |  |  | — |  |  |  | — |
Interests in securitizations (1) |  |  | 352 |  |  |  | — |  |  |  | 57 |  |  |  | 295 |
SBA loans |  |  | 15,705 |  |  |  | — |  |  |  | 15,705 |  |  |  | — |
Corporate bonds and redeemable preferred stock |  |  | 56,022 |  |  |  | 5,643 |  |  |  | 50,379 |  |  |  | — |
Foreign government bonds |  |  | 448 |  |  |  | — |  |  |  | 448 |  |  |  | — |
Municipal bonds |  |  | 37,745 |  |  |  | — |  |  |  | 37,745 |  |  |  | — |
Certificates of deposit |  |  | 8,934 |  |  |  | — |  |  |  | 8,934 |  |  |  | — |
Equity securities |  |  | 533 |  |  |  | 395 |  |  |  | 138 |  |  |  | — |
Total investments-trading |  | $ | 176,139 |  |  | $ | 6,185 |  |  | $ | 169,659 |  |  | $ | 295 |
Other investments, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Investment Vehicles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EuroDekania (2) |  | $ | 2,054 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,054 |
Star Asia (3) |  |  | 30,169 |  |  |  | — |  |  |  | — |  |  |  | 30,169 |
Tiptree (4) |  |  | 2,834 |  |  |  | — |  |  |  | — |  |  |  | 2,834 |
|  |  | 35,057 |  |  |  | — |  |  |  | — |  |  |  | 35,057 |
Investment Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Star Asia Special Situations Fund (3) |  |  | 2,503 |  |  |  | — |  |  |  | — |  |  |  | 2,503 |
|  |  | 2,503 |  |  |  | — |  |  |  | — |  |  |  | 2,503 |
Other |  |  | 431 |  |  |  | 24 |  |  |  | 407 |  |  |  | — |
Total equity securities |  |  | 37,991 |  |  |  | 24 |  |  |  | 407 |  |  |  | 37,560 |
Interests in securitizations (1) |  |  | 77 |  |  |  | — |  |  |  | — |  |  |  | 77 |
Residential loans |  |  | 255 |  |  |  | — |  |  |  | 255 |  |  |  | — |
Total other investments, at fair value |  | $ | 38,323 |  |  | $ | 24 |  |  | $ | 662 |  |  | $ | 37,637 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading securities sold, not yet purchased: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency MBS |  | $ | 13 |  |  | $ | — |  |  | $ | 13 |  |  | $ | — |
U.S. Treasury securities |  |  | 19,722 |  |  |  | 19,722 |  |  |  | — |  |  |  | — |
Corporate bonds and redeemable preferred stock |  |  | 21,976 |  |  |  | 152 |  |  |  | 21,824 |  |  |  | — |
Municipal bonds |  |  | 128 |  |  |  | — |  |  |  | 128 |  |  |  | — |
Certificates of deposit |  |  | 2,325 |  |  |  | — |  |  |  | 2,325 |  |  |  | — |
Equity securities |  |  | 3 |  |  |  | 3 |  |  |  | — |  |  |  | — |
Total trading securities sold, not yet purchased |  | $ | 44,167 |  |  | $ | 19,877 |  |  | $ | 24,290 |  |  | $ | — |
(1) | Primarily comprised of CDOs, CLOs, and ABS.
(2) | Hybrid Securities Fund — European.
(3) | Real Estate Fund — Asian.
(4) | Diversified Fund.
