Cohen & Company (COHN) 10-K 7 Mar 14 2013 Q4 Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2013	Feb. 28, 2014	Jun. 30, 2013
Document and Entity Information [Abstract]	'	'	'
Entity Registrant Name	'INSTITUTIONAL FINANCIAL MARKETS, INC.	'	'
Entity Central Index Key	'0001270436	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Amendment Flag	'false	'	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'Q4	'	'
Current Fiscal Year End Date	'--12-31	'	'
Trading Symbol	'ifmi	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Smaller Reporting Company	'	'
Entity Common Stock, Shares Outstanding	'	15,123,059	'
Entity Public Float	'	'	$22.40

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Assets	'		'
Cash and cash equivalents	$13,161		$14,500
Receivables from brokers, dealers, and clearing agencies	1,846		12,253
Due from related parties	883		452
Other receivables	5,658		8,488
Investments-trading	117,618		176,139
Other investments, at fair value	26,877		38,323
Receivables under resale agreements	29,395		70,110
Goodwill	11,113	[1]	11,113	[1]
Other assets	10,244		9,623
Total assets	216,795		341,001
Liabilities	'		'
Payables to brokers, dealers, and clearing agencies	30,711		96,211
Accounts payable and other liabilities	8,221		13,080
Accrued compensation	4,224		8,203
Trading securities sold, not yet purchased	49,504		44,167
Securities sold under agreements to repurchase	28,748		70,273
Deferred income taxes	4,530		6,603
Debt	29,674		25,847
Total liabilities	155,612		264,384
Commitments and contingencies (See Note 26)	'		'
Temporary Equity:	'		'
Redeemable non-controlling interest	0		829
Stockholders' Equity:	'		'
Preferred Stock, $0.001 par value per share, 50,000,000 shares authorized: Voting Non-Convertible Preferred Stock, $0.001 par value per share, 4,983,557 shares authorized, 4,983,557 shares issued and outstanding	5		5
Common Stock, $0.001 par value per share, 100,000,000 shares authorized, 14,809,705 and 11,552,551 shares issued and outstanding, respectively, including 411,126 and 757,826 unvested restricted share awards, respectively	14		11
Additional paid-in capital	73,866		64,829
Accumulated other comprehensive loss	-636		-495
Accumulated deficit	-21,754		-7,370
Total stockholders' equity	51,495		56,980
Non-controlling interest	9,688		18,808
Total permanent equity	61,183		75,788
Total liabilities and equity	$216,795		$341,001
[1]	Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the table from above.

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Preferred Stock, par value	$0.00	$0.00
Preferred Stock, shares authorized	50,000,000	50,000,000
Common Stock, par value	$0.00	$0.00
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	14,809,705	11,552,551
Common Stock, shares outstanding	14,809,705	11,552,551
Common Stock, unvested restricted share awards	411,126	757,826
Voting Non-Convertible Preferred Stock [Member]	'	'
Preferred Stock, par value	$0.00	$0.00
Preferred Stock, shares authorized	4,983,557	4,983,557
Preferred Stock, shares issued	4,983,557	4,983,557
Preferred Stock, shares outstanding	4,983,557	4,983,557

Consolidated_Statements_Of_Ope

Consolidated Statements Of Operations And Comprehensive Income / (Loss) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Revenues	'		'		'
Net trading	$38,528		$69,486		$73,167
Asset management	19,803		23,172		21,698
New issue and advisory	6,418		5,021		3,585
Principal transactions and other income	-7,232		-2,439		1,881
Total revenues	57,517		95,240		100,331
Operating expenses	'		'		'
Compensation and benefits	47,167		62,951		78,227
Business development, occupancy, equipment	5,817		5,795		6,565
Subscriptions, clearing, and execution	10,822		11,446		12,025
Professional fees and other operating	13,410		13,448		19,441
Depreciation and amortization	1,405		1,305		2,238
Total operating expenses	78,621		94,945		118,496
Operating income / (loss)	-21,104		295		-18,165
Non-operating income / (expense)	'		'		'
Interest expense, net	-4,193		-3,732		-5,976
Other income / (expense)	-15		-4,271		33
Income / (loss) from equity method affiliates	1,828		5,052		6,232
Income/ (loss) before income tax expense / (benefit)	-23,484		-2,656		-17,876
Income tax expense / (benefit)	-3,565		-615		-1,149
Net income / (loss)	-19,919		-2,041		-16,727
Less: Net income / (loss) attributable to the non-controlling interest	-6,601		-1,073		-7,339
Net income / (loss) attributable to IFMI	-13,318		-968		-9,388
Income / (loss) per common share-basic:	'		'		'
Basic Income / (loss) per common share	($1.08)		($0.09)		($0.88)
Weighted average shares outstanding-basic	12,340,468		10,732,723		10,631,935
Income / (loss) per common share-diluted:	'		'		'
Diluted Income / (loss) per common share	($1.08)		($0.09)		($0.88)
Weighted average shares outstanding-diluted	17,664,558	[1]	15,984,921	[1]	15,901,258	[1]
Dividends declared per common share	$0.08		$0.08		$0.20
Comprehensive income / (loss):	'		'		'
Net income / (loss)	-19,919		-2,041		-16,727
Other comprehensive income / (loss) item:	'		'		'
Foreign currency translation adjustments, net of tax of $0	-30		216		62
Other comprehensive income / (loss), net of tax of $0	-30		216		62
Comprehensive income / (loss)	-19,949		-1,825		-16,665
Less: comprehensive income / (loss) attributable to the non-controlling interest	-6,617		-1,011		-7,320
Comprehensive income / (loss) attributable to IFMI	($13,332)		($814)		($9,345)
[1]	For the years ended December 31, 2013, 2012, and 2011, weighted average common shares outstanding excludes a total of 395,457, 144,401, and 17,424 shares, respectively, representing restricted Operating LLC units, restricted IFMI Common Stock, and restricted units of IFMI Common Stock. For the year ended December 31, 2013, weighted average common shares outstanding also excludes 732,115 shares, respectively, from the assumed conversion of the 8% Convertibles Notes because the inclusion of the converted shares would be anti-dilutive.

Consolidated_Statements_Of_Ope1

Consolidated Statements Of Operations And Comprehensive / Income (Loss) (Parenthetical) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Consolidated Statements of Operations [Abstract]	'	'	'
Foreign currency translation adjustments, tax	$0	$0	$0
Other comprehensive income / (loss), tax	$0	$0	$0

Consolidated_Statement_Of_Chan

Consolidated Statement Of Changes In Equity (USD $)

Preferred Stock [Member]

Common Stock [Member]

Additional paid-in capital [Member]

Retained Earnings/ (Accumulated Deficit) [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Treasury Stock [Member]

Total Stockholders' Equity [Member]

Non-controlling Interest [Member]

Total Permanent Equity [Member]

Redeemable non-controlling interest (Temporary Equity) [Member]

Total

In Thousands

Balance at Dec. 31, 2010

$5

$10

$58,954

$6,382

($665)

($328)

$64,358

$25,150

$89,508

'

'

Net income (loss)

'

'

'

-9,388

'

'

-9,388

-5,571

-14,959

-1,768

-16,727

Other comprehensive income / (loss)

'

'

'

'

43

[1]

'

43

[1]

19

[1]

62

[1]

'

62

Acquisition / (surrender) of additional units of consolidated subsidiary, net

'

'

-8

'

-4

'

-12

12

'

'

-8

Acquisitions

'

1

1,531

'

'

'

1,532

'

1,532

18,502

'

Equity-based compensation and vesting of shares

'

'

4,090

'

'

'

4,090

2,011

6,101

828

'

Purchase of common stock for treasury

'

'

'

'

'

-1,488

-1,488

'

-1,488

'

'

Retirement of treasury stock

'

-1

-1,487

'

'

1,488

'

'

'

'

-1,488

Redemption of non-controlling interest, net

'

'

'

'

'

'

'

-107

-107

-3,536

'

Shares withheld for employee taxes

'

'

-48

'

'

'

-48

-24

-72

'

'

Dividends/Distributions

'

'

'

-2,115

'

'

-2,115

-1,054

-3,169

'

'

Balance at Dec. 31, 2011

5

10

63,032

-5,121

-626

-328

56,972

20,436

77,408

14,026

'

Measurement period adjustment

'

'

'

'

'

'

'

'

'

-93

'

Net income (loss)

'

'

'

-968

'

'

-968

-857

-1,825

-216

-2,041

Other comprehensive income / (loss)

'

'

'

'

154

'

154

62

216

'

216

Acquisition / (surrender) of additional units of consolidated subsidiary, net

'

'

928

'

-23

'

905

-905

'

'

928

Equity-based compensation and vesting of shares

'

1

1,004

'

'

'

1,005

556

1,561

-290

'

Retirement of treasury stock

'

'

'

-328

'

328

'

'

'

'

'

Redemption of non-controlling interest, net

'

'

'

'

'

'

'

'

'

-6,446

'

Shares withheld for employee taxes

'

'

-135

'

'

'

-135

-64

-199

'

'

Purchase of non-controlling interest, net

'

'

'

'

'

'

'

'

'

-6,152

'

Dividends/Distributions

'

'

'

-953

'

'

-953

-420

-1,373

'

'

Balance at Dec. 31, 2012

5

11

64,829

-7,370

-495

'

56,980

18,808

75,788

829

75,788

Net income (loss)

'

'

'

-13,318

'

'

-13,318

-6,592

-19,910

-9

-19,919

Other comprehensive income / (loss)

'

'

'

'

-14

'

-14

-16

-30

'

-30

Acquisition / (surrender) of additional units of consolidated subsidiary, net

'

'

2,764

'

-127

'

2,637

-2,637

'

'

2,764

Shares issued in connection with private placement, net

'

2

5,049

'

'

'

5,051

'

5,051

'

5,498

Equity-based compensation and vesting of shares

'

1

1,334

'

'

'

1,335

599

1,934

-31

'

Shares withheld for employee taxes

'

'

-110

'

'

'

-110

-43

-153

'

'

Purchase of non-controlling interest, net

'

'

'

'

'

'

'

'

'

-789

'

Dividends/Distributions

'

'

'

-1,066

'

'

-1,066

-431

-1,497

'

'

Balance at Dec. 31, 2013

$5

$14

$73,866

($21,754)

($636)

'

$51,495

$9,688

$61,183

'

$61,183

[1]

Represents foreign currency translation adjustment. There were no amounts reclassified from accumulated other comprehensive income / (loss).

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating activities	'	'	'
Net income / (loss)	($19,919)	($2,041)	($16,727)
Adjustments to reconcile net income / (loss) to net cash provided by (used in) operating activities:	'	'	'
Other (income) / expense	15	-86	-33
Equity-based compensation	1,902	1,271	6,929
Realized loss / (gain) on other investments	-978	-1,728	-1,002
Change in unrealized (gain) loss on other investments, at fair value	12,377	6,325	-502
Depreciation and amortization	1,405	1,305	2,238
Amortization of discount on debt	906	189	429
(Income) / loss from equity method affiliates	-1,828	-5,052	-6,232
Change in operating assets and liabilities, net:	'	'	'
(Increase) decrease in other receivables	1,653	-2,851	2,741
(Increase) decrease in investments-trading	58,521	-51,593	138,811
(Increase) decrease in other assets	-596	1,583	7,615
(Increase) decrease in receivables under resale agreement	40,715	59,868	28,710
Change in receivables from / payables to related parties, net	-195	223	259
Increase (decrease) in accrued compensation	-4,007	-497	-10,942
Increase (decrease) in accounts payable and other liabilities	-4,860	-1,544	-3,149
Increase (decrease) in trading securities sold, not yet purchased, net	5,337	-55,446	38,691
Change in receivables from / payables to brokers, dealers, and clearing agencies, net	-55,081	130,316	-99,180
Increase (decrease) in securities sold under agreement to repurchase	-41,525	-64,597	-93,566
Increase (decrease) in deferred income taxes	-2,073	-897	-1,389
Net cash provided by (used in) operating activities	-8,231	14,748	-6,299
Investing activities	'	'	'
Cash acquired from acquisition	-679	'	2,149
Cash paid for acquisition of JVB Financial Holdings, L.L.C., net of cash acquired	'	'	-14,956
Purchase of other investments, at fair value	-2,035	-390	-3,068
Sales and returns of principal of other investments, at fair value	2,082	379	7,708
Sales of cost method investment	'	1,937	'
Investment in equity method affiliates	-30	-4,716	-5,021
Return from equity method affiliates	3,094	12,093	6,954
Purchase of furniture, equipment, and leasehold improvements	-849	-193	-470
Net cash provided by (used in) investing activities	2,941	9,110	-6,704
Financing activities	'	'	'
Proceeds from issuance of convertible debt	8,248	'	'
Repayment and repurchase of debt	-6,072	-16,270	-7,960
Payments for deferred issuance and financing costs	-670	'	'
Proceeds from private placement, net of offering costs of $447	5,051	'	'
Cash used to net share settle equity awards	-153	-199	-72
Purchase of common stock for treasury	'	'	-1,488
PrinceRidge non-controlling interest redemptions, net	-789	-6,152	'
PrinceRidge mandatorily redeemable equity interest repayments	-86	-3,723	'
IFMI non-controlling interest distributions and redemptions	-431	-420	-1,161
IFMI dividends	-1,066	-953	-2,115
Net cash used in financing activities	4,032	-27,717	-12,796
Effect of exchange rate on cash	-81	138	74
Net increase (decrease) in cash and cash equivalents	-1,339	-3,721	-25,725
Cash and cash equivalents, beginning of period	14,500	18,221	43,946
Cash and cash equivalents, end of period	$13,161	$14,500	$18,221

Consolidated_Statements_Of_Cas1

Consolidated Statements Of Cash Flows (Parenthetical) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Consolidated Statements of Cash Flows [Abstract]	'
Payments of Stock Issuance Costs	$447

Organization_And_Nature_Of_Ope

Organization And Nature Of Operations	12 Months Ended
	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization And Nature Of Operations	'
	1. ORGANIZATION AND NATURE OF OPERATIONS
	The Formation Transaction
	Cohen Brothers, LLC (“Cohen Brothers”) was formed on October 7, 2004 by Cohen Bros. Financial, LLC (“CBF”). Cohen Brothers was established to acquire the net assets of CBF’s subsidiaries (the “Formation Transaction”): Cohen Bros. & Company, Inc.; Cohen Frères SAS; Dekania Investors, LLC; Emporia Capital Management, LLC; and the majority interest in Cohen Bros. & Toroian Investment Management, Inc. The Formation Transaction was accomplished through a series of transactions occurring between March 4, 2005 and May 31, 2005.
	The Company
	From its formation until December 16, 2009, Cohen Brothers operated as a privately owned limited liability company. On December 16, 2009, Cohen Brothers completed its merger (the “Merger”) with a subsidiary of Alesco Financial Inc. (“AFN”) a publicly traded real estate investment trust.
	As a result of the Merger, AFN contributed substantially all of its assets into Cohen Brothers in exchange for newly issued membership units directly from Cohen Brothers. In addition, AFN received additional Cohen Brothers membership interests directly from its members in exchange for AFN common stock. In accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the Merger was accounted for as a reverse acquisition, and Cohen Brothers was deemed to be the accounting acquirer. As a result, all of AFN’s assets and liabilities were required to be revalued at fair value as of the acquisition date. The remaining membership interests of Cohen Brothers that are not held by AFN are included as a component of non-controlling interest in the consolidated balance sheet.
	Subsequent to the Merger, AFN was renamed Cohen & Company Inc. In January 2011, it was renamed again as Institutional Financial Markets, Inc. (“IFMI”). Effective January 1, 2010, the Company ceased to qualify as a real estate investment trust, or a REIT. The Company trades on the NYSE MKT LLC (formerly known as the NYSE Amex LLC) under the ticker symbol “IFMI.” The Company is a financial services company specializing in credit related fixed income investments. As of December 31, 2013, the Company had $5.7 billion in assets under management (“AUM”) of which 94%, or $5.4 billion, was in collateralized debt obligations (“CDOs”).
	In these financial statements, the “Company” refers to IFMI and its subsidiaries on a consolidated basis; “IFMI, LLC” (formerly Cohen Brothers, LLC) or the “Operating LLC” refers to the main operating subsidiary of the Company; “Cohen Brothers” refers to the pre-Merger Cohen Brothers, LLC and its subsidiaries; “AFN” refers to the pre-merger Alesco Financial Inc. and its subsidiaries. When the term “IFMI” is used, it is referring to the parent company itself, Institutional Financial Markets, Inc. “JVB Holdings” refers to JVB Financial Holdings, L.L.C.; “JVB” refers to JVB Financial Group LLC, a broker dealer subsidiary; “CCFL” refers to Cohen & Company Financial Limited (formerly known as EuroDekania Management LTD), a subsidiary regulated by the Financial Conduct Authority (formerly known as Financial Services Authority) in the United Kingdom; “CCPRH” refers to C&Co/PrinceRidge Holdings LP (formerly known as PrinceRidge Holdings LP) and its subsidiaries; “PrinceRidge GP” refers to C&Co/PrinceRidge Partners LLC, (formerly known as PrinceRidge Partners LLC). “PrinceRidge” refers to CCPRH together with PrinceRidge GP; and “CCPR” refers to C&Co/PrinceRidge LLC (formerly known as The PrinceRidge Group LLC), a broker dealer subsidiary.
	On January 31, 2014, JVB merged into CCPR.  In connection with this merger CCPRH changed its name from C&Co/PrinceRidge Holdings LP to J.V.B. Financial Group Holdings and CCPR changed its name from C&Co/PrinceRidge LLC to J.V.B. Financial Group, LLC.  Also, beginning on January 31, 2014, CCPR began to do business under the JVB brand.  Therefore, when discussing the operations of CCPR on or subsequent to January 31, 2014, CCPR is referred to it as JVB.
	The Company’s business is organized into the following three business segments:
	Capital Markets: The Company’s Capital Markets business segment consists primarily of credit-related fixed income securities sales, trading, and financing, as well as new issue placements in corporate and securitized products and advisory services. The Company’s fixed income sales and trading group provides trade execution to corporate investors, institutional investors and other smaller broker-dealers. The Company specializes in a variety of products, including but not limited to: corporate bonds and loans, asset backed securities (“ABS”), mortgage backed securities (“MBS”), residential mortgage backed securities (“RMBS”), CDOs, collateralized loan obligations (“CLOs”), collateralized bond obligations (“CBOs”), collateralized mortgage obligations (“CMOs”), municipal securities, to-be-announced securities (“TBAs”) contracts, Small Business Administration (“SBA”) loans, U.S. government bonds, U.S. government agency securities, brokered deposits and CDs for small banks, hybrid capital of financial institutions including trust preferred securities (“TruPS”), whole loans, and other structured financial instruments. The Company had offered execution and brokerage services for equity derivative products until December 31, 2012 when the Company sold its equity derivatives brokerage business to a new entity owned by two of the Company’s former employees. See note 5.  As of December 31, 2013, the Company carried out its capital market activities primarily through its subsidiaries: JVB and PrinceRidge in the United States, and CCFL in Europe. See note 31 regarding merger of JVB and PrinceRidge.
	Asset Management: The Company’s Asset Management business segment manages assets within CDOs, permanent capital vehicles, managed accounts, and investment funds (collectively referred to as “Investment Vehicles”). A CDO is a form of secured borrowing. The borrowing is secured by different types of fixed income assets such as corporate or mortgage loans or bonds. The borrowing is in the form of a securitization, which means that the lenders are actually investing in notes backed by the assets. In the event of default, the lenders will have recourse only to the assets securing the loan. The Company’s Asset Management business segment includes its fee-based asset management operations which include ongoing base and incentive management fees.
	Principal Investing: The Company’s Principal Investing business segment is comprised primarily of its investments in certain Investment Vehicles it manages, as well as investments in structured products, and the related gains and losses that they generate.
	The Company generates its revenue by business segment primarily through the following activities:
	Capital Markets:
	•  trading activities of the Company, which include execution and brokerage services, securities lending activities, riskless trading activities as well as gains and losses (unrealized and realized) and income and expense earned on securities classified as trading;
	•new issue and advisory revenue comprised primarily of (i) origination fees for corporate debt issues originated by the Company; (ii) revenue from advisory services; and (iii) new issue revenue associated with arranging and placing the issuance of newly created debt, equity, and hybrid financial instruments;
	Asset Management:
	•  asset management fees for the Company’s on-going asset management services provided to certain Investment Vehicles, which may include fees both senior and subordinate to the securities in the Investment Vehicle; and incentive management fees earned based on the performance of the various Investment Vehicles;
	•  income or loss from equity method affiliates;
	Principal Investing:
	•gains and losses (unrealized and realized) and income and expense earned on securities (primarily on investments in Investment Vehicles the Company manages) classified as other investments, at fair value; and
	•  income or loss from equity method affiliates.
	The activities noted above are carried out through the following main operating subsidiaries of the Company as of December 31, 2013:
	1.Cohen & Company Financial Management, LLC is a wholly owned subsidiary of the Operating LLC and acts as asset manager and investment advisor to the Alesco I through IX CDOs. It also served until February 22, 2013 as a service provider to the manager of the Alesco X — XVII CDOs. Alesco CDOs invest in bank and insurance company TruPS as well as insurance company subordinated debt.
	2.Dekania Capital Management, LLC is a wholly owned subsidiary of the Operating LLC and acts as asset manager and investment advisor to the Company’s Dekania and pre-2007 Dekania Europe CDOs. Dekania CDOs invest primarily in insurance TruPS and insurance company subordinated debt denominated in U.S. Dollars. Dekania Europe CDOs invest primarily in TruPS and insurance company subordinated debt denominated in Euros.
	3.Cira SCM, LLC (formerly Strategos Capital Management, LLC) (“Cira SCM”), is a wholly owned subsidiary of the Operating LLC and acts as asset manager and investment advisor to the Company’s CDOs that invest primarily in high grade and mezzanine asset backed securities. In addition, Cira SCM is a party to a revenue share arrangement with Strategos Capital Management, LLC, a third party asset manager founded by former Company employees, related to a series of closed-end distressed debt funds and separately managed accounts previously managed by the Company. See note 5.
	4.Cohen & Company Capital Markets, LLC (“CCCM”), formerly Fairfax I.S. (US) LLC, was a securities broker-dealer which the Company acquired effective in September 2010. See note 4. In May 2011, the equity ownership interests of CCCM were contributed by the Company to PrinceRidge, along with certain other assets, in exchange for an approximate 70% interest in PrinceRidge. Effective May 31, 2011, CCCM became a wholly-owned subsidiary of PrinceRidge. In February 2012, PrinceRidge merged its broker-dealer subsidiary, CCCM into its broker-dealer subsidiary, CCPR. See note 6 listed below.
	5.PrinceRidge is a wholly owned subsidiary of the Operating LLC acquired by the Company in May 2011. See note 4. PrinceRidge provides trade execution to predominantly institutional investors including broker-dealers, commercial banks, asset managers, and other financial institutions and specializes in the following products: corporate bonds and loans, ABS, MBS, RMBS, CDOs, CLOs, CBOs, TBAs, SBA loans, U.S. government bonds, U.S. government agency securities, brokered deposits and CDs for small banks, hybrid capital of financial institutions including TruPS, whole loans, and other structured financial instruments. PrinceRidge carries out these activities primarily through its wholly owned subsidiary, CCPR. CCPR was a member of FINRA and SIPC until CCPR and JVB merged in January 2014. See note 31.  During the consolidation, the Company significantly downsized its workforce and eliminated certain business lines, including the majority of the Company’s investment banking operation. See note 7 listed below.
	6.JVB is a wholly owned subsidiary of the Operating LLC acquired by the Company effective January 1, 2011. JVB is a securities broker-dealer registered with the SEC and is a member of FINRA and the SIPC. JVB provides trade execution to broker-dealers and institutions and specializes in the following products: high grade corporate bonds, high yield corporate bonds, municipal securities, ABS, MBS, RMBS, CMOs, U.S. government bonds, U.S. government agency securities, whole loans, and other structured financial instruments. In January 2014, CCPR and JVB merged resulting in the Company having one broker dealer subsidiary in the United States operating as JVB.  See note 31.  JVB focuses primarily on mortgages, rates, corporate and structured products in the wholesale and institutional marketplaces, as well as providing financing and advisory services.
	7.Prior to March 1, 2013, Cohen Asia Investments Ltd. owned 50% of Star Asia Management, Ltd. (“Star Asia Manager) and effective March 1, 2013 Cohen Asia Investment Ltd. owned 100% of Star Asia Manager, which is the external manager of Star Asia Finance, Ltd. (“Star Asia”) and earns management fees and incentive fees related to this entity. Star Asia invests in Asian commercial real estate structured finance products, including commercial mortgage backed securities (“CMBS”), corporate debt of REITs and real estate operating companies, B notes, mezzanine loans and other commercial real estate fixed income investments. On February 20, 2014, the Company announced the completion of the sale of its ownership interests in the Star Asia, Star Asia Manager, and certain other entities.  See note 31.
	8.CCFL is a FCA Regulated Firm in the United Kingdom and acts as the external manager of EuroDekania Limited (“EuroDekania”) and earns management fees and incentive fees related to this entity. EuroDekania invests primarily in hybrid capital securities of European bank and insurance companies, CLOs, CMBS, RMBS, and widely syndicated leverage loans.
	Since 2007, CCFL has acted as asset manager and investment advisor to the Company’s 2007 and later Dekania Europe CDOs. Dekania Europe CDOs invest primarily in TruPS and insurance company subordinated debt denominated in Euros. CCFL also carries out our Capital Markets business segment activities in Europe including brokerage, advisory, and new issue services.
	9.Cohen & Compagnie SAS (formerly Cohen Fréres SAS), the Company’s French subsidiary, acts as a credit research advisor to Dekania Capital Management, LLC and CCFL in analyzing the creditworthiness of insurance companies and financial institutions in Europe with respect to all assets included in the Dekania Europe CDOs.
	10.CCS is a wholly owned subsidiary of the Operating LLC and was a securities broker-dealer that was registered with the Securities and Exchange Commission (the “SEC”) and was a member of the Financial Industry Regulatory Authority (“FINRA”), and the Securities Investor Protection Corporation (“SIPC”) until it filed a Form BDW in September 2012 seeking to withdraw all of its registrations with the SEC and each jurisdiction in which it was licensed or registered as a securities broker-dealer as well as its membership in FINRA, the NASDAQ Stock Market and the International Securities Exchange. CCS’ withdrawal from all such regulatory authorities became effective in November 2012. CCS has conducted no securities-related business activities since May 2011.

Basis_Of_Presentation

Basis Of Presentation	12 Months Ended
	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis Of Presentation	'
	2. BASIS OF PRESENTATION
	The accounting and reporting policies of the Company conform to U.S. GAAP.  Certain prior period amounts have been reclassified to conform to the current period presentation.

Summary_Of_Significant_Account

Summary Of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2013
Summary of Significant Accounting Policies [Abstract]	'
Summary Of Significant Accounting Policies	'
	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	A . Principles of Consolidation
	The consolidated financial statements reflect the accounts of IFMI and its wholly and majority owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
	B . Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	C . Cash and Cash Equivalents
	Cash and cash equivalents consist of cash and short-term, highly liquid investments that have original maturities of three months or less. Most cash and cash equivalents are in the form of short-term investments and are not held in federally insured bank accounts.
	D. Adoption of New Accounting Standards
	In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”), which requires companies to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on a company’s financial position. The amendments require enhanced disclosures by requiring improved information about financial statements and derivative instruments that are either (1) offset in accordance with current literature, or (2) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with current literature. ASU 2011-11 is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013, and interim periods within those annual periods. In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (“ASU 2013-01”),  which clarifies that the scope of the intended disclosures required by ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. ASU 2013-01 is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. An entity is required to provide the disclosures retrospectively for all comparative periods presented. The Company’s adoption of the provisions of ASU 2011-11 and ASU 2013-01 effective January 1, 2013 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows since the repurchase agreements, receivables under resale agreements and derivatives that it holds are not subject to an enforceable master netting arrangement or similar agreement.
	In July 2012, the FASB issued ASU No. 2012-02, Intangibles — Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment (“ASU 2012-02”), which provides an option for companies to first assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If a company concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the company is not required to take further action. However, if a company concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount in accordance with Subtopic 350-30. A company also has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative assessment in any subsequent period. The Company’s adoption of the provisions of ASU 2012-02 effective January 1, 2013 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows.
	In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”), which includes amendments that require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. Early adoption was permitted. Since ASU 2013-02 only impacts disclosures, the Company’s adoption of the provisions of ASU 2013-02 effective January 1, 2013 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows.
	E.  Financial Instruments
	The Company accounts for its investment securities at fair value under various accounting literature including FASB Accounting Standards Codification (“ASC”) 320, Investments — Debt and Equity Securities (“FASB ASC 320”),  pertaining to investments in debt and equity securities and the fair value option of financial instruments in FASB ASC 825, Financial Instruments (“FASB ASC 825”). The Company also accounts for certain assets at fair value under the applicable industry guidance, namely FASB ASC 946, Financial Services-Investment Companies (“FASB ASC 946”).
	Certain of the Company’s assets and liabilities are required to be measured at fair value. For those assets and liabilities, the Company determines fair value according to the fair value measurement provisions included in FASB ASC 820, Fair Value Measurements and Disclosures (“FASB ASC 820”). FASB ASC 820 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and requires additional disclosures about fair value measurements. The definition of fair value focuses on the price that would be received to sell the asset or paid to transfer the liability between market participants at the measurement date (an exit price). An exit price valuation will include margins for risk even if they are not observable. FASB ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (“level 1, 2 and 3”).
	In addition the Company has elected to account for certain of its other financial assets at fair value under the fair value option provisions included in FASB ASC 825. This standard provides companies the option of reporting certain instruments at fair value (with changes in fair value recognized in the statement of operations) which were previously either carried at cost, not recognized on the financial statements, or carried at fair value with changes in fair value recognized as a component of equity rather than in the statement of operations. The election is made on an instrument-by-instrument basis and is irrevocable.
	See note 9 for the information regarding the effects of applying the fair value option to the Company’s financial instruments on the Company’s consolidated financial statements for the year ended December 31, 2013.
	The changes in fair value (realized and unrealized gains and losses) of these instruments are recorded in principal transactions and other income in the consolidated statements of operations. See notes 8 and 9 for further information.
	FASB ASC 320 requires that the Company classify its investments as either (i) held to maturity, (ii) available for sale, or (iii) trading. This determination is made at the time a security is purchased. FASB ASC 320 requires that both trading and available for sale securities are to be carried at fair value. However, in the case of trading assets, both unrealized and realized gains and losses are recorded in the statement of operations. For available for sale securities, only realized gains and losses are recognized in the statement of operations while unrealized gains and losses are recognized as a component of other comprehensive income.
	In all the periods presented, all securities were either classified as trading or available for sale. No securities were classified as held to maturity. Furthermore, the Company elected the fair value option, in accordance with FASB ASC 825, for all securities that were classified as available for sale. Therefore, for all periods presented, all securities owned by the Company were accounted for at fair value with unrealized and realized gains and losses recorded in the statement of operations.
	All securities that are classified as trading are included in investments-trading. However, when the Company acquires an investment that is classified as available for sale, but for which the Company elected the fair value option under FASB ASC 825, a distinction is made that impacts the Company’s accounting treatment. If the investment is expected to be managed by employees of the Company’s Capital Markets business segment, the investment is also classified as investments-trading. Otherwise, the investment is classified as other investments, at fair value. In general, investments-trading represents securities acquired in the secondary market while other investments, at fair value represent investments obtained in primary issuances or investments in Investment Vehicles managed by the Company.
	The determination of fair value is based on either quoted market prices of an active exchange, independent broker market quotations, market price quotations from third party pricing services, or, when independent broker quotations or market price quotations from third party pricing services are unavailable, valuation models prepared by the Company’s management. These models include estimates and the valuations derived from them could differ materially from amounts realizable in an open market exchange.
	Also, from time to time, the Company may be deemed to be the primary beneficiary of a variable interest entity and may be required to consolidate it and its investments under the provisions included in FASB ASC 810, Consolidation (“FASB ASC 810”).  See notes 3-J and 16. In those cases, the Company’s classification of the assets as trading, other investments, at fair value, available for sale, or held to maturity will depend on the intended use of the investment by the variable interest entity.
	Investments-trading
	Unrealized and realized gains and losses on securities classified as investments-trading are recorded in net trading in the consolidated statements of operations.
	Other Investments, at fair value
	All gains and losses (unrealized and realized) from securities classified as other investments, at fair value in the consolidated balance sheets are recorded as a component of principal transactions and other income in the consolidated statements of operations.
	Trading Securities Sold, Not Yet Purchased
	Trading securities sold, not yet purchased represent obligations of the Company to deliver the specified security at the contracted price, thereby creating a liability to purchase the security in the market at prevailing prices. The Company is obligated to acquire the securities sold short at prevailing market prices, which may exceed the amount reflected on the consolidated balance sheets. Unrealized and realized gains and losses on trading securities sold, not yet purchased are recorded in net trading in the consolidated statement of operations. See notes 8 and 9.
	F.  Investment Vehicles
	As of December 31, 2013 and 2012, the Company had investments in several Investment Vehicles. When making an investment in an Investment Vehicle, the Company must determine the appropriate method of accounting for the investment. In most cases, the Company will either (i) consolidate the Investment Vehicle; (ii) account for its investment under the equity method of accounting, or (iii) account for its investment as a marketable equity security under the provisions of FASB ASC 320. In the case of (ii) and (iii), the Company may account for its investment at fair value under the fair value option election included in FASB ASC 825.
	The Company may treat an investment in equity of an entity under the equity method of accounting when it has significant influence (as described in the FASB Codification) in the investee. Significant influence is commonly interpreted as owning between 20% and 50% of an investee. However, these percentages are only a guideline and the Company considers the unique facts and circumstances of each investment. In addition, the Company may elect to account for its investment at fair value under the fair value option included in FASB ASC 825.
	The Company consolidates an investment when it has control of the investee. In general, control is interpreted as owning in excess of 50% of the voting interest of an investee. However, this percentage is only a guideline and the Company considers the unique facts and circumstances of each investment. In addition, if the Company determines the investee is a variable interest entity and the Company is the primary beneficiary, the Company will consolidate the investee under the requirements for the consolidation of variable interest entities included in FASB ASC 810.
	If the Company determines that it is not required to consolidate an investee and does not have significant influence over the investee, it will account for the investment as a marketable equity security under the provisions included in FASB ASC 320.
	The following discussion describes the Company’s accounting policy as it pertains to certain Investment Vehicles, the associated management contracts, and other related transactions. All of the Investment Vehicles described below are considered related parties of the Company. See note 29.
	Star Asia Related Entities
	As of December 31, 2013, the Company has an investment in several entities that either (i) invest in securities or real estate in Japan, or (ii) provide management services to entities that invest in securities or real estate in Japan.
	On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interests in all of the Star Asia related entities listed below with the exception of Star Asia SPV, Star Asia Opportunity, and Star Asia Opportunity II (“Star Asia Group”). As of December 31, 2013, the Company had no interest in the earnings of Star Asia SPV and Star Asia Opportunity II.  Star Asia Opportunity is in liquidation and a small additional distribution to the Company is expected in 2014.  See note 31.
	Star Asia Finance, Limited (“Star Asia”)
	The Company has an investment in Star Asia. Star Asia invests primarily in Asian commercial real estate structured finance products, including CMBS, corporate debt of REITs and real estate operating companies, B notes, mezzanine loans, and other commercial real estate fixed income investments.
	As of December 31, 2013 and 2012, the Company directly owned approximately 28% of Star Asia’s outstanding shares. In March 2010, the Company participated in a rights offering of Star Asia and made an additional investment in Star Asia and increased its ownership percentage. Prior to this increase, Star Asia had been treated as an available for sale security for which the fair value option had been elected effective January 1, 2008. Effective with this ownership increase, Star Asia was considered an equity method affiliate. However, the Company continued its fair value election regarding Star Asia. See note 9. Changes in fair value are recorded in earnings under the fair value option provisions included in FASB ASC 825. Because it is accounted for at fair value, it is included as a component of other investments, at fair value in the consolidated balance sheet. See notes 3-E, 8 and 9 for further information.
	Star Asia Management, LTD (“Star Asia Manager”)
	In January 2007, the Company made an initial investment in Star Asia Manager. Star Asia Mercury LLC (formerly, Mercury Partners, LLC) (“Mercury”) made an equal investment in Star Asia Manager. From January 2007 to March 2013, the Company and Mercury each owned 50% of Star Asia Manager. During that period, the Company treated its investment in Star Asia Manager under the equity method. The Company did not elect to carry its investment at fair value under the fair value option election included in FASB ASC 825. Effective March 1, 2013, Star Asia Manager repurchased its outstanding equity units held by Mercury.  As a result of this repurchase, the Company became owner of 100% of Star Asia Manger.  See note 4.
	Star Asia Manager also serves as external manager of Star Asia and Star Asia SPV (see below). In relation to the management of Star Asia, the management contract includes a base fee, an incentive fee, and an asset management fee credit. Star Asia Manager recognizes the management fee income from its management contract with Star Asia. Star Asia Manager receives no additional fee for managing Star Asia SPV. The Company recognized its share of Star Asia Manager under the equity method of accounting until March 1, 2013.  From that point forward, the Company consolidated Star Asia Manager.
	Star Asia SPV
	Star Asia SPV is a Delaware limited liability company formed in 2010. It was formed to create a pool of assets that would provide collateral to investors who participated in Star Asia’s 2010 rights offering. The investors in Star Asia’s rights offering also received equity interests in Star Asia SPV. Star Asia SPV purchased certain assets from Star Asia and the equity interest holders of Star Asia SPV receive investment returns on the assets held in the Star Asia SPV up to an agreed upon maximum. Returns above that agreed upon maximum are remitted back to Star Asia. The Company directly owned approximately 31% of Star Asia SPV’s outstanding shares as of December 31, 2012.  Star Asia SPV is an equity method investee of the Company. The Company did not elect the fair value option.
	Star Asia Opportunity, LLC (“Star Asia Opportunity”)
	Star Asia Opportunity is a Delaware limited liability company formed in July 2011 to finance the acquisition of seven real estate properties in Tokyo, Japan. As of December 31, 2013 and 2012, the Company directly owned approximately 28% of Star Asia Opportunity’s outstanding equity interests. Star Asia Opportunity is an equity method investee of the Company. The Company did not elect the fair value option.
	Star Asia Capital Management LLC (“Star Asia Capital Management”)
	Star Asia Capital Management serves as the external manager of Star Asia Opportunity. It also served as external manager of Star Asia Opportunity II prior to December 20, 2012. The Company owned 33% of Star Asia Capital Management as of December 31, 2013 and 2012. Star Asia Capital Management is an equity method investee of the Company. The Company did not elect the fair value option.
	Star Asia Japan Special Situations LP (“Star Asia Special Situations Fund”)
	In December 2012, the Company, along with two other parties, sponsored the creation of a new investment fund. The Star Asia Special Situations Fund is an investment fund that primarily invests in real estate and securities backed by real estate in Japan. The Star Asia Special Situations Fund is a closed-end fund that does not offer investor redemptions. It has an initial life of three years, which can be extended under certain circumstances for a total of two years. The Star Asia Special Situations Fund consummated its closing on December 20, 2012.
	As of December 31, 2013 and 2012, the Company owned approximately 2% and 6% of the Star Asia Special Situations Fund respectively. The Company accounts for its interest in the Star Asia Special Situations Fund under the equity method of accounting. The Company elected to carry its investment in the Star Asia Special Situations Fund at fair value with changes in fair value recorded in earnings under the fair value option provisions included in FASB ASC 825. Because it is accounted for at fair value, it is included as a component of other investments, at fair value in the consolidated balance sheet.
	Star Asia Opportunity II, LLC (“Star Asia Opportunity II”)
	Star Asia Opportunity II was a Delaware limited liability company formed in August 2012 to partially finance the acquisition of a real estate property in Japan. Prior to December 20, 2012, the Company directly owned 20% of Star Asia Opportunity II’s outstanding equity interests and the Company accounted for its investment in Star Asia Opportunity II under the equity method of accounting. The Company did not elect the fair value option.
	On December 20, 2012, Star Asia Opportunity II completed a reorganization whereby its assets were contributed into a subsidiary of the Star Asia Special Situations Fund. The net effect of this reorganization to the Company was that the Company exchanged its ownership interest in Star Asia Opportunity II for cash and an interest in the Star Asia Special Situations Fund.  See note 15.
	Star Asia Advisors LTD (“SAA Manager”)
	As of December 31, 2013, the Company owned 33% of SAA Manager. The Company treats its investment in SAA Manager under the equity method of accounting. The Company did not elect to carry its investment at fair value under the fair value option election included in FASB ASC 825.
	The SAA Manager serves as the external manager of the Star Asia Special Situations Fund. The management contract includes a base fee on funded capital for management services. SAA Manager recognizes the management fee income from its management contract with the Star Asia Special Situations Fund. The Company recognized its share of SAA Manager’s earnings or loss under the equity method of accounting.
	Star Asia Partners LTD (“SAP GP”)
	SAP GP serves as the general partner for the Star Asia Special Situations Fund. As of December 31, 2013, the Company owned 33% of SAP GP. The Company accounts for its investment in SAP GP under the equity method of accounting. The Company did not elect to carry its investment at fair value with changes in fair value recorded in earnings under the fair value option provisions included in FASB ASC 825. The Company recognizes its share of SAP GP’s earnings or loss under the equity method of accounting.
	SAP GP will potentially receive an incentive fee based on a specified interest return after the investors in the Star Asia Special Situations Fund receive their initial investment plus an 8% cumulative annual internal rate of return. The SAP GP recognizes the incentive fee once the fee is determined (according to the terms of the limited partnership agreement). The SAP GP does not accrue an estimated incentive fee through the year or in any year prior to the return of the investors’ initial investment plus the agreed upon cumulative annual return.
	EuroDekania Limited and EuroDekania (Cayman) Ltd. (“EuroDekania”)
	The Company has an investment in, and serves as external manager, of EuroDekania.
EuroDekania invests primarily in hybrid capital securities of European bank and insurance companies, CMBS, RMBS, and widely syndicated leverage loans. EuroDekania’s investments are denominated in Euros or U.K. Pounds Sterling.
As of December 31, 2013 and 2012, the Company directly owned approximately 17% and 10% of EuroDekania’s outstanding shares, respectively. The Company accounts for its investment in EuroDekania as a marketable equity security classified as available for sale for which the fair value option was elected effective January 1, 2008. Changes in fair value are recorded in earnings under the fair value option provisions included in FASB ASC 825. See notes 3-E, 8 and 9 for further information.
The Company also serves as external manager of EuroDekania. The management contract includes a base fee, an incentive fee, and an asset management fee credit, which is included as a component of asset management revenue in the consolidated statement of operations.
Muni Funding Company of America, LLC (“MFCA”) / Tiptree Financial Partners, L.P. (“Tiptree”)
The Company had an investment in MFCA. The Company also served as external manager of MFCA from MFCA’s inception until March 18, 2009, when the Company assigned its management contract with MFCA to an unaffiliated third party. MFCA was a limited liability company that primarily invested in securities that were exempt from U.S. federal income taxes.
Prior to June 23, 2011, the Company owned approximately 3% of MFCA’s outstanding shares. On June 23, 2011, MFCA became a wholly owned subsidiary of Tiptree. As part of that transaction, the Company exchanged its 1,000,200 shares of MFCA for 111,133 shares of Tiptree. As of December 31, 2013 and 2012, the Company owned approximately 1% of Tiptree.  During 2013, Tiptree completed a transaction with its publicly-traded, majority-owned subsidiary, Care Investment Trust Inc., which combined their businesses into a single operating company.  In connection with the closing of this transaction, the company, formerly known as Care Investment Trust Inc., changed its name to “Tiptree Financial Inc.”  Tiptree Financial Inc. (“Tiptree Inc.”) (NASDAQ: TIPT), a Maryland corporation is a diversified financial services holding company that was organized in 2007, and primarily focuses on the acquisition of majority control equity interests in financial services businesses.
During the periods presented, the Company has accounted for its investment in MFCA under the equity method of accounting and Tiptree under the cost method of accounting. However, in both cases, the Company elected to carry its investment at fair value with changes in fair value recorded in earnings under the fair value option provisions included in FASB ASC 825. Because it is accounted for at fair value, it is included as a component of other investments, at fair value in the consolidated balance sheet. See notes 3-E, 8 and 9 for further information.
During the period that the Company served as external manager of MFCA, the management contract included a base fee, an incentive fee, and an asset management fee credit. The Company included the revenue earned as a component of asset management revenue in the consolidated statement of operations.
Strategos Deep Value Mortgage Fund and Related Entities
The Company had an investment in Strategos Deep Value Mortgage Fund until its liquidation on June 30, 2011.
The Company served as investment manager of Strategos Deep Value Mortgage Fund and other related entities, a series of closed-end distressed debt funds (collectively, “Deep Value”) until it sold its advisory contracts in March 2011. See note 5. The management contracts included a base management fee.
Deep Value raised capital from investors, and earned investment returns by investing in a diversified portfolio of asset backed securities consisting primarily of RMBS and other real estate related securities, as well as other U.S. real estate related assets and related securities. During the periods presented, the Company accounted for its investment in Strategos Deep Value Mortgage Fund as an equity method investment and elected to carry its investment at fair value with changes in fair value recorded in earnings under the fair value option provisions included in FASB ASC 825. Because it was accounted for at fair value, it was included as a component of other investments, at fair value in the consolidated balance sheet.
Deep Value Credit GP, LLC (the “Deep Value GP”) and Deep Value Credit II GP, LLC (the “Deep Value GP II”) served as the general partners for the Deep Value funds. Deep Value GP and Deep Value GP II are collectively referred to as the “Deep Value GPs.” The Deep Value GPs received an incentive fee based on a specified interest return after the investors in Deep Value received their initial investment plus an agreed upon cumulative annual return.
Prior to their liquidation in 2013, the Company owned 50% of Deep Value GP and 40% of Deep Value GP II. The remaining percentages of the Deep Value GPs are owned by certain former employees of the Company. The Company accounted for its investment in the two general partners under the equity method of accounting. The Company did not elect to carry its investments at fair value with changes in fair value recorded in earnings under the fair value option provisions included in FASB ASC 825. All of the Deep Value funds for which the Deep Value GPs served as general partners were liquidated prior to December 31, 2012. The Deep Value GPs were fully liquidated during 2013.
Duart Capital Management LLC (“Duart Capital”) and Duart Global Deep Value Securities Fund LP (“Duart Fund”)
Duart Capital is a Delaware limited liability company formed in 2010. The Company directly owned 20% of Duart Capital’s outstanding equity interests as of December 31, 2013 and 2012. Duart Capital is an equity method investee of the Company. Duart Capital also serves as the investment manager of the Duart Fund. The Company did not elect the fair value option for its investment in Duart Capital.
The Duart Fund is a specialized deep value, public equity securities investment fund formed in September 2010. Effective December 31, 2010, the Company submitted a redemption notice to the Duart Fund to redeem 100% of its capital. The Company received its redemption in April 2011. During the periods presented, the Company accounted for its investment in the Duart Fund as an equity method investment and elected to carry its investment at fair value with changes in fair value recorded in earnings under the fair value option provisions included in FASB ASC 825. See notes 3-E, 8 and 9.
G. Derivative Financial Instruments
FASB ASC 815, Derivatives and Hedging (“FASB ASC 815”), provides for optional hedge accounting. When a derivative is deemed to be a hedge and certain documentation and effectiveness testing requirements are met, reporting entities are allowed to record all or a portion of the change in the fair value of a designated hedge as an adjustment to other comprehensive income (“OCI”) rather than as a gain or loss in the statements of operations. To date, the Company has not designated any derivatives as hedges under the provisions included in FASB ASC 815.
Derivative financial instruments are recorded at fair value. If the derivative was entered into as part of its broker-dealer operations, it will be included as a component of investments-trading or trading securities sold, not yet purchased. If it is entered into to a hedge for another financial instrument included in other investments, at fair value then the derivative will be included as a component of other investments, at fair value.
The Company may, from time to time, enter into derivatives to manage its risk exposures (i) arising from fluctuations in foreign currency rates with respect to the Company’s investments in foreign currency denominated investments; (ii) arising from the Company’s investments in interest sensitive investments; and (iii) arising from the Company’s facilitation of mortgage-backed trading. Derivatives entered into by the Company may include (i) foreign currency forward contracts; (ii) EuroDollar futures; and (iii) purchase and sale agreements of TBAs. TBAs are forward mortgage-backed securities whose collateral remain “to be announced” until just prior to the trade settlement. TBAs are accounted for as derivatives under FASB ASC 815 when either of the following conditions exists: (i) when settlement of the TBA trade is not expected to occur at the next regular settlement date (which is typically the next month) or (ii) a mechanism exists to settle the contract on a net basis. Otherwise, TBAs are recorded as a standard security trade. The settlement of these transactions is not expected to have a material effect on the Company’s consolidated financial statements.
Derivatives involve varying degrees of off-balance sheet risk, whereby changes in the level or volatility of interest rates or market values of the underlying financial instruments may result in changes in the value of a particular financial instrument in excess of its carrying amount. Depending on the Company’s investment strategy, realized and unrealized gains and losses are recognized in principal transactions and other income or in net trading in the Company’s consolidated statements of operations on a trade date basis. See note 10.
H. Furniture, Equipment, and Leasehold Improvements, Net
Furniture, equipment, and leasehold improvements are stated at cost, less accumulated depreciation and amortization and are included as a component of other assets in the consolidated balance sheets. Furniture and equipment are depreciated on a straight line basis over their estimated useful life of 3 to 5 years. Leasehold improvements are amortized over the lesser of their useful life or lease term, which generally ranges from 5 to 10 years.
I. Goodwill and Intangible Assets with Indefinite Lives
Goodwill represents the amount of the purchase price in excess of the fair value assigned to the individual assets acquired and liabilities assumed in various acquisitions completed by the Company. See note 4 and note 12. In accordance with FASB ASC 350, Intangibles — Goodwill and Other (“FASB ASC 350”), goodwill and intangible assets deemed to have indefinite lives are not amortized to expense but rather are analyzed for impairment.
The Company measures its goodwill for impairment on an annual basis or when events indicate that goodwill may be impaired. The Company first assesses qualitative factors to determine whether it is “more likely than not” that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. Based on the results of the qualitative assessment, the Company then determines whether it needs to calculate the fair value of the reporting unit as part of the first step of the two-step goodwill impairment test. The goodwill impairment test two-step process requires management to make judgments in determining what assumptions to use in the calculation. The first step in the process is to identify potential goodwill impairment by comparing the fair value of the reporting unit to its carrying value. If the carrying value is less than fair value the Company would complete step two in the impairment review process which measures the amount of goodwill impairment.
The Company includes intangible assets comprised primarily of its broker-dealer licenses in other assets on its consolidated balance sheets that it considers to have indefinite useful lives. The Company reviews these assets for impairment on an annual basis.
J. Variable Interest Entities
FASB ASC 810, Consolidation (“FASB ASC 810”) contains the guidance surrounding the definition of variable interest entities (“VIEs”), the definition of variable interests, and the consolidation rules surrounding VIEs. In general, VIEs are entities in which equity investors lack the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. The Company has variable interests in VIEs through its management contracts and investments in various securitization entities including CLOs and CDOs.
Once it is determined that the Company holds a variable interest in a VIE, FASB ASC 810 requires that the Company perform a qualitative analysis to determine (i) which entity has the power to direct the matters that most significantly impact the VIE’s financial performance; and (ii) if the Company has the obligation to absorb the losses of the VIE that could potentially be significant to the VIE or the right to receive the benefits of the VIE that could potentially be significant to the VIE. The entity that has both of these characteristics is deemed to be the primary beneficiary and required to consolidate the VIE. This assessment must be done on an ongoing basis. The Company has included the required disclosures for VIEs in its consolidated financial statements for the year ended December 31, 2013. See note 16 for further details.
K . Collateralized Securities Transactions
The Company may enter into transactions involving purchases of securities under agreements to resell (“reverse repurchase agreements” or “receivables under resale agreements”) or sales of securities under agreements to repurchase (“repurchase agreements”) which are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts plus accrued interest. The resulting interest income and expense are included in net trading in the consolidated statements of operations.
In the case of reverse repurchase agreements, the Company generally takes possession of securities as collateral. Likewise, in the case of repurchase agreements, the Company is required to provide the counterparty with securities.
In certain cases a repurchase agreement and a reverse repurchase agreement may be entered into with the same counterparty. If certain requirements are met, the offsetting provisions included in FASB ASC 210, Balance Sheet (“FASB ASC 210”), allow (but do not require) the reporting entity to net the asset and liability on the balance sheet. It is the Company’s policy to present the assets and liabilities on a gross basis even if the conditions described in offsetting provisions included in FASB ASC 210 are met.
The Company classifies reverse repurchase agreements as a separate line item within the assets section of the Company’s consolidated balance sheets. The Company classifies repurchase agreements as a separate line item within the liabilities section of the Company’s consolidated balance sheets.
In the case of reverse repurchase agreements, if the counterparty does not meet its contractual obligation to return securities used as collateral, or does not deposit additional securities or cash for margin when required, the Company may be exposed to the risk of reacquiring the securities or selling the securities at unfavorable market prices in order to satisfy its obligations to its customers or counterparties. The Company’s policy to control this risk is monitoring the market value of securities pledged or used as collateral on a daily basis and requiring adjustments in the event of excess market exposure.
In the case of repurchase agreements, if the counterparty makes a margin call and the Company is unable or unwilling to meet the margin call, the counterparty can sell the securities to repay the obligation. The Company is at risk that the counterparty may sell the securities at unfavorable market prices and the Company may sustain significant loss. The Company controls this risk by monitoring its liquidity position to ensure it has sufficient cash or liquid securities to meet margin calls.
In the normal course of doing business, the Company enters into reverse repurchase agreements that permit it to re-pledge or resell the securities to others. See note 11.
L . Revenue Recognition
Net trading: Net trading includes: (i) all gains, losses, and income (interest and dividend) from securities classified as investments-trading and trading securities sold, not yet purchased; (ii) interest income and expense from collateralized securities transactions; and (iii) commissions and riskless trading profits. Riskless trades are transacted through the Company’s proprietary account with a customer order in hand, resulting in little or no market risk to the Company. Transactions are recognized on a trade date basis. The investments classified as trading are carried at fair value. The determination of fair value is based on quoted market prices of an active exchange, independent broker market quotations, market price quotations from third party pricing services or, when independent broker quotations or market price quotations from third party pricing services are unavailable, valuation models prepared by the Company’s management. The models include estimates, and the valuations derived from them could differ materially from amounts realizable in an open market exchange. Net trading is reduced by interest expense which is directly incurred to purchase income generating assets related to trading activities such as margin interest. Such interest expense is recorded on an accrual basis.
Asset management: Asset management revenue consists of CDO asset management fees, fees earned for management of the Company’s permanent capital vehicles and investment funds, fees earned under a service arrangement with another CDO asset manager, and other asset management fees. CDO asset management fees are earned for providing ongoing asset management services to the trust. In general, the Company earns a senior asset management fee, a subordinated asset management fee, and an incentive asset management fee.
The senior asset management fee is generally senior to all the securities in the CDO capital structure and is recognized on a monthly basis as services are performed. The senior asset management fee is generally paid on a quarterly basis.
The subordinated asset management fee is an additional payment for the same services but has a lower priority in the CDO cash flows. If the trust experiences a certain level of asset defaults, these fees may not be paid. There is no recovery by the trust of previously paid subordinated asset management fees. It is the Company’s policy to recognize these fees on a monthly basis as services are performed. The subordinated asset management fee is generally paid on a quarterly basis. However, if the Company determines that the subordinated asset management fee will not be paid (which generally occurs on the quarterly payment date), the Company will stop recognizing additional subordinated asset management fees on that particular trust and will reverse any subordinated asset management fees that are accrued and unpaid. The Company will begin accruing the subordinated asset management fee again if payment resumes and, in management’s estimate, continued payment is reasonably assured. If payment were to resume but the Company was unsure of continued payment, it would recognize the subordinated asset management fee as payments were received and would not accrue such fees on a monthly basis.
The incentive management fee is an additional payment, made typically after five to seven years of the life of a CDO, which is based on the clearance of an accumulated cash return on investment (“Hurdle Return”) received by the most junior CDO securities holders. It is an incentive for the Company to perform in its role as asset manager by minimizing defaults and maximizing recoveries. The incentive management fee is not ultimately determined or payable until the achievement of the Hurdle Return by the most junior CDO securities holders. The Company does not recognize incentive fee revenue until the Hurdle Return is achieved and the amount of the incentive management fee is determinable and payment is reasonably assured.
Other asset management fees represents fees earned for the base and incentive management of various other Investment Vehicles that the Company manages. See note 3-F.
New issue and advisory: New issue and advisory revenue includes: (i) origination fees for corporate debt issues originated by the Company; (ii) revenue from advisory services; and (iii) new issue revenue associated with arranging the issuance of and placing newly created debt, equity and hybrid financial instruments.  New issue and advisory revenue is recognized when all services have been provided and payment is earned.
Principal transactions and other income: Principal transactions include all gains, losses, and income (interest and dividend) from financial instruments classified as other investments, at fair value in the consolidated balance sheets.
The investments classified as other investments, at fair value are carried at fair value. The determination of fair value is based on quoted market prices of an active exchange, independent broker market quotations, market price quotations from third party pricing services, or, when independent broker quotations or market price quotations from third party pricing services are unavailable, valuation models prepared by the Company’s management. These models include estimates, and the valuations derived from them could differ materially from amounts realizable in an open market exchange. Dividend income is recognized on the ex-dividend date.
Other income / (loss) includes foreign currency gains and losses, interest earned on cash and cash equivalents, and other miscellaneous income.
M. Interest Expense, net
Interest expense incurred other than interest income and expense included as a component of net trading (described in 3-L above) is recorded on an accrual basis and presented in the consolidated statements of operations as a separate non-operating expense. See notes 17 and 18.
N. Leases
The Company is a tenant pursuant to several commercial office leases. All of the Company’s leases are currently treated as operating leases. The Company records rent expense on a straight-line basis taking into account minimum rent escalations included in each lease. Any rent expense recorded in excess of amounts currently paid is recorded as deferred rent and included as a component of accounts payable and other liabilities in the consolidated balance sheets.
O. Redeemable Non-Controlling Interest
The redeemable non-controlling interest represented the equity interests of PrinceRidge that were not owned by the Company. See note 4. The members of PrinceRidge had the right to withdraw from PrinceRidge and require PrinceRidge to redeem the interests for cash over a contractual payment period. The Company accounted for these interests as temporary equity under Accounting Series Release 268 (“ASR 268”). These interests were shown outside of the permanent equity of IFMI in its consolidated balance sheet as redeemable non-controlling interest. See note 18. During 2013, the Company acquired all of the outstanding equity interests of PrinceRidge.  As of December 31, 2013 and 2012, the Company directly owned 100% and 98%, respectively, of PrinceRidge.
P. Non-Controlling Interest
Subsequent to the consummation of the Merger on December 16, 2009, member interests in the Operating LLC, other than the interests held by the Company, are treated as a non-controlling interest. As of December 31, 2013 and 2012, the Company directly owned approximately 73.2% and 67.6%, respectively, of the Operating LLC. See note 1.
Q. Equity-Based Compensation
The Company accounts for equity-based compensation issued to its employees using the fair value based methodology prescribed by the provisions related to share-based payments included in FASB ASC 718, Compensation-Stock Compensation (“FASB ASC 718”). Through the periods presented herein, the Company has issued the following types of instruments: (i) “Restricted Units” that include both actual membership interests of the Operating LLC or interests that represent the right to receive common shares of IFMI, both of which may be subject to certain restrictions; (ii) “Restricted Stock” that are shares of IFMI’s Common Stock; and (iii) stock options of IFMI.
When issuing equity compensation, the Company first determines the fair value of the Restricted Units or Restricted Stock or stock options granted. Once the fair value of the equity-based awards is determined, the Company determines whether the grants qualify for liability or equity treatment. The individual rights of the equity grants are the determining factors of the appropriate treatment (liability or equity). In general terms, if the equity-based awards granted have certain features (like put or cash settlement options) that give employees the right to redeem the grants for cash instead of equity of the Company, the grants will require liability treatment. Otherwise, equity treatment is generally appropriate.
If the grants qualify for equity treatment, the value of the grant is recorded as an expense as part of compensation and benefits in the consolidated statements of operations. The expense is recorded ratably over the service period as defined in FASB ASC 718, which is generally the vesting period. The offsetting entry is to stockholders’ equity or non-controlling interest. In the case of grants that qualify for equity treatment, compensation expense is fixed on the date of grant. The only subsequent adjustments made would be to account for differences between actual forfeitures of grants when an employee leaves the Company and initial estimate of forfeitures.
If the grants were to qualify for liability treatment, the treatment is the same as above except that the offsetting entry is to liability for equity compensation. In addition, in the case of grants that qualify for liability treatment, the Company would adjust the total compensation and the liability for equity compensation to account for subsequent changes in fair value as well as forfeitures as described in the preceding paragraph.
From time to time, the Company has issued equity to non-employees as compensation for services. The Company follows the provisions of FASB ASC 505-50 Equity-Based Payments to Non Employees (“FASB ASC 505-50”).  In those cases, the accounting treatment is materially the same as described for employees except that the fair value of the grant is determined at the earlier of (i) the performance commitment date; or (ii) the actual completion date of services. FASB ASC 505-50 describes the performance commitment date as the date when performance by the non-employee is probable because of sufficiently large disincentives in the event of nonperformance. If the sole remedy for the non-employee’s lack of performance is either the non-employee’s forfeiture of the equity instruments or the entity’s ability to sue the non-employee, those remedies should not, by themselves, be considered sufficiently large disincentives to nonperformance. When the Company has issued non employees grants, generally it has determined that the measurement date is the actual date of completion of services, which in the Company’s case, is the vesting date of the underlying grant.
R. Accounting for Income Taxes
The Company’s majority owned subsidiary, the Operating LLC, is treated as a pass-through entity for U.S. federal income tax purposes and in most of the states in which it does business. It is, however, subject to entity level income taxes in the United Kingdom, Spain, France, New York City, Pennsylvania, Philadelphia, and Illinois. Beginning on April 1, 2006, the Company qualified for Keystone Opportunity Improvement Zone (“KOZ”) benefits which exempts the Operating LLC and its members from Philadelphia and Pennsylvania state income and capital stock franchise tax liabilities. The Company’s current lease in Philadelphia will expire on April 30, 2016. However, assuming the Company extends its lease, it will be entitled to KOZ benefits through December 31, 2018.
For tax purposes, AFN contributed its assets and certain of its liabilities to Cohen Brothers in exchange for an interest in Cohen Brothers on December 16, 2009. AFN was organized and had been operated as a REIT for United States federal income tax purposes and therefore was not subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income, distribution and share ownership tests were met. Effective as of January 1, 2010, the Company ceased to qualify as a REIT and is instead treated as a C corporation for United States federal income tax purposes.
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the U.S. GAAP and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.
The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such a determination, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the valuation allowance which would reduce the provision for income taxes.
The Company’s policy is to record penalties and interest as a component of provision for income taxes in the consolidated statements of operations.
S. Other Comprehensive Income / (Loss)
The Company reports the components of comprehensive income / (loss) within the consolidated statements of operations and comprehensive income / (loss). Comprehensive income / (loss) includes net income / (loss) and foreign translation adjustment.
T. Earnings / (Loss) Per Common Share
In accordance with FASB ASC 260, Earnings Per Share (“FASB ASC 260”), the Company presents both basic and diluted earnings / (loss) per common share in its consolidated financial statements and footnotes. Basic earnings / (loss) per common share (“Basic EPS”) excludes dilution and is computed by dividing net income or loss allocable to common stockholders or members by the weighted average number of common shares and restricted stock entitled to non-forfeitable dividends outstanding for the period. Diluted earnings per common share (“Diluted EPS”) reflects the potential dilution of common stock equivalents (such as restricted stock and restricted units entitled to forfeitable dividends, and in-the-money stock options), if they are not anti-dilutive. See note 24 for the computation of earnings/(loss) per common share.
U. Recent Accounting Developments
In February 2013, the FASB issued ASU No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date, which requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date, as the sum of the following: (a) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors; and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. Examples of obligations within the scope of this ASU include debt arrangements, other contractual obligations, and settled litigation and judicial rulings. The guidance in this ASU also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments in this ASU should be applied retrospectively to all prior periods presented for those obligations resulting from joint and several liability arrangements within the ASU’s scope that exist at the beginning of the entity’s fiscal year of adoption. An entity may elect to use hindsight for the comparative periods presented in the initial year of adoption (if it changed its accounting as a result of adopting the guidance) and shall disclose that fact. The use of hindsight would allow an entity to recognize, measure, and disclose obligations resulting from joint and several liability arrangements within the scope of this ASU in comparative periods using information available at adoption rather than requiring an entity to make judgments about what information it had in each of the prior periods to measure the obligation. Early adoption is permitted. The Company adopted the provisions of ASU 2013-04 effective January 1, 2014 and the adoption of the provisions did not have an effect on the Company’s consolidated financial position and results of operations.
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity, which addresses the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. When a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity, the parent is required to apply the guidance in Subtopic 830-30 to release any related cumulative translation adjustment into net income. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. For an equity method investment that is a foreign entity, the partial sale guidance in Section 830-30-40 still applies, specifically, a pro rata portion of the cumulative translation adjustment should be released into net income upon a partial sale of such an equity method investment. However, this treatment does not apply to an equity method investment that is not a foreign entity. In those instances, the cumulative translation adjustment is released into net income only if the partial sale represents a complete or substantially complete liquidation of the foreign entity that contains the equity method investment. Additionally, the amendments in this ASU clarify that the sale of an investment in a foreign entity includes both (1) events that result in the loss of a controlling financial interest in a foreign entity (that is, irrespective of any retained investment) and (2) events that result in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date (sometimes referred to as a step acquisition). Accordingly, the cumulative translation adjustment should be released into net income upon the occurrence of those events. For public entities, the ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The Company adopted the provisions of ASU 2013-05 effective January 1, 2014, and the adoption of the provisions did not have an effect on the Company’s consolidated financial statements or financial statement disclosures.
In June 2013, the FASB issued ASU No. 2013-08, Financial Services-Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements, which changes the approach to the investment company assessment in Topic 946, clarifies the characteristics of an investment company, and provides comprehensive guidance for assessing whether an entity is an investment company. The amendments require an investment company to measure non-controlling ownership interests in other investment companies at fair value rather than using the equity method of accounting.  The amendments also require the following additional disclosures: (a) the fact that the entity is an investment company and is applying the guidance in Topic 946, (b) information about changes, if any, in an entity’s status as an investment company, and (c) information about financial support provided or contractually required to be provided by an investment company to any of its investees.  The amendments in this ASU are effective for an entity’s interim and annual reporting periods in fiscal years that begin after December 15, 2013. Earlier application is prohibited. The Company has investments in the equity securities of investment funds and other non-publicly traded entities that have the attributes of investment companies as currently described in FASB ASC 946-15-2.  The Company adopted the provisions of this ASU effective January 1, 2014, and the adoption of the provisions did not have an effect on the Company’s consolidated financial position and results of operations.
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which provides guidance on the presentation of unrecognized tax benefits.  This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date.  An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows: to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets.  This ASU is effective prospectively for reporting periods beginning after December 15, 2013, with early adoption permitted.  The Company adopted the provisions of this ASU effective January 1, 2014, and the adoption of the provisions did not have an effect on the Company’s consolidated financial statements.
V. Business Concentration
A substantial portion of the Company’s asset management revenues in a year may be derived from a small number of transactions. CDO asset management revenue was generated from a limited number of CDOs. In addition, the Company may earn a substantial portion of its income in the form of principal transactions.  This is comprised of gains and losses on a small number of investments.
The following table provides a summary for the relevant periods:
SUMMARY OF REVENUE CONCENTRATION
(Dollars in Thousands)
	Year ended December 31,
	2013		2012		2011
CDO Asset Management
CDO asset management revenue and related service agreements	$	14,228	$	21,729	$	19,055
Total asset management revenue	$	19,803	$	23,172	$	21,698
Total revenues	$	57,517	$	95,240	$	100,331
CDO asset management % as compared to total asset management fees		72%		94%		88%
CDO asset management % as compared to total revenues		25%		23%		19%
Number of CDOs generating management fees		21		25		26
Principal Transactions
Principal transactions and other income		-7,232		-2,439		1,881
Principal transactions % as compared to total revenues		-13%		-3%		2%
The Company’s trading revenue is generated from transactions with a diverse set of institutional customers.  The Company does not consider its trading revenue to be concentrated from a customer perspective.
W. Fair Value of Financial Instruments
The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments. These determinations were based on available market information and appropriate valuation methodologies. Considerable judgment is required to interpret market data to develop the estimates and, therefore, these estimates may not necessarily be indicative of the amount the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Refer to note 9 for a discussion of the fair value hierarchy with respect to investments-trading, other investments, at fair value and the derivatives held by the Company.
Cash and cash equivalents: Cash is carried at historical cost, which is assumed to approximate fair value. The estimated fair value measurement of cash and cash equivalents is classified within level 1 of the valuation hierarchy.
Investments-trading: These amounts are carried at fair value. The fair value is based on either quoted market prices of an active exchange, independent broker market quotations, market price quotations from third party pricing services, or valuation models when quotations are not available. See note 9 for disclosures about the categorization of the fair value measurements of investments-trading within the three level fair value hierarchy.
Other investments, at fair value: These amounts are carried at fair value. The fair value is based on quoted market prices of an active exchange, independent broker market quotations, or valuation models when quotations are not available. In the case of investments in alternative investment funds, fair value is generally based on the reported net asset value of the underlying fund. See note 9 for disclosures concerning the categorization of the fair value measurements of other investments, at fair value within the three level fair value hierarchy.
Receivables under resale agreements: Receivables under resale agreements are carried at their contracted resale price, have short-term maturities, and are repriced frequently or bear market interest rates and, accordingly, these contracts are at amounts that approximate fair value. The estimated fair value measurements of receivables under resale agreements are based on observations of actual market activity and are generally classified within level 2 of the fair value hierarchy.
Trading securities sold, not yet purchased: These amounts are carried at fair value. The fair value is based on quoted market prices of an active exchange, independent market quotations, market price quotations from third party pricing services, or valuation models when quotations are not available. See note 9 for disclosures concerning the categorization of the fair value measurements of trading securities sold, not yet purchased within the three level fair value hierarchy.
Securities sold under agreement to repurchase: The liabilities for securities sold under agreement to repurchase are carried at their contracted repurchase price, have short-term maturities, and are repriced frequently with amounts normally due in one month or less and, accordingly, these contracts are at amounts that approximate fair value. The estimated fair value measurements of securities sold under agreement to repurchase are based on observations of actual market activity and are generally classified within level 2 of the fair value hierarchy.
Debt: These amounts are carried at outstanding principal less unamortized discount. However, a substantial portion of the debt was assumed in the Merger and recorded at fair value as of that date. As of December 31, 2013 and 2012, the fair value of the Company’s debt was estimated to be $40.2 million and $34.6 million, respectively. The estimated fair value measurements of the debt are generally based on discounted cash flow models prepared by the Company’s management primarily using discount rates for similar instruments issued to companies with similar credit risks to the Company and are generally classified within level 3 of the fair value hierarchy.
Derivatives: These amounts are carried at fair value. Derivatives may be included as a component of investments-trading; trading securities sold, not yet purchased; and other investments, at fair value. See notes 9 and 10. The fair value is generally based on quoted market prices on an exchange that is deemed to be active for derivative instruments such as foreign currency forward contracts and Eurodollar futures. For derivative instruments, such as TBAs, the fair value is generally based on market price quotations from third party pricing services. See note 9 for disclosures concerning the categorization of the fair value measurements within the three level fair value hierarchy.

