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Fair Value Disclosures (Tables) | 9 Months Ended
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Sep. 30, 2018
Fair Value Disclosures [Abstract] |
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | ﻿ ﻿
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﻿ |  |  |  |  |  |  |  |  |  |  |
﻿FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
﻿September 30, 2018
﻿(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 | $ | 62,497 |  | $ | - |  | $ | 62,497 |  | $ | -
﻿U.S. government agency debt securities |  | 14,537 |  |  | - |  |  | 14,537 |  |  | -
﻿RMBS |  | 16 |  |  | - |  |  | 16 |  |  | -
﻿U.S. Treasury securities |  | 4,139 |  |  | 4,139 |  |  | - |  |  | -
﻿ABS |  | 100 |  |  | - |  |  | 100 |  |  | -
﻿SBA loans |  | 57,596 |  |  | - |  |  | 57,596 |  |  | -
﻿Corporate bonds and redeemable preferred stock |  | 49,945 |  |  | - |  |  | 49,945 |  |  | -
﻿Foreign government bonds |  | 232 |  |  | - |  |  | 232 |  |  | -
﻿Municipal bonds |  | 24,139 |  |  | - |  |  | 24,139 |  |  | -
﻿Certificates of deposit |  | 918 |  |  | - |  |  | 918 |  |  | -
﻿Derivatives |  | 5,277 |  |  | - |  |  | 5,277 |  |  | -
﻿Equity securities |  | 66 |  |  | 66 |  |  | - |  |  | -
﻿Total investments - trading | $ | 219,462 |  | $ | 4,205 |  | $ | 215,257 |  | $ | -
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿Other investments, at fair value: |  |  |  |  |  |  |  |  |  |  |
﻿Equity securities | $ | 12,057 |  | $ | 11,208 |  | $ | 849 |  | $ | -
﻿CLOs |  | 14,430 |  |  | - |  |  | 11,295 |  |  | 3,135
﻿CDOs |  | 26 |  |  | - |  |  | - |  |  | 26
﻿Residential loans |  | 330 |  |  | - |  |  | 330 |  |  | -
﻿Foreign currency forward contracts |  | 3 |  |  | 3 |  |  | - |  |  | -
﻿ |  | 26,846 |  | $ | 11,211 |  | $ | 12,474 |  | $ | 3,161
﻿Investments measured at NAV (1) |  | 3,217 |  |  |  |  |  |  |  |  |
﻿Total other investments, at fair value | $ | 30,063 |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿Liabilities |  |  |  |  |  |  |  |  |  |  |
﻿Trading securities sold, not yet purchased: |  |  |  |  |  |  |  |  |  |  |
﻿U.S. government agency MBS and CMOs | $ | 17 |  | $ | - |  | $ | 17 |  | $ | -
﻿U.S. Treasury securities |  | 42,015 |  |  | 42,015 |  |  | - |  |  | -
﻿Corporate bonds and redeemable preferred stock |  | 34,462 |  |  | - |  |  | 34,462 |  |  | -
﻿Municipal bonds |  | 20 |  |  | - |  |  | 20 |  |  | -
﻿Derivatives |  | 4,706 |  |  | - |  |  | 4,706 |  |  | -
﻿Total trading securities sold, not yet purchased | $ | 81,220 |  | $ | 42,015 |  | $ | 39,205 |  | $ | -
﻿ (1)As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of its investments in EuroDekania, the U.S. Insurance JV, and the SPAC Fund. EuroDekania invests in hybrid capital securities of European companies. The U.S. Insurance JV invests in debt issued by small and medium sized U.S. and Bermuda insurance and reinsurance companies. The SPAC Fund invests in equity securities of SPACs. According to ASC 820, these investments are not categorized within the fair value hierarchy. ﻿
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﻿FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
﻿December 31, 2017
﻿(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 | $ | 87,608 |  | $ | - |  | $ | 87,608 |  | $ | -
﻿U.S. government agency debt securities |  | 13,529 |  |  | - |  |  | 13,529 |  |  | -
﻿RMBS |  | 32 |  |  | - |  |  | 32 |  |  | -
﻿U.S. Treasury securities |  | 2,466 |  |  | 2,466 |  |  | - |  |  | -
﻿ABS |  | 1 |  |  | - |  |  | 1 |  |  | -
