Cohen & Company (COHN) 10-Q 4 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 31, 2016
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	Jun. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Trading Symbol	ifmi
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		12,104,582

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents		$ 7,683	$ 14,115
Receivables from brokers, dealers, and clearing agencies		62,382	39,812
Due from related parties		69	77
Other receivables		3,489	4,079
Investments-trading		143,202	94,741
Other investments, at fair value		9,860	14,880
Receivables under resale agreements		345,356	128,011
Goodwill	[1]	7,992	7,992
Other assets		4,552	4,708
Total assets		584,585	308,415
Liabilities
Payables to brokers, dealers, and clearing agencies		62,832	55,779
Due to related parties		50	50
Accounts payable and other liabilities		3,233	3,362
Accrued compensation		3,821	3,612
Trading securities sold, not yet purchased		69,853	39,184
Securities sold under agreements to repurchase		366,645	127,913
Deferred income taxes		3,771	3,804
Debt		29,048	28,535
Total liabilities		539,253	262,239
Commitments and contingencies (See Note 16)
Stockholders' Equity:
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, 12,175,782 and 13,350,553 shares issued and outstanding, respectively, including 739,616 and 315,434 unvested or restricted share awards, respectively		12	13
Additional paid-in capital		69,308	71,570
Accumulated other comprehensive loss		(976)	(939)
Accumulated deficit		(30,343)	(30,889)
Total stockholders' equity		38,006	39,760
Non-controlling interest		7,326	6,416
Total equity		45,332	46,176
Total liabilities and equity		$ 584,585	$ 308,415
[1]	Goodwill and intangible assets as of June 30, 2016 and 2015 are allocated to the Capital Markets and Asset Management business segments as indicated in the table above.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	12,175,782	13,350,553
Common Stock, shares outstanding	12,175,782	13,350,553
Common Stock, unvested or restricted share awards	739,616	315,434
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		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Net trading		$ 11,285	$ 6,742	$ 21,487	$ 14,013
Asset management		1,569	2,260	3,881	4,558
New issue and advisory		984	651	1,365	2,149
Principal transactions and other income		527	1,398	1,367	3,125
Total revenues		14,365	11,051	28,100	23,845
Operating expenses
Compensation and benefits		8,388	6,151	16,928	13,739
Business development, occupancy, equipment		651	824	1,315	1,642
Subscriptions, clearing, and execution		1,502	1,498	3,024	3,346
Professional fees and other operating		1,542	1,840	3,205	3,865
Depreciation and amortization		72	227	154	461
Total operating expenses		12,155	10,540	24,626	23,053
Operating income / (loss)		2,210	511	3,474	792
Non-operating income / (expense)
Interest expense		(992)	(991)	(1,982)	(1,967)
Income/ (loss) before income tax expense / (benefit)		1,218	(480)	1,492	(1,175)
Income tax expense / (benefit)		17	(15)	27	46
Net income / (loss)		1,201	(465)	1,465	(1,221)
Less: Net (loss) / income attributable to the non-controlling interest		371	(120)	436	(318)
Net income / (loss) attributable to IFMI		$ 830	$ (345)	$ 1,029	$ (903)
Income / (loss) per common share-basic:
Basic Income / (loss) per common share		$ 0.07	$ (0.02)	$ 0.08	$ (0.06)
Weighted average shares outstanding-basic		11,905,694	15,229,340	12,588,649	15,189,273
Income / (loss) per common share-diluted:
Diluted Income / (loss) per common share		$ 0.07	$ (0.02)	$ 0.08	$ (0.06)
Weighted average shares outstanding-diluted	[1]	17,291,623	20,553,430	17,984,359	20,513,363
Dividends declared per common share		$ 0.02	$ 0.02	$ 0.04	$ 0.04
Comprehensive income / (loss):
Net income / (loss)		$ 1,201	$ (465)	$ 1,465	$ (1,221)
Other comprehensive income / (loss) item:
Foreign currency translation adjustments, net of tax of $0		(96)	146	(126)	(92)
Other comprehensive income / (loss), net of tax of $0		(96)	146	(126)	(92)
Comprehensive income / (loss)		1,105	(319)	1,339	(1,313)
Less: comprehensive income / (loss) attributable to the non-controlling interest		341	(82)	396	(342)
Comprehensive income / (loss) attributable to IFMI		$ 764	$ (237)	$ 943	$ (971)
[1]	For the six months ended June 30, 2016 and 2015, weighted average common shares outstanding excludes a total of 0 and 211,212 shares, representing restricted Operating LLC membership units, restricted Common Stock, and restricted units of Common Stock that would be anti-dilutive because of the Company's net loss. For the three months ended June 30, 2016 and 2015, weighted average common shares outstanding excludes a total of 0 and 215,076 shares, representing restricted Operating LLC membership units, restricted Common Stock, and restricted units of Common Stock that would be anti-dilutive because of the Company's net loss. For the six and three months ended June 30, 2016 and 2015, 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.

Consolidated Statements Of Ope5

Consolidated Statements Of Operations And Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Consolidated Statements of Operations And Comprehensive Income/(Loss) [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 - 6 months ended Jun. 30, 2016 - 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, 2015	$ 5	$ 13	$ 71,570	$ (30,889)	$ (939)	$ 39,760	$ 6,416	$ 46,176
Net income				1,029		1,029	436	1,465
Other comprehensive income / (loss)					(86)	(86)	(40)	(126)
Acquisition / (surrender) of additional units of consolidated subsidiary, net			(552)		49	(503)	503
Equity-based compensation and vesting of shares		1	549			550	231	781
Shares withheld for employee taxes			(20)			(20)	(8)	(28)
Purchase and retirement of common stock		(2)	(2,239)			(2,241)		(2,241)
Dividends/Distributions				(483)		(483)	(212)	(695)
Balance at Jun. 30, 2016	$ 5	$ 12	$ 69,308	$ (30,343)	$ (976)	$ 38,006	$ 7,326	$ 45,332

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities
Net income (loss)	$ 1,465	$ (1,221)
Adjustments to reconcile net income / (loss) to net cash provided by (used in) operating activities:
Equity-based compensation	781	790
Accretion of income on other investments, at fair value	(755)	(1,332)
Realized loss / (gain) on other investments	1,742	1,965
Change in unrealized (gain) loss on other investments, at fair value	(1,174)	(1,611)
Depreciation and amortization	154	461
Amortization of discount on debt	513	581
Deferred tax provision/(benefit)	(33)	42
Change in operating assets and liabilities, net:
(Increase) decrease in other receivables	590	3,122
(Increase) decrease in investments-trading	(48,461)	18,242
(Increase) decrease in other assets	165	470
(Increase) decrease in receivables under resale agreement	(217,345)	(71,071)
Change in receivables from / payables to related parties, net	8	325
Increase (decrease) in accrued compensation	209	(2,103)
Increase (decrease) in accounts payable and other liabilities	(121)	(1,290)
Increase (decrease) in trading securities sold, not yet purchased, net	30,669	26,910
Change in receivables from/ payables to brokers, dealers, and clearing agencies, net	(15,517)	(52,151)
Increase (decrease) in securities sold under agreement to repurchase	238,732	70,861
Net cash provided by (used in) operating activities	(8,378)	(7,010)
Investing activities
Purchase of investments-other investments, at fair value	(237)	(232)
Sales and returns of principal - other investments, at fair value	5,444	8,841
Purchase of furniture, equipment, and leasehold improvements	(163)	(95)
Net cash provided by (used in) investing activities	5,044	8,514
Financing activities
Cash used to net share settle equity awards	(28)
Purchase and retirement of common stock	(2,241)
IFMI non-controlling interest distributions	(212)	(213)
IFMI dividends	(483)	(609)
Net cash provided by (used in) financing activities	(2,964)	(822)
Effect of exchange rate on cash	(134)	(57)
Net increase (decrease) in cash and cash equivalents	(6,432)	625
Cash and cash equivalents, beginning of period	14,115	12,253
Cash and cash equivalents, end of period	$ 7,683	$ 12,878

