Cohen & Company (COHN) 10-Q2 Nov 152015 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2015	Oct. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	INSTITUTIONAL FINANCIAL MARKETS, INC.
Entity Central Index Key	1,270,436
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Trading Symbol	ifmi
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		13,382,811

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015		Dec. 31, 2014
Assets
Cash and cash equivalents	$ 13,379		$ 12,253
Receivables from brokers, dealers, and clearing agencies	65,545		48,067
Due from related parties	256		552
Other receivables	6,302		9,398
Investments-trading	140,219		126,748
Other investments, at fair value	18,127		28,399
Receivables under resale agreements	128,730		101,675
Goodwill	7,992	[1]	7,992
Other assets	5,742		7,434
Total assets	386,292		342,518
Liabilities
Payables to brokers, dealers, and clearing agencies	102,179		94,444
Due to related parties	50
Accounts payable and other liabilities	4,328		5,103
Accrued compensation	3,168		4,054
Trading securities sold, not yet purchased	60,912		48,740
Securities sold under agreements to repurchase	128,685		101,856
Deferred income taxes	4,049		3,888
Debt	28,711		27,939
Total liabilities	$ 332,082		$ 286,024
Commitments and contingencies (See Note 16)
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, 15,382,811 and 15,017,219 shares issued and outstanding, respectively, including 365,592 and 158,438 unvested or restricted share awards, respectively	15		15
Additional paid-in capital	75,443		74,604
Accumulated other comprehensive loss	(913)		(772)
Accumulated deficit	(27,981)		(25,617)
Total stockholders' equity	46,569		48,235
Non-controlling interest	7,641		8,259
Total equity	54,210		56,494
Total liabilities and equity	$ 386,292		$ 342,518

[1]	Goodwill and intangible assets as of September 30, 2015 and 2014 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) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	50,000,000	50,000,000
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	15,382,811	15,017,219
Common Stock, shares outstanding	15,382,811	15,017,219
Common Stock, unvested or restricted share awards	365,592	158,438
Series E Preferred Stock [Member]
Preferred Stock, par value	$ 0.001	$ 0.001
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 Oper

Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Revenues
Net trading		$ 8,333	$ 6,327	$ 22,346		$ 19,876
Asset management		2,332	2,740	6,890		10,003
New issue and advisory		2,119	286	4,268		3,004
Principal transactions and other income		143	1,199	3,268		5,091
Total revenues		12,927	10,552	36,772		37,974
Operating expenses
Compensation and benefits		7,044	6,600	20,783		22,138
Business development, occupancy, equipment		901	904	2,543		2,941
Subscriptions, clearing, and execution		1,786	1,843	5,132		6,094
Professional fees and other operating		2,488	1,537	6,353		6,766
Depreciation and amortization		150	251	611		849
Impairment of goodwill						3,121
Total operating expenses		12,369	11,135	35,422		41,909
Operating income / (loss)		558	(583)	1,350		(3,935)
Non-operating income / (expense)
Interest expense		(984)	(1,079)	(2,951)		(3,317)
Income / (loss) from equity method affiliates						27
Income/ (loss) before income tax expense / (benefit)		(426)	(1,662)	(1,601)		(7,225)
Income tax expense / (benefit)		221	62	267		161
Net income / (loss)		(647)	(1,724)	(1,868)		(7,386)
Less: Net income / (loss) attributable to the non-controlling interest		(114)	(469)	(432)		(1,910)
Net income / (loss) attributable to IFMI		$ (533)	$ (1,255)	$ (1,436)		$ (5,476)
Income / (loss) per share data (see Note 17):
Basic Income / (loss) per common share		$ (0.03)	$ (0.08)	$ (0.09)		$ (0.36)
Weighted average shares outstanding-basic		15,229,340	15,066,621	15,202,628		15,013,593
Diluted Income / (loss) per common share		$ (0.03)	$ (0.08)	$ (0.09)		$ (0.36)
Weighted average shares outstanding-diluted	[1]	20,553,430	20,390,761	20,526,718		20,337,731
Dividends declared per common share		$ 0.02	$ 0.02	$ 0.06		$ 0.06
Comprehensive income / (loss):
Net income / (loss)		$ (647)	$ (1,724)	$ (1,868)		$ (7,386)
Other comprehensive income / (loss) item:
Foreign currency translation adjustments, net of tax of $0		56	(162)	(182)		(72)
Other comprehensive income / (loss), net of tax of $0		56	(162)	(182)	[2]	(72)
Comprehensive income / (loss)		(591)	(1,886)	(2,050)		(7,458)
Less: comprehensive income / (loss) attributable to the non-controlling interest		(219)	(512)	(479)		(1,929)
Comprehensive income / (loss) attributable to IFMI		$ (372)	$ (1,374)	$ (1,571)		$ (5,529)

[1]	For the nine months ended September 30, 2015 and 2014, weighted average common shares outstanding excludes a total of 5,406 and 127,146 shares, respectively, representing restricted Operating LLC membership units, restricted IFMI common stock, and restricted units of IFMI common stock that would be anti-dilutive because of the Company's net loss. For the three months ended September 30, 2015 and 2014, weighted average common shares outstanding excludes a total of 11,838 shares and 89,506 shares respectively, representing restricted Operating LLC membership units, restricted IFMI common stock, and restricted units of IFMI common stock that would be anti-dilutive because of the Company's net loss. For the nine and three months ended September 30, 2015 and 2014, weighted average common shares outstanding also excludes 2,749,167 shares from the assumed conversion of the 8.0% Convertibles Notes because the inclusion of the converted shares would be anti-dilutive.
[2]	Represents foreign currency translation adjustment. There were no amounts reclassified from accumulated other comprehensive income / (loss).

Consolidated Statements Of Ope5

Consolidated Statements Of Operations And Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Consolidated Statements of Operations [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 0	$ 0
Other comprehensive income / (loss), tax	$ 0	$ 0	$ 0	$ 0

Consolidated Statement Of Chang

Consolidated Statement Of Changes In Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands		Preferred Stock [Member]	Common Stock [Member]	Additional paid-in capital [Member]	Retained Earnings/ (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total Stockholders' Equity [Member]	Non-controlling Interest [Member]	Total
Balance at Dec. 31, 2014		$ 5	$ 15	$ 74,604	$ (25,617)	$ (772)	$ 48,235	$ 8,259	$ 56,494
Net loss					(1,436)		(1,436)	(432)	(1,868)
Other comprehensive income / (loss)	[1]					(135)	(135)	(47)	(182)
Acquisition / (surrender) of additional units of consolidated subsidiary, net				(88)		6	(82)	82
Equity-based compensation and vesting of shares				751			751	265	1,016
Dividends/Distributions					(928)		(928)	(322)	(1,250)
Balance at Sep. 30, 2015		$ 5	$ 15	$ 75,443	$ (27,981)	$ (913)	$ 46,569	$ 7,641	$ 54,210

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

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net income / (loss)	$ (1,868)	$ (7,386)
Adjustments to reconcile net income / (loss) to net cash provided by (used in) operating activities:
Equity-based compensation	1,016	1,134
Accretion of income on other investments, at fair value	(1,918)	(842)
Realized loss / (gain) on other investments	3,209	57
Change in unrealized (gain) loss on other investments, at fair value	(1,633)	(2,001)
Depreciation and amortization	611	849
Amortization of discount on debt	772	1,027
Impairment of goodwill		3,121
(Income) / loss from equity method affiliates		(27)
Change in operating assets and liabilities, net:
(Increase) decrease in other receivables	3,096	1,043
(Increase) decrease in investments-trading	(13,471)	(30,873)
(Increase) decrease in other assets	1,191	(583)
(Increase) decrease in receivables under resale agreement	(27,055)	(37,121)
Change in receivables from / payables to related parties, net	346	301
Increase (decrease) in accrued compensation	(886)	(1,278)
Increase (decrease) in accounts payable and other liabilities	(809)	(3,938)
Increase (decrease) in trading securities sold, not yet purchased, net	12,172	(5,175)
Change in receivables from/ payables to brokers, dealers, and clearing agencies, net	(9,743)	43,056
Increase (decrease) in securities sold under agreement to repurchase	26,829	37,913
Increase (decrease) in deferred income taxes	161	(77)
Net cash provided by (used in) operating activities	(7,980)	(800)
Investing activities
Purchase of investments-other investments, at fair value	(11)	(25,312)
Sales and returns of principal of other investments, at fair value	10,625	5,082
Proceeds from sale of Star Asia and related entities, net		19,924
Return from equity method affiliates		67
Purchase of furniture, equipment, and leasehold improvements	(110)	(143)
Net cash provided by (used in) investing activities	10,504	(382)
Financing activities
Repayment and repurchase of debt		(3,121)
Cash used to net share settle equity awards		(79)
Purchase and retirement of common stock		(207)
IFMI non-controlling interest distributions	(322)	(319)
IFMI dividends	(928)	(959)
Net cash provided by (used in) financing activities	(1,250)	(4,685)
Effect of exchange rate on cash	(148)	(46)
Net increase (decrease) in cash and cash equivalents	1,126	(5,913)
Cash and cash equivalents, beginning of period	12,253	13,161
Cash and cash equivalents, end of period	$ 13,379	$ 7,248

Organization And Nature Of Oper

Organization And Nature Of Operations	9 Months Ended
Organization And Nature Of Operations	Sep. 30, 2015
Organization And Nature Of Operations [Abstract]
Organization And Nature Of Operations	1. ORGANIZATION AND NATURE OF OPERATIONS The Formation Transaction 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 fixed income investments. As of September 30, 2015 , the Company had $3.94 billion in assets under management (“AUM”) , of which 97.8% was in collateralized debt obligations (“CDOs”). In these financial statements, the “Company” refers to IFMI and its subsidiaries on a consolidated basis; “IFMI, LLC” or the “Operating LLC” refers to the main operating subsidiary of the Company, IFMI , LLC (formerly Cohen Brothers); “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 J . V . B . 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. “EuroDekania” refers to EuroDekania (Cayman) Ltd., a Cayman Islands exempted company that is externally managed by CCFL. 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, LP and CCPR changed its name from C&Co/PrinceRidge LLC to J.V.B. Financial Group, LLC. Further, 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 fixed income 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, mortgage originators, 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”) and other forward agency MBS contracts, Small Business Administration (“SBA”) loans, U.S. government bonds, U.S. government agency securities, brokered deposits and certificates of deposits (“CDs”) for small banks, hybrid capital of financial institutions including trust preferred securities (“TruPS”), whole loans, and other structured financial instruments. As of September 30, 2015 , the Company carried out its capital market activities primarily through its subsidiaries: JVB in the United States and CCFL in Europe. Principal Investing : The Company’s Principal Investing business segment is comprised of investments that it has made using its own capital, excluding investments that the Company makes to support its Capital Market business segment. Historically, the Company generally made principal investments in the entities that it managed. Beginning in the first quarter of 2014, the Company refocused its principal investing portfolio on products that it does not manage, which has consisted primarily of investments in CLOs. The focus on CLO investments capitalizes on the Company’s strengths in structured credit and leveraged finance. 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. 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 financial instruments; Principal Investing • gains and losses (unrealized and realized) and income and expense earned on investments classified as other investments, at fair value; • income or loss from equity method affiliates; 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 Vehicles; and incentive management fees earned based on the performance of the various Investment Vehicles; and • income or loss from equity method affiliates.

Basis Of Presentation

Basis Of Presentation	9 Months Ended
Basis Of Presentation	Sep. 30, 2015
Organization And Nature Of Operations [Abstract]
Basis Of Presentation	2. BASIS OF PRESENTATION The financial statements of the Company included herein were prepared in conformity with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair presentation of results for the interim month periods. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and nine months ended September 30, 2015 and 2014 are not necessarily indicative of the results for the entire year or any subsequent interim period. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . Capitalized terms used herein without definition have the meanings ascribed to them in the Annual Report on Form 10-K for the year ended December 31, 2014 . Certain prior period amounts have been reclassified to conform to the current period presentation.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	9 Months Ended
Summary Of Significant Accounting Policies	Sep. 30, 2015
Summary of Significant Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Adoption of New Accounting Standards In April 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08 , Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”) , which changes the criteria for reporting discontinued operations and requires additional disclosures about discontinued operations. The guidance in this ASU raises the threshold for a disposal to qualify as a discontinued operation and certain other disposals that do not meet the definition of a discontinued operation. Under the new provisions, only disposals representing a strategic shift in operations – that is or will have a major effect on an entity’s operations and financial results should be presented as a discontinued operation. Examples include a disposal of a major line of business, a major geographical area, a major equity method investment, or other major parts of an entity. The new provisions also require new disclosures related to individually material disposals that do not meet the definition of a discontinued operation, an entity’s continuing involvement with a discontinued operation following the disposal date and retained equity method investments in a discontinued operation. The provisions of this ASU are effective for annual periods beginning on or after December 15, 2014 and interim periods within that year. The ASU is applied prospectively. Early adoption is permitted but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued. The Company’s adoption of the provisions of ASU 2014-08 effective January 1, 2015 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows. In June 2014, the FASB issued ASU No. 2014-11, Transfers and Servicing (Topic 860): Repurchase to Maturity Transactions, Repurchase Financings, and Disclosures, which changes the accounting for repurchase-to-maturity transactions that are repurchase agreements where the maturity of the security transferred as collateral matches the maturity of the repurchase agreement. According to the new guidance, all repurchase-to-maturity transactions will be accounted for as secured borrowing transactions in the same way as other repurchase agreements rather than as sales of a financial asset and forward commitment to repurchase. The amendments also change the accounting for repurchase financing arrangements that are transactions involving the transfer of a financial asset to a counterparty executed contemporaneously with a reverse repurchase agreement with the same counterparty. Under the new guidance, all repurchase financings will now be accounted for separately, which will result in secured lending accounting for the reverse repurchase agreement. The guidance also requires new disclosures about transfers that are accounted for as sales in transactions that are economically similar to repurchase agreements and increased transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2014 with early adoption prohibited. An entity will be required to present changes in accounting for all outstanding repurchase-to-maturity transactions and repurchase financing arrangements as a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. The disclosures for certain transactions accounted for as a sale is required to be presented for interim and annual periods beginning after December 15, 2014, and the disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The Company ’s adopt ion of the provisions of this ASU effective January 1, 2015 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows. The Company presented the new disclosures for repurchase agreements accounted for as secured borrowings as of September 30, 2015. See note 9. In November 2014, the FASB issued ASU No. 2014-17, Pushdown Accounting , which provides guidance on whether and at what threshold an acquired entity can apply pushdown accounting in its separate financial statements. The amendment gives the acquired entity the option of applying pushdown accounting in the reporting period in which the change-in-control event occurs. The decision to apply pushdown accounting is made for each individual change-in-control event. Once the election is made for a particular event, it is irrevocable. Furthermore, an entity may elect to apply push down accounting in a period subsequent to the change-in-control event but must treat such application as a change in accounting principle and apply the guidance of Accounting Changes and Error Corrections (Topic 250). The amendment is effective on November 18, 2014. The adoption of this ASU did not have an effect on the consolidated financial statements of the Company and it did not have an effect on the separately issued subsidiary statements. B. 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 7 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 7 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 7 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 7 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 September 30, 2015 and December 31, 2014 , the fair value of the Company’s debt was estimated to be $33.7 million and $39.3 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 7 and 8. 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. For derivative instruments, such as TBAs and other forward agency MBS contracts , the fair value is generally based on market price quotations from third party pricing services. See note 7 for disclosures concerning the categorization of the fair value measurements within the three level fair value hierarchy. C. Recent Accounting Developments In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which replaces existing revenue recognition guidance in Topic 605, Revenue Recognition , replaces certain other industry-specific revenue recognition guidance, specifies the accounting for certain costs to obtain or fulfill a contract with a customer and provides recognition and measurement guidance in relation to sales of non-financial assets. The core principle of this ASU is to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU provides guidance on how to achieve this core principle, including how to identify contracts with customers and separate performance obligations in the contract, how to determine and allocate the transaction price to such performance obligations and how to recognize revenue when a performance obligation has been satisfied. The ASU is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2016 with early adoption prohibited. The Company will be required to apply the amendments in this ASU using one of the following two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within the ASU; or (ii) retrospective with the cumulative effect of initially applying the ASU recognized at the date of the initial application and providing certain additional disclosures as defined in the ASU. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606), Deferral of the Effective Date, which defers the effective date of ASU No. 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of the annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company will adopt the provisions of this ASU effective January 1, 2018 and is currently evaluating the new guidance to determine the impact it will have on its financial statements. In June 2014, the FASB issued ASU No. 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target could be Achieved After the Requisite Service Period , which requires a performance target that affects vesting and that could be achieved after the requisite service period be accounted for as a performance condition rather than as a non-vesting condition that affects the grant-date fair value of the award. A reporting entity should apply existing guidance in Topic 718, Compensation-Stock Compensation , as it relates to such awards. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted using either of two methods: (i) prospective to all awards granted or modified after the effective date; or (ii) retrospective to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter , with the cumulative effect of applying this ASU as an adjustment to the opening retained earnings balance as of the beginning of the earliest annual period presented in the financial statements. The Company will adopt the provisions of this ASU effective January 1, 2016 and is currently evaluating the new guidance to determine the impact, if any, that it will have on the Company’s consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity , which provides a measurement alternative for an entity that consolidates collateralized financing entities. A collateralized financing entity is a variable interest entity with nominal or no equity that holds financial assets and issues beneficial interests in those financial assets. The beneficial interests, which are financial liabilities of the collateralized financing entity, have contractual recourse only to the related assets of the collateralized financing entity. If elected, the alternative method results in the reporting entity measuring both the financial assets and financial liabilities of the collateralized financing entity using the more observable of the two fair value measurements, which effectively removes measurement differences between the financial assets and financial liabilities of the collateralized financing entity previously r ecorded as net income (loss) attributable to non-controlling and other beneficial interests and as an adjustment to appropriated retained earnings. The reporting entity continues to measure its own beneficial interests in the collateralized financing entity (other than those that represent compensation for services) at fair value. The ASU is effective for annual periods and interim periods with those annual periods beginning after December 15, 2015. A reporting entity may apply the ASU using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the annual period of adoption. A reporting entity may also apply the ASU retrospectively to all relevant prior periods beginning with the annual period in which ASU No. 2009-17 , Consolidation (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities , was adopted. Early adoption is permitted. The Company is currently evaluating the potential impact on its consolidated financial statements and related disclosures. In January 2015, the FASB issued ASU No. 2015-01, Income Statement – Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items , which eliminates from U.S. GAAP the requirement of extraordinary items to be separately classified on the income statement. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company will adopt the provisions of this ASU effective January 1, 2016 and is currently evaluating the new guidance to determine the impact it may have on the Company’s consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis , which makes targeted amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the Variable Interest Entity (“VIE”) guidance. The revised consolidation guidance, among other things, (i) modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, (ii) eliminated the presumption that a general partner should consolidate a limited partnership, and (iii) modifies the consolidation analysis of reporting entities that are involved with VIEs through fee arrangements and related party relationships . The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement for debt issuance costs are not affected by the amendments in this update. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of these amendments is permitted for financial statements that have not been previously issued. An entity should apply the new guidance on a retrospective basis, and the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. The Company is currently evaluating the impact of these amendments on the presentation in its consolidated financial statements. In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820) – Disclosures for Investments in Certain Entities t hat Calculate Net Asset Value per Share (or i ts Equivalent) . Reporting entities are permitted to use net asset value (“NAV”) as a practical expedient to measure the fair value of certain investments. Under current U.S. GAAP, investments that use the NAV practical expedient to measure fair value are categorized within the fair value hierarchy as level 2 or level 3 investments depending on their redemption attributes, which has led to diversity in practice. This ASU will remove the requirement to categorize within the fair value hierarchy all investments that use the NAV practical expedient for fair value measurement purposes. Furthermore, the ASU will remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the NAV practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The ASU is effective for fiscal years beginning after December 15, 2015 and interim periods with those fiscal years. The ASU must be applied retrospectively to all prior periods presented. The Company will adopt this ASU on January 1, 2016. The adoption of this ASU is expected to have an impact on the disclosures to the Company’s financial statements. In June 2015, the FASB issued ASU No. 2015-10, Technical Corrections and Improvements, which covers a wide range of topics in the codification. This ASU clarifies the codification, correct unintended application of guidance, or make minor improvements to the codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The transition guidance varies based on the amendments in this ASU. The amendments in this ASU that require transition guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments are effective upon the issuance of this ASU. The Company does not expect that the adoption of this ASU will have a material impact on its consolidated financial statements and disclosures. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments , which includes amendments that eliminate the requirement to restate prior period financial statements for measurement period adjustments following a business combination. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The prior period impact of the adjustment should be either presented separately on the face of the income statement or disclosed in the notes to the financial statements. The amendments in this ASU are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The Company is currently evaluating the impact of these amendments on the presentation in its consolidated financial statements.

