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Financial Instruments (Tables)

12 Months Ended

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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Tabular disclosure of the investments sold, not yet purchased (securities sold short).

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