|  | December 31, 2011 Fair Value |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments-trading: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency MBS and CMOs |  | $ | 7,563 |  |  | $ | — |  |  | $ | 7,563 |  |  | $ | — |
U.S. government agency debt securities |  |  | 14,600 |  |  |  | 144 |  |  |  | 14,456 |  |  |  | — |
RMBS |  |  | 7,108 |  |  |  | — |  |  |  | 2,176 |  |  |  | 4,932 |
CMBS |  |  | 1,587 |  |  |  | — |  |  |  | 1,587 |  |  |  | — |
U.S. Treasury securities |  |  | 8,524 |  |  |  | 8,524 |  |  |  | — |  |  |  | — |
Interests in securitizations (1) |  |  | 608 |  |  |  | — |  |  |  | 387 |  |  |  | 221 |
SBA loans |  |  | 9,049 |  |  |  | — |  |  |  | 9,049 |  |  |  | — |
Corporate bonds and redeemable preferred stock |  |  | 65,445 |  |  |  | 779 |  |  |  | 64,666 |  |  |  | — |
Foreign government bonds |  |  | 67 |  |  |  | — |  |  |  | 67 |  |  |  | — |
Municipal bonds |  |  | 9,225 |  |  |  | — |  |  |  | 9,225 |  |  |  | — |
Certificates of deposit |  |  | 710 |  |  |  | — |  |  |  | 710 |  |  |  | — |
Equity securities |  |  | 60 |  |  |  | 25 |  |  |  | — |  |  |  | 35 |
Total investments-trading |  | $ | 124,546 |  |  | $ | 9,472 |  |  | $ | 109,886 |  |  | $ | 5,188 |
Other investments, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Investment Vehicles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EuroDekania (2) |  |  | 2,370 |  |  |  | — |  |  |  | — |  |  |  | 2,370 |
Star Asia (3) |  |  | 37,358 |  |  |  | — |  |  |  | — |  |  |  | 37,358 |
Tiptree (4) |  |  | 2,533 |  |  |  | — |  |  |  | — |  |  |  | 2,533 |
|  |  | 42,261 |  |  |  | — |  |  |  | — |  |  |  | 42,261 |
Other |  |  | 156 |  |  |  | 24 |  |  |  | — |  |  |  | 132 |
Total equity securities |  |  | 42,417 |  |  |  | 24 |  |  |  | — |  |  |  | 42,393 |
Interests in securitizations (1) |  |  | 88 |  |  |  | — |  |  |  | — |  |  |  | 88 |
Residential loans |  |  | 267 |  |  |  | — |  |  |  | — |  |  |  | 267 |
Total other investments, at fair value |  | $ | 42,772 |  |  | $ | 24 |  |  | $ | — |  |  | $ | 42,748 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading securities sold, not yet purchased: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency MBS |  | $ | 16 |  |  | $ | — |  |  | $ | 16 |  |  | $ | — |
U.S. Treasury securities |  |  | 11,755 |  |  |  | 11,755 |  |  |  | — |  |  |  | — |
Corporate bonds and redeemable preferred stock |  |  | 87,537 |  |  |  | 1,084 |  |  |  | 86,453 |  |  |  | — |
Foreign government bonds |  |  | 158 |  |  |  | — |  |  |  | 158 |  |  |  | — |
Municipal bonds |  |  | 143 |  |  |  | — |  |  |  | 143 |  |  |  | — |
Certificates of deposit |  |  | 4 |  |  |  | — |  |  |  | 4 |  |  |  | — |
Total trading securities sold, not yet purchased |  | $ | 99,613 |  |  | $ | 12,839 |  |  | $ | 86,774 |  |  | $ | — |
(1) | Primarily comprised of CDOs, CLOs, and ABS.
(2) | Hybrid Securities Fund — European
(3) | Real Estate Fund — Asian
(4) | Diversified Fund
Schedule of Additional Information about Assets and Liabilities Measured at Fair Value on a Recurring Basis Level 3 Inputs | The following table presents additional information about assets and liabilities measured at fair value on a recurring basis and for which the Company has utilized level 3 inputs to determine fair value for the years ended December 31, 2012 and 2011: LEVEL 3 INPUTS Year Ended December 31, 2012 (Dollars in Thousands)
