The tabular information that follows shows components of revenue, expense, and profit or loss, for each of the operating segments for the periods ended March 31, 2014 and 2013 and total assets as of March 31, 2014 and December 31, 2013.

Revenue is derived from the main income components of each segment. For Insurance and Insurance Services, the main drivers of revenue are fees on separate account assets, and administration service fees. For Specialty Finance, the main sources of revenue are investment interest and realized and unrealized gains/losses on investment securities. For Asset Management, revenue is derived from management fees based on assets under management and, in some cases, incentive fees based on the profits generated. For Real Estate, revenue includes rental revenue and investment interest.

Intersegment revenues refers to those items of revenue which will be eliminated upon consolidation. Included in revenue, expense, interest revenue, interest expense, segment profit/(loss), and segment assets are items which are eliminated upon consolidation as well as adjustments for discontinued operations, reclassifications, assets of consolidated CLOs and non-controlling interest. These items are classified as corporate eliminations and other in the tables below.

Each reportable segment’s measure of profit (loss) is reported before income taxes and includes discontinued operations and non-controlling interest as this is how management views its segments.



	Three months ended March 31, 2014
	Insurance and insurance services			Specialty finance		Asset management			Real estate		Corporate eliminations and other			Totals
Fee income	$	17,839	⁽¹⁾	$	—	$	—		$	—	$	—		$	17,839
Rental revenue	—			—		—			4,446		—			4,446
Interest income	1,188			7,316		—			683		(3,824		)	5,363
Other revenue	5			2,498		95		⁽²⁾	229		(143		)	2,684
Intersegment revenues	—			78		3,368		⁽²⁾	—		(3,446		)	—
Total revenue	$	19,032		$	9,892	$	3,463		$	5,358	$	(7,413	)	$	30,332

Interest expense	$	2,914		$	2,148	$	—		$	978	$	(78	)	$	5,962
Payroll expense	5,283			1,166		2,312			1,798		11			10,570
Professional fee expense	190			853		216			55		(224		)	1,090
Other expense	8,274			1,777		331			2,119		(31		)	12,470
Total expense	16,661			5,944		2,859			4,950		(322		)	30,092
Segment profit/(loss)	$	2,371		$	3,948	$	604		$	408	$	(7,091	)	$	240
Net loss attributable to consolidated CLOs														(2,006		)
Less: non-controlling interest and net income attributable to the VIE subordinated noteholders														(3,220		)
Discontinued operations														—
Income taxes														429
Net income available to common stockholders														$	1,025
Segment assets	$	4,994,314		$	443,426	$	9,743		$	150,136	$	1,357,897		$	6,955,516



	Three months ended March 31, 2013
	Insurance			Specialty finance		Asset management			Real estate			Corporate eliminations and other			Totals
Fee income	$	17,237	⁽¹⁾	$	—	$	—		$	—		$	—		$	17,237
Rental revenue	—			—		—			3,841			(3,019		)	822
Interest income	1,181			5,008		—			324			(3,486		)	3,027
Other revenue	32			564		137		⁽²⁾	455			(169		)	1,019
Intersegment revenues	—			117		3,734		⁽²⁾	—			(3,851		)	—
Total revenue	$	18,450		$	5,689	$	3,871		$	4,620		$	(10,525	)	$	22,105

Interest expense	$	3,134		$	494	$	—		$	1,651		$	(1,444	)	$	3,835
Payroll expense	5,017			6		3,219			386			—			8,628
Professional fee expense	323			833		216			—			—			1,372
Other expense	8,177			574		135			2,725			(2,908		)	8,703
Total expense	16,651			1,907		3,570			4,762			(4,352		)	22,538
Segment profit/(loss)	$	1,799		$	3,782	$	301		$	(142	)	$	(6,173	)	$	(433	)
Net income attributable to consolidated CLOs															6,743
Less: non-controlling interest and net income attributable to the VIE subordinated noteholders															4,534
Discontinued operations															841
Income taxes															1,299
Net income available to common stockholders															$	1,318
Segment assets as of December 31, 2013	$	4,949,262		$	385,987	$	7,896		$	170,683		$	1,366,620		$	6,880,448

(1) Includes separate account and administrative servicing fees

(2) Includes management fees which is a component of other income on the Company’s Consolidated Statements of Operations