﻿SBA loans |  | 4,780 |  |  | - |  |  | 4,780 |  |  | -
﻿Corporate bonds and redeemable preferred stock |  | 43,435 |  |  | - |  |  | 43,435 |  |  | -
﻿Foreign government bonds |  | 483 |  |  | - |  |  | 483 |  |  | -
﻿Municipal bonds |  | 45,709 |  |  | - |  |  | 45,709 |  |  | -
﻿Derivatives |  | 1,118 |  |  | - |  |  | 1,118 |  |  | -
﻿Equity securities |  | 3,096 |  |  | 89 |  |  | 941 |  |  | 2,066
﻿Total investments - trading | $ | 202,257 |  | $ | 2,555 |  | $ | 197,636 |  | $ | 2,066
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿Other investments, at fair value: |  |  |  |  |  |  |  |  |  |  |
﻿Equity Securities | $ | 7,132 |  | $ | 7,132 |  | $ | - |  | $ | -
﻿CLOs |  | 4,485 |  |  | - |  |  | - |  |  | 4,485
﻿CDOs |  | 26 |  |  | - |  |  | - |  |  | 26
﻿Derivatives |  | (251) |  |  | - |  |  | (251) |  |  | -
﻿Residential loans |  | 358 |  |  | - |  |  | 358 |  |  | -
﻿Foreign currency forward contracts |  | (26) |  |  | (26) |  |  | - |  |  | -
﻿ |  | 11,724 |  | $ | 7,106 |  | $ | 107 |  | $ | 4,511
﻿Investments measured at NAV (1) |  | 1,143 |  |  |  |  |  |  |  |  |
﻿Total other investments, at fair value | $ | 12,867 |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿Liabilities |  |  |  |  |  |  |  |  |  |  |
﻿Trading securities sold, not yet purchased: |  |  |  |  |  |  |  |  |  |  |
﻿U.S. Treasury securities | $ | 62,798 |  | $ | 62,798 |  | $ | - |  | $ | -
﻿Corporate bonds and redeemable preferred stock |  | 28,445 |  |  | - |  |  | 28,445 |  |  | -
﻿Municipal bonds |  | 37 |  |  | - |  |  | 37 |  |  | -
﻿Derivatives |  | 607 |  |  | - |  |  | 607 |  |  | -
﻿Total trading securities sold, not yet purchased | $ | 91,887 |  | $ | 62,798 |  | $ | 29,089 |  | $ | -
﻿ (1)As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of its investments in EuroDekania. EuroDekania invests in hybrid capital securities of European companies. According to ASC 820, these investments are not categorized within the fair value hierarchy.
Schedule Of Assets And Liabilities Measured With Level 3 Inputs |
﻿LEVEL 3 ROLLFORWARD
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | Three Months ended September 30, |  | Nine Months ended September 30,
﻿ | 2018 |  | 2017 |  | 2018 |  | 2017
﻿Beginning of Period | $ | 14,651 |  | $ | 4,855 |  | $ | 6,577 |  | $ | 6,761
﻿Net trading |  | - |  |  | - |  |  | - |  |  | -
﻿Gains & losses (1) |  | 419 |  |  | (103) |  |  | 496 |  |  | (88)
﻿Transfers into level 3 |  | - |  |  | - |  |  | - |  |  | -
﻿Transfers out of level 3 |  | (11,295) |  |  | - |  |  | (13,361) |  |  | -
﻿Accretion of income (1) |  | 489 |  |  | 169 |  |  | 1,330 |  |  | 938
﻿Purchases |  | - |  |  | - |  |  | 9,600 |  |  | -
﻿Sales and returns of capital |  | (1,103) |  |  | (306) |  |  | (1,481) |  |  | (2,996)
﻿End of Period | $ | 3,161 |  | $ | 4,615 |  | $ | 3,161 |  | $ | 4,615
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿Change in unrealized gains / (losses) (2) | $ | (171) |  | $ | 187 |  | $ | (220) |  | $ | 608
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿
| (1) |  | Gains and losses and accretion of income on investments-trading are recorded as a component of net trading in the consolidated statements of operations. Gains and losses and accretion of income on other investments, at fair value are recorded as a component of principal transactions and other income in the consolidated statements of operations.
| (2) |  | Represents the change in unrealized gains and losses for the period included in current year earnings for assets held at the end of the reporting period.