Dispositions

Dispositions	9 Months Ended
Dispositions	Sep. 30, 2015
Dispositions
Dispositions	4. DISPOSITIONS Sale of European Operations On August 19, 2014, the Operating LLC entered into a definitive agreement to sell its European operations (the “Europe Sale Agreement”) to C&Co Europe Acquisition LLC, an entity controlled 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 the President of CCFL, for approximately $8,700 . The purchase price for the Company’s European operations consists of an upfront payment at closing of $4,750 (subject to adjustment) and up to $3,950 to be paid over the four years following the closing of the sale. Pursuant to the Europe Sales Agreement, the Operating LLC has agreed to enter into a non-cancellable trust deed agreement with one of the entities included in the sale of the Company’s European operations (the manager of the Munda CLO I), which would result in the Operating LLC retaining the right to substantially all revenues from the management of Munda CLO I, as well as the proceeds from any potential future sale of the Munda CLO I management agreement. Revenue generated by the Munda CLO for the nine months ended September 30, 2015 and 2014 was $1,956 and $2,524 , respectively, and for the three months ended September 30, 201 5 and 201 4 was $625 and $829 , respectiv ely. Under the terms of the Europe Sale Agreement, the Operating LLC has agreed to divest its European operations, including asset management and capital market activities through offices located in London, Paris, and Madrid, and for approximately 20 employees to transition from the Operating LLC to C&Co Europe Acquisition LLC. Under the Europe Sale Agreement, upon the closing of the transaction, Mr. Cohen would be deemed to have voluntarily terminated employment with the Company and its affiliates and to have resigned from all other positions and offices that he holds with the Company and its affiliates. Notwithstanding the foregoing, Mr. Cohen would receive no severance or other compensation related to such termination and resignation and Mr. Cohen would remain vice chairman of the Company’s board of directors and IFMI’s largest shareholder (including voting only shares). The Operating LLC’s European asset management business which the Operating LLC has agreed to sell pursuant to the Europe Sale Agreement includes management agreements for the Dekania Europe I, II, and III CDOs and the management agreements for several European managed accounts. As of September 30, 2015, these European assets under management totaled approximately $799,035 , which represented 20% of the Company’s total AUM. Although the manager of Munda CLO I constitutes part of the business to be transferred under the Europe Sale Agreement , the Munda CLO I management agreement will be held in trust for the benefit of the Operating LLC. As of September 30, 2015, the Munda CLO I assets under management totaled approximately $505,441 , which represented 13% of the Company’s total AUM. The Operating LLC’s European capital markets business consists of credit-related fixed income sales, trading, and financing as well as new issue placements in corporate and securitized products and advisory services, operating primarily through the Operating LLC’s subsidiary, CCFL. The combined European business which is subject to the Europe Sale Agreement , excluding the revenues and expenses related to Munda CLO I, accounted for approximately $5,145 of revenue for the nine months ended September 30, 2015, and $1,463 of operating loss for the nine months ended September 30, 2015, and included approximately $(1,373) of net assets as of September 30, 2015. Under the te rms of the Europe Sale Agreement, the Operating LLC had the right to initiate, solicit, facilitate, and encourage alternative acquisition proposals from third parties for a “go shop” period of up to 90 days from the signing of the purchase agreement. On October 29, 2014, the special committee of the board of directors elected to end the “go shop” period. The “go shop” period did not result in the Operating LLC receiving a superior proposal from a third party, and the Operating LLC is pursuing the transaction with the entity controlled by Daniel G. Cohen . The sale of the European business is subject to customary closing conditions and regulatory approval from the United Kingdom Financial Conduct Authority. On March 26, 2015, the parties to the Europe Sale Agreement entered into an amendment to (i) extend the deadline for the closing of the transaction from March 31, 2015 to June 30, 2015, and (ii) extend the date on which C&Co Europe Acquisition LLC will be obligated to cause the settlement of related European intercompany accounts owed to IFMI , LLC (the “Intercompany Payables”) from March 31, 2015 to June 30, 2015. On June 30, 2015, the parties to the Europe Sale Agreement agreed to extend the deadline for the closing from June 30, 2015 to December 31, 2015 and the settlement date of the Intercompany Payables from June 30, 2015 to December 31, 2015 (the “Second Extension”). In connection with the Second Extension, the parties to the Europe Sale Agreement agreed that if the Europe Sale Agreement is terminated in accordance with its terms (as amended by the Second Extension) prior to the closing , then (i) Mr. Cohen will pay $600 of the legal and financial advisory fees and expenses incurred by the Operating LLC and the Special Committee in connection with the transactions contemplated by the Europe Sale Agreement since April 1, 2014 and (ii) an amendment (the “Employment Agreement Amendment”) to the Amended and Restated Employment Agreement, dated as of May 9, 2013, among the Operating LLC , the Company, Mr. Cohen , and J.V.B. Financial Group Holdings, LP (formerly known as C&Co/PrinceRidge Holdings LP) (the “ Cohen Employment Agreement”), will be amended to provide that if Mr. Cohen’s employment is terminated by the Operating LLC without “ cause ” , or by Mr. Cohen for “ good reason ” (as such terms are defined in the Cohen Employment Agreement), the Operating LLC will pay Mr. Cohen a maximum of $1,000 as a severance benefit (in lieu of the minimum of $3,000 as severance payment currently provided for under the Cohen Employment Agreement in the event that Mr. Cohen’s employment is so terminated) .

Receivables From And Payables T

Receivables From And Payables To Brokers, Dealers, And Clearing Agencies	9 Months Ended
	Sep. 30, 2015
Receivables From And Payables To Brokers, Dealers, And Clearing Agencies [Abstract]
Receivables from and Payables to Brokers, Dealers, and Clearing Agencies	5. RECEIVABLES FROM AND PAYABLES TO BROKERS, DEALERS AND CLEARING AGENCIES Amounts receivable from brokers, dealers, and clearing agencies consisted of the following at September 30, 2015 and December 31, 2014 . RECEIVABLES FROM BROKERS, DEALERS AND CLEARING AGENCIES (Dollars in Thousands) September 30, 2015 December 31, 2014 Deposits with clearing agencies $ $ Unsettled regular way trades, net - Receivables from clearing agencies Receivables from brokers, dealers, and clearing agencies $ $ Deposits with clearing agencies represent funds the Company is required to deposit with its clearing agencies per the terms of each clearing agreement. These amounts are required to remain on deposit with the clearing agency so long as the clearing agreement is in effect. Securities transactions that settle in the regular way are recorded on the trade date, as if they had settled. The related amounts receivable and payable for unsettled securities transactions are recorded net (by entity) in receivables from or payables to brokers, dealers, and clearing agencies on the Company’s consolidated balance sheets. Receivables from clearing agencies include free credit balances, proceeds from securities sold, including financial instruments sold not yet purchased, and other amounts receivable. Proceeds related to financial instruments sold, not yet purchased may be restricted until the securities are purchased. Amounts payable to brokers, dealers, and clearing agencies consisted of the following at September 30, 2015 and December 31, 2014 , respectively. PAYABLES TO BROKERS, DEALERS AND CLEARING AGENCIES (Dollars in Thousands) September 30, 2015 December 31, 2014 Unsettled regular way trades, net $ $ Margin payable Payables to brokers, dealers, and clearing agencies $ $ Margin payable represents borrowings from clearing agencies to finance the Company’s trading inventory. Effectively, all of the Company’s trading assets and deposits with clearing agencies serve as collateral for the margin payable. These assets are held by the Company’s clearing agency. The Company incurred interest on margin payable of $ 436 and $ 291 for the nine months ended September 30, 2015 and 2014 , respectively, and $ 156 and $ 119 for the three months ended September 30, 2015 and 2014 , respectively.

Financial Instruments

Financial Instruments	9 Months Ended
Financial Instruments	Sep. 30, 2015
Financial Instruments [Abstract]
Financial Instruments	6. FINANCIAL INSTRUMENTS Investments—Trading The following table provides detail of the investments classified as investments-trad ing as of the periods indicated. INVESTMENTS - TRADING (Dollars in Thousands) September 30, 2015 December 31, 2014 U.S. government agency MBS and CMOs $ $ U.S. government agency debt securities RMBS U.S. Treasury securities CLOs - Other ABS SBA loans Corporate bonds and redeemable preferred stock Municipal bonds Certificates of deposit Derivatives (1) Equity securities - Investments-trading $ $ (1) Includes TBAs, other forward agency MBS contracts, and other extended settlement trades. See note 8. Trading Securities Sold, Not Yet Purchased The following table provides detail of the trading securities sold, not yet purcha sed as of the periods indicated. TRADING SECURITIES SOLD, NOT YET PURCHASED (Dollars in Thousands) September 30, 2015 December 31, 2014 U.S. Treasury securities $ $ Corporate bonds and redeemable preferred stock Municipal bonds Derivatives (1) Trading securities sold, not yet purchased $ $ (1) Includes TBAs, other forward agency MBS contracts, and other extended settlement trades. See note 8. 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 ( losses ) gains in the amount of $ 700 and $ (1,496) for the nine months ended September 30, 2015 and 2014 , 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 o ther investments, at fair value. OTHER INVESTMENTS, AT FAIR VALUE (Dollars in Thousands) September 30, 2015 Cost Carrying Value Unrealized Gain(Loss) CLOs $ $ $ CDOs Equity Securities: EuroDekania Tiptree Financial, Inc. ("Tiptree") Other securities Total equity securities Residential loans Foreign currency forward contracts - Other investments, at fair value $ $ $ December 31, 2014 Cost Carrying Value Unrealized Gain(Loss) CLOs $ $ $ CDOs Equity Securities: EuroDekania Tiptree Other securities Total equity securities Residential loans Foreign currency forward contracts - Other investments, at fair value $ $ $

