Segment Analysis (Tables)

6 Months Ended

Jun. 30, 2012

Segment Analysis

Schedule of information concerning operations in reportable segments

	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands of dollars)	2012			2011			2012			2011
Net revenues
Investment Banking
Investment banking	$	8,730		$	8,956		$	13,263		$	16,600
Other	—			—			—			—
Total Investment Banking	8,730			8,956			13,263			16,600
MBS & Rates
Sales and trading	(1,653		)	12,246			6,350			52,997
Investment banking	385			1,128			623			1,300
Interest income	10,340			13,908			26,767			28,197
Interest expense	(3,790		)	(3,512		)	(8,127		)	(7,018		)
Total MBS & Rates	5,282			23,770			25,613			75,476
Credit Products
Sales and trading	17,769			14,679			37,546			32,320
Investment banking	—			(42		)	1,907			2,464
Interest income	223			386			355			848
Interest expense	(120		)	(172		)	(219		)	(316		)
Total Credit Products	17,872			14,851			39,589			35,316
ClearPoint
Sales and trading	11,396			6,990			26,579			13,323
Interest income	993			587			3,437			902
Interest expense	(1,073		)	(569		)	(3,155		)	(859		)
Total ClearPoint	11,316			7,008			26,861			13,366
Total net revenues — Reportable segments	43,200			54,585			105,326			140,758
Other
Investment (losses)/gains, net	(139		)	368			(7		)	(318		)
Sales and trading	103			225			487			424
Gain from bargain purchase — ClearPoint acquisition	—			—			—			2,330
Interest income	2			3			203			5
Interest expense	(40		)	(827		)	(97		)	(1,420		)
Interest expense — Intersegment allocations	1,521			2,025			3,478			3,989
Total Other	1,447			1,794			4,064			5,010
Total net revenues	$	44,647		$	56,379		$	109,390		$	145,768

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

Investment Banking	$	2,195		$	3,728		$	2,774		$	4,991
MBS & Rates	(1,746		)	6,542			3,741			25,407
Credit Products	1,285			631			597			2,843
ClearPoint	(2,512		)	(1,451		)	(5,365		)	(2,571		)
(Loss)/income before income taxes from continuing operations — Reportable segments	$	(778	)	$	9,450		$	1,747		$	30,670
Other	(30,973		)	(7,034		)	(38,780		)	(13,526		)
(Loss)/income before income taxes from continuing operations	$	(31,751	)	$	2,416		$	(37,033	)	$	17,144

Schedule of information concerning the assets of segments

	June 30,			December 31,
(In thousands of dollars)	2012			2011
Total Assets
MBS & Rates	$	2,608,324		$	2,929,879
Credit Products	36,705			29,930
Investment Banking	14,092			10,916
ClearPoint	85,278			242,350
Total assets — Reportable segments	2,744,399			3,213,075
Other	79,791			126,358
Intersegment eliminations	(33,437		)	(35,877		)
Total assets	$	2,790,753		$	3,303,556