﻿ ﻿ ﻿
Quantitative Information About Level 3 Fair Value Measurements | ﻿ ﻿ ﻿ ﻿
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﻿QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS
﻿(Dollars in Thousands)
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  | Significant |  |  |  |  |  | Range of
﻿ |  |  | Fair Value |  |  | Valuation |  |  | Unobservable |  |  | Weighted |  |  | Significant
﻿ |  |  | September 30, 2018 |  |  | Technique |  |  | Inputs |  |  | Average |  |  | Inputs
﻿Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Other investments, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿CLOs |  | $ | 3,135 |  |  | Discounted Cash Flow Model |  |  | Yield |  |  | 11.1% |  |  | 9.7% - 12.2%
﻿ |  |  |  |  |  |  |  |  | Duration-years |  |  | 7.3 |  |  | 6.8-8.0
﻿ |  |  |  |  |  |  |  |  | Default rate |  |  | 2.0% |  |  | 2% - 2%
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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﻿ ﻿
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﻿QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS
﻿(Dollars in Thousands)
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  | Significant |  |  |  |  |  | Range of
﻿ |  |  | Fair Value |  |  | Valuation |  |  | Unobservable |  |  | Weighted |  |  | Significant
﻿ |  |  | December 31, 2017 |  |  | Technique |  |  | Inputs |  |  | Average |  |  | Inputs
﻿Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Investments Trading |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Equity Securities |  | $ | 2,066 |  |  | Market approach |  |  | EBITDA Multiple |  |  | 8.00 |  |  | 7.6 - 9.2
﻿Other investments, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿CLOs |  | $ | 4,485 |  |  | Discounted Cash Flow Model |  |  | Yield |  |  | 13.8% |  |  | 11.8% - 19.1%
﻿ |  |  |  |  |  |  |  |  | Duration-years |  |  | 4.4 |  |  | 4.3 - 4.5
﻿ |  |  |  |  |  |  |  |  | Default rate |  |  | 2.0% |  |  | 2.0%
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿
Fair Value, Investments, Entities That Calculate Net Asset Value Per Share |
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﻿FAIR VALUE MEASUREMENTS OF INVESTMENTS IN CERTAIN ENTITIES
﻿THAT CALCULATE NET ASSET VALUE PER SHARE (OR ITS EQUIVALENT)
﻿(Dollars in Thousands)
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  | Fair Value September 30, 2018 |  |  | Unfunded Commitments |  |  | Redemption Frequency |  |  | Redemption Notice Period
﻿Other investments, at fair value |  |  |  |  |  |  |  |  |  |  |  |
﻿EuroDekania (a) |  | $ | 1,609 |  |  | N/A |  |  | N/A |  |  | N/A
﻿U.S. Insurance JV (b) |  |  | 1,006 |  |  | $ 2,000 |  |  | N/A |  |  | N/A
﻿SPAC Fund (c) |  |  | 602 |  |  | N/A |  |  | Quarterly after 1 year lock up |  |  | 90 days
﻿ |  | $ | 3,217 |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  | Fair Value December 31, 2017 |  |  | Unfunded Commitments |  |  | Redemption Frequency |  |  | Redemption Notice Period
﻿Other investments, at fair value |  |  |  |  |  |  |  |  |  |  |  |
﻿EuroDekania (a) |  | $ | 1,143 |  |  | N/A |  |  | N/A |  |  | N/A
﻿ |  | $ | 1,143 |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ N/A Not applicable.
| (a) |  | EuroDekania owns 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; commercial mortgage backed securities (“CMBS”), including subordinated interests in first mortgage real estate loans; and RMBS and ABS backed by consumer and commercial receivables. The majority of the assets are denominated in Euros and U.K. Pounds Sterling.
| (b) |  | The U.S. Insurance JV invests in debt issued by small and medium sized U.S. and Bermuda insurance and reinsurance companies.
| (c) |  | The SPAC Fund invests in equity interests of SPACs.

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
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