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
Fair Value Disclosures	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures	7. 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, Financial Instruments (“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. In general, s uch financial assets accounted for at fair value include: • securities that would otherwise qualify for available for sale treatment; • 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 • 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 gains (losses) of $ (1,576) and $ 1,944 related to changes in fair value of investments that are included as a component of other investments, at fair value during the nine months ended September 30, 2015 and 2014 , respectively. The Company recognized net gains (losses) of $ (1,222) and $ 28 related to changes in fair value of investments that are included as a component of other investments, at fair value during the three months ended September 30, 2015 and 2014 , respectively. Fair Value Measurements In accordance with FASB ASC 820, Fair Value Measurements and Disclosures (“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 1 Financial 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 2 Financial 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 3 Financial 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 three and nine months ended September 30, 2015 . During the three and nine months ended September 30, 2014, there was one transfer of $2,705 into level 1 from level 2 related to the Company’s investment in Tiptree . 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 September 30, 2015 and December 31, 2014 , 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 September 30, 2015 (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 $ $ - $ $ - U.S. government agency debt securities - - RMBS - - U.S. Treasury securities - - Other ABS - - SBA loans - - Corporate bonds and redeemable preferred stock - - Municipal bonds - - Certificates of deposit - - Derivatives - - Total investments - trading $ $ $ $ - Other investments, at fair value EuroDekania (1) $ $ - $ - $ Tiptree (2) - - Other equity securities - CLOs - - CDOs - - Residential loans - - Foreign currency forward contracts - - Total other investments, at fair value $ $ $ $ Liabilities Trading securities sold, not yet purchased: U.S. Treasury securities $ $ $ - $ - Corporate bonds - - Municipal bonds - - Derivatives - - Total trading securities sold, not yet purchased $ $ $ $ - (1) Hybrid Securities Fund—European. (2) Diversified Holding Company. FAIR VALUE MEASUREMENTS ON A RECURRING BASIS December 31, 2014 (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 $ $ - $ $ - U.S. government agency debt securities - - RMBS - - U.S. Treasury securities - - CLOs - - Other ABS - - SBA loans - - Corporate bonds and redeemable preferred stock - - Municipal bonds - - Certificates of deposit - - Derivatives - - Equity securities - Total investments - trading $ $ $ $ - Other investments, at fair value EuroDekania (1) $ $ - $ - $ Tiptree (2) - - Other equity securities - CLOs - - CDOs - - Residential loans - - Foreign currency forward contracts - - Total other investments, at fair value $ $ $ $ Liabilities Trading securities sold, not yet purchased: U.S. Treasury securities $ $ $ - $ - Corporate bonds and redeemable preferred stock - - Municipal bonds - - Derivatives - - Total trading securities sold, not yet purchased $ $ $ $ - (1) Hybrid Securities Fund—European. (2) Diversified Holding Company. 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. CLOs, CDOs, and ABS : CLOs, CDOs, and ABS are interests in securitizations. ABS 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, these 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 the interests in securitizations. The Company generally believes that to the extent that it (1) receives two quotations in a similar range from broker-dealers knowledgeable about these interests in securitizations, and (2) 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. Each CLO and CDO position is evaluated independently taking into consideration available comparable market levels, underlying collateral performance and pricing, deal structures, and liquidity. 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 2 or level 3 of the valuation hierarchy depending on if the model inputs are observable or not . 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. 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 that 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 . 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. Residential Loans : Management utilizes home price indices or market indications to value the residential loans. These are considered level 2 in the hierarchy. 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 C urrency 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 8. TBAs and Other Forward Agency MBS contracts 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 and other forward agency MBS contracts 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 and other forward agency MBS contracts are classified in level 3 of the fair value hierarchy. U.S. government agency MBS and CMOs include TBAs and other forward agency MBS contracts . Unrealized gains on TBAs and other forward agency MBS contracts are included in investments-trading on the Company’s consolidated balance sheets and unrealized losses on TBAs and other forward agency MBS contracts are included in trading securities sold, not yet purchased on the Company’s consolidated balance sheets. See note 8. Other Extended Settlement Trades When the Company buys or sells a financial instrument that will not settle in the regular time frame, the Company will account for that purchase and sale on the settlement date rather than the trade date. In those cases, the Company accounts for the transaction between trade date and settlement date as a derivative (as either a purchase commitment or sale commitment). The Company will record an unrealized gain or unrealized loss on the derivative for the difference between the fair value of the underlying financial instrument as of the reporting date and the agreed upon transaction price. The Company will determine the fair value of the financial instrument using the methodologies described above. 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 Nine Months Ended September 30, 2015 (Dollars in Thousands) December 31, 2014 Net trading Gains and losses (3) Transfers out of level 3 Accretion of income ( 3) Purchases Sales and returns of capital September 30, 2015 Change in unrealized gains /(losses) (1) Assets Other investments, at fair value Equity Securities: EuroDekania (2) $ $ - $ $ - $ - $ - $ $ $ Total equity securities - - - - CLOs - - - CDOs - - - - - Total other investments, fair value $ $ - $ $ - $ $ - $ $ $ (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 Funds—European. ( 3 ) Recorded as a component of principal transactions and other income in the consolidated statement of operations. LEVEL 3 INPUTS Nine Months Ended September 30, 2014 (Dollars in Thousands) December 31, 2013 Net trading Gains and losses (5) Transfers out of level 3 Accretion of income (5) Purchases Sales and returns of capital September 30, 2014 Change in unrealized gains /(losses) (1) Assets Investments-trading CLOs (3) $ $ $ - $ - $ - $ - $ $ - $ - Total investments-trading $ $ $ - $ - $ - $ - $ $ - $ - Other investments, at fair value Equity Securities: EuroDekania (2) $ $ - $ $ - $ - $ - $ $ $ Star Asia (4) - - - - - - Star Asia Special Situations Fund (4) - - - - - - - Total equity securities - - - - CLOs (3) - - - CDOs - - - - - - - Total other investments, fair value $ $ - $ $ - $ $ $ $ $ (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 Funds—European. (3) Sales in investments-trading include $133 of an investment in a CLO that was reclassified from investments-trading to other investments, at fair value, which is included in purchases in other investments, at fair value as of September 30, 2014 . (4) Real Estate Funds – Asian. The Company sold its investment in Star Asia and Star Asia Special Situations Fund on February 20, 2014 along with its investment in certain other related entities. (5) Recorded as a component of principal transactions and other income in the consolidated statement of operations. LEVEL 3 INPUTS Three Months Ended September 30, 2015 (Dollars in Thousands) June 30, 2015 Net trading Gains and losses (3) Transfers out of level 3 Accretion of income (3) Purchases Sales and returns of capital September 30, 2015 Change in unrealized gains /(losses) (1) Assets Other investments, at fair value Equity Securities: EuroDekania (2) $ $ - $ $ - $ - $ - $ $ $ Total equity securities - - - - CLOs - - - CDOs - - - - - Total other investments, fair value $ $ - $ $ - $ $ - $ $ $ (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 Funds—European. ( 3 ) Recorded as a component of principal transactions and other income in the consolidated statement of operations. LEVEL 3 INPUTS Three Months Ended September 30, 2014 (Dollars in Thousands) June 30, 2014 Net trading Gains and losses (3) Transfers out of level 3 Accretion of income (3) Purchases Sales and returns of capital September 30, 2014 Change in unrealized gains /(losses) (1) Assets Other investments, at fair value Equity Securities: EuroDekania (2) $ $ - $ $ - $ - $ - $ $ $ Total equity securities - - - - CLOs - - CDOs - - - - - Total other investments, fair value $ $ - $ $ - $ $ $ $ $ (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 Funds—European. (3) Recorded as a component of principal transactions and other income in the consolidated statement of operations. 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 nine and three months ended September 30, 2015 and 2014 , there were no transfers into or out of level 3 of the valuation hierarchy. Other investments, at fair value : During the nine and three months ended September 30, 2015 and 2014 , there were no transfers into or out of level 3 of the valuation hierarchy. The following table s provide the quantitative information about level 3 fair value measurements as of September 30, 2015 and December 31, 2014 . QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS (Dollars in Thousands) Significant Range of Fair Value Valuation Unobservable Weighted Significant September 30, 2015 Technique Inputs Average Inputs Assets Other investments, at fair value CLOs $ Discounted Cash Flow Model Yield 13.0% -20.0% Duration (years) 6.6 -7.9 Default rate 2.0% QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS (Dollars in Thousands) Significant Range of Fair Value Valuation Unobservable Weighted Significant December 31, 2014 Technique Inputs Average Inputs Assets Other investments, at fair value CLOs $ Discounted Cash Flow Model Yield 12.4% - 18.3% Duration (years) 2.6 - 4.5 Default rate 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. " CLOs - With respect to the fair value measurement of CLOs for which the Company uses a discounted cash flow model, changes in yield, duration, and default rate would impact the fair value measurement. The higher the yield, the lower the fair value of the investment. The longer the duration, the lower the fair value of the investment. The higher the default rate, the lower the fair value of the investment. • 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. Investments in Certain Entities t hat Calcul ate Net Asset Value Per Share (or i ts 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 September 30, 2015 and December 31, 2014 . FAIR VALUE MEASUREMENTS OF INVESTMENTS IN CERTAIN ENTITIES THAT CALCULATE NET ASSET VALUE PER SHARE (OR ITS EQUIVALENT) (Dollars in Thousands) Fair Value September 30, 2015 Unfunded Commitments Redemption Frequency Redemption Notice Period Other investments, at fair value EuroDekania (a) $ N/A N/A N/A $ Fair Value December 31, 2014 Unfunded Commitments Redemption Frequency Redemption Notice Period Other investments, at fair value EuroDekania (a) $ N/A N/A N/A $ 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 NAV per share of the investment in accordance with the “practical expedient” provisions of FASB ASC 820.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
Derivative Financial Instruments	Sep. 30, 2015
Derivative Financial Instruments [Abstract]
Derivative Financial Instruments	8. 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 the Company’s 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 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, from time to time, may include (i) foreign currency forward contracts; (ii) purchase and sale agreements of TBAs and other forward agency MBS contracts; and (iii) other extended settlement trades. TBAs are forward contracts to purchase or sell mortgage-backed securities whose collateral remain “to be announced” until just prior to the trade settlement. In addition to TBAs, the Company sometimes enters into forward purchases or sales of agency mortgage-backed securities where the underlying collateral has been identified. These transactions are referred to as other forward agency MBS contracts. TBAs and other forward agency MBS contracts are accounted for as derivatives by the Company under FASB ASC 815. The settlement of these transactions is not expected to have a material effect on the Company’s consolidated financial statements. In addition to TBAs and other forward agency MBS contracts as part of the Company’s broker-dealer operations, the Company may from time to time enter into other securities or loan trades that do not settle within the normal securities settlement period. In those cases, the purchase or sale of the security or loan is not recorded until the settlement date. However, from the trade date until the settlement date, the Company’s interest in the security is accounted for as a derivative as either a forward purchase commitment or forward sale commitment. 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. 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 of September 30, 2015 and December 31, 2014 , the Company had outstanding foreign currency forward contracts with a notional amount of 2.75 million Euros and 3 million Euros, respectively . TBAs and Other Forward Agency MBS Contracts The Company enters into TBAs and other forward agency MBS transactions for three main reasons. (i) 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 may enter into the purchase and sale of TBAs and other forward agency MBS contracts. (ii) The Company also enters into TBAs and other forward agency MBS contracts 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 these clients. (iii) Finally, the Company may enter into TBAs and other forward agency MBS contracts on a speculative basis. The Company carries the TBAs and other forward agency MBS 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. At September 30, 2015 , the Company had open TBA and other forward agency MBS sale agreements in the notional amount of $ 816,157 and open TBA and other forward agency MBS purchase agreements in the notional amount of $ 816,157 . At December 31, 2014 , the Company had open TBA and other forward agency MBS sale agreements in the notional amount of $ 318,463 and open TBA and other forward agency MBS purchase agreements in the notional amount of $ 318,463 . Other Extended Settlement Trades When the Company buys or sells a financial instrument that will not settle in the regular time frame, the Company will account for that purchase and sale on the settlement date rather than the trade date. In those cases, the Company accounts for the transaction between trade date and settlement date as a derivative as either a forward purchase commitment or a forward sale commitment. The Company will record an unrealized gain or unrealized loss on the derivative for the difference between the fair value of the underlying financial instrument as of the reporting date and the agreed upon transaction price. At September 30, 2015 , the Company had open forward purchase commitments of $11,889 and open forward sale commitments of $0 . At December 31, 2014, the Company had open forward purchase commitments of $3,517 and open forward sale commitments of $0 . 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 September 30, 2015 and December 31, 2014 . DERIVATIVE FINANCIAL INSTRUMENTS-BALANCE SHEET INFORMATION (Dollars in Thousands) Derivative Financial Instruments Not Designated as Hedging Instruments Under FASB ASC 815 Balance Sheet Classification September 30, 2015 December 31, 2014 TBAs and other forward agency MBS Investments-trading $ $ Other extended settlement trades Investments-trading - Foreign currency forward contracts Other investments, at fair value TBAs and other forward agency MBS Trading securities sold, not yet purchased Other extended settlement trades Trading securities sold, not yet purchased - $ $ The following table presents the Company’s derivative financial instruments and the amount and location of the net gain (loss) recognized in the conso lidated 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 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Foreign currency forward contracts Revenues-principal transactions and other income $ $ Other extended settlement trades Revenue-net trading - TBAs and other forward agency MBS Revenues-net trading $ $ 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 Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Foreign currency forward contracts Revenues-principal transactions and other income $ $ - Other extended settlement trades Revenue-net trading - TBAs and other forward agency MBS Revenues-net trading $ $

Collateralized Securities Trans

Collateralized Securities Transactions	9 Months Ended
Collateralized Securities Transactions	Sep. 30, 2015
Collateralized Securities Transactions [Abstract]
Collateralized Securities Transactions	9. COLLATERALIZED SECURITIES TRANSACTIONS Securities purchased under agreements to resell (“reverse repurchase agreements” or “receivables under resale agreements”) or sales of securities under agreements to repurchase (“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. 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. The Company enters into reverse repurchase agreements to acquire securities to cover short positions, as an investment, or as part of its matched book repo financing business. 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 September 30, 2015 and December 31, 2014 , the Company held reverse repurchase agreements of $ 128,730 and $ 101,675 , respectively, and the fair value of securities received as collateral under reverse repurchase agreements was $ 139,379 and $ 107,931 , respectively. At September 30, 2015 and December 31, 2014 , the Company had repurchase agreements of $ 128,685 and $ 101,856 , respectively, and the fair value of securities pledged as collateral under repurchase agreements was $ 139,379 and $ 108,065 , respectively. These amounts include collateral for reverse repurchase agreements that were re-pledged as collateral for repurchase agreements. The following table is a summary of the remaining contractual maturity of the gross obligations under repurchase agreements accounted for as secured borrowings segregated by the underlying collateral pledged. Repurchase Agreements Accounted for as Secured Borrowings (Dollars in Thousands) September 30, 2015 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total Repurchase Agreements: U.S. government agency MBS $ - $ $ - $ - $ U.S. government agency CMOs - - - $ - $ $ - $ - $ Gross amount of recognized liabilities for repurchase agreements $

Other Assets and Accounts Payab

Other Assets and Accounts Payable and Other Liabilities	9 Months Ended
Other Assets and Accounts Payable and Other Liabilities	Sep. 30, 2015
Other Assets and Accounts Payable and Other Liabilities [Abstract]
Other Assets And Accounts Payable And Other Liabilities	1 0 . OTHER ASSETS AND ACCOUNTS PAYABLE AND OTHER LIABILITIES Other assets included: OTHER ASSETS (Dollars in Thousands) September 30, 2015 December 31, 2014 Deferred costs $ $ Prepaid expenses Prepaid income taxes - Security deposits Miscellaneous other assets Cost method investment Furniture, equipment, and leasehold improvements, net Intangible assets Other assets $ $ Accounts payable and other liabilities included: ACCOUNTS PAYABLE AND OTHER LIABILITIES (Dollars in Thousands) September 30, 2015 December 31, 2014 Accounts payable $ $ Rent payable Accrued interest payable Accrued interest on securities sold, not yet purchased Payroll taxes payable Accrued income taxes - Other general accrued expenses Accounts payable and other liabilities $ $

Variable Interest Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2015
Variable Interest Entities [Abstract]
Variable Interest Entities	11. VARIABLE INTEREST ENTITIES FASB ASC 810, Consolidation (“FASB ASC 810”), contains the guidance surrounding the definition of variable interest entities (“VIEs”), the definition of VIEs, and the consolidation rules surrounding VIEs. See note 3 for a discussion about ASU 2015-02. 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, through voting rights or similar rights, to direct the activities of a legal entity that most significantly impact the VIE’s economic performance and (ii) if the Company has the obligation to absorb the expected 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 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 September 30, 2015 , 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 t o determine if its interest (including any investment as well as certain 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 September 30, 2015 , the Company had variable interests in various securitization VIEs, but determined that it is not the primary beneficiary thereof, and, therefore, the Company 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 nine and three months ended September 30, 2015 and 2014 and had no liabilities, contingent liabilities, or guarantees (implicit or explicit) related to these VIEs at September 30, 2015 and December 31, 2014 . The table below 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 12) 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 held variable interests at September 30, 2015 and December 31, 2014 . NON-CONSOLIDATED VARIABLE INTEREST ENTITIES (Dollars in Thousands) September 30, 2015 Other Receivable Other Investments, at fair value Other Assets Maximum Exposure to loss in non-consolidated VIEs Managed VIEs $ $ - $ - $ Third party managed VIEs Total $ $ $ $ December 31, 2014 Other Receivable Other Investments, at fair value Other Assets Maximum Exposure to loss in non-consolidated VIEs Managed VIEs $ $ - $ - $ Third party managed VIEs Total $ $ $ $

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2015
Debt [Abstract]
Debt	1 2 . DEBT The Company had the following debt outstanding: DETAIL OF DEBT (Dollars in Thousands) Description Current Outstanding Par September 30, 2015 December 31, 2014 Interest Rate Terms Interest (3) Maturity Convertible senior notes: 8.00% convertible senior notes (the "8.0% Convertible Notes") $ $ $ Fixed % September 2018 (1) Junior subordinated notes: Alesco Capital Trust I (2) Variable % July 2037 Sunset Financial Statutory Trust I (2) Variable % March 2035 $ Total $ $ (1) 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. (2 ) The outstanding par represents the total par amount of the junior subordinated notes held by two separate trusts. The Company d oes 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 . (3 ) Represents the interest rate in effect as of the last day of the reporting period. Refer to note 17 to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, for a discussion of the Company’s debt .

Equity

Equity	9 Months Ended
Equity	Sep. 30, 2015
Equity [Abstract]
Equity	1 3 . EQUITY Stockholders’ Equity Common Equity : The following table reflects the activity for the nine months ended September 30, 2015 related to the number of shares of unrestricted common stock that the Company had issued as of September 30, 2015 . Common Stock Shares December 31, 2014 Vesting of shares September 30, 2015 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”) , which 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. During the nine months ended September 30, 2015 , IFMI received and surrendered units of the Operating LLC. The following table displays the amount of units received (net of surrenders) by IFMI pursuant to the UIS Agreement . Operating LLC Membership Units Units related to UIS Agreement Total The Company recognized a net increase in additional paid in capital of $ 88 and a net decrease in accumulated other comprehensive income of $ 6 with an offsetting decrease in non-controlling interest of $ 82 in connection with the acquisition and surrender of additional units of the Operating LLC. The following schedule presents the effects of changes in IFMI’s ownership interest in the Operating LLC on the equity attributable to IFMI for the nine months ended September 30, 2015 and September 30, 2014. September 30, 2015 September 30, 2014 Net income / (loss) attributable to IFMI $ $ 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 Changes from net income / (loss) attributable to IFMI and transfers (to) from the non-controlling interest $ $ See note 21 regarding transaction subsequent to September 30, 2015.

Net Capital Requirements

Net Capital Requirements	9 Months Ended
Net Capital Requirements	Sep. 30, 2015
Net Capital Requirements [Abstract]
Net Capital Requirements	14 . NET CAPITAL REQUIREMENTS JVB is 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 September 30, 2015 , JVB’s adjusted net capital was $ 24,656 , which exceeded the minimum requirements by $ 24,402 . 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. As of September 30, 2015 , the total minimum required net liquid capital was $ 1,588 , and net liquid capital in CCFL was $ 2,412 , which exceeded the minimum requirements by $ 824 and was in compliance with the net liquid capital provisions. See note 4.

Earnings _ (Loss) Per Common Sh

Earnings / (Loss) Per Common Share	9 Months Ended
Earnings / (Loss) Per Common Share	Sep. 30, 2015
Earnings / (Loss) Per Common Share [Abstract]
Earnings / (Loss) Per Common Share	1 5 . 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) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net income / (loss) attributable to IFMI $ $ $ $ Add/ (deduct): Income / (loss) attributable to non-controlling interest attributable to Operating LLC membership units exchangeable into IFMI shares (1) Add / (deduct): Adjustment (2) Net income / (loss) on a fully converted basis $ $ $ $ Weighted average common shares outstanding - Basic Unrestricted Operating LLC membership units exchangeable into IFMI shares (1) Weighted average common shares outstanding - Diluted (3) Net income / (loss) per common share - Basic $ $ $ $ Net income / (loss) per common share - Diluted $ $ $ $ (1) The Operating LLC membership units not held by IFMI (that is, those held by the non-controlling interest for the nine and three months ended September 30, 2015 and 2014 ) may be redeemed and exchanged into shares of the Company on a one -to-one basis. The Operating LLC membership units not held by IFMI are redeemable at each IFMI member ’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 the member’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 Compan y’s common s tock as a dividend or other distributio n on the Company’s outstanding common s tock, or a further subdivision or combination of the outstanding shares of the Company’s common stock. These membership units enter into the computation of diluted net income / (loss) per common share when the effect is not anti-d ilutive using the if-converted method. (2) An adjustment is included for the following reasons : (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 nine months ended September 30, 2015 and 2014 , weighted average common shares outstanding excludes a total of 5,406 and 127,146 shares, respectively, representing restricted Operating LLC membership units, restricted IFMI common stock, and restricted units of IFMI common stock that would be anti-dilutive because of the Company’s net loss. For the three months ended September 30, 2015 and 2014 , weighted average common shares outstanding excludes a total of 11,838 shares and 89,506 shares respectively, representing restricted Operating LLC membership units, restricted IFMI common stock, and restricted units of IFMI common stock that would be anti-dilutive because of the Company’s net loss. For the nine and three months ended September 30, 2015 and 2014 , weighted average common shares outstanding also excludes 2,749,167 shares from the assumed conversion of the 8.0% Convertibles Notes because the inclusion of the converted shares would be anti-dilutive.

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
Commitments And Contingencies	Sep. 30, 2015
Commitments And Contingencies [Abstract]
Commitments And Contingencies	1 6 . COMMITMENTS AND CONTINGENCIES Legal and Regulatory Proceedings 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 was commenced on June 7, 2013 in the Supreme Court of the State of New York, currently captioned NRAM PLC (f/k/a Northern Rock (Asset Management) PLC) v. Societe Generale Corporate and Investment Banking, et al. NRAM PLC, Plaintiff, served the Summons with Notice on Defendants on October 3, 2013, and, filed its complaint relating to an investment in Kleros Preferred Funding VIII, Ltd., a collateralized debt obligation, on November 12, 2013. CCS and CIRA filed a motion to dismiss the complaint on January 27, 2014. On October 31, 2014, the Court ruled on the motion, dismissing certain of the Plaintiff’s theories. The litigation is ongoing and the Company intends to defend the action vigorously. In October 2013, the Company received a Pennsylvania corporate net income tax assessment from the Pennsylvania Department of Revenue in the amount of $4,683 (including penalties) plus interest 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 Board of Appeals, which was denied in June 2014. The Company filed an appeal with the Pennsylvania Board of Finance and Revenue, which was also denied in May 2015. The Company has filed an appeal with the 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. In addition to the matters set forth above, the Company is a party to various routine legal proceedings, claims, and regulatory inquiries arising out of the ordinary course of the Company’s business. Management believes that the results of these routine legal proceedings, claims, 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. Section 382 Rights Agreement On August 28, 2015, the Company’s board of directors approved the redemption of all of the rights outstanding under the Section 382 Rights Agreement, dated May 9, 2013, by and between the Company and Computershare Shareowner Services LLC (the “Rights Agreement”). The redemption immediately terminated all rights to exercise the rights and effectively terminated the Rights Agreement. Pursuant to the redemption, the Company paid to the holders of the rights a redemption price equal to $0.001 per Right, in cash, on September 8, 2015, for an aggregate amount of $15 .