|  | January 1, 2012 |  |  | Total gains and losses included in earnings |  |  | Transfers out of Level 3 |  |  | Purchases (1) |  |  | Sales |  |  | December 31, 2012 |  |  | Change in unrealized gains/(losses) for the period included in earnings (2) |
|  | Net trading |  |  | Principal transactions and other income |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments-trading: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
RMBS |  | $ | 4,932 |  |  | $ | 17 |  |  | $ | — |  |  | $ | — |  |  | $ | 171 |  |  | $ | (5,120 | ) |  | $ | — |  |  | $ | — |
Interests in securitizations (3) |  |  | 221 |  |  |  | 126 |  |  |  | — |  |  |  | — |  |  |  | 2,861 |  |  |  | (2,913 | ) |  |  | 295 |  |  |  | 63 |
Equity securities |  |  | 35 |  |  |  | (104 | ) |  |  | — |  |  |  | (57 | ) |  |  | 126 |  |  |  | — |  |  |  | — |  |  |  | — |
Total investments-trading |  | $ | 5,188 |  |  | $ | 39 |  |  | $ | — |  |  |  | (57 | ) |  | $ | 3,158 |  |  | $ | (8,033 | ) |  | $ | 295 |  |  | $ | 63 |
Other investments, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Investment Vehicles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EuroDekania (4) |  | $ | 2,370 |  |  | $ | — |  |  | $ | (331 | ) |  |  | — |  |  | $ | 15 |  |  | $ | — |  |  | $ | 2,054 |  |  | $ | (331 | )
Star Asia (5) |  |  | 37,358 |  |  |  | — |  |  |  | (7,274 | ) |  |  | — |  |  |  | 85 |  |  |  | — |  |  |  | 30,169 |  |  |  | (7,274 | )
Tiptree (6) |  |  | 2,533 |  |  |  | — |  |  |  | 301 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,834 |  |  |  | 301 |
|  |  | 42,261 |  |  |  | — |  |  |  | (7,304 | ) |  |  | — |  |  |  | 100 |  |  |  | — |  |  |  | 35,057 |  |  |  | (7,304 | )
Investment Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Star Asia Special Situations Fund (5) |  |  | — |  |  |  | — |  |  |  | 662 |  |  |  | — |  |  |  | 1,841 |  |  |  | — |  |  |  | 2,503 |  |  |  | 662 |
|  |  | — |  |  |  | — |  |  |  | 662 |  |  |  | — |  |  |  | 1,841 |  |  |  | — |  |  |  | 2,503 |  |  |  | 662 |
Other |  |  | 132 |  |  |  | — |  |  |  | (41 | ) |  |  | (91 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total equity securities |  |  | 42,393 |  |  |  | — |  |  |  | (6,683 | ) |  |  | (91 | ) |  |  | 1,941 |  |  |  | — |  |  |  | 37,560 |  |  |  | (6,642 | )
Interests in securitizations (3) |  |  | 88 |  |  |  | — |  |  |  | (11 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 77 |  |  |  | (11 | )
Residential loans |  |  | 267 |  |  |  | — |  |  |  | — |  |  |  | (267 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total other investments, at fair value |  | $ | 42,748 |  |  | $ | — |  |  | $ | (6,694 | ) |  | $ | (358 | ) |  | $ | 1,941 |  |  | $ | — |  |  | $ | 37,637 |  |  | $ | (6,653 | )
(1) | For more information on the purchase of $1,841 attributable to the Star Asia Special Situations Fund, see notes 3-F, 15, 28 and 29.
(2) | Represents the change in unrealized gains and losses for the period included in earnings for assets held at the end of the reporting period.
(3) | Primarily comprised of CDOs, CLOs, and ABS.
(4) | Hybrid Securities Funds — European.
(5) | Real Estate Funds — Asian.
(6) | Diversified Fund.
