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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2013
Financial Instruments [Abstract]  
Schedule Of Trading Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 notes 3-G and 10.  

(2)Primarily comprised of CDOs, CLOs, and ABS.

Schedule Of Trading Securities Sold, Not Yet Purchased

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 notes 3-G and 10.  

Schedule Of Other Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.