XML 59 R46.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Fair Value Disclosures (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015
Fair Value Disclosures [Abstract] |
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis |
FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
As of December 31, 2015
(Dollars in Thousands)
|  |  |  |  | Significant |  | Significant
|  |  | Quoted Prices in |  | Other Observable |  | Unobservable
|  |  | Active Markets |  | Inputs |  | Inputs
Assets: | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Investments-trading: |  |  |  |  |  |  |  |  |  |  |
U.S. government agency MBS and CMOs | $ | 3,225 |  | $ | - |  | $ | 3,225 |  | $ | -
U.S. government agency debt securities |  | 12,737 |  |  | - |  |  | 12,737 |  |  | -
RMBS |  | 98 |  |  | - |  |  | 98 |  |  | -
U.S. Treasury securities |  | 1,355 |  |  | 1,355 |  |  | - |  |  | -
Other ABS |  | 2,048 |  |  | - |  |  | 2,048 |  |  | -
SBA loans |  | 29,931 |  |  | - |  |  | 29,931 |  |  | -
Corporate bonds and redeemable preferred stock |  | 19,873 |  |  | - |  |  | 19,873 |  |  | -
Municipal bonds |  | 24,053 |  |  | - |  |  | 24,053 |  |  | -
Derivatives |  | 1,158 |  |  | - |  |  | 1,158 |  |  | -
Certificates of deposit |  | 263 |  |  | - |  |  | 263 |  |  | -
Total investments - trading | $ | 94,741 |  | $ | 1,355 |  | $ | 93,386 |  | $ | -
Other investments, at fair value |  |  |  |  |  |  |  |  |  |  |
EuroDekania (1) | $ | 2,502 |  | $ | - |  | $ | - |  | $ | 2,502
Tiptree(2) |  | 353 |  |  | 353 |  |  | - |  |  | -
Other equity securities |  | 43 |  |  | 28 |  |  | 15 |  |  | -
CLOs |  | 11,569 |  |  | - |  |  | - |  |  | 11,569
CDOs |  | 34 |  |  | - |  |  | - |  |  | 34
Residential loans |  | 383 |  |  | - |  |  | 383 |  |  | -
Foreign currency forward contracts |  | (4) |  |  | (4) |  |  | - |  |  | -
Total other investments, at fair value | $ | 14,880 |  | $ | 377 |  | $ | 398 |  | $ | 14,105
Liabilities |  |  |  |  |  |  |  |  |  |  |
Trading securities sold, not yet purchased: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 12,050 |  | $ | 12,050 |  | $ | - |  | $ | -
Corporate bonds and redeemable preferred stock |  | 25,851 |  |  | - |  |  | 25,851 |  |  | -
Municipal bonds |  | 20 |  |  | - |  |  | 20 |  |  | -
Derivatives |  | 1,181 |  |  | - |  |  | 1,181 |  |  | -
Equity securities |  | 82 |  |  | 82 |  |  | - |  |  | -
Total trading securities sold, not yet purchased | $ | 39,184 |  | $ | 12,132 |  | $ | 27,052 |  | $ | -
FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
As of December 31, 2014
(Dollars in Thousands)
|  |  |  |  | Significant |  | Significant
|  |  | Quoted Prices in |  | Other Observable |  | Unobservable
|  |  | Active Markets |  | Inputs |  | Inputs
Assets: | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Investments-trading: |  |  |  |  |  |  |  |  |  |  |
U.S. government agency MBS and CMOs | $ | 9,719 |  | $ | - |  | $ | 9,719 |  | $ | -
U.S. government agency debt securities |  | 25,785 |  |  | - |  |  | 25,785 |  |  | -
RMBS |  | 358 |  |  | - |  |  | 358 |  |  | -
U.S. Treasury securities |  | 1,131 |  |  | 1,131 |  |  | - |  |  | -
CLOs |  | 952 |  |  | - |  |  | 952 |  |  | -
Other ABS |  | 112 |  |  | - |  |  | 112 |  |  | -
SBA loans |  | 29,679 |  |  | - |  |  | 29,679 |  |  | -
Corporate bonds and redeemable preferred stock |  | 22,142 |  |  | - |  |  | 22,142 |  |  | -
Municipal bonds |  | 33,664 |  |  | - |  |  | 33,664 |  |  | -
Certificates of deposit |  | 985 |  |  | - |  |  | 985 |  |  | -
Derivatives |  | 1,930 |  |  | - |  |  | 1,930 |  |  |
Equity securities |  | 291 |  |  | 233 |  |  | 58 |  |  | -
Total investments - trading | $ | 126,748 |  | $ | 1,364 |  | $ | 125,384 |  | $ | -
Other investments, at fair value |  |  |  |  |  |  |  |  |  |  |
EuroDekania (1) | $ | 3,717 |  | $ | - |  | $ | - |  | $ | 3,717
Tiptree (2) |  | 2,472 |  |  | 2,472 |  |  | - |  |  | -
Other equity securities |  | 33 |  |  | 23 |  |  | 10 |  |  | -
CLOs |  | 21,518 |  |  | - |  |  | - |  |  | 21,518