Acquisitions_And_Private_Inves

Acquisitions And Private Investment In IFMI	12 Months Ended
	Dec. 31, 2013
Acquisitions And Private Investment In IFMI [Abstract]	'
Acquisitions And Private Investment In IFMI	'
	4. ACQUISITIONS  AND PRIVATE INVESTMENT IN IFMI
	Acquisition of JVB Financial Holdings, L.L.C.
	On September 14, 2010, the Company entered into a Purchase and Contribution Agreement (the “Purchase Agreement”) with JVB Holdings, the sellers listed in the Purchase Agreement (the “Sellers”), and certain employees of JVB Holdings (the “Management Employees”). On January 13, 2011, the Company and the Operating LLC completed the acquisition of JVB Holdings. As contemplated by the Purchase Agreement, the Sellers sold all of the outstanding equity interests in JVB Holdings to the Operating LLC and JVB Holdings became a wholly owned subsidiary of the Operating LLC.
	The purchase price consisted of $5,646 in cash, 313,051 shares of IFMI Common Stock plus a cash amount equal to JVB Holdings’ tangible net worth. In addition, the Company agreed to pay $2,482 to the Management Employees in three equal installments, one on each of the first three anniversaries of the closing date of the acquisition, contingent upon each individual’s continued employment at each payment date. Upon the closing of the acquisition, an escrow of $484 was established for the payment of any adjustments to the purchase price based on the final tangible net worth of JVB Holdings as of the closing of the transaction and particular indemnities, and $384 was withheld for payment to the Sellers only if a specific revenue target was achieved at the end of the first year of operation following the closing of the transaction. All of the restricted membership units in the Operating LLC were delivered to the Management Employees and vested in three equal installments on each of the first three anniversaries of the closing date, subject to the terms and conditions contained in each employee’s employment agreement. Once vested, the holders of the restricted membership units in the Operating LLC required that the Operating LLC redeem such restricted membership units for cash or, at the Company’s option, shares of the Common Stock of the Company. See notes 19 and 20.
	The above transaction was accounted for under the acquisition method in accordance with U.S. GAAP. Accordingly, the transaction was accounted for as an acquisition by the Operating LLC of JVB Holdings. The effective date of the transaction with JVB Holdings for accounting purposes was January 1, 2011. JVB Holdings’ results of operations were included in the Company’s statements of operations beginning January 1, 2011.
	The following table summarizes the calculation of the fair value of consideration transferred by the Company to acquire JVB Holdings (dollars in thousands except share and per share data):
	Equity consideration:
	Shares of IFMI issued (1)...............................................................................................................................................................................	313,051
	Multiplied by (2).............................................................................................................................................................................................	$
		4.89
	Value of stock consideration.............................................................................................................................................................................	$	$
		1,531	1,531
	Cash consideration (3).....................................................................................................................................................................................		14,956
	Contingent payments due (4).............................................................................................................................................................................		326
	Total purchase price.......................................................................................................................................................................................		$
			16,813
	(1)Excluded 559,020 units of the Operating LLC issued to certain JVB Holdings Sellers that remained employees of JVB Holdings. These units vest over a three year period and are treated as compensation for future service and not part of the purchase price. See notes 19 and 20.
	(2)Represented the closing price of IFMI shares of Common Stock on January 13, 2011.
	(3)When closing the transaction, payment was made based on an estimate of JVB Holdings’ tangible net worth. However, a mechanism existed in the contract whereby the Company would owe additional funds or could recapture funds to the extent JVB Holdings’ tangible net worth differed from the amount estimated. The amount of cash consideration represented actual cash paid at closing of $15,044 less $88 receivable from escrowed proceeds for the tangible net worth adjustment. Also, cash consideration excluded $2,482 which was paid over time to the Management Employees. The amount was contingent upon the individuals remaining employees. It was earned ratably over a three-year period. If the employee terminated employment during the three year period, any unearned portion was refundable to the Company. It was treated as compensation for future services and not part of the purchase price.
	(4)Represents contingent payments due to the Sellers based on performance targets. A specific business unit of JVB Holdings was required to earn a minimum amount of revenue within 12 months of the business combination in order for this amount to be due to the owners of JVB Holdings. If that threshold was met, the owners of JVB Holdings would receive an additional payment of $384 which the Company would have treated as contingent consideration. Accordingly, the Company determined the fair value of this arrangement and recorded a liability equal to the fair value as of the date of the business combination. The Company had determined that the fair value of this obligation at the business combination date was $326. The Company carried this liability at fair value and any future adjustments in fair value were recognized in earnings. The Company recognized income of $326 for the year ended December 31, 2011, which was included in principal transactions and other income in the Company’s consolidated income statement.
	The following table summarizes the amounts of identified assets acquired and liabilities assumed at the acquisition date as of January 1, 2011 (dollars in thousands):
		Total Estimated
		Fair Value as of
		Acquisition Date
	Assets acquired:
	Cash and cash equivalents...............................................................................................................................................................................	$
		91
	Receivables from brokers, dealers and clearing agencies (deposits with clearing organizations).....................................................................................	100
	Investments-trading.........................................................................................................................................................................................	31,935
	Other assets (1) (2).........................................................................................................................................................................................	1,077
	Liabilities assumed:
	Payables to brokers, dealers and clearing agencies...............................................................................................................................................	-17,655
	Accounts payable and other liabilities.................................................................................................................................................................	-1,221
	Trading securities sold, not yet purchased...........................................................................................................................................................	-4,497
	Fair value of net assets acquired.......................................................................................................................................................................	9,830
	Purchase price for net assets acquired...............................................................................................................................................................	$
		16,813
	Goodwill (2) (3).............................................................................................................................................................................................	$
		6,983
	(1)Other assets are comprised of a purchase accounting adjustment of $166, which represents the estimated value of the broker-dealer license. The intangible asset of $166 related to the broker-dealer license was allocated to the Capital Markets business segment.
	(2)During the measurement period, which ended on January 13, 2012, an adjustment of $30 reducing the fair value of the assets acquired was made with a corresponding adjustment to increase goodwill by $30.
	(3)Goodwill recognized as of the acquisition date was allocated to the Capital Markets business segment.
	The allocation of the purchase price to the consolidated assets and liabilities of JVB Holdings resulted in goodwill of $6,983 (which is the difference between the fair value of JVB Holdings’ net assets and the purchase price paid by the Company). The goodwill was allocated to the Capital Markets business segment.
	Acquisition of PrinceRidge
	On April 19, 2011, the Operating LLC acquired PrinceRidge. Pursuant to the agreement of the parties, the transaction was effective May 31, 2011. The Operating LLC contributed $45,000, which was comprised of cash, amounts payable, and all of the equity ownership interests in CCCM, a broker-dealer comprising a substantial part of the Operating LLC’s Capital Markets business segment, to PrinceRidge in exchange for an approximate 70% interest (consisting of equity and profit interests) in PrinceRidge. The transaction was subject to final FINRA approval, which was received on October 19, 2011.
	Upon the closing of the transactions, the limited liability company agreement of PrinceRidge GP and the limited partnership agreement of CCPRH were amended and restated and IFMI, LLC was admitted as a member of PrinceRidge GP and a limited partner in CCPRH. Except as otherwise provided by the limited liability company agreement of PrinceRidge GP, the business and affairs of PrinceRidge GP are managed under the direction of the Board of Managers of PrinceRidge GP. Following the closing of the transactions contemplated by the Contribution Agreement, PrinceRidge GP’s Board of Managers was comprised of five members: three IFMI, LLC designees and two designees by the individuals that were members of PrinceRidge GP prior to the transaction.
	The transaction was accounted for as an acquisition by the Operating LLC of PrinceRidge. The effective date of the acquisition transaction with PrinceRidge for accounting purposes was May 31, 2011. The results of operations of PrinceRidge are included in the Company’s statements of operations beginning June 1, 2011.
	PrinceRidge (including the operations of CCCM since its contribution on June 1, 2011) contributed $27,191,  $43,925, and $27,406 of revenue and $(2,750),  $(386) and $(5,003) of net income (loss) attributable to the Company for the years ended December 31, 2013,  2012, and 2011, respectively.
	The following table summarizes the amounts of identified assets acquired and liabilities assumed at the acquisition date of May 31, 2011. In accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations, the Company had one year from the closing of the transaction, referred to as the measurement period, to finalize the accounting for business combinations. The measurement period for the PrinceRidge acquisition expired on May 31, 2012. During the second quarter of 2012, the Company made a measurement period adjustment to the redeemable non-controlling interest with a corresponding adjustment to goodwill related to the acquisition of PrinceRidge. The measurement period adjustment was related to the change in the effective ownership percentage between IFMI and the non-controlling interest. The adjustment reduced goodwill and the redeemable non-controlling interest by $93.
		Total Estimated
		Fair Value as of
		Acquisition Date (final)
		(dollars in thousands)
	Assets acquired:
	Cash and cash equivalents...............................................................................................................................................................................	$
		2,149
	Receivables from brokers, dealers and clearing agencies……………………………………………...	9,382
	Other receivables...........................................................................................................................................................................................	1,815
	Investments-trading.........................................................................................................................................................................................	42,407
	Receivables under resale agreements...................................................................................................................................................................	158,688
	Other assets...................................................................................................................................................................................................	4,730
	Liabilities assumed:
	Accrued compensation.....................................................................................................................................................................................	-1,725
Accounts payable and other liabilities.................................................................................................................................................................	-2,877
Trading securities sold, not yet purchased...........................................................................................................................................................	-38,605
Securities sold under agreement to repurchase.....................................................................................................................................................	-158,620
Fair value of existing PrinceRidge net assets.......................................................................................................................................................	17,344
Purchase price (1) (3).....................................................................................................................................................................................	$
	18,409
Excess of purchase price over net fair value.......................................................................................................................................................	1,065
Less amount allocated to intangible asset (2).......................................................................................................................................................	-166
Goodwill (3)...................................................................................................................................................................................................	$
	899
(1)The purchase price represents the fair value of PrinceRidge retained by the members of PrinceRidge other than the Operating LLC (dollars in thousands):
	Total Estimated
	Fair Value as of
	Acquisition Date
	(final)
Summary Purchase Accounting
Net Fair Value Summary
Net Fair Value of IFMI Contribution...................................................................................................................................................................	$
	45,000
Net Fair Value of PrinceRidge immediately prior to IFMI Contribution.....................................................................................................................	17,344
Net Fair Value of PrinceRidge After IFMI Contribution.........................................................................................................................................	62,344
Effective Ownership Percentage (as negotiated)
IFMI...............................................................................................................................................................................................................	70.5%
Non-Controlling Interest...................................................................................................................................................................................	29.5%
Total...............................................................................................................................................................................................................	100.0%
Allocable Net Fair Value of PrinceRidge After IFMI Contribution
IFMI...............................................................................................................................................................................................................	43,935
Non-Controlling Interest (purchase price)...........................................................................................................................................................	18,409
Total...............................................................................................................................................................................................................	$
	62,344
See note 18 for a description of the redeemable non-controlling interest. The excess of the purchase price over the net fair value of PrinceRidge immediately prior to the IFMI contribution equals $1,065 calculated as the purchase price of $18,409 minus the fair value of PrinceRidge prior to IFMI’s contribution of $17,344. The excess of $1,065 can also be calculated as IFMI’s contribution of $45,000 minus IFMI’s allocable fair value of PrinceRidge subsequent to IFMI’s contribution of $43,935.
(2)The intangible asset of $166 represented the estimated value of the broker-dealer license, which was allocated to the Capital Markets business segment.
(3)Goodwill recognized as of the acquisition date was allocated to the Capital Markets business segment. See note 12.
The allocation of the purchase price to the consolidated assets and liabilities of PrinceRidge results in goodwill of $899. The goodwill is not deductible for tax purposes.
In October 2012, the Board of Managers of PrinceRidge GP was reduced to three members, all of whom are designated by the Operating LLC. During 2013, PrinceRidge repurchased the remaining outstanding remaining units of PrinceRidge that were not held by the Operating LLC.  Accordingly, as of December 31, 2013, PrinceRidge was  100% owned by the Operating LLC.  See notes 17 and 18.
Acquisition of Star Asia Manager
Effective March 1, 2013, Star Asia Manager repurchased (the “Star Asia Manager Repurchase Transaction”) its outstanding equity units held by Star Asia Mercury LLC (formerly, Mercury Partners, LLC) (“Mercury”). Star Asia Manager repurchased the units from Mercury for $425 and a note payable of $725. Under the note payable, interest accrued at a variable rate and there was no stated maturity date. See note 17.
Prior to the Star Asia Manager Repurchase Transaction, each of the Company and Mercury owned 50% of the voting interests in Star Asia Manager. The Company accounted for its investment under the equity method of accounting. As a result of the Star Asia Manager Repurchase Transaction, the Company obtained 100% voting control of Star Asia Manager. Because the transaction resulted in the Company obtaining control, the Company accounted for the transaction as a business combination as called for under Accounting Standards Codification (“ASC”) 805, Business Combinations. Subsequent to the Star Asia Manager Repurchase Transaction, the Company included Star Asia Manager in its consolidated financial statements.
Under ASC 805, if the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the acquirer shall report provisional amounts. For a period of up to one year subsequent to the acquisition date (the measurement period), the Company can adjust the provisional amounts as it obtains new information regarding the facts and circumstances that existed at the acquisition date. The following table summarizes the provisional amounts of the identified assets acquired and liabilities assumed at the acquisition date as of March 1, 2013 (dollars in thousands):
	Total Estimated Fair Value as of Acquisition Date
Assets acquired:
Cash and cash equivalents	$	1,104
Due from related parties		253
Other assets		150
Liabilities assumed:
Accounts payable and other liabilities		-55
Fair value of net assets acquired		1,452
Purchase price (1)		1,855
Intangible Asset (2)	$	403
As provisional amounts, the amounts in the table above are subject to changes during the measurement period. See notes 15 and 28.
(1)The purchase price represents the cash paid to Mercury of $425; the note payable to Mercury of $725; and the Company’s equity method investment immediately prior to the Star Asia Manager Repurchase Transaction. For purposes of the provisional amounts, the Company has assumed the carrying value of the Company’s equity method investment immediately prior to the Star Asia Manager Repurchase Transaction approximated fair value. As with all provisional purchase accounting amounts, this is subject to adjustment during the measurement period.
(2)For purposes of the provisional purchase accounting, the Company determined that the excess of the purchase price over the net fair value of tangible assets acquired should entirely be allocated to an intangible asset representing the value of Star Asia Manager’s investment management contract with Star Asia. The Company treated the estimated value as an intangible asset with a finite life. The Company will amortize the intangible asset using the straight-line method over the estimated economic life of the asset of 1.3 years. The intangible asset was allocated to the Asset Management business segment. See note 27. As with all provisional purchase accounting amounts, this is subject to adjustment during the measurement period.
For the year ended December 31, 2013, Star Asia Manager (since its acquisition on March 1, 2013) has contributed $2,297 in revenue and $968 in net income to the Company.  On a pro forma basis, assuming the acquisition had occurred on January 1, 2012, the Company’s revenue would have been $58,097 and $99,072 and its net income / (loss) attributable to IFMI would have been $(13,293) and $(449) for the years ended December 31, 2013 and 2012, respectively.
On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interests in the Star Asia Group including Star Asia Manager.  See note 31.
Investments by Mead Park Capital Partners LLC (“Mead Park Capital”) and EBC 2013 Family Trust (“EBC”)
On May 9, 2013, the Company entered into definitive agreements (the “definitive agreements” with Mead Park Capital and CBF (an entity owned solely by Daniel G. Cohen, the Vice Chairman of the Company’s Board of Directors and of the board of managers of the Operating LLC, President and Chief Executive of the Company’s European Business, and President of CCFL), pursuant to which each committed to make investments in the Company, totaling $13,746 in the aggregate. Mead Park Capital is a vehicle advised by Mead Park Advisors LLC (“Mead Park”) (a registered investment advisor) and is controlled by Jack J. DiMaio, Jr., Chief Executive Officer and founder of Mead Park and Chairman of the Company’s Board of Directors. The investment and related actions were unanimously approved by the Company’s Board of Directors (with Daniel G. Cohen abstaining) following the recommendation of the Board’s Special Committee of the Board of Directors, which was formed in connection with the transaction and was comprised of three of the Company’s independent directors. The Company obtained stockholder approval of the share issuances contemplated by the definitive agreements at the Company’s 2013 Annual Meeting of Stockholders on September 24, 2013.
In connection with the closing of the transactions contemplated by the definitive agreements, on September 25, 2013, Mead Park Capital purchased 1,949,167 shares of the Company’s Common Stock and EBC, as assignee of CBF, purchased 800,000 shares of the Company’s Common Stock, in each case, at $2.00 per share for a combined investment of $5,498. Mead Park Capital also purchased convertible senior promissory notes in the aggregate principal amount of $5,848, which are convertible in accordance with the terms of the note into 1,949,167 shares at $3.00 per share. In addition, EBC, as assignee of CBF, purchased a convertible senior promissory note in the aggregate principal amount of $2,400, which is convertible in accordance with its terms into 800,000 shares at $3.00 per share.  Daniel G. Cohen is a trustee of EBC. The convertible notes issued under the definitive agreements and described above (the “8.0% Convertible Notes”) have an 8.0% annual interest rate and will mature on September 25, 2018.   See note 17 for a discussion about the 8.0% Convertible Notes.
In connection with the transactions contemplated by the definitive agreements, on May 9, 2013, the Company’s Board of Directors adopted a Section 382 Rights Agreement (the “Rights Agreement”) in an effort to protect stockholder value by attempting to protect against a possible limitation on the Company’s ability to use its net operating loss and net capital loss carry forwards (the “deferred tax assets”) to reduce potential future federal income tax obligations.  See note 19.
In connection with the September 25, 2013 closing of the transactions contemplated by the definitive agreements, Mr. DiMaio and Christopher Ricciardi, a partner in Mead Park and the former President of the Company, were elected to the Company’s Board of Directors. Mr. DiMaio was also named Chairman of the Company’s Board of Directors and Mr. Cohen was named Vice Chairman of the Company’s Board of Directors. In addition, the Company’s Board of Directors was reduced from ten to eight members.
In June 2013, the Company appointed Lester R. Brafman as President of the Company. In September 2013, the Company appointed Mr. Brafman as the Chief Executive Officer of the Company. In September 2013, Mr. Cohen transitioned his role as Chief Executive Officer and Chief Investment Officer of the Company, to serve as President and Chief Executive Officer of the Company’s European Business and President of CCFL.

Sale_of_Equity_Derivatives_Bus

Sale of Equity Derivatives Business, Management Contracts, and Investment Advisory Agreements	12 Months Ended
	Dec. 31, 2013
Sale of Equity Derivatives Business, Management Contracts, and Investment Advisory Agreements [Abstract]	'
Sale of Equity Derivatives Business, Management Contracts, and Investment Advisory Agreements	'
	5. SALE OF EQUITY DERIVATIVES BROKERAGE BUSINESS, MANAGEMENT CONTRACTS, AND INVESTMENT ADVISORY AGREEMENTS
	Sale of Equity Derivatives Brokerage Business
	The Company entered into a purchase agreement, dated as of January 27, 2012, as amended on November 30, 2012 and December 31, 2012, whereby it agreed, subject to approval by FINRA and other customary closing conditions, to sell its equity derivatives brokerage business to an entity owned by two individuals that were employed by the Company until December 31, 2012 (the “FGC Buyer”). The FGC Buyer received certain intellectual property, books and records, and rights to the “FGC” name. The transaction was subject to FINRA approval, which was obtained in November 2012 and the equity derivatives brokerage business was transferred to the FGC Buyer on December 31, 2012, the closing date. All of the Company’s existing equity derivatives team were terminated and joined the FGC Buyer.
	Pursuant to the terms of the purchase agreement, the FGC Buyer will pay to the Company a purchase price equal to 4.5% of all revenue earned by the FGC Buyer and the U.S. broker-dealer operations of certain of its affiliates between December 31, 2012 and December 31, 2015. In addition, in the event of a capital transaction, as defined in the purchase agreement, involving the FGC Buyer and certain of its affiliates, the Company will be entitled to receive ten percent (10%) of an amount equal to (a) all of proceeds received by the FGC Buyer and certain of its affiliates, less (b) certain expenses incurred in connection with such capital transaction.
	The equity derivatives business generated $7,842 and $7,946 of revenue, and $711 and $979 of operating income for the years ended December 31, 2012 and 2011, respectively.
	Sale of Strategos Deep Value Funds Asset Management Rights and Other Asset Management Rights
	On March 29, 2011, the Company sold its investment advisory agreements relating to advisory services to a series of closed-end, distressed debt funds, known as the Strategos Deep Value funds, and certain separately managed accounts to a new entity owned by two former Company employees, known as Strategos Capital Management, LLC (the “SCM Buyer”). The SCM Buyer has received or will receive certain services, intellectual property, books and records, software, data, and rights to the “Strategos” name. The Strategos portfolio management team joined the new entity. The Company changed the name of its wholly-owned subsidiary that previously served as the investment advisor from Strategos Capital Management, LLC to Cira SCM, LLC (“Cira SCM”).
	The Company retained its ownership in the general partners of the existing Strategos Deep Value funds and its rights to incentive fees from the existing Strategos Deep Value funds. The general partners of the existing Strategos Deep Value funds fully liquidated during 2013.
	Pursuant to the terms of the purchase agreement, the SCM Buyer will pay a purchase price equal to 10% of all revenue, net of certain expenses, earned by the SCM Buyer between March 29, 2011, and December 31, 2014, and will assume substantially all of the expenses of managing the Strategos Deep Value funds and the separately managed accounts. In addition, in the first quarter of 2015, the Company will have a one-time option to purchase a right to receive 10% of all revenue earned and collected thereafter related to the SCM Buyer’s fixed income and fixed income related financial services businesses for a purchase price equal to 20% of revenue earned and collected by the SCM Buyer for the period commencing on January 1, 2014, and ending on December 31, 2014. In the event the Company exercises its option, the SCM Buyer has the option at December 31, 2015, and each subsequent calendar quarter thereafter, to repurchase the 10% share for a purchase price equal to 30% of revenue earned and collected by the SCM Buyer for the four most recently completed quarters. In connection with the transaction, the Company has entered into an agreement to employ the SCM Buyer to render advice and assistance to the Company with respect to certain securitization vehicles it continues to manage. The assets under management with respect to these CDOs were $363.5 million as of December 31, 2013. As compensation, the SCM Buyer will receive 10% of all asset management fees received by the Company related to the Company’s ongoing management of the CDOs.
	See note 12.

Receivables_From_And_Payables_

Receivables From And Payables To Brokers, Dealers, And Clearing Agencies	12 Months Ended
	Dec. 31, 2013
Receivables from and Payables to Brokers, Dealers, and Clearing Agencies [Abstract]	'
Receivables from and Payables to Brokers, Dealers, and Clearing Agencies	'
	6. RECEIVABLES FROM AND PAYABLES TO BROKERS, DEALERS AND CLEARING AGENCIES
	Amounts receivable from brokers, dealers and clearing agencies consisted of the following at December 31, 2013 and 2012,  respectively.
	RECEIVABLES FROM BROKERS, DEALERS AND CLEARING AGENCIES
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	Deposits with clearing organizations	$	1,428	$	1,516
	Unsettled regular way trades, net		-		9,653
	Receivable from clearing organizations		418		1,084
	Receivables from brokers, dealers and clearing agencies	$	1,846	$	12,253
	Receivable from clearing organizations represents un-invested cash held by the clearing organization, which includes cash proceeds from short sales.
	Amounts payable to brokers, dealers and clearing agencies consisted of the following December 31, 2013 and 2012,  respectively.
	PAYABLES TO BROKERS, DEALERS AND CLEARING AGENCIES
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	Unsettled regular way trades, net	$	5,600	$	-
	Margin payable		25,111		96,211
	Payables to brokers, dealers and clearing agencies	$	30,711	$	96,211
	Securities transactions are recorded on the trade date, as if they had settled. The related amounts receivable and payable for unsettled securities transactions are recorded net in receivables from or payables to brokers, dealers and clearing agencies on the Company’s consolidated balance sheets. Effectively, all of the Company’s trading assets and deposits with clearing organizations serve as collateral for the margin payable.  These assets are held by the Company’s clearing broker.  The Company incurred interest on margin payable of $627,  $1,456 and $2,513 for the years ended December 31, 2013,  2012, and 2011,  respectively.

Other_Receivables

Other Receivables	12 Months Ended
	Dec. 31, 2013
Other Receivables [Abstract]	'
Other Receivables	'
	7. OTHER RECEIVABLES
	Receivables are comprised of the following:
	OTHER RECEIVABLES
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	Asset management fees	$	3,886	$	2,874
	New issue and advisory fees		150		1,109
	Accrued interest and dividends receivable, net		440		1,508
	Commissions receivable		-		1,221
	Secured receivable		-		1,582
	Revenue share receivable		628		34
	Other		554		160
	Other receivables	$	5,658	$	8,488
	Asset management and new issue and advisory receivables are of a routine and short-term nature. These amounts are generally accrued monthly and paid on a monthly or quarterly basis. See note 3-L regarding asset management fees accrued. Accrued interest and dividend receivable, net represents interest accrued on the Company’s investment securities and dividends accrued on the Company’s Investment Vehicles net of interest payable on securities sold but not yet purchased. Commissions receivable primarily represented outstanding fees for trades completed by the Company’s agency brokerage business offering execution and brokerage services for cash equity and derivative products and were of a routine and short-term nature. Revenue share receivable represents the amount due to the Company for the Company’s share of revenue generated from the FGC Buyer and SCM Buyer in accordance with the terms of the respective purchase agreements. See note 5.  Secured receivable represented a receivable from an unrelated third party, which was short-term in nature and secured by physical commodities.  Other receivables represent other miscellaneous receivables that are of a short-term nature.

Financial_Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2013
Financial Instruments [Abstract]	'
Financial Instruments	'
	8. FINANCIAL INSTRUMENTS
	Investments—Trading
	The following table provides detail of the investments classified as investments-trading as of the periods indicated:
	INVESTMENTS - TRADING
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	U.S. government agency MBS and CMOs (1)	$	13,520	$	34,592
	U.S. government agency debt securities		32,213		21,066
	RMBS		1,584		583
	CMBS		-		12
	U.S. Treasury securities		764		147
	Interests in securitizations (2)		454		352
	SBA loans		27,719		15,705
	Corporate bonds and redeemable preferred stock		23,562		56,022
	Foreign government bonds		88		448
	Municipal bonds		16,024		37,745
	Exchange traded funds		6		-
	Certificates of deposit		1,648		8,934
	Equity securities		36		533
	Investments-trading	$	117,618	$	176,139
	(1)Includes TBAs. See notes 3-G and 10.
	(2)Primarily comprised of CDOs, CLOs, and ABS.
	Trading Securities Sold, Not Yet Purchased
	The following table provides detail of the trading securities sold, not yet purchased as of the periods indicated:
	TRADING SECURITIES SOLD, NOT YET PURCHASED
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	U.S. government agency MBS (1)	$	121	$	13
	U.S. Treasury securities		38,066		19,722
	Corporate bonds and redeemable preferred stock		10,679		21,976
	Foreign government bonds		26		-
	Municipal bonds		88		128
	Certificates of deposit		524		2,325
	Equity securities		-		3
	Trading securities sold, not yet purchased	$	49,504	$	44,167
	(1)Represents TBAs. See notes 3-G and 10.
	The Company tries to manage its exposure to changes in interest rates for the interest rate sensitive securities it holds by entering into offsetting short positions for similar fixed rate securities.
	The Company included the change in unrealized gains (losses) in the amount of $1,857 and $  (1,310) for years ended December 31, 2013 and 2012, respectively, in net trading revenue in the Company’s consolidated statements of operations.
	Other Investments, at fair value
	The following table provides detail of the investments included within other investments, at fair value:
	OTHER INVESTMENTS, AT FAIR VALUE
	(Dollars in Thousands)
		31-Dec-13
		Cost		Carrying Value		Unrealized Gain(Loss)
	Interests in securitizations (1)	$	217	$	35	$	-182
	Equity Securities:
	EuroDekania		8,778		4,192		-4,586
	Star Asia  (2)		23,304		17,104		-6,200
	Star Asia Special Situations Fund (2)		1,933		2,747		814
	Tiptree		5,561		2,282		-3,279
	Other securities		176		33		-143
	Total equity securities		39,752		26,358		-13,394
	Residential loans		154		294		140
	Foreign currency forward contracts		-		190		190
	Other investments, at fair value	$	40,123	$	26,877	$	-13,246
		31-Dec-12
		Cost		Carrying Value		Unrealized Gain(Loss)
	Interests in securitizations (1)	$	217	$	77	$	-140
	Equity Securities:
	EuroDekania		7,807		2,054		-5,753
	Star Asia  (2)		23,304		30,169		6,865
	Star Asia Special Situations Fund (2)		1,841		2,503		662
	Tiptree		5,561		2,834		-2,727
Other securities		232		431		199
Total equity securities		38,745		37,991		-754
Residential loans		230		255		25
Other investments, at fair value	$	39,192	$	38,323	$	-869
(1)Represents an interest in a CDO.
(2)On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interests in the Star Asia Group. See note 31.

Fair_Value_Disclosures

Fair Value Disclosures	12 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures	'
	9. FAIR VALUE DISCLOSURES
	Fair Value Option
	The Company has elected to account for certain of its other financial assets at fair value under the fair value option provisions of FASB ASC 825. The primary reason for electing the fair value option when it first became available in 2008, was to reduce the burden of monitoring the differences between the cost and the fair value of the Company’s investments, previously classified as available for sale securities, including the assessment as to whether the declines are temporary in nature and to further remove an element of management judgment. In addition, the election was made for certain investments that were previously required to be accounted for under the equity method because their fair value measurements were readily obtainable.
	Such financial assets accounted for at fair value include:
	•in general, securities that would otherwise qualify for available for sale treatment;
	•  in general, investments in equity method affiliates where the affiliate has all of the attributes in FASB ASC 946-10-15-2 (commonly referred to as investment companies); and
	•  in general, investments in residential loans.
	The changes in fair value (realized and unrealized gains and losses) of these instruments for which the Company has elected the fair value option are recorded in principal transactions and other income in the consolidated statements of operations. All of the investments for which the Company has elected the fair value option are included as a component of other investments, at fair value in the consolidated balance sheets. The Company recognized net losses of $11,399 and $6,284 related to changes in fair value of investments that are included as a component of other investments, at fair value during the years ended December 31, 2013 and 2012 respectively.  The Company recognized net gains of $1,504 related to changes in fair value of investments that are included as a component of other investments, at fair value during the year ended December 31, 2011.
	Fair Value Measurements
	In accordance with FASB ASC 820, the Company has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into a three level fair value hierarchy. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the hierarchy under FASB ASC 820 are described below:
	Level  1Financial assets and liabilities whose values are based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
	Level  2Financial assets and liabilities whose values are based on one or more of the following:
	1.  Quoted prices for similar assets or liabilities in active markets;
	2.  Quoted prices for identical or similar assets or liabilities in non-active markets;
	3.  Pricing models whose inputs, other than quoted prices, are observable for substantially the full term of the asset or      liability; or
	4.  Pricing models whose inputs are derived principally from or corroborated by observable market data through      correlation or other means for substantially the full term of the asset or liability.
	Level  3Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.
	In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.
	Both observable and unobservable inputs may be used to determine the fair value of positions that the Company has classified within the level 3 category. As a result, the unrealized gains and losses for assets and liabilities within the level 3 category presented in the tables below may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs.
	A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain financial assets or liabilities. There were no transfers between level 1 and level 2 of the fair value hierarchy during the years ended December 31, 2013 and 2012. Reclassifications impacting level 3 of the fair value hierarchy are reported as transfers in or transfers out of the level 3 category as of the beginning of the quarter in which reclassifications occur.
	The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value.
	FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
	As of December 31, 2013
	(Dollars in Thousands)
								Significant			Significant
					Quoted Prices in			Other Observable			Unobservable
					Active Markets			Inputs			Inputs
	Assets:	Fair Value			(Level 1)			(Level 2)			(Level 3)
	Investments-trading:
	U.S. government agency MBS and CMOs	$	13,520		$	-		$	13,520		$	-
	U.S. government agency debt securities		32,213			45			32,168			-
	RMBS		1,584			-			1,584			-
	U.S. Treasury securities		764			764			-			-
	Interests in securitizations (1)		454			-			268			186
	SBA loans		27,719			-			27,719			-
	Corporate bonds and redeemable preferred stock		23,562			2,973			20,589			-
	Foreign government bonds		88			-			88			-
	Municipal bonds		16,024			-			16,024			-
	Exchange traded funds		6			6			-			-
	Certificates of deposit		1,648			-			1,648			-
	Equity securities		36			16			20			-
	Total investments - trading	$	117,618		$	3,804		$	113,628		$	186
	Other investments, at fair value
	EuroDekania (2)	$	4,192		$	-		$	-		$	4,192
	Star Asia (3) (5)		17,104			-			-			17,104
	Tiptree (4)		2,282			-			2,282			-
	Star Asia Special Situations Fund (3) (5)		2,747			-			-			2,747
	Other equity securities		33			23			10			-
	Interests in securitizations (1)		35			-			-			35
	Residential loans		294			-			294			-
	Foreign currency forward contracts		190			190			-			-
	Total other investments, at fair value	$	26,877		$	213		$	2,586		$	24,078
	Liabilities
	Trading securities sold, not yet purchased:
	U.S. government agency MBS	$	121		$	-		$	121		$	-
	U.S. Treasury securities		38,066			38,066			-			-
	Corporate bonds and redeemable preferred stock		10,679			-			10,679			-
	Foreign government bonds		26			-			26			-
	Municipal bonds		88			-			88			-
	Certificates of deposit		524			-			524			-
	Total trading securities sold, not yet purchased	$	49,504		$	38,066		$	11,438		$	-
	(1)Primarily comprised of CDOs, CLOs, and ABS.
	(2)Hybrid Securities Fund—European.
(3)Real Estate Fund—Asian.
(4)Diversified Fund.
(5)On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interests in the Star Asia Group. See note 31.
FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
As of December 31, 2012
(Dollars in Thousands)
							Significant			Significant
				Quoted Prices in			Other Observable			Unobservable
				Active Markets			Inputs			Inputs
Assets:	Fair Value			(Level 1)			(Level 2)			(Level 3)
Investments-trading:
U.S. government agency MBS and CMOs	$	34,592		$	-		$	34,592		$	-
U.S. government agency debt securities		21,066			-			21,066			-
RMBS		583			-			583			-
CMBS		12			-			12			-
U.S. Treasury securities		147			147			-			-
Interests in securitizations (1)		352			-			57			295
SBA loans		15,705			-			15,705			-
Corporate bonds and redeemable preferred stock		56,022			5,643			50,379			-
Foreign government bonds		448			-			448			-
Municipal bonds		37,745			-			37,745			-
Certificates of deposit		8,934			-			8,934			-
Equity securities		533			395			138			-
Total investments - trading	$	176,139		$	6,185		$	169,659		$	295
Other investments, at fair value
EuroDekania (2)	$	2,054		$	-		$	-		$	2,054
Star Asia (3) (5)		30,169			-			-			30,169
Tiptree (4)		2,834			-			-			2,834
Star Asia Special Situations Fund (3) (5)		2,503			-			-			2,503
Other equity securities		431			24			407			-
Interests in securitizations (1)		77			-			-			77
Residential loans		255			-			255			-
Total other investments, at fair value	$	38,323		$	24		$	662		$	37,637
Liabilities
Trading securities sold, not yet purchased:
U.S. government agency MBS	$	13		$	-		$	13		$	-
U.S. Treasury securities		19,722			19,722			-			-
Corporate bonds and redeemable preferred stock		21,976			152			21,824			-
Municipal bonds		128			-			128			-
Certificates of deposit		2,325			-			2,325			-
Equity securities		3			3			-			-
Total trading securities sold, not yet purchased	$	44,167		$	19,877		$	24,290		$	-
(1)Primarily comprised of CDOs, CLOs, and ABS.
(2)Hybrid Securities Fund—European.
(3)Real Estate Fund—Asian.
(4)Diversified Fund.
(5)On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interests in the Star Asia Group. See note 31.
The following provides a brief description of the types of financial instruments the Company holds, the methodology for estimating fair value, and the level within the hierarchy of the estimate. The discussion that follows applies regardless of whether the instrument is included in investments-trading; other investments, at fair value; or trading securities sold, not yet purchased.
U.S. Government Agency MBS and CMOs: These are securities that are generally traded over-the-counter. The Company generally values these securities using third party quotations such as unadjusted broker-dealer quoted prices or market price quotations from third party pricing services. These valuations are based on a market approach. This is considered a level 2 valuation in the hierarchy.
U.S. Government Agency Debt Securities: Callable and non-callable U.S. government agency debt securities are measured primarily based on quoted market prices obtained from third party pricing services. Non-callable U.S. government agency debt securities are generally classified within level 1 and callable U.S. government agency debt securities are classified within level 2 of the valuation hierarchy.
RMBS and CMBS: The Company generally values these securities using third party quotations such as unadjusted broker-dealer quoted prices or market price quotations from third party pricing services. These valuations are based on a market approach. The Company generally classifies the fair value of these securities based on third party quotations within level 2 of the valuation hierarchy.
U.S. Treasury Securities: U.S. Treasury securities include U.S. Treasury bonds and notes and the fair values of the U.S. Treasury securities are based on quoted prices in active markets. Valuation adjustments are not applied. The Company classifies the fair value of these securities within level 1 of the valuation hierarchy.
Interests in Securitizations: Interests in securitizations may be comprised of CDOs, CLOs, and ABS, which may include, but are not limited to, securities backed by auto loans, credit card receivables, or student loans. Where the Company is able to obtain independent market quotations from at least two broker-dealers and where a price within the range of at least two broker-dealers is used or market price quotations from third party pricing services is used, interests in securitizations will generally be classified as level 2 of the valuation hierarchy. These valuations are based on a market approach. The independent market quotations from broker-dealers are generally nonbinding. The Company seeks quotations from broker-dealers that historically have actively traded, monitored, issued, and been knowledgeable about interests in securitizations. The Company generally believes that to the extent that (1) it receives two quotations in a similar range from broker-dealers knowledgeable about interests in securitizations, and (2) the Company believes the broker-dealers gather and utilize observable market information such as new issue activity in the primary market, trading activity in the secondary market, credit spreads versus historical levels, bid-ask spreads, and price consensus among market participants and sources, then classification as level 2 of the valuation hierarchy is appropriate. In the absence of two broker-dealer market quotations, a single broker-dealer market quotation may be used without corroboration of the quote in which case the Company generally classifies the fair value within level 3 of the valuation hierarchy.
If quotations are unavailable, prices observed by the Company for recently executed market transactions may be used or valuation models prepared by the Company’s management may be used, which are based on an income approach. These models prepared by the Company’s management include estimates and the valuations derived from them could differ materially from amounts realizable in an open market exchange. Fair values based on internal valuation models prepared by the Company’s management are generally classified within level 3 of the valuation hierarchy.
Establishing fair value is inherently subjective given the volatile and sometimes illiquid markets for certain interests in securitizations and requires management to make a number of assumptions, including assumptions about the future of interest rates, discount rates; and the timing of cash flows. The assumptions the Company applies are specific to each security. Although the Company may rely on internal calculations to compute the fair value of certain interest in securitizations, the Company requests and considers indications of fair value from third party pricing services to assist in the valuation process.
SBA Loans: SBA loans include loans and SBA interest only strips.  In the case of loans, the Company generally values these securities using third party quotations such as unadjusted broker-dealer quoted prices, internal valuation models using observable inputs, or market price quotations from third party pricing services. The Company generally classifies these investments within level 2 of the valuation hierarchy. These valuations are based on a market approach. SBA interest only strips do not trade in an active market with readily available prices. Accordingly, the Company generally uses valuation models to determine fair value and classifies the fair value of the SBA interest only strips within level 3 of the valuation hierarchy.
Corporate Bonds, Redeemable Preferred Stock, and Foreign Government Bonds: The Company uses recently executed transactions or third party quotations from independent pricing services to arrive at the fair value of its investments in corporate bonds, redeemable preferred stock, and foreign government bonds. These valuations are based on a market approach. The Company generally classifies the fair value of these bonds within level 2 of the valuation hierarchy. In instances where the fair values of securities are based on quoted prices in active markets (for example with redeemable preferred stock), the Company classifies the fair value of these securities within level 1 of the valuation hierarchy.
Municipal Bonds: Municipal bonds, which include obligations of U.S. states, municipalities, and political subdivisions, primarily include bonds or notes issued by U.S. municipalities. The Company generally values these securities using third party quotations such as market price quotations from third party pricing services. The Company generally classifies the fair value of these bonds within level 2 of the valuation hierarchy. The valuations are based on a market approach. In instances where the Company is unable to obtain reliable market price quotations from third party pricing services, the Company will use its own internal valuation models. In these cases, the Company will classify such securities as level 3 within the hierarchy until it is able to obtain third party pricing.
Exchange Traded Funds: Exchange traded funds are investment funds that trade in active markets, similar to public company stocks. The fair values of exchange traded funds are based on quoted prices in active markets. Valuation adjustments are not applied. The Company classifies the fair value of these securities within level 1 of the valuation hierarchy.
Equity Securities : The fair value of equity securities that represent investments in publicly traded companies (common or preferred shares, options, warrants, and other equity investments) are determined using the closing price of the security as of the reporting date. These are securities which are traded on a recognized liquid exchange. This is considered a level 1 value in the valuation hierarchy.
In some cases, the Company has owned options or warrants in newly publicly traded companies when the option or warrant itself is not publicly traded. In those cases, the Company used an internal valuation model and classified the investment within level 3 of the valuation hierarchy. The non-exchange traded equity options and warrants were measured using the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, dividend yield, interest rate curve, strike price, and maturity date. Once the securities underlying the options or warrants (not the options or warrants themselves) have quoted prices available in an active market, the Company attributes a value to the warrants using the Black-Scholes model based on the respective price of the options or warrants and the quoted prices of the securities underlying the options or warrants and key observable inputs. In this case, the Company will generally classify the options or warrants as level 2 within the valuation hierarchy because the inputs to the valuation model are now observable. If the option or warrant itself begins to trade on a liquid exchange, the Company will discontinue using a valuation model and will begin to use the public exchange price at which point it will be classified as level 1 in the valuation hierarchy.
Other equity securities represent investments in investment funds and other non-publicly traded entities. Substantially all of these other entities have the attributes of investment companies as described in FASB ASC 946-15-2. The Company estimates the fair value of these entities using the reported net asset value per share as of the reporting date in accordance with the “practical expedient” provisions related to investments in certain entities that calculate net asset value per share (or its equivalent) included in FASB ASC 820 for all entities except Star Asia. The Company generally classifies these estimates within either level 2 of the valuation hierarchy if its investment in the entity is currently redeemable or level 3 if its investment is not currently redeemable.
As described in more detail in note 31, the Company sold its investment in Star Asia Special Situations Fund in February 2014 along with its investment in Star Asia and certain other related entities.  According to ASC 820, when a sale is considered probable as of the measurement date at an amount other than the underlying NAV per share, the reporting entity should not use the practical expedient in determining fair value.  Therefore, the Company determined the fair value of its investment in Star Asia Special Situations Fund by utilizing a valuation model that took into account the terms and conditions of the sale in February 2014.
Prior to the second quarter of 2013, the Company carried its investment in Tiptree based on the underlying net asset value per share of the fund in accordance with the “practical expedient” provisions discussed above and the Company classified the fair value estimate within level 3 of the valuation hierarchy.  Beginning with the second quarter of 2013, the Company changed the way it calculates the fair value of its investment in Tiptree.  During the second quarter of 2013, Tiptree completed a reorganization. As a result of that reorganization, the Company’s investment in Tiptree can be exchanged into shares of Tiptree Inc. based on a stated exchange ratio (which is generally fixed, but can be adjusted for certain events, such as stock dividends or stock splits).  Tiptree Inc. is publicly traded over the counter.  Therefore, beginning with the second quarter of 2013, the Company has calculated the fair value of its investment in Tiptree by using the closing over the counter price for Tiptree Inc. and adjusting for the exchange ratio.  Based on this pricing methodology, the Company began classifying the fair value of its investment in Tiptree as level 2 within the valuation hierarchy during the second quarter of 2013.
In the case of Star Asia, prior to December 31, 2013, the Company utilized a valuation model to determine fair value, which used a market approach and generally classifies its investment within level 3 of the valuation hierarchy. Star Asia accounts for itself as an investment company as described in ASC 946, Financial Services—Investment Companies. As an investment company, Star Asia carries its assets at fair value and reports net asset value (“NAV”) per share to its investors. However, Star Asia issued subordinated debt securities in 2009 at a significant discount to par. Upon issuance, Star Asia did not elect the fair value option for these liabilities and was not required to do so under ASC 946. Over time, it is the Company’s assessment that the fair value of the subordinated debt securities has diverged from its carrying value. Because Star Asia’s published NAV is calculated using the amortized cost of these subordinated debt securities, the Company had concluded it would be appropriate to adjust Star Asia’s reported NAV to recalculate it as if Star Asia’s subordinated debt were recorded at fair value as opposed to its historical amortized cost. The Company estimated the fair value of Star Asia’s subordinated debt securities by projecting the remaining debt cash outflows and discounting them at an estimated market rate as of the reporting date, which was derived from similar non-investment grade long term subordinated debt issuances.
The Company used a discount rate of 6.82% as of December 31, 2012, in determining the fair value of Star Asia’s subordinated debt securities. If the Company had used Star Asia’s unadjusted NAV, rather than the Company’s financial model described above in determining the fair value of the Company’s investment in Star Asia, the Company would have recorded its investment in Star Asia at a value of $39,998 as of December 31, 2012, as compared to the fair value as determined by the Company’s internal valuation model of $30,169, as of December 31, 2012.
As described in more detail in note 31, the Company sold its investment in Star Asia on February 20, 2014 along with its investment in Star Asia Special Situations Fund and certain other related entities.  Therefore, the Company determined the fair value of its investment in Star Asia by utilizing a valuation model that took into account the terms and conditions of the sale in February 2014, as opposed to the valuation model described in the immediately preceding two paragraphs (which was used historically by the Company).
Residential Loans: Management utilizes home price indices to value the residential loans. Previously, management had considered adjustments to these indices but elected at the beginning of 2012 not to adjust the indices. Adjustments to the index implied a level 3 valuation. The methodology using an unadjusted index, which is considered an observable input, implies a level 2 valuation.
Certificates of Deposit: The fair value of certificates of deposit is estimated using valuations provided by third party pricing services. Certificates of deposit are generally categorized in level 2 of the valuation hierarchy.
Derivatives:
Foreign Currency Forward Contracts
Foreign currency forward contracts are exchange-traded derivatives which transact on an exchange that is deemed to be active.  The fair value of the foreign currency forward contracts is based on current quoted market prices.  Valuation adjustments are not applied.  These are considered a level 1 value in the hierarchy. See note 10.
TBAs
The Company generally values these securities using third party quotations such as unadjusted broker-dealer quoted prices or market price quotations from third party pricing services. TBAs are generally classified within level 2 of the fair value hierarchy. If there is limited transaction activity or less transparency to observe market based inputs to valuation models, TBAs are classified in level 3 of the fair value hierarchy. U.S. government agency MBS and CMOs include TBAs. Unrealized gains on TBAs are included in investments-trading on the Company’s consolidated balance sheets and unrealized losses on TBAs are included in trading securities sold, not yet purchased on the Company’s consolidated balance sheets. See note 10.
Level 3 Financial Assets and Liabilities
Financial Instruments Measured at Fair Value on a Recurring Basis
The following table presents additional information about assets and liabilities measured at fair value on a recurring basis and for which the Company has utilized level 3 inputs to determine fair value.
LEVEL 3 INPUTS
For the Year Ended December 31, 2013
(Dollars in Thousands)
		31-Dec-12			Net trading			Principal transactions and other income			Transfers out of Level 3		Purchases		Sales		31-Dec-13		Change in unrealized gains /(losses) for the period included in earnings  (1)
Assets:
Investments-trading
Interests in securitizations (2)		$	295		$	82		$	-		$	-	$	-	$	-191	$	186	$	-111
SBA loans			-			213			-			-		37		-250		-		-
Total investments-trading		$	295		$	295		$	-		$	-	$	37	$	-441	$	186	$	-111
Other investments, at fair value:
Equity Securities:
EuroDekania (3)		$	2,054		$	-		$	1,167		$	-	$	971	$	-	$	4,192	$	1,167
Star Asia (4) (6)			30,169			-			-13,065			-		-		-		17,104		-13,065
Tiptree (5)			2,834			-			-			-2,834		-		-		-		-
Star Asia Special Situations Fund (4) (6)			2,503			-			152			-		302		-210		2,747		152
Total equity securities			37,560			-			-11,746			-2,834		1,273		-210		24,043		-11,746
Interest in securitizations (2)			77			-			-42			-		-		-		35		-42
Total other investments, fair value		$	37,637		$	-		$	-11,788		$	-2,834	$	1,273	$	-210	$	24,078	$	-11,788
(1)   Represents the change in unrealized gains and losses for the period included in earnings for assets held at the end of the reporting period.
(2)Primarily comprised of CDOs, CLOs, and ABS.
(3)Hybrid Securities Funds—European.
(4)Real Estate Funds—Asian.
(5)Diversified Fund.
(6)On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interests in the Star Asia Group. See note 31.
LEVEL 3 INPUTS
For the Year Ended December 31, 2012
(Dollars in Thousands)
			31-Dec-11			Net trading			Principal transactions and other income			Transfers out of Level 3		Purchases		Sales		31-Dec-12	Change in unrealized gains /(losses) for the period included in earnings  (1)
Assets:
Investments-trading
RMBS		$	4,932		$	17		$	-		$	-	$	171	$	-5,120	$	-	$	-
Interests in securitizations (2)			221			126			-			-		2,861		-2,913		295		63
Equity securities			35			-104			-			-57		126		-		-		-
Total investments-trading		$	5,188		$	39		$	-		$	-57	$	3,158	$	-8,033	$	295	$	63
Other investments, at fair value:
Equity Securities:
EuroDekania (3)		$	2,370		$	-		$	-331		$	-	$	15	$	-	$	2,054	$	-331
Star Asia (4) (6)			37,358			-			-7,274			-		85		-		30,169		-7,274
Tiptree (5)			2,533			-			301			-		-		-		2,834		301
Star Asia Special Situations Fund (4) (6)			-			-			662			-		1,841		-		2,503		662
Other			132			-			-41			-91		-		-		-		-
Total equity securities			42,393			-			-6,683			-91		1,941		-		37,560		-6,642
Interest in securitizations (2)			88			-			-11			-		-		-		77		-11
Residential loans			267			-			-			-267		-		-		-		-
Total other investments, fair value		$	42,748		$	-		$	-6,694		$	-358	$	1,941	$	-	$	37,637	$	-6,653
(1)Represents the change in unrealized gains and losses for the period included in earnings for assets held at the end of the reporting period.
(2)Primarily comprised of CDOs, CLOs, and ABS.
(3)Hybrid Securities Funds—European.
(4)Real Estate Funds—Asian.
(5)Diversified Fund.
(6)On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interests in the Star Asia Group. See note 31.
The circumstances that would result in transferring certain financial instruments from level 2 to level 3 of the valuation hierarchy would typically include what the Company believes to be a decrease in the availability, utility, and reliability of observable market information such as new issue activity in the primary market, trading activity in the secondary market, credit spreads versus historical levels, bid-ask spreads, and price consensus among market participants and sources.
Investments-trading: During the year ended December 31, 2013, there were no transfers into or out of level 3 of the valuation hierarchy.
During the year ended December 31, 2012, there were no transfers into level 3 of the valuation hierarchy.  During the year ended December 31, 2012, there were transfers out of level 3 of the valuation hierarchy of $57 related to certain equity warrants, which were transferred during the fourth quarter of 2012 into level 2.  Once the securities underlying the warrants had quoted prices available in an active market, the Company attributed a value to the warrants using the Black-Scholes model based on the respective price of the warrants and the quoted prices of the securities underlying the warrants and key observable inputs.  In this case, the Company reclassified the warrants as a level 2 within the valuation hierarchy.
Other investments, at fair value: During the year ended December 31, 2013, the Company transferred $2,834 of its investment in Tiptree from level 3 to level 2 of the valuation hierarchy. During the year ended December 31, 2012, the Company transferred $267 of residential loans from level 3 to level 2 of the valuation hierarchy.  In addition, during the fourth quarter of 2012, the Company transferred $91 in certain warrants from level 3 to level 2 of the valuation hierarchy. Once the securities underlying the warrants had quoted prices available in an active market, the Company attributed a value to the warrants using the Black-Scholes model based on the respective price of the warrants and the quoted prices of the securities underlying the warrants and key observable inputs.  In this case, the Company reclassified the warrants as a level 2 within the valuation hierarchy.  During the year ended December 31, 2012, there were no transfers into level 3 of the valuation hierarchy.
The following table provides the quantitative information about level 3 fair value measurements as of December 31, 2013 and 2012, respectively:
QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS
(Dollars in Thousands)
									Significant					Range of
			Fair Value			Valuation			Unobservable			Weighted		Significant
			31-Dec-13			Technique			Inputs			Average		Inputs
Assets
Other investments, at fair value
Star Asia		$	17,104			Allocated sale price			Relative fair value of assets sold			77.3%		74.9% - 79.1%
Star Asia Special Situations Fund		$	2,747			Allocated sale price			Relative fair value of assets sold			12.4%		12.0% - 12.7%
QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS
(Dollars in Thousands)
									Significant					Range of
			Fair Value			Valuation			Unobservable			Weighted		Significant
			31-Dec-12			Technique			Inputs			Average		Inputs
Assets
Other investments, at fair value
Star Asia		$	30,169			Adjusted NAV			Discount rate			6.82%		6.82%
									on debt
Sensitivity of Fair Value to Changes in Significant Unobservable Inputs
For recurring fair value measurements categorized within level 3 of the fair value hierarchy, the sensitivity of the fair value measurement to changes in significant unobservable inputs and interrelationships between those unobservable inputs (if any) are described below:
•Equity investments in investment funds and other non-publicly traded entities.
With respect to the fair value measurement of investment funds and other non-publicly traded entities for which the Company uses the underlying net asset value per share to determine the fair value of the Company’s respective investment, a significant increase (decrease) in the net asset value per share, which is linked to the underlying financial performance of the respective entity, would result in a significantly higher (lower) fair value measurement.
•  Equity investment in Star Asia and Star Asia Special Situations Fund – 2013
With respect to the Company’s investment in Star Asia and Star Asia Special situations fund as of December 31, 2013, the Company concluded it would be appropriate to base its fair value estimate on the terms and conditions of the sale of these assets which was completed in February 2014 (see note 31).  As the sale involved multiple investments, the key assumption in the valuation is the relative fair value of Star Asia Special Situations Fund and Star Asia as compared to the total fair value of all the entities sold.
•  Equity investment in Star Asia - 2012
With respect to the Company’s investment in Star Asia for which the Company has concluded it would be appropriate to adjust Star Asia’s reported NAV to recalculate it as if Star Asia’s subordinated debt were recorded at fair value as opposed to its historical cost. The Company estimates the fair value of Star Asia’s subordinated debt securities by projecting the remaining debt cash outflows and discounting them at an estimated market discount rate. Any change in the discount rate used in this calculation, which is linked to market yields for similar non-investment grade long term subordinated debt issuances, may result in a significant higher (lower) fair value measurement.
Investments in Certain Entities That Calculate Net Asset Value Per Share (Or Its Equivalent)
The following table presents additional information about investments in certain entities that calculate net asset value per share (regardless of whether the “practical expedient” provisions of FASB ASC 820 have been applied) which are measured at fair value on a recurring basis at December 31, 2013 and 2012:
FAIR VALUE MEASUREMENTS OF INVESTMENTS IN CERTAIN ENTITIES
THAT CALCULATE NET ASSET VALUE PER SHARE (OR ITS EQUIVALENT)
			Fair Value
			31-Dec-13
			(dollars in thousands)			Unfunded Commitments			Redemption Frequency			Redemption Notice Period
Other investments, at fair value
EuroDekania (a)		$	4,192			N/A			N/A			N/A
Star Asia (b)			17,104			N/A			N/A			N/A
Tiptree (c)			2,282			N/A			N/A			N/A
Star Asia Special Situations Fund (d)			2,747			N/A			N/A			N/A
		$	26,325
			Fair Value
			31-Dec-12
			(dollars in thousands)			Unfunded Commitments			Redemption Frequency			Redemption Notice Period
Other investments, at fair value
EuroDekania (a)		$	2,054			N/A			N/A			N/A
Star Asia (b)			30,169			N/A			N/A			N/A
Tiptree (c)			2,834			N/A			N/A			N/A
Star Asia Special Situations Fund (d)			2,503		$	321			N/A			N/A
		$	37,560
N/A – Not applicable.
(a)EuroDekania’s investment strategy is to make investments in hybrid capital securities that have attributes of debt and equity, primarily in the form of subordinated debt issued by insurance companies, banks and bank holding companies based primarily in Western Europe; widely syndicated leveraged loans issued by European corporations; CMBS, including subordinated interests in first mortgage real estate loans; and RMBS and other ABS backed by consumer and commercial receivables. The majority of the assets are denominated in Euros and U.K. Pounds Sterling. The fair value of the investment in this category has been estimated using the net asset value per share of the investment in accordance with the “practical expedient” provisions of FASB ASC 820.
(b)Star Asia’s investment strategy is to make investments in Asian real estate structured finance investments, including CMBS, corporate debt of REITs and real estate operating companies, whole loans, mezzanine loans, and other commercial real estate fixed income investments. The fair value of the investment in this category has been estimated using an internal valuation model that uses a market approach. If the Company had used Star Asia’s unadjusted reported net asset value to determine its fair value, the carrying value of its investment in Star Asia would have been $30,261 as of December 31, 2013 and $39,998 as of December 31, 2012.  On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interests in the Star Asia Group.  See note 31.
(c)The investment strategy of Tiptree is focused on investing in (a) specialty finance companies; (b) alternative asset management companies; and (c) diversified credit assets and related equity interests. Tiptree primarily seeks to acquire majority ownership interests in its investees. Prior to June 30, 2013, the fair value of this investment had been estimated using the net asset value per share of the investment in accordance with the “practical expedient” provisions of FASB ASC 820. Beginning with the second quarter of 2013, the Company calculates the fair value of its investment in Tiptree by using the closing over the counter price for Tiptree Inc. and adjusting for the exchange ratio.  As of December 31, 2013 and 2012, the Company owned approximately 1% of Tiptree.
(d)    The Star Asia Special Situations Fund’s investment strategy is to make investments in real estate and securities backed by real estate in Japan. The Star Asia Special Situations Fund is a closed end fund that does not allow investor redemptions. It has an initial life of three years which can be extended under certain circumstances for up to two years. Prior to December 31, 2013, the fair value of the investment in this category has been estimated using the net asset value per share of the investment in accordance with the “practical expedient” provisions of FASB ASC 820. The Company’s unfunded commitment was denominated in Japanese Yen and fluctuated based on the foreign exchange spot rate used at any particular period. See note 29.  As described in more detail in note 31, the Company sold its investment in Star Asia Special Situations Fund in February 2014 along with its investment in Star Asia and certain other related entities.  According to ASC 820, when a sale is considered probable as of the measurement date at an amount other than the underlying NAV per share, the reporting entity should not use the practical expedient in determining fair value.  Therefore, the Company determined the fair value of its investment in Star Asia Special Situations Fund as of December 31, 2013, by utilizing a valuation model that took into account the terms and conditions of the sale in February 2014.