Organization And Nature Of Oper

Organization And Nature Of Operations	6 Months Ended
	Jun. 30, 2016
Organization And Nature Of Operations [Abstract]
Organization And Nature Of Operations	1. ORGANIZATION AND NATURE OF OPERATIONS The Formation Transaction Cohen Brothers, LLC (“Cohen Brothers” ) was formed on October 7, 2004 by Cohen Bros. Financial, LLC (“CBF”). Cohen Brothers was established to acquire the net assets of CBF’s subsidiaries (the “Formation Transaction”): Cohen Bros. & Company, Inc.; Cohen Frères SAS; Dekania Investors, LLC; Emporia Capital Management, LLC; and the majority interest in Cohen Bros. & Toroian Investment Management, Inc. The Formation Transaction was accomplished through a series of transactions occurring between March 4, 2005 and May 31, 2005. The Company From its formation until December 16, 2009, Cohen Brothers operated as a privately owned limited liability company. On December 16, 2009, Cohen Brothers completed its merger (the “Merger”) with a subsidiary of Alesco Financial Inc. (“AFN”) , a publicly traded real estate investment trust. As a result of the Merger, AFN contributed substantially all of its assets into Cohen Brothers in exchange for newly issued membership units directly from Cohen Brothers. In addition, AFN received additional Cohen Brothers membership interests directly from its members in exchange for AFN common stock. In accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the Merger was accounted for as a reverse acquisition, and Cohen Brothers was deemed to be the accounting acquirer. As a result, all of AFN’s assets and liabilities were required to be revalued at fair value as of the acquisition date. The remaining membership interests of Cohen Brothers that were not held by AFN were 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 markets. As of June 30, 2016 , the Company had $3.84 billion in assets under management (“AUM”) of which 95.5% , or $3.67 billion , was in collateralized debt obligations (“CDOs”). In these financial statements, the “Company” refers to IFMI and its subsi diaries on a consolidated basis. “IFMI, LLC” (formerly Cohen Brothers, LLC) or the “Operating LLC” refers to the main operating subsidiary of the Company. “Cohen Brothers” refers to the pre-Merger Cohen Brothers, LLC and its subsidiaries . “AFN” refers to the pre-merger Alesco Financial Inc. and its subsidiaries. When the term “IFMI” is used, it is referring to the parent company itself, Institutional Financial Markets, Inc. “JVB Holdings” refers to J . V . B . 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 A uthority) in the United Kingdom. “EuroDekania” refers to EuroDekania (Cayman) Ltd., a Cayman Islands exempted company that is externally managed by CCFL. The Company’s business is organized into the following three business segments. Capital Markets : The Company’s Capital Markets business segment consists primarily of f ixed income sales, trading, matched book repo financing , 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, 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 deposit (“ CDs ”) for small banks, and hybrid capital of financial institutions including trust preferred securities (“TruPS”), whole loans, and other structured financial instruments. The Company also offers execution and brokerage services for equity products. The Company carries out its capital market activities primarily through its subsidiaries: JVB in the United State s and CCFL in Europe. See note 4 regarding the potential sale of European operations. Principal Investing : The Company’s Principal Investing business segment is comprised of investments that the Company has made using its own capital excluding investments the Company makes to support our Capital Markets business segment. These investments are a component of our other investments, at fair value in our consolidated balance sheet. 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 and derivatives classified as trading; and • New issue and advisory revenue comprised primarily of (i) new issue revenue associated with originating, arrangi ng, and placing newly created financial instruments; and (ii) revenue from advisory services. Principal Investing • Gains and losses (unrealized and realized) and income and expense earned on securities classified as other investments, at fair value. Asset Management • Asset management fees for the Company’s on-going asset management services provided to certain Investment Vehicles, which may include fees both senior and subordinate to the securities in the Investment Vehicle s , and incentive management fees earned based on the performance of the various Investment Vehicles.

Basis Of Presentation

Basis Of Presentation	6 Months Ended
	Jun. 30, 2016
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 for the six months ended June 30, 2016 and 2015 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, 2015 . 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, 2015 .  Upon adoption of the provisions of ASU 2015-03, the Company reclassified its deferred financing costs as of December 31, 2015. This resulted in a reduction in other assets of $410 and a reduction in debt of $410 . See note 3. Certain other prior period amounts have been reclassified to conform to the current period presentation. 

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
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 was 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 ado ption of the provisions of ASU 2014-11 effective January 1, 2015 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows. See note 9.  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’s adoption of the provisions of ASU 2014-12 effective January 1, 2016 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows.  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 recorded 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’s adoption of the provisions of ASU 2014-1 3 effective January 1, 2016 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows.  In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815) : Determining whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity, which clarifies that an entity must consider all relevant terms and features when evaluating the nature of the host contract. Additionally, the amendments state that no one term or feature would define the host contract’s economic characteristics and risks. Instead, the economic characteristics and risks of the hybrid financial instrument as a whole would determine the nature of the host contract. The amendments in this ASU are effective for entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company’s adoption of the provisions of ASU 2014-16 effective January 1, 2016 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows.  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 was 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’s adoption of the provisions of ASU 2015-01 effective January 1, 2016 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows.  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 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) eliminates 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’s adoption of the provisions of ASU 2015-02 effective January 1, 2016 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows. However, the Company previously treated its management contracts with certain securitization entities that are VIEs as a variable interest. Therefore, the Company disclosed certain information related to these interests in its variable interest entity footnote. Upon adoption of this ASU, these management contracts are not considered variable interests. Therefore, in cases where the Company’s only interest in certain VIEs was its management contract, the Company is no longer required to include certain disclosures related to those variable interest entities. See note 11.  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 was 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. Upon adoption of the provisions of ASU 2015-03 effective January 1, 2016, the Company reclassified its deferred financing costs as of December 31, 2015. This resulted in a reduction in other assets of $410 and a reduction in debt of $410 in the Company’s consolidated balance sheet as of December 31, 2015.  In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820) – Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its 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’s adoption of ASU 2015-07 effective January 1, 2016 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows. However, as a result of this adoption, the Company no longer classifies its investment in EuroDekania (for which it uses the practical expedient) within the fair value hierarchy. See note 7.  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’s adoption of the provisions of ASU 2015-16 effective January 1, 2016 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows. B. Recent Accounting Developments  In February 2016, the FASB issued ASU No. 2016-01 , Financial Instruments-Overall ( S ubtopic 825-10) . The revised guidance makes the following changes: (i) requires equity investments with readily determinable fair value (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (ii) allows an entity to choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer; (iii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment and when a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value; (iv) eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; (v) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (vi) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (vii) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (viii) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and (ix) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For non-public entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of these amendments on the presentation in its consolidated financial statements.  In February 2016, the FASB issued ASU No. 2016-02 , Leases (Topic 842). Under the new guidance, lessees will be required to recognize the following for all leases with the exception of short-term leases: (i) a lease liability, which i s a lessee’s obligation to make lease payments arising from a lea s e, measured on a discounted basis; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 60 6, Revenue from Contracts with C ustomers. The ASU is effective for entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal year. Early application is permitted. The Company is currently evaluating this new guidance to determine the impact it may have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments. This ASU clarifies what steps are required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts, which is one of the criteria for bifurcating an embedded derivative. Consequently, when a call (put) option is contingently exercisable, an entity does not have to assess whether the event that triggers the ability to exercise a call (put) option is related to interest rates or credit risks. This ASU is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted and if adopted on an interim period, any adjustments must be reflected as of the beginning of the fiscal year that includes the interim period. The Company is currently evaluating this new guidance to determine the impact it may have on its consolidated financial statements.  In March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting . This ASU eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. If an entity has an available-for-sale equity security that becomes qualified for the equity method of accounting it should recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method . This ASU is effective for fiscal years beginning after December 15, 2016 and should be applied prospectively upon the effective date to increases in the level of ownership interest or degree of influence that result. Early a doption is permitted. The Company is currently evaluating this new guidance to determine the impact it may have on its consolidated financial statements.  In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). This ASU is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations by amending certain existing illustrative examples and adding additional illustrative examples to assist in the application of the guidance . The effective date for this guidance is for fiscal years beginning after December 15, 2017, including interim reporting periods therein, which is the same as the effective date and transition date of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . The Company is currently evaluating the new guidance to determine the impact it may have on the Company’s consolidated financial statements.  In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This ASU simplifies several aspects of the accounting for share-based payment award transactions including: (i) income tax consequences; (ii) classification of awards as either equity or liabilities; and (iii) classification on the statement of cash flows. The effective date for this ASU is for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact it may have on the Company’s consolidated financial statements.  In April 2016, the FASB issued ASU 2016-10 , Revenue from C o ntracts with Customers (Topic 606) : Identifying Performance Obligations and Licensing . The amendments in this ASU affect the guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which is not yet effective. The amendments provide further guidance on identifying performance obligations and also improve the operability and understandability of the licensing implementation guidance. The amendments do not change the core principal of the guidance in Topic 606. The effective date and transition requirements for the amendment are the same as the effective date and transition requirements in Topic 606. Public entities should apply the amendments for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. The Company is currently evaluating the new guidance to determine the impact it may have on the Company’s consolidated financial statements.  In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients . The amendments in the ASU affect the guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606 ), which is not yet effective. The amendments, among other things: (1) clarify the objective of the collectability criterion for applying paragraph 606-10-25-7; (2) permit an entity to exclude amounts collected from customers for all sales (and other similar) taxes from the transaction price; (3) specify that the measurement date for noncash consideration is contract inception; (4) provide a practical expedient that permits an entity to reflect the aggregate effect of all modifications that occur before the beginning of the earliest period presented when identifying the satisfied and unsatisfied performance obligations, determining the transaction price, and allocating the transaction price to the satisfied and unsatisfied performance obligations; (5) clarify that a completed contract for purposes of transition is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP before the date of initial application; and (6) clarify that an entity that retrospectively applies the guidance in Topic 606 to each prior reporting period is not required to disclose the effect of the accounting change for the period of adoption . The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in Topic 606. Public entities should apply the amendments for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. The Company is currently evaluating the new guidance to determine the impact it may have on the Company’s consolidated financial statements.  In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The amendments require s the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the new guidance to determine the impact it may have on the Company’s consolidated financial statements. C . 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 and deferred financing costs . However, a substantial portion of the debt was assumed in the Merger and recorded at fair value as of that date. As of June 30, 2016 and December 31, 2015 , the fair value of the Company’s debt was estimated to be $34,453 and $35,200 , 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 and Eurodollar futures. For derivative instruments such as TBAs, the fair value is generally based on market price quotations from third party pricing services. See note 7 for disclosures concerning th