Segment And Geographic Informat

Segment And Geographic Information	9 Months Ended
Segment And Geographic Information	Sep. 30, 2015
Segment and Geographic Information [Abstract]
Segment And Geographic Information	1 7 . 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 for the nine and three months ended September 30, 2015 and 2014 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; and (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 s 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 Nine Months Ended September 30, 2015 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Net trading $ $ - $ - $ $ - $ Asset management - - - New issue and advisory - - - Principal transactions and other income - Total revenues - Total operating expenses Operating income / (loss) Interest expense - - Income / (loss) from equity method affiliates - - - - - - Income / (loss) before income taxes Income tax expense / (benefit) - - - - Net income / (loss) Less: Net income / (loss) attributable to the non-controlling interest - - - - Net income / (loss) attributable to IFMI $ $ $ $ $ $ Other statement of operations data Depreciation and amortization (included in total operating expense) $ $ $ - $ $ $ SEGMENT INFORMATION Statement of Operations Information Nine Months Ended September 30, 2014 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Net trading $ $ - $ - $ $ - $ Asset management - - - New issue and advisory - - - Principal transactions and other income - Total revenues - Total operating expenses Operating income / (loss) Interest expense - - - - Income / (loss) from equity method affiliates - - - Income / (loss) before income taxes Income tax expense / (benefit) - - - - Net income / (loss) Less: Net income / (loss) attributable to the non-controlling interest - - - - Net income / (loss) attributable to IFMI $ $ $ $ $ $ Other statement of operations data Depreciation and amortization (included in total operating expense) $ $ $ - $ $ $ SEGMENT INFORMATION Statement of Operations Information Three Months Ended September 30, 2015 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Net trading $ $ - $ - $ $ - $ Asset management - - - New issue and advisory - - - Principal transactions and other income - Total revenues - Total operating expenses Operating income / (loss) Interest expense - - Income / (loss) from equity method affiliates - - - - - - Income / (loss) before income taxes Income tax expense / (benefit) - - - - Net income / (loss) Less: Net income / (loss) attributable to the non-controlling interest - - - - Net income / (loss) attributable to IFMI $ $ $ $ $ $ Other statement of operations data Depreciation and amortization (included in total operating expense) $ $ $ - $ $ $ SEGMENT INFORMATION Statement of Operations Information Three Months Ended September 30, 2014 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Net trading $ $ - $ - $ $ - $ Asset management - - - New issue and advisory - - - Principal transactions and other income - Total revenues - Total operating expenses Operating income / (loss) Interest expense - - - - Income / (loss) from equity method affiliates - - - - - - Income / (loss) before income taxes Income tax expense / (benefit) - - - - Net income / (loss) Less: Net income / (loss) attributable to the non-controlling interest - - - - Net income / (loss) attributable to IFMI $ $ $ $ $ $ Other statement of operations data Depreciation and amortization (included in total operating expense) $ $ $ - $ $ $ (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. Balance Sheet Data As of September 30, 2015 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Total Assets $ $ $ $ $ $ Included within total assets: Goodwill (2) $ $ $ - $ $ - $ Intangible assets (2) $ $ - $ - $ $ - $ Balance Sheet Data As of September 30, 2014 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Total Assets $ $ $ $ $ $ Included within total assets: Goodwill (2) $ $ $ - $ $ - $ Intangible assets (2) $ $ - $ - $ $ - $ (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 as of September 30, 2015 and 2014 are allocated to the Capital Markets and Asset Management business segments as indicated in the table from above. Asset management total operating expenses include an impairment charge of $3,121 for the nine months ended September 30, 2014 related to the impairment of goodwill attributable to Cira SCM. Geographic Information The Company conducts its business activities through offices in the following locations: (1) United States; (2) United Kingdom and other; and (3) for the period prior to February 20, 2014, Asia. Total revenues by geographic area are summarized as follows . GEOGRAPHIC DATA (Dollars in Thousands) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Total Revenues: United States $ $ $ $ United Kingdom & Other Asia - - - Total $ $ $ $ Long-lived assets attributable to an individual country, other than the United States, are not material.

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosure	9 Months Ended
Supplemental Cash Flow Disclosure	Sep. 30, 2015
Supplemental Cash Flow Disclosure [Abstract]
Supplemental Cash Flow Disclosure	18 . SUPPLEMENTAL CASH FLOW DISCLOSURE Interest paid by the Company on its debt was $ 2,103 and $ 2,268 for the nine months ended September 30, 2015 and 2014 , respectively. The Company paid income taxes of $ 224 and $ 100 for the nine months ended September 30, 2015 and 2014 , respectively. The Company received $0 and $105 income tax refunds for the nine months ended September 30, 2015 and 2014 , respectively. For the nine months ended September 30, 2015 , 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 $ 88 , a net decrease of $ 6 in accumulated other comprehensive income, and a decrease of $ 82 in non-controlling interest. See note 1 3 . For the nine months ended September 30, 2014 , 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. The Company recognized a net increase in additional paid-in capital of $210 , a net decrease of $11 in accumulated other comprehensive income, and a net decrease of $199 in non-controlling interest.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	1 9 . RELATED PARTY TRANSACTIONS The Company has identified the following related party transactions for the nine and three months ended September 30, 2015 and 2014 . 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 . Cohen Bros. Financial, LLC (“CBF”) and EBC 2013 Family Trust (“EBC”) In September 2013, EBC, as an assignee of CBF, made a $4,000 investment in the Company. Daniel G. Cohen is a trustee of EBC. The Company issued $2,400 in principal amount of the 8.0% Convertible Notes , and $1,600 of the Company’s common stock to EBC. See paragraph C below and notes 4 and 17 to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 201 4 . The Company incurred interest expense on this debt , which is disclosed as part of interest expense incurred in the tables at the end of this section. CBF has been identified as a related party because (i) CBF is a non-controlling interest of the Company and (ii) CBF is wholly owned by Mr. Cohen. See the discussion of the sale of European Operations in note 4. B . The Bancorp, Inc. The Bancorp, Inc. (“TBBK”) is identified as a related par ty because Mr. Cohen is TBBK’s c hairman. TBBK maintained deposits for the Company in the amount of $55 and $86 as of September 30, 2015 and December 31, 2014 , 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 s at the end of this section. From time to time, the Company will enter into repurchase agreements with TBBK as its counterparty. As of September 30, 2015 and December 31, 2014 , the Company had repurchase agreements in the amount of $37,973 and $46,275 , respectively, with TBBK as its counterparty. The fair value of the collateral provided to TBBK by the Company relating to these repurchase agreements was $41,920 as of September 30, 2015 and $48,482 as of December 31, 2014. These amounts are included as a component of securities sold under agreement to repurchase in the Company’s consolidated balance sheet. The Company incurred interest expense related to repurchase agreements with TBBK as its counterparty in the amount of $428 and $133 for the nine and three months ended September 30, 2015 , respectively, and $295 and $104 for the nine and three months ended September 30, 2014 , respectively, 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. C . Mead Park Capital Partners LLC (“Mead Park Capital”) and Mead Park Advisors LLC (“Mead Park”) 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 and $3,898 of the Company’s common stock to Mead Park Capital (which were convertible, at any time by the holder thereof prior to the maturity of the notes into 1,949,167 shares of the Company’s common stock) . At the time Jack DiMaio, Jr. was the chief executive officer and founder of Mead Park Capital and Christopher Ricciardi, the former president of the Company, was a member of Mead Park Capital. In connection with the September 25, 2013 closing of the transactions contemplated by the definitive agreements relating to Mead Park Capital’s investment in the Company, Jack DiMaio , Jr. and Mr. 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 notes 4 and 17 to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 201 4 . Concurrent with the appointment of Mr. DiMaio and Mr. Ricciardi to the Company’s board of directors, Mead Park Capital was considered a related party of the Company. The Company incurred interest expense on this debt , which is disclosed as part of interest expense incurred in the table s at the end of this section. On August 28, 2015, Mead Park Capital sold $4,386 of the 8.0% Convertible Notes and 1,461,876 shares of the Company’s common stock to certain accounts controlled by family members of Daniel G. Cohen. The Company’s common stock and 8.0% Convertible Notes sold in this transaction represented substantially all of the amounts beneficially owned by Mr. DiMaio. Mr. Ricciardi did not sell any of the Company’s common stock or 8.0% Convertible Notes beneficially owned by him as part of this transaction. Also as a result of this transaction, Mr. DiMaio was no longer a member of Mead Park Capital. Mr. DiMaio remains the chairman of the Company’s board of directors. Mr. Ricciardi remained a member and sole manager of Mead Park Capital. As of September 30, 2015, Mead Park Capital remained the owner of $1,462 of the aggregated principal amount of the 8.0% Convertible Notes issued in September 2013. Because Mr. Ricciardi remains a director of the Company and a member of Mead Park Capital, Mead Park Capital is still considered a related party subsequent to the August 28, 2015 transaction described above. The Company has incurred interest expense on this debt, which is disclosed as part of interest expense included in the tables at the end of this section. Also, see note 21 for discussion regarding a transaction with Mead Park Capital subsequent to September 30, 2015. CDO Sub -A dvisory Agreement with Mead Park In July 2014, IFMI’s majority owned subsidiaries, Cohen & Company Financial Management LLC (“CCFM”) and Dekania Capital Management, LLC (“DCM”), entered into a CDO sub-advisory agreement with Mead Park whereby Mead Park will render investment advice and provide assistance to CCFM and DCM with respect to their management of certain CDOs. The Company incurred consulting fee expense related to this sub-advisory agreement, which is disclosed as part of professional fee and other operating in the tables at the end of this section. D. The Edward E. Cohen IRA On August 28, 2015, $4,386 in principal amount of the 8.0% Convertible Notes originally issued to Mead Park Capital in September 2013 was purchased by the Edward E. Cohen IRA of which Edward E. Cohen is the benefactor. Edward E. Cohen is the father of Daniel G. Cohen. The Company incurred interest expense on this debt, which is disclosed as part of interest expense incurred in the tables at the end of this section. E . Advisory Agreement with Woodlea Consulting, LLC In March 2015, the Operating LLC entered into an advisory agreement with Woodlea Consulting, LLC (“Woodlea”), a Delaware limited liability company of which Mr. Ricciardi is the sole owner. Woodlea rendered advisory services on the execution of strategic alternatives to the Operating LLC. The advisory agreement was terminated on June 2, 2015. The Company incurred consulting fee expense related to this agreement, which is disclosed as part of professional fee and other operating in the tables at the end of this section. F. Transactions between the Star Asia Group and the Company Star Asia Management Ltd. (“Star Asia Manager ”) serves as external manager of Star Asia Finance Limited (“Star Asia”) and Star Asia Special Purpose Vehicle (“Star Asia SPV”) (see paragraphs F -1 and G - 1 below). The Company owned 50% of Star Asia Manager prior to Star Asia Manager repurchasing its outstanding equity units held by Star Asia Mercury LLC (formerly Mercury Partners, LLC) and, as a result, the Company obtained 100% voting control of Star Asia Manager on March 1, 2013 (the “Star Asia Manager Repurchase Transaction”). Following the Star Asia Manager Repurchase Transaction, the Company owned 100% of Star Asia Manager and included Star Asia Manager in its consolidated financial statements. 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. Effective February 20, 2014, the Company sold its interest in Star Asia, Star Asia Special Situations Fund, Star Asia Capital Management, LLC (“Star Asia Capital Management”), Star Asia Manager, Star Asia Advisors Ltd. (“ SAA Manager ”) , and Star Asia Partners, Ltd. (“ SAP GP ”) (collectively, the “Star Asia Group”) . The Company recognized a gain on the sale in amount of $78 , which is included as a component of principal transactions and other income in the Company’s consolidated statements of operations. Prior to February 20, 2014, the Star Asia Group entities were identified as related parties. The amounts with respect to the transactions identified below are summarized in a table s at the end of this section. 1. Star Asia invests primarily in Asian commercial real estate structured finance products, including CMBS, corporate debt of REITs and real estate operating companies, whole loans, mezzanine loans and other commercial real estate fixed income investments, and in real property in Japan. Star Asia had been identified as a related party because in the absence of the fair value option of FASB ASC 825, Star Asia would have been treated as an equity method affiliate, and because 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 (formerly the Company’s chairman and chief executive officer ) was a member of Star Asia’s board of directors until the sale of the entity on February 20, 2014. The Company, through Star Asia Manager, had an asset mana gement contract with Star Asia. Amounts earned from the management contract are disclosed as part of management fee revenue in the tables at the end of this section. 2. Star Asia Capital Management serves as the external manager of Star Asia Opportunity (see paragraph F-2 below) . S tar Asia Capital Management had been identified as a related party because it was an equity method investee of the Company. The Company recognized its share of the income or loss of Star Asia Capital Management as income or loss from equity method affiliates in the consolidated statements of operations. 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 completed the sale of its interests in the Star Asia Group, including Star Asia Capital Management. 3. In December 2012, the Company, along with two other parties, sponsored the creat ion of a new investment fund, t he Star Asia Special Situations Fund, which 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. The Star Asia Special Situations Fund had been identified as a related party because in the absence of the fair value option of FASB ASC 825, the Company’s investment in the Star Asia Special Situations Fund would be treated as an equity method affiliate of the Company. Gains and losses recognized from its investment are disclosed as part of principal transactions in the tables at the end of this section. On February 20, 2014, the Company completed the sale of its interest s in the Star Asia Group, including the Star Asia Special Situations Fund. 4. SAA Manager serves as the external manager of the Star Asia Special Situations Fund. SAA Manager had been identified as a related party because it was an equity method investee of the Company. The Company did not elect the fair value option for its investment in SAA Manager. Income or loss recognized under the equity method is disclosed in the table s at the end of this section. On February 20, 2014, the Company completed the sale of its interest in the Star Asia Group, including SAA Manager. 5. SAP GP serves as the general partner for the Star Asia Special Situations Fund. SAP GP had been identified as a related party because it was an equity method investee of the Company. The Company did not elect the fair value option for its investment in SAP GP. Income or loss recognized under the equity method is disclosed in the table at the end of this section. Since its inception during the fourth quarter of 2012 and through its sale on February 20, 2014, the Company had not made an investment or recognized any income or loss under the equity method from SAP GP . G . Investment Vehicles and Other The entities below are identified as related parties. Amounts with respect to the transactions identified below are summarized in the table s at the end of this section. 1 . 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 d investment returns on the assets held in the Star Asia SPV up to an agreed upon maximum. Returns above that agreed upon maximu m were remitted back to Star Asia. During the second quarter of 2013, the Company received its maximum investment return from Star Asia SPV and the Company no longer has an ownership interest in the entity. Star Asia SPV has been identified as a related party because it was 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. 2 . Star Asia Opportunity is a Delaware limited liability company formed in July 2011 to partially finance the acquisition of seven real estate properties in Japan. During the second quarter of 2014, the Company received its final liquidating distribution from Star Asia Opportu nity. Star Asia Opportunity had been identified as a related party because it was an equity method investee of the Company. The Company recognized its share of the income or loss of Star Asia Opportunity as income or loss from equity method affiliates in the consolidated statements of operations. Income or loss recognized under the equity method is disclosed in the table s 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 Nine Months Ended September 30, 2015 (Dollars in Thousands) Management fee revenue Net trading Principal transactions Income / (loss) from equity method affiliates Professional fee and other operating Interest expense incurred EBC $ - $ - $ - $ - $ - $ Edward E. Cohen IRA - - - - - Mead Park Capital - - - - - Mead Park - - - - - Woodlea - - - - - $ - $ - $ - $ - $ $ RELATED PARTY TRANSACTIONS Nine Months Ended September 30, 2014 (Dollars in Thousands) Management fee revenue Net trading Principal transactions Income / (loss) from equity method affiliates Professional fee and other operating Interest expense incurred TBBK $ - $ $ - $ - $ - $ - Star Asia (1) - - - - - Star Asia Capital Management (1) - - - - - SAA Manager (1) - - - - - EBC - - - - - Mead Park Capital - - - - - Mead Park - - - - - $ $ $ - $ $ $ (1) Effective February 20, 2014, the Company sold its interest in these entities . See paragraph F from above . RELATED PARTY TRANSACTIONS Three Months Ended September 30, 2015 (Dollars in Thousands) Management fee revenue Net trading Principal transactions Income / (loss) from equity method affiliates Professional fee and other operating Interest expense incurred EBC $ - $ - $ - $ - $ - $ Edward E. Cohen IRA - - - - - Mead Park Capital - - - - - Mead Park - - - - - $ - $ - $ - $ - $ $ RELATED PARTY TRANSACTIONS Three Months Ended September 30, 2014 (Dollars in Thousands) Management fee revenue Net trading Principal transactions Income / (loss) from equity method affiliates Professional fee and other operating Interest expense incurred EBC $ - $ - $ - $ - $ - $ Mead Park Capital - - - - - Mead Park - - - - - $ - $ - $ - $ - $ $ The following related party transactions are non-routine and are not included in the tables above. 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. The Company has a sublease agreement for certain office space with the Company’s chairman of the board. The Company receives payments under this agreement. The payments are recorded as a reduction in the related rent and utility expenses. The Company recorded a reduction in the rent and utility expenses in the amount of $16 and $7 for the nine and three months ended September 30, 2015, respectively. The Company sold a car it owned to Daniel Cohen for $9 in September 2014 resulting in a $9 gain.