LEVEL 3 INPUTS Year Ended December 31, 2011 (Dollars in Thousands)
|  | January 1, 2011 |  |  | Net realized/ unrealized gains / (losses) included in income |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | Purchases |  |  | Sales (1) |  |  | December 31, 2011 |  |  | Change in unrealized gains/(losses) for the period included in earnings (2) |
|  | Net trading |  |  | Principal transactions and other income |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments-trading: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency MBS and CMOs |  | $ | 68,885 |  |  | $ | 575 |  |  | $ | — |  |  | $ | 4,332 |  |  | $ | — |  |  | $ | 20,805 |  |  | $ | (94,597 | ) |  | $ | — |  |  | $ | — |
RMBS |  |  | — |  |  |  | (149 | ) |  |  | — |  |  |  | 7,814 |  |  |  | (2,080 | ) |  |  | 4,949 |  |  |  | (5,602 | ) |  |  | 4,932 |  |  |  | 16 |
CMBS |  |  | — |  |  |  | (475 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,233 |  |  |  | (758 | ) |  |  | — |  |  |  | — |
Interests in securitizations (3) |  |  | 4,500 |  |  |  | 5,614 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,364 |  |  |  | (20,257 | ) |  |  | 221 |  |  |  | 111 |
Municipal bonds |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 977 |  |  |  | (984 | ) |  |  | — |  |  |  | — |
Certificates of deposit |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 761 |  |  |  | (764 | ) |  |  | — |  |  |  | — |
Equity securities |  |  | — |  |  |  | (8 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 70 |  |  |  | (27 | ) |  |  | 35 |  |  |  | 35 |
Total investments-trading |  | $ | 73,385 |  |  | $ | 5,567 |  |  | $ | — |  |  | $ | 12,146 |  |  | $ | (2,080 | ) |  | $ | 39,159 |  |  | $ | (122,989 | ) |  | $ | 5,188 |  |  | $ | 162 |
Other investments, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Investment Vehicles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EuroDekania (4) |  | $ | 1,258 |  |  | $ | — |  |  | $ | 579 |  |  | $ | — |  |  | $ | — |  |  | $ | 533 |  |  | $ | — |  |  | $ | 2,370 |  |  | $ | 579 |
Star Asia (5) |  |  | 38,025 |  |  |  | — |  |  |  | (542 | ) |  |  | — |  |  |  | — |  |  |  | 351 |  |  |  | (476 | ) |  |  | 37,358 |  |  |  | (542 | )
Tiptree (6) |  |  | 2,480 |  |  |  | — |  |  |  | 53 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,533 |  |  |  | 53 |
|  |  | 41,763 |  |  |  | — |  |  |  | 90 |  |  |  | — |  |  |  | — |  |  |  | 884 |  |  |  | (476 | ) |  |  | 42,261 |  |  |  | 90 |
Investment Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deep Value (7) |  |  | 28 |  |  |  | — |  |  |  | (9 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (19 | ) |  |  | — |  |  |  | — |
|  |  | 28 |  |  |  | — |  |  |  | (9 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (19 | ) |  |  | — |  |  |  | — |
Other |  |  | 500 |  |  |  | — |  |  |  | (290 | ) |  |  | — |  |  |  | — |  |  |  | 36 |  |  |  | (114 | ) |  |  | 132 |  |  |  | (290 | )
Total equity securities |  |  | 42,291 |  |  |  | — |  |  |  | (209 | ) |  |  | — |  |  |  | — |  |  |  | 920 |  |  |  | (609 | ) |  |  | 42,393 |  |  |  | (200 | )
Interests in securitizations (3) |  |  | 105 |  |  |  | — |  |  |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 88 |  |  |  | (17 | )
Residential loans |  |  | 303 |  |  |  | — |  |  |  | 22 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (58 | ) |  |  | 267 |  |  |  | 22 |
Total other investments, at fair value |  | $ | 42,699 |  |  | $ | — |  |  | $ | (204 | ) |  | $ | — |  |  | $ | — |  |  | $ | 920 |  |  | $ | (667 | ) |  | $ | 42,748 |  |  | $ | (195 | )
(1) | Includes return of principal/capital of interests in U.S. government agency MBS and CMOs, securitizations, investment funds, and residential loans. See note 28.
(2) | Represents the change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period.
(3) | Primarily comprised of CDOs and CLOs.
(4) | Hybrid Securities Funds — European
(5) | Real Estate Funds — Asian
(6) | Diversified Fund.