Derivative_Financial_Instrumen

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2013
Derivative Financial Instruments [Abstract]	'
Derivative Financial Instruments	'
	10. DERIVATIVE FINANCIAL INSTRUMENTS
	The Company may, from time to time, enter into the following derivative instruments:
	Foreign Currency Forward Contracts
	The Company invests in foreign currency denominated investments that expose it to fluctuations in foreign currency rates, and, therefore, the Company may, from time to time, hedge such exposure by using foreign currency forward contracts.  The Company carries the foreign currency forward contracts at fair value and includes them as a component of other investments, at fair value in the Company’s consolidated balance sheets.  As December 31, 2013, the Company had outstanding foreign currency forward contracts with a notional amount of 1.25 billion Japanese Yen. As of December 31, 2012, the Company had no outstanding foreign currency forward contracts.
	EuroDollar Futures
	The Company invests in floating rate investments that expose it to fluctuations in interest and, therefore, the Company may, from time to time, hedge such exposure using EuroDollar futures.  The Company carries the EuroDollar future contracts at fair value and includes them as a component of investments-trading or trading securities sold, not yet purchased in the Company’s consolidated balance sheets.  As of December 31, 2013 and 2012, the Company had no outstanding EuroDollar future contracts.
	TBAs
	The Company trades U.S. government agency obligations. In connection with these activities, the Company may be required to maintain inventory in order to facilitate customer transactions. In order to mitigate exposure to market risk, the Company enters in to the purchase and sale of TBAs. The Company carries the TBAs at fair value and includes them as a component of investments—trading or trading securities sold, not yet purchased in the Company’s consolidated balance sheets. At December 31, 2013,  the Company had open TBA sale agreements in the notional amount of $66,300 and open TBA purchase agreements in the notional amount of $57,108.  At December 31, 2012, the Company had open TBA sale agreements in the notional amount of $40,125 and open TBA purchase agreements in the notional amount of $32,794.
	The following table presents the Company’s derivative financial instruments and the amount and location of the fair value (unrealized gain / (loss)) recognized in the consolidated balance sheets as of December 31, 2013 and 2012, respectively.
	DERIVATIVE FINANCIAL INSTRUMENTS-BALANCE SHEET INFORMATION
	(Dollars in Thousands)
	Derivative Financial Instruments Not Designated as Hedging Instruments Under FASB ASC 815	Balance Sheet Classification		As of December 31, 2013		As of December 31, 2012
	TBAs	Investments-trading	$	188	$	35
	Foreign currency forward contracts	Other investments, at fair value		190		-
	TBAs	Trading securities sold, not yet purchased		-66		-13
			$	312	$	22
	The following table presents the Company’s derivative financial instruments and the amount and location of the net gain (loss) recognized in the consolidated statement of operations:
	DERIVATIVE FINANCIAL INSTRUMENTS-STATEMENT OF OPERATIONS INFORMATION
	(Dollars in Thousands)
	Derivative Financial Instruments Not Designated as Hedging Instruments Under FASB ASC 815	Income Statement Classification		For the Year Ended December 31, 2013		For the Year Ended December 31, 2012		For the Year Ended December 31, 2011
	Foreign currency forward contracts	Revenues-principal transactions and other income	$	260	$	40	$	-662
	EuroDollar futures contracts	Revenues-net trading		-		-30		-2
	TBAs	Revenues-net trading		3,153		1,185		-9,260
			$	3,413	$	1,195	$	-9,924
	In addition to the above activities related to TBAs, the Company also enters into TBAs in order to assist clients (generally small to mid-size mortgage loan originators) in hedging the interest rate risk associated with the mortgages owned by the clients. In general, the Company will enter into a TBA purchase agreement with the client. Then, the Company will immediately enter into a TBA sale agreement with identical terms and settlement date with a separate counterparty. The Company seeks to profit through a small mark-up in the price of the transaction. The TBAs will match underlying terms and settlement dates. Because the Company has purchased and sold the same security, it is no longer exposed to market movements of the underlying TBA. The gain or loss on the transaction is recorded as a component of net trading in the consolidated statement of operations and is included in due to or due from broker in the consolidated balance sheet until it settles. As of December 31, 2013, the Company had unsettled TBA purchase contracts and offsetting TBA sale agreements in the notional amount of $227,700. The net profit on these transactions is recorded as a component of net trading revenue and is included as a component of TBA revenue in the table above. Any revenue on trades that have not yet settled is included as a component of due to or due from brokers, dealers and clearing agencies.

Collateralized_Securities_Tran

Collateralized Securities Transactions	12 Months Ended
	Dec. 31, 2013
Brokers and Dealers [Abstract]	'
Collateralized Securities Transactions	'
	11. COLLATERALIZED SECURITIES TRANSACTIONS
	Reverse repurchase agreements and repurchase agreements, principally U.S. government and federal agency obligations and MBS, are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts plus accrued interest. The resulting interest income and expense are included in net trading in the consolidated statements of operations. See note 3-L.
	The Company enters into reverse repurchase agreements to acquire securities to cover short positions or as an investment. The Company enters into repurchase agreements to finance the Company’s securities positions held in inventory or to finance reverse repurchase agreements entered into as an investment.
	At December 31, 2013 and 2012, the Company held reverse repurchase agreements of $29,395 and $70,110, respectively, and the fair value of securities received as collateral under reverse repurchase agreements was $29,575 and $73,382, respectively.
	At December 31, 2013 and 2012, the Company had repurchase agreements of $28,748 and $70,273, respectively, and the fair value of securities pledged as collateral under repurchase agreements was $28,591 and $73,382, respectively. These amounts include collateral for reverse repurchase agreements that were re-pledged as collateral for repurchase agreements.
	At December 31, 2013 and 2012, the Company’s reverse repurchase agreements and repurchase agreements were predominantly collateralized securities in the following asset classes: Agency Specified Pools, Agency Hybrid Arms, and Fixed Rate Agency CMOs.

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2013
Goodwill Disclosure [Abstract]	'
Goodwill	'
	12. GOODWILL
	The following table presents goodwill:
	GOODWILL
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	Cira SCM	$	3,121	$	3,121
	AFN		110		110
	JVB		7,882		6,983
	PrinceRidge		-		899
	Goodwill	$	11,113	$	11,113
	The Company measures its goodwill impairment on an annual basis or when events indicate that goodwill may be impaired. The Company first assesses qualitative factors to determine whether it is “more likely than not” that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. Based on the results of the qualitative assessment, the Company then determines whether it needs to calculate the fair value of the reporting unit as part of the first step of the two-step goodwill impairment test. See note 4.
	Cira SCM Goodwill
	The goodwill attributable to Cira SCM relates to the Company’s acquisition of the 10% of Cira SCM that the Company did not already own in exchange for 189,901 membership units of the Company, from a non-controlling interest partner in July 2007.
	The annual testing date for Cira SCM is July 1. The Company determined the goodwill was not impaired as of July 1, 2013, 2012, and 2011.
	In addition to the annual tests, the Company identified three other triggering events at which time it tested the goodwill balance:
	Effective March 29, 2011, the Company sold its investment advisory agreements relating to advisory services to the Strategos Deep Value funds and certain separately managed accounts to the SCM Buyer (see note 5). The Company deemed the sale a triggering event and tested the Cira SCM goodwill for impairment. The Company determined that after the sale to the SCM Buyer during the first quarter of 2011, there was no impairment to the goodwill related to Cira SCM.
	During the second quarter of 2011, the Company received an incentive fee from the Strategos Deep Value funds related to a second fund that was liquidated. The Company deemed this event to be a triggering event as well; however, the Company concluded the remaining goodwill was not impaired.
	During the fourth quarter of 2012, the Company received an incentive fee from the Deep Value GP II related to the liquidation of a third Deep Value fund that was a master fund with an offshore feeder fund only. See notes 3-F and 15. The Company deemed this event to be a triggering event; however, the Company concluded that the remaining goodwill was not impaired.
	AFN Goodwill
	The annual impairment testing date for the AFN Goodwill is October 1. The first testing date following the Merger was October 1, 2010. The Company determined the goodwill was not impaired as of October 1, 2013, 2012, and 2011.
	JVB Goodwill
	During the year ended December 31, 2011, goodwill related to the acquisition of JVB increased $30 for net adjustments made during the measurement period to the fair values of the assets acquired and liabilities assumed. See note 4.
	The annual impairment testing date for JVB Goodwill is January 1. The first testing date after the acquisition was January 1, 2012. The Company determined the goodwill was not impaired as of January 1, 2014, 2013, and 2012.
	In January 2014, the Company merged JVB and CCPR to attain cost savings and eliminate duplicative business lines.  See note 31. Effective December 31, 2013, the Company combined the PrinceRidge and JVB reporting units in anticipation of the merger of these two entities which was effective in January 2014.   The January 1, 2014 goodwill test included the combined goodwill of both entities.  The goodwill amounts are combined in the table above effective December 31, 2013.  All future tests will be done based on JVB’s annual impairment testing and will include the historical JVB goodwill and the historical PrinceRidge goodwill.
	PrinceRidge Goodwill
	The measurement period for the PrinceRidge acquisition expired on May 31, 2012. During the second quarter of 2012, the Company made a measurement period adjustment to the redeemable non-controlling interest with a corresponding adjustment to goodwill. The adjustment reduced goodwill and the redeemable non-controlling interest by $93. See note 4.
	The annual impairment testing date for PrinceRidge Goodwill was May 31. The first testing date after the acquisition was May 31, 2012. The Company determined the goodwill was not impaired as of May 31, 2013 and 2012.  Effective December 31, 2013, this goodwill was combined with the JVB goodwill and will be tested on the JVB annual impairment testing dates going forward.

Other_Assets_and_Accounts_Paya

Other Assets and Accounts Payable and Other Liabilities	12 Months Ended
	Dec. 31, 2013
Other Assets and Accounts Payable and Other Liabilities [Abstract]	'
Other Assets And Accounts Payable And Other Liabilities	'
	13. OTHER ASSETS AND ACCOUNTS PAYABLE AND OTHER LIABILITIES
	Other assets included:
	OTHER ASSETS
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	Deferred costs	$	644	$	-
	Note receivable		1,849		-
	Prepaid expenses		2,226		2,329
	Prepaid income taxes		146		-
	Security deposits		2,492		2,755
	Miscellaneous other assets		146		24
	Cost method investment		235		-
	Furniture, equipment, and leasehold improvements, net		2,054		2,273
	Intangible assets		483		332
	Equity method affiliates		-31		1,910
	Other assets	$	10,244	$	9,623
	Accounts payable and other liabilities included:
	ACCOUNTS PAYABLE AND OTHER LIABILITIES
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	Accounts payable	$	738	$	1,143
	Rent payable		1,058		1,032
	Accrued interest payable		376		308
	Payroll taxes payable		1,055		1,577
	Accrued income taxes		-		1,434
	Guarantee liability		-		1,084
	Settlement payable		-		4,467
	Deferred income		-		498
	Mandatorily redeemable equity interests		-		86
	Other general accrued expenses		4,994		1,451
	Accounts payable and other liabilities	$	8,221	$	13,080
	See note 18 regarding mandatorily redeemable equity interests. The settlement payable related to an agreement reached during the second quarter of 2012 between the Company’s former broker-dealer subsidiary, CCS, and the Trustee for the Liquidation Trust for Sentinel Management Group, Inc. to settle two legal actions brought against CCS in 2009.  This liability was fully extinguished during the third quarter of 2013.  Prior to the Merger, AFN had entered into an arrangement whereby it guaranteed a portion of a particular loan that was owned by the Alesco XIV securitization.  This arrangement was accounted for as a guarantee and we recorded a liability of $1,084 at the Merger Date.  In May 2013, the underlying loan was paid off in full by the borrower.  As a result our guarantee was extinguished.  We recorded other revenue of $1,084 in the second quarter of 2013 and reversed the liability.    Accrued income tax payable in 2012 included an accrual for an uncertain tax position.  See note 21.

Furniture_Equipment_And_Leaseh

Furniture, Equipment, And Leasehold Improvements, Net	12 Months Ended
	Dec. 31, 2013
Property, Plant and Equipment [Abstract]	'
Furniture, Equipment, And Leasehold Improvements, Net	'
	14. FURNITURE, EQUIPMENT, AND LEASEHOLD IMPROVEMENTS, NET
	Furniture, equipment, and leasehold improvements, net, which are included as a component of other assets on the consolidated balance sheets, are as follows:
	FURNITURE, EQUIPMENT, AND LEASEHOLD IMPROVEMENTS, NET
	(Dollars in Thousands)
		Estimated Useful Lives	31-Dec-13		31-Dec-12
	Furniture and equipment	3 to 5 Years	$	3,169	$	2,549
	Leasehold  improvements	5 to 10 Years		5,122		4,465
				8,291		7,014
	Accumulated depreciation			-6,237		-4,741
	Furniture, equipment, and leasehold improvements, net		$	2,054	$	2,273
	For the year ended December 31, 2012, the Company wrote off fully depreciated furniture and equipment and leasehold improvements aggregating $8,581.
	The Company recognized depreciation and amortization expense of $1,405,  $1,305, and $2,238 for the years ended December 31, 2013,  2012, and 2011, respectively, as a component of depreciation and amortization on the consolidated statements of operations. For the years ended December 31, 2013,  2012, and 2011,  $1,154,  $1,305, and $2,238, respectively, represented depreciation of furniture, equipment, and leasehold improvements and the remainder represented amortization of certain intangible assets.

Investments_In_Equity_Method_A

Investments In Equity Method Affiliates	12 Months Ended
	Dec. 31, 2013
Investments in Equity Method Affiliates [Abstract]	'
Investments In Equity Method Affiliates	'
	15. INVESTMENTS IN EQUITY METHOD AFFILIATES
	The Company has several investments that are accounted for under the equity method. Equity method accounting requires that the Company record its investment on the consolidated balance sheets and recognize its share of the affiliate’s net income as earnings each year. Investment in equity method affiliates is included as a component of other assets on the Company’s consolidated balance sheets.
	The Company has certain equity method affiliates for which it has elected the fair value option. See note 3-F.  Those affiliates are excluded from the table below. Those investees are included as a component of other investments, at fair value in the consolidated balance sheets. All gains and losses (unrealized and realized) from securities classified as other investments, at fair value in the consolidated balance sheets are recorded as a component of principal transactions and other income in the consolidated statements of operations.
	Effective in March 2013, the Company acquired 100% control of Star Asia Manager as a result of the Star Asia Manager Repurchase Transaction. See note 4. Prior to March 1, 2013, the Company accounted for its investment in Star Asia Manager under the equity method. Following March 1, 2013, the Company has included Star Asia Manager in its consolidated financial statements.
	As of December 31, 2013, the Company had the following equity method investees (excluding equity method affiliates for which it had adopted the fair value option): (i) Star Asia Opportunity; (ii) Star Asia Capital Management; (iii) SAA Manager; and (iv) SAP GP. During the years ended December 31, 2013 and 2012,  the Company did not make an investment in SAP GP or recognize any income or loss under the equity method related to SAP GP. During the second quarter of 2013, the Company received its investment return up to an agreed upon maximum from Star Asia SPV and the Company no longer has an ownership interest in Star Asia SPV. During the third quarter of 2013, the Company received its final liquidating distribution from Deep Value GP.  During the fourth quarter of 2013, the Company received its final liquidating distribution from the Deep Value GP II.
	The following table summarizes the activity and the earnings of the Company’s equity method affiliates and includes the activity for Star Asia Manager during the period that the Company accounted for its investment in Star Asia Manager under the equity method.
	INVESTMENTS IN EQUITY METHOD AFFILIATES
	(Dollars in Thousands)
		Star			Deep			Deep		Star		Star		Star Asia		Star
		Asia			Value			Value		Asia		Asia		Capital		Asia		SAA
		Manager (3)			GP			GP II		SPV (3)		Opportunity (3)		Management (3)		Opportunity II (3)		Manager (3)		Other		Total
	31-Dec-10	$	202		$	269		$	31	$	1,604	$	-	$	-	$	-	$	-	$	-	$	2,106
	Investment / advances		-			-			-		6		4,055		6		-		-		964		5,031
	Distributions / repayments		-850			-4,597			-		-1,846		-		-		-		-		-		-7,293
	Earnings / (loss) realized		1,694			4,349			2		702		405		44		-		-		-964		6,232
	31-Dec-11		1,046			21			33		466		4,460		50		-		-		-		6,076
	Investment / advances		-			-			-		10		-		6		4,700		-		-		4,716
	Distributions / repayments		-1,600			-			-1,720		-662		-4,982		-652		-2,477		-		-		-12,093
	Reorganization (1)		-			-			-		-		-		-		-1,841		-		-		-1,841
	Earnings / (loss) realized		1,101			-14			1,726		1,581		544		504		-382		-8		-		5,052
	31-Dec-12		547			7			39		1,395		22		-92		-		-8		-		1,910
	Investments / advances		-			-			-		-		-		-		-		10		20		30
	Distributions / repayments		-			-7			-26		-2,682		-		-134		-		-245		-		-3,094
	Acquisition (2)		-705			-			-		-		-		-		-		-		-		-705
	Earnings / (loss) realized		158			-			-13		1,287		-5		145		-		255		1		1,828
	31-Dec-13	$	-		$	-		$	-	$	-	$	17	$	-81	$	-	$	12	$	21	$	-31
	(1)On December 20, 2012, Star Asia Opportunity II completed a reorganization whereby its assets were contributed into a subsidiary of the Star Asia Special Situations Fund. The net effect of the reorganization to the Company was that the Company exchanged its ownership interest in Star Asia Opportunity II for cash and an interest in the Star Asia Special Situations Fund. The Star Asia Special Situations Fund is carried at fair value and included as a component of other investments, at fair value.
	The cash received by the Company in the reorganization is included as distributions / repayments above. The remaining carrying value of the Company’s equity method investment in Star Asia Opportunity II was $1,841 after taking into account the cash distribution from the reorganization. This amount was reclassified from investments in equity method affiliates to other investments, at fair value. It is shown as reorganization in the table above and is treated as the cost basis of the Company’s investment in the Star Asia Special Situations Fund. Any difference between the cost basis assigned and the fair value of the Company’s investment in the Star Asia Special Situations Fund is included as a component of principal transactions, and other income. See notes 8, 9, 28, and 29.
	(2)See note 4.
	(3)See note 31.
	On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interests in the Star Asia Group which includes Star Asia Manager, Star Asia Capital Management, and SAA Manager from the table above. As of December 31, 2013, the Company had no interest in the earnings of Star Asia SPV and Star Asia Opportunity II.  Star Asia Opportunity is in liquidation and a small additional distribution is expected in 2014.  See note 31.
	During the second quarter of 2011, a Strategos Deep Value fund for which Deep Value GP served as the general partner was substantially liquidated. In conjunction with this liquidation and distribution of funds to investors, the Deep Value GP recognized an incentive fee in the amount of $8,719 during the second quarter of 2011. Since the Company owned 50% of the Deep Value GP, the Company’s share of this incentive fee was $4,359 and was included as a component of income from equity method affiliates. This incentive fee was included in the earnings / (loss) realized line item, which was $4,349 for the year ended December 31, 2011, in the table above.
	During the fourth quarter of 2012, a Strategos Deep Value fund for which Deep Value GP II served as the general partner was substantially liquidated. In conjunction with this liquidation and distribution of funds to investors, the Deep Value GP II recognized an incentive fee in the amount of $4,301 during the fourth quarter of 2012. Since the Company owned 40% of the Deep Value GP II, the Company’s share of this incentive fee was $1,720 and was included as a component of income from equity method affiliates. This incentive fee was included in the earnings / (loss) realized line item, which was $1,726 for the year ended December 31, 2012, in the table above.
	The following table summarizes the combined financial information for all equity method investees, including equity method investees for which the fair value option was elected. This aggregated summarized financial data does not represent the Company’s proportionate share of equity method investees’ assets or earnings.
	SUMMARY DATA OF EQUITY METHOD INVESTEES
	(Dollars in Thousands)
				31-Dec-13			31-Dec-12
	Total Assets		$	370,388		$	279,874
	Liabilities		$	144,578		$	96,981
	Equity attributable to the investees			225,810			182,277
	Non-controlling interest			-			616
	Total Liabilities & Equity		$	370,388		$	279,874
		Year Ended December 31,
		2013			2012			2011
	Net income / (loss)	$	28,885		$	2,248		$	12,786
	Net income / (loss) attributable to the investees	$	29,501		$	2,667		$	12,818
	See note 29 for information regarding transactions with the Company’s equity method investees.

Variable_Interest_Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2013
Variable Interest Entity Disclosure [Abstract]	'
Variable Interest Entities	'
	16. VARIABLE INTEREST ENTITIES
	The Company’s policy on accounting for VIEs is discussed in note 3-J.
	The Company classifies the VIEs it is involved with into two groups: (i) VIEs managed by the Company and (ii) VIEs managed by third parties. In the case of the VIEs that the Company has been involved with, the Company has generally concluded that the entity that manages the VIE has the power to direct the matters that most significantly impact the VIEs financial performance. This is not a blanket conclusion as it is possible for an entity other than the manager to have the power to direct such matters. However, for all the VIEs the Company is involved with as of December 31, 2013, the Company has drawn this conclusion.
	In the case where the Company has an interest in a VIE managed by a third party, the Company has concluded that it is not the primary beneficiary because the Company does not have the power to direct its activities. In the case of an interest in a VIE managed by the Company, the Company performs an additional qualitative analysis to determine if its interest (including any investment as well as any management fees that qualify as variable interests) could absorb losses or receive benefits that could potentially be significant to the VIE. This analysis considers the most optimistic and pessimistic scenarios of potential economic results that could reasonably be experienced by the VIE. Then, the Company compares the benefits it would receive (in the optimistic scenario) or the losses it would absorb (in the pessimistic scenario) as compared to all benefits and losses absorbed by the VIE in the aggregate. If the benefits or losses absorbed by the Company were significant as compared to total benefits and losses absorbed by all variable interest holders, then the Company would conclude it is the primary beneficiary.
	As of December 31, 2013, the Company had variable interests in various securitizations but determined that it is not the primary beneficiary and, therefore, is not consolidating the securitization VIEs. The maximum potential financial statement loss the Company could incur if the securitization vehicles were to default on all of their obligations is (i) the loss of value of the interests in securitizations that the Company holds in its inventory at the time, and (ii) any management fee receivables in the case of managed VIEs. The Company has not provided financial support to these VIEs during the years ended December 31, 2013,  2012, and 2011 and had no liabilities, contingent liabilities, or guarantees (implicit or explicit) related to these VIEs at December 31, 2013 and 2012.
	The following table presents the carrying amounts of the assets in the Company’s consolidated balance sheets that relate to the Company’s variable interest in identified VIEs with the exception of (i) the two trust VIEs that hold the Company’s junior subordinated notes (see note 17), and (ii) any security that represents an interest in a VIE that is included in investments-trading or securities sold but not yet purchased in the Company’s consolidated balance sheets. The table below shows the Company’s maximum exposure to loss associated with these identified nonconsolidated VIEs in which it holds variable interests at December 31, 2013 and 2012.
	NON-CONSOLIDATED VARIABLE INTEREST ENTITIES
	(Dollars in Thousands)
		31-Dec-13
		Other Receivable		Other Investments, at fair value		Maximum Exposure to loss in non-consolidated VIEs
	Managed VIEs	$	2,239	$	-	$	2,239
	Third party managed VIEs		84		35		119
	Total	$	2,323	$	35	$	2,358
		31-Dec-12
		Other Receivable		Other Investments, at fair value		Maximum Exposure to loss in non-consolidated VIEs
	Managed VIEs	$	2,224	$	-	$	2,224
	Third party managed VIEs		105		77		182
	Total	$	2,329	$	77	$	2,406

Debt

Debt	12 Months Ended
	Dec. 31, 2013
Debt [Abstract]	'
Debt	'
	17. DEBT
	The Company had the following debt outstanding:
	DETAIL OF DEBT
	(Dollars in Thousands)
	Description	Current Outstanding Par			31-Dec-13		31-Dec-12		Interest Rate Terms		Interest (5)		Maturity
	Contingent convertible senior notes:
	10.50% contingent convertible senior notes (the "New Notes")	$	3,121		$	3,115	$	8,068	10.50%		10.50	%	May 2014 (1)
	8.00% contingent convertible senior notes (the "8.0% Convertible Notes")		8,248			8,248		-	8.00%		8.00	%	September 2018 (2)
		$	11,369		$	11,363		8,068
	Junior subordinated notes:
	Alesco Capital Trust I	$	28,125	-3		10,697		10,189	4.25%		4.25	%	Jul-37
	Sunset Financial Statutory Trust I		20,000	-3		7,614		7,248	4.40%		4.40	%	Mar-35
		$	48,125			18,311		17,437
	Subordinated notes payable	$	-			-		342	12.00%	-4	12.00	%	Jun-13
	Total				$	29,674	$	25,847
	(1)Represents the holder’s earliest put date and the Company’s earliest redemption date. The contractual maturity for the New Notes is May 2027.
	The Company may redeem all or part of the $3,121 aggregate principal amount of the New Notes for cash on or after May 20, 2014, at a redemption price equal to the principal amount of the New Notes, plus accrued and unpaid interest and additional interest, if any, to, but excluding, the repurchase date. The holders of the New Notes may require the Company to repurchase all or a portion of the New Notes for cash on May 15, 2014; May 15, 2017; and May 15, 2022 for a repurchase price equal to the principal amount of the New Notes, plus accrued and unpaid interest and additional interest, if any, to, but excluding, the repurchase date. The holders of the New Notes are required to provide notice to the Company of their plan to redeem the New Notes at any time during the 30 days prior to May 15, 2014; May 15, 2017; and May 15, 2022.
	(2)The holders of the 8.0% Convertible Notes may convert all or any part of the outstanding principal amount of the 8.0% Convertible Notes at any time prior to maturity into shares of the Company’s Common Stock at a conversion price of $3.00 per share, subject to customary anti-dilution adjustments.
	(3)The outstanding par represents the total par amount of the junior subordinated notes held by two separate trusts. The Company does not consolidate these trusts. The Company holds $1,489 par value of these junior subordinated notes, comprised of $870 par value of junior subordinated notes related to Alesco Capital Trust I and $619 par value of junior subordinated notes related to Sunset Financial Statutory Trust I. These notes have a carrying value of $0. Therefore, the net par value held by third parties is $48,125.
	(4)Comprised of 9% paid currently and 3% paid in kind.  The subordinated note payable was fully repaid in June 2013.
	(5)Represents the interest rate as of the last day of the reporting period.
	Contingent Convertible Senior Notes
	10.50% Contingent Convertible Senior Notes due 2027
	The Company issued $8,121 aggregate principal amount of New Notes at par during the second half of 2011 in connection with an Exchange Offer consummated for $7,621 aggregate principal amount of the Old Notes and a privately negotiated exchange of $500 in aggregate principal amount of the Old Notes. The New Notes are senior, unsecured obligations of the Company and rank equally in right of payment with all of the Company’s existing and future unsubordinated, unsecured indebtedness. The New Notes are subordinate in right of payment to the Company’s existing and future secured indebtedness to the extent of such security. The New Notes bear interest at an annual rate of 10.50% and is payable semiannually on May 15 and November 15 of each year. The New Notes mature on May 15, 2027.
	The Company may redeem all or part of the New Notes for cash on or after May 20, 2014, at a redemption price equal to 100% of the principal amount of the New Notes, plus accrued and unpaid interest and additional interest, if any, to, but excluding, the redemption date.
	The holders of the New Notes may require the Company to repurchase all or a portion of their New Notes for cash on May 15, 2014; May 15, 2017; and May 15, 2022 for a repurchase price equal to 100% of the principal amount of the New Notes, plus accrued and unpaid interest and additional interest, if any, to, but excluding, the repurchase date. The holders of the New Notes are required to provide notice to the Company of their plan to redeem the New Notes at any time during the 30 days prior to May 15, 2014; May 15, 2017; and May 15, 2022.
	In October 2013, the Company repurchased $5,000 principal amount of new notes from an unrelated third party.  The Company recognized a loss from repurchase of debt of $15 which was included as a component of other income / (expense) in the Company’s consolidated statement of operations.
	As of December 31, 2013, the Company was in compliance with the covenants of the New Notes.
	The Conversion Feature
	The New Notes are redeemable prior to their stated maturity date into cash, or if note holders exercise their conversion option, convertible into shares of the Company’s Common Stock under certain circumstances. The conversion feature of the New Notes provides that each holder may exchange their notes for the Company’s Common Stock at a conversion rate of $116.37 per share of Common Stock for every $1,000 of par value. In other words, for each $1,000 of par value held, the holder can exchange the notes for 8.5933 shares of the Company’s Common Stock.
	8.0% Convertible Notes
	In connection with the investments by Mead Park Capital and EBC, as assignee of CBF, in September 2013, the Company issued $8,248 in aggregate principal amount of convertible senior promissory notes.  The 8.0% Convertible Notes accrue 8% interest per year, payable quarterly. The 8.0% Convertible Notes mature on September 25, 2018.  As required under ASC 470, the Company accounted for the 8.0% Convertible Notes as conventional convertible debt and did not allocate any amount of the proceeds to the embedded equity option.
	The holders of the notes may convert all or any part of the outstanding principal amount of the 8.0% Convertible Notes at any time into shares of the Company’s Common Stock at $3.00 per share conversion price, subject to customary anti-dilution adjustments. Accordingly, based on the current principal balance, the notes will be convertible into up to an aggregate of 2,749,167 shares of Common Stock. However, the 8.0% Convertible Notes have certain provisions that allow for the deferral of interest payments:  (i) if dividends of less than $0.02 per share are paid on the Company’s Common Stock in the quarter prior to any interest payment date, then the Company may pay one-half of the interest in cash on such date, and the remaining one-half of the interest otherwise payable will be added to the principal amount of the convertible note then outstanding; and (ii) if no dividends are paid on the Company’s Common Stock in the quarter prior to any interest payment date, then the Company may make no payment in cash on such date, and all of the interest otherwise payable on such date will be added to the principal amount of the note then outstanding.
	As of December 31, 2013, the Company was in compliance with the covenants of the 8.0% Convertible Notes and has paid all of the interest due there under in cash.
	7.625% Contingent Convertible Senior Notes due 2027 (the “Old Notes”)
	The Company assumed the 7.625% Contingent Convertible Senior Notes due 2027 from AFN at the time of the Merger. The Old Notes bore interest at an annual rate of 7.625%. Interest on the Old Notes was payable semiannually on May 15 and November 15 of each year. As of December 31, 2012, the Company had no Old Notes outstanding.
	During the year ended December 31, 2011, the Company repurchased $1,025 aggregate principal amount of the Old Notes from unrelated third parties for $988 including accrued interest. The Company recognized a gain from repurchase of debt of $33, which was included as a component of other income / (expense) within the non-operating income / (expense) section of the Company’s consolidated statements of operations.
	During the year ended December 31, 2012, the Company repurchased $150 aggregate principal amount of the Old Notes from an unrelated third party for $151, including accrued interest of $4.  The Company recognized a gain from repurchase of debt of $3, which was included as a component of other income / (expense) within the non-operating income / (expense) section of the Company’s consolidated statements of operations. The Company also recognized a gain from the repurchase of subordinated notes during 2012 that was also included in this line.
	On May 15, 2012, the holders of $10,110 aggregate principal amount of the Old Notes exercised their option to require the Company to repurchase their Old Notes.  On July 5, 2012, the Company, at its option, redeemed the remaining $100 aggregate principal amount of the Old Notes outstanding.
	Junior Subordinated Notes
	The Company assumed $49,614 aggregate principal amount of junior subordinated notes outstanding at the time of the Merger. The Company recorded the debt at fair value on the acquisition date. Any difference between the fair value of the junior subordinated notes on the Merger date and the principal amount of debt is amortized into earnings over the estimated remaining life of the underlying debt as an adjustment to interest expense.
	The junior subordinated notes are payable to two special purpose trusts:
	1. Alesco Capital Trust I:  $28,995 in aggregate principal amount issued in June 2007.  The notes mature on July 30, 2037 and may be called by the Company at par any time after July 30, 2012. The notes accrued interest payable quarterly at a fixed interest rate equal to 9.495% per annum through the distribution payment date on July 30, 2012 and thereafter accrue at a floating interest rate equal to LIBOR plus 400 basis points per annum through July 30, 2037. All principal is due at maturity. The Alesco Capital Trust I simultaneously issued 870 shares of the Alesco Capital Trust I’s common securities to the Company for a purchase price of $870, which constitutes all of the issued and outstanding common securities of the Alesco Capital Trust I.
	2. Sunset Financial Statutory Trust I (“Sunset Financial Trust”):  $20,619 in aggregate principal amount issued in March 2005. The notes mature on March 30, 2035. The notes accrue interest payable quarterly at a floating rate of interest of 90-day LIBOR plus 415 basis points. All principal is due at maturity. The Sunset Financial Trust simultaneously issued 619 shares of the Sunset Financial Trust’s common securities to the Company for a purchase price of $619, which constitutes all of the issued and outstanding common securities of the Sunset Financial Trust.
	Alesco Capital Trust I and Sunset Financial Trust (collectively, ”the Trusts”) described above are VIEs pursuant to variable interest provisions included in FASB ASC 810 because the holders of the equity investment at risk do not have adequate decision making ability over the Trust’s activities. The Company is not the primary beneficiary of the Trusts as it does not have the power to direct the activities of the Trusts. The Trusts are not consolidated by the Company and, therefore, the Company’s consolidated financial statements include the junior subordinated notes issued to the Trusts as a liability, and the investment in the Trusts’ common securities as an asset. The common securities were deemed to have a fair value of $0 as of the Merger Date. These are accounted for as cost method investments; therefore we do not adjust the value at each reporting period. Any income generated on the common securities is recorded as interest income, a component of interest expense, net, in the consolidated statement of operations.
	The junior subordinated notes have several financial covenants. Since the Merger, IFMI has been in violation of one covenant of the Alesco Capital Trust I. As a result of this violation, IFMI is prohibited from issuing additional debt that is either subordinated to or pari passu with the Alesco Capital Trust I debt. This violation does not prohibit IFMI from issuing senior debt or the Operating LLC from issuing debt of any kind. IFMI is in compliance with all other covenants of the junior subordinated notes. The Company does not consider this violation to have a material adverse impact on its operations or on its ability to obtain financing in the future.
	Subordinated Notes Payable
	The Subordinated Notes matured and were paid in full on June 20, 2013 and bore interest at an annual rate of 12%. A portion of this interest, 9%, was payable in cash semiannually on May 1 and November 1 of each year. The remaining portion, 3%, was paid in kind at an annual rate of 3%, which was also payable semiannually. All accrued in kind interest was added to the unpaid principal balance of the Subordinated Notes on each May 1 and November 1, and thereafter the increased principal balance accrued interest at the annual rate of 12%. The Subordinated Notes were unsecured obligations of the Company.
	In September 2012, the Company repurchased $1,177 principal amount of Subordinated Notes from an unrelated third party for $1,139, including accrued cash interest and paid in kind interest of $50. The Company recognized a gain from repurchase of debt of $83, net of expenses, which was included as a component of other income / (expense) within the non-operating income / (expense) section of the Company’s consolidated statements of operations. See note 29.
	In June 2013, the Company repaid in full the subordinated notes payable to an unrelated third party for a total of $352, including principal of $347 and cash and accrued paid in kind interest of $5.
	Promissory Notes Issued In Connection With the Repurchase of Mandatorily Redeemable Equity Interests
	On October 5, 2012, PrinceRidge and the Company entered into a Separation, Release and Repurchase Agreement (collectively, the “PrinceRidge Separation Agreements”) with each of Ahmed Alali, Ronald J. Garner, and Matthew G. Johnson (collectively, the “PrinceRidge Separated Employees”). Under the PrinceRidge Separation Agreements, the PrinceRidge Separated Employees resigned from all positions and offices held with PrinceRidge and its affiliates as well as any membership that the PrinceRidge Separated Employees may have held with the Board of Managers of the PrinceRidge GP. In connection with the repurchase of the mandatorily redeemable equity interests, PrinceRidge paid $2,640 in cash and issued to the PrinceRidge Separated Employees promissory notes in the initial aggregate principal amount of $4,824. See note 18. The promissory notes were issued on October 5, 2012. The terms and conditions of each of the promissory notes were substantially the same. Under each of the promissory notes, interest accrued on the unpaid balance of the principal amount at a rate of five percent (5%) per annum from October 5, 2012 until the aggregate principal amount of $4,824 was paid in full on December 21, 2012.
	Star Asia Manager Note Payable
	In connection with the Star Asia Manager Repurchase Transaction in March 2013, Star Asia Manager had paid cash of $425 and issued to Mercury a note payable in the principal amount of $725. See notes 4 and 15. Under the note payable, interest accrued on the unpaid balance of the principal amount at a floating rate equal to three-month LIBOR plus 2.75% per annum. Payments were  made quarterly in an amount equal to 50% of cash available for distribution as defined in the note payable agreement. The Star Asia Manager note payable was pre-payable without penalty and had no stated maturity date.  The Star Asia Manager note payable was paid in full in October 2013.
	Deferred Financing
	The Company paid $670 of deferred financing costs during the year ended December 31, 2013 associated with the issuance of the 8.0% Convertible Notes.
	The Company recognized interest expense from deferred financing costs of $26,  $0, and $282 for the years ended December 31, 2013,  2012, and 2011, respectively.
	Interest Expense, net
	Interest expense includes interest incurred in connection with the Company’s debt described in this note, the amortization of deferred financing related to the 8.0% Convertible Notes,  the amortization of discount related to the convertible senior notes and the junior subordinated notes, interest income or expense related to the amounts owed to withdrawing partners of PrinceRidge (see note 18), and the amortization of discount related to a settlement payable in connection with a legal proceeding that involved CCS (see note 13).

Redeemable_NonControlling_Inte

Redeemable Non-Controlling Interest (Temporary Equity) And Mandatorily Redeemable Equity Interests	12 Months Ended
	Dec. 31, 2013
Redeemable Non-Controlling Interest (Temporary Equity) [Abstract]	'
Redeemable Non-Controlling Interest (Temporary Equity) And Mandatorily Redeemable Equity Interests	'
	18. REDEEMABLE NON-CONTROLLING INTEREST (TEMPORARY EQUITY) AND MANDATORILY REDEEMABLE EQUITY INTERESTS
	Redeemable Non-Controlling Interest
	The redeemable non-controlling interest represented the equity interests of PrinceRidge that were not owned by the Company. The members of PrinceRidge had the right to withdraw from PrinceRidge and require PrinceRidge to redeem the interests for cash over a contractual payment period. The Company’s policy on accounting for the redeemable non-controlling interest is discussed in note 3-O.
	In June 2011, the Company reclassified $3,536 from redeemable non-controlling interest to mandatorily redeemable equity interests that was included as a component of accounts payable and other liabilities in the Company’s consolidated balance sheets, due to a partnership withdrawal from PrinceRidge.
	During the year ended December 31, 2012, the Company reclassified $6,446 from redeemable non-controlling interest to mandatorily redeemable equity interests, which is included as a component of accounts payable and other liabilities in the Company’s consolidated balance sheets, due to partnership withdrawals from PrinceRidge. In addition, PrinceRidge purchased $6,172 of non-controlling interest for cash during the year ended December 31, 2012 from existing partners, including the former Chief Executive Officer of PrinceRidge and member of the Board of Managers of PrinceRidge GP, Michael T. Hutchins, and the former Chairman of the Board of Managers of PrinceRidge GP, John P. Costas, and received $20 in cash related to capital contributions made to PrinceRidge during the year ended December 31, 2012.
	During the year ended December 31, 2013, the Company purchased $789 of non-controlling interest for cash from existing partners. As of December 31, 2013 and 2012, the redeemable non-controlling interests totaled $0 and $829, respectively.
	Mandatorily Redeemable Equity Interests
	Per the terms of the operating agreement, PrinceRidge must redeem a withdrawing partner’s equity interests over a period of time of up to two to five years. The amount actually due to a withdrawing partner will fluctuate over time based on the operating results of PrinceRidge. The carrying value of the liability owed to a withdrawing partner will be recorded at the amount owed as of each balance sheet date. Any increases or decreases in the amount owed will be recorded as interest income or expense and will be included in the non-operating section of the consolidated statement of operations.
	During the year ended December 31, 2012, the Company distributed cash of $3,723 to the holders of mandatorily redeemable equity interests. Of the $3,723 in cash distributed, $2,640 represented the cash that PrinceRidge paid in October 2012 related to the acceleration of its obligation to repurchase certain mandatorily redeemable equity interests from the PrinceRidge Separated Employees. See note 17. In addition to the $2,640 cash payment made, PrinceRidge issued to the PrinceRidge Separated Employees promissory notes in the initial aggregate principal amount of $4,824 on October 5, 2012. The Company reclassified $4,824 from mandatorily redeemable equity interests, which is included as component of accounts payable and other liabilities, to debt on the Company’s consolidated balance sheets upon issuance of the promissory notes. The promissory notes matured and were paid in full on December 21, 2012. See note 17.
	During the year ended December 31, 2013, the Company distributed cash of $86 to the holders of the mandatorily redeemable equity interests. As of December 31, 2013 and 2012 the mandatorily redeemable equity interests totaled $0 and $86, respectively. See note 13.

Permanent_Equity

Permanent Equity	12 Months Ended
	Dec. 31, 2013
Permanent Equity [Abstract]	'
Permanent Equity	'
	19. PERMANENT EQUITY
	Stockholders’ Equity
	Common Stock
	The holders of the Company’s Common Stock are entitled to one vote per share. These holders are entitled to receive distributions on such stock when, as and if authorized by the Company’s Board of Directors out of funds legally available and declared by the Company, and to share ratably in the assets legally available for distribution to the Company’s stockholders in the event of its liquidation, dissolution, or winding up after payment of or adequate provision for all of the Company’s known debts and liabilities, including the preferential rights on dissolution of any class or classes of preferred stock. The holders of the Company’s Common Stock have no preference, conversion, exchange, sinking fund, redemption, or, so long as the Company’s Common Stock remains listed on a national exchange, appraisal rights and have no preemptive rights to subscribe for any of the Company’s securities. Shares of the Company’s Common Stock have equal dividend, liquidation, and other rights.
	Preferred Stock
	Series C Junior Participating Preferred Stock: Series C Junior Participating Preferred Stock (“Series C Preferred Stock”) was authorized by the Company’s Board of Directors in connection with the Stockholder Rights Plan discussed below. The Series C Preferred Stock has a par value of $0.001 per share and 10,000 shares are authorized as of December 31, 2013 and 2012, respectively.  The holders of Series C Preferred Stock are entitled to receive, when, as and if declared by the Company’s Board of Directors out of funds legally available for the purpose, quarterly dividends payable in cash on the last day of March, June, September, and December in each year commencing on the first quarterly dividend payment date after the first issuance of a share or fraction of a share of Series C Preferred Stock. Dividends accrue and are cumulative. The holder of each share of Series C Junior Participating Preferred Stock is entitled to 10,000 votes on all matters submitted to a vote of the Company’s stockholders. Holders of Series C Preferred Stock are entitled to receive dividends, distributions or distributions upon liquidation, dissolution, or winding up of the Company in an amount equal to $100,000 per share of Series C Preferred Stock, plus an amount equal to accrued and unpaid dividends and distributions, whether or not declared, prior to payments made to holders of shares of stock ranking junior to the Series C Preferred Stock. The shares of Series C Preferred Stock are not redeemable. There were no shares of Series C Preferred Stock issued and outstanding as of December 31, 2013 and 2012.
	Series E Voting Non-Convertible Preferred Stock: Each share of the Company’s Series E Voting Non-Convertible Preferred  Stock (“Series E Preferred Stock”) has no economic rights but entitles Mr. Cohen, the Company’s Vice Chairman, to vote the Series E Preferred Stock on all matters presented to the Company’s stockholders.  Each share of Series E Preferred Stock is entitled to one vote.  The 4,983,557 shares of Series E Preferred Stock currently outstanding are equivalent to the amount of Operating LLC membership units held by Mr. Cohen as of December 31, 2013.  See note 1. The 4,983,557 shares of Series E Preferred Stock were issued on May 9, 2013 in exchange for the 4,983,557 shares of Series D Voting Non-Convertible Preferred Stock (“Series D Preferred Stock”) held by CBF, an entity wholly owned by Mr. Cohen.  The Series E Preferred Stock effectively gives Mr. Cohen voting rights at the Company in the same proportion as his economic interest (as his membership units of the Operating LLC do not carry voting rights at the Company level).  The Series E Preferred Stock effectively enables Mr. Cohen to exercise approximately 25.2% of the voting power of the Company’s total shares outstanding that are entitled to vote as of December 31, 2013.  The terms of the Series E Preferred Stock provide that, if the Company causes the redemption of or otherwise acquires any of the Operating LLC units owned by Mr. Cohen as of May 9, 2013, then the Company will redeem an equal number of shares of Series E Preferred Stock.  The Series E Preferred Stock is otherwise perpetual. All former Series D Preferred Stock and Series B Voting Non-Convertible Preferred Stock which entitled Mr. Cohen to vote on all matters presented to the Company’s stockholders were cancelled on May 9, 2013 and December 28, 2012, respectively. As of December 31, 2013, there were 4,983,557 shares of Series E Preferred Stock issued and outstanding. See Non-Controlling Interest — Future Conversion / Redemption of Operating LLC Units below.
	Stockholder Rights Plan
	The Company’s Board of Directors adopted a Section 382 Rights Agreement on December 21, 2009 (the “2009 Rights Agreement”) in an effort to protect against a possible limitation on the Company’s ability to use its net operating loss and net capital loss carry forwards (the “deferred tax assets”) to reduce potential future federal income tax obligations. No rights pursuant to the 2009 Rights Agreement were exercisable at December 31, 2012 or 2011. There was no impact to the Company’s financial results as a result of the adoption of the 2009 Rights Agreement. The 2009 Rights Agreement expired on December 31, 2012.
	In connection with the investments by Mead Park Capital and EBC (see note 4), on May 9, 2013, the Company’s Board of Directors adopted the Section 382 Rights Agreement between the Company and Computershare Shareowner Services LLC (the “2013 Rights Agreement”) in an effort to protect stockholder value by attempting to protect against a possible limitation on the Company’s ability to use its deferred tax assets to reduce potential future federal income tax obligations.  The Company’s Board of Directors authorized and declared a dividend distribution of one right for each share of the Company’s Common Stock outstanding at the close of business on May 20, 2013.  Each right entitles the registered holder to purchase from the Company one ten-thousandth of a share of the Company’s Series C Junior Participating Preferred Stock at an exercise price of $100.00 per one ten-thousandth of a share of the Company’s Series C Junior Participating Preferred Stock, subject to adjustment.
	The rights will become exercisable following (i) the 10th day following a public announcement that a person or group of affiliated or associated persons has acquired beneficial ownership of 4.95% or more of the Company’s Common Stock or (ii) the 10th business day following the commencement of a tender offer or exchange offer that would result in a person or group having ownership of 4.95% or more of the Company’s Common Stock.
	The 2013 Rights Agreement has no voting privileges and will expire on the earliest of (i) the close of business on October 1, 2016, (ii) the time at which the rights are redeemed pursuant to the 2013 Rights Agreement, (iii) the time at which the rights are exchanged pursuant to the 2013 Rights Agreement, (iv) the repeal of Section 382 of the Internal Revenue Code or any successor statute if the Company’s Board of Directors determines that the 2013 Rights Agreement is no longer necessary or desirable for the preservation of certain tax benefits, and (v) the beginning of the taxable year of the Company to which the Company’s Board of Directors determines that certain tax benefits may not be carried forward.
	No rights were exercisable at December 31, 2013. There was no impact to the Company’s financial results as a result of the adoption of the 2013 Rights Agreement. The terms and the conditions of the rights are set forth in the Section 382 Rights Agreement attached as Exhibit 4.1 to the IFMI’s Form 8-K filed with the Securities and Exchange Commission on May 13, 2013.
	Net Share Settlement of Restricted Stock
	The Company may, from time to time, net share settle equity-based awards for the payment of employees’ tax obligations to taxing authorities related to the vesting of such equity-based awards. The total shares withheld are based on the value of the restricted award on the applicable vesting date as determined by the Company’s closing stock price. These net share settlements reduced and retired the number of shares that would have otherwise been issued as a result of the vesting and do not represent an expense to the Company.
	Retirement of Treasury Stock
	During the second half of 2011, the Company repurchased 667,601 shares of its Common Stock. Of the 667,601 shares repurchased, 647,701 shares were repurchased from an unrelated third party in a privately negotiated transaction in August 2011 and 19,900 shares were repurchased at various times in November and December 2011 in the open market. The total cost related to the 667,601 shares of the Company’s Common Stock repurchased was $1,488, which represented a weighted average price of $2.23 per share. The Company subsequently retired the Common Stock. In conjunction with this repurchase, IFMI surrendered an equal number of units to the Operating LLC.
	During the third quarter of 2012, the Company retired 50,400 shares, resulting in an increase of $328 in accumulated deficit, and a decrease of $328 in treasury stock. The shares remain as authorized stock; however, they are now considered unissued. In conjunction with this retirement, IFMI surrendered an equal number of units to the Operating LLC.
	Dividends and Distributions
	During 2013,  2012 and 2011, the Company paid cash dividends on its outstanding Common Stock in the amount of $1,066,  $953, and $2,115, respectively. Pro-rata distributions were made to the other members of the Operating LLC upon the payment of dividends to the Company’s stockholders. During 2013,  2012, and 2011, the Company paid cash distributions of $431,  $420, and $1,054, respectively, to the holders of the non-controlling interest (that is, the members of the Operating LLC other than IFMI).
	Certain subsidiaries of the Operating LLC have restrictions on the withdrawal of capital and otherwise in making distributions and loans. CCPR and JVB are subject to net capital restrictions imposed by the SEC and FINRA, which require certain minimum levels of net capital to remain in these subsidiaries. In addition, these restrictions could potentially impose notice requirements or limit the Company’s ability to withdraw capital above the required minimum amounts (excess capital) whether through distribution or loan. CCFL is regulated by the Financial Services Authority in the United Kingdom and must maintain certain minimum levels of capital but will allow withdrawal of excess capital without restriction. See note 23.
	Shares Outstanding of Stockholders’ Equity of the Company
	The following table summarizes the share transactions that occurred in stockholders’ equity during the years ended December 31, 2013,  2012, and 2011, respectively.
	ROLLFORWARD OF SHARES OUTSTANDING OF
	INSTITUTIONAL FINANCIAL MARKETS, INC.
			Common Stock		Restricted Stock		Treasury Stock	Total
	31-Dec-10		10,370,858		162,226		-50,400	10,482,684
	Issuance of shares		313,051		-		-	313,051
	Issuance as equity-based compensation		-		3,924,612		-	3,924,612
	Vesting of shares		140,857		-140,857		-	-
	Shares withheld for employee taxes		-24,668		-		-	-24,668
	Forfeiture / cancellation of restricted stock (1)		-		-1,348,361		-	-1,348,361
	Purchase of Common Stock for treasury		-		-		-667,601	-667,601
	Retirement of treasury stock		-667,601		-		667,601	-
	31-Dec-11		10,132,497		2,597,620		-50,400	12,679,717
	Issuance of shares		230,846		-		-	230,846
	Issuance as equity-based compensation		-		428,984		-	428,984
	Vesting of shares		643,830		-643,830		-	-
	Shares withheld for employee taxes		-162,048		-		-	-162,048
	Forfeiture / cancellation of restricted stock (1)		-		-1,508,353		-	-1,508,353
	Surrender of restricted stock (2)		-		-116,595		-	-116,595
	Retirement of treasury stock		-50,400		-		50,400	-
	31-Dec-12		10,794,725		757,826		-	11,552,551
	Issuance of shares		2,935,506		-		-	2,935,506
	Issuance as equity-based compensation		-		408,079		-	408,079
	Vesting of shares / restricted units (3)		739,931		-649,796		-	90,135
	Shares withheld for employee taxes		-71,583		-		-	-71,583
	Forfeiture / cancellation of restricted stock		-		-104,983		-	-104,983
	December 31, 2013 (4)		14,398,579		411,126		-	14,809,705
	(1)For the 2011 period, the cancellation of restricted stock included the 90,135 shares of restricted stock of IFMI that the Company cancelled and replaced with 90,135 restricted units of IFMI Common Stock in October 2011.  The 90,135 restricted units were not included in the above table since the restricted units are not considered legally outstanding.
	For the 2012 period, the forfeiture of restricted stock included the 848,742 shares of restricted stock that the former chief executive officer of PrinceRidge and member of the Board of Managers of PrinceRidge GP and the former chairman of the Board of Managers of PrinceRidge GP forfeited in connection with the separation, release, and repurchase agreements that the Company entered into with them in July 2012. See note 20.
	(2)In December 2012, Mr. Cohen transferred 116,595 restricted shares of IFMI Common Stock to the Company in order to satisfy his obligation under the Equity Funding Agreement. See note 20 for the discussion about the 2009 Restricted Units Pursuant to the 2009 Equity Award Plan.
	(3)Vesting includes 90,135 of unvested restricted units of IFMI Common Stock.  See note 20.
	(4)Excludes remaining restricted units of IFMI Common Stock. See note 20.
	Non-Controlling Interest
	Future Conversion / Redemption of Operating LLC Units
	Of the 5,324,090 Operating LLC membership units not held by the Company as of December 31, 2013 and 2012, respectively, Daniel G. Cohen, the Company’s Vice Chairman, through CBF, a single member LLC, held 4,983,557 Operating LLC membership units. Each of Mr. Cohen’s Operating LLC membership units is redeemable at Mr. Cohen’s option, at any time, for (i) cash in an amount equal to the average of the per share closing prices of the Company’s Common Stock for the ten consecutive trading days immediately preceding the date the Company receives Mr. Cohen’s redemption notice, or (ii) at the Company’s option, one share of the Company’s Common Stock subject, in each case, to appropriate adjustment upon the occurrence of an issuance of additional shares of the Company’s Common Stock as a dividend or other distribution on the Company’s outstanding Common Stock, or a further subdivision or combination of the outstanding shares of the Company’s Common Stock. The Operating LLC membership units not held by Daniel G. Cohen have the same redemption rights as described herein.
	In January 2011, the Company granted 559,020 restricted units of the Operating LLC to certain JVB Holdings Sellers in connection with the JVB Holdings acquisition who remained employees of JVB Holdings. These units vest over a three year period (of which two of the three years have elapsed as of December 31, 2013) and are treated as compensation for future service. In January 2012 and 2013, 186,339 restricted units of the Operating LLC vested, and the holders of these vested Operating LLC membership units elected to redeem these units. In January 2012 and 2013, the Company, at its discretion, issued 186,339 shares of the Company’s Common Stock to the JVB Holdings Sellers in exchange for the 186,339 vested membership units in each period. As of December 31, 2013, there were 186,342 restricted units of the Operating LLC outstanding. All of the 186,342 restricted units vested on January 13, 2014. See notes 4 and 20.
	During the third quarter of 2011, one member of the Operating LLC redeemed 31,554 membership units for $107 in cash.
	In December 2012, 116,595 restricted units of the Operating LLC vested pursuant to the Cohen Brothers, LLC Amended and Restated 2009 Equity Award Plan (the “2009 Equity Award Plan”). See note 20. The holders of 44,507 vested Operating LLC membership units elected to redeem these units. The Company, at its discretion, issued 44,507 shares of the Company’s Common Stock, in exchange for the 44,507 vested membership units. The holder of 72,088 vested Operating LLC membership units elected to remain a partner of the Operating LLC.
	In connection with the private placement investment made in September 2013 by Mead Park Capital and EBC, as assignee of CBF, in IFMI, the Operating LLC issued 2,749,167 Operating LLC membership units to IFMI.
	Unit Issuance and Surrender Agreement — Acquisition and Surrender of Additional Units of the Operating LLC, net
	Effective January 1, 2011, IFMI and the Operating LLC entered into a Unit Issuance and Surrender Agreement (the “UIS Agreement”), that was approved by IFMI’s Board of Directors and the board of managers of the Operating LLC. In an effort to maintain a 1:1 ratio of IFMI’s Common Stock to the number of membership units IFMI holds in the Operating LLC, the UIS Agreement calls for the issuance of additional membership units of the Operating LLC to IFMI when IFMI issues its Common Stock to employees under existing equity compensation plans. In certain cases, the UIS Agreement calls for IFMI to surrender units to the Operating LLC when certain restricted shares are forfeited by the employee or repurchased.
The following table summarizes the transactions that resulted in changes in the unit ownership of the Operating LLC including unit issuances and forfeitures related to the UIS agreement:
ROLLFORWARD OF UNITS OUTSTANDING OF
THE OPERATING LLC
		Units Held by IFMI		Units Held by Daniel G. Cohen		Units Held by Others	Total
31-Dec-10		10,343,347		4,983,557		299,999	15,626,903
Issuance of Units for JVB acquisition		313,051		-		-	313,051
Issuance of Units under UIS, net		259,212		-		-	259,212
Redemption of Operating LLC Units for cash		-		-		-31,554	-31,554
Retirement of treasury stock		-667,601		-			-667,601
31-Dec-11		10,248,009		4,983,557		268,445	15,500,011
Issuance of Units under UIS, net		705,083		-		-	705,083
Vesting of Units		-		-		302,934	302,934
Redemption of Operating LLC Units for IFMI Shares		230,846		-		-230,846	-
Retirement of treasury stock		-50,400		-		-	-50,400
31-Dec-12		11,133,538		4,983,557		340,533	16,457,628
Issuance of Units under UIS, net		502,614		-		-	502,614
Issuance of Units for Mead / EBC Investment		2,749,167					2,749,167
Vesting of Units		-		-		186,339	186,339
Redemption of Operating LLC Units for IFMI Shares		186,339		-		-186,339	-
December 31, 2013 (1)		14,571,658		4,983,557		340,533	19,895,748
(1)Unit amounts above exclude unvested Operating LLC units.  See note 20.
The following schedule presents the impact to permanent equity from IFMI’s ownership interest in the Operating LLC for the years ended December 31, 2013,  2012, and 2011, respectively:
		For the Year Ended December 31, 2013		For the Year Ended December 31, 2012		For the Year Ended December 31, 2011
Net income / (loss) attributable to IFMI	$	-13,318	$	-968	$	-9,388
Transfers (to) from the non-controlling interest:
Increase / (decrease) in IFMI's paid in capital for the acquisition / (surrender) of additional units in consolidated subsidiary, net		2,764		928		-8
Changes from net income / loss) attributable to IFMI and transfers (to) from non-controlling interest	$	-10,554	$	-40	$	-9,396

