Segment Analysis (Tables)

12 Months Ended

Dec. 31, 2012

Segment Analysis

Schedule of net revenues by reportable segments

(In thousands)	2012			2011			2010
Net revenues
Investment Banking
Investment banking	$	27,441		$	26,610		$	37,276
Other		—			—			90
Total Investment Banking		27,441			26,610			37,366
MBS & Rates
Sales and trading		7,348			53,753			76,897
Investment banking		682			3,924			1,513
Interest income		42,910			60,920			55,565
Interest expense		(12,758	)		(14,754	)		(15,535	)
Other revenue		2,456			15			217
Total MBS & Rates		40,638			103,858			118,657
Credit Products
Sales and trading		70,639			66,688			79,357
Investment banking		2,430			2,535			6,558
Interest income		882			1,817			1,878
Interest expense		(496	)		(551	)		(632	)
Other revenue		977			567			73
Total Credit Products		74,432			71,056			87,234
ClearPoint
Sales and trading		46,283			40,119			—
Interest income		4,935			3,446			—
Interest expense		(5,131	)		(2,927	)		—
Other revenue		7,288			6,286			—
Total ClearPoint		53,375			46,924			—
Total net revenues—Reportable segments		195,886			248,448			243,257
Other
Investment gains, net		1,233			2,996			7
Sales and trading		(81	)		(104	)		(3	)
Gain from bargain purchase—ClearPoint acquisition		—			2,330			—
Interest income		69			11			(151	)
Interest expense		(109	)		(1,231	)		(3,476	)
Interest expense—Intersegment allocations		5,667			7,550			8,325
Other revenue		930			1,172			623
Total Other		7,709			12,724			5,325
Total net revenues	$	203,595		$	261,172		$	248,582

Schedule of (loss)/income from continuing operations before income taxes

(Loss)/income from continuing operations before income taxes
Investment Banking	$	4,578		$	2,290		$	(2,220	)
MBS & Rates		127			33,120			33,347
Credit Products		3,745			9,738			5,336
ClearPoint		(5,891	)		(3,686	)		—
Income from continuing operations before income taxes—Reportable segments		2,559			41,462			36,463
Other		(55,912	)		(103,339	)		(62,246	)
Loss from continuing operations before income taxes	$	(53,353	)	$	(61,877	)	$	(25,783	)

Schedule of information concerning the assets of segments

(In thousands)	2012			2011
Total Assets
Investment Banking	$	15,907		$	10,916
MBS & Rates		1,026,987			2,929,879
Credit Products		40,952			29,930
ClearPoint		102,110			242,350
Total assets—Reporting segments		1,185,956			3,213,075
Other		95,345			126,358
Intersegment eliminations		(51,663	)		(35,877	)
Total assets	$	1,229,638		$	3,303,556