Dispositions

Dispositions	6 Months Ended
	Jun. 30, 2016
Dispositions [Abstract]
Dispositions	4. DISPOSITIONS  Sale of European Operations - Update Although the Company believes that, given the passage of time, there is a very low probability of this transaction closing in the future, given the potential value to the Company of the proposed transaction if it were to close and based on C&Co Europe Acquisition LLC’s indication that it continues to evaluate its options, the Company has decided not to exercise its right to terminate the transaction at this time. The Company will continue to evaluate the probability of closing and its right to terminate the transaction .

Receivables From And Payables T

Receivables From And Payables To Brokers, Dealers, And Clearing Agencies	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015 .     RECEIVABLES FROM BROKERS, DEALERS, AND CLEARING AGENCIES  (Dollars in Thousands)   June 30, 2016 December 31, 2015  Deposits with clearing agencies $ 750 $ 864  Unsettled regular way trades, net - 4,367  Receivables from clearing agencies 61,632 34,581  Receivables from brokers, dealers, and clearing agencies $ 62,382 $ 39,812  Amounts payable to brokers, dealers, and clearing agencies consisted of the following at June 30, 2016 and December 31, 2015 .     PAYABLES TO BROKERS, DEALERS, AND CLEARING AGENCIES  (Dollars in Thousands)   June 30, 2016 December 31, 2015  Unsettled regular way trades, net $ 1,039 $ -  Margin payable 61,793 55,779  Payables to brokers, dealers, and clearing agencies $ 62,832 $ 55,779  Deposits with clearing agencies represent contractual amounts the Company is required to deposit with its clearing agents.  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 in receivables from or payables to brokers, dealers, and clearing agencies on the Company’s consolidated balance sheet.  Receivables from clearing agencies are primarily comprised of cash received by the Company upon execution of short trades that is restricted from withdrawal by the clearing agency.  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 incurre d interest on margin payable of $379 and $279 for the six months June 30, 2016 and 2015 , respectively, $153 and $157 for the three months ended June 30, 2016 and 2015, respectively.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2016
Financial Instruments [Abstract]
Financial Instruments	6. FINANCIAL INSTRUMENTS Investments—Trading The following table provides detail of the investments classified as investments-trading as of the periods indicated.      INVESTMENTS - TRADING  (Dollars in Thousands)   June 30, 2016 December 31, 2015  U.S. government agency MBS and CMOs $ 6,702 $ 3,225  U.S. government agency debt securities 13,972 12,737  RMBS 94 98  U.S. Treasury securities 2,667 1,355  Other ABS 18 2,048  SBA loans 36,161 29,931  Corporate bonds and redeemable preferred stock 37,767 19,873  Foreign government bonds 78 -  Municipal bonds 31,243 24,053  Certificates of deposit 1,451 263  Derivatives 13,049 1,158  Investments-trading $ 143,202 $ 94,741  Trading Securities Sold, Not Yet Purchased The following table provides detail of the trading securities sold, not yet purchased as of the periods indicated.      TRADING SECURITIES SOLD, NOT YET PURCHASED  (Dollars in Thousands)   June 30, 2016 December 31, 2015  U.S. Treasury securities $ 29,111 $ 12,050  Corporate bonds and redeemable preferred stock 28,792 25,851  Municipal bonds 20 20  Derivatives 11,930 1,181  Equity securities - 82  Trading securities sold, not yet purchased $ 69,853 $ 39,184  The Company tries to manage its exposure to changes in interest rates for the interest rate sensitive securities it holds by entering into offsetting short positions for similar fixed rate securities. The Company included the change in unrealized gains (losses) in the amount of $ (57) and $ (14) for the six months ended June 30, 2016 and 2015 , respectively, in net trading revenue in the Company’s consolidated statements of operations. Other Investments, at fair value The following table s provide detail of the investments included within other investments, at fair value.     OTHER INVESTMENTS, AT FAIR VALUE  (Dollars in Thousands)   June 30, 2016  Amortized Cost Carrying Value Unrealized Gain / (Loss)  CLOs $ 10,047 $ 8,028 $ (2,019)  CDOs 193 30 (163)  Equity Securities:  EuroDekania 4,969 1,318 (3,651)  Other securities 176 54 (122)  Total equity securities 5,145 1,372 (3,773)  Residential loans 87 359 272  Foreign currency forward contracts - 71 71  Other investments, at fair value $ 15,472 $ 9,860 $ (5,612)     December 31, 2015  Amortized Cost Carrying Value Unrealized Gain / (Loss)  CLOs $ 14,877 $ 11,569 $ (3,308)  CDOs 193 34 (159)  Equity Securities:  EuroDekania 5,300 2,502 (2,798)  Tiptree 1,009 353 (656)  Other securities 176 43 (133)  Total equity securities 6,485 2,898 (3,587)  Residential loans 111 383 272  Foreign currency forward contracts - (4) (4)  Other investments, at fair value $ 21,666 $ 14,880 $ (6,786) 

