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, 2015		December 31, 2014
U.S. government agency MBS and CMOs	$	3,225	$	9,719
U.S. government agency debt securities		12,737		25,785
RMBS		98		358
U.S. Treasury securities		1,355		1,131
CLOs		-		952
Other ABS		2,048		112
SBA loans		29,931		29,679
Corporate bonds and redeemable preferred stock		19,873		22,142
Municipal bonds		24,053		33,664
Derivatives		1,158		1,930
Certificates of deposit		263		985
Equity securities		-		291
Investments-trading	$	94,741	$	126,748

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, 2015		December 31, 2014
U.S. government agency MBS	$	-	$	1,666
U.S. Treasury securities		12,050		15,644
SBA loans		-		4
Corporate bonds and redeemable preferred stock		25,851		31,406
Municipal bonds		20		20
Derivatives		1,181		-
Equity securities		82		-
Trading securities sold, not yet purchased	$	39,184	$	48,740

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 $296 and $ (693) for years ended December 31, 2015 and 2014, respectively, in net trading revenue in the Company’s consolidated statements of operations.

Other Investments, at fair value



OTHER INVESTMENTS, AT FAIR VALUE
(Dollars in Thousands)

	December 31, 2015
	Cost		Carrying Value		Unrealized Gain(Loss)
CLOs	$	14,877	$	11,569	$	(3,308)
CDOs		193		34		(159)
Equity Securities:
EuroDekania		5,300		2,502		(2,798)
Tiptree		1,009		353		(656)
Other securities		176		43		(133)
Total equity securities		6,485		2,898		(3,587)
Residential loans		111		383		272
Foreign currency forward contracts		-		(4)		(4)
Other investments, at fair value	$	21,666	$	14,880	$	(6,786)



	December 31, 2014
	Cost		Carrying Value		Unrealized Gain(Loss)
CLOs	$	23,139	$	21,518	$	(1,621)
CDOs		193		11		(182)
Equity Securities:
EuroDekania		6,503		3,717		(2,786)
Tiptree		5,455		2,472		(2,983)
Other securities		176		33		(143)
Total equity securities		12,134		6,222		(5,912)
Residential loans		118		565		447
Foreign currency forward contracts		-		83		83
Other investments, at fair value	$	35,584	$	28,399	$	(7,185)