Due From _ Due To Related Parti

Due From / Due To Related Parties	9 Months Ended
Due From / Due To Related Parties	Sep. 30, 2015
Due From / Due To Related Parties [Abstract]
Due From / Due To Related Parties	2 0 . 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 19 and final settlement of those transactions in cash. All amounts are primarily non-interest bearing. DUE FROM/DUE TO RELATED PARTIES (Dollars in Thousands) September 30, 2015 December 31, 2014 Employees & other $ $ Due from Related Parties $ $ Mead Park $ $ - Total Due to Related Parties $ $ -

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	21. SUBSEQUENT EVENTS On October 16, 2015, the Company entered into a Termination and Release Agreement (the “Termination Agreement”), by and among the Company, Christopher Ricciardi, a member of the Company’s board of directors, Stephanie Ricciardi, Mr. Ricciardi’s spouse, The Ricciardi Family Foundation, a New York charitable not-for-profit corporation of which Mr. and Mrs. Ricciardi serve as directors (together with Stephanie Ricciardi and Christopher Ricciardi, the “Ricciardi Parties”), and Mead Park Capital of which Mr. Ricciardi is the sole member and the sole manager. Pursuant to the Termination Agreement, in connection with the termination of the Mead Park Purchase Agreement (as defined below) and all rights and obligations thereunder and the mutual release of claims set forth in the Termination Agreement, on October 16, 2015: (i) Mead Park Capital transferred to the Company 487,291 shares of the Company’s common stock; (ii) the Ricciardi Parties transferred to the Company 1,512,709 shares of the Company’s common stock; (iii) the Company and Mead Park Capital terminated in its entirety, effective October 16, 2015, that certain Securities Purchase Agreement, dated as of May 9, 2013, by and among the Company, Mead Park Capital and, solely for purposes of Section 6.3 thereof, Mead Park Holdings LP (the “Mead Park Purchase Agreement”); and (iv) the Company transferred $4 million in cash to accounts designated by Mr. Ricciardi for the benefit of the Ricciardi Parties and Mead Park Capital. The Termination Agreement provides that, during the period beginning on October 16, 2015 and ending on October 16, 2016 (the “Termination Agreement Period”), if the Company or its majority owned subsidiary, IFMI, LLC makes any public or nonpublic offering or sale of any securities (“New Securities”), subject to certain exceptions, then Mr. Ricciardi will be afforded the opportunity to acquire, for the same price and on the same terms as New Securities are proposed to be offered to others, up to the amount of New Securities required to enable Mr. Ricciardi to maintain his proportionate equivalent interest in the Company immediately prior to any such issuance of New Securities. In addition, pursuant to the Termination Agreement, if, during the Termination Agreement Period, any meeting occurs at which the Company’s stockholders vote for the election of the Company’s directors, then (i) the Company’s board of directors will nominate Mr. Ricciardi to stand for election to the board at such meeting; and (ii) the Company’s board of directors will (a) recommend to the Company’s stockholders the election of Mr. Ricciardi at such meeting, and (b) solicit proxies for Mr. Ricciardi in connection with such meeting to the same extent as it does for any of its other nominees to the Company’s board of directors. The Termination Agreement contains standstill provisions applicable to each of Mead Park Capital and the Ricciardi Parties, subject to limited exceptions.

Summary Of Significant Accoun29

Summary Of Significant Accounting Policies (Policies)	9 Months Ended
Summary Of Significant Accounting Policies (Policies)	Sep. 30, 2015
Summary of Significant Accounting Policies [Abstract]
Adoption Of New Accounting Standards	A. Adoption of New Accounting Standards In April 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08 , Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”) , which changes the criteria for reporting discontinued operations and requires additional disclosures about discontinued operations. The guidance in this ASU raises the threshold for a disposal to qualify as a discontinued operation and certain other disposals that do not meet the definition of a discontinued operation. Under the new provisions, only disposals representing a strategic shift in operations – that is or will have a major effect on an entity’s operations and financial results should be presented as a discontinued operation. Examples include a disposal of a major line of business, a major geographical area, a major equity method investment, or other major parts of an entity. The new provisions also require new disclosures related to individually material disposals that do not meet the definition of a discontinued operation, an entity’s continuing involvement with a discontinued operation following the disposal date and retained equity method investments in a discontinued operation. The provisions of this ASU are effective for annual periods beginning on or after December 15, 2014 and interim periods within that year. The ASU is applied prospectively. Early adoption is permitted but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued. The Company’s adoption of the provisions of ASU 2014-08 effective January 1, 2015 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows. In June 2014, the FASB issued ASU No. 2014-11, Transfers and Servicing (Topic 860): Repurchase to Maturity Transactions, Repurchase Financings, and Disclosures, which changes the accounting for repurchase-to-maturity transactions that are repurchase agreements where the maturity of the security transferred as collateral matches the maturity of the repurchase agreement. According to the new guidance, all repurchase-to-maturity transactions will be accounted for as secured borrowing transactions in the same way as other repurchase agreements rather than as sales of a financial asset and forward commitment to repurchase. The amendments also change the accounting for repurchase financing arrangements that are transactions involving the transfer of a financial asset to a counterparty executed contemporaneously with a reverse repurchase agreement with the same counterparty. Under the new guidance, all repurchase financings will now be accounted for separately, which will result in secured lending accounting for the reverse repurchase agreement. The guidance also requires new disclosures about transfers that are accounted for as sales in transactions that are economically similar to repurchase agreements and increased transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2014 with early adoption prohibited. An entity will be required to present changes in accounting for all outstanding repurchase-to-maturity transactions and repurchase financing arrangements as a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. The disclosures for certain transactions accounted for as a sale is required to be presented for interim and annual periods beginning after December 15, 2014, and the disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The Company ’s adopt ion of the provisions of this ASU effective January 1, 2015 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows. The Company presented the new disclosures for repurchase agreements accounted for as secured borrowings as of September 30, 2015. See note 9. In November 2014, the FASB issued ASU No. 2014-17, Pushdown Accounting , which provides guidance on whether and at what threshold an acquired entity can apply pushdown accounting in its separate financial statements. The amendment gives the acquired entity the option of applying pushdown accounting in the reporting period in which the change-in-control event occurs. The decision to apply pushdown accounting is made for each individual change-in-control event. Once the election is made for a particular event, it is irrevocable. Furthermore, an entity may elect to apply push down accounting in a period subsequent to the change-in-control event but must treat such application as a change in accounting principle and apply the guidance of Accounting Changes and Error Corrections (Topic 250). The amendment is effective on November 18, 2014. The adoption of this ASU did not have an effect on the consolidated financial statements of the Company and it did not have an effect on the separately issued subsidiary statements.
Fair Value of Financial Instruments	B. 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 7 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 7 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 7 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 7 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 September 30, 2015 and December 31, 2014 , the fair value of the Company’s debt was estimated to be $33.7 million and $39.3 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 7 and 8. 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. For derivative instruments, such as TBAs and other forward agency MBS contracts , the fair value is generally based on market price quotations from third party pricing services. See note 7 for disclosures concerning the categorization of the fair value measurements within the three level fair value hierarchy.
Recent Accounting Developments	C. Recent Accounting Developments In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which replaces existing revenue recognition guidance in Topic 605, Revenue Recognition , replaces certain other industry-specific revenue recognition guidance, specifies the accounting for certain costs to obtain or fulfill a contract with a customer and provides recognition and measurement guidance in relation to sales of non-financial assets. The core principle of this ASU is to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU provides guidance on how to achieve this core principle, including how to identify contracts with customers and separate performance obligations in the contract, how to determine and allocate the transaction price to such performance obligations and how to recognize revenue when a performance obligation has been satisfied. The ASU is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2016 with early adoption prohibited. The Company will be required to apply the amendments in this ASU using one of the following two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within the ASU; or (ii) retrospective with the cumulative effect of initially applying the ASU recognized at the date of the initial application and providing certain additional disclosures as defined in the ASU. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606), Deferral of the Effective Date, which defers the effective date of ASU No. 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of the annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company will adopt the provisions of this ASU effective January 1, 2018 and is currently evaluating the new guidance to determine the impact it will have on its financial statements. In June 2014, the FASB issued ASU No. 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target could be Achieved After the Requisite Service Period , which requires a performance target that affects vesting and that could be achieved after the requisite service period be accounted for as a performance condition rather than as a non-vesting condition that affects the grant-date fair value of the award. A reporting entity should apply existing guidance in Topic 718, Compensation-Stock Compensation , as it relates to such awards. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted using either of two methods: (i) prospective to all awards granted or modified after the effective date; or (ii) retrospective to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter , with the cumulative effect of applying this ASU as an adjustment to the opening retained earnings balance as of the beginning of the earliest annual period presented in the financial statements. The Company will adopt the provisions of this ASU effective January 1, 2016 and is currently evaluating the new guidance to determine the impact, if any, that it will have on the Company’s consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity , which provides a measurement alternative for an entity that consolidates collateralized financing entities. A collateralized financing entity is a variable interest entity with nominal or no equity that holds financial assets and issues beneficial interests in those financial assets. The beneficial interests, which are financial liabilities of the collateralized financing entity, have contractual recourse only to the related assets of the collateralized financing entity. If elected, the alternative method results in the reporting entity measuring both the financial assets and financial liabilities of the collateralized financing entity using the more observable of the two fair value measurements, which effectively removes measurement differences between the financial assets and financial liabilities of the collateralized financing entity previously r ecorded as net income (loss) attributable to non-controlling and other beneficial interests and as an adjustment to appropriated retained earnings. The reporting entity continues to measure its own beneficial interests in the collateralized financing entity (other than those that represent compensation for services) at fair value. The ASU is effective for annual periods and interim periods with those annual periods beginning after December 15, 2015. A reporting entity may apply the ASU using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the annual period of adoption. A reporting entity may also apply the ASU retrospectively to all relevant prior periods beginning with the annual period in which ASU No. 2009-17 , Consolidation (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities , was adopted. Early adoption is permitted. The Company is currently evaluating the potential impact on its consolidated financial statements and related disclosures. In January 2015, the FASB issued ASU No. 2015-01, Income Statement – Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items , which eliminates from U.S. GAAP the requirement of extraordinary items to be separately classified on the income statement. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company will adopt the provisions of this ASU effective January 1, 2016 and is currently evaluating the new guidance to determine the impact it may have on the Company’s consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis , which makes targeted amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the Variable Interest Entity (“VIE”) guidance. The revised consolidation guidance, among other things, (i) modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, (ii) eliminated the presumption that a general partner should consolidate a limited partnership, and (iii) modifies the consolidation analysis of reporting entities that are involved with VIEs through fee arrangements and related party relationships . The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement for debt issuance costs are not affected by the amendments in this update. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of these amendments is permitted for financial statements that have not been previously issued. An entity should apply the new guidance on a retrospective basis, and the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. The Company is currently evaluating the impact of these amendments on the presentation in its consolidated financial statements. In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820) – Disclosures for Investments in Certain Entities t hat Calculate Net Asset Value per Share (or i ts Equivalent) . Reporting entities are permitted to use net asset value (“NAV”) as a practical expedient to measure the fair value of certain investments. Under current U.S. GAAP, investments that use the NAV practical expedient to measure fair value are categorized within the fair value hierarchy as level 2 or level 3 investments depending on their redemption attributes, which has led to diversity in practice. This ASU will remove the requirement to categorize within the fair value hierarchy all investments that use the NAV practical expedient for fair value measurement purposes. Furthermore, the ASU will remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the NAV practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The ASU is effective for fiscal years beginning after December 15, 2015 and interim periods with those fiscal years. The ASU must be applied retrospectively to all prior periods presented. The Company will adopt this ASU on January 1, 2016. The adoption of this ASU is expected to have an impact on the disclosures to the Company’s financial statements. In June 2015, the FASB issued ASU No. 2015-10, Technical Corrections and Improvements, which covers a wide range of topics in the codification. This ASU clarifies the codification, correct unintended application of guidance, or make minor improvements to the codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The transition guidance varies based on the amendments in this ASU. The amendments in this ASU that require transition guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments are effective upon the issuance of this ASU. The Company does not expect that the adoption of this ASU will have a material impact on its consolidated financial statements and disclosures. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments , which includes amendments that eliminate the requirement to restate prior period financial statements for measurement period adjustments following a business combination. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The prior period impact of the adjustment should be either presented separately on the face of the income statement or disclosed in the notes to the financial statements. The amendments in this ASU are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The Company is currently evaluating the impact of these amendments on the presentation in its consolidated financial statements.

Receivables From And Payables30

Receivables From And Payables To Brokers, Dealers, And Clearing Agencies (Tables)	9 Months Ended
	Sep. 30, 2015
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 September 30, 2015 and December 31, 2014 . RECEIVABLES FROM BROKERS, DEALERS AND CLEARING AGENCIES (Dollars in Thousands) September 30, 2015 December 31, 2014 Deposits with clearing agencies $ $ Unsettled regular way trades, net - Receivables from clearing agencies Receivables from brokers, dealers, and clearing agencies $ $ Deposits with clearing agencies represent funds the Company is required to deposit with its clearing agencies per the terms of each clearing agreement. These amounts are required to remain on deposit with the clearing agency so long as the clearing agreement is in effect. Securities transactions that settle in the regular way are recorded on the trade date, as if they had settled. The related amounts receivable and payable for unsettled securities transactions are recorded net (by entity) in receivables from or payables to brokers, dealers, and clearing agencies on the Company’s consolidated balance sheets. Receivables from clearing agencies include free credit balances, proceeds from securities sold, including financial instruments sold not yet purchased, and other amounts receivable. Proceeds related to financial instruments sold, not yet purchased may be restricted until the securities are purchased. Amounts payable to brokers, dealers, and clearing agencies consisted of the following at September 30, 2015 and December 31, 2014 , respectively. PAYABLES TO BROKERS, DEALERS AND CLEARING AGENCIES (Dollars in Thousands) September 30, 2015 December 31, 2014 Unsettled regular way trades, net $ $ Margin payable Payables to brokers, dealers, and clearing agencies $ $

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
Financial Instruments (Tables)	Sep. 30, 2015
Financial Instruments [Abstract]
Schedule Of Trading Securities	INVESTMENTS - TRADING (Dollars in Thousands) September 30, 2015 December 31, 2014 U.S. government agency MBS and CMOs $ $ U.S. government agency debt securities RMBS U.S. Treasury securities CLOs - Other ABS SBA loans Corporate bonds and redeemable preferred stock Municipal bonds Certificates of deposit Derivatives (1) Equity securities - Investments-trading $ $ (1) Includes TBAs, other forward agency MBS contracts, and other extended settlement trades. See note 8.
Schedule Of Trading Securities Sold, Not Yet Purchased	TRADING SECURITIES SOLD, NOT YET PURCHASED (Dollars in Thousands) September 30, 2015 December 31, 2014 U.S. Treasury securities $ $ Corporate bonds and redeemable preferred stock Municipal bonds Derivatives (1) Trading securities sold, not yet purchased $ $ (1) Includes TBAs, other forward agency MBS contracts, and other extended settlement trades. See note 8.
Schedule Of Other Investments	OTHER INVESTMENTS, AT FAIR VALUE (Dollars in Thousands) September 30, 2015 Cost Carrying Value Unrealized Gain(Loss) CLOs $ $ $ CDOs Equity Securities: EuroDekania Tiptree Financial, Inc. ("Tiptree") Other securities Total equity securities Residential loans Foreign currency forward contracts - Other investments, at fair value $ $ $ December 31, 2014 Cost Carrying Value Unrealized Gain(Loss) CLOs $ $ $ CDOs Equity Securities: EuroDekania Tiptree Other securities Total equity securities Residential loans Foreign currency forward contracts - Other investments, at fair value $ $ $

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
Fair Value Disclosures (Tables)	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis	FAIR VALUE MEASUREMENTS ON A RECURRING BASIS September 30, 2015 (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 $ $ - $ $ - U.S. government agency debt securities - - RMBS - - U.S. Treasury securities - - Other ABS - - SBA loans - - Corporate bonds and redeemable preferred stock - - Municipal bonds - - Certificates of deposit - - Derivatives - - Total investments - trading $ $ $ $ - Other investments, at fair value EuroDekania (1) $ $ - $ - $ Tiptree (2) - - Other equity securities - CLOs - - CDOs - - Residential loans - - Foreign currency forward contracts - - Total other investments, at fair value $ $ $ $ Liabilities Trading securities sold, not yet purchased: U.S. Treasury securities $ $ $ - $ - Corporate bonds - - Municipal bonds - - Derivatives - - Total trading securities sold, not yet purchased $ $ $ $ - (1) Hybrid Securities Fund—European. (2) Diversified Holding Company. FAIR VALUE MEASUREMENTS ON A RECURRING BASIS December 31, 2014 (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 $ $ - $ $ - U.S. government agency debt securities - - RMBS - - U.S. Treasury securities - - CLOs - - Other ABS - - SBA loans - - Corporate bonds and redeemable preferred stock - - Municipal bonds - - Certificates of deposit - - Derivatives - - Equity securities - Total investments - trading $ $ $ $ - Other investments, at fair value EuroDekania (1) $ $ - $ - $ Tiptree (2) - - Other equity securities - CLOs - - CDOs - - Residential loans - - Foreign currency forward contracts - - Total other investments, at fair value $ $ $ $ Liabilities Trading securities sold, not yet purchased: U.S. Treasury securities $ $ $ - $ - Corporate bonds and redeemable preferred stock - - Municipal bonds - - Derivatives - - Total trading securities sold, not yet purchased $ $ $ $ - (1) Hybrid Securities Fund—European. (2) Diversified Holding Company.
Schedule Of Assets And Liabilities Measured With Level 3 Inputs	LEVEL 3 INPUTS Nine Months Ended September 30, 2015 (Dollars in Thousands) December 31, 2014 Net trading Gains and losses (3) Transfers out of level 3 Accretion of income ( 3) Purchases Sales and returns of capital September 30, 2015 Change in unrealized gains /(losses) (1) Assets Other investments, at fair value Equity Securities: EuroDekania (2) $ $ - $ $ - $ - $ - $ $ $ Total equity securities - - - - CLOs - - - CDOs - - - - - Total other investments, fair value $ $ - $ $ - $ $ - $ $ $ (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 Funds—European. ( 3 ) Recorded as a component of principal transactions and other income in the consolidated statement of operations. LEVEL 3 INPUTS Nine Months Ended September 30, 2014 (Dollars in Thousands) December 31, 2013 Net trading Gains and losses (5) Transfers out of level 3 Accretion of income (5) Purchases Sales and returns of capital September 30, 2014 Change in unrealized gains /(losses) (1) Assets Investments-trading CLOs (3) $ $ $ - $ - $ - $ - $ $ - $ - Total investments-trading $ $ $ - $ - $ - $ - $ $ - $ - Other investments, at fair value Equity Securities: EuroDekania (2) $ $ - $ $ - $ - $ - $ $ $ Star Asia (4) - - - - - - Star Asia Special Situations Fund (4) - - - - - - - Total equity securities - - - - CLOs (3) - - - CDOs - - - - - - - Total other investments, fair value $ $ - $ $ - $ $ $ $ $ (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 Funds—European. (3) Sales in investments-trading include $133 of an investment in a CLO that was reclassified from investments-trading to other investments, at fair value, which is included in purchases in other investments, at fair value as of September 30, 2014 . (4) Real Estate Funds – Asian. The Company sold its investment in Star Asia and Star Asia Special Situations Fund on February 20, 2014 along with its investment in certain other related entities. (5) Recorded as a component of principal transactions and other income in the consolidated statement of operations. LEVEL 3 INPUTS Three Months Ended September 30, 2015 (Dollars in Thousands) June 30, 2015 Net trading Gains and losses (3) Transfers out of level 3 Accretion of income (3) Purchases Sales and returns of capital September 30, 2015 Change in unrealized gains /(losses) (1) Assets Other investments, at fair value Equity Securities: EuroDekania (2) $ $ - $ $ - $ - $ - $ $ $ Total equity securities - - - - CLOs - - - CDOs - - - - - Total other investments, fair value $ $ - $ $ - $ $ - $ $ $ (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 Funds—European. ( 3 ) Recorded as a component of principal transactions and other income in the consolidated statement of operations. LEVEL 3 INPUTS Three Months Ended September 30, 2014 (Dollars in Thousands) June 30, 2014 Net trading Gains and losses (3) Transfers out of level 3 Accretion of income (3) Purchases Sales and returns of capital September 30, 2014 Change in unrealized gains /(losses) (1) Assets Other investments, at fair value Equity Securities: EuroDekania (2) $ $ - $ $ - $ - $ - $ $ $ Total equity securities - - - - CLOs - - CDOs - - - - - Total other investments, fair value $ $ - $ $ - $ $ $ $ $ (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 Funds—European. (3) Recorded as a component of principal transactions and other income in the consolidated statement of operations.
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 September 30, 2015 Technique Inputs Average Inputs Assets Other investments, at fair value CLOs $ Discounted Cash Flow Model Yield 13.0% -20.0% Duration (years) 6.6 -7.9 Default rate 2.0% QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS (Dollars in Thousands) Significant Range of Fair Value Valuation Unobservable Weighted Significant December 31, 2014 Technique Inputs Average Inputs Assets Other investments, at fair value CLOs $ Discounted Cash Flow Model Yield 12.4% - 18.3% Duration (years) 2.6 - 4.5 Default rate
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) (Dollars in Thousands) Fair Value September 30, 2015 Unfunded Commitments Redemption Frequency Redemption Notice Period Other investments, at fair value EuroDekania (a) $ N/A N/A N/A $ Fair Value December 31, 2014 Unfunded Commitments Redemption Frequency Redemption Notice Period Other investments, at fair value EuroDekania (a) $ N/A N/A N/A $ 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 NAV per share of the investment in accordance with the “practical expedient” provisions of FASB ASC 820.