Equity_Based_Compensation

Equity Based Compensation	12 Months Ended
	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Equity Based Compensation	'
	20. EQUITY-BASED COMPENSATION
	As described in note 3-Q, the Company’s equity-based compensation paid to its employees is comprised of Restricted Units, Restricted Stock, and stock options.
	The following table summarizes the amounts the Company recognized as equity-based compensation expense including Restricted Stock, Restricted Units, and stock options. These amounts are included as a component of compensation and benefits in the consolidated statements of operations. The remaining unrecognized compensation expense related to unvested awards at December 31, 2013 was $2,220 and the weighted average period of time over which this expense will be recognized is approximately 2.7 years. The awards assume estimated forfeitures during the vesting period, which were updated to reflect the actual forfeitures that occurred during the relevant periods.
	EQUITY-BASED COMPENSATION INCLUDED IN COMPENSATION AND BENEFITS
	(Dollars in Thousands)
			For the year ended December 31,
			2013		2012		2011
	Equity-based compensation expense		$	1,947	$	1,271	$	7,674
	Non equity-based compensation expense			45,220		61,680		70,553
	Total compensation and benefits		$	47,167	$	62,951	$	78,227
	The following table summarizes the equity-based compensation by plan.  Each plan is discussed in detail below:
	DETAIL OF EQUITY BASED COMPENSATION BY PLAN
			For the year ended December 31,
			2013		2012		2011
	The 2009 Equity Award Plan		$	-	$	-586	$	400
	Operating LLC Units - JVB Acquisition			911		911		879
	Restricted Units - 2006/2010 Plans			905		1,290		5,708
	Options - 2010 Plan			114		-		-
	Restricted PrinceRidge units (1)			17		-344		687
	Total equity based compensation expense		$	1,947	$	1,271	$	7,674
		-1		Relates to the issuance of restricted PrinceRidge units to certain investment banking professionals and executives of PrinceRidge. As of December 31, 2013, there were no restricted PrinceRidge units outstanding.
	The 2009 Equity Award Plan
	The 2009 Equity Award Plan was originally adopted by the Company in August 2009 and was amended and restated on April 28, 2010. The 2009 Equity Award Plan permitted the grant of Operating LLC restricted units to the Company’s employees which represented the right to receive, upon vesting of the restricted unit, the number of Operating LLC membership units in the restricted unit agreement. The awards under this plan were subject to time-based and/or performance-based vesting conditions and generally vested over a period of three years ending in December 2012. All awards pursuant to this plan were subject to the prior written consent of the Company’s Vice Chairman, Daniel G. Cohen. In December 2012, all of the 116,595 restricted units that were outstanding vested. Following the vesting of the restricted units in December 2012, the 2009 Equity Award Plan expired.
	In connection with the 2009 Equity Award Plan, Mr. Cohen and the Operating LLC were parties to an Equity Plan Funding Agreement (the “Equity Funding Agreement”) whereby Mr. Cohen was required to transfer to (1) the Operating LLC the number of Operating LLC membership units or shares of the Company’s Common Stock equal to the number of Operating LLC membership units to be issued by the Operating LLC to the participants in the 2009 Equity Award Plan in connection with vesting of an Operating LLC restricted unit, or (2) the Company the number of shares of Common Stock equal to the number of Operating LLC membership units to be issued to the participants in the 2009 Equity Award Plan in connection with the vesting of an Operating LLC restricted unit. As a result of the Equity Funding Agreement, the capitalization of the Operating LLC did not change as result of the issuance of Operating LLC restricted units under the 2009 Equity Award Plan. In December 2012, Mr. Cohen transferred 116,595 restricted shares of IFMI Common Stock to the Company in order to satisfy his obligation under the Equity Funding Agreement.
	Substantially all of the 2009 Equity Award Plan awards were issued during 2009 prior to the Merger. For the awards that were issued prior to the Merger, the Company determined the fair value of these restricted units based on the implied value of a Cohen Brothers membership unit derived from the Company’s public stock price on the date of grant multiplied by the exchange ratio called for in the Merger Agreement. For the awards that were issued during 2010, the Company determined the fair value of these restricted units based on the Company’s stock price on the date of grant. There were no grants made after 2010.
	Restricted Units of the Operating LLC Related to the JVB Holdings Acquisition
	In connection with the acquisition of JVB Holdings in January 2011, the Company issued 559,020 restricted units of the Operating LLC to certain JVB Holdings Sellers who remained employees of JVB Holdings. These units include a service requirement and vest over a three year period (of which two of the three years have elapsed as of December 31, 2013 and the third year elapsed in January, 2014) and are treated as compensation for future service rather than as part of the purchase price to acquire JVB. The weighted average grant date fair value for the restricted units was $4.89. In January 2012 and 2013, 186,339 restricted units of the Operating LLC vested. As of December 31, 2013 and December 31, 2012, 186,342 and 372,681 restricted units, respectively, of the Operating LLC were unvested. Upon vesting, the restricted units may be redeemed by the employee and the Company, at its discretion, may either pay cash or issue an equivalent number of IFMI Common Stock for the redemption of vested restricted units. The 186,339 vested units of the Operating LLC in each of 2012 and 2013 were redeemed by the JVB Holdings Sellers and the Company issued an equivalent number of IFMI Common Stock for the redemption of the vested restricted units in each period. See note 19.
	During the years ended December 31, 2013 and 2012, the total fair value of the restricted Operating LLC awards related to the JVB Holdings acquisition that vested based on the fair market value derived from the closing stock price of the Company’s Common Stock on the vesting date during the year ended December 31, 2013 and 2012 was $233 and $326, respectively.
	The AFN 2006 Equity Incentive Plan and the Institutional Financial Markets Inc. 2010 Long-Term Incentive Plan – Restricted Common Stock, Restricted Units and Stock Options
	In connection with the Merger, the Company assumed the AFN 2006 Equity Incentive Plan (the “2006 Equity Incentive Plan”). In addition, the Company adopted the Institutional Financial Markets, Inc. 2010 Long-Term Incentive Plan (the “2010 Equity Incentive Plan”) on April 22, 2010, which was approved by the Company’s stockholders at the Company’s annual meeting on December 10, 2010, and amended on April 18, 2011 and amended and restated on March 8, 2012. The 2006 Equity Incentive Plan and the 2010 Equity Incentive Plan are collectively referred to as the “Equity Incentive Plans”. The Equity Incentive Plans provide for the grant of stock options, restricted Common Stock, restricted units, stock appreciation rights, and other share-based awards. The Equity Incentive Plans are administered by the compensation committee of the Company’s Board of Directors. The maximum number of share-based awards of the Company’s Common Stock authorized to be granted pursuant to these plans is limited to 4,996,500, of which 1,558,525 shares remained available to be issued as of December 31, 2013..
	RESTRICTED STOCK AND RESTRICTED UNITS - SERVICE BASED VESTING
			Number of Shares of Restricted Stock		Weighted average grant date fair value		Number of Restricted Units		Weighted average grant date fair value
	Unvested at January 1, 2013			427,057	$	1.87		172,585	$	1.92
	Granted			408,079		1.98		-		-
	Vested			-522,008		1.62		-40,135		3.26
	Forfeited			-1,828		4.89		-		-
	Unvested at December 31, 2013			311,300	$	2.42		132,450	$	1.51
	The weighted average grant date fair value for restricted stock that contained service based vesting criteria for the years ended December 31, 2013, 2012, and 2011 was  $1.98,  $1.43, and $4.33, respectively. The weighted average grant date fair value for restricted units that contained service based vesting criteria for the year ended December 31, 2012, and 2011 was $1.51, and $3.26, respectively. There were no restricted units granted during 2013.
	RESTRICTED STOCK AND RESTRICTED UNITS - PERFORMANCE AND SERVICE BASED VESTING
			Number of Shares of Restricted Stock		Weighted average grant date fair value		Number of Restricted Units (1)		Weighted average grant date fair value
	Unvested at January 1, 2013			330,769	$	4.34		500,000	$	-
	Granted			-		-		50,000		2.42
	Vested			-127,788		4.34		-50,000		2.42
	Forfeited (2)			-103,155		4.89		-		-
	Unvested at December 31, 2013			99,826	$	3.78		500,000	$	-
	(1)During the first quarter of 2012, the Company issued 500,000 restricted units of IFMI Common Stock to a non-employee. FASB ASC 505-50 requires that an equity instrument issued to a non-employee should be measured by using the stock price and other measurement assumptions as of the earlier of the date at which either: (i) a commitment for performance by the counterparty has been reached; or (2) the counterparty’s performance is complete. In accordance with FASB ASC 505-50, the Company will not accrue any expense until the actual vesting date occurs. As of the grant date, the restricted units were valued at $0.
	(2)During the year ended December 31, 2013, there were 103,155 shares of Restricted Stock that were forfeited due to the fact that the grantees were unable to achieve certain performance thresholds, and therefore, the awards would never vest.
	The weighted average grant date fair value for restricted stock that contained performance based and service based vesting criteria for the year ended December 31, 2012 and 2011 was $1.47, and $4.88, respectively. There were no shares of restricted stock that contained performance based and service based vesting criteria that were granted during 2013.  The weighted average grant date fair value for restricted units that contained performance based and service based vesting criteria for the years ended December 31, 2013, 2012, and 2011 was $2.42,  $0.00, and $3.07, respectively.
	The total fair value of all equity awards vested in each year based on the fair market value of the Company’s Common Stock on the vesting date during the years ended December 31, 2013, 2012, and 2011 was $1,667,  $947, and $570, respectively.
	The restricted shares and restricted units of Common Stock typically may vest either quarterly, annually, or at the end of a specified term on a straight line basis over the remaining term of the awards, assuming the recipient is continuing in service to the Company at such date, and, in the case of performance based equity awards, the performance thresholds have been attained. In the case of director grants, the equity awards are restricted for one year but have no performance or service conditions.
	STOCK OPTIONS - SERVICE BASED VESTING
			Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (1)
	Balance at January 1, 2013			-	$	-
	Granted (2)			3,000,000		4.00
	Vested			-		-
	Forfeited			-		-
	Balance at December 31, 2013			3,000,000	$	4.00		4.8	$	-
	Exercisable at December 31, 2013			-	$	-		-	$	-
		-1		The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing stock price of the Company’s Common Stock of $1.98 on December 31, 2013.  As of December 31, 2013, all options were out of the money.
		-2		Of the options granted, 2,500,000 stock options are subject to stockholder approval during the Company’s 2014 Annual Meeting of Stockholders.
	The fair values of the options granted during 2013 were estimated at the grant date using the Black-Scholes option pricing model with the following weighted average assumptions: (i) expected volatility – 68.5%; (ii) expected dividends – 3.49%; (iii) expected lives of options (in years) – 4.0; and (iv) risk free rate – 0.96%.
	The weighted average grant date fair value for options granted during 2013 was $0.70.
	The expected volatility reflects IFMI’s past stock price volatility since December 16, 2009 (the Merger Date).  The expected life of the options is based on the estimated average life of the options using the simplified method. The Company utilized the simplified method to determine the expected life of the options due to insufficient exercise activity during recent years as a basis from which to estimate future exercise patterns.   The risk free rate is derived from public data sources at the time of the grant. The options vest either ratably over a three-year period or all at end of a three year period and have five-year contractual terms.  Compensation cost is recognized over the vesting term of the option using the straight-line method.

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2013
Income Taxes [Abstract]	'
Income Taxes	'
	21. INCOME TAXES
	For tax purposes, AFN contributed its assets and certain of its liabilities to Cohen Brothers in exchange for an interest in Cohen Brothers on December 16, 2009. AFN was organized and had been operated as a REIT for United States federal income tax purposes. Accordingly, AFN generally was not subject to United States federal income tax to the extent of its distributions to stockholders and as long as certain asset, income, distribution, and share ownership tests were met. As a result of the consummation of the Merger, IFMI ceased to qualify as a REIT effective as of January 1, 2010, and is instead treated as a C corporation for United States federal income tax purposes. The components of income tax expense (benefit) included in the consolidated statements of operations for each year presented herein are:
	INCOME TAX EXPENSE
	(Dollars in Thousands)
		2013		2012		2011
	Current income tax expense (benefit):
	Federal income tax expense (benefit)	$	-1,442	$	142	$	92
	Foreign income tax expense (benefit)		8		20		149
	State and local income tax expense (benefit)		-57		120		-
			-1,491		282		241
	Deferred income tax expense (benefit)
	Federal income tax expense (benefit)		-1,827		-703		-1,047
	Foreign income tax expense (benefit)		-		-		-
	State and local income tax expense (benefit)		-247		-194		-343
			-2,074		-897		-1,390
	Total	$	-3,565	$	-615	$	-1,149
	As of December 31, 2013, the Company had net prepaid taxes of $146 included as a component of other assets in the consolidated balance sheets.  As of December 31, 2012, the Company had net current tax liability of $1,434 included as a component of accounts payable and other liabilities in the consolidated balance sheets. The current tax liability as of December 31, 2012 included the liability for unrecognized tax benefits described below.
	The expected income tax expense /(benefit) using the federal statutory rate differs from income tax expense / (benefit) pertaining to pre-tax income / (loss) as a result of the following for the years ended December 31, 2013,  2012, and 2011, respectively.
		2013		2012		2011
	Federal statutory rate - 35%	$	-8,220	$	-929	$	-5,053
	Pass thru impact		2,581		352		1,689
	Deferred tax valuation allowance		3,812		-42		1,964
	Recognition of previously unrecognized tax benefit		-1,231		-		-
	Other		-507		4		251
	Total	$	-3,565	$	-615	$	-1,149
	Deferred tax assets and liabilities are determined based on the difference between the book basis and tax basis of assets and liabilities using tax rates in effect for the year in which the differences are expected to reverse. The recognition of deferred tax assets is reduced by a valuation allowance if it is more likely than not that the tax benefits will not be realized.
	The components of the net deferred tax asset (liability) are as follows:
	DEFERRED TAX ASSET AND LIABILITY
	(Dollars in Thousands)
		31-Dec-13						31-Dec-12
		Asset		Liability		Net		Asset		Liability		Net
	Federal net operating loss carry-forward	$	33,439	$	-	$	33,439	$	29,990	$	-	$	29,990
	State net operating loss carry-forward		5,291		-		5,291		5,066		-		5,066
	Federal capital loss carry-forward		23,784		-		23,784		25,283		-		25,283
	Unrealized gain on debt		-		-13,274		-13,274		-		-14,095		-14,095
	Unrealized loss on investment in Operating LLC		110,382		-		110,382		113,398		-		113,398
	Other		873		-		873		1,253		-		1,253
	Gross deferred tax asset / (liability)		173,769		-13,274		160,495		174,990		-14,095		160,895
	Less: valuation allowance		-165,025		-		-165,025		-167,498		-		-167,498
	Net deferred tax asset / (liability)	$	8,744	$	-13,274	$	-4,530	$	7,492	$	-14,095	$	-6,603
	As of December 31, 2013, the Company had a federal net operating loss (“NOL”) of approximately $95,540, which will be available to offset future taxable income, subject to limitations described below. If not used, this NOL will begin to expire in 2028. The Company also had net capital losses (“NCLs”) in excess of capital gains of $56,835 as of December 31, 2013, which can be carried forward to offset future capital gains, subject to the limitations described below. If not used, this carry forward will begin to expire in 2014. No assurance can be made that the Company will have future taxable income or future capital gains to benefit from its NOL and NCL carryovers.
	The Company has determined that its NOL and NCL carryovers are not currently limited by Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). However, the Company may experience an ownership change as defined in that section (“Ownership Change”) in the future.
	If an Ownership Change were to occur in the future, the Company’s ability to use its NOLs, NCLs, and certain recognized built-in losses to reduce its taxable income in a future year would generally be limited to an annual amount (the “Section 382 Limitation”) equal to the fair value of the Company immediately prior to the Ownership Change multiplied by the “long term tax-exempt interest rate.” In the event of an Ownership Change, NOLs and NCLs that exceed the Section 382 Limitation in any year will continue to be allowed as carry forwards for the remainder of the carry forward period, and such NOLs and NCLs can be used to offset taxable income for years within the carry forward period subject to the Section 382 Limitation in each year. However, if the carry forward period for any NOL or NCL were to expire before that loss is fully utilized, the unused portion of that loss would be lost.
	In connection with the investments by Mead Park Capital and EBC, the Company entered into the 2013 Rights Agreement on May 9, 2013, to protect the use of previously accumulated NOLs, NCLs, and certain other tax attributes by dissuading investors from aggregating ownership in the Company and triggering an ownership change. See note 19.
	Notwithstanding the facts that the Company has determined that the use of its remaining NOL and NCL carry forwards are not currently limited by Section 382 of the Code, the Company recorded a valuation allowance for a significant portion of its NOLs and NCLs when calculating its net deferred tax liability as of December 31, 2012. The valuation allowance was recorded because the Company determined it is not more likely than not that it will realize these benefits.
	In determining its federal income tax provision for 2013, the Company has assumed that it will retain the valuation allowance applied against its deferred tax asset related to the NOL and NCL carry forwards as of December 31, 2013. The Company’s determination that it is not more likely than not that it will realize future tax benefits from the NOLs and NCLs may change in the future. In the future, the Company may conclude that it is more likely than not that it will realize the benefit of all or a portion of the NOL and NCL carry forwards. If it makes this determination in the future, the Company would reduce the valuation allowance and record a tax benefit as a component of the statements of operations in the period it makes this determination. From that point forward, the Company would begin to record net deferred tax expense for federal and state income taxes as a component of its provision for income tax expense as it utilizes the NOLs and NCLs, for which the valuation allowance was removed.
	A reconciliation of the beginning and ending unrecognized tax benefits for year ended December 31, 2013,  2012, and 2011, respectively, are as follows:
		2013		2012		2011
	Unrecognized tax benefits as of January 1	$	1,231	$	1,231	$	1,231
	Increases due to tax positions taken during prior periods		-		-		-
	Increases due to tax positions taken in current period		-		-		-
	Decreases due to settlements with tax authorities		-		-		-
	Reductions due to lapse of applicable statute of limitations		-1,231		-		-
	Unrecognized tax benefits as of December 31	$	-	$	1,231	$	1,231
	During the years ended December 31, 2013,  2012, and 2011, the Company recognized interest expense of $0,  $79, and $92, respectively. $171 was included in current taxes payable for accrued interest as of December 31, 2012. No penalty amounts were recognized. The Company files tax returns in the U.S. federal jurisdiction, various states or local jurisdictions, the United Kingdom, Spain, and France. With few exceptions, the Company is no longer subject to examination for years prior to 2010.
	In December 2012, IFMI received notification from the IRS that the IRS would examine its 2011 federal tax return. The exam was conducted in February 2013, IFMI received notification from the IRS that the exam was complete and no adjustments were identified.
	Pennsylvania Income Tax Assessment
	In October, 2013, the Company received an assessment from the Pennsylvania Department of Revenue in the amount of $4,683  (including penalties) related to a subsidiary of AFN for the 2009 tax year.  The assessment denied this subsidiary’s Keystone Opportunity Zone (“KOZ”) credit for that year.  The Company filed an administrative appeal of this assessment with the Pennsylvania Department of Revenue.  If the assessment were to be upheld in the administrative appeal, the Company can then file an appeal with the Pennsylvania Board of Finance and Revenue.  Finally, if the Pennsylvania Board of Finance and Revenue were to uphold the assessment, the Company could then seek relief in Pennsylvania Commonwealth Court.  The Company has evaluated the assessment in accordance with the provisions of ASC 740 and determined not to record any reserve for this assessment.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income / (Loss)	12 Months Ended
	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) Disclosure [Abstract]	'
Accumulated Other Comprehensive Income / (Loss)	'
	22. ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
	The following table shows the components of other comprehensive income / (loss) and the tax effects allocated to other comprehensive income / (loss).
	ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) AND INCOME TAX EFFECT OF ITEMS ALLOCATED TO OTHER COMPREHENSIVE INCOME / (LOSS)
	(Dollars in thousands)
		Foreign currency items		Tax effect		Total
	31-Dec-10	$	-665	$	-	$	-665
	Change in foreign currency items		43		-		43
	Other comprehensive income / (loss), net		43		-		43
	Acquisition / (surrender) of additional units in consolidated subsidiary, net		-4		-		-4
	31-Dec-11		-626		-		-626
	Change in foreign currency items		154		-		154
	Other comprehensive income / (loss), net		154		-		154
	Acquisition / (surrender) of additional units in consolidated subsidiary, net		-23		-		-23
	31-Dec-12		-495		-		-495
	Change in foreign currency items		-14		-		-14
	Other comprehensive income / (loss), net		-14		-		-14
	Acquisition / (surrender) of additional units in consolidated subsidiary, net		-127		-		-127
	31-Dec-13	$	-636	$	-	$	-636

Net_Capital_Requirements

Net Capital Requirements	12 Months Ended
	Dec. 31, 2013
Net Capital Requirements [Abstract]	'
Net Capital Requirements	'
	23 . NET CAPITAL REQUIREMENTS
	The U.S. broker-dealer subsidiaries of the Company are subject to the net capital provision of Rule 15c3-1 under the Exchange Act, which requires the maintenance of minimum net capital, as defined therein. As of December 31, 2013, the Company had the following two U.S. broker-dealers: JVB and CCPR.
	In January 2014, the Company merged CCPR into JVB, resulting in the Company having one broker-dealer subsidiary in the United States operating under the JVB brand.
	CCFL, a subsidiary of the Company regulated by the Financial Conduct Authority (formerly known as the Financial Services Authority) in the United Kingdom, is subject to the net liquid capital provision of the Financial Services and Markets Act 2000, GENPRU 2.140R to 2.1.57R, relating to financial prudence with regards to the European Investment Services Directive and the European Capital Adequacy Directive, which requires the maintenance of minimum liquid capital, as defined therein.
	The following table shows the actual net capital (in the case of the JVB and CCPR) and actual net liquid capital (in the case of CCFL) as compared to the required amounts for the periods indicated:
	Statutory Net Capital Requirements
	(Dollars in thousands)
		As of December 31, 2013
		Actual Net Capital or Liquid Capital		Amount Required		Excess
	JVB	$	7,470	$	188	$	7,282
	CCPR		18,566		250		18,316
	CCFL		2,593		2,198		395
	Total	$	28,629	$	2,636	$	25,993
		As of December 31, 2012
		Actual Net Capital or Liquid Capital		Amount Required		Excess
	JVB	$	10,833	$	144	$	10,689
	CCPR		17,846		250		17,596
	CCFL		5,864		2,887		2,977
	Total	$	34,543	$	3,281	$	31,262

Earnings_Loss_Per_Common_Share

Earnings / (Loss) Per Common Share	12 Months Ended
	Dec. 31, 2013
Earnings / (Loss) Per Common Share [Abstract]	'
Earnings / (Loss) Per Common Share	'
	24 . EARNINGS / (Loss) PER COMMON SHARE
	The following table presents a reconciliation of basic and diluted earnings / (loss) per common share for the periods indicated.
	EARNINGS / (LOSS) PER COMMON SHARE
	(Dollars in Thousands, except share or per share information)
		Year Ended December 31,
		2013		2012		2011
	Net income / (loss) attributable to IFMI	$	-13,318	$	-968	$	-9,388
	Add/ (deduct): Income / (loss) attributable to non-controlling interest attributable to Operating LLC membership units exchangeable into IFMI shares (1)		-6,592		-857		-5,571
	Add / (deduct): Adjustment (2)		876		307		914
	Net income / (loss) on a fully converted basis	$	-19,034	$	-1,518	$	-14,045
	Weighted average common shares outstanding - Basic		12,340,468		10,732,723		10,631,935
	Unrestricted Operating LLC membership units exchangeable into IFMI shares (1)		5,324,090		5,252,198		5,269,323
	Weighted average common shares outstanding - Diluted (3)		17,664,558		15,984,921		15,901,258
	Net income / (loss) per common share - Basic	$	-1.08	$	-0.09	$	-0.88
	Net income / (loss) per common share - Diluted	$	-1.08	$	-0.09	$	-0.88
	(1)The Operating LLC membership units not held by IFMI (that is, those held by the non-controlling interest) may be redeemed and exchanged into shares of the Company on a one-to-one basis. The 4,983,557 Operating LLC membership units held by Daniel G. Cohen are redeemable at Mr. Cohen’s option, at any time, for (i) cash in an amount equal to the average of the per share closing prices of the Company’s Common Stock for the ten consecutive trading days immediately preceding the date the Company receives Mr. Cohen’s redemption notice, or (ii) at the Company’s option, one share of the Company’s Common Stock, subject, in each case, to appropriate adjustment upon the occurrence of an issuance of additional shares of the Company’s Common Stock as a dividend or other distribution on the Company’s outstanding Common Stock, or a further subdivision or combination of the outstanding shares of the Company’s Common Stock. The Operating LLC membership units held by other members of the Operating LLC have the same redemption rights as described above.  These units are not included in the computation of basic earnings per share. These units enter into the computation of diluted net income / (loss) per common share when the effect is dilutive using the if-converted method.
	(2)An adjustment is included for the following: (i) if the Operating LLC membership units had been converted at the beginning of the period, the Company would have incurred a higher income tax expense or realized a higher income tax benefit, as applicable; and (ii) to adjust the non-controlling interest amount to be consistent with the weighted average share calculation.
	(3)For the years ended December 31, 2013,  2012, and 2011, weighted average common shares outstanding excludes a total of 395,457,  144,401,   and 17,424 shares, respectively, representing restricted Operating LLC units, restricted IFMI Common Stock, and restricted units of IFMI Common Stock.  For the year ended December 31, 2013, weighted average common shares outstanding also excludes 732,115 shares, respectively, from the assumed conversion of the 8% Convertibles Notes because the inclusion of the converted shares would be anti-dilutive.

Reserve_Requirements

Reserve Requirements	12 Months Ended
	Dec. 31, 2013
Reserve Requirements Disclosure [Abstract]	'
Reserve Requirements	'
	25. RESERVE REQUIREMENTS
	As of December 31, 2013 and 2012, JVB and CCPR were not subject to the reserve requirements under Rule 15c3-3 of the Securities Exchange Act of 1934 because JVB and CCPR do not carry securities accounts for their customers or perform custodial functions relating to customer securities and, therefore, they qualify for an exemption under Rule 15c3-3(k)(2)(ii).

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2013
Commitments And Contingencies [Abstract]	'
Commitments And Contingencies	'
	26. COMMITMENTS AND CONTINGENCIES
	Lease Commitments
	The Company leases office space in several cities under agreements that expire prior to 2018. Future minimum commitments under these operating leases are as follows:
	FUTURE LEASE COMMITMENTS
	(Dollars in thousands)
		Lease		Less: Sublease		Net Commitment
	2014	$	4,841	$	-2,681	$	2,160
	2015		3,856		-2,415		1,441
	2016		2,780		-2,053		727
	2017		357		-		357
	2018		350		-		350
	2019 and Thereafter		749		-		749
		$	12,933	$	-7,149	$	5,784
	Rent expense for the years ended December 31, 2013,  2012, and 2011 was $2,619,  $2,537, and $3,163, respectively, and was included in business development, occupancy, equipment expense in the consolidated statements of operations. Rent expense was recorded net of sublease income of $304,  $68, and $1,220, for the year ended December 31, 2013,  2012, and 2011, respectively. The lease commitments noted above represent the actual cash commitments and will not necessarily match the amount of rent expense recorded in the consolidated statements of operations. See note 3-N.
	Legal and Regulatory Proceedings
	The Company was named in litigation commenced in the United States District Court for the Southern District of New York on June 29, 2012, under the caption U.S. Bank National Association v. Institutional Financial Markets, Inc. The plaintiff, U.S. Bank, alleges breach of contract respecting certain fees allegedly owing to U.S. Bank, as Trustee, in connection with the issuance of trust preferred securities, seeking damages and a declaration that the Company must make certain future fee payments. The Company filed a motion to dismiss the complaint in lieu of an answer on October 26, 2012, and U.S. Bank filed its response to the motion on November 26, 2012. On July 19, 2013, the court entered a Memorandum and Order denying the Company’s motion to dismiss.  The Company filed its answer to the Complaint on August 19, 2013.  On January 30, 2014, the parties entered into an agreement to settle the matter.  On February 11, 2014, the parties filed a Joint Stipulation of Dismissal with Prejudice with the Court, ending the litigation.  As of December 31, 2013, the Company had accrued a loss sufficient to cover the confidential settlement.
	The Company’s former U.S. broker-dealer subsidiary, Cohen & Company Securities, LLC (“CCS”), and one of its registered investment adviser subsidiaries, CIRA SCM, LLC (“CIRA”), are parties to litigation that commenced on June 7, 2013, in the Supreme Court of the State of New York under the caption Northern Rock (Asset Management) PLC v. Société Générale Corporate and Investment Banking, Cohen & Company Securities, et al.  Northern Rock (Asset Management) PLC (“Northern Rock”), the plaintiff ,served the Summons with Notice on Defendants on October 3, 2013, and, on November 12, 2013, Northern Rock filed its complaint alleging fraud, fraudulent inducement, fraudulent concealment, breach of contract, negligent misrepresentation, and unjust enrichment in connection with Northern Rock’s investment in Kleros Preferred Funding VIII, Ltd., a collateralized debt obligation.  The relief sought by Northern Rock under these various legal theories includes damages, rescission, and disgorgement, as well as costs and attorneys’ fees.  CCS and CIRA filed a motion to dismiss the complaint in lieu of an answer on January 27, 2014.  Northern Rock filed its opposition on March 4, 2014.  The Company intends to defend the action vigorously.
	In addition to the matters set forth above, the Company is a party to various routine legal proceedings and regulatory inquiries arising out of the ordinary course of the Company’s business. Management believes that the results of these routine legal proceedings and regulatory matters will not have a material adverse effect on the Company’s financial condition, or on the Company’s operations and cash flows. However, the Company cannot estimate the legal fees and expenses to be incurred in connection with these routine matters and, therefore, is unable to determine whether these future legal fees and expenses will have a material impact on the Company’s operations and cash flows. It is the Company’s policy to expense legal and other fees as incurred.
	Alesco XIV Guarantee
	AFN invested in a CDO (Alesco XIV) in which Assured Guaranty (“Assured”) was providing credit support to the senior interests in securitizations. Alesco XIV made a loan (the “Guaranteed Loan”) to a particular borrower and AFN entered into an arrangement with Assured whereby AFN agreed to make payments to Assured upon the occurrence of both (i) a loss on the Guaranteed Loan and (ii) a loss suffered by Assured on its overall credit support arrangement to Alesco XIV security holders. This arrangement was accounted for as a guarantee by the Company. As of December 31, 2012, the Company had a liability of $1,084 related to this arrangement that was included in accounts payable and other liabilities in the Company’s consolidated balance sheets. In May 2013, the underlying loan was paid off in full by the borrower. As a result, the Company’s guarantee with Assured was extinguished. For the year ended December 31, 2013, the Company recognized other income of $1,084, which was included as a component of principal transactions and other income in the Company’s consolidated statements of operations, and wrote off the liability.
	Accumulated Dividends and Dividend Equivalents on Restricted Stock and Restricted Units
	From time to time, the Company has granted restricted stock and restricted units that are entitled to receive dividends or dividend equivalents as and when such dividends or dividend equivalents are declared and paid by the Company; provided, however, that the cash dividends or dividend equivalents on such restricted stock or restricted units are held by the Company until the period of forfeiture lapses and forfeited if the underlying restricted shares or restricted units are forfeited. The Company’s potential liability, assuming the restricted stock or restricted units were to vest as of December 31, 2013 is approximately $68.

Segment_And_Geographic_Informa

Segment And Geographic Information	12 Months Ended
	Dec. 31, 2013
Segment and Geographic Information [Abstract]	'
Segment And Geographic Information	'
	27. SEGMENT AND GEOGRAPHIC INFORMATION
	Segment Information
	The Company operates within three business segments: Capital Markets, Asset Management, and Principal Investing. See note 1.
	The Company’s business segment information was prepared using the following methodologies and generally represents the information that is relied upon by management in its decision making processes:
	(a) Revenues and expenses directly associated with each business segment are included in determining net income / (loss) by segment.
	(b) Indirect expenses (such as general and administrative expenses including executive and indirect overhead costs) not directly associated with specific business segments are not allocated to the business segments’ statements of operations. Accordingly, the Company presents segment information consistent with internal management reporting. See note (1) in the table below for more detail on unallocated items. The following tables present the financial information for the Company’s segments for the periods indicated.
	SEGMENT INFORMATION
	Statement of Operations Information
	For the Year Ended December 31, 2013
			Capital			Asset			Principal		Segment		Unallocated
			Markets			Management			Investing		Total		-1		Total
	Net trading		$	38,528		$	-		$	-	$	38,528	$	-	$	38,528
	Asset management			-			19,803			-		19,803		-		19,803
	New issue and advisory			6,418			-			-		6,418		-		6,418
	Principal transactions and other income			542			1,712			-9,486		-7,232		-		-7,232
	Total revenues			45,488			21,515			-9,486		57,517		-		57,517
	Total operating expenses			53,518			11,523			319		65,360		13,261		78,621
	Operating income / (loss)			-8,030			9,992			-9,805		-7,843		-13,261		-21,104
	Income / (loss) from equity method affiliates			-			546			1,282		1,828		-		1,828
	Other non-operating income / (expense)			-164			-9			-		-173		-4,035		-4,208
	Income / (loss) before income taxes			-8,194			10,529			-8,523		-6,188		-17,296		-23,484
	Income tax expense / (benefit)			14			-			-		14		-3,579		-3,565
	Net income / (loss)			-8,208			10,529			-8,523		-6,202		-13,717		-19,919
	Less: Net income / (loss) attributable to the
	non-controlling interest			-9			-			-		-9		-6,592		-6,601
	Net income / (loss) attributable to IFMI		$	-8,199		$	10,529		$	-8,523	$	-6,193	$	-7,125	$	-13,318
	Other statement of operations data
	Depreciation and amortization (included in
	total operating expense)		$	795		$	317		$	-	$	1,112	$	293	$	1,405
	SEGMENT INFORMATION
	Statement of Operations Information
	For the Year Ended December 31, 2012
			Capital			Asset			Principal		Segment		Unallocated
			Markets			Management			Investing		Total		-1		Total
	Net trading		$	69,486		$	-		$	-	$	69,486	$	-	$	69,486
	Asset management			-			23,172			-		23,172		-		23,172
	New issue and advisory			6,021			-			-		6,021		-1,000		5,021
	Principal transactions and other income			166			894			-3,499		-2,439		-		-2,439
	Total revenues			75,673			24,066			-3,499		96,240		-1,000		95,240
	Total operating expenses			74,595			8,690			347		83,632		11,313		94,945
	Operating income / (loss)			1,078			15,376			-3,846		12,608		-12,313		295
	Income / (loss) from equity method affiliates			-			3,309			1,743		5,052		-		5,052
	Other non-operating income / (expense)			-3,554			-			-		-3,554		-4,449		-8,003
	Income / (loss) before income taxes			-2,476			18,685			-2,103		14,106		-16,762		-2,656
	Income tax expense / (benefit)			49			-			-		49		-664		-615
	Net income / (loss)			-2,525			18,685			-2,103		14,057		-16,098		-2,041
	Less: Net income / (loss) attributable to the
	non-controlling interest			-216			-			-		-216		-857		-1,073
	Net income / (loss) attributable to IFMI		$	-2,309		$	18,685		$	-2,103	$	14,273	$	-15,241	$	-968
	Other statement of operations data
	Depreciation and amortization (included in
	total operating expense)		$	859		$	17		$	-	$	876	$	429	$	1,305
	SEGMENT INFORMATION
	Statement of Operations Information
	For the Year Ended December 31, 2011
			Capital			Asset			Principal		Segment		Unallocated
			Markets			Management			Investing		Total		-1		Total
	Net trading		$	73,167		$	-		$	-	$	73,167	$	-	$	73,167
	Asset management			-			21,698			-		21,698		-		21,698
	New issue and advisory			3,585			-			-		3,585		-		3,585
	Principal transactions and other income			199			1,316			366		1,881		-		1,881
	Total revenues			76,951			23,014			366		100,331		-		100,331
	Total operating expenses			79,986			6,017			690		86,693		31,803		118,496
Operating income / (loss)			-3,035			16,997			-324		13,638		-31,803		-18,165
Income / (loss) from equity method affiliates			-204			5,329			1,107		6,232		-		6,232
Other non-operating income / (expense)			386			-			-		386		-6,329		-5,943
Income / (loss) before income taxes			-2,853			22,326			783		20,256		-38,132		-17,876
Income tax expense / (benefit)			-			-			-		-		-1,149		-1,149
Net income / (loss)			-2,853			22,326			783		20,256		-36,983		-16,727
Less: Net income / (loss) attributable to the
non-controlling interest			-1,768			-			-		-1,768		-5,571		-7,339
Net income / (loss) attributable to IFMI		$	-1,085		$	22,326		$	783	$	22,024	$	-31,412	$	-9,388
Other statement of operations data
Depreciation and amortization (included in
total operating expense)		$	596		$	15		$	-	$	611	$	1,627	$	2,238
(1)Unallocated includes certain expenses incurred by indirect overhead and support departments (such as the executive, finance, legal, information technology, human resources, risk, compliance, and other similar overhead and support departments). Some of the items not allocated include: (1) operating expenses (such as cash compensation and benefits, equity-based compensation expense, professional fees, travel and entertainment, consulting fees, and rent) related to support departments excluding certain departments that directly support the Capital Markets business segment; (2) interest expense on debt; and (3) income taxes. Management does not consider these items necessary for an understanding of the operating results of these business segments and such amounts are excluded in business segment reporting to the Chief Operating Decision Maker. During the third quarter of 2012, PrinceRidge (Capital Markets business segment) entered into an intercompany engagement with CCFL (Asset Management business segment). This intercompany transaction was eliminated in the unallocated segment.
Balance Sheet Data
As of December 31, 2013
		Capital			Asset			Principal		Segment		Unallocated
		Markets			Management			Investing		Total		-1		Total
Total Assets		$	172,271		$	9,938		$	26,897	$	209,106	$	7,689	$	216,795
Included within total assets:
Investment in equity method affiliates		$	-		$	-48		$	17	$	-31	$	-	$	-31
Goodwill (2)		$	7,937		$	3,176		$	-	$	11,113	$	-	$	11,113
Intangible assets (2)		$	332		$	151		$	-	$	483	$	-	$	483
Balance Sheet Data
As of December 31, 2012
		Capital			Asset			Principal		Segment		Unallocated
		Markets			Management			Investing		Total		-1		Total
Total Assets		$	279,863		$	7,257		$	39,741	$	326,861	$	14,140	$	341,001
Included within total assets:
Investment in equity method affiliates		$	-		$	493		$	1,417	$	1,910	$	-	$	1,910
Goodwill (2)		$	7,937		$	3,176		$	-	$	11,113	$	-	$	11,113
Intangible assets (2)		$	332		$	-		$	-	$	332	$	-	$	332
(1)Unallocated assets primarily include (1) amounts due from related parties; (2) furniture and equipment, net; and (3) other assets that are not considered necessary for an understanding of business segment assets and such amounts are excluded in business segment reporting to the Chief Operating Decision Maker.
(2)Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the table from above.
Geographic Information
The Company conducts its business activities through offices in the following locations: (1) United States; (2) United Kingdom and other; and (3) Asia. Total revenues by geographic area are summarized as follows:
GEOGRAPHIC DATA
(Dollars in Thousands)
	For the year ended December 31,
	2013			2012			2011
Total Revenues:
United States	$	44,043		$	78,597		$	90,475
United Kingdom & Other		11,178			16,643			9,856
Asia		2,296			-			-
Total	$	57,517		$	95,240		$	100,331
Long-lived assets attributable to an individual country, other than the United States, are not material.  See note 31.

Supplemental_Cash_Flow_Disclos

Supplemental Cash Flow Disclosure	12 Months Ended
	Dec. 31, 2013
Supplemental Cash Flow Disclosure [Abstract]	'
Supplemental Cash Flow Disclosure	'
	28. SUPPLEMENTAL CASH FLOW DISCLOSURE
	Interest paid by the Company on its debt was $3,170,  $4,698, and $5,690, for the years ended December 31, 2013,  2012, and 2011, respectively.
	The Company paid income taxes of $351,  $158, and $66 for the years ended December 31, 2013,  2012, and 2011, respectively, and received income tax refunds of $96,  $134, and $397 for the years ended December 31, 2013,  2012, and 2011, respectively.
	In 2013, the Company had the following significant non-cash transactions that are not reflected on the statement of cash flows:
		"	The Company acquired additional units of the Operating LLC pursuant to the UIS Agreement and in connection with the redemption of vested Operating LLC units by IFMI and the issuance of shares from the private placement.  The Company recognized a net increase in additional paid-in capital of $2,764, a net decrease of $127 in accumulated other comprehensive income, and a decrease of $2,637 in non-controlling interest. See note 19.
		"	In connection with the Star Asia Manager Repurchase Transaction, the Company reclassified $705 from investment in equity method affiliates and re-allocated it to certain balance sheet accounts to reflect Star Asia Manager becoming a consolidated subsidiary of the Company. See note 4.  On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interests in the Star Asia Group, including Star Asia Manager. See note 31.
	In 2012, the Company had the following significant non-cash transactions that are not reflected on the statement of cash flows:
	•The Company acquired additional units of the Operating LLC pursuant to the UIS Agreement. The Company recognized a net increase in additional paid-in capital of $928, a net increase of $23 in accumulated other comprehensive loss, and a decrease of $905 in non-controlling interest. See note 19.
	•  The Company reclassified $6,446 from redeemable non-controlling interest to mandatorily redeemable equity interests in its consolidated balance sheets due to partnership withdrawals from PrinceRidge. See note 18.
	•The Company retired 50,400 shares of Common Stock it held in treasury. The Company recognized an increase of $328 in accumulated deficit and a decrease of $328 in treasury stock. See note 19.
	•The Company reclassified $4,824 from mandatorily redeemable equity interests (included as a component of accounts payable and other liabilities) to debt in its consolidated balance sheets related to the repurchase of certain mandatorily redeemable equity interests. The Company paid the debt of $4,824 in full in December 2012. See notes 17 and 18.
	•  The Company recorded a reclassification of $1,841 from equity method investments (component of other assets) to other investments, at fair value in the consolidated balance sheets related to the reorganization of Star Asia Opportunity II and the creation of the Star Asia Special Situations Fund. See notes 3-F, 8, 9, 15, and 29.
	In 2011, the Company had the following significant non-cash transactions that are not reflected on the statement of cash flows:
	•The Company acquired additional units of the Operating LLC pursuant to the UIS Agreement. In addition, the Company acquired additional units of the Operating LLC in connection with the JVB acquisition and surrendered units of the Operating LLC in connection with the retirement of the Company’s Common Stock. The Company recognized a net decrease in additional paid-in capital of $8, a net increase of $4 in accumulated other comprehensive loss, and an increase of $12 in non-controlling interest. See note 19.
	•The Company transferred 54,452 shares of Star Asia in the amount of $476 to an employee for services rendered during 2010.
	•The Company transferred 371,950 warrants of various entities and 3,750 shares of common stock of a certain entity in the amount of $146 to certain employees for services rendered during 2011.
	•In connection with the consummation of the JVB acquisition (see note 4), the Company acquired the net assets of JVB for approximately $16,813, consisting of $14,956 in cash, 313,051 shares of the Company’s Common Stock for stock consideration of $1,531, and other liabilities of $326.
	•In connection with the consummation of the PrinceRidge acquisition (see note 4), the Company made a contribution of $45,000, consisting of cash, amounts payable, and all of the equity ownership interests of CCCM in exchange for an approximate 70% interest (consisting of equity and profit interests) in PrinceRidge. The remaining 30% interest in PrinceRidge not owned by the Company at the acquisition date represented a redeemable non-controlling interest of $18,502.
	•The Company exchanged $7,621 aggregate principal amount of the Old Notes for $7,621 aggregate principal amount of a new series of the New Notes. In addition, effective in October 2011, the Company completed a privately negotiated exchange of $500 in aggregate principal amount of 7.625% Contingent Convertible Senior Notes due 2027 for $500 aggregate principal amount of a new series of 10.50% Contingent Convertible Senior Noted due 2027. See note 17.
	•The Company retired 667,601 shares of Common Stock it had acquired during this period through a private transaction and in the open market. The Company recognized a decrease of Common Stock at par value of $1, a decrease of additional paid in capital of $1,487, and a decrease in treasury stock of $1,488. See note 19.

Related_Party_Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	29 . RELATED PARTY TRANSACTIONS
	The Company has identified the following related party transactions for the years ended December 31, 2013,  2012, and 2011. The transactions are listed by related party and, unless otherwise noted in the text of the description, the amounts are disclosed in the tables at the end of this section.
	A. Transactions between Star Asia Manager and the Company
	Star Asia Manager serves as external manager of Star Asia and Star Asia SPV (see D-1 and D-6 listed below) and the Company owned 50% of Star Asia Manager prior to March 1, 2013. Following the Star Asia Manager Repurchase Transaction, the Company acquired 100% control of Star Asia Manager and included Star Asia Manager in its consolidated financial statements. See note 4 for a description of the Star Asia Manager Repurchase Transaction. Prior to March 1, 2013, Star Asia Manager had been identified as a related party because it was an equity method investee of the Company. The Company had recognized its share of the income or loss of Star Asia Manager as income or loss from equity method affiliates in the consolidated statements of operations during the pre-acquisition period. Income or loss recognized under the equity method is disclosed in the table at the end of this section.   On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interest in the Star Asia Group, including Star Asia Manager.  See note 31.
	B. Cohen Bros. Financial, LLC (“CBF”) and EBC 2013 Family Trust (“EBC”)
	CBF has been identified as a related party because (i) CBF is a non-controlling interest holder of the Company and (ii) CBF is wholly owned by Daniel G. Cohen, Vice Chairman of the Company’s Board of Directors and the board of managers of the Operating LLC, President and Chief Executive of the Company’s European Business, and President of CCFL (formerly the Chairman and Chief Executive Officer of the Company).
	Beginning in October 2008, the Company began receiving a monthly advisory fee for consulting services provided by the Company to CBF. The Company stopped providing these services and stopped receiving this fee as of March 31, 2012. The fee was recognized as a component of asset management revenue in the consolidated statements of operations. This fee is disclosed as management fee revenue in the tables at the end of this section.
	In September 2013, EBC, as an assignee of CBF, made a $4,000 investment in the Company. Mr. Cohen is a trustee of EBC.   The Company issued $2,400 in principal amount of the 8.0% Convertible Notes to EBC. See note E listed below and notes 4 and 17. The Company incurred interest expense on this debt which is disclosed as part of interest expense incurred in the table at end of this section.
	C. The Bancorp, Inc.
	The Bancorp, Inc. (“TBBK”) is identified as a related party because TBBK’s Chairman is the Vice Chairman of the Company’s Board of Directors and of the board of managers of the Operating LLC, President and Chief Executive of the Company’s European Business, and President of CCFL (formerly the Company’s Chairman and Chief Executive Officer).
	TBBK maintained deposits for the Company in the amount of $52 and $36 as of December 31, 2013 and 2012, respectively. These amounts are not disclosed in the tables at the end of this section.
	As part of the Company’s broker-dealer operations, the Company from time to time purchases securities from third parties and sells those securities to TBBK. The Company may purchase securities from TBBK and ultimately sell those securities to third parties. In either of the cases listed above, the Company includes the trading revenue earned (i.e. the gain or loss realized, or commission earned) by the Company for the entire transaction in the amounts disclosed as part of net trading in the table at the end of this section.
	From time to time, the Company will enter into repurchase agreements with TBBK as its counterparty.  As of December 31, 2013, the Company had a repurchase agreement in the amount of $6,445 with TBBK as its counterparty. This is included as a component of securities sold under agreement to repurchase in the consolidated balance sheet.  The Company incurred interest expense related to repurchase agreements with TBBK as its counterparty in the amount of $396 for the year ended December 31, 2013, which was included as a component of net trading revenue in the Company’s consolidated statements of operations.  These amounts are not disclosed in the tables at the end this section.
	During the year ended December 31, 2013, the Company’s broker-dealer operations received a new issue fee of $174 from the Bancorp Bank related to the placement of a CLO managed by a unrelated third party.
	In December 2012, the Company purchased 2,400 shares of TBBK common stock in the open market for $26.  As of December 31, 2012, the fair market value of the TBBK common stock was $26 and was included as a component of investments-trading on the Company’s consolidated balance sheets.
	D. Investment Vehicles and Other
	The following are identified as related parties. Amounts with respect to the transactions identified below are summarized in a table at the end of this section.
	1. Star Asia has been identified as a related party because in the absence of the fair value option of FASB ASC 825, Star Asia would be treated as an equity method affiliate, and because the Vice Chairman of the Company’s Board of Directors and of the board of managers of the Operating LLC, President and Chief Executive of the Company’s European Business, and President of CCFL (formerly the Company’s Chairman and Chief Executive Officer) was a member of Star Asia’s board of directors until February 20, 2014. As of December 31, 2013, the Company had an investment in Star Asia. The Company, through Star Asia Manager, had an asset management contract with Star Asia.  Dividends received from the Company’s investment in Star Asia are disclosed as part of dividend income in the tables at the end of this section. Gains or losses recognized from its investment are disclosed as part of gain / (loss) in the tables at the end of this section. Amounts earned from the management contract are disclosed as part of management fee revenue in the tables at the end of this section.    On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interest in the Star Asia Group, including Star Asia.  See note 31.
	2. EuroDekania has been identified as a related party because the Vice Chairman of the Company’s Board of Directors and of the board of managers of the Operating LLC, President and Chief Executive of the Company’s European Business, and President of CCFL (formerly the Chairman and Chief Executive Officer) was a member of EuroDekania’s board of directors from its inception through December 18, 2013. The Company has a management contract with and an investment in EuroDekania. Dividends received from that investment are disclosed as part of dividend income in the tables at the end of this section. Gains or losses recognized from its investment are disclosed as part of gain / (loss) in the tables at the end of this section. Amounts earned from its management contract are disclosed as part of management fee revenue in the tables at the end of this section.
	As part of the Company’s broker-dealer operations, the Company from time to time purchases securities from third parties and sells those securities to EuroDekania. Or, the Company may purchase securities from EuroDekania and ultimately sell those securities to third parties. In either case, the Company includes the trading revenue earned (i.e. the gain or loss realized) by the Company for the entire transaction in the amounts disclosed as part of net trading in the table at the end of this section.
	3. Prior to MFCA’s merger with Tiptree in June 2011 (see note 3-F), MFCA had been identified as a related party because: (i) in the absence of the fair value option of FASB ASC 825, MFCA would be treated as an equity method affiliate of the Company; (ii) the Vice Chairman of the Company’s Board of Directors and of the board of managers of the Operating LLC, President and Chief Executive of the Company’s European Business, and President of CCFL (formerly the Company’s Chairman and Chief Executive Officer) was the former chairman of MFCA’s board and served as a member of the board until June 22, 2011; and (iii) the former president of the Company served as vice chairman of MFCA’s board until March 18, 2009. In March 2009, the board of directors of MFCA assigned the management contract to an unrelated third party. The Company had a management contract with MFCA. The Company had an investment in MFCA and had a shared services arrangement with MFCA. Dividends received from that investment are disclosed as part of dividend income in the tables at the end of this section. Gains or losses recognized from its investment are disclosed as part of gain / (loss) in the tables at the end of this section. Amounts earned from its management contract are disclosed as part of management fee revenue in the tables at the end of this section. In 2011, MFCA merged into Tiptree. No employees of the Company serve on the board of Tiptree and Tiptree is not an equity method investee of the Company. Therefore, Tiptree is not a related party.
	For the year ended December 31, 2011, the Company received payments totaling $9 from MFCA pursuant to the shared services arrangement disclosed from above.
	4. The Deep Value GP and the Deep Value GP II have been identified as related parties because the Deep Value GPs are equity method affiliates of the Company. During the third quarter of 2013, the Company received its final liquidating distribution from the Deep Value GP.   During the fourth quarter of 2013, the Company received its final liquidating distribution from Deep Value GP II. Income or loss recognized under the equity method is disclosed in the table at the end of this section.
	5. Deep Value (as a group) has been identified as a related party because in the absence of the fair value option of FASB ASC 825, the onshore and offshore feeder funds in which the Company had an investment would be treated as equity method affiliates of the Company. The Company had a management contract with and an investment in Deep Value. Amounts earned from its management contract are disclosed as part of management fee revenue in the tables at the end of this section. Gains or losses recognized from its investment are disclosed as part of gain / (loss) in the tables at the end of this section. The Company previously served as the investment advisor to these funds and sold these advisory contracts in March 2011. See note 5.
	6. Star Asia SPV has been identified as a related party because it is an equity method investee of the Company. Income or loss recognized under the equity method is disclosed in the table at the end of this section. See note 3-F.
	7. Duart Capital has been identified as a related party because it is an equity method investee of the Company. Income or loss recognized under the equity method is disclosed in the table at the end of this section. See note 3-F.
	8. The Duart Fund has been identified as a related party because in the absence of the fair value option of FASB ASC 825, the onshore feeder fund in which the Company had an investment was treated as an equity method affiliate of the Company. Gains or losses recognized from its investment are disclosed as part of gain / (loss) in the tables at the end of this section. See note 3-F.
	9. Star Asia Opportunity has been identified as a related party because it is an equity method investee of the Company. Income or loss recognized under the equity method is disclosed in the table at the end of this section. See note 3-F.
	10. Star Asia Capital Management has been identified as a related party because it is an equity method investee of the Company. Income or loss recognized under the equity method is disclosed in the table at the end of this section. See note 3-F. On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interest in the Star Asia Group including Star Asia Capital Management.  See note 31.
	11. Star Asia Opportunity II has been identified as a related party because it was an equity method investee of the Company until its reorganization in December 2012. Income or loss recognized under the equity method is disclosed in the table at the end of this section. See note 3-F.
	12. The Star Asia Special Situations Fund has been identified as a related party because in the absence of the fair value option of FASB ASC 825, the investment the Company has in the Star Asia Special Situations Fund would be treated as an equity method affiliate of the Company. Dividends received from that investment are disclosed as part of dividend income in the tables at the end of this section. Gains and losses recognized from its investment are disclosed as part of gain / (loss) in the tables at the end of this section.  On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interest in the Star Asia Group including Star Asia Special Situations Fund.  See note 31.
	13. SAA Manager serves as the external manager of the Star Asia Special Situations Fund. SAA Manager has been identified as a related party because it is an equity method investee of the Company. Income or loss recognized under the equity method is disclosed in the table at the end of this section. See note 3-F.  On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interest in the Star Asia Group including SAA Manager.  See note 31.
	14. SAP GP has been identified as a related party because the SAP GP is an equity method affiliate of the Company. Income or loss recognized under the equity method is disclosed in the table at the end of this section. See note 3-F. During the years ended December 31, 2013 and 2012, the Company did not make an investment or recognize any income or loss under the equity method related to this entity.  On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interest in the Star Asia Group including SAP GP.  See note 31.
	E. Investment in IFMI by Mead Park Capital
	In September 2013, Mead Park Capital made a $9,746 investment in the Company.  The Company issued $5,848 in principal amount of the 8.0% Convertible Notes to Mead Park Capital.  Mead Park Capital is a vehicle advised by Mead Park and controlled by Jack J. DiMaio Jr., Chief Executive Officer and founder of Mead Park.  In connection with the September 25, 2013 closing of the transactions contemplated by the definitive agreements, Messrs. DiMaio and Ricciardi were elected to the Company’s Board of Directors. Mr. DiMaio was also named the Chairman of the Company’s Board of Directors. See note B from above and notes 4 and 17.    The Company incurred interest expense on this debt which is disclosed as part of interest expense incurred in the table at the end of this section.
	The following tables display the routine intercompany transactions recognized in the statements of operations from the identified related parties that are described above.
	RELATED PARTY TRANSACTIONS
	For the Year Ended December 31, 2013
	(Dollars in Thousands)
						Principal transaction and other income
			Management fee revenue		Net trading		Dividend income and other		Gain / (loss)		Income / (loss) from equity method affiliates		Interest expense incurred
	TBBK	$	-	$	483	$	-	$	-	$	-	$	-
	Star Asia		2,329		-		-		-13,065		-		-
	Star Asia Manager (1)		-		-		-		-		158		-
	Star Asia SPV		-		-		-		-		1,287		-
	Star Asia Opportunity		-		-		-		-		-5		-
	Star Asia Capital Management		-		-		-		-		145		-
	Star Asia Special Situations Fund		-		-		-		152		-		-
	SAA Manager		-		-		-		-		255		-
	EuroDekania		-		-		805		1,167		-		-
	Deep Value		-		-		-		-		-13		-
	EBC		-		-		-		-		-		59
	Mead Park Capital		-		-		-		-		-		144
	Other		-		-		-		-		1		-
		$	2,329	$	483	$	805	$	-11,746	$	1,828	$	203
	(1) Beginning March 1, 2013, Star Asia Manager was consolidated by the Company.  Prior to that, it was treated as an equity method investment.  See note A above.
	RELATED PARTY TRANSACTIONS
	For the Year Ended December 31, 2012
	(Dollars in Thousands)
						Principal transaction and other income
			Management fee revenue		Net trading		Dividend income and other		Gain / (loss)		Income / (loss) from equity method affiliates		Interest expense incurred
	CBF	$	64	$	-	$	-	$	-	$	-	$	-
	TBBK		-		156		-		-		-		-
Star Asia		-		-		-		-7,274		-		-
Star Asia Manager (1)		-		-		-		-		1,101		-
Star Asia SPV		-		-		-		-		1,581		-
Star Asia Opportunity		-		-		-		-		544		-
Star Asia Opportunity II		-		-		-		-		-382		-
Star Asia Capital Management		-		-		-		-		504		-
Star Asia Special Situations Fund		-		-		-		662		-		-
SAA Manager		-		-		-		-		-8		-
EuroDekania		139		-		970		-331		-		-
Deep Value		-		-		-		-		1,712		-
	$	203	$	156	$	970	$	-6,943	$	5,052	$	-
(1) Beginning March 1, 2013, Star Asia Manager was consolidated by the Company.  Prior to that, it was treated as an equity method investment.  See note A above.
RELATED PARTY TRANSACTIONS
For the Year Ended December 31, 2011
(Dollars in Thousands)
					Principal transaction and other income
		Management fee revenue		Net trading		Dividend income and other		Gain / (loss)		Income / (loss) from equity method affiliates		Interest expense incurred
CBF	$	273	$	-	$	-	$	-	$	-	$	-
TBBK		-		658		-		-		-		-
Star Asia		-		-		38		-542		-		-
Star Asia Manager (1)		-		-		-		-		1,694		-
Star Asia SPV		-		-		-		-		702		-
Star Asia Opportunity		-		-		-		-		405		-
Star Asia Capital Management		-		-		-		-		44		-
EuroDekania		667		-101		298		579		-		-
MFCA		-		-		32		71		-		-
Deep Value		452		-		-		-9		4,351		-
Duart Fund		-		-		-		-456		-		-
Duart Capital and other		-		-		-		-		-964		-
	$	1,392	$	557	$	368	$	-357	$	6,232	$	-
(1) Beginning March 1, 2013, Star Asia Manager was consolidated by the Company.  Prior to that, it was treated as an equity method investment.  See note A above.
The following related party transactions are non-routine and are not included in the tables above.
F. Additional Investment in the Star Asia Special Situations Fund
In December 2012, the Company made an initial investment of $1,841 in the Star Asia Special Situations Fund.  During 2013, the Company made an additional investment of $302 in the Star Asia Special Situations Fund. See notes 3-F, 8, 9, 15, and 31.
G.  Resource Securities, Inc. (formerly known as Chadwick Securities, Inc.), a registered broker-dealer subsidiary of Resource America, Inc. (“REXI”)
REXI is a publicly traded specialized asset management company in the commercial finance, real estate and financial fund management sectors.  It has been identified as a related party because (i) the Chairman of the board of REXI is the father of the Vice Chairman of the Company’s Board of Directors and of the board of managers of the Operating LLC, President and Chief Executive of the Company’s European Business, and President of CCFL (formerly the Company’s Chairman and Chief Executive Officer). In September 2012, the Company paid a fee of $6 to REXI for its services as the introducing agent for a transaction in which the Company bought back $1,177 principal amount of subordinated notes payable from an unrelated third party.  The $6 fee was treated as a reduction to the gain recognized on the repurchase of debt, which was included as a component of non-operating income / (expense) in the Company’s consolidated statements of operations for the year ended December 31, 2012.
H.  Directors and Employees
In addition to the employment agreements the Company has entered into with Daniel G. Cohen, its Vice Chairman, Lester R. Brafman, its Chief Executive Officer and, Joseph W. Pooler, Jr., its Chief Financial Officer.  The Company has entered into its standard indemnification agreement with each of its directors and executive officers.