CDOs |  | 11 |  |  | - |  |  | - |  |  | 11
Residential loans |  | 565 |  |  | - |  |  | 565 |  |  | -
Foreign currency forward contracts |  | 83 |  |  | 83 |  |  | - |  |  | -
Total other investments, at fair value | $ | 28,399 |  | $ | 2,578 |  | $ | 575 |  | $ | 25,246
Liabilities |  |  |  |  |  |  |  |  |  |  |
Trading securities sold, not yet purchased: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 15,644 |  | $ | 15,644 |  | $ | - |  | $ | -
Corporate bonds and redeemable preferred stock |  | 31,406 |  |  | - |  |  | 31,406 |  |  | -
Municipal bonds |  | 20 |  |  | - |  |  | 20 |  |  | -
Derivatives |  | 1,670 |  |  |  |  |  | 1,670 |  |  |
Total trading securities sold, not yet purchased | $ | 48,740 |  | $ | 15,644 |  | $ | 33,096 |  | $ | -
| (1) |  | Hybrid Securities fund – European.
| (2) |  | Diversified Holding Company.
Schedule Of Assets And Liabilities Measured With Level 3 Inputs |
LEVEL 3 INPUTS
For the Year Ended December 31, 2015
(Dollars in Thousands)
|  | December 31, 2014 |  | Net trading |  | Gains and losses |  | Transfers out of Level 3 |  |  | Accretion of income |  | Purchases |  | Sales and returns of capital |  | December 31, 2015 |  | Change in unrealized gains /(losses) for the period included in earnings (1)
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EuroDekania |  | $ | 3,717 |  | $ | - |  | $ | (12) |  | $ | - |  | $ | - |  | $ | - |  | $ | (1,203) |  | $ | 2,502 |  | $ | (12)
Total equity securities |  |  | 3,717 |  |  | - |  |  | (12) |  |  | - |  |  | - |  |  | - |  |  | (1,203) |  |  | 2,502 |  |  | (12)
CLOs |  |  | 21,518 |  |  | - |  |  | (3,884) |  |  | - |  |  | 2,333 |  |  | - |  |  | (8,398) |  |  | 11,569 |  |  | (1,687)
CDOs |  |  | 11 |  |  | - |  |  | 23 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 34 |  |  | 23
Total other investments, fair value |  | $ | 25,246 |  | $ | - |  | $ | (3,873) |  | $ | - |  | $ | 2,333 |  | $ | - |  | $ | (9,601) |  | $ | 14,105 |  | $ | (1,676)
(1) Represents the change in unrealized gains and losses for the period included in earnings for assets held at the end of the reporting period.
LEVEL 3 INPUTS
For the Year Ended December 31, 2014
(Dollars in Thousands)
|  |  | December 31, 2013 |  |  | Net trading |  |  | Principal transactions and other income |  |  | Transfers out of Level 3 |  |  | Accretion of income |  |  | Purchases |  |  | Sales and returns of capital |  |  | December 31, 2014 |  | Change in unrealized gains /(losses) for the period included in earnings (1)
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments-trading |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLOs |  | $ | 186 |  | $ | (3) |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | (183) |  | $ | - |  | $ | -
Total investments-trading |  | $ | 186 |  | $ | (3) |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | (183) |  | $ | - |  | $ | -
Other investments, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EuroDekania |  | $ | 4,192 |  | $ | - |  | $ | 1,800 |  | $ | - |  | $ | - |  | $ | - |  | $ | (2,275) |  | $ | 3,717 |  | $ | 1,800
Star Asia |  |  | 17,104 |  |  | - |  |  | 78 |  |  | - |  |  | - |  |  | - |  |  | (17,182) |  |  | - |  |  | -
Star Asia Special Situations Fund |  |  | 2,747 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (2,747) |  |  | - |  |  | -
Total equity securities |  |  | 24,043 |  |  | - |  |  | 1,878 |  |  | - |  |  | - |  |  | - |  |  | (22,204) |  |  | 3,717 |  |  | 1,800
CLOs |  |  |  |  |  |  |  |  | (1,699) |  |  |  |  |  | 1,577 |  |  | 25,288 |  |  | (3,648) |  |  | 21,518 |  |  | (1,622)
CDOs |  |  | 35 |  |  | - |  |  | (24) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 11 |  |  | -
Total other investments, fair value |  | $ | 24,078 |  | $ | - |  | $ | 155 |  | $ | - |  | $ | 1,577 |  | $ | 25,288 |  | $ | (25,852) |  | $ | 25,246 |  | $ | 178
(1)Represents the change in unrealized gains and losses for the period included in earnings for assets held at the end of the reporting period.