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	Jun. 30, 2016
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 Accounting Standards Codification (“ ASC ”) 825. The primary reason for electing the fair value option, when it first became available in 2008, was to reduce the burden of monitoring the differences between the cost and the fair value of the Company’s investments, previously classified as available for sale securities, including the assessment as to whether the declines are temporary in nature and to further remove an element of management judgment. In addition, the election was made for certain investments that were previously required to be accounted for under the equity method because their fair value measurements were readily obtainable. Such financial assets accounted for at fair value include: • 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 $ (568) and $(354) related to changes in fair value of investments that are included as a component of other investments, at fair value during the six months ended June 30, 2016 and 2015 , respectively. The Company recognized net gains (losses) of $ (304) and $ (38) 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 June 30, 2016 and 2015 , respectively . Fair Value Measurements In accordance with FASB ASC 820, the Company has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into a three level fair value hierarchy. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). 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 six months ended June 30, 2016 and 2015 . 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 s present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015 , 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  June 30, 2016  (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 $ 6,702 $ - $ 6,702 $ -  U.S. government agency debt securities 13,972 - 13,972 -  RMBS 94 - 94 -  U.S. Treasury securities 2,667 2,667 - -  Other ABS 18 - 18 -  SBA loans 36,161 - 36,161 -  Corporate bonds and redeemable preferred stock 37,767 - 37,767 -  Foreign government bonds 78 - 78 -  Municipal bonds 31,243 - 31,243 -  Certificates of deposit 1,451 - 1,451 -  Derivatives 13,049 - 13,049 -  Total investments - trading $ 143,202 $ 2,667 $ 140,535 $ -   Other investments, at fair value:  Other equity securities $ 54 $ 35 $ 19 $ -  CLOs 8,028 - - 8,028  CDOs 30 - - 30  Residential loans 359 - 359 -  Foreign currency forward contracts 71 71 - -  Total 8,542 $ 106 $ 378 $ 8,058  EuroDekania (1) 1,318  Total other investments, at fair value $ 9,860   Liabilities  Trading securities sold, not yet purchased:  U.S. Treasury securities $ 29,111 $ 29,111 $ - $ -  Corporate bonds 28,792 - 28,792 -  Municipal bonds 20 - 20 -  Derivatives 11,930 - 11,930 -  Total trading securities sold, not yet purchased $ 69,853 $ 29,111 $ 40,742 $ -  (1) Hybrid Securities Fund—European.    FAIR VALUE MEASUREMENTS ON A RECURRING BASIS  December 31, 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 $ 3,225 $ - $ 3,225 $ -  U.S. government agency debt securities 12,737 - 12,737 -  RMBS 98 - 98 -  U.S. Treasury securities 1,355 1,355 - -  Other ABS 2,048 - 2,048 -  SBA loans 29,931 - 29,931 -  Corporate bonds and redeemable preferred stock 19,873 - 19,873 -  Municipal bonds 24,053 - 24,053 -  Certificates of deposit 263 - 263 -  Derivatives 1,158 - 1,158 -  Total investments - trading $ 94,741 $ 1,355 $ 93,386 $ -   Other investments, at fair value:  Tiptree (2) $ 353 $ 353 $ - $ -  Other equity securities 43 28 15 -  CLOs 11,569 - - 11,569  CDOs 34 - - 34  Residential loans 383 - 383 -  Foreign currency forward contracts (4) (4) - -  Total 12,378 $ 377 $ 398 $ 11,603  EuroDekania (1) 2,502 -  Total other investments, at fair value $ 14,880  Liabilities  Trading securities sold, not yet purchased:  U.S. Treasury securities $ 12,050 $ 12,050 $ - $ -  Corporate bonds and redeemable preferred stock 25,851 - 25,851 -  Municipal bonds 20 - 20 -  Derivatives 1,181 - 1,181 -  Equity securities 82 82 - -  Total trading securities sold, not yet purchased $ 39,184 $ 12,132 $ 27,052 $ -  (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 and Redeemable Preferred Stock : 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 and redeemable preferred stock. These valuations are based on a market approach. The Company generally classifies the fair value of these bonds within level 2 of the valuation hierarchy. In instances where the fair values of securities are based on quoted prices in active markets (for example with redeemable preferred stock), the Company classifies the fair value of these securities within level 1 of the valuation hierarchy. Municipal Bonds : Municipal bonds, which include obligations of U.S. states, municipalities, and political subdivisions, primarily include bonds or notes issued by U.S. municipalities. The Company generally values these securities using third party quotations such as market price quotations from third party pricing services. The Company generally classifies the fair value of these bonds within level 2 of the valuation hierarchy. The valuations are based on a market approach. In instances where the Company is unable to obtain reliable market price quotations from third party pricing services, the Company will use its own internal valuation models. In these cases, the Company will classify such securities as level 3 within the hierarchy until it is able to obtain third party pricing. Exchange Traded Funds : Exchange traded funds are investment funds that trade in active markets, similar to public company stocks and are included with equity securities in t he tables above. The fair value of exchange traded fund s is based on quoted prices in active markets. Valuation adjustments are not applied. The Company classifies the fair value of these securities within level 1 of the valuation hierarchy. Equity Securities : The fair value of equity securities that represent investments in publicly traded companies (common or preferred shares, options, warrants, a nd other equity investments) is 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 Currency Forward Contracts Foreign currency forward contracts are exchange-traded derivatives, which transact on an exchange that is deemed to be active. The fair value of the foreign currency forward contracts is based on current quoted market prices. Valuation adjustments are not applied. These are considered a level 1 value in the hierarchy. See note 8. TBAs and Other Forward Agency MBS C ontracts 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 hie rarchy. 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 tables present 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  Six Months Ended June 30, 2016  (Dollars in Thousands)   December 31, 2015 Net trading Gains and losses (2) Transfers out of level 3 Accretion of income ( 2) Purchases Sales and returns of capital June 30, 2016 Change in unrealized gains /(losses) (1)  Assets  Other investments, at fair value  CLOs $ 11,569 $ - $ 354 $ - $ 755 $ - $ (4,650) $ 8,028 $ 619  CDOs 34 - (4) - - - - 30 (4)  Total other investments, fair value $ 11,603 $ - $ 350 $ - $ 755 $ - $ (4,650) $ 8,058 $ 615  (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) Recorded as a component of principal transactions and other income in the consolidated statement of operations.       LEVEL 3 INPUTS  Six Months Ended June 30, 2015  (Dollars in Thousands)   December 31, 2014 Net trading Gains and losses (2) Transfers out of level 3 Accretion of income ( 2) Purchases Sales and returns of capital June 30, 2015 Change in unrealized gains /(losses) (1)  Assets  Other investments, at fair value  CLOs $ 21,518 $ - $ (187) $ - $ 1,332 $ - $ (6,415) $ 16,248 $ 328  CDOs 11 - 16 - - - - 27 16  Total other investments, fair value $ 21,529 $ - $ (171) $ - $ 1,332 $ - $ (6,415) $ 16,275 $ 344   (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) Recorded as a component of principal transactions and other income in the consolidated statement of operations.       LEVEL 3 INPUTS  Three Months Ended June 30, 2016  (Dollars in Thousands)   March 31, 2016 Net trading Gains and losses (2) Transfers out of level 3 Accretion of income (2) Purchases Sales and returns of capital June 30, 2016 Change in unrealized gains /(losses) (1)  Assets  Other investments, at fair value  CLOs $ 10,925 $ - $ 483 $ - $ 362 $ - $ (3,742) $ 8,028 $ 378  CDOs 40 - (10) - - - - 30 (10)  Total other investments, fair value $ 10,965 $ - $ 473 $ - $ 362 $ - $ (3,742) $ 8,058 $ 368   (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) Recorded as a component of principal transactions and other income in the consolidated statement of operations       LEVEL 3 INPUTS  Three Months Ended June 30, 2015  (Dollars in Thousands)   March 31, 2015 Net trading Gains and losses (2) Transfers out of level 3 Accretion of income (2) Purchases Sales and returns of capital June 30, 2015 Change in unrealized gains /(losses) (1)  Assets  Other investments, at fair value  CLOs $ 20,446 $ - $ (121) $ - $ 617 $ - $ (4,694) $ 16,248 $ 101  CDOs 28 - (1) - - - - 27 (1)  Total other investments, fair value $ 20,474 $ - $ (122) $ - $ 617 $ - $ (4,694) $ 16,275 $ 100  (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 ) 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. During the six and three months ended June 30, 2016 and 2015 , there were no transfers into or out of level 3 of the valuation hierarchy. The following tables provide the quantitative information about level 3 fair value measurements as of June 30, 2016 and December 31, 2015 .     QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS  (Dollars in Thousands)    Significant Range of  Fair Value Valuation Unobservable Weighted Significant  June 30, 2016 Technique Inputs Average Inputs  Assets  Other investments, at fair value  CLOs $ 8,028 Discounted Cash Flow Model Yield 22.5% 16.7% - 38.0%  Duration (years) 6.2 5.8 - 7.1  Default rate 2.0% 2.0%        QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS  (Dollars in Thousands)    Significant Range of  Fair Value Valuation Unobservable Weighted Significant  December 31, 2015 Technique Inputs Average Inputs  Assets  Other investments, at fair value  CLOs $ 11,569 Discounted Cash Flow Model Yield 20.1% 16.0 - 30.0%  Duration (years) 6.6 6.3 - 7.6  Default rate 2.0% 2.0%   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 : The Company uses a discounted cash flow model to determine the fair value of its investments in CLOs. Changes in the yield, duration, and default rate assumptions would impact the fair value determined. The longer the duration, the lower the fair value of the investment. The higher the yield, the lower the fair value of the investment. The higher the default rate, the lower the fair value of the investment. Investments in Certain Entities that Calculate Net Asset Value Per Share (or its Equivalent) The following table presents additional information about investments in certain entities that calculate net asset value per share (regardless of whether the “practical expedient” provisions of FASB ASC 820 have been applied), which are measured at fair value on a recurring basis at June 30, 2016 and December 31, 2015 .     FAIR VALUE MEASUREMENTS OF INVESTMENTS IN CERTAIN ENTITIES  THAT CALCULATE NET ASSET VALUE PER SHARE (OR ITS EQUIVALENT)  (Dollars in Thousands)    Fair Value June 30, 2016 Unfunded Commitments Redemption Frequency Redemption Notice Period  Other investments, at fair value  EuroDekania (a) $ 1,318 N/A N/A N/A  $ 1,318   Fair Value December 31, 2015 Unfunded Commitments Redemption Frequency Redemption Notice Period  Other investments, at fair value  EuroDekania (a) $ 2,502 N/A N/A N/A  $ 2,502  N/A Not applicable. EuroDekania does not offer redemptions and investors in EuroDekania have no commitments to make additional investments. (a) EuroDekania owns 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	6 Months Ended
	Jun. 30, 2016
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 arising from (i) fluctuations in foreign currency rates with respect to the Company’s investments in foreign currency denominated investments; (ii) the Company’s investments in interest sensitive investments; and (iii) 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 MBS 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 MBS 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 June 30, 2016 and December 31, 2015 , the Company had outstanding foreign currency forward contracts with a notional amount of 2.375 million Euros and 2.75 million Euros , respectively. EuroDollar Futures The Company invests in floating rate investments that expose it to fluctuations in interest and, therefore, the Company may, from time to time, hedge such exposure using EuroDollar f utures. The Company carries such EuroDollar future contracts at fair value and includes them as a component of investments-trading or trading securities sold, not yet purchased in the Company’s c onsolidated balance sheets. As of June 30, 2016 and December 31, 2015, the Company had no outstanding EuroDollar future contracts. 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 June 30, 2016 , the Company had open TBA and other forward MBS sale agreements in the notional amount of $ 1,491,381 and open TBA and other forward MBS purchase agreements in the notional amount of $ 1,456,742 . At December 31, 2015 , the Company had open TBA and other forward agency MBS sale agreements in the notional amount of $ 699,460 and open TBA purchase agreements in the notional amount of $ 677,450 . Other Extended Settlement Trades When the Company b uys or sells a financial instrum ent 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 June 30, 2016 , the Company had open forward purchase commitments of $4,616 and open forward sale commitments of $0 . At December 31, 2015, the Company had open forward purchase commitments of $3,075 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 June 30, 2016 and December 31, 2015 .     DERIVATIVE FINANCIAL INSTRUMENTS-BALANCE SHEET INFORMATION  (Dollars in Thousands)   Derivative Financial Instruments Not Designated as Hedging Instruments Under FASB ASC 815 Balance Sheet Classification June 30, 2016 December 31, 2015  TBAs and other forward agency MBS Investments-trading $ 13,049 $ 1,158  Foreign currency forward contracts Other investments, at fair value 71 (4)  TBAs and other forward agency MBS Trading securities sold, not yet purchased (11,930) (1,181)  $ 1,190 $ (27)  The following table presents the Company’s derivative financial instruments and the amount and location of the net gain (loss) recognized in the consolidated statement of operations.        DERIVATIVE FINANCIAL INSTRUMENTS-STATEMENT OF OPERATIONS INFORMATION  (Dollars in Thousands)   Derivative Financial Instruments Not Designated as Hedging Instruments Under FASB ASC 815 Income Statement Classification Six Months Ended June 30, 2016 Six Months Ended June 30, 2015  Foreign currency forward contracts Revenue-principal transactions and other income $ (53) $ 288  Other extended settlement trades Revenue-net trading - 28  TBAs and other forward agency MBS Revenue-net trading 4,211 3,043  $ 4,158 $ 3,359           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 June 30, 2016 Three Months Ended June 30, 2015  Foreign currency forward contracts Revenue-principal transactions and other income $ 83 $ (121)  Other extended settlement trades Revenue-net trading (5) 26  TBAs and other forward agency MBS Revenue-net trading 2,309 1,466  $ 2,387 $ 1,371   