Due_From_Due_To_Related_Partie

Due From / Due To Related Parties	12 Months Ended
	Dec. 31, 2013
Due From / Due To Related Parties [Abstract]	'
Due From / Due To Related Parties	'
	30. DUE FROM / DUE TO RELATED PARTIES
	The following table summarizes the outstanding due from / to related parties. These amounts may result from normal operating advances or from timing differences between the transactions disclosed in note 29 and final settlement of those transactions in cash. All amounts are primarily non-interest bearing.
	DUE FROM/DUE TO RELATED PARTIES
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	EuroDekania	$	18	$	-
	Star Asia Manager (1)		-		98
	Star Asia and related entities (2)		450		-
	CBF		4		90
	Employees		411		264
	Due from Related Parties	$	883	$	452
	(1) Beginning March 1, 2013, Star Asia Manager was consolidated by the Company.  Prior to that, it was treated as an equity method investment.
	(2)   Related entities include Star Asia Capital Management and SAA Manager.

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2013
Subsequent Events [Abstract]	'
Subsequent Events	'
	31. subsequent events
	Merger of JVB and PrinceRidge
	Effective January 31, 2014, the Company merged CCPR and JVB. The merged broker-dealer subsidiary will operate going forward under the JVB name.
	Sale of Star Asia and related entities
	Effective February 20, 2014, the Company sold its interest in Star Asia, Star Asia Special Situations Fund, Star Asia Capital Management, Star Asia Manager, SAA Manager, and SAP GP to an unrelated third party.  The Company received an initial upfront payment of $20,043.   The Company will receive contingent payments equal to 15% of certain revenues generated by Star Asia Manager, SAA Manager, SAP GP, Star Asia Capital Management, and certain affiliated entities for a period of at least four years.

Condensed_Financial_Informatio

Condensed Financial Information of Registrant	12 Months Ended
	Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]	'
Condensed Financial Information of Registrant	'
	SCHEDULE I
	INSTITUTIONAL FINANCIAL MARKETS, INC.
	CONDENSED FINANCIAL INFORMATION OF REGISTRANT
	INSTITUTIONAL FINANCIAL MARKETS, INC. (PARENT COMPANY)
	Balance Sheet
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	Assets
	Cash	$	7	$	140
	Investment in IFMI, LLC		85,401		89,292
	Other assets		666		28
	Total assets	$	86,074	$	89,460
	Liabilities
	Accrued interest and other liabilities		375		301
	Deferred income taxes		4,530		6,674
	Debt		29,674		25,505
	Total liabilities	$	34,579	$	32,480
	Stockholders’ Equity
	Preferred Stock:		5		5
	Common Stock		14		11
	Additional paid-in capital		73,866		64,829
	Accumulated deficit		-21,754		-7,370
	Accumulated other comprehensive loss		-636		-495
	Total stockholders’ equity	$	51,495	$	56,980
	Total liabilities and stockholders’ equity	$	86,074	$	89,460
	See accompanying notes to condensed financial statements.
	INSTITUTIONAL FINANCIAL MARKETS, INC.
	CONDENSED FINANCIAL INFORMATION OF REGISTRANT
	INSTITUTIONAL FINANCIAL MARKETS, INC. (PARENT COMPANY)
	Statement of Operations
	(Dollars in Thousands)
		For the Year Ended December 31, 2013		For the Year Ended December 31, 2012		For the Year Ended December 31, 2011
	Revenues
	Equity in undistributed earnings / (loss) from IFMI, LLC	$	-11,502	$	2,666	$	-5,480
	Total revenues		-11,502		2,666		-5,480
	Operating income / (loss)		-11,502		2,666		-5,480
	Non-operating expense
	Interest expense		-4,001		-4,397		-5,617
	Income / (loss) before income taxes		-15,503		-1,731		-11,097
	Income tax (benefit) / expense		-2,185		-763		-1,709
	Net income / (loss)	$	-13,318	$	-968	$	-9,388
	See accompanying notes to condensed financial statements.
	INSTITUTIONAL FINANCIAL MARKETS, INC.
	CONDENSED FINANCIAL INFORMATION OF REGISTRANT
	INSTITUTIONAL FINANCIAL MARKETS, INC. (PARENT COMPANY)
	Statement of cash flows
	(Dollars in Thousands)
		For the Year Ended December 31, 2013		For the Year Ended December 31, 2012		For the Year Ended December 31, 2011
	Operating activities
	Net income / (loss)	$	-13,318	$	-968	$	-9,388
	Adjustments to reconcile net income / (loss) to net cash provided by / (used) in operating activities:
	Equity in undistributed earnings / (loss) from IFMI, LLC		11,502		-2,666		5,480
	Distributions from / (Contributions to) IFMI, LLC		-3,653		15,943		8,346
	Other (income) / expense		15		-3		-33
	Amortization of discount of debt		906		189		429
	(Increase) / decrease in other assets		32		246		12
	Increase / (decrease) in accounts payable and other liabilities		74		-330		9
	Increase / (decrease) in deferred income taxes		-2,144		-826		-1,708
	Net cash provided by / (used in) operating activities		-6,586		11,585		3,147
	Financing activities
	Repurchase of debt		-5,000		-10,357		-984
	Issuance of debt		8,248		-		-
	Payments for deferred financing costs		-670		-		-
Cash used to net share settle equity awards		-110		-135		-48
Proceeds from issuance of stock, net		5,051		-		-
Dividends paid to stockholders		-1,066		-953		-2,115
Net cash provided by / (used in) financing activities		6,453		-11,445		-3,147
Net increase (decrease) in cash and cash equivalents		-133		140		-
Cash and cash equivalents, beginning of period		140		-		-
Cash and cash equivalents, end of period	$	7	$	140	$	-
See accompanying notes to condensed financial statements.
INSTITUTIONAL FINANCIAL MARKETS, INC.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
INSTITUTIONAL FINANCIAL MARKETS, INC. (PARENT COMPANY)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Dollars in Thousands)
The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements and related notes of Institutional Financial Markets, Inc. Certain prior period amounts have been reclassified to conform to the current period presentation.
The Company paid or received cash distributions to / from IFMI, LLC as disclosed above in the statements of cash flow.

Summary_Of_Significant_Account1

Summary Of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2013
Summary of Significant Accounting Policies [Abstract]	'
Principles of Consolidation	'
	A . Principles of Consolidation
	The consolidated financial statements reflect the accounts of IFMI and its wholly and majority owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	'
	B . Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash And Cash Equivalents	'
	C . Cash and Cash Equivalents
	Cash and cash equivalents consist of cash and short-term, highly liquid investments that have original maturities of three months or less. Most cash and cash equivalents are in the form of short-term investments and are not held in federally insured bank accounts.
Adoption Of New Accounting Standards	'
	D. Adoption of New Accounting Standards
	In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”), which requires companies to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on a company’s financial position. The amendments require enhanced disclosures by requiring improved information about financial statements and derivative instruments that are either (1) offset in accordance with current literature, or (2) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with current literature. ASU 2011-11 is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013, and interim periods within those annual periods. In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (“ASU 2013-01”),  which clarifies that the scope of the intended disclosures required by ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. ASU 2013-01 is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. An entity is required to provide the disclosures retrospectively for all comparative periods presented. The Company’s adoption of the provisions of ASU 2011-11 and ASU 2013-01 effective January 1, 2013 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows since the repurchase agreements, receivables under resale agreements and derivatives that it holds are not subject to an enforceable master netting arrangement or similar agreement.
	In July 2012, the FASB issued ASU No. 2012-02, Intangibles — Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment (“ASU 2012-02”), which provides an option for companies to first assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If a company concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the company is not required to take further action. However, if a company concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount in accordance with Subtopic 350-30. A company also has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative assessment in any subsequent period. The Company’s adoption of the provisions of ASU 2012-02 effective January 1, 2013 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows.
	In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”), which includes amendments that require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. Early adoption was permitted. Since ASU 2013-02 only impacts disclosures, the Company’s adoption of the provisions of ASU 2013-02 effective January 1, 2013 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows.
Financial Instruments	'
	E.  Financial Instruments
	The Company accounts for its investment securities at fair value under various accounting literature including FASB Accounting Standards Codification (“ASC”) 320, Investments — Debt and Equity Securities (“FASB ASC 320”),  pertaining to investments in debt and equity securities and the fair value option of financial instruments in FASB ASC 825, Financial Instruments (“FASB ASC 825”). The Company also accounts for certain assets at fair value under the applicable industry guidance, namely FASB ASC 946, Financial Services-Investment Companies (“FASB ASC 946”).
	Certain of the Company’s assets and liabilities are required to be measured at fair value. For those assets and liabilities, the Company determines fair value according to the fair value measurement provisions included in FASB ASC 820, Fair Value Measurements and Disclosures (“FASB ASC 820”). FASB ASC 820 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and requires additional disclosures about fair value measurements. The definition of fair value focuses on the price that would be received to sell the asset or paid to transfer the liability between market participants at the measurement date (an exit price). An exit price valuation will include margins for risk even if they are not observable. FASB ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (“level 1, 2 and 3”).
	In addition the Company has elected to account for certain of its other financial assets at fair value under the fair value option provisions included in FASB ASC 825. This standard provides companies the option of reporting certain instruments at fair value (with changes in fair value recognized in the statement of operations) which were previously either carried at cost, not recognized on the financial statements, or carried at fair value with changes in fair value recognized as a component of equity rather than in the statement of operations. The election is made on an instrument-by-instrument basis and is irrevocable.
	See note 9 for the information regarding the effects of applying the fair value option to the Company’s financial instruments on the Company’s consolidated financial statements for the year ended December 31, 2013.
	The changes in fair value (realized and unrealized gains and losses) of these instruments are recorded in principal transactions and other income in the consolidated statements of operations. See notes 8 and 9 for further information.
	FASB ASC 320 requires that the Company classify its investments as either (i) held to maturity, (ii) available for sale, or (iii) trading. This determination is made at the time a security is purchased. FASB ASC 320 requires that both trading and available for sale securities are to be carried at fair value. However, in the case of trading assets, both unrealized and realized gains and losses are recorded in the statement of operations. For available for sale securities, only realized gains and losses are recognized in the statement of operations while unrealized gains and losses are recognized as a component of other comprehensive income.
	In all the periods presented, all securities were either classified as trading or available for sale. No securities were classified as held to maturity. Furthermore, the Company elected the fair value option, in accordance with FASB ASC 825, for all securities that were classified as available for sale. Therefore, for all periods presented, all securities owned by the Company were accounted for at fair value with unrealized and realized gains and losses recorded in the statement of operations.
	All securities that are classified as trading are included in investments-trading. However, when the Company acquires an investment that is classified as available for sale, but for which the Company elected the fair value option under FASB ASC 825, a distinction is made that impacts the Company’s accounting treatment. If the investment is expected to be managed by employees of the Company’s Capital Markets business segment, the investment is also classified as investments-trading. Otherwise, the investment is classified as other investments, at fair value. In general, investments-trading represents securities acquired in the secondary market while other investments, at fair value represent investments obtained in primary issuances or investments in Investment Vehicles managed by the Company.
	The determination of fair value is based on either quoted market prices of an active exchange, independent broker market quotations, market price quotations from third party pricing services, or, when independent broker quotations or market price quotations from third party pricing services are unavailable, valuation models prepared by the Company’s management. These models include estimates and the valuations derived from them could differ materially from amounts realizable in an open market exchange.
	Also, from time to time, the Company may be deemed to be the primary beneficiary of a variable interest entity and may be required to consolidate it and its investments under the provisions included in FASB ASC 810, Consolidation (“FASB ASC 810”).  See notes 3-J and 16. In those cases, the Company’s classification of the assets as trading, other investments, at fair value, available for sale, or held to maturity will depend on the intended use of the investment by the variable interest entity.
	Investments-trading
	Unrealized and realized gains and losses on securities classified as investments-trading are recorded in net trading in the consolidated statements of operations.
	Other Investments, at fair value
	All gains and losses (unrealized and realized) from securities classified as other investments, at fair value in the consolidated balance sheets are recorded as a component of principal transactions and other income in the consolidated statements of operations.
	Trading Securities Sold, Not Yet Purchased
	Trading securities sold, not yet purchased represent obligations of the Company to deliver the specified security at the contracted price, thereby creating a liability to purchase the security in the market at prevailing prices. The Company is obligated to acquire the securities sold short at prevailing market prices, which may exceed the amount reflected on the consolidated balance sheets. Unrealized and realized gains and losses on trading securities sold, not yet purchased are recorded in net trading in the consolidated statement of operations. See notes 8 and 9.
Investment Vehicles	'
	F.  Investment Vehicles
	As of December 31, 2013 and 2012, the Company had investments in several Investment Vehicles. When making an investment in an Investment Vehicle, the Company must determine the appropriate method of accounting for the investment. In most cases, the Company will either (i) consolidate the Investment Vehicle; (ii) account for its investment under the equity method of accounting, or (iii) account for its investment as a marketable equity security under the provisions of FASB ASC 320. In the case of (ii) and (iii), the Company may account for its investment at fair value under the fair value option election included in FASB ASC 825.
	The Company may treat an investment in equity of an entity under the equity method of accounting when it has significant influence (as described in the FASB Codification) in the investee. Significant influence is commonly interpreted as owning between 20% and 50% of an investee. However, these percentages are only a guideline and the Company considers the unique facts and circumstances of each investment. In addition, the Company may elect to account for its investment at fair value under the fair value option included in FASB ASC 825.
	The Company consolidates an investment when it has control of the investee. In general, control is interpreted as owning in excess of 50% of the voting interest of an investee. However, this percentage is only a guideline and the Company considers the unique facts and circumstances of each investment. In addition, if the Company determines the investee is a variable interest entity and the Company is the primary beneficiary, the Company will consolidate the investee under the requirements for the consolidation of variable interest entities included in FASB ASC 810.
	If the Company determines that it is not required to consolidate an investee and does not have significant influence over the investee, it will account for the investment as a marketable equity security under the provisions included in FASB ASC 320.
	The following discussion describes the Company’s accounting policy as it pertains to certain Investment Vehicles, the associated management contracts, and other related transactions. All of the Investment Vehicles described below are considered related parties of the Company. See note 29.
	Star Asia Related Entities
	As of December 31, 2013, the Company has an investment in several entities that either (i) invest in securities or real estate in Japan, or (ii) provide management services to entities that invest in securities or real estate in Japan.
	On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interests in all of the Star Asia related entities listed below with the exception of Star Asia SPV, Star Asia Opportunity, and Star Asia Opportunity II (“Star Asia Group”). As of December 31, 2013, the Company had no interest in the earnings of Star Asia SPV and Star Asia Opportunity II.  Star Asia Opportunity is in liquidation and a small additional distribution to the Company is expected in 2014.  See note 31.
	Star Asia Finance, Limited (“Star Asia”)
	The Company has an investment in Star Asia. Star Asia invests primarily in Asian commercial real estate structured finance products, including CMBS, corporate debt of REITs and real estate operating companies, B notes, mezzanine loans, and other commercial real estate fixed income investments.
	As of December 31, 2013 and 2012, the Company directly owned approximately 28% of Star Asia’s outstanding shares. In March 2010, the Company participated in a rights offering of Star Asia and made an additional investment in Star Asia and increased its ownership percentage. Prior to this increase, Star Asia had been treated as an available for sale security for which the fair value option had been elected effective January 1, 2008. Effective with this ownership increase, Star Asia was considered an equity method affiliate. However, the Company continued its fair value election regarding Star Asia. See note 9. Changes in fair value are recorded in earnings under the fair value option provisions included in FASB ASC 825. Because it is accounted for at fair value, it is included as a component of other investments, at fair value in the consolidated balance sheet. See notes 3-E, 8 and 9 for further information.
	Star Asia Management, LTD (“Star Asia Manager”)
	In January 2007, the Company made an initial investment in Star Asia Manager. Star Asia Mercury LLC (formerly, Mercury Partners, LLC) (“Mercury”) made an equal investment in Star Asia Manager. From January 2007 to March 2013, the Company and Mercury each owned 50% of Star Asia Manager. During that period, the Company treated its investment in Star Asia Manager under the equity method. The Company did not elect to carry its investment at fair value under the fair value option election included in FASB ASC 825. Effective March 1, 2013, Star Asia Manager repurchased its outstanding equity units held by Mercury.  As a result of this repurchase, the Company became owner of 100% of Star Asia Manger.  See note 4.
	Star Asia Manager also serves as external manager of Star Asia and Star Asia SPV (see below). In relation to the management of Star Asia, the management contract includes a base fee, an incentive fee, and an asset management fee credit. Star Asia Manager recognizes the management fee income from its management contract with Star Asia. Star Asia Manager receives no additional fee for managing Star Asia SPV. The Company recognized its share of Star Asia Manager under the equity method of accounting until March 1, 2013.  From that point forward, the Company consolidated Star Asia Manager.
	Star Asia SPV
	Star Asia SPV is a Delaware limited liability company formed in 2010. It was formed to create a pool of assets that would provide collateral to investors who participated in Star Asia’s 2010 rights offering. The investors in Star Asia’s rights offering also received equity interests in Star Asia SPV. Star Asia SPV purchased certain assets from Star Asia and the equity interest holders of Star Asia SPV receive investment returns on the assets held in the Star Asia SPV up to an agreed upon maximum. Returns above that agreed upon maximum are remitted back to Star Asia. The Company directly owned approximately 31% of Star Asia SPV’s outstanding shares as of December 31, 2012.  Star Asia SPV is an equity method investee of the Company. The Company did not elect the fair value option.
	Star Asia Opportunity, LLC (“Star Asia Opportunity”)
	Star Asia Opportunity is a Delaware limited liability company formed in July 2011 to finance the acquisition of seven real estate properties in Tokyo, Japan. As of December 31, 2013 and 2012, the Company directly owned approximately 28% of Star Asia Opportunity’s outstanding equity interests. Star Asia Opportunity is an equity method investee of the Company. The Company did not elect the fair value option.
	Star Asia Capital Management LLC (“Star Asia Capital Management”)
	Star Asia Capital Management serves as the external manager of Star Asia Opportunity. It also served as external manager of Star Asia Opportunity II prior to December 20, 2012. The Company owned 33% of Star Asia Capital Management as of December 31, 2013 and 2012. Star Asia Capital Management is an equity method investee of the Company. The Company did not elect the fair value option.
	Star Asia Japan Special Situations LP (“Star Asia Special Situations Fund”)
	In December 2012, the Company, along with two other parties, sponsored the creation of a new investment fund. The Star Asia Special Situations Fund is an investment fund that primarily invests in real estate and securities backed by real estate in Japan. The Star Asia Special Situations Fund is a closed-end fund that does not offer investor redemptions. It has an initial life of three years, which can be extended under certain circumstances for a total of two years. The Star Asia Special Situations Fund consummated its closing on December 20, 2012.
	As of December 31, 2013 and 2012, the Company owned approximately 2% and 6% of the Star Asia Special Situations Fund respectively. The Company accounts for its interest in the Star Asia Special Situations Fund under the equity method of accounting. The Company elected to carry its investment in the Star Asia Special Situations Fund at fair value with changes in fair value recorded in earnings under the fair value option provisions included in FASB ASC 825. Because it is accounted for at fair value, it is included as a component of other investments, at fair value in the consolidated balance sheet.
	Star Asia Opportunity II, LLC (“Star Asia Opportunity II”)
	Star Asia Opportunity II was a Delaware limited liability company formed in August 2012 to partially finance the acquisition of a real estate property in Japan. Prior to December 20, 2012, the Company directly owned 20% of Star Asia Opportunity II’s outstanding equity interests and the Company accounted for its investment in Star Asia Opportunity II under the equity method of accounting. The Company did not elect the fair value option.
	On December 20, 2012, Star Asia Opportunity II completed a reorganization whereby its assets were contributed into a subsidiary of the Star Asia Special Situations Fund. The net effect of this reorganization to the Company was that the Company exchanged its ownership interest in Star Asia Opportunity II for cash and an interest in the Star Asia Special Situations Fund.  See note 15.
	Star Asia Advisors LTD (“SAA Manager”)
	As of December 31, 2013, the Company owned 33% of SAA Manager. The Company treats its investment in SAA Manager under the equity method of accounting. The Company did not elect to carry its investment at fair value under the fair value option election included in FASB ASC 825.
	The SAA Manager serves as the external manager of the Star Asia Special Situations Fund. The management contract includes a base fee on funded capital for management services. SAA Manager recognizes the management fee income from its management contract with the Star Asia Special Situations Fund. The Company recognized its share of SAA Manager’s earnings or loss under the equity method of accounting.
	Star Asia Partners LTD (“SAP GP”)
	SAP GP serves as the general partner for the Star Asia Special Situations Fund. As of December 31, 2013, the Company owned 33% of SAP GP. The Company accounts for its investment in SAP GP under the equity method of accounting. The Company did not elect to carry its investment at fair value with changes in fair value recorded in earnings under the fair value option provisions included in FASB ASC 825. The Company recognizes its share of SAP GP’s earnings or loss under the equity method of accounting.
	SAP GP will potentially receive an incentive fee based on a specified interest return after the investors in the Star Asia Special Situations Fund receive their initial investment plus an 8% cumulative annual internal rate of return. The SAP GP recognizes the incentive fee once the fee is determined (according to the terms of the limited partnership agreement). The SAP GP does not accrue an estimated incentive fee through the year or in any year prior to the return of the investors’ initial investment plus the agreed upon cumulative annual return.
	EuroDekania Limited and EuroDekania (Cayman) Ltd. (“EuroDekania”)
	The Company has an investment in, and serves as external manager, of EuroDekania.
	EuroDekania invests primarily in hybrid capital securities of European bank and insurance companies, CMBS, RMBS, and widely syndicated leverage loans. EuroDekania’s investments are denominated in Euros or U.K. Pounds Sterling.
	As of December 31, 2013 and 2012, the Company directly owned approximately 17% and 10% of EuroDekania’s outstanding shares, respectively. The Company accounts for its investment in EuroDekania as a marketable equity security classified as available for sale for which the fair value option was elected effective January 1, 2008. Changes in fair value are recorded in earnings under the fair value option provisions included in FASB ASC 825. See notes 3-E, 8 and 9 for further information.
	The Company also serves as external manager of EuroDekania. The management contract includes a base fee, an incentive fee, and an asset management fee credit, which is included as a component of asset management revenue in the consolidated statement of operations.
	Muni Funding Company of America, LLC (“MFCA”) / Tiptree Financial Partners, L.P. (“Tiptree”)
	The Company had an investment in MFCA. The Company also served as external manager of MFCA from MFCA’s inception until March 18, 2009, when the Company assigned its management contract with MFCA to an unaffiliated third party. MFCA was a limited liability company that primarily invested in securities that were exempt from U.S. federal income taxes.
	Prior to June 23, 2011, the Company owned approximately 3% of MFCA’s outstanding shares. On June 23, 2011, MFCA became a wholly owned subsidiary of Tiptree. As part of that transaction, the Company exchanged its 1,000,200 shares of MFCA for 111,133 shares of Tiptree. As of December 31, 2013 and 2012, the Company owned approximately 1% of Tiptree.  During 2013, Tiptree completed a transaction with its publicly-traded, majority-owned subsidiary, Care Investment Trust Inc., which combined their businesses into a single operating company.  In connection with the closing of this transaction, the company, formerly known as Care Investment Trust Inc., changed its name to “Tiptree Financial Inc.”  Tiptree Financial Inc. (“Tiptree Inc.”) (NASDAQ: TIPT), a Maryland corporation is a diversified financial services holding company that was organized in 2007, and primarily focuses on the acquisition of majority control equity interests in financial services businesses.
	During the periods presented, the Company has accounted for its investment in MFCA under the equity method of accounting and Tiptree under the cost method of accounting. However, in both cases, the Company elected to carry its investment at fair value with changes in fair value recorded in earnings under the fair value option provisions included in FASB ASC 825. Because it is accounted for at fair value, it is included as a component of other investments, at fair value in the consolidated balance sheet. See notes 3-E, 8 and 9 for further information.
	During the period that the Company served as external manager of MFCA, the management contract included a base fee, an incentive fee, and an asset management fee credit. The Company included the revenue earned as a component of asset management revenue in the consolidated statement of operations.
	Strategos Deep Value Mortgage Fund and Related Entities
	The Company had an investment in Strategos Deep Value Mortgage Fund until its liquidation on June 30, 2011.
	The Company served as investment manager of Strategos Deep Value Mortgage Fund and other related entities, a series of closed-end distressed debt funds (collectively, “Deep Value”) until it sold its advisory contracts in March 2011. See note 5. The management contracts included a base management fee.
	Deep Value raised capital from investors, and earned investment returns by investing in a diversified portfolio of asset backed securities consisting primarily of RMBS and other real estate related securities, as well as other U.S. real estate related assets and related securities. During the periods presented, the Company accounted for its investment in Strategos Deep Value Mortgage Fund as an equity method investment and elected to carry its investment at fair value with changes in fair value recorded in earnings under the fair value option provisions included in FASB ASC 825. Because it was accounted for at fair value, it was included as a component of other investments, at fair value in the consolidated balance sheet.
	Deep Value Credit GP, LLC (the “Deep Value GP”) and Deep Value Credit II GP, LLC (the “Deep Value GP II”) served as the general partners for the Deep Value funds. Deep Value GP and Deep Value GP II are collectively referred to as the “Deep Value GPs.” The Deep Value GPs received an incentive fee based on a specified interest return after the investors in Deep Value received their initial investment plus an agreed upon cumulative annual return.
	Prior to their liquidation in 2013, the Company owned 50% of Deep Value GP and 40% of Deep Value GP II. The remaining percentages of the Deep Value GPs are owned by certain former employees of the Company. The Company accounted for its investment in the two general partners under the equity method of accounting. The Company did not elect to carry its investments at fair value with changes in fair value recorded in earnings under the fair value option provisions included in FASB ASC 825. All of the Deep Value funds for which the Deep Value GPs served as general partners were liquidated prior to December 31, 2012. The Deep Value GPs were fully liquidated during 2013.
	Duart Capital Management LLC (“Duart Capital”) and Duart Global Deep Value Securities Fund LP (“Duart Fund”)
	Duart Capital is a Delaware limited liability company formed in 2010. The Company directly owned 20% of Duart Capital’s outstanding equity interests as of December 31, 2013 and 2012. Duart Capital is an equity method investee of the Company. Duart Capital also serves as the investment manager of the Duart Fund. The Company did not elect the fair value option for its investment in Duart Capital.
	The Duart Fund is a specialized deep value, public equity securities investment fund formed in September 2010. Effective December 31, 2010, the Company submitted a redemption notice to the Duart Fund to redeem 100% of its capital. The Company received its redemption in April 2011. During the periods presented, the Company accounted for its investment in the Duart Fund as an equity method investment and elected to carry its investment at fair value with changes in fair value recorded in earnings under the fair value option provisions included in FASB ASC 825. See notes 3-E, 8 and 9.
Derivative Financial Instruments	'
	G. Derivative Financial Instruments
	FASB ASC 815, Derivatives and Hedging (“FASB ASC 815”), provides for optional hedge accounting. When a derivative is deemed to be a hedge and certain documentation and effectiveness testing requirements are met, reporting entities are allowed to record all or a portion of the change in the fair value of a designated hedge as an adjustment to other comprehensive income (“OCI”) rather than as a gain or loss in the statements of operations. To date, the Company has not designated any derivatives as hedges under the provisions included in FASB ASC 815.
	Derivative financial instruments are recorded at fair value. If the derivative was entered into as part of its broker-dealer operations, it will be included as a component of investments-trading or trading securities sold, not yet purchased. If it is entered into to a hedge for another financial instrument included in other investments, at fair value then the derivative will be included as a component of other investments, at fair value.
	The Company may, from time to time, enter into derivatives to manage its risk exposures (i) arising from fluctuations in foreign currency rates with respect to the Company’s investments in foreign currency denominated investments; (ii) arising from the Company’s investments in interest sensitive investments; and (iii) arising from the Company’s facilitation of mortgage-backed trading. Derivatives entered into by the Company may include (i) foreign currency forward contracts; (ii) EuroDollar futures; and (iii) purchase and sale agreements of TBAs. TBAs are forward mortgage-backed securities whose collateral remain “to be announced” until just prior to the trade settlement. TBAs are accounted for as derivatives under FASB ASC 815 when either of the following conditions exists: (i) when settlement of the TBA trade is not expected to occur at the next regular settlement date (which is typically the next month) or (ii) a mechanism exists to settle the contract on a net basis. Otherwise, TBAs are recorded as a standard security trade. The settlement of these transactions is not expected to have a material effect on the Company’s consolidated financial statements.
	Derivatives involve varying degrees of off-balance sheet risk, whereby changes in the level or volatility of interest rates or market values of the underlying financial instruments may result in changes in the value of a particular financial instrument in excess of its carrying amount. Depending on the Company’s investment strategy, realized and unrealized gains and losses are recognized in principal transactions and other income or in net trading in the Company’s consolidated statements of operations on a trade date basis. See note 10.
Furniture, Equipment, and Leasehold Improvements, Net	'
	H. Furniture, Equipment, and Leasehold Improvements, Net
	Furniture, equipment, and leasehold improvements are stated at cost, less accumulated depreciation and amortization and are included as a component of other assets in the consolidated balance sheets. Furniture and equipment are depreciated on a straight line basis over their estimated useful life of 3 to 5 years. Leasehold improvements are amortized over the lesser of their useful life or lease term, which generally ranges from 5 to 10 years.
Goodwill and Intangible Assets with Indefinite Lives	'
	I. Goodwill and Intangible Assets with Indefinite Lives
	Goodwill represents the amount of the purchase price in excess of the fair value assigned to the individual assets acquired and liabilities assumed in various acquisitions completed by the Company. See note 4 and note 12. In accordance with FASB ASC 350, Intangibles — Goodwill and Other (“FASB ASC 350”), goodwill and intangible assets deemed to have indefinite lives are not amortized to expense but rather are analyzed for impairment.
	The Company measures its goodwill for impairment on an annual basis or when events indicate that goodwill may be impaired. The Company first assesses qualitative factors to determine whether it is “more likely than not” that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. Based on the results of the qualitative assessment, the Company then determines whether it needs to calculate the fair value of the reporting unit as part of the first step of the two-step goodwill impairment test. The goodwill impairment test two-step process requires management to make judgments in determining what assumptions to use in the calculation. The first step in the process is to identify potential goodwill impairment by comparing the fair value of the reporting unit to its carrying value. If the carrying value is less than fair value the Company would complete step two in the impairment review process which measures the amount of goodwill impairment.
	The Company includes intangible assets comprised primarily of its broker-dealer licenses in other assets on its consolidated balance sheets that it considers to have indefinite useful lives. The Company reviews these assets for impairment on an annual basis.
Variable Interest Entities	'
	J. Variable Interest Entities
	FASB ASC 810, Consolidation (“FASB ASC 810”) contains the guidance surrounding the definition of variable interest entities (“VIEs”), the definition of variable interests, and the consolidation rules surrounding VIEs. In general, VIEs are entities in which equity investors lack the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. The Company has variable interests in VIEs through its management contracts and investments in various securitization entities including CLOs and CDOs.
	Once it is determined that the Company holds a variable interest in a VIE, FASB ASC 810 requires that the Company perform a qualitative analysis to determine (i) which entity has the power to direct the matters that most significantly impact the VIE’s financial performance; and (ii) if the Company has the obligation to absorb the losses of the VIE that could potentially be significant to the VIE or the right to receive the benefits of the VIE that could potentially be significant to the VIE. The entity that has both of these characteristics is deemed to be the primary beneficiary and required to consolidate the VIE. This assessment must be done on an ongoing basis. The Company has included the required disclosures for VIEs in its consolidated financial statements for the year ended December 31, 2013. See note 16 for further details.
Collateralized Securities Transactions	'
	K . Collateralized Securities Transactions
	The Company may enter into transactions involving purchases of securities under agreements to resell (“reverse repurchase agreements” or “receivables under resale agreements”) or sales of securities under agreements to repurchase (“repurchase agreements”) which are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts plus accrued interest. The resulting interest income and expense are included in net trading in the consolidated statements of operations.
	In the case of reverse repurchase agreements, the Company generally takes possession of securities as collateral. Likewise, in the case of repurchase agreements, the Company is required to provide the counterparty with securities.
	In certain cases a repurchase agreement and a reverse repurchase agreement may be entered into with the same counterparty. If certain requirements are met, the offsetting provisions included in FASB ASC 210, Balance Sheet (“FASB ASC 210”), allow (but do not require) the reporting entity to net the asset and liability on the balance sheet. It is the Company’s policy to present the assets and liabilities on a gross basis even if the conditions described in offsetting provisions included in FASB ASC 210 are met.
	The Company classifies reverse repurchase agreements as a separate line item within the assets section of the Company’s consolidated balance sheets. The Company classifies repurchase agreements as a separate line item within the liabilities section of the Company’s consolidated balance sheets.
	In the case of reverse repurchase agreements, if the counterparty does not meet its contractual obligation to return securities used as collateral, or does not deposit additional securities or cash for margin when required, the Company may be exposed to the risk of reacquiring the securities or selling the securities at unfavorable market prices in order to satisfy its obligations to its customers or counterparties. The Company’s policy to control this risk is monitoring the market value of securities pledged or used as collateral on a daily basis and requiring adjustments in the event of excess market exposure.
	In the case of repurchase agreements, if the counterparty makes a margin call and the Company is unable or unwilling to meet the margin call, the counterparty can sell the securities to repay the obligation. The Company is at risk that the counterparty may sell the securities at unfavorable market prices and the Company may sustain significant loss. The Company controls this risk by monitoring its liquidity position to ensure it has sufficient cash or liquid securities to meet margin calls.
	In the normal course of doing business, the Company enters into reverse repurchase agreements that permit it to re-pledge or resell the securities to others. See note 11.
Revenue Recognition	'
	L . Revenue Recognition
	Net trading: Net trading includes: (i) all gains, losses, and income (interest and dividend) from securities classified as investments-trading and trading securities sold, not yet purchased; (ii) interest income and expense from collateralized securities transactions; and (iii) commissions and riskless trading profits. Riskless trades are transacted through the Company’s proprietary account with a customer order in hand, resulting in little or no market risk to the Company. Transactions are recognized on a trade date basis. The investments classified as trading are carried at fair value. The determination of fair value is based on quoted market prices of an active exchange, independent broker market quotations, market price quotations from third party pricing services or, when independent broker quotations or market price quotations from third party pricing services are unavailable, valuation models prepared by the Company’s management. The models include estimates, and the valuations derived from them could differ materially from amounts realizable in an open market exchange. Net trading is reduced by interest expense which is directly incurred to purchase income generating assets related to trading activities such as margin interest. Such interest expense is recorded on an accrual basis.
	Asset management: Asset management revenue consists of CDO asset management fees, fees earned for management of the Company’s permanent capital vehicles and investment funds, fees earned under a service arrangement with another CDO asset manager, and other asset management fees. CDO asset management fees are earned for providing ongoing asset management services to the trust. In general, the Company earns a senior asset management fee, a subordinated asset management fee, and an incentive asset management fee.
	The senior asset management fee is generally senior to all the securities in the CDO capital structure and is recognized on a monthly basis as services are performed. The senior asset management fee is generally paid on a quarterly basis.
	The subordinated asset management fee is an additional payment for the same services but has a lower priority in the CDO cash flows. If the trust experiences a certain level of asset defaults, these fees may not be paid. There is no recovery by the trust of previously paid subordinated asset management fees. It is the Company’s policy to recognize these fees on a monthly basis as services are performed. The subordinated asset management fee is generally paid on a quarterly basis. However, if the Company determines that the subordinated asset management fee will not be paid (which generally occurs on the quarterly payment date), the Company will stop recognizing additional subordinated asset management fees on that particular trust and will reverse any subordinated asset management fees that are accrued and unpaid. The Company will begin accruing the subordinated asset management fee again if payment resumes and, in management’s estimate, continued payment is reasonably assured. If payment were to resume but the Company was unsure of continued payment, it would recognize the subordinated asset management fee as payments were received and would not accrue such fees on a monthly basis.
	The incentive management fee is an additional payment, made typically after five to seven years of the life of a CDO, which is based on the clearance of an accumulated cash return on investment (“Hurdle Return”) received by the most junior CDO securities holders. It is an incentive for the Company to perform in its role as asset manager by minimizing defaults and maximizing recoveries. The incentive management fee is not ultimately determined or payable until the achievement of the Hurdle Return by the most junior CDO securities holders. The Company does not recognize incentive fee revenue until the Hurdle Return is achieved and the amount of the incentive management fee is determinable and payment is reasonably assured.
	Other asset management fees represents fees earned for the base and incentive management of various other Investment Vehicles that the Company manages. See note 3-F.
	New issue and advisory: New issue and advisory revenue includes: (i) origination fees for corporate debt issues originated by the Company; (ii) revenue from advisory services; and (iii) new issue revenue associated with arranging the issuance of and placing newly created debt, equity and hybrid financial instruments.  New issue and advisory revenue is recognized when all services have been provided and payment is earned.
	Principal transactions and other income: Principal transactions include all gains, losses, and income (interest and dividend) from financial instruments classified as other investments, at fair value in the consolidated balance sheets.
	The investments classified as other investments, at fair value are carried at fair value. The determination of fair value is based on quoted market prices of an active exchange, independent broker market quotations, market price quotations from third party pricing services, or, when independent broker quotations or market price quotations from third party pricing services are unavailable, valuation models prepared by the Company’s management. These models include estimates, and the valuations derived from them could differ materially from amounts realizable in an open market exchange. Dividend income is recognized on the ex-dividend date.
	Other income / (loss) includes foreign currency gains and losses, interest earned on cash and cash equivalents, and other miscellaneous income.
Interest Expense, net	'
	M. Interest Expense, net
	Interest expense incurred other than interest income and expense included as a component of net trading (described in 3-L above) is recorded on an accrual basis and presented in the consolidated statements of operations as a separate non-operating expense. See notes 17 and 18.
Leases	'
	N. Leases
	The Company is a tenant pursuant to several commercial office leases. All of the Company’s leases are currently treated as operating leases. The Company records rent expense on a straight-line basis taking into account minimum rent escalations included in each lease. Any rent expense recorded in excess of amounts currently paid is recorded as deferred rent and included as a component of accounts payable and other liabilities in the consolidated balance sheets.
Redeemable Non-Controlling Interest	'
	O. Redeemable Non-Controlling Interest
	The redeemable non-controlling interest represented the equity interests of PrinceRidge that were not owned by the Company. See note 4. The members of PrinceRidge had the right to withdraw from PrinceRidge and require PrinceRidge to redeem the interests for cash over a contractual payment period. The Company accounted for these interests as temporary equity under Accounting Series Release 268 (“ASR 268”). These interests were shown outside of the permanent equity of IFMI in its consolidated balance sheet as redeemable non-controlling interest. See note 18. During 2013, the Company acquired all of the outstanding equity interests of PrinceRidge.  As of December 31, 2013 and 2012, the Company directly owned 100% and 98%, respectively, of PrinceRidge.
Non-Controlling Interest	'
	P. Non-Controlling Interest
	Subsequent to the consummation of the Merger on December 16, 2009, member interests in the Operating LLC, other than the interests held by the Company, are treated as a non-controlling interest. As of December 31, 2013 and 2012, the Company directly owned approximately 73.2% and 67.6%, respectively, of the Operating LLC. See note 1.
Equity-Based Compensation	'
	Q. Equity-Based Compensation
	The Company accounts for equity-based compensation issued to its employees using the fair value based methodology prescribed by the provisions related to share-based payments included in FASB ASC 718, Compensation-Stock Compensation (“FASB ASC 718”). Through the periods presented herein, the Company has issued the following types of instruments: (i) “Restricted Units” that include both actual membership interests of the Operating LLC or interests that represent the right to receive common shares of IFMI, both of which may be subject to certain restrictions; (ii) “Restricted Stock” that are shares of IFMI’s Common Stock; and (iii) stock options of IFMI.
	When issuing equity compensation, the Company first determines the fair value of the Restricted Units or Restricted Stock or stock options granted. Once the fair value of the equity-based awards is determined, the Company determines whether the grants qualify for liability or equity treatment. The individual rights of the equity grants are the determining factors of the appropriate treatment (liability or equity). In general terms, if the equity-based awards granted have certain features (like put or cash settlement options) that give employees the right to redeem the grants for cash instead of equity of the Company, the grants will require liability treatment. Otherwise, equity treatment is generally appropriate.
	If the grants qualify for equity treatment, the value of the grant is recorded as an expense as part of compensation and benefits in the consolidated statements of operations. The expense is recorded ratably over the service period as defined in FASB ASC 718, which is generally the vesting period. The offsetting entry is to stockholders’ equity or non-controlling interest. In the case of grants that qualify for equity treatment, compensation expense is fixed on the date of grant. The only subsequent adjustments made would be to account for differences between actual forfeitures of grants when an employee leaves the Company and initial estimate of forfeitures.
	If the grants were to qualify for liability treatment, the treatment is the same as above except that the offsetting entry is to liability for equity compensation. In addition, in the case of grants that qualify for liability treatment, the Company would adjust the total compensation and the liability for equity compensation to account for subsequent changes in fair value as well as forfeitures as described in the preceding paragraph.
	From time to time, the Company has issued equity to non-employees as compensation for services. The Company follows the provisions of FASB ASC 505-50 Equity-Based Payments to Non Employees (“FASB ASC 505-50”).  In those cases, the accounting treatment is materially the same as described for employees except that the fair value of the grant is determined at the earlier of (i) the performance commitment date; or (ii) the actual completion date of services. FASB ASC 505-50 describes the performance commitment date as the date when performance by the non-employee is probable because of sufficiently large disincentives in the event of nonperformance. If the sole remedy for the non-employee’s lack of performance is either the non-employee’s forfeiture of the equity instruments or the entity’s ability to sue the non-employee, those remedies should not, by themselves, be considered sufficiently large disincentives to nonperformance. When the Company has issued non employees grants, generally it has determined that the measurement date is the actual date of completion of services, which in the Company’s case, is the vesting date of the underlying grant.
Accounting for Income Taxes	'
	R. Accounting for Income Taxes
	The Company’s majority owned subsidiary, the Operating LLC, is treated as a pass-through entity for U.S. federal income tax purposes and in most of the states in which it does business. It is, however, subject to entity level income taxes in the United Kingdom, Spain, France, New York City, Pennsylvania, Philadelphia, and Illinois. Beginning on April 1, 2006, the Company qualified for Keystone Opportunity Improvement Zone (“KOZ”) benefits which exempts the Operating LLC and its members from Philadelphia and Pennsylvania state income and capital stock franchise tax liabilities. The Company’s current lease in Philadelphia will expire on April 30, 2016. However, assuming the Company extends its lease, it will be entitled to KOZ benefits through December 31, 2018.
	For tax purposes, AFN contributed its assets and certain of its liabilities to Cohen Brothers in exchange for an interest in Cohen Brothers on December 16, 2009. AFN was organized and had been operated as a REIT for United States federal income tax purposes and therefore was not subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income, distribution and share ownership tests were met. Effective as of January 1, 2010, the Company ceased to qualify as a REIT and is instead treated as a C corporation for United States federal income tax purposes.
	The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the U.S. GAAP and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.
	The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such a determination, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the valuation allowance which would reduce the provision for income taxes.
	The Company’s policy is to record penalties and interest as a component of provision for income taxes in the consolidated statements of operations.
Other Comprehensive Income / (Loss)	'
	S. Other Comprehensive Income / (Loss)
	The Company reports the components of comprehensive income / (loss) within the consolidated statements of operations and comprehensive income / (loss). Comprehensive income / (loss) includes net income / (loss) and foreign translation adjustment.
Earnings / (Loss) Per Common Share	'
	T. Earnings / (Loss) Per Common Share
	In accordance with FASB ASC 260, Earnings Per Share (“FASB ASC 260”), the Company presents both basic and diluted earnings / (loss) per common share in its consolidated financial statements and footnotes. Basic earnings / (loss) per common share (“Basic EPS”) excludes dilution and is computed by dividing net income or loss allocable to common stockholders or members by the weighted average number of common shares and restricted stock entitled to non-forfeitable dividends outstanding for the period. Diluted earnings per common share (“Diluted EPS”) reflects the potential dilution of common stock equivalents (such as restricted stock and restricted units entitled to forfeitable dividends, and in-the-money stock options), if they are not anti-dilutive. See note 24 for the computation of earnings/(loss) per common share.
Recent Accounting Developments	'
	U. Recent Accounting Developments
	In February 2013, the FASB issued ASU No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date, which requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date, as the sum of the following: (a) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors; and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. Examples of obligations within the scope of this ASU include debt arrangements, other contractual obligations, and settled litigation and judicial rulings. The guidance in this ASU also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments in this ASU should be applied retrospectively to all prior periods presented for those obligations resulting from joint and several liability arrangements within the ASU’s scope that exist at the beginning of the entity’s fiscal year of adoption. An entity may elect to use hindsight for the comparative periods presented in the initial year of adoption (if it changed its accounting as a result of adopting the guidance) and shall disclose that fact. The use of hindsight would allow an entity to recognize, measure, and disclose obligations resulting from joint and several liability arrangements within the scope of this ASU in comparative periods using information available at adoption rather than requiring an entity to make judgments about what information it had in each of the prior periods to measure the obligation. Early adoption is permitted. The Company adopted the provisions of ASU 2013-04 effective January 1, 2014 and the adoption of the provisions did not have an effect on the Company’s consolidated financial position and results of operations.
	In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity, which addresses the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. When a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity, the parent is required to apply the guidance in Subtopic 830-30 to release any related cumulative translation adjustment into net income. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. For an equity method investment that is a foreign entity, the partial sale guidance in Section 830-30-40 still applies, specifically, a pro rata portion of the cumulative translation adjustment should be released into net income upon a partial sale of such an equity method investment. However, this treatment does not apply to an equity method investment that is not a foreign entity. In those instances, the cumulative translation adjustment is released into net income only if the partial sale represents a complete or substantially complete liquidation of the foreign entity that contains the equity method investment. Additionally, the amendments in this ASU clarify that the sale of an investment in a foreign entity includes both (1) events that result in the loss of a controlling financial interest in a foreign entity (that is, irrespective of any retained investment) and (2) events that result in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date (sometimes referred to as a step acquisition). Accordingly, the cumulative translation adjustment should be released into net income upon the occurrence of those events. For public entities, the ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The Company adopted the provisions of ASU 2013-05 effective January 1, 2014, and the adoption of the provisions did not have an effect on the Company’s consolidated financial statements or financial statement disclosures.
	In June 2013, the FASB issued ASU No. 2013-08, Financial Services-Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements, which changes the approach to the investment company assessment in Topic 946, clarifies the characteristics of an investment company, and provides comprehensive guidance for assessing whether an entity is an investment company. The amendments require an investment company to measure non-controlling ownership interests in other investment companies at fair value rather than using the equity method of accounting.  The amendments also require the following additional disclosures: (a) the fact that the entity is an investment company and is applying the guidance in Topic 946, (b) information about changes, if any, in an entity’s status as an investment company, and (c) information about financial support provided or contractually required to be provided by an investment company to any of its investees.  The amendments in this ASU are effective for an entity’s interim and annual reporting periods in fiscal years that begin after December 15, 2013. Earlier application is prohibited. The Company has investments in the equity securities of investment funds and other non-publicly traded entities that have the attributes of investment companies as currently described in FASB ASC 946-15-2.  The Company adopted the provisions of this ASU effective January 1, 2014, and the adoption of the provisions did not have an effect on the Company’s consolidated financial position and results of operations.
	In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which provides guidance on the presentation of unrecognized tax benefits.  This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date.  An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows: to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets.  This ASU is effective prospectively for reporting periods beginning after December 15, 2013, with early adoption permitted.  The Company adopted the provisions of this ASU effective January 1, 2014, and the adoption of the provisions did not have an effect on the Company’s consolidated financial statements.
Business Concentration	'
	V. Business Concentration
	A substantial portion of the Company’s asset management revenues in a year may be derived from a small number of transactions. CDO asset management revenue was generated from a limited number of CDOs. In addition, the Company may earn a substantial portion of its income in the form of principal transactions.  This is comprised of gains and losses on a small number of investments.
	The following table provides a summary for the relevant periods:
	SUMMARY OF REVENUE CONCENTRATION
	(Dollars in Thousands)
		Year ended December 31,
		2013		2012		2011
	CDO Asset Management
	CDO asset management revenue and related service agreements	$	14,228	$	21,729	$	19,055
	Total asset management revenue	$	19,803	$	23,172	$	21,698
	Total revenues	$	57,517	$	95,240	$	100,331
	CDO asset management % as compared to total asset management fees		72%		94%		88%
	CDO asset management % as compared to total revenues		25%		23%		19%
	Number of CDOs generating management fees		21		25		26
	Principal Transactions
	Principal transactions and other income		-7,232		-2,439		1,881
	Principal transactions % as compared to total revenues		-13%		-3%		2%
	The Company’s trading revenue is generated from transactions with a diverse set of institutional customers.  The Company does not consider its trading revenue to be concentrated from a customer perspective.
Fair Value of Financial Instruments	'
	W. Fair Value of Financial Instruments
	The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments. These determinations were based on available market information and appropriate valuation methodologies. Considerable judgment is required to interpret market data to develop the estimates and, therefore, these estimates may not necessarily be indicative of the amount the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Refer to note 9 for a discussion of the fair value hierarchy with respect to investments-trading, other investments, at fair value and the derivatives held by the Company.
	Cash and cash equivalents: Cash is carried at historical cost, which is assumed to approximate fair value. The estimated fair value measurement of cash and cash equivalents is classified within level 1 of the valuation hierarchy.
	Investments-trading: These amounts are carried at fair value. The fair value is based on either quoted market prices of an active exchange, independent broker market quotations, market price quotations from third party pricing services, or valuation models when quotations are not available. See note 9 for disclosures about the categorization of the fair value measurements of investments-trading within the three level fair value hierarchy.
	Other investments, at fair value: These amounts are carried at fair value. The fair value is based on quoted market prices of an active exchange, independent broker market quotations, or valuation models when quotations are not available. In the case of investments in alternative investment funds, fair value is generally based on the reported net asset value of the underlying fund. See note 9 for disclosures concerning the categorization of the fair value measurements of other investments, at fair value within the three level fair value hierarchy.
	Receivables under resale agreements: Receivables under resale agreements are carried at their contracted resale price, have short-term maturities, and are repriced frequently or bear market interest rates and, accordingly, these contracts are at amounts that approximate fair value. The estimated fair value measurements of receivables under resale agreements are based on observations of actual market activity and are generally classified within level 2 of the fair value hierarchy.
	Trading securities sold, not yet purchased: These amounts are carried at fair value. The fair value is based on quoted market prices of an active exchange, independent market quotations, market price quotations from third party pricing services, or valuation models when quotations are not available. See note 9 for disclosures concerning the categorization of the fair value measurements of trading securities sold, not yet purchased within the three level fair value hierarchy.
	Securities sold under agreement to repurchase: The liabilities for securities sold under agreement to repurchase are carried at their contracted repurchase price, have short-term maturities, and are repriced frequently with amounts normally due in one month or less and, accordingly, these contracts are at amounts that approximate fair value. The estimated fair value measurements of securities sold under agreement to repurchase are based on observations of actual market activity and are generally classified within level 2 of the fair value hierarchy.
	Debt: These amounts are carried at outstanding principal less unamortized discount. However, a substantial portion of the debt was assumed in the Merger and recorded at fair value as of that date. As of December 31, 2013 and 2012, the fair value of the Company’s debt was estimated to be $40.2 million and $34.6 million, respectively. The estimated fair value measurements of the debt are generally based on discounted cash flow models prepared by the Company’s management primarily using discount rates for similar instruments issued to companies with similar credit risks to the Company and are generally classified within level 3 of the fair value hierarchy.
	Derivatives: These amounts are carried at fair value. Derivatives may be included as a component of investments-trading; trading securities sold, not yet purchased; and other investments, at fair value. See notes 9 and 10. The fair value is generally based on quoted market prices on an exchange that is deemed to be active for derivative instruments such as foreign currency forward contracts and Eurodollar futures. For derivative instruments, such as TBAs, the fair value is generally based on market price quotations from third party pricing services. See note 9 for disclosures concerning the categorization of the fair value measurements within the three level fair value hierarchy.

Recovered_Sheet1

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2013
Summary of Significant Accounting Policies [Abstract]	'
Summary of Revenue Concentration	'
	SUMMARY OF REVENUE CONCENTRATION
	(Dollars in Thousands)
		Year ended December 31,
		2013		2012		2011
	CDO Asset Management
	CDO asset management revenue and related service agreements	$	14,228	$	21,729	$	19,055
	Total asset management revenue	$	19,803	$	23,172	$	21,698
	Total revenues	$	57,517	$	95,240	$	100,331
	CDO asset management % as compared to total asset management fees		72%		94%		88%
	CDO asset management % as compared to total revenues		25%		23%		19%
	Number of CDOs generating management fees		21		25		26
	Principal Transactions
	Principal transactions and other income		-7,232		-2,439		1,881
	Principal transactions % as compared to total revenues		-13%		-3%		2%

Acquisitions_And_Private_Inves1

Acquisitions And Private Investment In IFMI (Tables)	12 Months Ended
	Dec. 31, 2013
JVB Holdings [Member]	'
Business Acquisition [Line Items]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'
		Total Estimated
		Fair Value as of
		Acquisition Date
	Assets acquired:
	Cash and cash equivalents...............................................................................................................................................................................	$
		91
	Receivables from brokers, dealers and clearing agencies (deposits with clearing organizations).....................................................................................	100
	Investments-trading.........................................................................................................................................................................................	31,935
	Other assets (1) (2).........................................................................................................................................................................................	1,077
	Liabilities assumed:
	Payables to brokers, dealers and clearing agencies...............................................................................................................................................	-17,655
	Accounts payable and other liabilities.................................................................................................................................................................	-1,221
	Trading securities sold, not yet purchased...........................................................................................................................................................	-4,497
	Fair value of net assets acquired.......................................................................................................................................................................	9,830
	Purchase price for net assets acquired...............................................................................................................................................................	$
		16,813
	Goodwill (2) (3).............................................................................................................................................................................................	$
		6,983
	(1)Other assets are comprised of a purchase accounting adjustment of $166, which represents the estimated value of the broker-dealer license. The intangible asset of $166 related to the broker-dealer license was allocated to the Capital Markets business segment.
	(2)During the measurement period, which ended on January 13, 2012, an adjustment of $30 reducing the fair value of the assets acquired was made with a corresponding adjustment to increase goodwill by $30.
	(3)Goodwill recognized as of the acquisition date was allocated to the Capital Markets business segment.
Schedule of Purchase Consideration	'
	Equity consideration:
	Shares of IFMI issued (1)...............................................................................................................................................................................	313,051
	Multiplied by (2).............................................................................................................................................................................................	$
		4.89
	Value of stock consideration.............................................................................................................................................................................	$	$
		1,531	1,531
	Cash consideration (3).....................................................................................................................................................................................		14,956
	Contingent payments due (4).............................................................................................................................................................................		326
	Total purchase price.......................................................................................................................................................................................		$
			16,813
	(1)Excluded 559,020 units of the Operating LLC issued to certain JVB Holdings Sellers that remained employees of JVB Holdings. These units vest over a three year period and are treated as compensation for future service and not part of the purchase price. See notes 19 and 20.
	(2)Represented the closing price of IFMI shares of Common Stock on January 13, 2011.
	(3)When closing the transaction, payment was made based on an estimate of JVB Holdings’ tangible net worth. However, a mechanism existed in the contract whereby the Company would owe additional funds or could recapture funds to the extent JVB Holdings’ tangible net worth differed from the amount estimated. The amount of cash consideration represented actual cash paid at closing of $15,044 less $88 receivable from escrowed proceeds for the tangible net worth adjustment. Also, cash consideration excluded $2,482 which was paid over time to the Management Employees. The amount was contingent upon the individuals remaining employees. It was earned ratably over a three-year period. If the employee terminated employment during the three year period, any unearned portion was refundable to the Company. It was treated as compensation for future services and not part of the purchase price.
	(4)Represents contingent payments due to the Sellers based on performance targets. A specific business unit of JVB Holdings was required to earn a minimum amount of revenue within 12 months of the business combination in order for this amount to be due to the owners of JVB Holdings. If that threshold was met, the owners of JVB Holdings would receive an additional payment of $384 which the Company would have treated as contingent consideration. Accordingly, the Company determined the fair value of this arrangement and recorded a liability equal to the fair value as of the date of the business combination. The Company had determined that the fair value of this obligation at the business combination date was $326. The Company carried this liability at fair value and any future adjustments in fair value were recognized in earnings. The Company recognized income of $326 for the year ended December 31, 2011, which was included in principal transactions and other income in the Company’s consolidated income statement.
PrinceRidge [Member]	'
Business Acquisition [Line Items]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'
		Total Estimated
		Fair Value as of
		Acquisition Date (final)
		(dollars in thousands)
	Assets acquired:
	Cash and cash equivalents...............................................................................................................................................................................	$
		2,149
	Receivables from brokers, dealers and clearing agencies……………………………………………...	9,382
	Other receivables...........................................................................................................................................................................................	1,815
	Investments-trading.........................................................................................................................................................................................	42,407
	Receivables under resale agreements...................................................................................................................................................................	158,688
	Other assets...................................................................................................................................................................................................	4,730
	Liabilities assumed:
	Accrued compensation.....................................................................................................................................................................................	-1,725
	Accounts payable and other liabilities.................................................................................................................................................................	-2,877
	Trading securities sold, not yet purchased...........................................................................................................................................................	-38,605
	Securities sold under agreement to repurchase.....................................................................................................................................................	-158,620
	Fair value of existing PrinceRidge net assets.......................................................................................................................................................	17,344
	Purchase price (1) (3).....................................................................................................................................................................................	$
		18,409
	Excess of purchase price over net fair value.......................................................................................................................................................	1,065
	Less amount allocated to intangible asset (2).......................................................................................................................................................	-166
	Goodwill (3)...................................................................................................................................................................................................	$
		899
	(1)The purchase price represents the fair value of PrinceRidge retained by the members of PrinceRidge other than the Operating LLC (dollars in thousands):
		Total Estimated
		Fair Value as of
		Acquisition Date
		(final)
	Summary Purchase Accounting
	Net Fair Value Summary
	Net Fair Value of IFMI Contribution...................................................................................................................................................................	$
		45,000
	Net Fair Value of PrinceRidge immediately prior to IFMI Contribution.....................................................................................................................	17,344
	Net Fair Value of PrinceRidge After IFMI Contribution.........................................................................................................................................	62,344
	Effective Ownership Percentage (as negotiated)
	IFMI...............................................................................................................................................................................................................	70.5%
	Non-Controlling Interest...................................................................................................................................................................................	29.5%
	Total...............................................................................................................................................................................................................	100.0%
	Allocable Net Fair Value of PrinceRidge After IFMI Contribution
	IFMI...............................................................................................................................................................................................................	43,935
	Non-Controlling Interest (purchase price)...........................................................................................................................................................	18,409
	Total...............................................................................................................................................................................................................	$
		62,344
	See note 18 for a description of the redeemable non-controlling interest. The excess of the purchase price over the net fair value of PrinceRidge immediately prior to the IFMI contribution equals $1,065 calculated as the purchase price of $18,409 minus the fair value of PrinceRidge prior to IFMI’s contribution of $17,344. The excess of $1,065 can also be calculated as IFMI’s contribution of $45,000 minus IFMI’s allocable fair value of PrinceRidge subsequent to IFMI’s contribution of $43,935.
	(2)The intangible asset of $166 represented the estimated value of the broker-dealer license, which was allocated to the Capital Markets business segment.
	(3)Goodwill recognized as of the acquisition date was allocated to the Capital Markets business segment. See note 12.
Schedule of Purchase Consideration	'
		Total Estimated
		Fair Value as of
		Acquisition Date
		(final)
	Summary Purchase Accounting
	Net Fair Value Summary
	Net Fair Value of IFMI Contribution...................................................................................................................................................................	$
		45,000
	Net Fair Value of PrinceRidge immediately prior to IFMI Contribution.....................................................................................................................	17,344
	Net Fair Value of PrinceRidge After IFMI Contribution.........................................................................................................................................	62,344
	Effective Ownership Percentage (as negotiated)
	IFMI...............................................................................................................................................................................................................	70.5%
	Non-Controlling Interest...................................................................................................................................................................................	29.5%
	Total...............................................................................................................................................................................................................	100.0%
	Allocable Net Fair Value of PrinceRidge After IFMI Contribution
	IFMI...............................................................................................................................................................................................................	43,935
	Non-Controlling Interest (purchase price)...........................................................................................................................................................	18,409
	Total...............................................................................................................................................................................................................	$
		62,344
	See note 18 for a description of the redeemable non-controlling interest. The excess of the purchase price over the net fair value of PrinceRidge immediately prior to the IFMI contribution equals $1,065 calculated as the purchase price of $18,409 minus the fair value of PrinceRidge prior to IFMI’s contribution of $17,344. The excess of $1,065 can also be calculated as IFMI’s contribution of $45,000 minus IFMI’s allocable fair value of PrinceRidge subsequent to IFMI’s contribution of $43,935.
	(2)The intangible asset of $166 represented the estimated value of the broker-dealer license, which was allocated to the Capital Markets business segment.
	(3)Goodwill recognized as of the acquisition date was allocated to the Capital Markets business segment. See note 12.
Star Asia Manager [Member]	'
Business Acquisition [Line Items]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'
		Total Estimated Fair Value as of Acquisition Date
	Assets acquired:
	Cash and cash equivalents	$	1,104
	Due from related parties		253
	Other assets		150
	Liabilities assumed:
	Accounts payable and other liabilities		-55
	Fair value of net assets acquired		1,452
	Purchase price (1)		1,855
	Intangible Asset (2)	$	403
	As provisional amounts, the amounts in the table above are subject to changes during the measurement period. See notes 15 and 28.
	(1)The purchase price represents the cash paid to Mercury of $425; the note payable to Mercury of $725; and the Company’s equity method investment immediately prior to the Star Asia Manager Repurchase Transaction. For purposes of the provisional amounts, the Company has assumed the carrying value of the Company’s equity method investment immediately prior to the Star Asia Manager Repurchase Transaction approximated fair value. As with all provisional purchase accounting amounts, this is subject to adjustment during the measurement period.
	(2)For purposes of the provisional purchase accounting, the Company determined that the excess of the purchase price over the net fair value of tangible assets acquired should entirely be allocated to an intangible asset representing the value of Star Asia Manager’s investment management contract with Star Asia. The Company treated the estimated value as an intangible asset with a finite life. The Company will amortize the intangible asset using the straight-line method over the estimated economic life of the asset of 1.3 years. The intangible asset was allocated to the Asset Management business segment. See note 27. As with all provisional purchase accounting amounts, this is subject to adjustment during the measurement period.