Quantitative Information About Level 3 Fair Value Measurements |
QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS
(Dollars in Thousands)
|  |  |  |  |  |  |  |  | Significant |  |  |  |  |  | Range of
|  |  | Fair Value |  |  | Valuation |  |  | Unobservable |  |  | Weighted |  |  | Significant
|  |  | December 31, 2015 |  |  | Technique |  |  | Inputs |  |  | Average |  |  | Inputs
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLOs |  | $ | 11,569 |  |  | Discounted Cash Flow Model |  |  | Yield |  |  | 20.1% |  |  | 16.0%-30.0%
|  |  |  |  |  |  |  |  | Duration (years) |  |  | 6.6 |  |  | 6.3-7.6
|  |  |  |  |  |  |  |  | Default rate |  |  | 2.0% |  |  | 2.0-%-2.0%
QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS
(Dollars in Thousands)
|  |  |  |  |  |  |  |  | Significant |  |  |  |  |  | Range of
|  |  | Fair Value |  |  | Valuation |  |  | Unobservable |  |  | Weighted |  |  | Significant
|  |  | December 31, 2014 |  |  | Technique |  |  | Inputs |  |  | Average |  |  | Inputs
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLOs |  | $ | 21,518 |  |  | Discounted Cash Flow Model |  |  | Yield |  |  | 16.2% |  |  | 12.4% - 18.3%
|  |  |  |  |  |  |  |  | Duration (years) |  |  | 4.1 |  |  | 2.6 - 4.5
|  |  |  |  |  |  |  |  | Default rate |  |  | 1.0% |  |  | 1.0%
Fair Value, Investments, Entities That Calculate Net Asset Value Per Share |
FAIR VALUE MEASUREMENTS OF INVESTMENTS IN CERTAIN ENTITIES
THAT CALCULATE NET ASSET VALUE PER SHARE (OR ITS EQUIVALENT)
|  |  | Fair Value |  |  |  |  |  |  |  |  |
|  |  | December 31, 2015 |  |  |  |  |  |  |  |  |
|  |  | (Dollars in Thousands) |  |  | Unfunded Commitments |  |  | Redemption Frequency |  |  | Redemption Notice Period
Other investments, at fair value |  |  |  |  |  |  |  |  |  |  |  |
EuroDekania (a) |  | $ | 2,502 |  |  | N/A |  |  | N/A |  |  | N/A
|  | $ | 2,502 |  |  |  |  |  |  |  |  |
|  |  | Fair Value |  |  |  |  |  |  |  |  |
|  |  | December 31, 2014 |  |  |  |  |  |  |  |  |
|  |  | (Dollars in Thousands) |  |  | Unfunded Commitments |  |  | Redemption Frequency |  |  | Redemption Notice Period
Other investments, at fair value |  |  |  |  |  |  |  |  |  |  |  |
EuroDekania (a) |  | $ | 3,717 |  |  | N/A |  |  | N/A |  |  | N/A
|  | $ | 3,717 |  |  |  |  |  |  |  |  |
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 issued 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 U.K. 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. Since 2013, EuroDekania has not made any new investments and has generally returned all cash collected from its investments, less its operating expenses, to its shareholders on a semi-annual basis.

X
- 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=36462937&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=36462937&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=36462937&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Section 50 -Paragraph 6A -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=36462937&loc=SL6742756-110258 + Details
Name: | us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration