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Financial Instruments | 12 Months Ended
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Dec. 31, 2012
Financial Instruments | 8. FINANCIAL INSTRUMENTS 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.
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.
The Company tries to manage its exposure to changes in interest rates for the interest rate sensitive securities it holds by entering into offsetting short positions for similar fixed rate securities. The Company included the change in unrealized losses in the amount of $1,310 and $1,084 for the years ended December 31, 2012 and 2011, respectively, in net trading revenue in the Company’s consolidated statements of operations. 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 The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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