Receivables_From_And_Payables_1

Receivables From And Payables To Brokers, Dealers, And Clearing Agencies (Tables)	12 Months Ended
	Dec. 31, 2013
Receivables from and Payables to Brokers, Dealers, and Clearing Agencies [Abstract]	'
Schedule Of Due To (From) Broker-Dealers And Clearing Organizations	'
	Amounts receivable from brokers, dealers and clearing agencies consisted of the following at December 31, 2013 and 2012,  respectively.
	RECEIVABLES FROM BROKERS, DEALERS AND CLEARING AGENCIES
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	Deposits with clearing organizations	$	1,428	$	1,516
	Unsettled regular way trades, net		-		9,653
	Receivable from clearing organizations		418		1,084
	Receivables from brokers, dealers and clearing agencies	$	1,846	$	12,253
	Receivable from clearing organizations represents un-invested cash held by the clearing organization, which includes cash proceeds from short sales.
	Amounts payable to brokers, dealers and clearing agencies consisted of the following December 31, 2013 and 2012,  respectively.
	PAYABLES TO BROKERS, DEALERS AND CLEARING AGENCIES
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	Unsettled regular way trades, net	$	5,600	$	-
	Margin payable		25,111		96,211
	Payables to brokers, dealers and clearing agencies	$	30,711	$	96,211

Other_Receivables_Tables

Other Receivables (Tables)	12 Months Ended
	Dec. 31, 2013
Other Receivables [Abstract]	'
Schedule Of Other Receivables	'
	OTHER RECEIVABLES
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	Asset management fees	$	3,886	$	2,874
	New issue and advisory fees		150		1,109
	Accrued interest and dividends receivable, net		440		1,508
	Commissions receivable		-		1,221
	Secured receivable		-		1,582
	Revenue share receivable		628		34
	Other		554		160
	Other receivables	$	5,658	$	8,488

Financial_Instruments_Tables

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2013
Financial Instruments [Abstract]	'
Schedule Of Trading Securities	'
	INVESTMENTS - TRADING
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	U.S. government agency MBS and CMOs (1)	$	13,520	$	34,592
	U.S. government agency debt securities		32,213		21,066
	RMBS		1,584		583
	CMBS		-		12
	U.S. Treasury securities		764		147
	Interests in securitizations (2)		454		352
	SBA loans		27,719		15,705
	Corporate bonds and redeemable preferred stock		23,562		56,022
	Foreign government bonds		88		448
	Municipal bonds		16,024		37,745
	Exchange traded funds		6		-
	Certificates of deposit		1,648		8,934
	Equity securities		36		533
	Investments-trading	$	117,618	$	176,139
	(1)Includes TBAs. See notes 3-G and 10.
	(2)Primarily comprised of CDOs, CLOs, and ABS.
Schedule Of Trading Securities Sold, Not Yet Purchased	'
	TRADING SECURITIES SOLD, NOT YET PURCHASED
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	U.S. government agency MBS (1)	$	121	$	13
	U.S. Treasury securities		38,066		19,722
	Corporate bonds and redeemable preferred stock		10,679		21,976
	Foreign government bonds		26		-
	Municipal bonds		88		128
	Certificates of deposit		524		2,325
	Equity securities		-		3
	Trading securities sold, not yet purchased	$	49,504	$	44,167
	(1)Represents TBAs. See notes 3-G and 10.
Schedule Of Other Investments	'
	OTHER INVESTMENTS, AT FAIR VALUE
	(Dollars in Thousands)
		31-Dec-13
		Cost		Carrying Value		Unrealized Gain(Loss)
	Interests in securitizations (1)	$	217	$	35	$	-182
	Equity Securities:
	EuroDekania		8,778		4,192		-4,586
	Star Asia  (2)		23,304		17,104		-6,200
	Star Asia Special Situations Fund (2)		1,933		2,747		814
	Tiptree		5,561		2,282		-3,279
	Other securities		176		33		-143
	Total equity securities		39,752		26,358		-13,394
	Residential loans		154		294		140
	Foreign currency forward contracts		-		190		190
	Other investments, at fair value	$	40,123	$	26,877	$	-13,246
		31-Dec-12
		Cost		Carrying Value		Unrealized Gain(Loss)
	Interests in securitizations (1)	$	217	$	77	$	-140
	Equity Securities:
	EuroDekania		7,807		2,054		-5,753
	Star Asia  (2)		23,304		30,169		6,865
	Star Asia Special Situations Fund (2)		1,841		2,503		662
	Tiptree		5,561		2,834		-2,727
	Other securities		232		431		199
	Total equity securities		38,745		37,991		-754
	Residential loans		230		255		25
	Other investments, at fair value	$	39,192	$	38,323	$	-869
	(1)Represents an interest in a CDO.
	(2)On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interests in the Star Asia Group. See note 31.

Fair_Value_Disclosures_Tables

Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis	'
	FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
	As of December 31, 2013
	(Dollars in Thousands)
								Significant			Significant
					Quoted Prices in			Other Observable			Unobservable
					Active Markets			Inputs			Inputs
	Assets:	Fair Value			(Level 1)			(Level 2)			(Level 3)
	Investments-trading:
	U.S. government agency MBS and CMOs	$	13,520		$	-		$	13,520		$	-
	U.S. government agency debt securities		32,213			45			32,168			-
	RMBS		1,584			-			1,584			-
	U.S. Treasury securities		764			764			-			-
	Interests in securitizations (1)		454			-			268			186
	SBA loans		27,719			-			27,719			-
	Corporate bonds and redeemable preferred stock		23,562			2,973			20,589			-
	Foreign government bonds		88			-			88			-
	Municipal bonds		16,024			-			16,024			-
	Exchange traded funds		6			6			-			-
	Certificates of deposit		1,648			-			1,648			-
	Equity securities		36			16			20			-
	Total investments - trading	$	117,618		$	3,804		$	113,628		$	186
	Other investments, at fair value
	EuroDekania (2)	$	4,192		$	-		$	-		$	4,192
	Star Asia (3) (5)		17,104			-			-			17,104
	Tiptree (4)		2,282			-			2,282			-
	Star Asia Special Situations Fund (3) (5)		2,747			-			-			2,747
	Other equity securities		33			23			10			-
	Interests in securitizations (1)		35			-			-			35
	Residential loans		294			-			294			-
	Foreign currency forward contracts		190			190			-			-
	Total other investments, at fair value	$	26,877		$	213		$	2,586		$	24,078
	Liabilities
	Trading securities sold, not yet purchased:
	U.S. government agency MBS	$	121		$	-		$	121		$	-
	U.S. Treasury securities		38,066			38,066			-			-
	Corporate bonds and redeemable preferred stock		10,679			-			10,679			-
	Foreign government bonds		26			-			26			-
	Municipal bonds		88			-			88			-
	Certificates of deposit		524			-			524			-
	Total trading securities sold, not yet purchased	$	49,504		$	38,066		$	11,438		$	-
	(1)Primarily comprised of CDOs, CLOs, and ABS.
	(2)Hybrid Securities Fund—European.
	(3)Real Estate Fund—Asian.
	(4)Diversified Fund.
	(5)On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interests in the Star Asia Group. See note 31.
	FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
	As of December 31, 2012
	(Dollars in Thousands)
								Significant			Significant
					Quoted Prices in			Other Observable			Unobservable
					Active Markets			Inputs			Inputs
	Assets:	Fair Value			(Level 1)			(Level 2)			(Level 3)
	Investments-trading:
	U.S. government agency MBS and CMOs	$	34,592		$	-		$	34,592		$	-
	U.S. government agency debt securities		21,066			-			21,066			-
	RMBS		583			-			583			-
	CMBS		12			-			12			-
	U.S. Treasury securities		147			147			-			-
	Interests in securitizations (1)		352			-			57			295
	SBA loans		15,705			-			15,705			-
	Corporate bonds and redeemable preferred stock		56,022			5,643			50,379			-
	Foreign government bonds		448			-			448			-
	Municipal bonds		37,745			-			37,745			-
Certificates of deposit		8,934			-			8,934			-
Equity securities		533			395			138			-
Total investments - trading	$	176,139		$	6,185		$	169,659		$	295
Other investments, at fair value
EuroDekania (2)	$	2,054		$	-		$	-		$	2,054
Star Asia (3) (5)		30,169			-			-			30,169
Tiptree (4)		2,834			-			-			2,834
Star Asia Special Situations Fund (3) (5)		2,503			-			-			2,503
Other equity securities		431			24			407			-
Interests in securitizations (1)		77			-			-			77
Residential loans		255			-			255			-
Total other investments, at fair value	$	38,323		$	24		$	662		$	37,637
Liabilities
Trading securities sold, not yet purchased:
U.S. government agency MBS	$	13		$	-		$	13		$	-
U.S. Treasury securities		19,722			19,722			-			-
Corporate bonds and redeemable preferred stock		21,976			152			21,824			-
Municipal bonds		128			-			128			-
Certificates of deposit		2,325			-			2,325			-
Equity securities		3			3			-			-
Total trading securities sold, not yet purchased	$	44,167		$	19,877		$	24,290		$	-
(1)Primarily comprised of CDOs, CLOs, and ABS.
(2)Hybrid Securities Fund—European.
(3)Real Estate Fund—Asian.
(4)Diversified Fund.
(5)On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interests in the Star Asia Group. See note 31.
Schedule Of Assets And Liabilities Measured With Level 3 Inputs	'
	LEVEL 3 INPUTS
	For the Year Ended December 31, 2013
	(Dollars in Thousands)
			31-Dec-12			Net trading			Principal transactions and other income			Transfers out of Level 3		Purchases		Sales		31-Dec-13		Change in unrealized gains /(losses) for the period included in earnings  (1)
	Assets:
	Investments-trading
	Interests in securitizations (2)		$	295		$	82		$	-		$	-	$	-	$	-191	$	186	$	-111
	SBA loans			-			213			-			-		37		-250		-		-
	Total investments-trading		$	295		$	295		$	-		$	-	$	37	$	-441	$	186	$	-111
	Other investments, at fair value:
	Equity Securities:
	EuroDekania (3)		$	2,054		$	-		$	1,167		$	-	$	971	$	-	$	4,192	$	1,167
	Star Asia (4) (6)			30,169			-			-13,065			-		-		-		17,104		-13,065
	Tiptree (5)			2,834			-			-			-2,834		-		-		-		-
	Star Asia Special Situations Fund (4) (6)			2,503			-			152			-		302		-210		2,747		152
	Total equity securities			37,560			-			-11,746			-2,834		1,273		-210		24,043		-11,746
	Interest in securitizations (2)			77			-			-42			-		-		-		35		-42
	Total other investments, fair value		$	37,637		$	-		$	-11,788		$	-2,834	$	1,273	$	-210	$	24,078	$	-11,788
	(1)   Represents the change in unrealized gains and losses for the period included in earnings for assets held at the end of the reporting period.
	(2)Primarily comprised of CDOs, CLOs, and ABS.
	(3)Hybrid Securities Funds—European.
	(4)Real Estate Funds—Asian.
	(5)Diversified Fund.
	(6)On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interests in the Star Asia Group. See note 31.
	LEVEL 3 INPUTS
	For the Year Ended December 31, 2012
	(Dollars in Thousands)
				31-Dec-11			Net trading			Principal transactions and other income			Transfers out of Level 3		Purchases		Sales		31-Dec-12	Change in unrealized gains /(losses) for the period included in earnings  (1)
	Assets:
	Investments-trading
	RMBS		$	4,932		$	17		$	-		$	-	$	171	$	-5,120	$	-	$	-
	Interests in securitizations (2)			221			126			-			-		2,861		-2,913		295		63
	Equity securities			35			-104			-			-57		126		-		-		-
	Total investments-trading		$	5,188		$	39		$	-		$	-57	$	3,158	$	-8,033	$	295	$	63
	Other investments, at fair value:
	Equity Securities:
	EuroDekania (3)		$	2,370		$	-		$	-331		$	-	$	15	$	-	$	2,054	$	-331
	Star Asia (4) (6)			37,358			-			-7,274			-		85		-		30,169		-7,274
	Tiptree (5)			2,533			-			301			-		-		-		2,834		301
	Star Asia Special Situations Fund (4) (6)			-			-			662			-		1,841		-		2,503		662
	Other			132			-			-41			-91		-		-		-		-
	Total equity securities			42,393			-			-6,683			-91		1,941		-		37,560		-6,642
	Interest in securitizations (2)			88			-			-11			-		-		-		77		-11
	Residential loans			267			-			-			-267		-		-		-		-
	Total other investments, fair value		$	42,748		$	-		$	-6,694		$	-358	$	1,941	$	-	$	37,637	$	-6,653
	(1)Represents the change in unrealized gains and losses for the period included in earnings for assets held at the end of the reporting period.
	(2)Primarily comprised of CDOs, CLOs, and ABS.
	(3)Hybrid Securities Funds—European.
	(4)Real Estate Funds—Asian.
	(5)Diversified Fund.
	(6)On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interests in the Star Asia Group. See note 31.
Quantitative Information About Level 3 Fair Value Measurements	'
	QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS
	(Dollars in Thousands)
										Significant					Range of
				Fair Value			Valuation			Unobservable			Weighted		Significant
				31-Dec-13			Technique			Inputs			Average		Inputs
	Assets
	Other investments, at fair value
	Star Asia		$	17,104			Allocated sale price			Relative fair value of assets sold			77.3%		74.9% - 79.1%
	Star Asia Special Situations Fund		$	2,747			Allocated sale price			Relative fair value of assets sold			12.4%		12.0% - 12.7%
	QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS
	(Dollars in Thousands)
										Significant					Range of
				Fair Value			Valuation			Unobservable			Weighted		Significant
				31-Dec-12			Technique			Inputs			Average		Inputs
	Assets
	Other investments, at fair value
	Star Asia		$	30,169			Adjusted NAV			Discount rate			6.82%		6.82%
										on debt
Fair Value, Investments, Entities That Calculate Net Asset Value Per Share	'
	FAIR VALUE MEASUREMENTS OF INVESTMENTS IN CERTAIN ENTITIES
	THAT CALCULATE NET ASSET VALUE PER SHARE (OR ITS EQUIVALENT)
				Fair Value
				31-Dec-13
				(dollars in thousands)			Unfunded Commitments			Redemption Frequency			Redemption Notice Period
	Other investments, at fair value
	EuroDekania (a)		$	4,192			N/A			N/A			N/A
	Star Asia (b)			17,104			N/A			N/A			N/A
	Tiptree (c)			2,282			N/A			N/A			N/A
	Star Asia Special Situations Fund (d)			2,747			N/A			N/A			N/A
			$	26,325
				Fair Value
				31-Dec-12
				(dollars in thousands)			Unfunded Commitments			Redemption Frequency			Redemption Notice Period
	Other investments, at fair value
	EuroDekania (a)		$	2,054			N/A			N/A			N/A
	Star Asia (b)			30,169			N/A			N/A			N/A
	Tiptree (c)			2,834			N/A			N/A			N/A
	Star Asia Special Situations Fund (d)			2,503		$	321			N/A			N/A
			$	37,560
	N/A – Not applicable.
	(a)EuroDekania’s investment strategy is to make investments in hybrid capital securities that have attributes of debt and equity, primarily in the form of subordinated debt issued by insurance companies, banks and bank holding companies based primarily in Western Europe; widely syndicated leveraged loans issued by European corporations; CMBS, including subordinated interests in first mortgage real estate loans; and RMBS and other ABS backed by consumer and commercial receivables. The majority of the assets are denominated in Euros and U.K. Pounds Sterling. The fair value of the investment in this category has been estimated using the net asset value per share of the investment in accordance with the “practical expedient” provisions of FASB ASC 820.
	(b)Star Asia’s investment strategy is to make investments in Asian real estate structured finance investments, including CMBS, corporate debt of REITs and real estate operating companies, whole loans, mezzanine loans, and other commercial real estate fixed income investments. The fair value of the investment in this category has been estimated using an internal valuation model that uses a market approach. If the Company had used Star Asia’s unadjusted reported net asset value to determine its fair value, the carrying value of its investment in Star Asia would have been $30,261 as of December 31, 2013 and $39,998 as of December 31, 2012.  On February 20, 2014, the Company announced the completion of the sale of the Company’s ownership interests in the Star Asia Group.  See note 31.
	(c)The investment strategy of Tiptree is focused on investing in (a) specialty finance companies; (b) alternative asset management companies; and (c) diversified credit assets and related equity interests. Tiptree primarily seeks to acquire majority ownership interests in its investees. Prior to June 30, 2013, the fair value of this investment had been estimated using the net asset value per share of the investment in accordance with the “practical expedient” provisions of FASB ASC 820. Beginning with the second quarter of 2013, the Company calculates the fair value of its investment in Tiptree by using the closing over the counter price for Tiptree Inc. and adjusting for the exchange ratio.  As of December 31, 2013 and 2012, the Company owned approximately 1% of Tiptree.
	(d)    The Star Asia Special Situations Fund’s investment strategy is to make investments in real estate and securities backed by real estate in Japan. The Star Asia Special Situations Fund is a closed end fund that does not allow investor redemptions. It has an initial life of three years which can be extended under certain circumstances for up to two years. Prior to December 31, 2013, the fair value of the investment in this category has been estimated using the net asset value per share of the investment in accordance with the “practical expedient” provisions of FASB ASC 820. The Company’s unfunded commitment was denominated in Japanese Yen and fluctuated based on the foreign exchange spot rate used at any particular period. See note 29.  As described in more detail in note 31, the Company sold its investment in Star Asia Special Situations Fund in February 2014 along with its investment in Star Asia and certain other related entities.  According to ASC 820, when a sale is considered probable as of the measurement date at an amount other than the underlying NAV per share, the reporting entity should not use the practical expedient in determining fair value.  Therefore, the Company determined the fair value of its investment in Star Asia Special Situations Fund as of December 31, 2013, by utilizing a valuation model that took into account the terms and conditions of the sale in February 2014.

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2013
Derivative Financial Instruments [Abstract]	'
Balance Sheet Information	'
	DERIVATIVE FINANCIAL INSTRUMENTS-BALANCE SHEET INFORMATION
	(Dollars in Thousands)
	Derivative Financial Instruments Not Designated as Hedging Instruments Under FASB ASC 815	Balance Sheet Classification		As of December 31, 2013		As of December 31, 2012
	TBAs	Investments-trading	$	188	$	35
	Foreign currency forward contracts	Other investments, at fair value		190		-
	TBAs	Trading securities sold, not yet purchased		-66		-13
			$	312	$	22
Statement Of Operations Information	'
	DERIVATIVE FINANCIAL INSTRUMENTS-STATEMENT OF OPERATIONS INFORMATION
	(Dollars in Thousands)
	Derivative Financial Instruments Not Designated as Hedging Instruments Under FASB ASC 815	Income Statement Classification		For the Year Ended December 31, 2013		For the Year Ended December 31, 2012		For the Year Ended December 31, 2011
	Foreign currency forward contracts	Revenues-principal transactions and other income	$	260	$	40	$	-662
	EuroDollar futures contracts	Revenues-net trading		-		-30		-2
	TBAs	Revenues-net trading		3,153		1,185		-9,260
			$	3,413	$	1,195	$	-9,924

Goodwill_Tables

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2013
Goodwill Disclosure [Abstract]	'
Schedule Of Goodwill	'
	GOODWILL
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	Cira SCM	$	3,121	$	3,121
	AFN		110		110
	JVB		7,882		6,983
	PrinceRidge		-		899
	Goodwill	$	11,113	$	11,113

Other_Assets_and_Accounts_Paya1

Other Assets and Accounts Payable and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2013
Other Assets and Accounts Payable and Other Liabilities [Abstract]	'
Schedule Of Other Assets	'
	OTHER ASSETS
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	Deferred costs	$	644	$	-
	Note receivable		1,849		-
	Prepaid expenses		2,226		2,329
	Prepaid income taxes		146		-
	Security deposits		2,492		2,755
	Miscellaneous other assets		146		24
	Cost method investment		235		-
	Furniture, equipment, and leasehold improvements, net		2,054		2,273
	Intangible assets		483		332
	Equity method affiliates		-31		1,910
	Other assets	$	10,244	$	9,623
Schedule Of Accounts Payable And Other Liabilities	'
	ACCOUNTS PAYABLE AND OTHER LIABILITIES
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	Accounts payable	$	738	$	1,143
	Rent payable		1,058		1,032
	Accrued interest payable		376		308
	Payroll taxes payable		1,055		1,577
	Accrued income taxes		-		1,434
	Guarantee liability		-		1,084
	Settlement payable		-		4,467
	Deferred income		-		498
	Mandatorily redeemable equity interests		-		86
	Other general accrued expenses		4,994		1,451
	Accounts payable and other liabilities	$	8,221	$	13,080

Furniture_Equipment_And_Leaseh1

Furniture, Equipment, And Leasehold Improvements, Net (Tables)	12 Months Ended
	Dec. 31, 2013
Property, Plant and Equipment [Abstract]	'
Schedule Of Furniture, Equipment, And Leasehold Improvements	'
	FURNITURE, EQUIPMENT, AND LEASEHOLD IMPROVEMENTS, NET
	(Dollars in Thousands)
		Estimated Useful Lives	31-Dec-13		31-Dec-12
	Furniture and equipment	3 to 5 Years	$	3,169	$	2,549
	Leasehold  improvements	5 to 10 Years		5,122		4,465
				8,291		7,014
	Accumulated depreciation			-6,237		-4,741
	Furniture, equipment, and leasehold improvements, net		$	2,054	$	2,273

Investments_In_Equity_Method_A1

Investments In Equity Method Affiliates (Tables)	12 Months Ended
	Dec. 31, 2013
Investments in Equity Method Affiliates [Abstract]	'
Schedule Of Investments In Equity Method Affiliates	'
	INVESTMENTS IN EQUITY METHOD AFFILIATES
	(Dollars in Thousands)
		Star			Deep			Deep		Star		Star		Star Asia		Star
		Asia			Value			Value		Asia		Asia		Capital		Asia		SAA
		Manager (3)			GP			GP II		SPV (3)		Opportunity (3)		Management (3)		Opportunity II (3)		Manager (3)		Other		Total
	31-Dec-10	$	202		$	269		$	31	$	1,604	$	-	$	-	$	-	$	-	$	-	$	2,106
	Investment / advances		-			-			-		6		4,055		6		-		-		964		5,031
	Distributions / repayments		-850			-4,597			-		-1,846		-		-		-		-		-		-7,293
	Earnings / (loss) realized		1,694			4,349			2		702		405		44		-		-		-964		6,232
	31-Dec-11		1,046			21			33		466		4,460		50		-		-		-		6,076
	Investment / advances		-			-			-		10		-		6		4,700		-		-		4,716
	Distributions / repayments		-1,600			-			-1,720		-662		-4,982		-652		-2,477		-		-		-12,093
	Reorganization (1)		-			-			-		-		-		-		-1,841		-		-		-1,841
	Earnings / (loss) realized		1,101			-14			1,726		1,581		544		504		-382		-8		-		5,052
	31-Dec-12		547			7			39		1,395		22		-92		-		-8		-		1,910
	Investments / advances		-			-			-		-		-		-		-		10		20		30
	Distributions / repayments		-			-7			-26		-2,682		-		-134		-		-245		-		-3,094
	Acquisition (2)		-705			-			-		-		-		-		-		-		-		-705
	Earnings / (loss) realized		158			-			-13		1,287		-5		145		-		255		1		1,828
	31-Dec-13	$	-		$	-		$	-	$	-	$	17	$	-81	$	-	$	12	$	21	$	-31
	(1)On December 20, 2012, Star Asia Opportunity II completed a reorganization whereby its assets were contributed into a subsidiary of the Star Asia Special Situations Fund. The net effect of the reorganization to the Company was that the Company exchanged its ownership interest in Star Asia Opportunity II for cash and an interest in the Star Asia Special Situations Fund. The Star Asia Special Situations Fund is carried at fair value and included as a component of other investments, at fair value.
	The cash received by the Company in the reorganization is included as distributions / repayments above. The remaining carrying value of the Company’s equity method investment in Star Asia Opportunity II was $1,841 after taking into account the cash distribution from the reorganization. This amount was reclassified from investments in equity method affiliates to other investments, at fair value. It is shown as reorganization in the table above and is treated as the cost basis of the Company’s investment in the Star Asia Special Situations Fund. Any difference between the cost basis assigned and the fair value of the Company’s investment in the Star Asia Special Situations Fund is included as a component of principal transactions, and other income. See notes 8, 9, 28, and 29.
	(2)See note 4.
	(3)See note 31.
Summarized Data Of Equity Method Investees	'
	SUMMARY DATA OF EQUITY METHOD INVESTEES
	(Dollars in Thousands)
				31-Dec-13			31-Dec-12
	Total Assets		$	370,388		$	279,874
	Liabilities		$	144,578		$	96,981
	Equity attributable to the investees			225,810			182,277
	Non-controlling interest			-			616
	Total Liabilities & Equity		$	370,388		$	279,874
		Year Ended December 31,
		2013			2012			2011
	Net income / (loss)	$	28,885		$	2,248		$	12,786
	Net income / (loss) attributable to the investees	$	29,501		$	2,667		$	12,818

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2013
Variable Interest Entity Disclosure [Abstract]	'
Schedule Of Variable Interest Entities	'
	NON-CONSOLIDATED VARIABLE INTEREST ENTITIES
	(Dollars in Thousands)
		31-Dec-13
		Other Receivable		Other Investments, at fair value		Maximum Exposure to loss in non-consolidated VIEs
	Managed VIEs	$	2,239	$	-	$	2,239
	Third party managed VIEs		84		35		119
	Total	$	2,323	$	35	$	2,358
		31-Dec-12
		Other Receivable		Other Investments, at fair value		Maximum Exposure to loss in non-consolidated VIEs
	Managed VIEs	$	2,224	$	-	$	2,224
	Third party managed VIEs		105		77		182
	Total	$	2,329	$	77	$	2,406

Debt_Tables

Debt (Tables)	12 Months Ended
	Dec. 31, 2013
Debt [Abstract]	'
Debt Outstanding	'
	DETAIL OF DEBT
	(Dollars in Thousands)
	Description	Current Outstanding Par			31-Dec-13		31-Dec-12		Interest Rate Terms		Interest (5)		Maturity
	Contingent convertible senior notes:
	10.50% contingent convertible senior notes (the "New Notes")	$	3,121		$	3,115	$	8,068	10.50%		10.50	%	May 2014 (1)
	8.00% contingent convertible senior notes (the "8.0% Convertible Notes")		8,248			8,248		-	8.00%		8.00	%	September 2018 (2)
		$	11,369		$	11,363		8,068
	Junior subordinated notes:
	Alesco Capital Trust I	$	28,125	-3		10,697		10,189	4.25%		4.25	%	Jul-37
	Sunset Financial Statutory Trust I		20,000	-3		7,614		7,248	4.40%		4.40	%	Mar-35
		$	48,125			18,311		17,437
	Subordinated notes payable	$	-			-		342	12.00%	-4	12.00	%	Jun-13
	Total				$	29,674	$	25,847
	(1)Represents the holder’s earliest put date and the Company’s earliest redemption date. The contractual maturity for the New Notes is May 2027.
	The Company may redeem all or part of the $3,121 aggregate principal amount of the New Notes for cash on or after May 20, 2014, at a redemption price equal to the principal amount of the New Notes, plus accrued and unpaid interest and additional interest, if any, to, but excluding, the repurchase date. The holders of the New Notes may require the Company to repurchase all or a portion of the New Notes for cash on May 15, 2014; May 15, 2017; and May 15, 2022 for a repurchase price equal to the principal amount of the New Notes, plus accrued and unpaid interest and additional interest, if any, to, but excluding, the repurchase date. The holders of the New Notes are required to provide notice to the Company of their plan to redeem the New Notes at any time during the 30 days prior to May 15, 2014; May 15, 2017; and May 15, 2022.
	(2)The holders of the 8.0% Convertible Notes may convert all or any part of the outstanding principal amount of the 8.0% Convertible Notes at any time prior to maturity into shares of the Company’s Common Stock at a conversion price of $3.00 per share, subject to customary anti-dilution adjustments.
	(3)The outstanding par represents the total par amount of the junior subordinated notes held by two separate trusts. The Company does not consolidate these trusts. The Company holds $1,489 par value of these junior subordinated notes, comprised of $870 par value of junior subordinated notes related to Alesco Capital Trust I and $619 par value of junior subordinated notes related to Sunset Financial Statutory Trust I. These notes have a carrying value of $0. Therefore, the net par value held by third parties is $48,125.
	(4)Comprised of 9% paid currently and 3% paid in kind.  The subordinated note payable was fully repaid in June 2013.
	(5)Represents the interest rate as of the last day of the reporting period.

Permanent_Equity_Tables

Permanent Equity (Tables)	12 Months Ended
	Dec. 31, 2013
Permanent Equity [Abstract]	'
Schedule Of Unrestricted Common Stock Activity	'
	ROLLFORWARD OF SHARES OUTSTANDING OF
	INSTITUTIONAL FINANCIAL MARKETS, INC.
			Common Stock		Restricted Stock		Treasury Stock	Total
	31-Dec-10		10,370,858		162,226		-50,400	10,482,684
	Issuance of shares		313,051		-		-	313,051
	Issuance as equity-based compensation		-		3,924,612		-	3,924,612
	Vesting of shares		140,857		-140,857		-	-
	Shares withheld for employee taxes		-24,668		-		-	-24,668
	Forfeiture / cancellation of restricted stock (1)		-		-1,348,361		-	-1,348,361
	Purchase of Common Stock for treasury		-		-		-667,601	-667,601
	Retirement of treasury stock		-667,601		-		667,601	-
	31-Dec-11		10,132,497		2,597,620		-50,400	12,679,717
	Issuance of shares		230,846		-		-	230,846
	Issuance as equity-based compensation		-		428,984		-	428,984
	Vesting of shares		643,830		-643,830		-	-
	Shares withheld for employee taxes		-162,048		-		-	-162,048
	Forfeiture / cancellation of restricted stock (1)		-		-1,508,353		-	-1,508,353
	Surrender of restricted stock (2)		-		-116,595		-	-116,595
	Retirement of treasury stock		-50,400		-		50,400	-
	31-Dec-12		10,794,725		757,826		-	11,552,551
	Issuance of shares		2,935,506		-		-	2,935,506
	Issuance as equity-based compensation		-		408,079		-	408,079
	Vesting of shares / restricted units (3)		739,931		-649,796		-	90,135
	Shares withheld for employee taxes		-71,583		-		-	-71,583
	Forfeiture / cancellation of restricted stock		-		-104,983		-	-104,983
	December 31, 2013 (4)		14,398,579		411,126		-	14,809,705
	(1)For the 2011 period, the cancellation of restricted stock included the 90,135 shares of restricted stock of IFMI that the Company cancelled and replaced with 90,135 restricted units of IFMI Common Stock in October 2011.  The 90,135 restricted units were not included in the above table since the restricted units are not considered legally outstanding.
	For the 2012 period, the forfeiture of restricted stock included the 848,742 shares of restricted stock that the former chief executive officer of PrinceRidge and member of the Board of Managers of PrinceRidge GP and the former chairman of the Board of Managers of PrinceRidge GP forfeited in connection with the separation, release, and repurchase agreements that the Company entered into with them in July 2012. See note 20.
	(2)In December 2012, Mr. Cohen transferred 116,595 restricted shares of IFMI Common Stock to the Company in order to satisfy his obligation under the Equity Funding Agreement. See note 20 for the discussion about the 2009 Restricted Units Pursuant to the 2009 Equity Award Plan.
	(3)Vesting includes 90,135 of unvested restricted units of IFMI Common Stock.  See note 20.
	(4)Excludes remaining restricted units of IFMI Common Stock. See note 20.
Operating LLC Membership Units	'
	ROLLFORWARD OF UNITS OUTSTANDING OF
	THE OPERATING LLC
			Units Held by IFMI		Units Held by Daniel G. Cohen		Units Held by Others	Total
	31-Dec-10		10,343,347		4,983,557		299,999	15,626,903
	Issuance of Units for JVB acquisition		313,051		-		-	313,051
	Issuance of Units under UIS, net		259,212		-		-	259,212
	Redemption of Operating LLC Units for cash		-		-		-31,554	-31,554
	Retirement of treasury stock		-667,601		-			-667,601
	31-Dec-11		10,248,009		4,983,557		268,445	15,500,011
	Issuance of Units under UIS, net		705,083		-		-	705,083
	Vesting of Units		-		-		302,934	302,934
	Redemption of Operating LLC Units for IFMI Shares		230,846		-		-230,846	-
	Retirement of treasury stock		-50,400		-		-	-50,400
	31-Dec-12		11,133,538		4,983,557		340,533	16,457,628
	Issuance of Units under UIS, net		502,614		-		-	502,614
	Issuance of Units for Mead / EBC Investment		2,749,167					2,749,167
	Vesting of Units		-		-		186,339	186,339
	Redemption of Operating LLC Units for IFMI Shares		186,339		-		-186,339	-
	December 31, 2013 (1)		14,571,658		4,983,557		340,533	19,895,748
	(1)Unit amounts above exclude unvested Operating LLC units.  See note 20.
Schedule Of Effects Of Changes In Ownership Interest Subsidiary	'
			For the Year Ended December 31, 2013		For the Year Ended December 31, 2012		For the Year Ended December 31, 2011
	Net income / (loss) attributable to IFMI	$	-13,318	$	-968	$	-9,388
	Transfers (to) from the non-controlling interest:
	Increase / (decrease) in IFMI's paid in capital for the acquisition / (surrender) of additional units in consolidated subsidiary, net		2,764		928		-8
	Changes from net income / loss) attributable to IFMI and transfers (to) from non-controlling interest	$	-10,554	$	-40	$	-9,396

EquityBased_Compensation_Table

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Equity-Based Compensation Included In Compensation And Benefits	'
	EQUITY-BASED COMPENSATION INCLUDED IN COMPENSATION AND BENEFITS
	(Dollars in Thousands)
			For the year ended December 31,
			2013		2012		2011
	Equity-based compensation expense		$	1,947	$	1,271	$	7,674
	Non equity-based compensation expense			45,220		61,680		70,553
	Total compensation and benefits		$	47,167	$	62,951	$	78,227
Period Costs by Plan Name or Instrument	'
	DETAIL OF EQUITY BASED COMPENSATION BY PLAN
			For the year ended December 31,
			2013		2012		2011
	The 2009 Equity Award Plan		$	-	$	-586	$	400
	Operating LLC Units - JVB Acquisition			911		911		879
	Restricted Units - 2006/2010 Plans			905		1,290		5,708
	Options - 2010 Plan			114		-		-
	Restricted PrinceRidge units (1)			17		-344		687
	Total equity based compensation expense		$	1,947	$	1,271	$	7,674
		-1		Relates to the issuance of restricted PrinceRidge units to certain investment banking professionals and executives of PrinceRidge. As of December 31, 2013, there were no restricted PrinceRidge units outstanding.
Stock Options, Activity	'
	STOCK OPTIONS - SERVICE BASED VESTING
			Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (1)
	Balance at January 1, 2013			-	$	-
	Granted (2)			3,000,000		4.00
	Vested			-		-
	Forfeited			-		-
	Balance at December 31, 2013			3,000,000	$	4.00		4.8	$	-
	Exercisable at December 31, 2013			-	$	-		-	$	-
		-1		The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing stock price of the Company’s Common Stock of $1.98 on December 31, 2013.  As of December 31, 2013, all options were out of the money.
		-2		Of the options granted, 2,500,000 stock options are subject to stockholder approval during the Company’s 2014 Annual Meeting of Stockholders.
Service Based Vesting [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Restricted Stock and Restricted Stock Units Activity	'
	RESTRICTED STOCK AND RESTRICTED UNITS - SERVICE BASED VESTING
			Number of Shares of Restricted Stock		Weighted average grant date fair value		Number of Restricted Units		Weighted average grant date fair value
	Unvested at January 1, 2013			427,057	$	1.87		172,585	$	1.92
	Granted			408,079		1.98		-		-
	Vested			-522,008		1.62		-40,135		3.26
	Forfeited			-1,828		4.89		-		-
	Unvested at December 31, 2013			311,300	$	2.42		132,450	$	1.51
Performance and Service Based Vesting [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Restricted Stock and Restricted Stock Units Activity	'
	RESTRICTED STOCK AND RESTRICTED UNITS - PERFORMANCE AND SERVICE BASED VESTING
			Number of Shares of Restricted Stock		Weighted average grant date fair value		Number of Restricted Units (1)		Weighted average grant date fair value
	Unvested at January 1, 2013			330,769	$	4.34		500,000	$	-
	Granted			-		-		50,000		2.42
	Vested			-127,788		4.34		-50,000		2.42
	Forfeited (2)			-103,155		4.89		-		-
	Unvested at December 31, 2013			99,826	$	3.78		500,000	$	-
	(1)During the first quarter of 2012, the Company issued 500,000 restricted units of IFMI Common Stock to a non-employee. FASB ASC 505-50 requires that an equity instrument issued to a non-employee should be measured by using the stock price and other measurement assumptions as of the earlier of the date at which either: (i) a commitment for performance by the counterparty has been reached; or (2) the counterparty’s performance is complete. In accordance with FASB ASC 505-50, the Company will not accrue any expense until the actual vesting date occurs. As of the grant date, the restricted units were valued at $0.
	(2)During the year ended December 31, 2013, there were 103,155 shares of Restricted Stock that were forfeited due to the fact that the grantees were unable to achieve certain performance thresholds, and therefore, the awards would never vest.

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2013
Income Taxes [Abstract]	'
Components of Income Tax Expense (Benefit)	'
	INCOME TAX EXPENSE
	(Dollars in Thousands)
		2013		2012		2011
	Current income tax expense (benefit):
	Federal income tax expense (benefit)	$	-1,442	$	142	$	92
	Foreign income tax expense (benefit)		8		20		149
	State and local income tax expense (benefit)		-57		120		-
			-1,491		282		241
	Deferred income tax expense (benefit)
	Federal income tax expense (benefit)		-1,827		-703		-1,047
	Foreign income tax expense (benefit)		-		-		-
	State and local income tax expense (benefit)		-247		-194		-343
			-2,074		-897		-1,390
	Total	$	-3,565	$	-615	$	-1,149
Effective Income Tax Rate Reconciliation	'
		2013		2012		2011
	Federal statutory rate - 35%	$	-8,220	$	-929	$	-5,053
	Pass thru impact		2,581		352		1,689
	Deferred tax valuation allowance		3,812		-42		1,964
	Recognition of previously unrecognized tax benefit		-1,231		-		-
	Other		-507		4		251
	Total	$	-3,565	$	-615	$	-1,149
Schedule of Deferred Tax Assets and Liabilities	'
	DEFERRED TAX ASSET AND LIABILITY
	(Dollars in Thousands)
		31-Dec-13						31-Dec-12
		Asset		Liability		Net		Asset		Liability		Net
	Federal net operating loss carry-forward	$	33,439	$	-	$	33,439	$	29,990	$	-	$	29,990
	State net operating loss carry-forward		5,291		-		5,291		5,066		-		5,066
	Federal capital loss carry-forward		23,784		-		23,784		25,283		-		25,283
	Unrealized gain on debt		-		-13,274		-13,274		-		-14,095		-14,095
	Unrealized loss on investment in Operating LLC		110,382		-		110,382		113,398		-		113,398
	Other		873		-		873		1,253		-		1,253
	Gross deferred tax asset / (liability)		173,769		-13,274		160,495		174,990		-14,095		160,895
	Less: valuation allowance		-165,025		-		-165,025		-167,498		-		-167,498
	Net deferred tax asset / (liability)	$	8,744	$	-13,274	$	-4,530	$	7,492	$	-14,095	$	-6,603
Schedule of Unrecognized Tax Benefits	'
		2013		2012		2011
	Unrecognized tax benefits as of January 1	$	1,231	$	1,231	$	1,231
	Increases due to tax positions taken during prior periods		-		-		-
	Increases due to tax positions taken in current period		-		-		-
	Decreases due to settlements with tax authorities		-		-		-
	Reductions due to lapse of applicable statute of limitations		-1,231		-		-
	Unrecognized tax benefits as of December 31	$	-	$	1,231	$	1,231

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Income / (Loss) (Tables)	12 Months Ended
	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) Disclosure [Abstract]	'
Schedule of Accumulated Other Comprehensive Income (Loss)	'
	ACCUMULATED OTHER COMPREHENSIVE INCOME / (LOSS) AND INCOME TAX EFFECT OF ITEMS ALLOCATED TO OTHER COMPREHENSIVE INCOME / (LOSS)
	(Dollars in thousands)
		Foreign currency items		Tax effect		Total
	31-Dec-10	$	-665	$	-	$	-665
	Change in foreign currency items		43		-		43
	Other comprehensive income / (loss), net		43		-		43
	Acquisition / (surrender) of additional units in consolidated subsidiary, net		-4		-		-4
	31-Dec-11		-626		-		-626
	Change in foreign currency items		154		-		154
	Other comprehensive income / (loss), net		154		-		154
	Acquisition / (surrender) of additional units in consolidated subsidiary, net		-23		-		-23
	31-Dec-12		-495		-		-495
	Change in foreign currency items		-14		-		-14
	Other comprehensive income / (loss), net		-14		-		-14
	Acquisition / (surrender) of additional units in consolidated subsidiary, net		-127		-		-127
	31-Dec-13	$	-636	$	-	$	-636

Net_Capital_Requirements_Table

Net Capital Requirements (Tables)	12 Months Ended
	Dec. 31, 2013
Net Capital Requirements [Abstract]	'
Computation Of Net Capital	'
	Statutory Net Capital Requirements
	(Dollars in thousands)
		As of December 31, 2013
		Actual Net Capital or Liquid Capital		Amount Required		Excess
	JVB	$	7,470	$	188	$	7,282
	CCPR		18,566		250		18,316
	CCFL		2,593		2,198		395
	Total	$	28,629	$	2,636	$	25,993
		As of December 31, 2012
		Actual Net Capital or Liquid Capital		Amount Required		Excess
	JVB	$	10,833	$	144	$	10,689
	CCPR		17,846		250		17,596
	CCFL		5,864		2,887		2,977
	Total	$	34,543	$	3,281	$	31,262

Earnings_Loss_Per_Common_Share1

Earnings / (Loss) Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2013
Earnings / (Loss) Per Common Share [Abstract]	'
Schedule of Earnings / (Loss) Per Common Share	'
	EARNINGS / (LOSS) PER COMMON SHARE
	(Dollars in Thousands, except share or per share information)
		Year Ended December 31,
		2013		2012		2011
	Net income / (loss) attributable to IFMI	$	-13,318	$	-968	$	-9,388
	Add/ (deduct): Income / (loss) attributable to non-controlling interest attributable to Operating LLC membership units exchangeable into IFMI shares (1)		-6,592		-857		-5,571
	Add / (deduct): Adjustment (2)		876		307		914
	Net income / (loss) on a fully converted basis	$	-19,034	$	-1,518	$	-14,045
	Weighted average common shares outstanding - Basic		12,340,468		10,732,723		10,631,935
	Unrestricted Operating LLC membership units exchangeable into IFMI shares (1)		5,324,090		5,252,198		5,269,323
	Weighted average common shares outstanding - Diluted (3)		17,664,558		15,984,921		15,901,258
	Net income / (loss) per common share - Basic	$	-1.08	$	-0.09	$	-0.88
	Net income / (loss) per common share - Diluted	$	-1.08	$	-0.09	$	-0.88
	(1)The Operating LLC membership units not held by IFMI (that is, those held by the non-controlling interest) may be redeemed and exchanged into shares of the Company on a one-to-one basis. The 4,983,557 Operating LLC membership units held by Daniel G. Cohen are redeemable at Mr. Cohen’s option, at any time, for (i) cash in an amount equal to the average of the per share closing prices of the Company’s Common Stock for the ten consecutive trading days immediately preceding the date the Company receives Mr. Cohen’s redemption notice, or (ii) at the Company’s option, one share of the Company’s Common Stock, subject, in each case, to appropriate adjustment upon the occurrence of an issuance of additional shares of the Company’s Common Stock as a dividend or other distribution on the Company’s outstanding Common Stock, or a further subdivision or combination of the outstanding shares of the Company’s Common Stock. The Operating LLC membership units held by other members of the Operating LLC have the same redemption rights as described above.  These units are not included in the computation of basic earnings per share. These units enter into the computation of diluted net income / (loss) per common share when the effect is dilutive using the if-converted method.
	(2)An adjustment is included for the following: (i) if the Operating LLC membership units had been converted at the beginning of the period, the Company would have incurred a higher income tax expense or realized a higher income tax benefit, as applicable; and (ii) to adjust the non-controlling interest amount to be consistent with the weighted average share calculation.
	(3)For the years ended December 31, 2013,  2012, and 2011, weighted average common shares outstanding excludes a total of 395,457,  144,401,   and 17,424 shares, respectively, representing restricted Operating LLC units, restricted IFMI Common Stock, and restricted units of IFMI Common Stock.  For the year ended December 31, 2013, weighted average common shares outstanding also excludes 732,115 shares, respectively, from the assumed conversion of the 8% Convertibles Notes because the inclusion of the converted shares would be anti-dilutive.

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2013
Commitments And Contingencies [Abstract]	'
Schedule of Future Minimum Rental Payments for Operating Leases	'
	FUTURE LEASE COMMITMENTS
	(Dollars in thousands)
		Lease		Less: Sublease		Net Commitment
	2014	$	4,841	$	-2,681	$	2,160
	2015		3,856		-2,415		1,441
	2016		2,780		-2,053		727
	2017		357		-		357
	2018		350		-		350
	2019 and Thereafter		749		-		749
		$	12,933	$	-7,149	$	5,784

Recovered_Sheet2

Segment and Geographic Information (Tables)	12 Months Ended
	Dec. 31, 2013
Segment and Geographic Information [Abstract]	'
Schedule Of Segment Reporting Information	'
	SEGMENT INFORMATION
	Statement of Operations Information
	For the Year Ended December 31, 2013
			Capital			Asset			Principal		Segment		Unallocated
			Markets			Management			Investing		Total		-1		Total
	Net trading		$	38,528		$	-		$	-	$	38,528	$	-	$	38,528
	Asset management			-			19,803			-		19,803		-		19,803
	New issue and advisory			6,418			-			-		6,418		-		6,418
	Principal transactions and other income			542			1,712			-9,486		-7,232		-		-7,232
	Total revenues			45,488			21,515			-9,486		57,517		-		57,517
	Total operating expenses			53,518			11,523			319		65,360		13,261		78,621
	Operating income / (loss)			-8,030			9,992			-9,805		-7,843		-13,261		-21,104
	Income / (loss) from equity method affiliates			-			546			1,282		1,828		-		1,828
	Other non-operating income / (expense)			-164			-9			-		-173		-4,035		-4,208
	Income / (loss) before income taxes			-8,194			10,529			-8,523		-6,188		-17,296		-23,484
	Income tax expense / (benefit)			14			-			-		14		-3,579		-3,565
	Net income / (loss)			-8,208			10,529			-8,523		-6,202		-13,717		-19,919
	Less: Net income / (loss) attributable to the
	non-controlling interest			-9			-			-		-9		-6,592		-6,601
	Net income / (loss) attributable to IFMI		$	-8,199		$	10,529		$	-8,523	$	-6,193	$	-7,125	$	-13,318
	Other statement of operations data
	Depreciation and amortization (included in
	total operating expense)		$	795		$	317		$	-	$	1,112	$	293	$	1,405
	SEGMENT INFORMATION
	Statement of Operations Information
	For the Year Ended December 31, 2012
			Capital			Asset			Principal		Segment		Unallocated
			Markets			Management			Investing		Total		-1		Total
	Net trading		$	69,486		$	-		$	-	$	69,486	$	-	$	69,486
	Asset management			-			23,172			-		23,172		-		23,172
	New issue and advisory			6,021			-			-		6,021		-1,000		5,021
	Principal transactions and other income			166			894			-3,499		-2,439		-		-2,439
	Total revenues			75,673			24,066			-3,499		96,240		-1,000		95,240
	Total operating expenses			74,595			8,690			347		83,632		11,313		94,945
	Operating income / (loss)			1,078			15,376			-3,846		12,608		-12,313		295
	Income / (loss) from equity method affiliates			-			3,309			1,743		5,052		-		5,052
	Other non-operating income / (expense)			-3,554			-			-		-3,554		-4,449		-8,003
	Income / (loss) before income taxes			-2,476			18,685			-2,103		14,106		-16,762		-2,656
	Income tax expense / (benefit)			49			-			-		49		-664		-615
	Net income / (loss)			-2,525			18,685			-2,103		14,057		-16,098		-2,041
	Less: Net income / (loss) attributable to the
	non-controlling interest			-216			-			-		-216		-857		-1,073
	Net income / (loss) attributable to IFMI		$	-2,309		$	18,685		$	-2,103	$	14,273	$	-15,241	$	-968
	Other statement of operations data
	Depreciation and amortization (included in
	total operating expense)		$	859		$	17		$	-	$	876	$	429	$	1,305
	SEGMENT INFORMATION
	Statement of Operations Information
	For the Year Ended December 31, 2011
			Capital			Asset			Principal		Segment		Unallocated
			Markets			Management			Investing		Total		-1		Total
	Net trading		$	73,167		$	-		$	-	$	73,167	$	-	$	73,167
	Asset management			-			21,698			-		21,698		-		21,698
	New issue and advisory			3,585			-			-		3,585		-		3,585
	Principal transactions and other income			199			1,316			366		1,881		-		1,881
	Total revenues			76,951			23,014			366		100,331		-		100,331
	Total operating expenses			79,986			6,017			690		86,693		31,803		118,496
	Operating income / (loss)			-3,035			16,997			-324		13,638		-31,803		-18,165
	Income / (loss) from equity method affiliates			-204			5,329			1,107		6,232		-		6,232
	Other non-operating income / (expense)			386			-			-		386		-6,329		-5,943
	Income / (loss) before income taxes			-2,853			22,326			783		20,256		-38,132		-17,876
	Income tax expense / (benefit)			-			-			-		-		-1,149		-1,149
	Net income / (loss)			-2,853			22,326			783		20,256		-36,983		-16,727
Less: Net income / (loss) attributable to the
non-controlling interest			-1,768			-			-		-1,768		-5,571		-7,339
Net income / (loss) attributable to IFMI		$	-1,085		$	22,326		$	783	$	22,024	$	-31,412	$	-9,388
Other statement of operations data
Depreciation and amortization (included in
total operating expense)		$	596		$	15		$	-	$	611	$	1,627	$	2,238
(1)Unallocated includes certain expenses incurred by indirect overhead and support departments (such as the executive, finance, legal, information technology, human resources, risk, compliance, and other similar overhead and support departments). Some of the items not allocated include: (1) operating expenses (such as cash compensation and benefits, equity-based compensation expense, professional fees, travel and entertainment, consulting fees, and rent) related to support departments excluding certain departments that directly support the Capital Markets business segment; (2) interest expense on debt; and (3) income taxes. Management does not consider these items necessary for an understanding of the operating results of these business segments and such amounts are excluded in business segment reporting to the Chief Operating Decision Maker. During the third quarter of 2012, PrinceRidge (Capital Markets business segment) entered into an intercompany engagement with CCFL (Asset Management business segment). This intercompany transaction was eliminated in the unallocated segment.
Reconciliation Of Assets From Segment To Consolidated	'
	Balance Sheet Data
	As of December 31, 2013
			Capital			Asset			Principal		Segment		Unallocated
			Markets			Management			Investing		Total		-1		Total
	Total Assets		$	172,271		$	9,938		$	26,897	$	209,106	$	7,689	$	216,795
	Included within total assets:
	Investment in equity method affiliates		$	-		$	-48		$	17	$	-31	$	-	$	-31
	Goodwill (2)		$	7,937		$	3,176		$	-	$	11,113	$	-	$	11,113
	Intangible assets (2)		$	332		$	151		$	-	$	483	$	-	$	483
	Balance Sheet Data
	As of December 31, 2012
			Capital			Asset			Principal		Segment		Unallocated
			Markets			Management			Investing		Total		-1		Total
	Total Assets		$	279,863		$	7,257		$	39,741	$	326,861	$	14,140	$	341,001
	Included within total assets:
	Investment in equity method affiliates		$	-		$	493		$	1,417	$	1,910	$	-	$	1,910
	Goodwill (2)		$	7,937		$	3,176		$	-	$	11,113	$	-	$	11,113
	Intangible assets (2)		$	332		$	-		$	-	$	332	$	-	$	332
	(1)Unallocated assets primarily include (1) amounts due from related parties; (2) furniture and equipment, net; and (3) other assets that are not considered necessary for an understanding of business segment assets and such amounts are excluded in business segment reporting to the Chief Operating Decision Maker.
	(2)Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the table from above.
Revenue By Geographic Area	'
	GEOGRAPHIC DATA
	(Dollars in Thousands)
		For the year ended December 31,
		2013			2012			2011
	Total Revenues:
	United States	$	44,043		$	78,597		$	90,475
	United Kingdom & Other		11,178			16,643			9,856
	Asia		2,296			-			-
	Total	$	57,517		$	95,240		$	100,331

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
Schedule Of Related Party Transactions	'
	RELATED PARTY TRANSACTIONS
	For the Year Ended December 31, 2013
	(Dollars in Thousands)
						Principal transaction and other income
			Management fee revenue		Net trading		Dividend income and other		Gain / (loss)		Income / (loss) from equity method affiliates		Interest expense incurred
	TBBK	$	-	$	483	$	-	$	-	$	-	$	-
	Star Asia		2,329		-		-		-13,065		-		-
	Star Asia Manager (1)		-		-		-		-		158		-
	Star Asia SPV		-		-		-		-		1,287		-
	Star Asia Opportunity		-		-		-		-		-5		-
	Star Asia Capital Management		-		-		-		-		145		-
	Star Asia Special Situations Fund		-		-		-		152		-		-
	SAA Manager		-		-		-		-		255		-
	EuroDekania		-		-		805		1,167		-		-
	Deep Value		-		-		-		-		-13		-
	EBC		-		-		-		-		-		59
	Mead Park Capital		-		-		-		-		-		144
	Other		-		-		-		-		1		-
		$	2,329	$	483	$	805	$	-11,746	$	1,828	$	203
	(1) Beginning March 1, 2013, Star Asia Manager was consolidated by the Company.  Prior to that, it was treated as an equity method investment.  See note A above.
	RELATED PARTY TRANSACTIONS
	For the Year Ended December 31, 2012
	(Dollars in Thousands)
						Principal transaction and other income
			Management fee revenue		Net trading		Dividend income and other		Gain / (loss)		Income / (loss) from equity method affiliates		Interest expense incurred
	CBF	$	64	$	-	$	-	$	-	$	-	$	-
	TBBK		-		156		-		-		-		-
	Star Asia		-		-		-		-7,274		-		-
	Star Asia Manager (1)		-		-		-		-		1,101		-
	Star Asia SPV		-		-		-		-		1,581		-
	Star Asia Opportunity		-		-		-		-		544		-
	Star Asia Opportunity II		-		-		-		-		-382		-
	Star Asia Capital Management		-		-		-		-		504		-
	Star Asia Special Situations Fund		-		-		-		662		-		-
	SAA Manager		-		-		-		-		-8		-
	EuroDekania		139		-		970		-331		-		-
	Deep Value		-		-		-		-		1,712		-
		$	203	$	156	$	970	$	-6,943	$	5,052	$	-
	(1) Beginning March 1, 2013, Star Asia Manager was consolidated by the Company.  Prior to that, it was treated as an equity method investment.  See note A above.
	RELATED PARTY TRANSACTIONS
	For the Year Ended December 31, 2011
	(Dollars in Thousands)
						Principal transaction and other income
			Management fee revenue		Net trading		Dividend income and other		Gain / (loss)		Income / (loss) from equity method affiliates		Interest expense incurred
	CBF	$	273	$	-	$	-	$	-	$	-	$	-
	TBBK		-		658		-		-		-		-
	Star Asia		-		-		38		-542		-		-
	Star Asia Manager (1)		-		-		-		-		1,694		-
	Star Asia SPV		-		-		-		-		702		-
	Star Asia Opportunity		-		-		-		-		405		-
	Star Asia Capital Management		-		-		-		-		44		-
	EuroDekania		667		-101		298		579		-		-
	MFCA		-		-		32		71		-		-
	Deep Value		452		-		-		-9		4,351		-
	Duart Fund		-		-		-		-456		-		-
	Duart Capital and other		-		-		-		-		-964		-
		$	1,392	$	557	$	368	$	-357	$	6,232	$	-
	(1) Beginning March 1, 2013, Star Asia Manager was consolidated by the Company.  Prior to that, it was treated as an equity method investment.  See note A above.

Recovered_Sheet3

Due from / Due to Related Parties (Tables)	12 Months Ended
	Dec. 31, 2013
Due From / Due To Related Parties [Abstract]	'
Schedule of Due From / Due To Related Parties	'
	DUE FROM/DUE TO RELATED PARTIES
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	EuroDekania	$	18	$	-
	Star Asia Manager (1)		-		98
	Star Asia and related entities (2)		450		-
	CBF		4		90
	Employees		411		264
	Due from Related Parties	$	883	$	452
	(1) Beginning March 1, 2013, Star Asia Manager was consolidated by the Company.  Prior to that, it was treated as an equity method investment.
	(2)   Related entities include Star Asia Capital Management and SAA Manager.