Derivative Financial Instrume33

Derivative Financial Instruments (Tables)	9 Months Ended
Derivative Financial Instruments (Tables)	Sep. 30, 2015
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 September 30, 2015 December 31, 2014 TBAs and other forward agency MBS Investments-trading $ $ Other extended settlement trades Investments-trading - Foreign currency forward contracts Other investments, at fair value TBAs and other forward agency MBS Trading securities sold, not yet purchased Other extended settlement trades Trading securities sold, not yet purchased - $ $
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 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Foreign currency forward contracts Revenues-principal transactions and other income $ $ Other extended settlement trades Revenue-net trading - TBAs and other forward agency MBS Revenues-net trading $ $ 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 Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Foreign currency forward contracts Revenues-principal transactions and other income $ $ - Other extended settlement trades Revenue-net trading - TBAs and other forward agency MBS Revenues-net trading $ $

Collateralized Securities Tra34

Collateralized Securities Transactions (Tables)	9 Months Ended
Collateralized Securities Transactions (Tables)	Sep. 30, 2015
Collateralized Securities Transactions [Abstract]
Schedule Of Repurchase Agreements Accounted For As Secured Borrowings	Repurchase Agreements Accounted for as Secured Borrowings (Dollars in Thousands) September 30, 2015 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total Repurchase Agreements: U.S. government agency MBS $ - $ $ - $ - $ U.S. government agency CMOs - - - $ - $ $ - $ - $ Gross amount of recognized liabilities for repurchase agreements $

Other Assets and Accounts Pay35

Other Assets and Accounts Payable and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2015
Other Assets and Accounts Payable and Other Liabilities [Abstract]
Schedule Of Other Assets	OTHER ASSETS (Dollars in Thousands) September 30, 2015 December 31, 2014 Deferred costs $ $ Prepaid expenses Prepaid income taxes - Security deposits Miscellaneous other assets Cost method investment Furniture, equipment, and leasehold improvements, net Intangible assets Other assets $ $
Schedule Of Accounts Payable And Other Liabilities	ACCOUNTS PAYABLE AND OTHER LIABILITIES (Dollars in Thousands) September 30, 2015 December 31, 2014 Accounts payable $ $ Rent payable Accrued interest payable Accrued interest on securities sold, not yet purchased Payroll taxes payable Accrued income taxes - Other general accrued expenses Accounts payable and other liabilities $ $

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
Variable Interest Entities (Tables)	Sep. 30, 2015
Variable Interest Entities [Abstract]
Schedule Of Variable Interest Entities	NON-CONSOLIDATED VARIABLE INTEREST ENTITIES (Dollars in Thousands) September 30, 2015 Other Receivable Other Investments, at fair value Other Assets Maximum Exposure to loss in non-consolidated VIEs Managed VIEs $ $ - $ - $ Third party managed VIEs Total $ $ $ $ December 31, 2014 Other Receivable Other Investments, at fair value Other Assets Maximum Exposure to loss in non-consolidated VIEs Managed VIEs $ $ - $ - $ Third party managed VIEs Total $ $ $ $

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2015
Debt [Abstract]
Debt Outstanding	DETAIL OF DEBT (Dollars in Thousands) Description Current Outstanding Par September 30, 2015 December 31, 2014 Interest Rate Terms Interest (3) Maturity Convertible senior notes: 8.00% convertible senior notes (the "8.0% Convertible Notes") $ $ $ Fixed % September 2018 (1) Junior subordinated notes: Alesco Capital Trust I (2) Variable % July 2037 Sunset Financial Statutory Trust I (2) Variable % March 2035 $ Total $ $ (1) 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. (2 ) The outstanding par represents the total par amount of the junior subordinated notes held by two separate trusts. The Company d oes 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 . (3 ) Represents the interest rate in effect as of the last day of the reporting period.

Equity (Tables)

Equity (Tables)	9 Months Ended
Equity (Tables)	Sep. 30, 2015
Equity [Abstract]
Schedule Of Unrestricted Common Stock Activity	Common Stock Shares December 31, 2014 Vesting of shares September 30, 2015
Operating LLC Membership Units	Operating LLC Membership Units Units related to UIS Agreement Total
Schedule Of Effects Of Changes In Ownership Interest Subsidiary	September 30, 2015 September 30, 2014 Net income / (loss) attributable to IFMI $ $ 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 Changes from net income / (loss) attributable to IFMI and transfers (to) from the non-controlling interest $ $

Earnings _ (Loss) Per Common 39

Earnings / (Loss) Per Common Share (Tables)	9 Months Ended
Earnings / (Loss) Per Common Share (Tables)	Sep. 30, 2015
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) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net income / (loss) attributable to IFMI $ $ $ $ Add/ (deduct): Income / (loss) attributable to non-controlling interest attributable to Operating LLC membership units exchangeable into IFMI shares (1) Add / (deduct): Adjustment (2) Net income / (loss) on a fully converted basis $ $ $ $ Weighted average common shares outstanding - Basic Unrestricted Operating LLC membership units exchangeable into IFMI shares (1) Weighted average common shares outstanding - Diluted (3) Net income / (loss) per common share - Basic $ $ $ $ Net income / (loss) per common share - Diluted $ $ $ $ (1) The Operating LLC membership units not held by IFMI (that is, those held by the non-controlling interest for the nine and three months ended September 30, 2015 and 2014 ) may be redeemed and exchanged into shares of the Company on a one -to-one basis. The Operating LLC membership units not held by IFMI are redeemable at each IFMI member ’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 the member’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 Compan y’s common s tock as a dividend or other distributio n on the Company’s outstanding common s tock, or a further subdivision or combination of the outstanding shares of the Company’s common stock. These membership units enter into the computation of diluted net income / (loss) per common share when the effect is not anti-d ilutive using the if-converted method. (2) An adjustment is included for the following reasons : (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 nine months ended September 30, 2015 and 2014 , weighted average common shares outstanding excludes a total of 5,406 and 127,146 shares, respectively, representing restricted Operating LLC membership units, restricted IFMI common stock, and restricted units of IFMI common stock that would be anti-dilutive because of the Company’s net loss. For the three months ended September 30, 2015 and 2014 , weighted average common shares outstanding excludes a total of 11,838 shares and 89,506 shares respectively, representing restricted Operating LLC membership units, restricted IFMI common stock, and restricted units of IFMI common stock that would be anti-dilutive because of the Company’s net loss. For the nine and three months ended September 30, 2015 and 2014 , weighted average common shares outstanding also excludes 2,749,167 shares from the assumed conversion of the 8.0% Convertibles Notes because the inclusion of the converted shares would be anti-dilutive.

Segment and Geographic Inform40

Segment and Geographic Information (Tables)	9 Months Ended
Segment and Geographic Information (Tables)	Sep. 30, 2015
Segment and Geographic Information [Abstract]
Schedule Of Segment Reporting Information	SEGMENT INFORMATION Statement of Operations Information Nine Months Ended September 30, 2015 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Net trading $ $ - $ - $ $ - $ Asset management - - - New issue and advisory - - - Principal transactions and other income - Total revenues - Total operating expenses Operating income / (loss) Interest expense - - Income / (loss) from equity method affiliates - - - - - - Income / (loss) before income taxes Income tax expense / (benefit) - - - - Net income / (loss) Less: Net income / (loss) attributable to the non-controlling interest - - - - Net income / (loss) attributable to IFMI $ $ $ $ $ $ Other statement of operations data Depreciation and amortization (included in total operating expense) $ $ $ - $ $ $ SEGMENT INFORMATION Statement of Operations Information Nine Months Ended September 30, 2014 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Net trading $ $ - $ - $ $ - $ Asset management - - - New issue and advisory - - - Principal transactions and other income - Total revenues - Total operating expenses Operating income / (loss) Interest expense - - - - Income / (loss) from equity method affiliates - - - Income / (loss) before income taxes Income tax expense / (benefit) - - - - Net income / (loss) Less: Net income / (loss) attributable to the non-controlling interest - - - - Net income / (loss) attributable to IFMI $ $ $ $ $ $ Other statement of operations data Depreciation and amortization (included in total operating expense) $ $ $ - $ $ $ SEGMENT INFORMATION Statement of Operations Information Three Months Ended September 30, 2015 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Net trading $ $ - $ - $ $ - $ Asset management - - - New issue and advisory - - - Principal transactions and other income - Total revenues - Total operating expenses Operating income / (loss) Interest expense - - Income / (loss) from equity method affiliates - - - - - - Income / (loss) before income taxes Income tax expense / (benefit) - - - - Net income / (loss) Less: Net income / (loss) attributable to the non-controlling interest - - - - Net income / (loss) attributable to IFMI $ $ $ $ $ $ Other statement of operations data Depreciation and amortization (included in total operating expense) $ $ $ - $ $ $ SEGMENT INFORMATION Statement of Operations Information Three Months Ended September 30, 2014 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Net trading $ $ - $ - $ $ - $ Asset management - - - New issue and advisory - - - Principal transactions and other income - Total revenues - Total operating expenses Operating income / (loss) Interest expense - - - - Income / (loss) from equity method affiliates - - - - - - Income / (loss) before income taxes Income tax expense / (benefit) - - - - Net income / (loss) Less: Net income / (loss) attributable to the non-controlling interest - - - - Net income / (loss) attributable to IFMI $ $ $ $ $ $ Other statement of operations data Depreciation and amortization (included in total operating expense) $ $ $ - $ $ $ (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.
Reconciliation Of Assets From Segment To Consolidated	Balance Sheet Data As of September 30, 2015 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Total Assets $ $ $ $ $ $ Included within total assets: Goodwill (2) $ $ $ - $ $ - $ Intangible assets (2) $ $ - $ - $ $ - $ Balance Sheet Data As of September 30, 2014 Capital Asset Principal Segment Unallocated Markets Management Investing Total (1) Total Total Assets $ $ $ $ $ $ Included within total assets: Goodwill (2) $ $ $ - $ $ - $ Intangible assets (2) $ $ - $ - $ $ - $ (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 as of September 30, 2015 and 2014 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) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Total Revenues: United States $ $ $ $ United Kingdom & Other Asia - - - Total $ $ $ $

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
Related Party Transactions (Tables)	Sep. 30, 2015
Related Party Transactions [Abstract]
Schedule Of Related Party Transactions	RELATED PARTY TRANSACTIONS Nine Months Ended September 30, 2015 (Dollars in Thousands) Management fee revenue Net trading Principal transactions Income / (loss) from equity method affiliates Professional fee and other operating Interest expense incurred EBC $ - $ - $ - $ - $ - $ Edward E. Cohen IRA - - - - - Mead Park Capital - - - - - Mead Park - - - - - Woodlea - - - - - $ - $ - $ - $ - $ $ RELATED PARTY TRANSACTIONS Nine Months Ended September 30, 2014 (Dollars in Thousands) Management fee revenue Net trading Principal transactions Income / (loss) from equity method affiliates Professional fee and other operating Interest expense incurred TBBK $ - $ $ - $ - $ - $ - Star Asia (1) - - - - - Star Asia Capital Management (1) - - - - - SAA Manager (1) - - - - - EBC - - - - - Mead Park Capital - - - - - Mead Park - - - - - $ $ $ - $ $ $ (1) Effective February 20, 2014, the Company sold its interest in these entities . See paragraph F from above . RELATED PARTY TRANSACTIONS Three Months Ended September 30, 2015 (Dollars in Thousands) Management fee revenue Net trading Principal transactions Income / (loss) from equity method affiliates Professional fee and other operating Interest expense incurred EBC $ - $ - $ - $ - $ - $ Edward E. Cohen IRA - - - - - Mead Park Capital - - - - - Mead Park - - - - - $ - $ - $ - $ - $ $ RELATED PARTY TRANSACTIONS Three Months Ended September 30, 2014 (Dollars in Thousands) Management fee revenue Net trading Principal transactions Income / (loss) from equity method affiliates Professional fee and other operating Interest expense incurred EBC $ - $ - $ - $ - $ - $ Mead Park Capital - - - - - Mead Park - - - - - $ - $ - $ - $ - $ $

Due from _ Due to Related Par42

Due from / Due to Related Parties (Tables)	9 Months Ended
Due from / Due to Related Parties (Tables)	Sep. 30, 2015
Due From / Due To Related Parties [Abstract]
Schedule of Due From / Due To Related Parties	DUE FROM/DUE TO RELATED PARTIES (Dollars in Thousands) September 30, 2015 December 31, 2014 Employees & other $ $ Due from Related Parties $ $ Mead Park $ $ - Total Due to Related Parties $ $ -

Organization and Nature of Op43

Organization and Nature of Operations (Details) $ in Millions	Sep. 30, 2015USD ($)
Securities [Line Items]
Assets under management	$ 3,940
CDOs [Member]
Securities [Line Items]
Assets under management which are collateralized debt obligations percentage	97.80%

Summary of Significant Accoun44

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Summary of Significant Accounting Policies [Abstract]
Maximum normal term for resale agreements	1 month
Estimated debt in fair value	$ 33.7	$ 39.3

Dispositions (Details)

Dispositions (Details) $ in Thousands	3 Months Ended			9 Months Ended
Dispositions (Details) $ in Thousands	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)employee	Sep. 30, 2014USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets under management		$ 3,940,000		$ 3,940,000
Legal and financial advisory fees		2,488	$ 1,537	6,353	$ 6,766
European Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration		8,700		8,700
Proceeds from Divestiture of Businesses				4,750
Disposal Group, Not Discontinued Operation, Contingent Consideration		3,950		$ 3,950
Disposal Group, Not Discontinued Operation, Contingent Consideration Arrangement, Measurement Period				4 years
Disposal Group, Including Discontinued Operation, Employees \| employee				20
Assets under management		$ 799,035		$ 799,035
Assets under Management, Class as a Percentage of Total		20.00%		20.00%
Disposal Group, Including Discontinued Operation, Revenue				$ 5,145
Disposal Group, Including Discontinued Operation, Operating Income (Loss)				(1,463)
Disposal Group, Including Discontinued Operation, Assets		$ (1,373)		$ (1,373)
Alternative acquisition proposal period				90 days
Munda CLO I [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets under management		$ 505,441		$ 505,441
Assets under Management, Class as a Percentage of Total		13.00%		13.00%
Disposal Group, Including Discontinued Operation, Revenue		$ 625	$ 829	$ 1,956	$ 2,524
Vice President [Member] \| Scenario, Forecast [Member] \| Employment Agreement [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Severance Costs	$ 3,000
Vice President [Member] \| Scenario, Forecast [Member] \| Second Extension [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Legal and financial advisory fees	600
Severance Costs	$ 1,000
Daniel G. Cohen [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Severance Costs				$ 0

Receivables From And Payables46

Receivables From And Payables To Brokers, Dealers, And Clearing Agencies (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Receivables From And Payables To Brokers, Dealers, And Clearing Agencies [Abstract]
Interest On Margin Payable	$ 156	$ 119	$ 436	$ 291

Receivables From And Payables47

Receivables From And Payables To Brokers, Dealers, And Clearing Agencies (Schedule Of Due To (From) Broker-Dealers And Clearing Organizations) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Receivables from Brokers-Dealers and Clearing Organizations [Abstract]
Deposits with clearing agencies	$ 1,250	$ 1,296
Unsettled regular way trades, net	68
Receivables from clearing agencies	64,227	46,771
Receivables from brokers, dealers, and clearing agencies	65,545	48,067
Payables to Broker-Dealers and Clearing Organizations [Abstract]
Unsettled regular way trades, net	17,771	4,971
Margin payable	84,408	89,473
Payables to brokers, dealers, and clearing agencies	$ 102,179	$ 94,444

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Financial Instruments [Abstract]
Unrealized gain (losses) in net trading revenue	$ 700	$ (1,496)

Financial Instruments (Schedule

Financial Instruments (Schedule Of Trading Securities) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading		$ 140,219	$ 126,748
U.S. government agency MBS and CMOs [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading		32,630	9,719
U.S. government agency debt securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading		37,598	25,785
RMBS [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading		373	358
U.S. Treasury securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading		1,091	1,131
CLO's [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading			952
Other ABS [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading		2,558	112
SBA loans [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading		19,038	29,679
Corporate bonds and redeemable preferred stock [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading		22,262	22,142
Municipal bonds [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading		14,033	33,664
Certificates of deposit [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading		4,174	985
Derivatives [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading	[1]	$ 6,462	1,930
Equity securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading			$ 291

[1]	Includes TBAs, other forward agency MBS contracts, and other extended settlement trades. See note 8.

