Segment Analysis (Tables)

3 Months Ended

Mar. 31, 2013

Segment Analysis

Schedule of net revenues by reportable segments

	Three Months Ended March 31,
(In thousands of dollars)	2013			2012
Net revenues
Investment Banking
Investment banking	$	15,012		$	4,533
Other revenue	20			—
Total Investment Banking	15,032			4,533
MBS & Rates
Sales and trading	(7,629		)	8,004
Investment banking	161			237
Interest income	8,611			16,427
Interest expense	(1,812		)	(4,337		)
Other revenue	(53		)	—
Total MBS & Rates	(722		)	20,331
Credit Products
Sales and trading	10,821			19,638
Investment banking	—			1,908
Interest income	257			132
Interest expense	(71		)	(99		)
Other revenue	818			137
Total Credit Products	11,825			21,716
Total net revenues — Reportable segments	$	26,135		$	46,580
Other
Investment gains/(losses), net	172			132
Sales and trading	(10		)	8
Interest income	98			202
Interest expense	(244		)	(59		)
Interest expense — Intersegment allocations	520			1,726
Other revenue	179			377
Total Other	715			2,386
Total net revenues	$	26,850		$	48,966

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

(Loss)/income from continuing operations before income taxes
Investment Banking	$	3,345		$	579
MBS & Rates	(8,254		)	5,487
Credit Products	(417		)	(688		)
(Loss)/income from continuing operations before income before income taxes — Reportable segments	$	(5,326	)	$	5,378
Other	(8,252		)	(7,736		)
Loss from continuing operations before income taxes	$	(13,578	)	$	(2,358	)

Schedule of information concerning the assets of segments

	March 31,			December 31,
(In thousands)	2013			2012
Total Assets
Investment Banking	$	8,874		$	15,907
MBS & Rates	528,227			1,026,987
Credit Products	13,636			40,952
Total assets — Reportable segments	550,737			1,083,846
Other(1)	113,299			197,455
Intersegment eliminations	(38,640		)	(51,663		)
Total assets	$	625,396		$	1,229,638

(1) Includes assets of ClearPoint of $19.1 million and $102.1 million at March 31, 2013 and December 31, 2012, respectively, now reported as discontinued operations.