Condensed_Financial_Informatio1

Condensed Financial Information of Registrant (Tables)	12 Months Ended
	Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]	'
Balance Sheet	'
	INSTITUTIONAL FINANCIAL MARKETS, INC.
	CONDENSED FINANCIAL INFORMATION OF REGISTRANT
	INSTITUTIONAL FINANCIAL MARKETS, INC. (PARENT COMPANY)
	Balance Sheet
	(Dollars in Thousands)
		31-Dec-13		31-Dec-12
	Assets
	Cash	$	7	$	140
	Investment in IFMI, LLC		85,401		89,292
	Other assets		666		28
	Total assets	$	86,074	$	89,460
	Liabilities
	Accrued interest and other liabilities		375		301
	Deferred income taxes		4,530		6,674
	Debt		29,674		25,505
	Total liabilities	$	34,579	$	32,480
	Stockholders’ Equity
	Preferred Stock:		5		5
	Common Stock		14		11
	Additional paid-in capital		73,866		64,829
	Accumulated deficit		-21,754		-7,370
	Accumulated other comprehensive loss		-636		-495
	Total stockholders’ equity	$	51,495	$	56,980
	Total liabilities and stockholders’ equity	$	86,074	$	89,460
Statement of Operations	'
	INSTITUTIONAL FINANCIAL MARKETS, INC.
	CONDENSED FINANCIAL INFORMATION OF REGISTRANT
	INSTITUTIONAL FINANCIAL MARKETS, INC. (PARENT COMPANY)
	Statement of Operations
	(Dollars in Thousands)
		For the Year Ended December 31, 2013		For the Year Ended December 31, 2012		For the Year Ended December 31, 2011
	Revenues
	Equity in undistributed earnings / (loss) from IFMI, LLC	$	-11,502	$	2,666	$	-5,480
	Total revenues		-11,502		2,666		-5,480
	Operating income / (loss)		-11,502		2,666		-5,480
	Non-operating expense
	Interest expense		-4,001		-4,397		-5,617
	Income / (loss) before income taxes		-15,503		-1,731		-11,097
	Income tax (benefit) / expense		-2,185		-763		-1,709
	Net income / (loss)	$	-13,318	$	-968	$	-9,388
Statement of cash flows	'
	INSTITUTIONAL FINANCIAL MARKETS, INC.
	CONDENSED FINANCIAL INFORMATION OF REGISTRANT
	INSTITUTIONAL FINANCIAL MARKETS, INC. (PARENT COMPANY)
	Statement of cash flows
	(Dollars in Thousands)
		For the Year Ended December 31, 2013		For the Year Ended December 31, 2012		For the Year Ended December 31, 2011
	Operating activities
	Net income / (loss)	$	-13,318	$	-968	$	-9,388
	Adjustments to reconcile net income / (loss) to net cash provided by / (used) in operating activities:
	Equity in undistributed earnings / (loss) from IFMI, LLC		11,502		-2,666		5,480
	Distributions from / (Contributions to) IFMI, LLC		-3,653		15,943		8,346
	Other (income) / expense		15		-3		-33
	Amortization of discount of debt		906		189		429
	(Increase) / decrease in other assets		32		246		12
	Increase / (decrease) in accounts payable and other liabilities		74		-330		9
	Increase / (decrease) in deferred income taxes		-2,144		-826		-1,708
	Net cash provided by / (used in) operating activities		-6,586		11,585		3,147
	Financing activities
	Repurchase of debt		-5,000		-10,357		-984
	Issuance of debt		8,248		-		-
	Payments for deferred financing costs		-670		-		-
	Cash used to net share settle equity awards		-110		-135		-48
	Proceeds from issuance of stock, net		5,051		-		-
	Dividends paid to stockholders		-1,066		-953		-2,115
	Net cash provided by / (used in) financing activities		6,453		-11,445		-3,147
	Net increase (decrease) in cash and cash equivalents		-133		140		-
	Cash and cash equivalents, beginning of period		140		-		-
	Cash and cash equivalents, end of period	$	7	$	140	$	-

Recovered_Sheet4

Organization and Nature of Operations (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Feb. 28, 2013	Dec. 31, 2012
In Millions, unless otherwise specified		Collateralized Debt Obligations [Member]	PrinceRidge [Member]	PrinceRidge [Member]	PrinceRidge [Member]	Star Asia Manager [Member]	Star Asia Manager [Member]	Star Asia Manager [Member]
Securities [Line Items]	'	'	'	'	'	'	'	'
Assets under Management	$5,700	$5,400	'	'	'	'	'	'
Assets under management which are collateralized debt obligations percentage	'	94.00%	'	'	'	'	'	'
Equity Method Investment, Ownership Percentage	'	'	'	'	'	'	'	50.00%
Noncontrolling Interest, Ownership Percentage by Parent	'	'	100.00%	98.00%	70.00%	'	'	'
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions	'	'	'	'	'	100.00%	50.00%	'

Recovered_Sheet5

Summary of Significant Accounting Policies (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
Summary of Significant Accounting Policies [Abstract]	'	'
Estimated debt in fair value	$40.20	$34.60

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Investment Vehicles) (Details)

Jun. 23, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Feb. 28, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 19, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Jun. 22, 2011

Dec. 31, 2013

Dec. 31, 2012

Jun. 23, 2011

Dec. 31, 2013

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

MFCA [Member]

Star Asia [Member]

Star Asia [Member]

Star Asia Manager [Member]

Star Asia Manager [Member]

Star Asia Manager [Member]

Star Asia SPV [Member]

Star Asia Opportunity [Member]

Star Asia Opportunity [Member]

Star Asia Capital Management [Member]

Star Asia Capital Management [Member]

Star Asia Special Situations Fund [Member]

Star Asia Special Situations Fund [Member]

Star Asia Opportunity II [Member]

SAA Manager [Member]

SAP GP [Member]

EuroDekania [Member]

EuroDekania [Member]

MFCA [Member]

Tiptree Financial Partners L.P. [Member]

Tiptree Financial Partners L.P. [Member]

Tiptree Financial Partners L.P. [Member]

Deep Value GP [Member]

Deep Value GP [Member]

Deep Value GP II [Member]

Deep Value GP II [Member]

Duart Capital [Member]

Duart Capital [Member]

Schedule of Equity Method Investments [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage of equity method affiliate

'

28.00%

28.00%

'

'

50.00%

31.00%

28.00%

28.00%

33.00%

33.00%

2.00%

6.00%

20.00%

33.00%

33.00%

17.00%

10.00%

3.00%

1.00%

1.00%

'

50.00%

50.00%

40.00%

40.00%

20.00%

20.00%

Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions

'

'

'

100.00%

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common Stock Exchanged

1,000,200

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

111,133

'

'

'

'

'

'

Percentage Of Internal Rate Of Return

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.00%

'

'

'

'

'

'

'

'

'

'

'

'

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Furniture, Equipment, and Leasehold Improvements, Net) (Details)	12 Months Ended
	Dec. 31, 2013
Minimum [Member] | Furniture and Equipment [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated useful life	'P3Y
Minimum [Member] | Leasehold Improvements [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated useful life	'P5Y
Maximum [Member] | Furniture and Equipment [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated useful life	'P5Y
Maximum [Member] | Leasehold Improvements [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated useful life	'P10Y

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Redeemable and Non-Redeemable Non-Controlling Interest) (Details)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
PrinceRidge [Member]	'	'	'
Noncontrolling Interest [Line Items]	'	'	'
Noncontrolling Interest, Ownership Percentage by Parent	100.00%	98.00%	70.00%
IFMI, LLC [Member]	'	'	'
Noncontrolling Interest [Line Items]	'	'	'
Noncontrolling Interest, Ownership Percentage by Parent	73.20%	67.60%	'

Summary_of_Significant_Account5

Summary of Significant Accounting Policies (Summary of Revenue Concentration) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	contract	contract	contract
CDO asset management revenue and related service	$14,228	$21,729	$19,055
Asset management	19,803	23,172	21,698
Revenues	57,517	95,240	100,331
CDO asset management % as compared to total asset management fees	72.00%	94.00%	88.00%
CDO asset management % as compared to total revenues	25.00%	23.00%	19.00%
Number of CDOs generating management fees	21	25	26
Principal transactions and other income	-7,232	-2,439	1,881
Principal transactions % as compared to total revenues	-13.00%	-3.00%	2.00%
Institutional Financial Markets, Inc. [Member]	'	'	'
Revenues	($11,502)	$2,666	($5,480)

Acquisitions_And_Private_Inves2

Acquisitions And Private Investment In IFMI (Narrative, Part I) (Details) (USD $)

12 Months Ended

0 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

In Thousands, except Share data, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Jan. 13, 2011

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Feb. 28, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

31-May-11

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

JVB Holdings [Member]

JVB Holdings [Member]

JVB Holdings [Member]

JVB Holdings [Member]

JVB Holdings [Member]

JVB Holdings [Member]

Star Asia Manager [Member]

Star Asia Manager [Member]

Star Asia Manager [Member]

PrinceRidge [Member]

PrinceRidge [Member]

PrinceRidge [Member]

PrinceRidge [Member]

Institutional Financial Markets, Inc. [Member]

Institutional Financial Markets, Inc. [Member]

Institutional Financial Markets, Inc. [Member]

Common Stock [Member]

Revenue Target [Member]

Retention Bonus [Member]

Business Acquisition [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net Fair Value of IFMI Contribution

'

'

'

'

$16,813

$16,813

'

'

'

$1,855

[1]

'

'

'

'

$18,409

'

'

'

'

Business Acquisition, Cost of Acquired Entity, Cash Paid

'

'

'

15,044

5,646

'

'

'

'

425

'

'

'

'

'

'

'

'

'

Business Acquisition, Equity Interest Issued or Issuable, Number of Shares

'

'

'

'

313,051

'

313,051

'

'

'

'

'

'

'

'

'

'

'

'

Business Combination, Consideration Transferred, Liabilities Incurred

'

'

'

'

326

'

'

'

'

725

'

'

'

'

'

'

'

'

'

Business Combination, Contingent Consideration, Liability

'

'

'

'

'

'

'

384

2,482

'

'

'

'

'

'

'

'

'

'

Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage

'

'

'

'

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

Revenues

57,517

95,240

100,331

'

'

'

'

'

'

2,297

'

'

27,191

43,925

27,406

'

-11,502

2,666

-5,480

Net income / (loss)

-19,919

-2,041

-16,727

'

'

'

'

'

'

968

'

'

'

'

'

'

-13,318

-968

-9,388

Net Income (Loss) Attributable to Parent

-13,318

-968

-9,388

'

'

'

'

'

'

'

'

'

-2,750

-386

-5,003

'

-13,318

-968

-9,388

Pro forma revenue

'

'

'

'

'

'

'

'

'

58,097

99,072

'

'

'

'

'

'

'

'

Pro forma earnings (loss) attributable to IFMI

'

'

'

'

'

'

'

'

'

-13,293

-449

'

'

'

'

'

'

'

'

Noncontrolling Interest, Ownership Percentage by Parent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

70.50%

70.00%

'

'

'

Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

Goodwill, Allocation Adjustment

'

'

'

'

30

'

'

'

'

'

'

'

'

-93

'

'

'

'

'

Goodwill

11,113

[2]

11,113

[2]

'

'

'

6,983

[3],[4]

'

'

'

'

'

'

'

899

899

'

'

'

'

Escrow Fund Receivable

'

'

'

484

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contribution For Acquisition

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$45,000

'

'

'

'

[1]

The purchase price represents the cash paid to Mercury of $425; the note payable to Mercury of $725; and the Companybs equity method investment immediately prior to the Star Asia Manager Repurchase Transaction. For purposes of the provisional amounts, the Company has assumed the carrying value of the Companybs equity method investment immediately prior to the Star Asia Manager Repurchase Transaction approximated fair value. As with all provisional purchase accounting amounts, this is subject to adjustment during the measurement period.

[2]

Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the table from above.

[3]

During the measurement period, which ended on JanuaryB 13, 2012, an adjustment of $30 reducing the fair value of the assets acquired was made with a corresponding adjustment to increase goodwill by $30.

[4]

Goodwill recognized as of the acquisition date was allocated to the Capital Markets business segment.

Acquisitions_And_Private_Inves3

Acquisitions And Private Investment In IFMI (Narrative, Part II) (Details) (USD $)	12 Months Ended				12 Months Ended		12 Months Ended	3 Months Ended	12 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2013
	item	item			Series C Junior Participating Preferred Stock	Contingent convertible senior notes [Member]	Mead Park Capital Partners And Cohen Brothers Financial [Member]	Mead Park Capital Partners L.L.C. [Member]	Mead Park Capital Partners L.L.C. [Member]	Cohen Brothers Financial, L.L.C. [Member]	Cohen Brothers Financial, L.L.C. [Member]
									Contingent convertible senior notes [Member]		Contingent convertible senior notes [Member]
									security		security
Private Placement [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Stock Issued During Period, Shares, New Issues	2,935,506	230,846	313,051	'	'	'	'	1,949,167	'	800,000	'
Shares Issued, Price Per Share	'	'	'	$2	'	'	'	'	'	'	'
Proceeds from Issuance of Private Placement	$5,051,000	'	'	'	'	'	$13,746,000	'	'	'	'
Stock Issued During Period, Value, New Issues	5,498,000	'	'	'	'	'	'	'	'	'	'
Debt Instrument, Face Amount	'	'	'	'	'	$11,369,000	'	'	$5,848,000	'	$2,400,000
Debt Instrument, Convertible, Number of Equity Instruments	'	'	'	'	'	'	'	'	1,949,167	'	800,000
Debt Instrument, Convertible, Conversion Price	'	'	'	'	'	'	'	'	$3	'	$3
Debt Instrument, Interest Rate, Stated Percentage	'	'	'	'	'	8.00%	'	'	'	'	'
Number of Directors	8	10	'	'	'	'	'	'	'	'	'
Class of Warrant or Right, Exercise Price of Warrants or Rights	'	'	'	'	100	'	'	'	'	'	'
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	'	'	'	'	0.0001	'	'	'	'	'	'
Class of Warrant or Right, Exercise Trigger, Percentage of Common Stock Owned by Individual or Affiliates	'	'	'	'	4.95%	'	'	'	'	'	'
Class of Warrant or Right, Warrants or Rights Exercisable	0	'	'	'	'	'	'	'	'	'	'

Acquisitions_And_Private_Inves4

Acquisitions And Private Investment In IFMI (Schedule Of Business Acquisitions) (Details) (USD $)	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2013		Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified					Star Asia Manager [Member]		JVB Holdings [Member]	JVB Holdings [Member]		PrinceRidge [Member]	PrinceRidge [Member]
Business Acquisition [Line Items]	'		'		'		'	'		'	'
Cash and cash equivalents	'		'		$1,104		'	$91		'	$2,149
Receivables	'		'		253		'	100		'	9,382
Other receivables	'		'		'		'	'		'	1,815
Securites	'		'		'		'	31,935		'	42,407
Receivables under resale agreements	'		'		'		'	'		'	158,688
Other assets	'		'		150		'	1,077	[1],[2]	'	4,730
Accrued compensation	'		'		'		'	'		'	-1,725
Payables to brokers, dealers and clearing agencies	'		'		'		'	-17,655		'	'
Accounts payable and other liabilities	'		'		-55		'	-1,221		'	-2,877
Trading securities sold, not yet purchased	'		'		'		'	-4,497		'	-38,605
Securities sold under agreement to repurchase	'		'		'		'	'		'	-158,620
Fair value of net assets acquired	'		'		1,452		'	9,830		'	17,344
Purchase price	'		'		1,855	[3]	16,813	16,813		'	18,409
Excess of purchase price over net fair value	'		'		'		'	'		'	1,065
Intangible Asset	'		'		-403	[4]	'	'		'	-166
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	'		'		'1 year 3 months 18 days		'	'		'	'
Goodwill	11,113	[5]	11,113	[5]	'		'	6,983	[2],[6]	899	899
Goodwill, Allocation Adjustment	'		'		'		$30	'		($93)	'
[1]	Other assets are comprised of a purchase accounting adjustment of $166, which represents the estimated value of the broker-dealer license. The intangible asset of $166 related to the broker-dealer license was allocated to the Capital Markets business segment
[2]	During the measurement period, which ended on JanuaryB 13, 2012, an adjustment of $30 reducing the fair value of the assets acquired was made with a corresponding adjustment to increase goodwill by $30.
[3]	The purchase price represents the cash paid to Mercury of $425; the note payable to Mercury of $725; and the Companybs equity method investment immediately prior to the Star Asia Manager Repurchase Transaction. For purposes of the provisional amounts, the Company has assumed the carrying value of the Companybs equity method investment immediately prior to the Star Asia Manager Repurchase Transaction approximated fair value. As with all provisional purchase accounting amounts, this is subject to adjustment during the measurement period.
[4]	For purposes of the provisional purchase accounting, the Company determined that the excess of the purchase price over the net fair value of tangible assets acquired should entirely be allocated to an intangible asset representing the value of Star Asia Managerbs investment management contract with Star Asia. The Company treated the estimated value as an intangible asset with a finite life. The Company will amortize the intangible asset using the straight-line method over the estimated economic life of the asset of 1.3 years. The intangible asset was allocated to the Asset Management business segment. See note 27. As with all provisional purchase accounting amounts, this is subject to adjustment during the measurement period.
[5]	Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the table from above.
[6]	Goodwill recognized as of the acquisition date was allocated to the Capital Markets business segment.

Acquisitions_And_Private_Inves5

Acquisitions And Private Investment In IFMI (Schedule Of Purchase Price) (Details) (USD $)	12 Months Ended			0 Months Ended	12 Months Ended				12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2013		Jan. 13, 2011	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011	31-May-11	Dec. 31, 2011	Dec. 31, 2011
		Star Asia Manager [Member]		JVB Holdings [Member]	JVB Holdings [Member]	JVB Holdings [Member]	PrinceRidge [Member]	PrinceRidge [Member]	PrinceRidge [Member]	PrinceRidge [Member]
									Total Stockholders' Equity [Member]	Non-controlling Interest [Member]
Business Acquisition [Line Items]	'	'		'	'	'	'	'	'	'
Value of stock consideration	'	'		'	$1,531	'	'	'	'	'
Cash consideration	'	425		15,044	5,646	'	'	'	'	'
Cash consideration	14,956	'		'	14,956	'	'	'	'	'
Contingent payments due	'	725		'	326	'	'	'	'	'
Total purchase price	'	1,855	[1]	'	16,813	16,813	18,409	'	'	'
Contribution For Acquisition	'	'		'	'	'	45,000	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	'	1,452		'	'	9,830	17,344	'	'	'
Net Fair Value of contribution and equity interest in the acquiree immediately after IFMI contribution	'	'		'	'	'	62,344	'	43,935	18,409
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value	'	'		'	'	'	18,502	'	'	'
Number of shares issued in business combination	'	'		'	313,051	'	'	'	'	'
Share Price	'	'		'	$4.89	'	'	'	'	'
Noncontrolling Interest, Ownership Percentage by Parent	'	'		'	'	'	70.50%	70.00%	'	'
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	'	'		'	'	'	29.50%	'	'	'
Escrow Receivable	'	'		88	'	'	'	'	'	'
Bonus	'	'		2,482	'	'	'	'	'	'
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	'	'		'	$326	'	'	'	'	'
[1]	The purchase price represents the cash paid to Mercury of $425; the note payable to Mercury of $725; and the Companybs equity method investment immediately prior to the Star Asia Manager Repurchase Transaction. For purposes of the provisional amounts, the Company has assumed the carrying value of the Companybs equity method investment immediately prior to the Star Asia Manager Repurchase Transaction approximated fair value. As with all provisional purchase accounting amounts, this is subject to adjustment during the measurement period.

Sale_of_Equity_Derivatives_Bus1

Sale of Equity Derivatives Business, Management Contracts, and Investment Advisory Agreements (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'
Assets under Management, Carrying Amount	5,700,000,000	'	'
Equity Derivatives Brokerage Business [Member]	'	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'
Revenue share allocation percentage	4.50%	'	'
Capital transaction allocation percentage	10.00%	'	'
Disposal Group, Including Discontinued Operation, Revenue	'	7,842,000	7,946,000
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	'	711,000	979,000
Strategos Deep Value Funds Asset Management Rights [Member]	'	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'
Revenue share allocation percentage	10.00%	'	'
Company's one time option to purchase	10.00%	'	'
Percentage Of Revenue Earned And Collected By Buyer As Purchase Price	20.00%	'	'
Percentage Of Revenue Earned And Collected By Buyer For Repurchase Option	30.00%	'	'
Percentage of Management Fees Related To Collateralized Debt Obligation High End of Range	10.00%	'	'
Collateralized Debt Obligations [Member]	'	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'
Assets under Management, Carrying Amount	5,400,000,000	'	'
Collateralized Debt Obligations [Member] | Strategos Deep Value Funds Asset Management Rights [Member]	'	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'
Assets under Management, Carrying Amount	363,500,000	'	'

Receivables_From_And_Payables_2

Receivables From And Payables To Brokers, Dealers, And Clearing Agencies (Narrative) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Receivables from and Payables to Brokers, Dealers, and Clearing Agencies [Abstract]	'	'	'
Interest On Margin Payable	$627	$1,456	$2,513

Receivables_From_And_Payables_3

Receivables From And Payables To Brokers, Dealers, And Clearing Agencies (Schedule Of Due To (From) Broker-Dealers And Clearing Organizations) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Receivables from Brokers-Dealers and Clearing Organizations [Abstract]	'	'
Deposits with clearing organizations	$1,428	$1,516
Unsettled regular way trades, net	'	9,653
Receivable from clearing organizations	418	1,084
Receivables from brokers, dealers, and clearing agencies	1,846	12,253
Payables to Broker-Dealers and Clearing Organizations [Abstract]	'	'
Unsettled regular way trades, net	5,600	'
Margin payable	25,111	96,211
Payables to brokers, dealers, and clearing agencies	$30,711	$96,211

Other_Receivables_Details

Other Receivables (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Other Receivables [Abstract]	'	'
Asset management fees	$3,886	$2,874
New issue and advisory fees	150	1,109
Accrued interest and dividends receivable, net	440	1,508
Comissions receivable	'	1,221
Secured receivable	'	1,582
Revenue share receivable	628	34
Other	554	160
Other receivables	$5,658	$8,488

Financial_Instruments_Narrativ

Financial Instruments (Narrative) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Financial Instruments [Abstract]	'	'
Unrealized gain (losses) in net trading revenue	$1,857	($1,310)

Financial_Instruments_Schedule

Financial Instruments (Schedule Of Trading Securities) (Details) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investments-trading	$117,618		$176,139
U.S. government agency MBS and CMOs [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investments-trading	13,520	[1]	34,592	[1]
U.S. government agency debt securities [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investments-trading	32,213		21,066
RMBS [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investments-trading	1,584		583
CMBS [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investments-trading	'		12
U.S. Treasury securities [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investments-trading	764		147
Interests in securitizations [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investments-trading	454	[2]	352	[2]
SBA loans [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investments-trading	27,719		15,705
Corporate bonds and redeemable preferred stock [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investments-trading	23,562		56,022
Foreign government bonds [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investments-trading	88		448
Municipal bonds [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investments-trading	16,024		37,745
Exchange Traded Funds [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investments-trading	6		'
Certificates of deposit [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investments-trading	1,648		8,934
Equity securities [Member]	'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'
Investments-trading	$36		$533
[1]	Includes TBAs. See notes 3-G and 10.
[2]	Primarily comprised of CDOs, CLOs, and ABS.

Financial_Instruments_Schedule1

Financial Instruments (Schedule Of Trading Securities Sold, Not Yet Purchased) (Details) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'		'
Trading securities sold, not yet purchased	$49,504		$44,167
U.S. government agency MBS [Member]	'		'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'		'
Trading securities sold, not yet purchased	121	[1]	13	[1]
U.S. Treasury securities [Member]	'		'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'		'
Trading securities sold, not yet purchased	38,066		19,722
Corporate bonds and redeemable preferred stock [Member]	'		'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'		'
Trading securities sold, not yet purchased	10,679		21,976
Foreign government bonds [Member]	'		'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'		'
Trading securities sold, not yet purchased	26		'
Municipal bonds [Member]	'		'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'		'
Trading securities sold, not yet purchased	88		128
Certificates of deposit [Member]	'		'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'		'
Trading securities sold, not yet purchased	524		2,325
Equity securities [Member]	'		'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'		'
Trading securities sold, not yet purchased	'		$3
[1]	Includes TBAs. See notes 3-G and 10.

Financial_Instruments_Schedule2

Financial Instruments (Schedule Of Other Investments) (Details) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Schedule of Investments [Line Items]	'		'
Other investments, Cost	$40,123		$39,192
Other investments, Carrying Value	26,877		38,323
Other investments, Unrealized Gain /(Loss)	-13,246		-869
EuroDekania [Member]	'		'
Schedule of Investments [Line Items]	'		'
Other investments, Cost	8,778		'
Other investments, Carrying Value	4,192	[1]	2,054	[1]
Other investments, Unrealized Gain /(Loss)	-4,586		'
Star Asia [Member]	'		'
Schedule of Investments [Line Items]	'		'
Other investments, Carrying Value	17,104	[2],[3]	30,169	[2],[3]
Star Asia Special Situations Fund [Member]	'		'
Schedule of Investments [Line Items]	'		'
Other investments, Carrying Value	2,747	[2],[3]	2,503	[2],[3]
Tiptree Financial Partners L.P. [Member]	'		'
Schedule of Investments [Line Items]	'		'
Other investments, Carrying Value	2,282	[4]	2,834	[4]
Other Equity Securities [Member]	'		'
Schedule of Investments [Line Items]	'		'
Other investments, Carrying Value	33		431
Interests in securitizations [Member]	'		'
Schedule of Investments [Line Items]	'		'
Other investments, Cost	217	[5]	217	[5]
Other investments, Carrying Value	35	[5]	77	[5]
Other investments, Unrealized Gain /(Loss)	-182	[5]	-140	[5]
Equity securities [Member]	'		'
Schedule of Investments [Line Items]	'		'
Other investments, Cost	39,752		38,745
Other investments, Carrying Value	26,358		37,991
Other investments, Unrealized Gain /(Loss)	-13,394		-754
Equity securities [Member] | EuroDekania [Member]	'		'
Schedule of Investments [Line Items]	'		'
Other investments, Cost	8,778		7,807
Other investments, Carrying Value	4,192		2,054
Other investments, Unrealized Gain /(Loss)	-4,586		-5,753
Equity securities [Member] | Star Asia [Member]	'		'
Schedule of Investments [Line Items]	'		'
Other investments, Cost	23,304	[2]	23,304	[2]
Other investments, Carrying Value	17,104	[2]	30,169	[2]
Other investments, Unrealized Gain /(Loss)	-6,200	[2]	6,865	[2]
Equity securities [Member] | Star Asia Special Situations Fund [Member]	'		'
Schedule of Investments [Line Items]	'		'
Other investments, Cost	1,933	[2]	1,841	[2]
Other investments, Carrying Value	2,747	[2]	2,503	[2]
Other investments, Unrealized Gain /(Loss)	814	[2]	662	[2]
Equity securities [Member] | Tiptree Financial Partners L.P. [Member]	'		'
Schedule of Investments [Line Items]	'		'
Other investments, Cost	5,561		5,561
Other investments, Carrying Value	2,282		2,834
Other investments, Unrealized Gain /(Loss)	-3,279		-2,727
Equity securities [Member] | Other Equity Securities [Member]	'		'
Schedule of Investments [Line Items]	'		'
Other investments, Cost	176		232
Other investments, Carrying Value	33		431
Other investments, Unrealized Gain /(Loss)	-143		199
Residential Mortgage [Member]	'		'
Schedule of Investments [Line Items]	'		'
Other investments, Cost	154		230
Other investments, Carrying Value	294		255
Other investments, Unrealized Gain /(Loss)	140		25
Foreign currency forward contracts [Member]	'		'
Schedule of Investments [Line Items]	'		'
Other investments, Carrying Value	190		'
Other investments, Unrealized Gain /(Loss)	$190		'
[1]	Hybrid Securities FundbEuropean.
[2]	On February 20, 2014, the Company announced the completion of the sale of the Companybs ownership interests in the Star Asia Group. See note 31.
[3]	Real Estate FundbAsian.
[4]	Diversified Fund.
[5]	Represents an interest in a CDO.

Fair_Value_Disclosures_Narrati

Fair Value Disclosures (Narrative) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'		'
Fair value of assets transfers out of level 3	'		$358		'
Fair value, option, changes in fair value, gains (losses)	-11,399		-6,284		1,504
Other investments, Carrying Value	26,877		38,323		'
Star Asia [Member]	'		'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'		'
Other investments, Carrying Value	17,104	[1],[2]	30,169	[1],[2]	'
Alternative Investments, Fair Value Disclosure, Unadjusted Net Asset Value	30,261		39,998		'
Fair Value Inputs, Discount Rate	'		6.82%		'
Tiptree Financial Partners L.P. [Member]	'		'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'		'
Other investments, Carrying Value	2,282	[3]	2,834	[3]	'
Residential Loans [Member]	'		'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'		'
Other investments, Carrying Value	294		255		'
Trading Securities [Member]	'		'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'		'
Fair value of assets transfers out of level 3	0		57		'
Fair value of assets transfers into level 3	0		0		'
Alternative Investments [Member]	'		'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'		'
Fair value of assets transfers out of level 3	2,834		91		'
Alternative Investments [Member] | Tiptree Financial Partners L.P. [Member]	'		'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'		'
Fair value of assets transfers out of level 3	2,834	[3]	'		'
Alternative Investments [Member] | Residential Loans [Member]	'		'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'		'
Fair value of assets transfers out of level 3	'		$267		'
[1]	On February 20, 2014, the Company announced the completion of the sale of the Companybs ownership interests in the Star Asia Group. See note 31.
[2]	Real Estate FundbAsian.
[3]	Diversified Fund.

Fair_Value_Disclosures_Schedul

Fair Value Disclosures (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	$117,618		$176,139
Other investments, Carrying Value	26,877		38,323
Trading securities sold, not yet purchased	49,504		44,167
Quoted Prices In Active Markets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	3,804		6,185
Other investments, Carrying Value	213		24
Trading securities sold, not yet purchased	38,066		19,877
Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	113,628		169,659
Other investments, Carrying Value	2,586		662
Trading securities sold, not yet purchased	11,438		24,290
Significant Unobservable Inputs (Level 3) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	186		295
Other investments, Carrying Value	24,078		37,637
U.S. government agency MBS and CMOs [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	13,520	[1]	34,592	[1]
Trading securities sold, not yet purchased	121		13
U.S. government agency MBS and CMOs [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	13,520		34,592
Trading securities sold, not yet purchased	121		13
U.S. government agency debt securities [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	32,213		21,066
U.S. government agency debt securities [Member] | Quoted Prices In Active Markets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	45		'
U.S. government agency debt securities [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	32,168		21,066
RMBS [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	1,584		583
RMBS [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	1,584		583
CMBS [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	'		12
CMBS [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	'		12
U.S. Treasury securities [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	764		147
Trading securities sold, not yet purchased	38,066		19,722
U.S. Treasury securities [Member] | Quoted Prices In Active Markets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	764		147
Trading securities sold, not yet purchased	38,066		19,722
Interests in securitizations [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	454	[2]	352	[2]
Other investments, Carrying Value	35	[3]	77	[3]
Interests in securitizations [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	268	[2]	57	[2]
Interests in securitizations [Member] | Significant Unobservable Inputs (Level 3) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	186	[2]	295	[2]
SBA loans [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	27,719		15,705
SBA loans [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	27,719		15,705
Corporate bonds and redeemable preferred stock [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	23,562		56,022
Trading securities sold, not yet purchased	10,679		21,976
Corporate bonds and redeemable preferred stock [Member] | Quoted Prices In Active Markets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	2,973		5,643
Trading securities sold, not yet purchased	'		152
Corporate bonds and redeemable preferred stock [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	20,589		50,379
Trading securities sold, not yet purchased	10,679		21,824
Foreign government bonds [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	88		448
Trading securities sold, not yet purchased	26		'
Foreign government bonds [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	88		448
Trading securities sold, not yet purchased	26		'
Municipal bonds [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	16,024		37,745
Trading securities sold, not yet purchased	88		128
Municipal bonds [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	16,024		37,745
Trading securities sold, not yet purchased	88		128
Exchange Traded Funds [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	6		'
Exchange Traded Funds [Member] | Quoted Prices In Active Markets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	6		'
Certificates of deposit [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	1,648		8,934
Trading securities sold, not yet purchased	524		2,325
Certificates of deposit [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	1,648		8,934
Trading securities sold, not yet purchased	524		2,325
Equity securities [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	36		533
Other investments, Carrying Value	26,358		37,991
Trading securities sold, not yet purchased	'		3
Equity securities [Member] | Quoted Prices In Active Markets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	16		395
Trading securities sold, not yet purchased	'		3
Equity securities [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments-trading	20		138
Foreign currency forward contracts [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	190		'
Foreign currency forward contracts [Member] | Quoted Prices In Active Markets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	190		'
EuroDekania [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	4,192	[4]	2,054	[4]
EuroDekania [Member] | Significant Unobservable Inputs (Level 3) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	4,192	[4]	2,054	[4]
EuroDekania [Member] | Equity securities [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	4,192		2,054
Star Asia [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	17,104	[5],[6]	30,169	[5],[6]
Star Asia [Member] | Significant Unobservable Inputs (Level 3) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	17,104	[5],[6]	30,169	[5],[6]
Star Asia [Member] | Equity securities [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	17,104	[5]	30,169	[5]
Tiptree Financial Partners L.P. [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	2,282	[7]	2,834	[7]
Tiptree Financial Partners L.P. [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	2,282	[7]	'
Tiptree Financial Partners L.P. [Member] | Significant Unobservable Inputs (Level 3) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	'		2,834	[7]
Tiptree Financial Partners L.P. [Member] | Equity securities [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	2,282		2,834
Star Asia Special Situations Fund [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	2,747	[5],[6]	2,503	[5],[6]
Star Asia Special Situations Fund [Member] | Significant Unobservable Inputs (Level 3) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	2,747	[5],[6]	2,503	[5],[6]
Star Asia Special Situations Fund [Member] | Equity securities [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	2,747	[5]	2,503	[5]
Other Equity Securities [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	33		431
Other Equity Securities [Member] | Quoted Prices In Active Markets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	23		24
Other Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	10		407
Other Equity Securities [Member] | Equity securities [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	33		431
Interests in securitizations [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	35	[2]	77	[2]
Interests in securitizations [Member] | Significant Unobservable Inputs (Level 3) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	35	[2]	77	[2]
Residential Loans [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	294		255
Residential Loans [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other investments, Carrying Value	$294		$255
[1]	Includes TBAs. See notes 3-G and 10.
[2]	Primarily comprised of CDOs, CLOs, and ABS.
[3]	Represents an interest in a CDO.
[4]	Hybrid Securities FundbEuropean.
[5]	On February 20, 2014, the Company announced the completion of the sale of the Companybs ownership interests in the Star Asia Group. See note 31.
[6]	Real Estate FundbAsian.
[7]	Diversified Fund.

Fair_Value_Disclosures_Schedul1

Fair Value Disclosures (Schedule Of Assets And Liabilities Measured With Level 3 Inputs) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Level 3 inputs, Beginning balance	'		$42,748
Transfers out of Level 3	'		-358
Purchases	'		1,941
Level 3 inputs, Ending balance	'		37,637
Change in unrealized gains /(losses) for the period included in earnings	'		-6,653	[1]
Principal Investing [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Transactions included in income	'		-6,694
Trading Securities [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Level 3 inputs, Beginning balance	295		5,188
Transfers into Level 3	0		0
Transfers out of Level 3	0		-57
Purchases	37		3,158
Sales	-441		-8,033
Level 3 inputs, Ending balance	186		295
Change in unrealized gains /(losses) for the period included in earnings	-111	[1]	63	[1]
Trading Securities [Member] | Trading Revenue [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Transactions included in income	295		39
Alternative Investments [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Level 3 inputs, Beginning balance	37,637		'
Transfers out of Level 3	-2,834		-91
Purchases	1,273		'
Sales	-210		'
Level 3 inputs, Ending balance	24,078		37,637
Change in unrealized gains /(losses) for the period included in earnings	-11,788	[1]	'
Alternative Investments [Member] | Principal Investing [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Transactions included in income	-11,788		'
Other Investments, Equity Securities [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Level 3 inputs, Beginning balance	37,560		42,393
Transfers out of Level 3	-2,834		-91
Purchases	1,273		1,941
Sales	-210		'
Level 3 inputs, Ending balance	24,043		37,560
Change in unrealized gains /(losses) for the period included in earnings	-11,746	[1]	-6,642	[1]
Other Investments, Equity Securities [Member] | Principal Investing [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Transactions included in income	-11,746		-6,683
EuroDekania [Member] | Alternative Investments [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Level 3 inputs, Beginning balance	2,054	[2]	2,370	[2]
Purchases	971	[2]	15	[2]
Level 3 inputs, Ending balance	4,192	[2]	2,054	[2]
Change in unrealized gains /(losses) for the period included in earnings	1,167	[1],[2]	-331	[1],[2]
EuroDekania [Member] | Alternative Investments [Member] | Principal Investing [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Transactions included in income	1,167	[2]	-331	[2]
Star Asia [Member] | Alternative Investments [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Level 3 inputs, Beginning balance	30,169	[3],[4]	37,358	[3],[4]
Purchases	'		85	[3],[4]
Level 3 inputs, Ending balance	17,104	[3],[4]	30,169	[3],[4]
Change in unrealized gains /(losses) for the period included in earnings	-13,065	[1],[3],[4]	-7,274	[1],[3],[4]
Star Asia [Member] | Alternative Investments [Member] | Principal Investing [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Transactions included in income	-13,065	[3],[4]	-7,274	[3],[4]
Tiptree Financial Partners L.P. [Member] | Alternative Investments [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Level 3 inputs, Beginning balance	2,834	[5]	2,533	[5]
Transfers out of Level 3	-2,834	[5]	'
Level 3 inputs, Ending balance	'		2,834	[5]
Change in unrealized gains /(losses) for the period included in earnings	'		301	[1],[5]
Tiptree Financial Partners L.P. [Member] | Alternative Investments [Member] | Principal Investing [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Transactions included in income	'		301	[5]
Star Asia Special Situations Fund [Member] | Alternative Investments [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Level 3 inputs, Beginning balance	2,503	[3],[4]	'
Purchases	302	[3],[4]	1,841	[3],[4]
Sales	-210	[3],[4]	'
Level 3 inputs, Ending balance	2,747	[3],[4]	2,503	[3],[4]
Change in unrealized gains /(losses) for the period included in earnings	152	[1],[3],[4]	662	[1],[3],[4]
Star Asia Special Situations Fund [Member] | Alternative Investments [Member] | Principal Investing [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Transactions included in income	152	[3],[4]	662	[3],[4]
Other Equity Securities [Member] | Alternative Investments [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Level 3 inputs, Beginning balance	'		132
Transfers out of Level 3	'		-91
Other Equity Securities [Member] | Alternative Investments [Member] | Principal Investing [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Transactions included in income	'		-41
Interests in securitizations [Member] | Alternative Investments [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Level 3 inputs, Beginning balance	77	[6]	88	[6]
Level 3 inputs, Ending balance	35	[6]	77	[6]
Change in unrealized gains /(losses) for the period included in earnings	-42	[1],[6]	-11	[1],[6]
Interests in securitizations [Member] | Alternative Investments [Member] | Principal Investing [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Transactions included in income	-42	[6]	-11	[6]
Residential Mortgage [Member] | Alternative Investments [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Level 3 inputs, Beginning balance	'		267
Transfers out of Level 3	'		-267
SBA loans [Member] | Trading Securities [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Purchases	37		'
Sales	-250		'
SBA loans [Member] | Trading Securities [Member] | Trading Revenue [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Transactions included in income	213		'
RMBS [Member] | Trading Securities [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Level 3 inputs, Beginning balance	'		4,932
Purchases	'		171
Sales	'		-5,120
RMBS [Member] | Trading Securities [Member] | Trading Revenue [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Transactions included in income	'		17
Interests in securitizations [Member] | Trading Securities [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Level 3 inputs, Beginning balance	295	[6]	221	[6]
Purchases	'		2,861	[6]
Sales	-191	[6]	-2,913	[6]
Level 3 inputs, Ending balance	186	[6]	295	[6]
Change in unrealized gains /(losses) for the period included in earnings	-111	[1],[6]	63	[1],[6]
Interests in securitizations [Member] | Trading Securities [Member] | Trading Revenue [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Transactions included in income	82	[6]	126	[6]
Equity securities [Member] | Trading Securities [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Level 3 inputs, Beginning balance	'		35
Transfers out of Level 3	'		-57
Purchases	'		126
Equity securities [Member] | Trading Securities [Member] | Trading Revenue [Member]	'		'
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs	'		'
Transactions included in income	'		($104)
[1]	Represents the change in unrealized gains and losses for the period included in earnings for assets held at the end of the reporting period.
[2]	Hybrid Securities FundbEuropean.
[3]	On February 20, 2014, the Company announced the completion of the sale of the Companybs ownership interests in the Star Asia Group. See note 31.
[4]	Real Estate FundbAsian.
[5]	Diversified Fund.
[6]	Primarily comprised of CDOs, CLOs, and ABS.

Fair_Value_Disclosures_Quantit

Fair Value Disclosures (Quantitative Information About Level 3 Fair Value Measurements) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Star Asia [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Discount rate on debt	'	6.82%
Star Asia [Member] | Minimum [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Discount rate on debt	74.90%	'
Star Asia [Member] | Maximum [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Discount rate on debt	79.10%	'
Significant Unobservable Inputs (Level 3) [Member] | Star Asia [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Fair Value	17,104	30,169
Discount rate on debt	'	6.82%
Significant Unobservable Inputs (Level 3) [Member] | Star Asia [Member] | Weighted Average [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Discount rate on debt	77.30%	6.82%
Significant Unobservable Inputs (Level 3) [Member] | Star Asia Special Situations Fund [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Fair Value	2,747	'
Significant Unobservable Inputs (Level 3) [Member] | Star Asia Special Situations Fund [Member] | Minimum [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Discount rate on debt	12.00%	'
Significant Unobservable Inputs (Level 3) [Member] | Star Asia Special Situations Fund [Member] | Maximum [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Discount rate on debt	12.70%	'
Significant Unobservable Inputs (Level 3) [Member] | Star Asia Special Situations Fund [Member] | Weighted Average [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Discount rate on debt	12.40%	'

Fair_Value_Disclosures_Fair_Va

Fair Value Disclosures (Fair Value, Investments, Entities That Calculate Net Asset Value Per Share) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]	'		'
Other investments, at fair value	$26,877		$38,323
Other Investment Vehicles [Member]	'		'
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]	'		'
Other investments, at fair value	26,325		37,560
EuroDekania [Member]	'		'
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]	'		'
Other investments, at fair value	4,192	[1]	2,054	[1]
Redemption frequency	'N/A	[2]	'N/A	[2]
Redemption notice period	'N/A	[2]	'N/A	[2]
EuroDekania [Member] | Other Investment Vehicles [Member]	'		'
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]	'		'
Other investments, at fair value	4,192	[2]	2,054	[2]
Star Asia [Member]	'		'
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]	'		'
Other investments, at fair value	17,104	[3],[4]	30,169	[3],[4]
Redemption frequency	'N/A	[5]	'N/A	[5]
Redemption notice period	'N/A	[5]	'N/A	[5]
Star Asia [Member] | Other Investment Vehicles [Member]	'		'
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]	'		'
Other investments, at fair value	17,104	[5]	30,169	[5]
Tiptree Financial Partners L.P. [Member]	'		'
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]	'		'
Other investments, at fair value	2,282	[6]	2,834	[6]
Redemption frequency	'N/A	[7]	'N/A	[7]
Redemption notice period	'N/A	[7]	'N/A	[7]
Cost Method Investments, Ownership Percentage	1.00%		'
Tiptree Financial Partners L.P. [Member] | Other Investment Vehicles [Member]	'		'
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]	'		'
Other investments, at fair value	2,282	[7]	2,834	[7]
Star Asia Special Situations Fund [Member]	'		'
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]	'		'
Other investments, at fair value	2,747	[3],[4]	2,503	[3],[4]
Unfunded commitments	'		321	[8]
Redemption frequency	'N/A	[8]	'N/A	[8]
Redemption notice period	'N/A	[8]	'N/A	[8]
Star Asia Special Situations Fund [Member] | Other Investment Vehicles [Member]	'		'
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]	'		'
Other investments, at fair value	$2,747	[8]	$2,503	[8]
[1]	Hybrid Securities FundbEuropean.
[2]	EuroDekaniabs investment strategy is to make investments in hybrid capital securities that have attributes of debt and equity, primarily in the form of subordinated debt issued by insurance companies, banks and bank holding companies based primarily in Western Europe; widely syndicated leveraged loans issued by European corporations; CMBS, including subordinated interests in first mortgage real estate loans; and RMBS and other ABS backed by consumer and commercial receivables. The majority of the assets are denominated in Euros and U.K. Pounds Sterling. The fair value of the investment in this category has been estimated using the net asset value per share of the investment in accordance with the bpractical expedientb provisions of FASB ASC 820.
[3]	On February 20, 2014, the Company announced the completion of the sale of the Companybs ownership interests in the Star Asia Group. See note 31.
[4]	Real Estate FundbAsian.
[5]	Star Asiabs investment strategy is to make investments in Asian real estate structured finance investments, including CMBS, corporate debt of REITs and real estate operating companies, whole loans, mezzanine loans, and other commercial real estate fixed income investments. The fair value of the investment in this category has been estimated using an internal valuation model that uses a market approach. If the Company had used Star Asiabs unadjusted reported net asset value to determine its fair value, the carrying value of its investment in Star Asia would have been $30,261 as of December 31, 2013 and $39,998 as of December 31, 2012. On February 20, 2014, the Company announced the completion of the sale of the Companybs ownership interests in the Star Asia Group. See note 31.
[6]	Diversified Fund.
[7]	The investment strategy of Tiptree is focused on investing in (a)B specialty finance companies; (b)B alternative asset management companies; and (c)B diversified credit assets and related equity interests. Tiptree primarily seeks to acquire majority ownership interests in its investees. Prior to June 30, 2013, the fair value of this investment had been estimated using the net asset value per share of the investment in accordance with the bpractical expedientb provisions of FASB ASCB 820. Beginning with the second quarter of 2013, the Company calculates the fair value of its investment in Tiptree by using the closing over the counter price for Tiptree Inc. and adjusting for the exchange ratio. As of December 31, 2013 and 2012, the Company owned approximately 1% of Tiptree.
[8]	The Star Asia Special Situations Fundbs investment strategy is to make investments in real estate and securities backed by real estate in Japan. The Star Asia Special Situations Fund is a closed end fund that does not allow investor redemptions. It has an initial life of three years which can be extended under certain circumstances for up to two years. Prior to December 31, 2013, the fair value of the investment in this category has been estimated using the net asset value per share of the investment in accordance with the bpractical expedientb provisions of FASB ASC 820. The Companybs unfunded commitment was denominated in Japanese Yen and fluctuated based on the foreign exchange spot rate used at any particular period. See note 29. As described in more detail in note 31, the Company sold its investment in Star Asia Special Situations Fund in February 2014 along with its investment in Star Asia and certain other related entities. According to ASC 820, when a sale is considered probable as of the measurement date at an amount other than the underlying NAV per share, the reporting entity should not use the practical expedient in determining fair value. Therefore, the Company determined the fair value of its investment in Star Asia Special Situations Fund as of December 31, 2013, by utilizing a valuation model that took into account the terms and conditions of the sale in February 2014.

Derivative_Financial_Instrumen2

Derivative Financial Instruments (Narrative) (Details)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Short [Member]	Short [Member]	Long [Member]	Long [Member]	TBAs [Member]	Foreign currency forward contracts [Member]	Foreign currency forward contracts [Member]	EuroDollar futures contracts [Member]	EuroDollar futures contracts [Member]
	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	JPY (¥)	JPY (¥)	USD ($)	USD ($)
Derivative [Line Items]	'	'	'	'	'	'	'	'	'
Derivative, Notional Amount	$66,300	$40,125	$57,108	$32,794	$227,700	¥ 1,250,000	¥ 0	$0	$0

Derivative_Financial_Instrumen3

Derivative Financial Instruments (Balance Sheet Information) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]	'	'
Derivative, Fair Value, Net	$312	$22
Other Investment at Fair Value [Member] | Foreign currency forward contracts [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative, Fair Value, Net	190	'
Investments-trading [Member] | TBAs [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative, Fair Value, Net	188	35
Trading securities sold, not yet purchased [Member] | TBAs [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative, Fair Value, Net	($66)	($13)

Derivative_Financial_Instrumen4

Derivative Financial Instruments (Statement Of Operations Information) (Details) (Not Designated as Hedging Instruments [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Derivative [Line Items]	'	'	'
Derivative financial instruments, net gain (loss) recognized	$3,413	$1,195	($9,924)
Foreign currency forward contracts [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative financial instruments, net gain (loss) recognized	260	40	-662
EuroDollar futures contracts [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative financial instruments, net gain (loss) recognized	'	-30	-2
TBAs [Member]	'	'	'
Derivative [Line Items]	'	'	'
Derivative financial instruments, net gain (loss) recognized	$3,153	$1,185	($9,260)

Collateralized_Securities_Tran1

Collateralized Securities Transactions (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Brokers and Dealers [Abstract]	'	'
Securities reverse repurchase agreements	$29,395	$70,110
Fair value of securities received as collateral under reverse repurchase agreements	29,575	73,382
Securities sold under agreements to repurchase	28,748	70,273
Fair value of securities pledged as collateral under repurchase agreements	$28,591	$73,382

Goodwill_Narrative_Details

Goodwill (Narrative) (Details) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2007
Cira SCM [Member]	'	'	'	'
Goodwill [Line Items]	'	'	'	'
Goodwill impairment charge	$0	$0	$0	'
Percentage of voting interests acquired	'	'	'	10.00%
Number of shares issued in business combination	'	'	'	189,901
AFN [Member]	'	'	'	'
Goodwill [Line Items]	'	'	'	'
Goodwill impairment charge	0	0	0	'
JVB Holdings [Member]	'	'	'	'
Goodwill [Line Items]	'	'	'	'
Goodwill impairment charge	0	0	'	'
Measurement period adjustment	'	30	'	'
PrinceRidge [Member]	'	'	'	'
Goodwill [Line Items]	'	'	'	'
Goodwill impairment charge	0	0	'	'
Measurement period adjustment	'	($93)	'	'

Goodwill_Schedule_Of_Goodwill_

Goodwill (Schedule Of Goodwill) (Details) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Goodwill [Line Items]	'		'
Goodwill	$11,113	[1]	$11,113	[1]
Cira SCM [Member]	'		'
Goodwill [Line Items]	'		'
Goodwill	3,121		3,121
AFN [Member]	'		'
Goodwill [Line Items]	'		'
Goodwill	110		110
JVB Holdings [Member]	'		'
Goodwill [Line Items]	'		'
Goodwill	7,882		6,983
PrinceRidge [Member]	'		'
Goodwill [Line Items]	'		'
Goodwill	'		$899
[1]	Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the table from above.

Recovered_Sheet6

Other Assets And Accounts Payable And Other Liabilities (Schedule Of Other Assets) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Schedule of other assets	'	'
Deferred costs	$644	'
Note receivable	1,849	'
Prepaid expenses	2,226	2,329
Prepaid income taxes	146	'
Security deposits	2,492	2,755
Miscellaneous other assets	146	24
Cost method investment	235	'
Furniture, equipment and leasehold improvements, net	2,054	2,273
Intangible assets	483	332
Equity method affiliates	-31	1,910
Other assets	$10,244	$9,623

Other_Assets_and_Accounts_Paya2

Other Assets and Accounts Payable and Other Liabilities (Schedule Of Accounts Payable And Other Liabilities) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Schedule of accounts payable and other liabilities	'	'
Accounts payable	$738	$1,143
Rent payable	1,058	1,032
Accrued interest payable	376	308
Payroll taxes payable	1,055	1,577
Accrued income taxes	'	1,434
Guarantee liability	'	1,084
Settlement payable	'	4,467
Deferred income	'	498
Mandatorily redeemable equity interests	0	86
Other accrued expense	4,994	1,451
Accounts payable and other liabilities	$8,221	$13,080

Furniture_Equipment_And_Leaseh2

Furniture, Equipment, And Leasehold Improvements, Net (Narrative) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Property, Plant and Equipment [Abstract]	'	'	'
Write-off of depreciated assets	'	$8,581	'
Depreciation and amortization	1,405	1,305	2,238
Depreciation	$1,154	$1,305	$2,238

Furniture_Equipment_And_Leaseh3

Furniture, Equipment, And Leasehold Improvements, Net (Schedule Of Furniture, Equipment, And Leasehold Improvements) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013
In Thousands, unless otherwise specified			Furniture and Equipment [Member]	Furniture and Equipment [Member]	Leasehold Improvements [Member]	Leasehold Improvements [Member]	Minimum [Member]	Minimum [Member]	Maximum [Member]	Maximum [Member]
							Furniture and Equipment [Member]	Leasehold Improvements [Member]	Furniture and Equipment [Member]	Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]	'	'	'	'	'	'	'	'	'	'
Estimated useful life	'	'	'	'	'	'	'P3Y	'P5Y	'P5Y	'P10Y
Furniture, Equipment, and Leasehold Improvements, Gross	$8,291	$7,014	$3,169	$2,549	$5,122	$4,465	'	'	'	'
Accumulated depreciation	-6,237	-4,741	'	'	'	'	'	'	'	'
Furniture, equipment, and leasehold improvements, net	$2,054	$2,273	'	'	'	'	'	'	'	'

Recovered_Sheet7

Investments in Equity Method Affiliates (Narrative) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule of Equity Method Investments [Line Items]	'	'	'
Incentive fee revenue	'	$1,720	$4,359
Earnings / (loss) realized	1,828	5,052	6,232
Deep Value GP [Member]	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'
Incentive fee revenue	'	'	8,719
Ownership percentage of equity method affiliate	50.00%	'	50.00%
Earnings / (loss) realized	'	-14	4,349
Deep Value GP II [Member]	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'
Incentive fee revenue	'	4,301	'
Ownership percentage of equity method affiliate	40.00%	40.00%	'
Earnings / (loss) realized	($13)	$1,726	$2
Star Asia Manager [Member]	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions	100.00%	'	'

Recovered_Sheet8

Investments in Equity Method Affiliates (Schedule Of Investments In Equity Method Affiliates) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Schedule of Equity Method Investments [Line Items]	'		'		'
Begining Balance	$1,910		$6,076		$2,106
Investments / advances	30		4,716		5,031
Distributions/repayments	-3,094		-12,093		-7,293
Reorganization	'		-1,841	[1]	'
Acquisition	-705	[2]	'		'
Earnings / (loss) realized	1,828		5,052		6,232
Ending Balance	-31		1,910		6,076
Star Asia Manager [Member]	'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'
Begining Balance	547	[3]	1,046	[3]	202	[3]
Distributions/repayments	'		-1,600	[3]	-850	[3]
Acquisition	-705	[2],[3]	'		'
Earnings / (loss) realized	158	[3]	1,101	[3]	1,694	[3]
Ending Balance	'		547	[3]	1,046	[3]
Deep Value GP [Member]	'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'
Begining Balance	7		21		269
Distributions/repayments	-7		'		-4,597
Earnings / (loss) realized	'		-14		4,349
Ending Balance	'		7		21
Deep Value GP II [Member]	'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'
Begining Balance	39		33		31
Distributions/repayments	-26		-1,720		'
Earnings / (loss) realized	-13		1,726		2
Ending Balance	'		39		33
Star Asia SPV [Member]	'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'
Begining Balance	1,395	[3]	466	[3]	1,604	[3]
Investments / advances	'		10	[3]	6	[3]
Distributions/repayments	-2,682	[3]	-662	[3]	-1,846	[3]
Earnings / (loss) realized	1,287	[3]	1,581	[3]	702	[3]
Ending Balance	'		1,395	[3]	466	[3]
Star Asia Opportunity [Member]	'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'
Begining Balance	22	[3]	4,460	[3]	'
Investments / advances	'		'		4,055	[3]
Distributions/repayments	'		-4,982	[3]	'
Earnings / (loss) realized	-5	[3]	544	[3]	405	[3]
Ending Balance	17	[3]	22	[3]	4,460	[3]
Star Asia Capital Management [Member]	'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'
Begining Balance	-92	[3]	50	[3]	'
Investments / advances	'		6	[3]	6	[3]
Distributions/repayments	-134	[3]	-652	[3]	'
Earnings / (loss) realized	145	[3]	504	[3]	44	[3]
Ending Balance	-81	[3]	-92	[3]	50	[3]
Star Asia Opportunity II [Member]	'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'
Investments / advances	'		4,700	[3]	'
Distributions/repayments	'		-2,477	[3]	'
Reorganization	'		-1,841	[1],[3]	'
Earnings / (loss) realized	'		-382	[3]	'
SAA Manager [Member]	'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'
Begining Balance	-8	[3]	'		'
Investments / advances	10	[3]	'		'
Distributions/repayments	-245	[3]	'		'
Earnings / (loss) realized	255	[3]	-8	[3]	'
Ending Balance	12	[3]	-8	[3]	'
Duart Capital and Other [Member]	'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'
Investments / advances	20		'		964
Earnings / (loss) realized	1		'		-964
Ending Balance	$21		'		'
[1]	On DecemberB 20, 2012, Star Asia Opportunity II completed a reorganization whereby its assets were contributed into a subsidiary of the Star Asia Special Situations Fund. The net effect of the reorganization to the Company was that the Company exchanged its ownership interest in Star Asia Opportunity II for cash and an interest in the Star Asia Special Situations Fund. The Star Asia Special Situations Fund is carried at fair value and included as a component of other investments, at fair value. The cash received by the Company in the reorganization is included as distributions / repayments above. The remaining carrying value of the Companybs equity method investment in Star Asia Opportunity II was $1,841 after taking into account the cash distribution from the reorganization. This amount was reclassified from investments in equity method affiliates to other investments, at fair value. It is shown as reorganization in the table above and is treated as the cost basis of the Companybs investment in the Star Asia Special Situations Fund. Any difference between the cost basis assigned and the fair value of the Companybs investment in the Star Asia Special Situations Fund is included as a component of principal transactions, and other income. See notes 8, 9, 28, and 29.
[2]	See note 4.
[3]	See note 31.

Investments_in_Equity_Method_A2

Investments in Equity Method Affiliates (Summarized Data Of Equity Method Investees) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Investments in Equity Method Affiliates [Abstract]	'	'	'
Total Assets	$370,388	$279,874	'
Liabilities	144,578	96,981	'
Equity attributable to the investees	225,810	182,277	'
Non-controlling interest	'	616	'
Liabilities & Equity	370,388	279,874	'
Net income / (loss)	28,885	2,248	12,786
Net income / (loss) attributable to the investees	$29,501	$2,667	$12,818

Variable_Interest_Entities_Sch

Variable Interest Entities (Schedule Of Variable Interest Entities) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Variable Interest Entity [Line Items]	'	'
Other Receivables	$2,323	$2,329
Other Investments, at fair value	35	77
Maximum Exposure to loss in non-consolidated VIEs	2,358	2,406
Managed Variable Interest Entity [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Other Receivables	2,239	2,224
Maximum Exposure to loss in non-consolidated VIEs	2,239	2,224
Third-Party Managed Variable Interest Entity [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Other Receivables	84	105
Other Investments, at fair value	35	77
Maximum Exposure to loss in non-consolidated VIEs	$119	$182

Debt_Narrative_Details

Debt (Narrative) (Details) (USD $)

12 Months Ended

3 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 16, 2009

Sep. 30, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 16, 2009

Dec. 31, 2013

Dec. 31, 2011

Dec. 31, 2013

Oct. 31, 2013

Oct. 31, 2011

Dec. 31, 2012

Dec. 31, 2011

Jul. 05, 2012

15-May-12

Jul. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Subordinated Debt [Member]

Subordinated Debt [Member]

Subordinated Debt [Member]

Junior subordinated debt [Member]

Junior subordinated debt [Member]

Junior subordinated debt [Member]

10.50% Contingent convertible senior notes due 2027 [Member]

10.50% Contingent convertible senior notes due 2027 [Member]

10.50% Contingent convertible senior notes due 2027 [Member]

7.625% Contingent Convertible Senior Notes Due 2027 [Member]

7.625% Contingent Convertible Senior Notes Due 2027 [Member]

7.625% Contingent Convertible Senior Notes Due 2027 [Member]

7.625% Contingent Convertible Senior Notes Due 2027 [Member]

7.625% Contingent Convertible Senior Notes Due 2027 [Member]

7.625% Contingent Convertible Senior Notes Due 2027 [Member]

Alesco Capital Trust I [Member]

Alesco Capital Trust I [Member]

Sunset Financial Statutory Trust I [Member]

Sunset Financial Statutory Trust I [Member]

Star Asia Manager Note Payable [Member]

Star Asia Manager Note Payable [Member]

8.00% Contingent Convertible Senior Notes Due 2018 [Member]

Promissory Notes Issued In Connection With the Repurchase of Mandatorily Redeemable Equity Interests [Member]

Star Asia Manager [Member]

VIE trusts [Member]

Junior subordinated debt [Member]

Junior subordinated debt [Member]

Junior subordinated debt [Member]

Junior subordinated debt [Member]

security

VIE trusts [Member]

VIE trusts [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Face Amount

'

'

'

'

'

'

'

$1,489,000

'

'

'

$3,121,000

'

'

'

'

'

'

$7,621,000

$870,000

'

$619,000

'

'

$725,000

$8,248,000

$4,824,000

'

Stated interest rate

'

'

'

'

'

12.00%

[1]

'

9.50%

'

'

'

10.50%

'

'

7.63%

'

'

'

'

4.25%

'

4.40%

'

'

'

8.00%

5.00%

'

Debt Instrument Principal Exchanged Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from Issuance of Debt

'

'

'

'

'

'

'

'

'

'

8,121,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest paid currently, percentage

'

'

'

'

'

9.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest paid in kind, percentage

'

'

'

'

'

3.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contingent redemption price as a percentage of outstanding principal

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contingent repurchase price as a percentage of outstanding principal

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash available for distribution percent distributed.

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust

'

'

'

'

'

'

'

48,125,000

49,614,000

48,125,000

'

'

'

'

'

'

'

'

'

28,125,000

[2]

28,995,000

20,000,000

[2]

20,619,000

'

'

'

'

'

Debt Instrument, Basis Spread on Variable Rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.00%

'

4.15%

'

2.75%

'

'

'

'

Repayments of Debt

6,072,000

16,270,000

7,960,000

'

1,177,000

352,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash consideration

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

425,000

Debt Instrument, Repurchased Face Amount

'

'

'

'

'

347,000

1,177,000

'

'

'

'

'

5,000,000

'

150,000

1,025,000

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Repurchase Amount

'

'

'

'

'

'

1,139,000

'

'

'

'

'

'

'

151,000

988,000

'

'

'

'

'

'

'

'

'

'

'

'

Gain (Loss) on Repurchase of Debt Instrument

-15,000

86,000

33,000

'

'

'

83,000

'

'

'

'

-15,000

'

'

3,000

33,000

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, repurchase accrued interest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal amount of debt redeemed

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000

10,110,000

'

'

'

'

'

'

'

'

'

'

Shares of common securities of variable interest entity trusts issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

870

'

619

'

'

'

'

'

'

Interest Paid

3,170,000

4,698,000

5,690,000

'

'

5,000

50,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Convertible, Conversion Price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$3

'

'

Debt Instrument, Convertible, Number of Equity Instruments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,749,167

'

'

Debt Instrument, Convertible, Share Price

'

'

'

'

'

'

'

'

'

'

'

$116.37

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Convertible, Principle Amount

'

'

'

'

'

'

'

'

'

'

'

1,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Convertible, Shares per Principal Amount

'

'

'

'

'

'

'

'

'

'

'

8.5933

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Dividend Threshold for Interest to be Payable In-Kind

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.02

'

'

Long-term Debt, Gross

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value of common securities

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments for Repurchase of Redeemable Noncontrolling Interest

789,000

6,152,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,640,000

'

Payments for deferred financing costs

670,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization of Financing Costs

$26,000

$0

$282,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

Comprised of 9% paid currently and 3% paid in kind. The subordinated note payable was fully repaid in June 2013.

[2]

The outstanding par represents the total par amount of the junior subordinated notes held by two separate trusts. The Company does not consolidate these trusts. The Company holds $1,489 par value of these junior subordinated notes, comprised of $870 par value of junior subordinated notes related to Alesco Capital Trust I and $619 par value of junior subordinated notes related to Sunset Financial Statutory Trust I. These notes have a carrying value of $0. Therefore, the net par value held by third parties is $48,125.

Debt_Debt_Outstanding_Details

Debt (Debt Outstanding) (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 16, 2009

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2013

Contingent convertible senior notes [Member]

Contingent convertible senior notes [Member]

Junior subordinated debt [Member]

Junior subordinated debt [Member]

Junior subordinated debt [Member]

Subordinated Debt [Member]

Subordinated Debt [Member]

10.50% Contingent convertible senior notes due 2027 [Member]

10.50% Contingent convertible senior notes due 2027 [Member]

8.00% Contingent Convertible Senior Notes Due 2018 [Member]

Alesco Capital Trust I [Member]

Alesco Capital Trust I [Member]

Sunset Financial Statutory Trust I [Member]

Sunset Financial Statutory Trust I [Member]

Star Asia Manager Note Payable [Member]

Junior subordinated debt [Member]

Junior subordinated debt [Member]

Junior subordinated debt [Member]

Junior subordinated debt [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Current Outstanding Par

'

'

$11,369,000

'

$1,489,000

'

'

'

'

$3,121,000

'

$8,248,000

$870,000

'

$619,000

'

$725,000

Junior subordinated notes

'

'

'

'

48,125,000

'

49,614,000

'

'

'

'

'

28,125,000

[1]

'

20,000,000

[1]

'

'

Long-term Debt

$29,674,000

$25,847,000

$11,363,000

$8,068,000

$18,311,000

$17,437,000

'

'

$342,000

$3,115,000

$8,068,000

$8,248,000

$10,697,000

$10,189,000

$7,614,000

$7,248,000

'

Interest Rate Terms

'

'

8.00%

'

9.50%

'

'

12.00%

[2]

'

10.50%

'

8.00%

4.25%

'

4.40%

'

'

Debt Instrument, Interest Rate at Period End

'

'

'

'

'

'

'

12.00%

[3]

'

10.50%

[3],[4]

'

8.00%

[3],[5]

4.25%

[3]

'

4.40%

[3]

'

'

Maturity

'

'

'

'

'

'

'

1-Jun-13

'

20-May-14

[4]

'

25-Sep-18

[5]

30-Jul-37

'

30-Mar-35

'

'

[1]

The outstanding par represents the total par amount of the junior subordinated notes held by two separate trusts. The Company does not consolidate these trusts. The Company holds $1,489 par value of these junior subordinated notes, comprised of $870 par value of junior subordinated notes related to Alesco Capital Trust I and $619 par value of junior subordinated notes related to Sunset Financial Statutory Trust I. These notes have a carrying value of $0. Therefore, the net par value held by third parties is $48,125.

