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Financial Instruments | 12 Months Ended
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Dec. 31, 2013
Financial Instruments [Abstract] |
Financial Instruments | 8. FINANCIAL INSTRUMENTS Investments—Trading The following table provides detail of the investments classified as investments-trading as of the periods indicated:
INVESTMENTS - TRADING
(Dollars in Thousands)
|  | December 31, 2013 |  | December 31, 2012
U.S. government agency MBS and CMOs (1) |  | $ | 13,520 |  | $ | 34,592
U.S. government agency debt securities |  |  | 32,213 |  |  | 21,066
RMBS |  |  | 1,584 |  |  | 583
CMBS |  |  | - |  |  | 12
U.S. Treasury securities |  |  | 764 |  |  | 147
Interests in securitizations (2) |  |  | 454 |  |  | 352
SBA loans |  |  | 27,719 |  |  | 15,705
Corporate bonds and redeemable preferred stock |  |  | 23,562 |  |  | 56,022
Foreign government bonds |  |  | 88 |  |  | 448
Municipal bonds |  |  | 16,024 |  |  | 37,745
Exchange traded funds |  |  | 6 |  |  | -
Certificates of deposit |  |  | 1,648 |  |  | 8,934
Equity securities |  |  | 36 |  |  | 533
Investments-trading |  | $ | 117,618 |  | $ | 176,139
(1)Includes TBAs. See note s 3-G and 10. (2)Primarily comprised of CDOs, CLOs, and ABS. Trading Securities Sold, Not Yet Purchased The following table provides detail of the trading securities sold, not yet purchased as of the periods indicated:
TRADING SECURITIES SOLD, NOT YET PURCHASED
(Dollars in Thousands)
|  | December 31, 2013 |  | December 31, 2012
U.S. government agency MBS (1) |  | $ | 121 |  | $ | 13
U.S. Treasury securities |  |  | 38,066 |  |  | 19,722
Corporate bonds and redeemable preferred stock |  |  | 10,679 |  |  | 21,976
Foreign government bonds |  |  | 26 |  |  | -
Municipal bonds |  |  | 88 |  |  | 128
Certificates of deposit |  |  | 524 |  |  | 2,325
Equity securities |  |  | - |  |  | 3
Trading securities sold, not yet purchased |  | $ | 49,504 |  | $ | 44,167
(1)Represents TBAs. See note s 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 gains (losses) in the amount of $1,857 and $ (1,310) for years ended December 31, 2013 and 2012, 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, 2013
|  | Cost |  | Carrying Value |  | Unrealized Gain(Loss)
Interests in securitizations (1) |  | $ | 217 |  | $ | 35 |  | $ | (182)
Equity Securities: |  |  |  |  |  |  |  |  |
EuroDekania |  |  | 8,778 |  |  | 4,192 |  |  | (4,586)
Star Asia (2) |  |  | 23,304 |  |  | 17,104 |  |  | (6,200)
Star Asia Special Situations Fund (2) |  |  | 1,933 |  |  | 2,747 |  |  | 814
Tiptree |  |  | 5,561 |  |  | 2,282 |  |  | (3,279)
Other securities |  |  | 176 |  |  | 33 |  |  | (143)
Total equity securities |  |  | 39,752 |  |  | 26,358 |  |  | (13,394)
Residential loans |  |  | 154 |  |  | 294 |  |  | 140
Foreign currency forward contracts |  |  | - |  |  | 190 |  |  | 190
Other investments, at fair value |  | $ | 40,123 |  | $ | 26,877 |  | $ | (13,246)
|  | December 31, 2012
|  | Cost |  | Carrying Value |  | Unrealized Gain(Loss)
Interests in securitizations (1) |  | $ | 217 |  | $ | 77 |  | $ | (140)
Equity Securities: |  |  |  |  |  |  |  |  |
EuroDekania |  |  | 7,807 |  |  | 2,054 |  |  | (5,753)
Star Asia (2) |  |  | 23,304 |  |  | 30,169 |  |  | 6,865
Star Asia Special Situations Fund (2) |  |  | 1,841 |  |  | 2,503 |  |  | 662
Tiptree |  |  | 5,561 |  |  | 2,834 |  |  | (2,727)
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)
(1)Represents an interest in a CDO. (2)On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interests in the Star Asia Group. See note 31.

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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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