Collateralized Securities Trans

Collateralized Securities Transactions	6 Months Ended
	Jun. 30, 2016
Collateralized Securities Transactions [Abstract]
Collateralized Securities Transactions	9. COLLATERALIZED SECURITIES TRANSACTIONS Reverse repurchase agreements and r epurchase agreements, principally collateralized by 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 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 as part of its matched book repo financing business, to acquire securities to cover short positions, or as an investment. The Company enters into repurchase agreements as part of its matched book repo financing business or to finance the Company’s securities positions held in inventory. At June 30, 2016 and December 31, 2015 , the Company held reverse repurchase agreements of $ 345,356 and $ 128,011 , respectively, and the fair value of securities received as collateral under reverse repurchase agreements was $ 364,218 and $ 137,232 , respectively. As of June 30, 2016 the reverse repurchase agreement balance was comprised of receivables collateralized by 7 securities with a single counterparty. As of December 31, 2015, the reverse repurchase agreement balance was comprised of receivables collateralized by 3 securities with a single counterparty. At June 30, 2016 and December 31, 2015 , the Company had repurchase agreements of $ 366,645 and $ 127,913 , respectively, and the fair value of securities pledged as collateral under repurchase agreements was $ 385,629 and $ 137,232 , 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)  June 30, 2016   Remaining Contractual Maturity of the Agreements  Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total  U.S. government agency MBS $ - $ 227,516 $ 117,715 $ - $ 345,231  SBA Loans 21,414 - - 21,414  $ 21,414 $ 227,516 $ 117,715 $ - $ 366,645    Amount recognized $ 366,645     REPURCHASE AGREEMENTS ACCOUNTED FOR AS SECURED BORROWINGS  (Dollars in Thousands)  December 31, 2015   Remaining Contractual Maturity of the Agreements  Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total  U.S. government agency MBS $ - $ 127,913 $ - $ - $ 127,913  $ - $ 127,913 $ - $ - $ 127,913    Amount recognized $ 127,913  

Other Assets and Accounts Payab

Other Assets and Accounts Payable and Other Liabilities	6 Months Ended
	Jun. 30, 2016
Other Assets and Accounts Payable and Other Liabilities [Abstract]
Other Assets And Accounts Payable And Other Liabilities	10. OTHER ASSETS AND ACCOUNTS PAYABLE AND OTHER LIABILITIES The following table provides information about other assets as of the dates indicated.      OTHER ASSETS  (Dollars in Thousands)   June 30, 2016 December 31, 2015  Deferred costs $ 600 $ 600  Prepaid expenses 1,118 1,359  Prepaid income taxes 105 -  Security deposits 1,826 1,845  Miscellaneous other assets 151 161  Cost method investment 11 11  Furniture, equipment, and leasehold improvements, net 575 566  Intangible assets 166 166  Other assets $ 4,552 $ 4,708 The following table provides information about a ccounts payable and other liabilities as of the dates indicated.     ACCOUNTS PAYABLE AND OTHER LIABILITIES  (Dollars in Thousands)   June 30, 2016 December 31, 2015  Accounts payable $ 204 $ 494  Rent payable 218 390  Accrued interest payable 300 138  Accrued interest on securities sold, not yet purchased 629 491  Payroll taxes payable 491 594  Other general accrued expenses 1,391 1,255  Accounts payable and other liabilities $ 3,233 $ 3,362 