Financial Instruments (Schedu50

Financial Instruments (Schedule Of Trading Securities Sold, Not Yet Purchased) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Trading securities sold, not yet purchased		$ 60,912	$ 48,740
U.S. Treasury securities [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Trading securities sold, not yet purchased		37,217	15,644
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		17,680	31,406
Municipal bonds [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Trading securities sold, not yet purchased		20	20
Derivatives [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Trading securities sold, not yet purchased	[1]	$ 5,995	$ 1,670

[1]	Includes TBAs, other forward agency MBS contracts, and other extended settlement trades. See note 8.

Financial Instruments (Schedu51

Financial Instruments (Schedule Of Other Investments) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Other investments, Cost		$ 23,679	$ 35,584
Other investments, Carrying Value		18,127	28,399
Other investments, Unrealized Gain /(Loss)		(5,552)	(7,185)
EuroDekania [Member]
Schedule of Investments [Line Items]
Other investments, Carrying Value	[1]	2,512	3,717
Tiptree Financial, Inc. [Member]
Schedule of Investments [Line Items]
Other investments, Carrying Value	[2]	679	2,472
Other Equity Securities [Member]
Schedule of Investments [Line Items]
Other investments, Carrying Value		43	33
CLO's [Member]
Schedule of Investments [Line Items]
Other investments, Cost		16,013	23,139
Other investments, Carrying Value		14,448	21,518
Other investments, Unrealized Gain /(Loss)		(1,565)	(1,621)
CDOs [Member]
Schedule of Investments [Line Items]
Other investments, Cost		193	193
Other investments, Carrying Value		31	11
Other investments, Unrealized Gain /(Loss)		(162)	(182)
Equity securities [Member]
Schedule of Investments [Line Items]
Other investments, Cost		7,352	12,134
Other investments, Carrying Value		3,234	6,222
Other investments, Unrealized Gain /(Loss)		(4,118)	(5,912)
Equity securities [Member] \| EuroDekania [Member]
Schedule of Investments [Line Items]
Other investments, Cost		5,300	6,503
Other investments, Carrying Value		2,512	3,717
Other investments, Unrealized Gain /(Loss)		(2,788)	(2,786)
Equity securities [Member] \| Tiptree Financial, Inc. [Member]
Schedule of Investments [Line Items]
Other investments, Cost		1,876	5,455
Other investments, Carrying Value		679	2,472
Other investments, Unrealized Gain /(Loss)		(1,197)	(2,983)
Equity securities [Member] \| Other Equity Securities [Member]
Schedule of Investments [Line Items]
Other investments, Cost		176	176
Other investments, Carrying Value		43	33
Other investments, Unrealized Gain /(Loss)		(133)	(143)
Residential Mortgage [Member]
Schedule of Investments [Line Items]
Other investments, Cost		121	118
Other investments, Carrying Value		392	565
Other investments, Unrealized Gain /(Loss)		271	447
Foreign currency forward contracts [Member]
Schedule of Investments [Line Items]
Other investments, Carrying Value		22	83
Other investments, Unrealized Gain /(Loss)		$ 22	$ 83

[1]	Hybrid Securities Fund-European.
[2]	Diversified Holding Company.

Fair Value Disclosures (Narrati

Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	$ 0	$ 0	$ 0	$ 0
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount		2,705		2,705
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount	0	0	0	0
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount	0	0	0	0
Fair value, option, changes in fair value, gains (losses)	(1,222)	28	(1,576)	1,944
Trading Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets transfers out of level 3	0	0	0	0
Alternative Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of assets transfers into level 3	$ 0	$ 0	$ 0	$ 0

Fair Value Disclosures (Schedul

Fair Value Disclosures (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		$ 140,219	$ 126,748
Other investments, at fair value		18,127	28,399
Trading securities sold, not yet purchased		60,912	48,740
Quoted Prices In Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		1,091	1,364
Other investments, at fair value		731	2,578
Trading securities sold, not yet purchased		37,217	15,644
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		139,128	125,384
Other investments, at fair value		405	575
Trading securities sold, not yet purchased		23,695	33,096
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		16,991	25,246
U.S. government agency MBS and CMOs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		32,630	9,719
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		32,630	9,719
U.S. government agency debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		37,598	25,785
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		37,598	25,785
RMBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		373	358
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		373	358
U.S. Treasury securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		1,091	1,131
Trading securities sold, not yet purchased		37,217	15,644
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		1,091	1,131
Trading securities sold, not yet purchased		37,217	15,644
CLO's [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading			952
Other investments, at fair value		14,448	21,518
CLO's [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading			952
CLO's [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value			21,518
Other ABS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		2,558	112
Other ABS [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		2,558	112
SBA loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		19,038	29,679
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		19,038	29,679
Corporate bonds and redeemable preferred stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		22,262	22,142
Trading securities sold, not yet purchased		17,680	31,406
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		22,262	22,142
Trading securities sold, not yet purchased		17,680	31,406
Municipal bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		14,033	33,664
Trading securities sold, not yet purchased		20	20
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		14,033	33,664
Trading securities sold, not yet purchased		20	20
Certificates of deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		4,174	985
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		4,174	985
Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading	[1]	6,462	1,930
Trading securities sold, not yet purchased	[2]	5,995	1,670
Derivatives [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		6,462	1,930
Trading securities sold, not yet purchased		5,995	1,670
Equity securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading			291
Other investments, at fair value		3,234	6,222
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			233
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			58
Foreign currency forward contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		22	83
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, at fair value		22
EuroDekania [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	[3]	2,512	3,717
EuroDekania [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	[3]	2,512	3,717
EuroDekania [Member] \| Equity securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		2,512	3,717
Tiptree Financial, Inc. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	[4]	679	2,472
Tiptree Financial, Inc. [Member] \| Quoted Prices In Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	[4]	679	2,472
Tiptree Financial, Inc. [Member] \| Equity securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		679	2,472
Other Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		43	33
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, at fair value		30	23
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, at fair value		13	10
Other Equity Securities [Member] \| Equity securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		43	33
CLO's [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		14,448
CLO's [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		14,448
CDOs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		31	11
CDOs [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		31	11
Residential Loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		392	565
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, at fair value		$ 392	565
Foreign currency forward contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value			83
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, at fair value			$ 83

[1]	Includes TBAs, other forward agency MBS contracts, and other extended settlement trades. See note 8.
[2]	Includes TBAs, other forward agency MBS contracts, and other extended settlement trades. See note 8.
[3]	Hybrid Securities Fund-European.
[4]	Diversified Holding Company.

Fair Value Disclosures (Sched54

Fair Value Disclosures (Schedule Of Assets And Liabilities Measured With Level 3 Inputs) (Details) - USD ($) $ in Thousands		3 Months Ended					6 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014		Jun. 30, 2014		Jun. 30, 2014		Sep. 30, 2015	Sep. 30, 2014
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							$ 186			$ 186
Transfers out of Level 3		$ 0	$ 0						$ 0	$ 0
Accretion of income	[1]
Sales										$ (183)
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										(3)
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		19,119	23,122				24,078		25,246	24,078
Transfers into Level 3		0	0						0	0
Accretion of income	[1]	586	593						1,918	842
Purchases			4,469							25,288
Sales		(1,560)	(1,429)						(8,666)	(24,985)
Level 3 inputs, Ending balance		16,991	26,918		$ 23,122		23,122		16,991	26,918
Change in unrealized gains /(losses) for the period included in earnings	[2]	(88)	163						74	1,595
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]	(1,154)	163						(1,507)	1,695
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		2,844	$ 4,290				24,043		3,717	$ 24,043
Accretion of income	[1]
Purchases
Sales		(512)	$ (929)						(1,203)	$ (22,204)
Level 3 inputs, Ending balance		2,512	3,831		4,290		4,290		2,512	3,831
Change in unrealized gains /(losses) for the period included in earnings	[2]	180	470						(2)	1,914
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	[1]	180	470						(2)	1,992
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	[3]	2,844	$ 4,290				4,192		3,717	$ 4,192
Accretion of income	[1],[3]
Purchases	[3]
Sales	[3]	(512)	$ (929)						(1,203)	$ (2,275)
Level 3 inputs, Ending balance	[3]	2,512	3,831		4,290		4,290		2,512	3,831
Change in unrealized gains /(losses) for the period included in earnings	[2],[3]	180	470						(2)	1,914
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],[3]	180	470						(2)	1,914
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							17,104			$ 17,104
Accretion of income	[1]
Sales										$ (17,182)
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	[1]									78
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	[4]						2,747			$ 2,747
Accretion of income	[1],[4]
Sales	[4]									$ (2,747)
CLO's [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		16,248	18,793	[5]					21,518
Accretion of income	[1]	586	593	[5]					1,918	842	[5]
Purchases	[5]		4,469							25,288
Sales		(1,048)	(500)	[5]					(7,463)	(2,781)	[5]
Level 3 inputs, Ending balance		14,448	23,052	[5]	18,793	[5]	18,793	[5]	14,448	23,052	[5]
Change in unrealized gains /(losses) for the period included in earnings	[2]	(272)	(303)	[5]					56	(319)	[5]
CLO's [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]	(1,338)	(303)	[5]					(1,525)	(297)	[5]
CLO's [Member] \| Reclassifications of Trading Securities to Other Investments [Member]
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs
Sales					(133)		(133)
CDOs [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		27	$ 39				35		11	$ 35
Accretion of income	[1]
Purchases
Level 3 inputs, Ending balance		31	$ 35		$ 39		39		31	$ 35
Change in unrealized gains /(losses) for the period included in earnings	[2]	4	(4)						20
CDOs [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]	$ 4	$ (4)						$ 20
CLO's [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	[5]						$ 186			$ 186
Accretion of income	[1],[5]
Sales	[5]									$ (183)
CLO's [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	[5]									$ (3)

[1]	Recorded as a component of principal transactions and other income in the consolidated statement of operations.
[2]	Represents the change in unrealized gains and losses for the period included in earnings for assets held at the end of the reporting period.
[3]	Hybrid Securities Funds-European.
[4]	Real Estate Funds - Asian. The Company sold its investment in Star Asia and Star Asia Special Situations Fund on February 20, 2014 along with its investment in certain other related entities.
[5]	Sales in investments-trading include $133 of an investment in a CLO that was reclassified from investments-trading to other investments, at fair value, which is included in purchases in other investments, at fair value as of September 30, 2014.

Fair Value Disclosures (Quantit

Fair Value Disclosures (Quantitative Information About Level 3 Fair Value Measurements) (Details) - Significant Unobservable Inputs (Level 3) [Member] - CLO's [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 14,448	$ 21,518
Duration	6 years 10 months 24 days	4 years 1 month 6 days
Default rate	2.00%	1.00%
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	13.00%	12.40%
Duration	6 years 7 months 6 days	2 years 7 months 6 days
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	20.00%	18.30%
Duration	7 years 10 months 24 days	4 years 6 months
Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	14.80%	16.20%

Fair Value Disclosures (Fair Va

Fair Value Disclosures (Fair Value, Investments, Entities That Calculate Net Asset Value Per Share) (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other investments, at fair value		$ 18,127	$ 28,399
Redemption frequency
Other Investment Vehicles [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other investments, at fair value		$ 2,512	$ 3,717
EuroDekania [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other investments, at fair value	[1]	$ 2,512	$ 3,717
Redemption frequency	[2]	N/A	N/A
EuroDekania [Member] \| Other Investment Vehicles [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other investments, at fair value	[2]	$ 2,512	$ 3,717

[1]	Hybrid Securities Fund-European.
[2]	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 NAV per share of the investment in accordance with the "practical expedient" provisions of FASB ASC 820.

Derivative Financial Instrume57

Derivative Financial Instruments (Narrative) (Details) € in Thousands, $ in Thousands	Sep. 30, 2015EUR (€)	Sep. 30, 2015USD ($)	Dec. 31, 2014EUR (€)	Dec. 31, 2014USD ($)
TBA And Other Forward Agency MBS [Member] \| Short [Member]
Derivative [Line Items]
Derivative, Notional Amount		$ 816,157		$ 318,463
TBA And Other Forward Agency MBS [Member] \| Long [Member]
Derivative [Line Items]
Derivative, Notional Amount		816,157		318,463
Foreign currency forward contracts [Member]
Derivative [Line Items]
Derivative, Notional Amount \| €	€ 2,750		€ 3,000
Other extended settlement trades [Member]
Derivative [Line Items]
Forward purchase commitment		11,889		3,517
Forward sale commitment		$ 0		$ 0

Derivative Financial Instrume58

Derivative Financial Instruments (Balance Sheet Information) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	$ 489	$ 343
Investments-trading [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	6,462	1,930
Investments-trading [Member] \| TBAs [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	6,462	1,928
Investments-trading [Member] \| Other extended settlement trades [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net		2
Other Investment at Fair Value [Member] \| Foreign currency forward contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	22	83
Trading securities sold, not yet purchased [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	(5,995)	(1,670)
Trading securities sold, not yet purchased [Member] \| TBAs [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	$ (5,995)	(1,666)
Trading securities sold, not yet purchased [Member] \| Other extended settlement trades [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net		$ (4)

Derivative Financial Instrume59

Derivative Financial Instruments (Statement Of Operations Information) (Details) - Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative [Line Items]
Derivative financial instruments, net gain (loss) recognized	$ 1,087	$ 485	$ 4,446	$ 1,365
Revenues - principal transactions and other income [Member] \| Foreign currency forward contracts [Member]
Derivative [Line Items]
Derivative financial instruments, net gain (loss) recognized	(2)		286	(347)
Revenues - net trading [Member] \| Other extended settlement trades [Member]
Derivative [Line Items]
Derivative financial instruments, net gain (loss) recognized	(26)		2
Revenues - net trading [Member] \| TBAs [Member]
Derivative [Line Items]
Derivative financial instruments, net gain (loss) recognized	$ 1,115	$ 485	$ 4,158	$ 1,712

Collateralized Securities Tra60

Collateralized Securities Transactions (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Collateralized Securities Transactions [Abstract]
Securities reverse repurchase agreements	$ 128,730	$ 101,675
Fair value of securities received as collateral under reverse repurchase agreements	139,379	107,931
Securities sold under agreements to repurchase	128,685	101,856
Fair value of securities pledged as collateral under repurchase agreements	$ 139,379	$ 108,065

Collateralized Securities Tra61

Collateralized Securities Transactions (Schedule Of Repurchase Agreements Accounted For As Secured Borrowings) (Details) $ in Thousands	Sep. 30, 2015USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Gross amount of recognized liabilities for repurchase agreements	$ 128,685
Up to 30 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Gross amount of recognized liabilities for repurchase agreements	128,685
U.S. government agency MBS [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Gross amount of recognized liabilities for repurchase agreements	128,218
U.S. government agency MBS [Member] \| Up to 30 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Gross amount of recognized liabilities for repurchase agreements	128,218
U.S. government agency CMOs [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Gross amount of recognized liabilities for repurchase agreements	467
U.S. government agency CMOs [Member] \| Up to 30 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Gross amount of recognized liabilities for repurchase agreements	$ 467

Other Assets And Accounts Pay62

Other Assets And Accounts Payable And Other Liabilities (Schedule Of Other Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of other assets
Deferred costs	$ 1,632	$ 1,665
Prepaid expenses	1,199	1,835
Prepaid income taxes	69
Security deposits	1,850	2,417
Miscellaneous other assets	164	190
Cost method investment	13	11
Furniture, equipment and leasehold improvements, net	649	1,150
Intangible assets	166	166
Other assets	$ 5,742	$ 7,434

Other Assets and Accounts Pay63

Other Assets and Accounts Payable and Other Liabilities (Schedule Of Accounts Payable And Other Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of accounts payable and other liabilities
Accounts payable	$ 658	$ 512
Rent payable	380	626
Accrued interest payable	307	318
Accrued interest on securities sold, not yet purchased	493	626
Payroll taxes payable	400	754
Accrued income taxes		63
Other general accrued expenses	2,090	2,204
Accounts payable and other liabilities	$ 4,328	$ 5,103

Variable Interest Entities (Sch

Variable Interest Entities (Schedule Of Variable Interest Entities) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Net assets	$ 15,588	$ 23,621
VIE liabilities, contingent liabilities, and guarantees	0	0
Other Receivable [Member]
Variable Interest Entity [Line Items]
Net assets	945	1,902
Other Investments, At Fair Value [Member]
Variable Interest Entity [Line Items]
Net assets	14,479	21,529
Other Assets [Member]
Variable Interest Entity [Line Items]
Net assets	164	190
Managed Variable Interest Entity [Member]
Variable Interest Entity [Line Items]
Net assets	925	1,829
Managed Variable Interest Entity [Member] \| Other Receivable [Member]
Variable Interest Entity [Line Items]
Net assets	925	1,829
Third-Party Managed Variable Interest Entity [Member]
Variable Interest Entity [Line Items]
Net assets	14,663	21,792
Third-Party Managed Variable Interest Entity [Member] \| Other Receivable [Member]
Variable Interest Entity [Line Items]
Net assets	20	73
Third-Party Managed Variable Interest Entity [Member] \| Other Investments, At Fair Value [Member]
Variable Interest Entity [Line Items]
Net assets	14,479	21,529
Third-Party Managed Variable Interest Entity [Member] \| Other Assets [Member]
Variable Interest Entity [Line Items]
Net assets	$ 164	$ 190

Debt (Debt Outstanding) (Detail

Debt (Debt Outstanding) (Details)		9 Months Ended
Debt (Debt Outstanding) (Details)		Sep. 30, 2015USD ($)entity$ / shares	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Long-term Debt		$ 28,711,000	$ 27,939,000
Junior subordinated debt [Member]
Debt Instrument [Line Items]
Current Outstanding Par		1,489,000
Junior subordinated notes		48,125,000
Long-term Debt		$ 20,463,000	19,691,000
Number of trusts holding notes \| entity		2
Fair value of common securities		$ 0
8.00% Contingent Convertible Senior Notes Due 2018 [Member]
Debt Instrument [Line Items]
Debt Instrument, Convertible, Conversion Price \| $ / shares		$ 3
8.00% Contingent Convertible Senior Notes Due 2018 [Member] \| Contingent convertible senior notes [Member]
Debt Instrument [Line Items]
Current Outstanding Par		$ 8,248,000
Long-term Debt		$ 8,248,000	8,248,000
Debt Instrument, Interest Rate, Effective Percentage	[1]	8.00%
Maturity	[2]	Sep. 25, 2018
Alesco Capital Trust I [Member] \| Junior subordinated debt [Member]
Debt Instrument [Line Items]
Current Outstanding Par		$ 870,000
Junior subordinated notes	[3]	28,125,000
Long-term Debt		$ 11,948,000	11,499,000
Debt Instrument, Interest Rate, Effective Percentage	[1]	4.30%
Maturity		Jul. 30, 2037
Sunset Financial Statutory Trust I [Member] \| Junior subordinated debt [Member]
Debt Instrument [Line Items]
Current Outstanding Par		$ 619,000
Junior subordinated notes	[3]	20,000,000
Long-term Debt		$ 8,515,000	$ 8,192,000
Debt Instrument, Interest Rate, Effective Percentage	[1]	4.48%
Maturity		Mar. 30, 2035

[1]	Represents the interest rate in effect as of the last day of the reporting period.
[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.

