Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Summary of Revenues and Results of Operations of Discontinued Operations

The revenues and results of operations of discontinued operations are summarized as follows (in thousands):

	For the three and nine months   ended September 30,
	2013
Revenues	$	22,114
Expenses:
Compensation	$	8,379
Execution and clearance fees	2,840
Payments for order flow	5,286
Other expenses	6,873
Total Expenses	23,378
Pre-tax loss from discontinued operations	(1,264		)
Income tax benefit	480
Loss from discontinued operations, net of tax	$	(784	)

Assets and liabilities within discontinued operations are presented in the following table (in thousands):

	September 30, 2013
Assets within discontinued operations:
Cash and cash equivalents	$	15,702
Securitized HECM loan inventory	5,841,664
Loan inventory	177,674
Receivable from brokers, dealers and clearing organizations	37,411
Other assets	25,848
Total assets	$	6,098,299
Liabilities within discontinued operations:
Liability to GNMA trusts	5,803,859
Other secured financings	129,552
Payable to brokers, dealers and clearing organizations	8,538
Accrued compensation expense	4,717
Accrued expenses and other liabilities	59,358
Total liabilities	$	6,006,024