(7) | Real Estate Funds
Quantitative Information about Level 3 Fair Value Measurements | The following table provides the quantitative information about level 3 fair value measurements as of December 31, 2012: QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS (Dollars in Thousands)
|  | Fair Value at December 31, 2012 |  |  | Valuation Technique |  |  | Significant Unobservable Inputs |  |  | Weighted average |  |  | Range of Significant Inputs |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Star Asia |  | $ | 30,169 |  |  |  | Adjusted NAV |  |  |  | Discount rate on debt |  |  |  | 6.82 | % |  |  | 6.82 | %
Schedule of Fair Value Measurements of Investments in Certain Entities that Calculate Net Asset Value Per Share | The following table presents additional information about investments in certain entities that calculate net asset value per share (regardless of whether the “practical expedient” provisions of FASB ASC 820 have been applied) which are measured at fair value on a recurring basis at December 31, 2012 and 2011: FAIR VALUE MEASUREMENTS OF INVESTMENTS IN CERTAIN ENTITIES THAT CALCULATE NET ASSET VALUE PER SHARE (OR ITS EQUIVALENT)
|  | Fair Value at December 31, 2012 (dollars in thousands) |  |  | Unfunded Commitments |  |  | Redemption Frequency (if Currently Eligible) |  |  | Redemption Notice Period |
Other Investment Vehicles: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EuroDekania (a) |  | $ | 2,054 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Star Asia (b) |  |  | 30,169 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Tiptree (c) |  |  | 2,834 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
|  |  | 35,057 |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Star Asia Special Situations Fund (d) |  |  | 2,503 |  |  | $ | 321 |  |  |  | N/A |  |  |  | N/A |
|  |  | 2,503 |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 37,560 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair Value at December 31, 2011 (dollars in thousands) |  |  | Unfunded Commitments |  |  | Redemption Frequency (if Currently Eligible) |  |  | Redemption Notice Period |
Other Investment Vehicles: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EuroDekania (a) |  | $ | 2,370 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Star Asia (b) |  |  | 37,358 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Tiptree (c) |  |  | 2,533 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Total |  | $ | 42,261 |  |  |  |  |  |  |  |  |  |  |  |  |
N/A — Not applicable.
(a) | EuroDekania’s investment strategy is to make investments in hybrid capital securities that have attributes of debt and equity, primarily in the form of subordinated debt issued by insurance companies, banks and bank holding companies based primarily in Western Europe; widely syndicated leveraged loans by European corporations; CMBS, including subordinated interests in first mortgage real estate loans; and RMBS and other ABS backed by consumer and commercial receivables. The majority of the assets are denominated in Euros and UK Pounds Sterling. The fair value of the investment in this category has been estimated using the net asset value per share of the investment in accordance with the “practical expedient” provisions of FASB ASC 820.
(b) | Star Asia’s investment strategy is to make investments in Asian real estate structured finance investments, including CMBS, corporate debt of REITs and real estate operating companies, whole loans, mezzanine loans, and other commercial real estate fixed income investments. The fair value of the investment in this category has been estimated using an internal valuation model that uses a market approach. If the Company had used Star Asia’s unadjusted reported net asset value to determine its fair value, the carrying value of its investment in Star Asia would have been $39,998 as of December 31, 2012 and $46,031 as of December 31, 2011.
(c) | The investment strategy of Tiptree is focused on investing in (a) specialty finance companies, (b) alternative asset management companies, and (c) diversified credit assets and related equity interests. Tiptree primarily seeks to acquire majority ownership interests in its investees. The fair value of the investment in this category has been estimated using the net asset value per share of the investment in accordance with the “practical expedient” provisions of FASB ASC 820. The Company uses the latest reported net asset value from Tiptree. From time to time, the net asset value may be one quarter in arrears.
(d) | The Star Asia Special Situations Fund’s investment strategy is to make investments in real estate and securities backed by real estate in Japan. The Star Asia Special Situations Fund is a closed end fund that does not allow investor redemptions. It has an initial life of three years, which can be extended under certain circumstances for up to two years. The fair value of the investment in this category has been estimated using the net asset value per share of the investment in accordance with the “practical expedient” provisions of FASB ASC 820. As of December 31, 2012, the Company has an unfunded commitment of $321. The Company’s unfunded commitment is denominated in Japanese Yen and may fluctuate based on the foreign exchange spot rate used at any particular period. The two year commitment expires on December 31, 2014.

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph c -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. + Details
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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of investees that calculate net asset value per share (including by unit, membership interest, or other equity (ownership interest) unit measure) (alternative investments), whether measured at fair value on a recurring or nonrecurring basis, by major category of assets and liabilities (as defined), including, for example, (i) fair value measurements at the reporting date, (ii) the level within the fair value hierarchy in which the fair value measurements fall, (iii) a reconciliation of beginning and ending balances for those alternative investments that are measured at fair value using unobservable inputs (Level 3 - fair value hierarchy fair value measurement inputs), (iv) the inputs and valuation techniques used to measure fair value, (v) a discussion of changes to valuation techniques and inputs, if any, during the period, (vi) a description of the nature and risk associated with the alternative investments, and (vii) a discussion of the probability that any of the alternative investments are to be sold. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2155942 + Details
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