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2016
Variable Interest Entities [Abstract]
Variable Interest Entities	11. VARIABLE INTEREST ENTITIES  As a general matter, a reporting entity must consolidate a variable interest entity when it is deemed to be the primary beneficiary. The primary beneficiary is the entity that has both (a) the power to direct the matters that most significantly impact the VIE ’ s financial performance and (b) a significant variable interest in the VIE. For the reporting periods present ed herein, the Company has determined that it is not the primary beneficiary of, and therefore has not consolidated, a VIE.  The Company is involved with VIEs in three main ways : (i) as part of the Company’s principal investing portfolio; (ii) as part of the Company’s asset management activities; and (iii) within the Company’s trading portfolio.  The Company’s Principal Investing Portfolio  For each investment made within the principal investing portfolio, the Company assesses whether the investee is a VIE and if the Company is the primary beneficiary. As of June 30, 2016 , the Company had variable interests in various securitization VIEs, but determined that it was not the primary beneficiary, and, therefore, was not consolidating the securitization VIEs. The maximum potential financ ial statement loss the Company w ould incur if the securitization vehicles were to defaul t on all of their obligations would be the loss of value of the interests in securitizations that the Company holds in its inventory a t the time. The Company did not provide financial support to these VIEs during the six months ended June 30, 2016 and 2015 and had no liabilities, contingent liabilities, or guarantees (implicit or explicit) related to these VIEs at June 30, 2016 and December 31, 2015 .  The Company’s Asset Management Activities  For each investment management contract entered into by the Company, the Company assesses whether the entity being managed is a VIE and if the Company is the primary beneficiary. The Company serves as collateral asset manager to certain securitizations that are VIEs. Under the current guidance of ASU 2015-02, the Company has concluded that its asset management cont racts should not be considered variable interest s . Currently, the Company has no other interests in entities it manages that are considered variable interests. Therefor e, the Company is not the primary beneficiary of any securitizations that it manages.  The Company’s Trading Portfolio  From time to time, the Company may have an interest in a VIE through the investments it makes as part of its trading activities. Because of the high volume of trading activity the Company experiences, the Company does not perform a formal assessment of each individual investment within its trading portfolio to determine if t he investee is a VIE and if the Company is a primary beneficiary. Even if the Company were to obtain a variable interest in a VIE through its trading portfolio, the Company would not be deemed to be the primary beneficiary for two main reasons: (a) the Company does not usually obtain the power to direct activities that most significantly impact any investee’s financial performance; and (b) a scope exception exists within the consolidation guidance for cases where the reporting entity is a broker- dealer and any control (either as the primary beneficiary of a VIE or through a controlling interest i n a voting interest entity) was deemed to be temporary. In the extremely unlikely case that the Company somehow obtained the power to direct and a significant variab le interest in an investee in its trading portfolio that was a VIE, any such control would be temporary due to the rapid turnover within the trading portfolio.  The following table presents the carrying amounts of the assets in the Company’s consolidated balance sheets that relate t o the Company’s variable intere st s 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 holds variable interests at June 30, 2016 and December 31, 2015 .    CARRYING VALUE OF VARIABLE INTERESTS IN NON-CONSOLIDATED VARIABLE INTEREST ENTITIES  (Dollars in Thousands)   June 30, 2016 December 31, 2015  Other Investments, at fair value $ 8,058 $ 11,603  Maximum Exposure $ 8,058 $ 11,603  

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt [Abstract]
Debt	12. DEBT The Company had the following debt outstanding as of the dates indicated.      DETAIL OF DEBT  (Dollars in Thousands)   Description Current Outstanding Par June 30, 2016 December 31, 2015 Interest Rate Terms Interest (3) Maturity  Convertible senior notes:  8.00% convertible senior notes (the "8.0% Convertible Notes") $ 8,248 $ 8,248 $ 8,248 Fixed 8.00 % September 2018 (1)  Less unamortized debt issuance costs (344) (410)  Long term debt less debt issuance costs 7,904 7,838   Junior subordinated notes:  Alesco Capital Trust I 28,125 (2) 12,343 12,084 Variable 4.64 % July 2037  Sunset Financial Statutory Trust I 20,000 (2) 8,801 8,613 Variable 4.78 % March 2035  $ 48,125 21,144 20,697  Total $ 29,048 $ 28,535   (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 junior subordinated notes listed represent debt the Company owes to the two trusts noted above. The total par amount ow ed by the Company to the trusts is $49,614 . However, the Company owns the common stock of the trusts in a total par amount of $1,489 . The Company pays interest (and at maturity, principal) to the trusts on the entire $49,614 junior notes outstanding. However, the Company receives back from the trusts the pro rata share of interest and principal on the common stock the Company holds of $1,489. Accordingly, the Company shows the net par value not held by it of $48,125 in the table above. These trusts are VIEs and the Company does not consolidate them even though the Company holds common stock. The Company carries the common stock on its balance sheet at a value of $0 . (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, 2015, for a discussion of the Company’s debt .

Equity

Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Equity	13. EQUITY Stockholders’ Equity Common Equity : The following table reflects the activity for the six months ended June 30, 2016 related to the number of shares of unrestricted Common Stock that the Company had issued as of June 30, 2016 .    Common Stock  Shares  December 31, 2015 13,035,119  Vesting of shares 254,828  Shares withheld for employee taxes (25,701)  Retirement of common stock (1,828,080)  June 30, 2016 11,436,166 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 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 six months ended June 30, 2016 , IFMI received and surrendered units of the Operating LLC. The following table displays the amount of units received (net of surrenders) by IFMI.     Operating LLC  Membership Units  Units related to UIS Agreement 467,002  Units surrendered from retirement of IFMI Common Stock (1,828,080)  Total (1,361,078) The Company recognized a net decrease in additional paid in capital of $ 552 and a net increase in accumulated other comprehensive income of $ 49 with an offsetting increase in non-controlling interest of $ 503 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 six months ended June 30, 2016 and 2015 .      June 30, 2016 June 30, 2015  Net income / (loss) attributable to IFMI $ 1,029 $ (903)  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 (552) 90  Changes from net income / (loss) attributable to IFMI and transfers (to) from the non-controlling interest $ 477 $ (813)  Repurchases of Common Stock  On March 17, 2016, the Company entered into a letter agreement (the “10b5-1 Plan”) with Sandler O’Neill & Partners, L.P. (“Agent”). Pursuant to the 10b5-1 Plan, Agent agreed to use its commercially reasonable efforts to purchase, on the Company’s behalf, up to $1,000 of the shares of Common Stock, on any day that the NYSE MKT is open for business. Purchases made under the 10b5-1 Plan commenced on March 17, 2016 and will end no later than December 15, 2016. Pursuant to the 10b5-1 Plan, purchases of Common Stock may be made in public and private transactions and must comply with Rule 10b-18 under the Exchange Act. The 10b5-1 Plan is designed to comply with Rule 10b5-1 under the Exchange Act. The 10b5-1 Plan was entered into in connection with the Company’s existing repurchase plan, as previously disclosed in the Company’s periodic reports from time to time, which permits the Company to repurchase shares of Common Stock from time to time in open market purchases or privately negotiated transactions. During the six months ended June 30, 2016 , the Company repurchased 134,080 shares in the open market (both pursuant to the 10b5-1 Plan and prior to the Plan being in effect) for a total purchase price of $122 . During the three months ended June 30, 2016, we repurchased 68,400 shares for a total purchase price of $64 .  In addition, on March 21, 2016, the Company (i) repurchased 650,000 shares of Common Stock, from an unrelated third-party in a privately negotiated transaction for an aggregate purchase price of $813 , which represents a per share price of $1.25 , and (ii) repurchased an aggregate of 1,044,000 shares of Common Stock from an investment manager representing certain stockholders that are unrelated to the Company in a separate privately negotiated transaction for an aggregate purchase price of $1,305 , which represents a per share price of $1.25 . The Company repurchased all of these shares of Common Stock using cash on hand.

Net Capital Requirements

Net Capital Requirements	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 , JVB’s adjusted net capital was $ 31,780 , which exceeded the minimum requirements by $ 31,530 . CCFL, a subsidiary of the Company regulated by the FCA , 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 June 30, 2016 , the total minimum required net liquid capital was $ 999 , and net liquid capital in CCFL was $ 1,313 , which exceeded the minimum requirements by $ 314 and was in compliance with the net liquid capital provisions. See not e 4. 

Earnings _ (Loss) Per Common Sh

Earnings / (Loss) Per Common Share	6 Months Ended
	Jun. 30, 2016
Earnings / (Loss) Per Common Share [Abstract]
Earnings / (Loss) Per Common Share	15 . 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 June 30, Six Months Ended June 30,  2016 2015 2016 2015  Net income / (loss) attributable to IFMI $ 830 $ (345) $ 1,029 $ (903)  Add/ (deduct): Income / (loss) attributable to non-controlling interest attributable to Operating LLC membership units exchangeable into IFMI shares (1) 371 (120) 436 (318)  Add / (deduct): Adjustment (2) (1) - (2) 2  Net income / (loss) on a fully converted basis $ 1,200 $ (465) $ 1,463 $ (1,219)   Weighted average common shares outstanding - Basic 11,905,694 15,229,340 12,588,649 15,189,273  Unrestricted Operating LLC membership units exchangeable into IFMI shares (1) 5,324,090 5,324,090 5,324,090 5,324,090  Dilutive Impact of restricted units or shares 61,839 - 71,620 -  Weighted average common shares outstanding - Diluted (3) 17,291,623 20,553,430 17,984,359 20,513,363   Net income / (loss) per common share - Basic $ 0.07 $ (0.02) $ 0.08 $ (0.06)   Net income / (loss) per common share - Diluted $ 0.07 $ (0.02) $ 0.08 $ (0.06)   (1) The Operating LLC membership units not held by IFMI (that is, those held by the non-controlling interest for the six months ended June 30, 2016 and 2015 ) 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 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 Common Stock , subject, in each case, to appropriate adjustment upon the occurrence of an issuance of additional shares of Common Stock as a dividend or other distribution on the outstanding C ommon S tock, or a further subdivision or combination of the outstanding shares of 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 six months ended June 30, 2016 and 2015 , weighted average common shares outstanding excludes a total of 0 and 211,212 shares, representing restricted Operating LLC membership units, restricted Common Stock , and restricted units of Common Stock that would be anti-dilutive because of the Company’s net loss. For the three months ended June 30, 2016 and 2015 , weighted average common shares outstanding excludes a total of 0 and 215,076 shares , representing restricted Operating LLC membership units, restricted Common Stock , and restricted units of Common Stock that would be anti-dilutive because of the Company’s net loss . For the six and three months ended June 30, 2016 and 2015 , 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	6 Months Ended
	Jun. 30, 2016
Commitments And Contingencies [Abstract]
Commitments And Contingencies	16. COMMITMENTS AND CONTINGENCIES Legal and Regulatory Proceedings 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.

