Segment Analysis (Tables)

9 Months Ended

Sep. 30, 2012

Segment Analysis

Schedule of information concerning operations in reportable segments

	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands of dollars)	2012			2011			2012			2011
Net revenues
Investment Banking
Investment banking	$	1,499		$	7,075		$	14,762		$	23,674
Other revenue	—			—			—			—
Total Investment Banking	1,499			7,075			14,762			23,674
MBS & Rates
Sales and trading	4,162			(190		)	9,023			52,791
Investment banking	10			2,257			632			3,558
Interest income	5,953			15,178			32,720			43,374
Interest expense	(1,924		)	(3,531		)	(10,051		)	(10,549		)
Other revenue	742			—			2,232			15
Total MBS & Rates	8,943			13,714			34,556			89,189
Credit Products
Sales and trading	17,776			15,345			54,982			47,502
Investment banking	487			27			2,394			2,491
Interest income	266			321			622			1,169
Interest expense	(122		)	(140		)	(341		)	(456		)
Other revenue	397			169			736			332
Total Credit Products	18,804			15,722			58,393			51,038
ClearPoint
Sales and trading	11,553			10,660			34,045			22,116
Interest income	711			746			4,148			1,648
Interest expense	(952		)	(714		)	(4,107		)	(1,572		)
Other revenue	1,587			2,050			5,674			3,917
Total ClearPoint	12,899			12,742			39,760			26,109
Total net revenues — Reportable segments	42,145			49,253			147,471			190,010
Other
Investment (losses)/gains, net	163			2,857			156			2,539
Sales and trading	(9		)	(56		)	(9		)	(50		)
Gain from bargain purchase — ClearPoint acquisition	—			—			—			2,330
Interest income	(51		)	4			142			10
Interest expense	(21		)	(27		)	(86		)	(1,447		)
Interest expense — Intersegment allocations	870			1,740			4,324			5,729
Other revenue	233			393			720			811
Total Other	1,185			4,911			5,247			9,922
Total net revenues	$	43,330		$	54,164		$	152,718		$	199,932

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

Investment Banking	$	(257	)	$	(1,452	)	$	2,517		$	3,539
MBS & Rates	1,814			4,247			5,556			29,655
Credit Products	3,939			3,495			4,536			6,338
ClearPoint	(524		)	(335		)	(5,878		)	(2,907		)
Income/(loss) before income taxes from continuing operations — Reportable segments	$	4,972		$	5,955		$	6,731		$	36,625
Other	(9,996		)	(84,740		)	(48,788		)	(98,265		)
Loss before income taxes from continuing operations	$	(5,024	)	$	(78,785	)	$	(42,057	)	$	(61,640	)

Schedule of information concerning the assets of segments

	September 30,			December 31,
(In thousands of dollars)	2012			2011
Total Assets
MBS & Rates	$	1,260,724		$	2,929,879
Credit Products	34,719			29,930
Investment Banking	8,597			10,916
ClearPoint	105,888			242,350
Total assets — Reportable segments	1,409,928			3,213,075
Other	69,880			126,358
Intersegment eliminations	(32,092		)	(35,877		)
Total assets	$	1,447,716		$	3,303,556