[2]

Comprised of 9% paid currently and 3% paid in kind. The subordinated note payable was fully repaid in June 2013.

[3]

Represents the interest rate as of the last day of the reporting period.

[4]

Represents the holderbs earliest put date and the Companybs earliest redemption date. The contractual maturity for the New Notes is May 2027. The Company may redeem all or part of the $3,121 aggregate principal amount of the New Notes for cash on or after MayB 20, 2014, at a redemption price equal to the principal amount of the New Notes, plus accrued and unpaid interest and additional interest, if any, to, but excluding, the repurchase date. The holders of the New Notes may require the Company to repurchase all or a portion of the New Notes for cash on MayB 15, 2014;B MayB 15, 2017; and MayB 15, 2022 for a repurchase price equal to the principal amount of the New Notes, plus accrued and unpaid interest and additional interest, if any, to, but excluding, the repurchase date. The holders of the New Notes are required to provide notice to the Company of their plan to redeem the New Notes at any time during the 30 days prior to MayB 15, 2014;B MayB 15, 2017; and MayB 15, 2022.

[5]

The holders of the 8.0% Convertible Notes may convert all or any part of the outstanding principal amount of the 8.0% Convertible Notes at any time prior to maturity into shares of the Companybs Common Stock at a conversion price of $3.00 per share, subject to customary anti-dilution adjustments.

Redeemable_NonControlling_Inte1

Redeemable Non-Controlling Interest (Temporary Equity) And Mandatorily Redeemable Equity Interests (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Redeemable Noncontrolling Interest [Line Items]	'	'	'	'
Redemption of redeemable non-controlling interest, net	'	$789	$6,152	'
Distributions Mandatorily Redeemable Equity Interests	2,640	86	3,723	'
Reclassification to Mandatorily Redeemable Equity Interests	'	'	6,446	3,536
Mandatorily redeemable equity interests	86	0	86	'
Redeemable equity interests	829	0	829	'
Promissory notes issued to employees	'	'	4,824	'
Minimum [Member]	'	'	'	'
Redeemable Noncontrolling Interest [Line Items]	'	'	'	'
Mandatorily Redeemable Equity Interests, Duration	'	'2 years	'	'
Maximum [Member]	'	'	'	'
Redeemable Noncontrolling Interest [Line Items]	'	'	'	'
Mandatorily Redeemable Equity Interests, Duration	'	'5 years	'	'
PrinceRidge [Member]	'	'	'	'
Redeemable Noncontrolling Interest [Line Items]	'	'	'	'
Redemption of redeemable non-controlling interest, net	'	'	6,172	'
PrinceRidge [Member] | Employees [Member]	'	'	'	'
Redeemable Noncontrolling Interest [Line Items]	'	'	'	'
Proceeds from Noncontrolling Interests	'	'	$20	'

Permanent_Equity_Preferred_Sto

Permanent Equity (Preferred Stock) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
	item
Permanent Equity [Line Items]	'	'
Preferred Stock, Par or Stated Value Per Share	$0.00	0.001
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Mr. Cohen [Member]	'	'
Permanent Equity [Line Items]	'	'
Voting Power, Percentage	25.20%	'
Series C Junior Participating Preferred Stock	'	'
Permanent Equity [Line Items]	'	'
Preferred Stock, Par or Stated Value Per Share	$0.00	'
Preferred Stock, Shares Authorized	10,000	10,000
Preferred Stock, Shares Outstanding	0	0
Preferred Stock, Voting Rights per Share	10,000	'
Preferred Stock, Liquidation Preference Per Share	$100,000	'
Voting Non-Convertible Preferred Stock [Member]	'	'
Permanent Equity [Line Items]	'	'
Preferred Stock, Par or Stated Value Per Share	$0.00	0.001
Preferred Stock, Shares Authorized	4,983,557	4,983,557
Preferred Stock, Shares Outstanding	4,983,557	4,983,557
Preferred Stock, Shares Issued	4,983,557	4,983,557

Permanent_Equity_Stockholder_R

Permanent Equity (Stockholder Rights Plan) (Details)	12 Months Ended
	Dec. 31, 2013
Permanent Equity [Line Items]	'
Class of Warrant or Right, Warrants or Rights Exercisable	0
Series C Junior Participating Preferred Stock	'
Permanent Equity [Line Items]	'
Class of Warrant or Right, Exercise Price of Warrants or Rights	100
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	0.0001
Class of Warrant or Right, Exercise Trigger, Percentage of Common Stock Owned by Individual or Affiliates	4.95%

Permanent_Equity_Retirement_of

Permanent Equity (Retirement of Treasury Stock) (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2011	Sep. 30, 2011	Dec. 31, 2012	Dec. 31, 2011
Equity, Class of Treasury Stock [Line Items]	'	'	'	'
Purchase of common stock for treasury	19,900	647,701	'	667,601
Treasury Stock, Retired, Cost Method, Amount	'	'	'	$1,488
Treasury Stock Acquired, Average Cost Per Share	'	'	'	$2.23
Retirement of treasury stock	'	'	50,400	667,601
Retained Earnings/ (Accumulated Deficit) [Member]	'	'	'	'
Equity, Class of Treasury Stock [Line Items]	'	'	'	'
Treasury Stock, Retired, Cost Method, Amount	'	'	328	'
Treasury Stock [Member]	'	'	'	'
Equity, Class of Treasury Stock [Line Items]	'	'	'	'
Purchase of common stock for treasury	'	'	'	667,601
Treasury Stock, Retired, Cost Method, Amount	'	'	-328	($1,488)
Retirement of treasury stock	'	'	-50,400	-667,601

Permanent_Equity_Dividends_and

Permanent Equity (Dividends and Distributions) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Total Stockholders' Equity [Member]	'	'	'
Class of Stock [Line Items]	'	'	'
Dividends	$1,066	$953	$2,115
Non-controlling Interest [Member]	'	'	'
Class of Stock [Line Items]	'	'	'
Dividends	$431	$420	$1,054

Permanent_Equity_Future_Conver

Permanent Equity (Future Conversion / Redemption of Operating LLC Units) (Details) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Permanent Equity [Line Items]	'		'	'	'
Vesting of units	90,135	[1]	'	'	'
Membership Units Received Net Of Surrenders	2,749,167		'	'	'
Stock Issued During Period, Shares, New Issues	2,935,506		230,846	313,051	'
Institutional Financial Markets, Inc. [Member]	'		'	'	'
Permanent Equity [Line Items]	'		'	'	'
Vesting of units	90,135		'	'	'
IFMI, LLC [Member]	'		'	'	'
Permanent Equity [Line Items]	'		'	'	'
Common Unit, Outstanding	19,895,748		16,457,628	15,500,011	15,626,903
Vesting of units	186,339		302,934	'	'
Stock Redeemed or Called During Period, Shares	'		'	31,554	'
Stock Redeemed or Called During Period, Value	'		'	$107	'
Unit Issuance And Surrender Agreement [Member] | IFMI, LLC [Member]	'		'	'	'
Permanent Equity [Line Items]	'		'	'	'
Membership Units Received Net Of Surrenders	502,614		705,083	259,212	'
JVB Holdings Agreement [Member]	'		'	'	'
Permanent Equity [Line Items]	'		'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	'3 years		'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	186,342		372,681	559,020	'
JVB Holdings Agreement [Member] | IFMI, LLC [Member]	'		'	'	'
Permanent Equity [Line Items]	'		'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	'		'	559,020	'
Vesting of units	186,339		186,339	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	'3 years		'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	186,342		'	'	'
Membership Units Received Net Of Surrenders	'		'	313,051	'
Private Placement [Member] | IFMI, LLC [Member]	'		'	'	'
Permanent Equity [Line Items]	'		'	'	'
Membership Units Received Net Of Surrenders	2,749,167		'	'	'
2009 Equity Award Plan [Member]	'		'	'	'
Permanent Equity [Line Items]	'		'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	'3 years		'	'	'
2009 Equity Award Plan [Member] | IFMI, LLC [Member]	'		'	'	'
Permanent Equity [Line Items]	'		'	'	'
Vesting of units	'		116,595	'	'
Stock Redeemed or Called During Period, Shares	'		44,507	'	'
Units Not Exchanged [Member] | IFMI, LLC [Member]	'		'	'	'
Permanent Equity [Line Items]	'		'	'	'
Vesting of units	'		72,088	'	'
Daniel G. Cohen and Other Unit Holders [Member] | IFMI, LLC [Member]	'		'	'	'
Permanent Equity [Line Items]	'		'	'	'
Common Unit, Outstanding	5,324,090		'	'	'
Daniel G. Cohen [Member] | IFMI, LLC [Member]	'		'	'	'
Permanent Equity [Line Items]	'		'	'	'
Common Unit, Outstanding	4,983,557		4,983,557	4,983,557	4,983,557
[1]	Vesting includes 90,135 of unvested restricted units of IFMI Common Stock. See note 20.

Permanent_Equity_Schedule_Of_U

Permanent Equity (Schedule Of Unrestricted Common Stock Activity) (Details)	3 Months Ended		12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Class of Stock [Line Items]	'	'	'		'		'
Balance, Shares	'	'	11,552,551		12,679,717		10,482,684
Issuance of common stock	'	'	2,935,506		230,846		313,051
Issuance as equity-based compensation	'	'	408,079		428,984		3,924,612
Vesting of shares	'	'	90,135	[1]	'		'
Shares withheld for employee taxes	'	'	-71,583		-162,048		-24,668
Forfeiture / cancellation of restricted stock	'	'	-104,983		-1,508,353	[2]	-1,348,361	[2]
Surrender of restricted stock	'	'	'		-116,595	[3]	'
Purchase of common stock for treasury	-19,900	-647,701	'		'		-667,601
Retirement of treasury stock	'	'	'		-50,400		-667,601
Balance, Shares	12,679,717	'	14,809,705	[4]	11,552,551		12,679,717
Institutional Financial Markets, Inc. [Member]	'	'	'		'		'
Class of Stock [Line Items]	'	'	'		'		'
Vesting of shares	'	'	90,135		'		'
Forfeiture / cancellation of restricted stock	'	'	'		'		-90,135
PrinceRidge [Member]	'	'	'		'		'
Class of Stock [Line Items]	'	'	'		'		'
Forfeiture / cancellation of restricted stock	'	'	'		848,742		'
Common Stock [Member]	'	'	'		'		'
Class of Stock [Line Items]	'	'	'		'		'
Balance, Shares	'	'	10,794,725		10,132,497		10,370,858
Issuance of common stock	'	'	2,935,506		230,846		313,051
Vesting of shares	'	'	739,931	[1]	643,830		140,857
Shares withheld for employee taxes	'	'	-71,583		-162,048		-24,668
Retirement of treasury stock	'	'	'		-50,400		-667,601
Balance, Shares	10,132,497	'	14,398,579	[4]	10,794,725		10,132,497
Deferred Compensation Share Based Payments [Member]	'	'	'		'		'
Class of Stock [Line Items]	'	'	'		'		'
Balance, Shares	'	'	757,826		2,597,620		162,226
Issuance as equity-based compensation	'	'	408,079		428,984		3,924,612
Vesting of shares	'	'	-649,796	[1]	-643,830		-140,857
Forfeiture / cancellation of restricted stock	'	'	-104,983		-1,508,353	[2]	-1,348,361	[2]
Surrender of restricted stock	'	'	'		-116,595	[3]	'
Balance, Shares	2,597,620	'	411,126	[4]	757,826		2,597,620
Treasury Stock [Member]	'	'	'		'		'
Class of Stock [Line Items]	'	'	'		'		'
Balance, Shares	'	'	'		-50,400		-50,400
Purchase of common stock for treasury	'	'	'		'		-667,601
Retirement of treasury stock	'	'	'		50,400		667,601
Balance, Shares	-50,400	'	'		'		-50,400
[1]	Vesting includes 90,135 of unvested restricted units of IFMI Common Stock. See note 20.
[2]	For the 2011 period, the cancellation of restricted stock included the 90,135 shares of restricted stock of IFMI that the Company cancelled and replaced with 90,135 restricted units of IFMI Common Stock in October 2011. The 90,135 restricted units were not included in the above table since the restricted units are not considered legally outstanding.For the 2012 period, the forfeiture of restricted stock included the 848,742 shares of restricted stock that the former chief executive officer of PrinceRidge and member of the Board of Managers of PrinceRidge GP and the former chairman of the Board of Managers of PrinceRidge GP forfeited in connection with the separation, release, and repurchase agreements that the Company entered into with them in July 2012. See note 20.
[3]	In December 2012, Mr.B Cohen transferred 116,595 restricted shares of IFMI Common Stock to the Company in order to satisfy his obligation under the Equity Funding Agreement. See note 20 for the discussion about the 2009 Restricted Units Pursuant to the 2009 Equity Award Plan.
[4]	Excludes remaining restricted units of IFMI Common Stock. See note 20.

Permanent_Equity_Operating_LLC

Permanent Equity Operating LLC Membership Units) (Details)

12 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

Institutional Financial Markets, Inc. [Member]

Institutional Financial Markets, Inc. [Member]

Institutional Financial Markets, Inc. [Member]

Daniel G. Cohen [Member]

Daniel G. Cohen [Member]

Daniel G. Cohen [Member]

Daniel G. Cohen [Member]

Other Unit Holders [Member]

Other Unit Holders [Member]

Other Unit Holders [Member]

Unit Issuance And Surrender Agreement [Member]

Unit Issuance And Surrender Agreement [Member]

Unit Issuance And Surrender Agreement [Member]

Unit Issuance And Surrender Agreement [Member]

Unit Issuance And Surrender Agreement [Member]

Unit Issuance And Surrender Agreement [Member]

JVB Holdings Agreement [Member]

JVB Holdings Agreement [Member]

JVB Holdings Agreement [Member]

JVB Holdings Agreement [Member]

Private Placement [Member]

Private Placement [Member]

Institutional Financial Markets, Inc. [Member]

Institutional Financial Markets, Inc. [Member]

Institutional Financial Markets, Inc. [Member]

Institutional Financial Markets, Inc. [Member]

Institutional Financial Markets, Inc. [Member]

Permanent Equity [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance, Shares

'

'

'

16,457,628

15,500,011

15,626,903

11,133,538

10,248,009

10,343,347

4,983,557

4,983,557

4,983,557

4,983,557

340,533

268,445

299,999

'

'

'

'

'

'

'

'

'

'

'

'

Membership Units Received Net Of Surrenders

2,749,167

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

502,614

705,083

259,212

502,614

705,083

259,212

'

'

313,051

313,051

2,749,167

2,749,167

Redemption of Operating LLC Units

'

'

'

'

'

-31,554

186,339

230,846

'

'

'

'

'

-186,339

-230,846

-31,554

'

'

'

'

'

'

'

'

'

'

'

'

Vesting of units

90,135

[1]

'

'

186,339

302,934

'

'

'

'

'

'

'

'

186,339

302,934

'

'

'

'

'

'

'

186,339

186,339

'

'

'

'

Retirement of treasury stock

'

-50,400

-667,601

'

-50,400

-667,601

'

-50,400

-667,601

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance, Shares

'

'

'

19,895,748

16,457,628

15,500,011

14,571,658

11,133,538

10,248,009

4,983,557

4,983,557

4,983,557

4,983,557

340,533

340,533

268,445

'

'

'

'

'

'

'

'

'

'

'

'

[1]

Vesting includes 90,135 of unvested restricted units of IFMI Common Stock. See note 20.

Permanent_Equity_Schedule_Of_E

Permanent Equity (Schedule Of Effects Of Changes In Ownership Interest Subsidiary) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Permanent Equity [Abstract]	'	'	'
Net income / (loss) attributable to IFMI	($13,318)	($968)	($9,388)
Increase in IFMI's paid in capital for the acquisition / (surrender) of additional units of consolidated subsidiary, net	2,764	928	-8
Changes from net income / (loss) attributable to IFMI and transfers (to) from non-controlling interest	($10,554)	($40)	($9,396)

EquityBased_Compensation_Narra

Equity-Based Compensation (Narrative) (Details) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Unrecognized compensation expense	$2,220		'		'
Unrecognized compensation expense, period for recognition	'2 years 8 months 12 days		'		'
Number of shares authorized	4,996,500		'		'
Number of shares available for grant	1,558,525		'		'
Weighted average grant date fair value for options granted	$0.70		'		'
Employee Stock Option [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Expected volatility	68.50%		'		'
Expected dividend rate	3.49%		'		'
Expected lives	'4 years		'		'
Risk free rate	0.96%		'		'
Expiration period	'5 years		'		'
2009 Equity Award Plan [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Award vesting period	'3 years		'		'
2009 Equity Award Plan [Member] | Restricted Stock Units (RSUs) [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Awards vested during the period	'		116,595		'
JVB Holdings Agreement [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Award vesting period	'3 years		'		'
Unvested awards	186,342		372,681		559,020
Awards vested during the period	186,339		186,339		'
Granted, Weighted average grant date fair value	'		'		$4.89
Fair Value of awards which vested during the period	233		326		'
2006 / 2010 Plan [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Fair Value of awards which vested during the period	$1,667		$947		$570
Service Based Vesting [Member] | Restricted Stock [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Unvested awards	311,300		427,057		'
Awards vested during the period	522,008		'		'
Granted, Weighted average grant date fair value	$1.98		$1.43		$4.33
Service Based Vesting [Member] | Restricted Stock Units (RSUs) [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Unvested awards	132,450		172,585		'
Awards vested during the period	40,135		'		'
Granted, Weighted average grant date fair value	'		$1.51		$3.26
Performance and Service Based Vesting [Member] | Restricted Stock [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Unvested awards	99,826		330,769		'
Awards vested during the period	127,788		'		'
Granted, Weighted average grant date fair value	'		$1.47		$4.88
Performance and Service Based Vesting [Member] | Restricted Stock Units (RSUs) [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Unvested awards	500,000	[1]	500,000	[1]	'
Awards vested during the period	50,000	[1]	'		'
Granted, Weighted average grant date fair value	$2.42		$0		$3.07
[1]	During the first quarter of 2012, the Company issued 500,000 restricted units of IFMI Common Stock to a non-employee. FASB ASC 505-50 requires that an equity instrument issued to a non-employee should be measured by using the stock price and other measurement assumptions as of the earlier of the date at which either: (i)B a commitment for performance by the counterparty has been reached; or (2)B the counterpartybs performance is complete. In accordance with FASB ASC 505-50, the Company will not accrue any expense until the actual vesting date occurs. As of the grant date, the restricted units were valued at $0.

EquityBased_Compensation_Equit

Equity-Based Compensation (Equity-Based Compensation Included In Compensation And Benefits) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'	'	'
Equity-based compensation expense	$1,947	$1,271	$7,674
Non equity-based compensation expense	45,220	61,680	70,553
Total compensation and benefits	$47,167	$62,951	$78,227

EquityBased_Compensation_Perio

Equity-Based Compensation (Period Costs by Plan Name or Instrument) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Equity-based compensation expense	$1,947		$1,271		$7,674
Employee Stock Option [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Equity-based compensation expense	114		'		'
2009 Equity Award Plan [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Equity-based compensation expense	'		-586		400
JVB Holdings Agreement [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Equity-based compensation expense	911		911		879
2006 / 2010 Plan [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Equity-based compensation expense	905		1,290		5,708
PrinceRidge [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Equity-based compensation expense	$17	[1]	($344)	[1]	$687	[1]
[1]	Relates to the issuance of restricted PrinceRidge units to certain investment banking professionals and executives of PrinceRidge. As of December 31, 2013, there were no restricted PrinceRidge units outstanding.

EquityBased_Compensation_Restr

Equity-Based Compensation (Restricted Stock and Restricted Stock Units Activity) (Details) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Restricted Stock Units (RSUs) [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Issuance of Stock and Warrants for Services or Claims	'		$0		'
Share-based Goods and Nonemployee Services Transaction, Securities Issued	'		'500,000		'
Service Based Vesting [Member] | Restricted Stock [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Unvested, beginning balance	427,057		'		'
Granted	408,079		'		'
Vested	-522,008		'		'
Forfeited	-1,828		'		'
Unvested, ending balance	311,300		427,057		'
Unvested, Weighted average grant date fair value, beginning balance	$1.87		'		'
Granted, Weighted average grant date fair value	$1.98		$1.43		$4.33
Vested, Weighted average grant date fair value	$1.62		'		'
Forfeited, Weighted average grant date fair value	$4.89		'		'
Unvested, Weighted average grant date fair value, ending balance	$2.42		$1.87		'
Service Based Vesting [Member] | Restricted Stock Units (RSUs) [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Unvested, beginning balance	172,585		'		'
Vested	-40,135		'		'
Unvested, ending balance	132,450		172,585		'
Unvested, Weighted average grant date fair value, beginning balance	$1.92		'		'
Granted, Weighted average grant date fair value	'		$1.51		$3.26
Vested, Weighted average grant date fair value	$3.26		'		'
Unvested, Weighted average grant date fair value, ending balance	$1.51		$1.92		'
Performance and Service Based Vesting [Member] | Restricted Stock [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Unvested, beginning balance	330,769		'		'
Vested	-127,788		'		'
Forfeited	-103,155	[1]	'		'
Unvested, ending balance	99,826		330,769		'
Unvested, Weighted average grant date fair value, beginning balance	$4.34		'		'
Granted, Weighted average grant date fair value	'		$1.47		$4.88
Vested, Weighted average grant date fair value	$4.34		'		'
Forfeited, Weighted average grant date fair value	$4.89	[1]	'		'
Unvested, Weighted average grant date fair value, ending balance	$3.78		$4.34		'
Performance and Service Based Vesting [Member] | Restricted Stock Units (RSUs) [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Unvested, beginning balance	500,000	[2]	'		'
Granted	50,000	[2]	'		'
Vested	-50,000	[2]	'		'
Unvested, ending balance	500,000	[2]	500,000	[2]	'
Granted, Weighted average grant date fair value	$2.42		$0		$3.07
Vested, Weighted average grant date fair value	$2.42		'		'
2009 Equity Award Plan [Member] | Restricted Stock Units (RSUs) [Member]	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Vested	'		-116,595		'
[1]	During the year ended December 31, 2013, there were 103,155 shares of Restricted Stock that were forfeited due to the fact that the grantees were unable to achieve certain performance thresholds, and therefore, the awards would never vest.
[2]	During the first quarter of 2012, the Company issued 500,000 restricted units of IFMI Common Stock to a non-employee. FASB ASC 505-50 requires that an equity instrument issued to a non-employee should be measured by using the stock price and other measurement assumptions as of the earlier of the date at which either: (i)B a commitment for performance by the counterparty has been reached; or (2)B the counterpartybs performance is complete. In accordance with FASB ASC 505-50, the Company will not accrue any expense until the actual vesting date occurs. As of the grant date, the restricted units were valued at $0.

EquityBased_Compensation_Stock

Equity-Based Compensation (Stock Options, Activity) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013
Number of Options	'
Beginning Balance	'
Granted	3,000,000	[1]
Forfeited	'
Ending Balance	3,000,000
Weighted Average Exercise Price	'
Beginning Balance	'
Granted	$4	[1]
Forfeited	'
Ending Balance	$4
Additional Disclosures	'
Options Non-vested, Weighted Average Remaining Contractual Term	'4 years 9 months 18 days
Options Non-vested, Aggregate Intrinsic Value	'	[2]
Options Exercisable, Number of Options	'
Options Exercisable, Weighted Average Exercise Price	'
Options Exercisable, Weighted Average Remaining Contractual Term	'0 years
Options Exercisable, Aggregate Intrinsic Value	'	[2]
Subject to Stockholder Approval, Pending the Annual Meeting of Stockholders [Member]	'
Number of Options	'
Granted	2,500,000
Employee Stock Option [Member]	'
Additional Disclosures	'
Share Price	$1.98
[1]	Of the options granted, 2,500,000 stock options are subject to stockholder approval during the Companybs 2014 Annual Meeting of Stockholders.
[2]	The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing stock price of the Companybs Common Stock of $1.98 on December 31, 2013. As of December 31, 2013, all options were out of the money.

Income_Taxes_Narrative_Details

Income Taxes (Narrative) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax [Line Items]	'	'	'
Operating loss carryforwards	$95,540	'	'
Prepaid income taxes	146	'	'
Accrued income taxes	'	1,434	'
Interest expense related to unrecognized tax benefits	0	79	92
Accrued interest related to unrecognized tax benefits	'	171	'
Penalties related to unrecognized tax benefits	0	0	0
Capital Loss Carryforward [Member]	'	'	'
Income Tax [Line Items]	'	'	'
Tax credit carryforward	56,835	'	'
Maximum [Member] | State and Local Jurisdiction [Member]	'	'	'
Income Tax [Line Items]	'	'	'
Income tax examination, estimate of possible loss	$4,683	'	'

Income_Taxes_Components_of_Inc

Income Taxes (Components of Income Tax Expense (Benefit)) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Taxes [Abstract]	'	'	'
Current Federal tax expense (benefit)	($1,442)	$142	$92
Current Foreign income tax expense (benefit)	8	20	149
Current State and local income tax expense (benefit)	-57	120	'
Current income tax expense (benefit)	-1,491	282	241
Deferred Federal income tax expense (benefit)	-1,827	-703	-1,047
Deferred State and local income tax expense (benefit)	-247	-194	-343
Deferred income tax expense (benefit)	-2,074	-897	-1,390
Income tax expense (benefit)	($3,565)	($615)	($1,149)

Income_Taxes_Effective_Income_

Income Taxes (Effective Income Tax Rate Reconciliation) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Taxes [Abstract]	'	'	'
Federal statutory rate - 35%	($8,220)	($929)	($5,053)
Pass thru impact	2,581	352	1,689
Deferred tax valuation allowance	3,812	-42	1,964
Recognition of previously unrecognized tax benefit	-1,231	'	'
Other	-507	4	251
Income tax expense (benefit)	($3,565)	($615)	($1,149)

Income_Taxes_Schedule_of_Defer

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Income Taxes [Abstract]	'	'
Federal net operating loss carry-forward	$33,439	$29,990
State net operating loss carry-forward	5,291	5,066
Federal capital loss carry-forward	23,784	25,283
Unrealized loss on investment in Operating LLC	110,382	113,398
Other	873	1,253
Gross deferred tax asset	173,769	174,990
Less: valuation allowance	-165,025	-167,498
Net deferred tax asset	8,744	7,492
Unrealized gain on debt	-13,274	-14,095
Gross deferred tax (liability)	-13,274	-14,095
Net deferred tax asset / (liability)	-4,530	-6,603
Gross deferred tax asset / (liability)	$160,495	$160,895

Income_Taxes_Schedule_of_Unrec

Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2011	Dec. 31, 2010
Income Taxes [Abstract]	'	'	'
Unrecognized tax benefits, beginning balance	$1,231	$1,231	$1,231
Reductions due to lapse of applicable statute of limitations	-1,231	'	'
Unrecognized tax benefits, ending balance	'	$1,231	$1,231

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Income / (Loss) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'	'
Beginning Balance	($495)	($626)	($665)
Change in foreign currency items	-14	154	43
Other comprehensive income / (loss), net	-14	154	43
Acquisition / (surrender) of additional units in consolidated subsidiary, net	-127	-23	-4
Ending Balance	-636	-495	-626
Foreign currency items [Member]	'	'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'	'
Beginning Balance	-495	-626	-665
Change in foreign currency items	-14	154	43
Other comprehensive income / (loss), net	-14	154	43
Acquisition / (surrender) of additional units in consolidated subsidiary, net	-127	-23	-4
Ending Balance	-636	-495	-626
Institutional Financial Markets, Inc. [Member]	'	'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'	'
Ending Balance	($636)	($495)	'

Net_Capital_Requirements_Detai

Net Capital Requirements (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Net Capital Requirements [Line Items]	'	'
Actual Net Capital or Liquid Capital	$28,629	$34,543
Amount Required	2,636	3,281
Excess	25,993	31,262
JVB [Member]	'	'
Net Capital Requirements [Line Items]	'	'
Actual Net Capital or Liquid Capital	7,470	10,833
Amount Required	188	144
Excess	7,282	10,689
Cohen And Company And PrinceRidge L.L.C. [Member]	'	'
Net Capital Requirements [Line Items]	'	'
Actual Net Capital or Liquid Capital	18,566	17,846
Amount Required	250	250
Excess	18,316	17,596
Cohen and Company Financial Limited [Member]	'	'
Net Capital Requirements [Line Items]	'	'
Actual Net Capital or Liquid Capital	2,593	5,864
Amount Required	2,198	2,887
Excess	$395	$2,977

Earnings_Loss_Per_Common_Share2

Earnings / (Loss) Per Common Share (Narrative) (Details)	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Earnings Per Share [Line Items]	'		'		'
Unrestricted Units Exchangeable into Shares	5,324,090	[1]	5,252,198	[1]	5,269,323	[1]
Stock Compensation Plan [Member]	'		'		'
Earnings Per Share [Line Items]	'		'		'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	395,457		144,401		17,424
Convertible Debt Securities [Member]	'		'		'
Earnings Per Share [Line Items]	'		'		'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	732,115		'		'
Board of Directors, Vice Chairman [Member]	'		'		'
Earnings Per Share [Line Items]	'		'		'
Unrestricted Units Exchangeable into Shares	4,983,557		4,983,557		4,983,557
[1]	The Operating LLC membership units not held by IFMI (that is, those held by the non-controlling interest) may be redeemed and exchanged into shares of the Company on a one-to-one basis. The 4,983,557 Operating LLC membership units held by DanielB G. Cohen are redeemable at Mr.B Cohenbs option, at any time, for (i)B cash in an amount equal to the average of the per share closing prices of the Companybs Common Stock for the ten consecutive trading days immediately preceding the date the Company receives Mr.B Cohenbs redemption notice, or (ii)B at the Companybs option, one share of the Companybs Common Stock, subject, in each case, to appropriate adjustment upon the occurrence of an issuance of additional shares of the Companybs Common Stock as a dividend or other distribution on the Companybs outstanding Common Stock, or a further subdivision or combination of the outstanding shares of the Companybs Common Stock. The Operating LLC membership units held by other members of the Operating LLC have the same redemption rights as described above. These units are not included in the computation of basic earnings per share. These units enter into the computation of diluted net income / (loss) per common share when the effect is dilutive using the if-converted method.

Earnings_Loss_Per_Common_Share3

Earnings / (Loss) Per Common Share (Schedule of Earnings / (Loss) Per Common Share) (Details) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Net income / (loss) attributable to IFMI	($13,318)		($968)		($9,388)
Add/ (deduct): Income / (loss) attributable to non-controlling interest attributable to Operating LLC membership units exchangeable into IFMI shares	-6,592	[1]	-857	[1]	-5,571	[1]
Add / (deduct): Adjustment	876	[2]	307	[2]	914	[2]
Net income / (loss) on a fully converted basis	-19,034		-1,518		-14,045
Weighted average common shares outstanding - Basic	12,340,468		10,732,723		10,631,935
Unrestricted Operating LLC membership units exchangeable into IFMI shares	5,324,090	[1]	5,252,198	[1]	5,269,323	[1]
Weighted average common shares outstanding - Diluted	17,664,558	[3]	15,984,921	[3]	15,901,258	[3]
Net income / (loss) per common share - Basic	($1.08)		($0.09)		($0.88)
Net income / (loss) per common share - Diluted	($1.08)		($0.09)		($0.88)
Institutional Financial Markets, Inc. [Member]	'		'		'
Net income / (loss) attributable to IFMI	($13,318)		($968)		($9,388)
[1]	The Operating LLC membership units not held by IFMI (that is, those held by the non-controlling interest) may be redeemed and exchanged into shares of the Company on a one-to-one basis. The 4,983,557 Operating LLC membership units held by DanielB G. Cohen are redeemable at Mr.B Cohenbs option, at any time, for (i)B cash in an amount equal to the average of the per share closing prices of the Companybs Common Stock for the ten consecutive trading days immediately preceding the date the Company receives Mr.B Cohenbs redemption notice, or (ii)B at the Companybs option, one share of the Companybs Common Stock, subject, in each case, to appropriate adjustment upon the occurrence of an issuance of additional shares of the Companybs Common Stock as a dividend or other distribution on the Companybs outstanding Common Stock, or a further subdivision or combination of the outstanding shares of the Companybs Common Stock. The Operating LLC membership units held by other members of the Operating LLC have the same redemption rights as described above. These units are not included in the computation of basic earnings per share. These units enter into the computation of diluted net income / (loss) per common share when the effect is dilutive using the if-converted method.
[2]	An adjustment is included for the following: (i)B if the Operating LLC membership units had been converted at the beginning of the period, the Company would have incurred a higher income tax expense or realized a higher income tax benefit, as applicable; and (ii)B to adjust the non-controlling interest amount to be consistent with the weighted average share calculation.
[3]	For the years ended December 31, 2013, 2012, and 2011, weighted average common shares outstanding excludes a total of 395,457, 144,401, and 17,424 shares, respectively, representing restricted Operating LLC units, restricted IFMI Common Stock, and restricted units of IFMI Common Stock. For the year ended December 31, 2013, weighted average common shares outstanding also excludes 732,115 shares, respectively, from the assumed conversion of the 8% Convertibles Notes because the inclusion of the converted shares would be anti-dilutive.

Commitments_and_Contingencies_1

Commitments and Contingencies (Narrative) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Loss Contingencies [Line Items]	'	'	'
Rent expense	$2,619	$2,537	$3,163
Sublease income	304	68	1,220
Guarantee liability	'	1,084	'
Principal transactions and other income	-7,232	-2,439	1,881
Potential liability, assuming the restricted stock or restricted units to vest	68	'	'
Guarantee Obligations [Member]	'	'	'
Loss Contingencies [Line Items]	'	'	'
Guarantee liability	'	1,084	'
Principal transactions and other income	$1,084	'	'

Commitments_and_Contingencies_2

Commitments and Contingencies (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Commitments And Contingencies [Abstract]	'
Lease, 2014	$4,841
Lease, 2015	3,856
Lease, 2016	2,780
Lease, 2017	357
Lease, 2018	350
Lease, 2019 and Thereafter	749
Lease, Total	12,933
Sublease, 2014	-2,681
Sublease, 2015	-2,415
Sublease, 2016	-2,053
Sublease, Total	-7,149
Net Commitment, 2014	2,160
Net Commitment, 2015	1,441
Net Commitment, 2016	727
Net Commitment, 2017	357
Net Commitment, 2018	350
Net Commitment, 2019 and Thereafter	749
Net Commitment, Total	$5,784

Segment_and_Geographic_Informa1

Segment and Geographic Information (Schedule Of Segment Reporting Information) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Segment Reporting Information [Line Items]	'		'		'
Net trading	$38,528		$69,486		$73,167
Asset management	19,803		23,172		21,698
New issue and advisory	6,418		5,021		3,585
Principal transactions and other income	-7,232		-2,439		1,881
Total revenues	57,517		95,240		100,331
Total operating expenses	78,621		94,945		118,496
Operating income / (loss)	-21,104		295		-18,165
Income / (loss) from equity method affiliates	1,828		5,052		6,232
Other non operating income / (expense)	-4,208		-8,003		-5,943
Income / (loss) before income taxes	-23,484		-2,656		-17,876
Income tax expense / (benefit)	-3,565		-615		-1,149
Net income / (loss)	-19,919		-2,041		-16,727
Less: Net income / (loss) attributable to the non-controlling interest	-6,601		-1,073		-7,339
Net income / (loss) attributable to IFMI	-13,318		-968		-9,388
Depreciation and amortization (included in total operating expense)	1,405		1,305		2,238
Operating Segments [Member]	'		'		'
Segment Reporting Information [Line Items]	'		'		'
Net trading	38,528		69,486		73,167
Asset management	19,803		23,172		21,698
New issue and advisory	6,418		6,021		3,585
Principal transactions and other income	-7,232		-2,439		1,881
Total revenues	57,517		96,240		100,331
Total operating expenses	65,360		83,632		86,693
Operating income / (loss)	-7,843		12,608		13,638
Income / (loss) from equity method affiliates	1,828		5,052		6,232
Other non operating income / (expense)	-173		-3,554		386
Income / (loss) before income taxes	-6,188		14,106		20,256
Income tax expense / (benefit)	14		49		'
Net income / (loss)	-6,202		14,057		20,256
Less: Net income / (loss) attributable to the non-controlling interest	-9		-216		-1,768
Net income / (loss) attributable to IFMI	-6,193		14,273		22,024
Depreciation and amortization (included in total operating expense)	1,112		876		611
Unallocated [Member]	'		'		'
Segment Reporting Information [Line Items]	'		'		'
New issue and advisory	'		-1,000	[1]	'
Total revenues	'		-1,000	[1]	'
Total operating expenses	13,261	[1]	11,313	[1]	31,803	[2]
Operating income / (loss)	-13,261	[1]	-12,313	[1]	-31,803	[2]
Other non operating income / (expense)	-4,035	[1]	-4,449	[1]	-6,329	[2]
Income / (loss) before income taxes	-17,296	[1]	-16,762	[1]	-38,132	[2]
Income tax expense / (benefit)	-3,579	[1]	-664	[1]	-1,149	[2]
Net income / (loss)	-13,717	[1]	-16,098	[1]	-36,983	[2]
Less: Net income / (loss) attributable to the non-controlling interest	-6,592	[1]	-857	[1]	-5,571	[2]
Net income / (loss) attributable to IFMI	-7,125	[1]	-15,241	[1]	-31,412	[2]
Depreciation and amortization (included in total operating expense)	293	[1]	429	[1]	1,627	[2]
Capital Markets [Member]	'		'		'
Segment Reporting Information [Line Items]	'		'		'
Net trading	38,528		69,486		73,167
New issue and advisory	6,418		6,021		3,585
Principal transactions and other income	542		166		199
Total revenues	45,488		75,673		76,951
Total operating expenses	53,518		74,595		79,986
Operating income / (loss)	-8,030		1,078		-3,035
Income / (loss) from equity method affiliates	'		'		-204
Other non operating income / (expense)	-164		-3,554		386
Income / (loss) before income taxes	-8,194		-2,476		-2,853
Income tax expense / (benefit)	14		49		'
Net income / (loss)	-8,208		-2,525		-2,853
Less: Net income / (loss) attributable to the non-controlling interest	-9		-216		-1,768
Net income / (loss) attributable to IFMI	-8,199		-2,309		-1,085
Depreciation and amortization (included in total operating expense)	795		859		596
Asset Management Segment [Member]	'		'		'
Segment Reporting Information [Line Items]	'		'		'
Asset management	19,803		23,172		21,698
Principal transactions and other income	1,712		894		1,316
Total revenues	21,515		24,066		23,014
Total operating expenses	11,523		8,690		6,017
Operating income / (loss)	9,992		15,376		16,997
Income / (loss) from equity method affiliates	546		3,309		5,329
Other non operating income / (expense)	-9		'		'
Income / (loss) before income taxes	10,529		18,685		22,326
Net income / (loss)	10,529		18,685		22,326
Net income / (loss) attributable to IFMI	10,529		18,685		22,326
Depreciation and amortization (included in total operating expense)	317		17		15
Principal investing [Member]	'		'		'
Segment Reporting Information [Line Items]	'		'		'
Principal transactions and other income	-9,486		-3,499		366
Total revenues	-9,486		-3,499		366
Total operating expenses	319		347		690
Operating income / (loss)	-9,805		-3,846		-324
Income / (loss) from equity method affiliates	1,282		1,743		1,107
Income / (loss) before income taxes	-8,523		-2,103		783
Net income / (loss)	-8,523		-2,103		783
Net income / (loss) attributable to IFMI	-8,523		-2,103		783
Institutional Financial Markets, Inc. [Member]	'		'		'
Segment Reporting Information [Line Items]	'		'		'
Total revenues	-11,502		2,666		-5,480
Operating income / (loss)	-11,502		2,666		-5,480
Income / (loss) before income taxes	-15,503		-1,731		-11,097
Income tax expense / (benefit)	-2,185		-763		-1,709
Net income / (loss)	-13,318		-968		-9,388
Net income / (loss) attributable to IFMI	($13,318)		($968)		($9,388)
[1]	Unallocated includes certain expenses incurred by indirect overhead and support departments (such as the executive, finance, legal, information technology, human resources, risk, compliance, and other similar overhead and support departments). Some of the items not allocated include: (1)B operating expenses (such as cash compensation and benefits, equity-based compensation expense, professional fees, travel and entertainment, consulting fees, and rent) related to support departments excluding certain departments that directly support the Capital Markets business segment; (2)B interest expense on debt; and (3)B income taxes. Management does not consider these items necessary for an understanding of the operating results of these business segments and such amounts are excluded in business segment reporting to the Chief Operating Decision Maker. During the third quarter of 2012, PrinceRidge (Capital Markets business segment) entered into an intercompany engagement with CCFL (Asset Management business segment). This intercompany transaction was eliminated in the unallocated segment.
[2]	Unallocated assets primarily include (1)B amounts due from related parties; (2)B furniture and equipment, net; and (3)B other assets that are not considered necessary for an understanding of business segment assets and such amounts are excluded in business segment reporting to the Chief Operating Decision Maker.

Segment_and_Geographic_Informa2

Segment and Geographic Information (Reconciliation Of Assets From Segment To Consolidated) (Details) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Segment Reporting, Asset Reconciling Item [Line Items]	'		'
Total assets	$216,795		$341,001
Investment in equity method affiliates	-31		1,910
Goodwill	11,113	[1]	11,113	[1]
Intangible assets	483	[1]	332	[1]
Institutional Financial Markets, Inc. [Member]	'		'
Segment Reporting, Asset Reconciling Item [Line Items]	'		'
Total assets	86,074		89,460
Investment in equity method affiliates	85,401		89,292
Operating Segments [Member]	'		'
Segment Reporting, Asset Reconciling Item [Line Items]	'		'
Total assets	209,106		326,861
Investment in equity method affiliates	-31		1,910
Goodwill	11,113	[1]	11,113	[1]
Intangible assets	483	[1]	332	[1]
Unallocated [Member]	'		'
Segment Reporting, Asset Reconciling Item [Line Items]	'		'
Total assets	7,689	[2]	14,140	[2]
Capital Markets [Member]	'		'
Segment Reporting, Asset Reconciling Item [Line Items]	'		'
Total assets	172,271		279,863
Goodwill	7,937	[1]	7,937	[1]
Intangible assets	332	[1]	332	[1]
Asset Management Segment [Member]	'		'
Segment Reporting, Asset Reconciling Item [Line Items]	'		'
Total assets	9,938		7,257
Investment in equity method affiliates	-48		493
Goodwill	3,176	[1]	3,176	[1]
Intangible assets	151	[1]	'
Principal investing [Member]	'		'
Segment Reporting, Asset Reconciling Item [Line Items]	'		'
Total assets	26,897		39,741
Investment in equity method affiliates	$17		$1,417
[1]	Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the table from above.
[2]	Unallocated assets primarily include (1)B amounts due from related parties; (2)B furniture and equipment, net; and (3)B other assets that are not considered necessary for an understanding of business segment assets and such amounts are excluded in business segment reporting to the Chief Operating Decision Maker.

Segment_and_Geographic_Informa3

Segment and Geographic Information (Revenue By Geographic Area) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'	'
Total Revenues	$57,517	$95,240	$100,331
UNITED STATES	'	'	'
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'	'
Total Revenues	44,043	78,597	90,475
Europe [Member]	'	'	'
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'	'
Total Revenues	11,178	16,643	9,856
Asia [Member]	'	'	'
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'	'
Total Revenues	2,296	'	'
Institutional Financial Markets, Inc. [Member]	'	'	'
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'	'
Total Revenues	($11,502)	$2,666	($5,480)

Supplemental_Cash_Flow_Disclos1

Supplemental Cash Flow Disclosure (Details) (USD $)

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2011

Oct. 31, 2011

Dec. 31, 2011

Oct. 31, 2011

Dec. 31, 2011

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2011

Dec. 31, 2013

Jan. 13, 2011

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2011

31-May-11

Warrants Not Settleable in Cash [Member]

7.625% Contingent Convertible Senior Notes Due 2027 [Member]

7.625% Contingent Convertible Senior Notes Due 2027 [Member]

10.50% Contingent convertible senior notes due 2027 [Member]

10.50% Contingent convertible senior notes due 2027 [Member]

Common Stock [Member]

Common Stock [Member]

Total Stockholders' Equity [Member]

Total Stockholders' Equity [Member]

Total Stockholders' Equity [Member]

Additional paid-in capital [Member]

Additional paid-in capital [Member]

Additional paid-in capital [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Non-controlling Interest [Member]

Non-controlling Interest [Member]

Non-controlling Interest [Member]

Retained Earnings/ (Accumulated Deficit) [Member]

Treasury Stock [Member]

Treasury Stock [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

IFMI, LLC [Member]

Star Asia Manager [Member]

Star Asia [Member]

Star Asia Manager [Member]

JVB Holdings [Member]

JVB Holdings [Member]

JVB Holdings [Member]

PrinceRidge [Member]

PrinceRidge [Member]

Debt Conversion [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest paid

$3,170,000

$4,698,000

$5,690,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income taxes paid

351,000

158,000

66,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income tax refunds

96,000

134,000

397,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisition / (surrender) of additional units of consolidated subsidiary, net

2,764,000

928,000

-8,000

'

'

'

'

'

'

'

2,637,000

905,000

-12,000

2,764,000

928,000

-8,000

-127,000

-23,000

-4,000

-2,637,000

-905,000

12,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reclassification of equity method investee

705,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

705,000

[1],[2]

'

'

'

'

'

'

'

Reclassification to Mandatorily Redeemable Equity Interests

'

6,446,000

3,536,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Liabilities Assumed

'

4,824,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Transfer from Investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

476,000

'

'

'

'

'

'

Transfer from Investments, Shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

54,452

'

'

'

'

'

'

Other Significant Noncash Transaction, Value of Consideration Given

'

'

146,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other Significant Noncash Transaction, Shares

'

'

3,750

371,950

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Treasury Stock, Shares, Retired

'

50,400

667,601

'

'

'

'

'

50,400

667,601

'

'

'

'

'

'

'

'

'

'

'

'

'

-50,400

-667,601

50,400

667,601

'

'

'

'

'

'

'

'

'

Treasury Stock, Retired, Cost Method, Amount

'

'

1,488,000

'

'

'

'

'

'

1,000

'

'

'

'

'

1,487,000

'

'

'

'

'

'

328,000

-328,000

-1,488,000

'

'

'

'

'

'

'

'

'

'

'

Reorganization Of Equity Method Investee

'

1,841,000

[3]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Conversion, Original Debt, Amount

'

'

'

'

500,000

7,621,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Conversion, Original Debt, Interest Rate of Debt

'

'

'

'

'

7.63%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Conversion, Converted Instrument, Amount

'

'

'

'

'

'

500,000

7,621,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Conversion, Converted Instrument, Rate

'

'

'

'

'

'

'

10.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net Fair Value of IFMI Contribution

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,855,000

[4]

'

16,813,000

16,813,000

18,409,000

'

Business Acquisition, Cost of Acquired Entity, Cash Paid

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

425,000

15,044,000

5,646,000

'

'

'

Cash paid for acquisition of JVB Financial Holdings, L.L.C., net of cash acquired

'

'

-14,956,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-14,956,000

'

'

'

Contribution For Acquisition

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

45,000,000

'

Business Acquisition, Cost of Acquired Entity, Equity Interests Issued and Issuable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,531,000

'

'

'

Business Acquisition, Equity Interest Issued or Issuable, Number of Shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

313,051

'

'

'

Business Combination, Consideration Transferred, Liabilities Incurred

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

725,000

'

326,000

'

'

'

Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$18,502,000

'

Noncontrolling Interest, Ownership Percentage by Parent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

67.60%

'

73.20%

'

'

'

'

'

'

70.50%

70.00%

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

29.50%

'

[1]

See note 4.

[2]

See note 31.

[3]

On DecemberB 20, 2012, Star Asia Opportunity II completed a reorganization whereby its assets were contributed into a subsidiary of the Star Asia Special Situations Fund. The net effect of the reorganization to the Company was that the Company exchanged its ownership interest in Star Asia Opportunity II for cash and an interest in the Star Asia Special Situations Fund. The Star Asia Special Situations Fund is carried at fair value and included as a component of other investments, at fair value. The cash received by the Company in the reorganization is included as distributions / repayments above. The remaining carrying value of the Companybs equity method investment in Star Asia Opportunity II was $1,841 after taking into account the cash distribution from the reorganization. This amount was reclassified from investments in equity method affiliates to other investments, at fair value. It is shown as reorganization in the table above and is treated as the cost basis of the Companybs investment in the Star Asia Special Situations Fund. Any difference between the cost basis assigned and the fair value of the Companybs investment in the Star Asia Special Situations Fund is included as a component of principal transactions, and other income. See notes 8, 9, 28, and 29.

[4]

The purchase price represents the cash paid to Mercury of $425; the note payable to Mercury of $725; and the Companybs equity method investment immediately prior to the Star Asia Manager Repurchase Transaction. For purposes of the provisional amounts, the Company has assumed the carrying value of the Companybs equity method investment immediately prior to the Star Asia Manager Repurchase Transaction approximated fair value. As with all provisional purchase accounting amounts, this is subject to adjustment during the measurement period.

Related_Party_Transactions_Nar

Related Party Transactions (Narrative) (Details) (USD $)

12 Months Ended

12 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

In Thousands, except Share data, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Mar. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Sep. 30, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

EBC Family Trust [Member]

Star Asia Manager [Member]

Star Asia Manager [Member]

MFCA [Member]

Star Asia Special Situations Fund [Member]

Star Asia Special Situations Fund [Member]

TBBK [Member]

TBBK [Member]

TBBK [Member]

Mead Park Capital [Member]

Resource Securities, Inc. [Member]

Institutional Financial Markets, Inc. [Member]

Institutional Financial Markets, Inc. [Member]

Institutional Financial Markets, Inc. [Member]

Subordinated Debt [Member]

Subordinated Debt [Member]

Contingent convertible senior notes [Member]

Contingent convertible senior notes [Member]

Contingent convertible senior notes [Member]

Net Trading [Member]

EBC Family Trust [Member]

Mead Park Capital [Member]

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage of equity method affiliate

'

'

'

'

'

100.00%

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Securities sold under agreements to repurchase

$28,748

$70,273

'

'

'

'

'

'

'

'

$6,445

'

'

'

'

'

'

'

'

'

'

'

'

Notes Payable, Related Parties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,400

5,848

Investments / advances

30

4,716

5,031

'

'

'

'

'

'

'

'

26

'

'

'

'

'

'

'

'

'

'

'

Reorganization Of Equity Method Investee

'

1,841

[1]

'

'

'

'

'

'

'

1,841

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments to Acquire Other Investments

2,035

390

3,068

'

'

'

'

'

302

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Expense, Related Party

'

'

'

'

'

'

'

'

'

'

'

'

396

144

'

'

'

'

'

'

'

'

'

Cash and cash equivalents

13,161

14,500

18,221

43,946

'

'

'

'

'

'

52

36

'

'

'

7

140

'

'

'

'

'

'

Related Party Transaction, Expenses from Transactions with Related Party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6

'

'

'

'

'

'

'

'

Related Party Transaction, Amounts of Transaction

'

'

'

'

4,000

'

'

'

'

'

'

'

'

9,746

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

8.00%

'

'

'

'

'

12.00%

[2]

8.00%

8.00%

'

Revenue from Related Parties

'

'

'

'

'

'

'

9

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repayments of Debt

6,072

16,270

7,960

'

'

'

'

'

'

'

'

'

'

'

'

5,000

10,357

984

1,177

352

'

'

'

Investment Banking Revenue

6,418

5,021

3,585

'

'

'

'

'

'

'

174

'

'

'

'

'

'

'

'

'

'

'

'

Investments in and Advances to Affiliates, Balance, Shares

'

'

'

'

'

'

'

'

'

'

'

2,400

'

'

'

'

'

'

'

'

'

'

'

Investments in and Advances to Affiliates, at Fair Value

'

'

'

'

'

'

'

'

'

'

'

$26

'

'

'

'

'

'

'

'

'

'

'

[1]

On DecemberB 20, 2012, Star Asia Opportunity II completed a reorganization whereby its assets were contributed into a subsidiary of the Star Asia Special Situations Fund. The net effect of the reorganization to the Company was that the Company exchanged its ownership interest in Star Asia Opportunity II for cash and an interest in the Star Asia Special Situations Fund. The Star Asia Special Situations Fund is carried at fair value and included as a component of other investments, at fair value. The cash received by the Company in the reorganization is included as distributions / repayments above. The remaining carrying value of the Companybs equity method investment in Star Asia Opportunity II was $1,841 after taking into account the cash distribution from the reorganization. This amount was reclassified from investments in equity method affiliates to other investments, at fair value. It is shown as reorganization in the table above and is treated as the cost basis of the Companybs investment in the Star Asia Special Situations Fund. Any difference between the cost basis assigned and the fair value of the Companybs investment in the Star Asia Special Situations Fund is included as a component of principal transactions, and other income. See notes 8, 9, 28, and 29.

[2]

Comprised of 9% paid currently and 3% paid in kind. The subordinated note payable was fully repaid in June 2013.

Related_Party_Transactions_Sch

Related Party Transactions (Schedule Of Related Party Transactions) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Related Party Transaction [Line Items]	'		'		'
Net trading	$38,528		$69,486		$73,167
Income / (loss) from equity method affiliates	1,828		5,052		6,232
Cohen Brothers Financial, L.L.C. [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Management fee revenue	'		64		273
TBBK [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Net trading	483		156		658
Star Asia [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Management fee revenue	2,329		'		'
Principal transactions and other income, Dividend income and other	'		'		38
Principal transactions and other income, Gain/(Loss)	-13,065		-7,274		-542
Star Asia Manager [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Income / (loss) from equity method affiliates	158	[1]	1,101	[1]	1,694	[1]
Star Asia SPV [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Income / (loss) from equity method affiliates	1,287		1,581		702
Star Asia Opportunity [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Income / (loss) from equity method affiliates	-5		544		405
Star Asia Opportunity II [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Income / (loss) from equity method affiliates	'		-382		'
Star Asia Capital Management [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Income / (loss) from equity method affiliates	145		504		44
Star Asia Special Situations Fund [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Principal transactions and other income, Gain/(Loss)	152		662		'
S.A.A. Manager [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Income / (loss) from equity method affiliates	255		-8		'
EuroDekania [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Management fee revenue	'		139		667
Net trading	'		'		-101
Principal transactions and other income, Dividend income and other	805		970		298
Principal transactions and other income, Gain/(Loss)	1,167		-331		579
MFCA [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Principal transactions and other income, Dividend income and other	'		'		32
Principal transactions and other income, Gain/(Loss)	'		'		71
Deep Value [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Management fee revenue	'		'		452
Principal transactions and other income, Gain/(Loss)	'		'		-9
Income / (loss) from equity method affiliates	-13		1,712		4,351
E.B.C. [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Interest expense incurred	59		'		'
Mead Park Capital [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Interest expense incurred	144		'		'
Duart Fund [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Principal transactions and other income, Gain/(Loss)	'		'		-456
Duart Capital and Other [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Income / (loss) from equity method affiliates	'		'		-964
Other Related Parties [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Income / (loss) from equity method affiliates	1		'		'
Affiliated Entity [Member]	'		'		'
Related Party Transaction [Line Items]	'		'		'
Management fee revenue	2,329		203		1,392
Net trading	483		156		557
Principal transactions and other income, Dividend income and other	805		970		368
Principal transactions and other income, Gain/(Loss)	-11,746		-6,943		-357
Income / (loss) from equity method affiliates	1,828		5,052		6,232
Interest expense incurred	$203		'		'
[1]	Beginning March 1, 2013, Star Asia Manager was consolidated by the Company. Prior to that, it was treated as an equity method investment. See note A above.

Due_from_Due_to_Related_Partie1

Due from / Due to Related Parties (Details) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Related Party Transaction [Line Items]	'		'
Total Due from Related Parties	$883		$452
EuroDekania Limited [Member]	'		'
Related Party Transaction [Line Items]	'		'
Total Due from Related Parties	18		'
Star Asia Manager [Member]	'		'
Related Party Transaction [Line Items]	'		'
Total Due from Related Parties	'		98	[1]
Star Asia And Related Entities [Member]	'		'
Related Party Transaction [Line Items]	'		'
Total Due from Related Parties	450	[2]	'
Cohen Brothers Financial, LLC [Member]	'		'
Related Party Transaction [Line Items]	'		'
Total Due from Related Parties	4		90
Employees [Member]	'		'
Related Party Transaction [Line Items]	'		'
Total Due from Related Parties	$411		$264
[1]	Beginning March 1, 2013, Star Asia Manager was consolidated by the Company. Prior to that, it was treated as an equity method investment.
[2]	Related entities include Star Asia Capital Management and SAA Manager.

Subsequent_Events_Details

Subsequent Events (Details) (Star Asia And Related Entities [Member], Subsequent Event [Member], USD $)	1 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2014
Star Asia And Related Entities [Member] | Subsequent Event [Member]	'
Subsequent Event [Line Items]	'
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates	$20,043
Contingent Consideration Receivable, as a Percentage of Revenues	15.00%
Contingent Consideration Receivable, Period	'4 years

Condensed_Financial_Informatio2

Condensed Financial Information of Registrant (Balance Sheet) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
In Thousands, unless otherwise specified
Condensed Balance Sheet Statements, Captions [Line Items]	'	'	'	'
Cash and cash equivalents	$13,161	$14,500	$18,221	$43,946
Investment in IFMI, LLC	-31	1,910	'	'
Other assets	10,244	9,623	'	'
Total assets	216,795	341,001	'	'
Accrued interest and other liabilities	8,221	13,080	'	'
Deferred income taxes	13,274	14,095	'	'
Debt	29,674	25,847	'	'
Total liabilities	155,612	264,384	'	'
Preferred Stock	5	5	'	'
Common Stock	14	11	'	'
Additional paid-in capital	73,866	64,829	'	'
Accumulated deficit	-21,754	-7,370	'	'
Accumulated other comprehensive loss	-636	-495	-626	-665
Total stockholders' equity	51,495	56,980	'	'
Total liabilities and equity	216,795	341,001	'	'
Institutional Financial Markets, Inc. [Member]	'	'	'	'
Condensed Balance Sheet Statements, Captions [Line Items]	'	'	'	'
Cash and cash equivalents	7	140	'	'
Investment in IFMI, LLC	85,401	89,292	'	'
Other assets	666	28	'	'
Total assets	86,074	89,460	'	'
Accrued interest and other liabilities	375	301	'	'
Deferred income taxes	4,530	6,674	'	'
Debt	29,674	25,505	'	'
Total liabilities	34,579	32,480	'	'
Preferred Stock	5	5	'	'
Common Stock	14	11	'	'
Additional paid-in capital	73,866	64,829	'	'
Accumulated deficit	-21,754	-7,370	'	'
Accumulated other comprehensive loss	-636	-495	'	'
Total stockholders' equity	51,495	56,980	'	'
Total liabilities and equity	$86,074	$89,460	'	'

Condensed_Financial_Informatio3

Condensed Financial Information of Registrant (Statement of Operations) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Condensed Income Statements, Captions [Line Items]	'	'	'
Total revenues	$57,517	$95,240	$100,331
Operating income / (loss)	-21,104	295	-18,165
Interest expense, net	-4,193	-3,732	-5,976
Income/ (loss) before income tax expense / (benefit)	-23,484	-2,656	-17,876
Income tax expense / (benefit)	-3,565	-615	-1,149
Net income / (loss)	-13,318	-968	-9,388
Institutional Financial Markets, Inc. [Member]	'	'	'
Condensed Income Statements, Captions [Line Items]	'	'	'
Equity in undistributed earnings / (loss) from IFMI, LLC	-11,502	2,666	-5,480
Total revenues	-11,502	2,666	-5,480
Operating income / (loss)	-11,502	2,666	-5,480
Interest expense, net	-4,001	-4,397	-5,617
Income/ (loss) before income tax expense / (benefit)	-15,503	-1,731	-11,097
Income tax expense / (benefit)	-2,185	-763	-1,709
Net income / (loss)	($13,318)	($968)	($9,388)

Condensed_Financial_Informatio4

Condensed Financial Information of Registrant (Statement of Cash Flows) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating activities	'	'	'
Net income / (loss)	($19,919)	($2,041)	($16,727)
Adjustments to reconcile net income / (loss) to net cash provided by (used in) operating activities:	'	'	'
Other (income) / expense	15	-86	-33
Amortization of discount on debt	906	189	429
(Increase) decrease in other assets	-596	1,583	7,615
Increase (decrease) in accounts payable and other liabilities	-4,860	-1,544	-3,149
(Income) / loss from equity method affiliates	-1,828	-5,052	-6,232
Increase (decrease) in deferred income taxes	-2,073	-897	-1,389
Net cash provided by (used in) operating activities	-8,231	14,748	-6,299
Financing activities	'	'	'
Repurchase of debt	-6,072	-16,270	-7,960
Payments for deferred financing costs	-670	'	'
Cash used to settle equity awards	-153	-199	-72
Dividends paid to stockholders	-1,066	-953	-2,115
Net cash used in financing activities	4,032	-27,717	-12,796
Net increase (decrease) in cash and cash equivalents	-1,339	-3,721	-25,725
Cash and cash equivalents, beginning of period	14,500	18,221	43,946
Cash and cash equivalents, end of period	13,161	14,500	18,221
Institutional Financial Markets, Inc. [Member]	'	'	'
Operating activities	'	'	'
Net income / (loss)	-13,318	-968	-9,388
Adjustments to reconcile net income / (loss) to net cash provided by (used in) operating activities:	'	'	'
Equity in undistributed earnings / (loss) from IFMI, LLC	11,502	-2,666	5,480
Distributions from / (Contributions to) IFMI, LLC	-3,653	15,943	8,346
Other (income) / expense	15	-3	-33
Amortization of discount on debt	906	189	429
(Increase) decrease in other assets	32	246	12
Increase (decrease) in accounts payable and other liabilities	74	-330	9
Increase (decrease) in deferred income taxes	-2,144	-826	-1,708
Net cash provided by (used in) operating activities	-6,586	11,585	3,147
Financing activities	'	'	'
Repurchase of debt	-5,000	-10,357	-984
Issuance of debt	8,248	'	'
Payments for deferred financing costs	-670	'	'
Cash used to settle equity awards	-110	-135	-48
Proceeds from issuance of stock, net	5,051	'	'
Dividends paid to stockholders	-1,066	-953	-2,115
Net cash used in financing activities	6,453	-11,445	-3,147
Net increase (decrease) in cash and cash equivalents	-133	140	'
Cash and cash equivalents, beginning of period	140	'	'
Cash and cash equivalents, end of period	$7	$140	'