Equity (Narrative) (Details)

Equity (Narrative) (Details) $ in Thousands	9 Months Ended
Equity (Narrative) (Details) $ in Thousands	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Permanent Equity [Line Items]
Ratio of Common Stock to membership units	1
Accumulated Other Comprehensive Income (Loss) [Member]
Permanent Equity [Line Items]
Redemption of non-controlling interest, net	$ (6)	$ (11)
Additional paid-in capital [Member]
Permanent Equity [Line Items]
Redemption of non-controlling interest, net	88	210
Non-controlling Interest [Member]
Permanent Equity [Line Items]
Redemption of non-controlling interest, net	$ (82)	$ (199)

Equity (Schedule Of Unrestricte

Equity (Schedule Of Unrestricted Common Stock Activity) (Details)	9 Months Ended
	Sep. 30, 2015shares
Equity [Abstract]
Balance, Shares	14,858,781
Vesting of shares	158,438
Balance, Shares	15,017,219

Equity (Operating LLC Membershi

Equity (Operating LLC Membership Units) (Details) - IFMI, LLC [Member]	9 Months Ended
	Sep. 30, 2015shares
Permanent Equity [Line Items]
Membership Units Received Net Of Surrenders	212,121
Unit Issuance And Surrender Agreement [Member]
Permanent Equity [Line Items]
Membership Units Received Net Of Surrenders	212,121

Equity (Schedule Of Effects Of

Equity (Schedule Of Effects Of Changes In Ownership Interest Subsidiary) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity [Abstract]
Net income / (loss) attributable to IFMI	$ (533)	$ (1,255)	$ (1,436)	$ (5,476)
Increase in IFMI's paid in capital for the acquisition / (surrender) of additional units of consolidated subsidiary, net			88	210
Changes from net income / (loss) attributable to IFMI and transfers (to) from the non-controlling interest			$ (1,348)	$ (5,266)

Net Capital Requirements (Detai

Net Capital Requirements (Details) $ in Thousands	Sep. 30, 2015USD ($)
JVB [Member]
Net Capital Requirements [Line Items]
Actual Net Capital or Liquid Capital	$ 24,656
Excess	24,402
Cohen and Company Financial Limited [Member]
Net Capital Requirements [Line Items]
Actual Net Capital or Liquid Capital	2,412
Amount Required	1,588
Excess	$ 824

Earnings _ (Loss) Per Common 71

Earnings / (Loss) Per Common Share (Schedule of Earnings / (Loss) Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Line Items]
Net income / (loss) attributable to IFMI		$ (533)	$ (1,255)	$ (1,436)	$ (5,476)
Add/ (deduct): Income / (loss) attributable to non-controlling interest attributable to Operating LLC membership units exchangeable into IFMI shares	[1]	(114)	(469)	(432)	(1,910)
Add / (deduct): Adjustment	[2]	(72)	26	(72)	(16)
Net income / (loss) on a fully converted basis		$ (719)	$ (1,698)	$ (1,940)	$ (7,402)
Weighted average common shares outstanding - Basic		15,229,340	15,066,621	15,202,628	15,013,593
Unrestricted Operating LLC membership units exchangeable into IFMI shares	[1]	5,324,090	5,324,140	5,324,090	5,324,138
Weighted average common shares outstanding - Diluted	[3]	20,553,430	20,390,761	20,526,718	20,337,731
Net income / (loss) per common share - Basic		$ (0.03)	$ (0.08)	$ (0.09)	$ (0.36)
Net income / (loss) per common share - Diluted		$ (0.03)	$ (0.08)	$ (0.09)	$ (0.36)
Number of shares issuable upon conversion of each unit				1
Number of trading days used to determine average share price				10 days
8.00% Contingent Convertible Senior Notes Due 2018 [Member] \| Contingent convertible senior notes [Member]
Earnings Per Share [Line Items]
Note rate	[4]	8.00%		8.00%
Stock Compensation Plan [Member]
Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		11,838	89,506	5,406	127,146
Convertible Debt Securities [Member]
Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		2,749,167	2,749,167	2,749,167	2,749,167

[1]	The Operating LLC membership units not held by IFMI (that is, those held by the non-controlling interest for the nine and three months ended September 30, 2015 and 2014) may be redeemed and exchanged into shares of the Company on a one-to-one basis. The Operating LLC membership units not held by IFMI are redeemable at each IFMI member'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 the member'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. These membership units enter into the computation of diluted net income / (loss) per common share when the effect is not anti-dilutive using the if-converted method.
[2]	An adjustment is included for the following reasons: (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 nine months ended September 30, 2015 and 2014, weighted average common shares outstanding excludes a total of 5,406 and 127,146 shares, respectively, representing restricted Operating LLC membership units, restricted IFMI common stock, and restricted units of IFMI common stock that would be anti-dilutive because of the Company's net loss. For the three months ended September 30, 2015 and 2014, weighted average common shares outstanding excludes a total of 11,838 shares and 89,506 shares respectively, representing restricted Operating LLC membership units, restricted IFMI common stock, and restricted units of IFMI common stock that would be anti-dilutive because of the Company's net loss. For the nine and three months ended September 30, 2015 and 2014, weighted average common shares outstanding also excludes 2,749,167 shares from the assumed conversion of the 8.0% Convertibles Notes because the inclusion of the converted shares would be anti-dilutive.
[4]	Represents the interest rate in effect as of the last day of the reporting period.

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Oct. 31, 2013	Sep. 30, 2015
Commitments And Contingencies [Abstract]
Income Tax Examination, Estimate of Possible Loss	$ 4,683
Redemption price per right		$ 0.001
Payments for rights redemption		$ 15

Segment and Geographic Inform73

Segment and Geographic Information (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Sep. 30, 2014
Segment and Geographic Information [Abstract]
Goodwill impairment charge	$ 3,121	$ 3,121	$ 3,121

Segment and Geographic Inform74

Segment and Geographic Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Net trading		$ 8,333	$ 6,327	$ 22,346	$ 19,876
Asset management		2,332	2,740	6,890	10,003
New issue and advisory		2,119	286	4,268	3,004
Principal transactions and other income		143	1,199	3,268	5,091
Total revenues		12,927	10,552	36,772	37,974
Total operating expenses		12,369	11,135	35,422	41,909
Operating income / (loss)		558	(583)	1,350	(3,935)
Interest expense		(984)	(1,079)	(2,951)	(3,317)
Income / (loss) from equity method affiliates					27
Income / (loss) before income taxes		(426)	(1,662)	(1,601)	(7,225)
Income tax expense / (benefit)		221	62	267	161
Net income / (loss)		(647)	(1,724)	(1,868)	(7,386)
Less: Net income / (loss) attributable to the non-controlling interest		(114)	(469)	(432)	(1,910)
Net income / (loss) attributable to IFMI		(533)	(1,255)	(1,436)	(5,476)
Depreciation and amortization (included in total operating expense)		150	251	611	849
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net trading		8,333	6,327	22,346	19,876
Asset management		2,332	2,740	6,890	10,003
New issue and advisory		2,119	286	4,268	3,004
Principal transactions and other income		143	1,199	3,268	5,091
Total revenues		12,927	10,552	36,772	37,974
Total operating expenses		9,736	8,506	27,394	32,398
Operating income / (loss)		3,191	2,046	9,378	5,576
Interest expense		(29)		(29)
Income / (loss) from equity method affiliates					27
Income / (loss) before income taxes		3,162	2,046	9,349	5,603
Net income / (loss)		3,162	2,046	9,349	5,603
Net income / (loss) attributable to IFMI		3,162	2,046	9,349	5,603
Depreciation and amortization (included in total operating expense)		92	179	433	635
Unallocated [Member]
Segment Reporting Information [Line Items]
Total operating expenses	[1]	2,633	2,629	8,028	9,511
Operating income / (loss)	[1]	(2,633)	(2,629)	(8,028)	(9,511)
Interest expense	[1]	(955)	(1,079)	(2,922)	(3,317)
Income / (loss) before income taxes	[1]	(3,588)	(3,708)	(10,950)	(12,828)
Income tax expense / (benefit)	[1]	221	62	267	161
Net income / (loss)	[1]	(3,809)	(3,770)	(11,217)	(12,989)
Less: Net income / (loss) attributable to the non-controlling interest	[1]	(114)	(469)	(432)	(1,910)
Net income / (loss) attributable to IFMI	[1]	(3,695)	(3,301)	(10,785)	(11,079)
Depreciation and amortization (included in total operating expense)	[1]	58	72	178	214
Capital Markets [Member]
Segment Reporting Information [Line Items]
Net trading		8,333	6,327	22,346	19,876
New issue and advisory		2,119	286	4,268	3,004
Principal transactions and other income		71	52	233	574
Total revenues		10,523	6,665	26,847	23,454
Total operating expenses		8,606	7,025	24,024	24,164
Operating income / (loss)		1,917	(360)	2,823	(710)
Interest expense		(29)		(29)
Income / (loss) before income taxes		1,888	(360)	2,794	(710)
Net income / (loss)		1,888	(360)	2,794	(710)
Net income / (loss) attributable to IFMI		1,888	(360)	2,794	(710)
Depreciation and amortization (included in total operating expense)		87	173	417	583
Asset Management Segment [Member]
Segment Reporting Information [Line Items]
Asset management		2,332	2,740	6,890	10,003
Principal transactions and other income		832	693	2,905	1,853
Total revenues		3,164	3,433	9,795	11,856
Total operating expenses		1,003	1,292	2,993	7,998
Operating income / (loss)		2,161	2,141	6,802	3,858
Income / (loss) from equity method affiliates					27
Income / (loss) before income taxes		2,161	2,141	6,802	3,885
Net income / (loss)		2,161	2,141	6,802	3,885
Net income / (loss) attributable to IFMI		2,161	2,141	6,802	3,885
Depreciation and amortization (included in total operating expense)		5	6	16	52
Principal investing [Member]
Segment Reporting Information [Line Items]
Principal transactions and other income		(760)	454	130	2,664
Total revenues		(760)	454	130	2,664
Total operating expenses		127	189	377	236
Operating income / (loss)		(887)	265	(247)	2,428
Income / (loss) before income taxes		(887)	265	(247)	2,428
Net income / (loss)		(887)	265	(247)	2,428
Net income / (loss) attributable to IFMI		$ (887)	$ 265	$ (247)	$ 2,428

[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.

Segment and Geographic Inform75

Segment and Geographic Information (Reconciliation Of Assets From Segment To Consolidated) (Details) - USD ($) $ in Thousands		Sep. 30, 2015		Dec. 31, 2014	Sep. 30, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets		$ 386,292		$ 342,518	$ 276,915
Goodwill		7,992	[1]	$ 7,992	7,992
Intangible assets	[1]	166			166
Operating Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets		376,837			265,677
Goodwill		7,992	[1]		7,992
Intangible assets	[1],[2]	166			166
Unallocated [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	[3]	9,455			11,238
Capital Markets [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets		355,158			232,525
Goodwill		7,937	[1],[2]		7,937
Intangible assets	[1],[2]	166			166
Asset Management Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets		3,388			2,819
Goodwill		55	[1],[2]		55
Principal investing [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets		$ 18,291			$ 30,333

[1]	Goodwill and intangible assets as of September 30, 2015 and 2014 are allocated to the Capital Markets and Asset Management business segments as indicated in the table from above.
[2]	Goodwill and intangible assets as of September 30, 2015 and 2014 are allocated to the Capital Markets and Asset Management business segments as indicated in the table from above. Asset management total operating expenses include an impairment charge of $3,121 for the nine months ended September 30, 2014 related to the impairment of goodwill attributable to Cira SCM.
[3]	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.

Segment and Geographic Inform76

Segment and Geographic Information (Revenue By Geographic Area) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 12,927	$ 10,552	$ 36,772	$ 37,974
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	10,179	9,395	30,634	32,684
United Kingdom & Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 2,748	$ 1,157	$ 6,138	5,166
Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues				$ 124

Supplemental Cash Flow Disclo77

Supplemental Cash Flow Disclosure (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Debt Conversion [Line Items]
Interest paid	$ 2,103	$ 2,268
Income taxes paid	224	100
Income tax refunds	0	105
Acquisition / (surrender) of additional units of consolidated subsidiary, net	88	210
Additional paid-in capital [Member]
Debt Conversion [Line Items]
Redemption of non-controlling interest, net	88	210
Accumulated Other Comprehensive Income (Loss) [Member]
Debt Conversion [Line Items]
Redemption of non-controlling interest, net	(6)	(11)
Non-controlling Interest [Member]
Debt Conversion [Line Items]
Redemption of non-controlling interest, net	$ (82)	$ (199)

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) $ in Thousands	Aug. 28, 2015USD ($)shares	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2013USD ($)shares	Sep. 30, 2015USD ($)entity	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012
Related Party Transaction [Line Items]
Securities sold under agreements to repurchase		$ 128,685			$ 128,685		$ 101,856
Fair value of securities pledged as collateral under repurchase agreements		139,379			139,379		108,065
Cash and cash equivalents		13,379	$ 7,248		$ 13,379	$ 7,248	12,253	$ 13,161
EBC Family Trust [Member]
Related Party Transaction [Line Items]
Notes Payable, Related Parties							2,400
Value of shares issued				$ 1,600
Related Party Transaction, Amounts of Transaction				4,000
Star Asia Manager [Member]
Related Party Transaction [Line Items]
Ownership percentage of equity method affiliate									50.00%
Percentage of membership interests								100.00%
Star Asia Special Situations Fund [Member]
Related Party Transaction [Line Items]
Number of other parties involved in creation of new fund \| entity					2
Investment fund, initial life					3 years
Investment fund, potential extension term					2 years
TBBK [Member]
Related Party Transaction [Line Items]
Securities sold under agreements to repurchase		37,973			$ 37,973		46,275
Fair value of securities pledged as collateral under repurchase agreements		41,920			41,920		48,482
Interest Expense, Related Party		133	104		428	295
Cash and cash equivalents		55			55		86
Mead Park Capital [Member]
Related Party Transaction [Line Items]
Notes Payable, Related Parties							$ 5,848
Value of shares issued				$ 3,898
Issuance of common stock \| shares				1,949,167
Shares sold \| shares	1,461,876
Convertible notes owned after transaction					1,462
Interest Expense, Related Party		35	$ 136		309	408
Related Party Transaction, Amounts of Transaction				$ 9,746
Edward E. Cohen IRA [Member]
Related Party Transaction [Line Items]
Interest Expense, Related Party		105			105
Star Asia And Related Entities [Member]
Related Party Transaction [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal						78
Daniel G. Cohen [Member]
Related Party Transaction [Line Items]
Cash from sale of car						9
Gain on sale of car						$ 9
Board of Directors Chairman [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties		$ 7			$ 16
Contingent convertible senior notes [Member] \| EBC Family Trust [Member]
Related Party Transaction [Line Items]
Stated interest rate		8.00%			8.00%
Contingent convertible senior notes [Member] \| Mead Park Capital [Member]
Related Party Transaction [Line Items]
Stated interest rate	8.00%	8.00%			8.00%
Convertible notes sold	$ 4,386
Contingent convertible senior notes [Member] \| Edward E. Cohen IRA [Member]
Related Party Transaction [Line Items]
Stated interest rate	8.00%
Convertible notes purchased	$ 4,386

Related Party Transactions (Sch

Related Party Transactions (Schedule Of Related Party Transactions) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Net trading		$ 8,333	$ 6,327	$ 22,346	$ 19,876
Income / (loss) from equity method affiliates					27
Professional fees and other operating		2,488	1,537	6,353	6,766
TBBK [Member]
Related Party Transaction [Line Items]
Net trading					23
Interest expense incurred		133	104	428	295
Star Asia [Member]
Related Party Transaction [Line Items]
Management fee revenue	[1]				125
Star Asia Capital Management [Member]
Related Party Transaction [Line Items]
Income / (loss) from equity method affiliates	[1]				13
S.A.A. Manager [Member]
Related Party Transaction [Line Items]
Income / (loss) from equity method affiliates	[1]				14
E.B.C. [Member]
Related Party Transaction [Line Items]
Interest expense incurred		57	56	170	168
Edward E. Cohen IRA [Member]
Related Party Transaction [Line Items]
Interest expense incurred		105		105
Mead Park Capital [Member]
Related Party Transaction [Line Items]
Interest expense incurred		35	136	309	408
Mead Park Advisors LLC [Member]
Related Party Transaction [Line Items]
Professional fees and other operating		50	41	150	41
Woodlea [Member]
Related Party Transaction [Line Items]
Professional fees and other operating				39
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Management fee revenue					125
Net trading					23
Income / (loss) from equity method affiliates					27
Professional fees and other operating		50	41	189	41
Interest expense incurred		$ 197	$ 192	$ 584	$ 576

[1]	Effective February 20, 2014, the Company sold its interest in these entities. See paragraph F from above.

Due from _ Due to Related Par80

Due from / Due to Related Parties (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Total Due from Related Parties	$ 256	$ 552
Total Due to Related Parties	50
Employees [Member]
Related Party Transaction [Line Items]
Total Due from Related Parties	256	$ 552
Mead Park Advisors LLC [Member]
Related Party Transaction [Line Items]
Total Due to Related Parties	$ 50

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 16, 2015	Sep. 30, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Common Stock, par value		$ 0.001	$ 0.001
Subsequent Event [Member]
Subsequent Event [Line Items]
Purchase of common stock, value	$ 4
Subsequent Event [Member] \| Mead Park Capital Partners L.L.C. [Member]
Subsequent Event [Line Items]
Purchase of common stock, shares	487,291
Subsequent Event [Member] \| Ricciardi Parties [Member]
Subsequent Event [Line Items]
Purchase of common stock, shares	1,512,709