Segment And Geographic Informat

Segment And Geographic Information	6 Months Ended
	Jun. 30, 2016
Segment and Geographic Information [Abstract]
Segment And Geographic Information	 17. SEGMENT AND GEOGRAPHIC INFORMATION Segment Information The Company operates within three business segments: Capital Markets, Principal Investing , and Asset Management. See note 1. The Company’s business segment information was prepared using the following methodologies and generally represents the information that is relied upon by management in its decision making processes: (a) Revenues and expenses directly associated with each business segment are included in determining net income / (loss) by segment; 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 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  Six Months Ended June 30, 2016   Capital Asset Principal Segment Unallocated  Markets Management Investing Total (1) Total  Net trading $ 21,487 $ - $ - $ 21,487 $ - $ 21,487  Asset management - 3,881 - 3,881 - 3,881  New issue and advisory 1,365 - - 1,365 - 1,365  Principal transactions and other income 109 1,101 157 1,367 - 1,367  Total revenues 22,961 4,982 157 28,100 - 28,100  Total operating expenses 18,106 1,615 252 19,973 4,653 24,626  Operating income / (loss) 4,855 3,367 (95) 8,127 (4,653) 3,474  Interest expense - - - - (1,982) (1,982)  Income / (loss) before income taxes 4,855 3,367 (95) 8,127 (6,635) 1,492  Income tax expense / (benefit) - - - - 27 27  Net income / (loss) 4,855 3,367 (95) 8,127 (6,662) 1,465  Less: Net income / (loss) attributable to the  non-controlling interest - - - - 436 436  Net income / (loss) attributable to IFMI $ 4,855 $ 3,367 $ (95) $ 8,127 $ (7,098) $ 1,029   Other statement of operations data  Depreciation and amortization (included in  total operating expense) $ 69 $ 2 $ - $ 71 $ 83 $ 154           SEGMENT INFORMATION  Statement of Operations Information  Six Months Ended June 30, 2015   Capital Asset Principal Segment Unallocated  Markets Management Investing Total (1) Total  Net trading $ 14,013 $ - $ - $ 14,013 $ - $ 14,013  Asset management - 4,558 - 4,558 - 4,558  New issue and advisory 2,149 - - 2,149 - 2,149  Principal transactions and other income 161 2,074 890 3,125 - 3,125  Total revenues 16,323 6,632 890 23,845 - 23,845  Total operating expenses 15,417 1,991 250 17,658 5,395 23,053  Operating income / (loss) 906 4,641 640 6,187 (5,395) 792  Interest expense - - - - (1,967) (1,967)  Income / (loss) before income taxes 906 4,641 640 6,187 (7,362) (1,175)  Income tax expense / (benefit) - - - - 46 46  Net income / (loss) 906 4,641 640 6,187 (7,408) (1,221)  Less: Net income / (loss) attributable to the  non-controlling interest - - - - (318) (318)  Net income / (loss) attributable to IFMI $ 906 $ 4,641 $ 640 $ 6,187 $ (7,090) $ (903)   Other statement of operations data  Depreciation and amortization (included in  total operating expense) $ 330 $ 11 $ - $ 341 $ 120 $ 461            SEGMENT INFORMATION  Statement of Operations Information  Three Months Ended June 30, 2016   Capital Asset Principal Segment Unallocated  Markets Management Investing Total (1) Total  Net trading $ 11,285 $ - $ - $ 11,285 $ - $ 11,285  Asset management - 1,569 - 1,569 - 1,569  New issue and advisory 984 - - 984 - 984  Principal transactions and other income 43 487 (3) 527 - 527  Total revenues 12,312 2,056 (3) 14,365 - 14,365  Total operating expenses 9,116 678 124 9,918 2,237 12,155  Operating income / (loss) 3,196 1,378 (127) 4,447 (2,237) 2,210  Interest expense - - - - (992) (992)  Income / (loss) before income taxes 3,196 1,378 (127) 4,447 (3,229) 1,218  Income tax expense / (benefit) - - - - 17 17  Net income / (loss) 3,196 1,378 (127) 4,447 (3,246) 1,201  Less: Net income / (loss) attributable to the  non-controlling interest - - - - 371 371  Net income / (loss) attributable to IFMI $ 3,196 $ 1,378 $ (127) $ 4,447 $ (3,617) $ 830   Other statement of operations data  Depreciation and amortization (included in  total operating expense) $ 31 $ 1 $ - $ 32 $ 40 $ 72      SEGMENT INFORMATION  Statement of Operations Information  Three Months Ended June 30, 2015   Capital Asset Principal Segment Unallocated  Markets Management Investing Total (1) Total  Net trading $ 6,742 $ - $ - $ 6,742 $ - $ 6,742  Asset management - 2,260 - 2,260 - 2,260  New issue and advisory 651 - - 651 - 651  Principal transactions and other income 83 602 713 1,398 - 1,398  Total revenues 7,476 2,862 713 11,051 - 11,051  Total operating expenses 7,009 985 75 8,069 2,471 10,540  Operating income / (loss) 467 1,877 638 2,982 (2,471) 511  Interest expense - - - - (991) (991)  Income / (loss) before income taxes 467 1,877 638 2,982 (3,462) (480)  Income tax expense / (benefit) - - - - (15) (15)  Net income / (loss) 467 1,877 638 2,982 (3,447) (465)  Less: Net income / (loss) attributable to the  non-controlling interest - - - - (120) (120)  Net income / (loss) attributable to IFMI $ 467 $ 1,877 $ 638 $ 2,982 $ (3,327) $ (345)   Other statement of operations data  Depreciation and amortization (included in  total operating expense) $ 163 $ 5 $ - $ 168 $ 59 $ 227  (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 June 30, 2016  (Dollars in Thousands)   Capital Asset Principal Segment Unallocated  Markets Management Investing Total (1) Total  Total Assets $ 565,647 $ 2,184 $ 10,009 $ 577,840 $ 6,745 $ 584,585   Included within total assets:  Goodwill (2) $ 7,937 $ 55 $ - $ 7,992 $ - $ 7,992  Intangible assets (2) $ 166 $ - $ - $ 166 $ - $ 166      BALANCE SHEET DATA  December 31, 2015  (Dollars in Thousands)   Capital Asset Principal Segment Unallocated  Markets Management Investing Total (1) Total  Total Assets $ 281,813 $ 3,245 $ 15,039 $ 300,097 $ 8,318 $ 308,415   Included within total assets:  Goodwill (2) $ 7,937 $ 55 $ - $ 7,992 $ - $ 7,992  Intangible assets (2) $ 166 $ - $ - $ 166 $ - $ 166   (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 June 30, 2016 and 2015 are allocated to the Capital Markets and Asset Management business segments as indicated in the table above. Geographic Information The Company conducts its business activities through offices in the following locations: (1) United States and (2) United Kingdom and other. Total revenues by geographic area are summarized as follows.     GEOGRAPHIC DATA  (Dollars in Thousands)   Three Months Ended June 30, Six Months Ended June 30,  2016 2015 2016 2015  Total Revenues:  United States $ 13,043 $ 9,527 $ 25,551 $ 20,453  United Kingdom & Other 1,322 1,524 2,549 3,392  Total $ 14,365 $ 11,051 $ 28,100 $ 23,845  Long-lived assets attributable to an individual country, other than the United States, are not material.

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosure	6 Months Ended
	Jun. 30, 2016
Supplemental Cash Flow Disclosure [Abstract]
Supplemental Cash Flow Disclosure	18 . SUPPLEMENTAL CASH FLOW DISCLOSURE Interest paid by the Company on its debt was $ 1,323 and $ 1,398 for the six months ended June 30, 2016 and 2015 , respectively. The Company paid income taxes of $ 181 and $ 156 for the six months ended June 30, 2016 and 2015 , respectively. The Company received $16 and $0 income tax refunds for the six months ended June 30, 2016 and 2015 , respectively. For the six months ended June 30, 2016 , the Company had the following significant non-cash transactions that are not reflected on the statement of cash flows: • The Company net surrendered units of the Operating LLC . The Company recognized a net decrease in additional paid-in capital of $ 552 , a net increase of $ 49 in accumulated other comprehensive income, and a n increase of $ 503 in non-controlling interest. See note 13 .  For the six months ended June 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. The Company recognized a net increase in additional paid-in capital of $90 , a net decrease of $6 in accumulated other comprehensive income, and a net decrease of $84 in non-controlling interest.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	1 9 . RELATED PARTY TRANSACTIONS The Company has identified the following related party transactions for the six months ended June 30, 2016 and 2015 . 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”) 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. In September 2013, EBC, as an assignee of CBF, made a $4,000 investment in the Company. Mr. Cohen is a trustee of EBC. The Company issued $2,400 in principal amount of the 8.0% Convertible Notes, and $1,600 of Common Stock to EBC. See note D listed 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, 2015. The Company incurred interest expense on this debt, which is disclosed as part of interest expense incurred in the table at the end of this section. B. The Bancorp, Inc. The Bancorp, Inc. (“TBBK”) is identified as a related party because Mr. Cohen is TBBK’s chairman. TBBK maintained deposits for the Company in the amount of $45 and $43 as of June 30, 2016 and December 31, 2015 , respectively. These amounts are not disclosed in the tables at the end of this section. As part of the Company’s broker-dealer operations, the Company from time to time purchases securities from third parties and sells those securities to TBBK. The Company may purchase securities from TBBK and ultimately sell those securities to third parties. In either of the cases listed above, the Company includes the trading revenue earned (i.e. the gain or loss realized, or commission earned) by the Company for the entire transaction in the amounts disclosed as part of net trading in the table at the end of this section. From time to time, the Company will enter into repurchase agreements with TBBK as its counterparty. As of June 30, 2016 and December 31, 2015 , the Company had repurchase agreements with TBBK as the counterparty of $39,382 and $0 , respectively. As of June 30, 2016 and December 31, 2015 , the fair value of the collateral provided to TBBK by the Company relating to these repurchase agreements was $41,528 and $0 , respectively. These amounts are included as a component of securities sold under agreement to repurchase in the Company’s consolidated balance sheet s . The Company incurred interest expense related to repurchase agreements with TBBK as its counterparty in the amount of $155 and $129 for the six and three months ended June 30, 2016 , respectively, and $295 and $133 for the six and three months ended June 30, 2015 , respectively, which were 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. Resource Securities, Inc. (formerly known as Chadwick Securities, Inc.), a registered broker-dealer subsidiary of Resource America, Inc. (“REXI”) REXI is a publicly traded specialized asset management company in the commercial finance, real estate, and financial fund management sectors. It has been identified as a related party because the chairman of the board of REXI is the father of the vice chairman of the Company’s board of directors and of the board of managers of the Operating LLC, president and chief executive of the Company’s European business, and president of CCFL (formerly the Company’s chairman and chief executive officer) . D. Mead Park Capital Partners LLC (“Mead Park Capital”) and Mead Park Advisors LLC (“Mead Park”), Mr. Ricciardi, and Mr. DiMaio 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 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 Common Stock ). At that time Jack DiMaio, Jr. was the chief executive officer and founder of Mead Park Capital and Christopher Ricciardi, the Company’s former president , 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. Mr. Ricciardi is no longer a director of the Company. 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, 2015. 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 tables 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 Common Stock to the Edward E. Cohen IRA, of which Edward E. Cohen is the benefactor. Edward E. Cohen is th e father of Daniel G. Cohen. Common Stock and 8.0% Convertible Notes sold in this transaction represented substantially all of the amounts beneficially owned by Mr. DiMaio. 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.  On October 16, 2015, the Company entered into the Termination Agreement. 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 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 $4,000 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 o f 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. Mr. Ricciardi did not sell any of the 8.0% Convertible Notes beneficially owned by him as part of either the August 28, 2015 or October 16, 2015 transactions. During 2015, Mead Park Capital transferre d the remaining notes it held in the amount of $1,462 to Mr. Ricciardi. At the Company’s annual meeting held on December 21, 2015, Mr. Ricciardi was not reelected to the Company’s board of directors. Subsequent to this date, Mr. Ricciardi is no longer considered a related party.   CDO Sub-Advisory Agreement with Mead Park Advisors, LLC In July 2014, IFMI’s subsidiaries, Cohen & Company Financial Management LLC (“CCFM”) and Dekania Capital Management, LLC (“DCM”), entered into a CDO sub-advisory agreement with Mead Park Advisors, LLC (“Mead Park Advisors”) whereby Mead Park Advisors renders investment advice and provide s assistance to CCFM and DCM with respect to their management of certain C DOs. 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. Mead Park Advisors remains a related party of the Company because Jack DiMaio maintains an ownership interest in it. E. 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. F. 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. Mr. Ricciardi was a member of the Company’s board of directors during the entire term of this advisory agreement. 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. The following tables display the routine transactions recognized in the statements of operations from the identified related parties that are described above.     RELATED PARTY TRANSACTIONS  Six Months Ended June 30, 2016  (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 $ - $ - $ - $ - $ - $ 115  Edward E. Cohen IRA - - - - - 210  Mead Park Advisors, LLC - - - - 100 -  $ - $ - $ - $ - $ 100 $ 325       RELATED PARTY TRANSACTIONS  Six Months Ended June 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 $ - $ - $ - $ - $ - $ 113  Mead Park Capital - - - - - 274  Mead Park - - - - 100 -  Woodlea 39  $ - $ - $ - $ - $ 139 $ 387      RELATED PARTY TRANSACTIONS  Three Months Ended June 30, 2016  (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 $ - $ - $ - $ - $ - $ 58  Edward E. Cohen IRA - - - - - 105  Mead Park Advisors, LLC - - - - 50 -  $ - $ - $ - $ - $ 50 $ 163       RELATED PARTY TRANSACTIONS  Three Months Ended June 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 $ - $ - $ - $ - $ - $ 57  Mead Park Capital - - - - - 138  Mead Park - - - - 50 -  Woodlea - - - - 31 -  $ - $ - $ - $ - $ 81 $ 195   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 $10 and $7 for the six and three months ended June 30, 2016 , respectively , and $9 and $7 for the six and three months ended June 30, 2015, respectively. The Company maintains a 401 (k) savings plan covering substantially all of its employees. The Company matches 50% of employee contributions for all participants not to exceed 3% of their salary. Contributions made on behalf of the Company were $149 and $59 for the six and three months ended June 30, 2016 , and $142 and $59 , respectively, for the six and three months ended June 30, 2015 , respectively.

Due From _ Due To Related Parti

Due From / Due To Related Parties	6 Months Ended
	Jun. 30, 2016
Due From / Due To Related Parties [Abstract]
Due From / Due To Related Parties	20 . 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)   June 30, 2016 December 31, 2015  Employees & other $ 69 $ 77  Due from Related Parties $ 69 $ 77    Mead Park $ 50 $ 50  Total Due to Related Parties $ 50 $ 50  

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	2 1. SUBSEQUENT EVENT On August 3, 2016, Institutional Financial Markets, Inc., a Maryland corporation (the “Company”), entered into a Section 382 Rights Agreement (the “Rights Agreement”) between the Company and Computershare , Inc. (the “Rights Agent”). The Rights Agreement provides for a distribution of one preferred stock purchase right (a “Right,” and collectively, the “Rights”) for each share of the Company’s common stock, par value $0.001 per share (“Common Stock”), outstanding to stockholders of record at the close of business on August 15, 2016 (the “Record Date”). Each Right entitles the registered holder to purchase from the Company a unit (a “Unit”) consisting of one ten -thousandth of a share of the Company’s Series C Junior Participating Preferred Stock, par value $0.001 per share (the “Series C Preferred Stock”), at a Purchase Price of $100.00 per Unit (the “Purchase Price”), subject to adjustment. The description and terms of the Rights are set forth in the Rights Agreement. The Company’s Board of Directors (the “Board of Directors”) adopted the Rights Agreement in an effort to protect stockholder value by attempting to protect against a possible limitation on the Company’s ability to use its net operating loss and net capital loss carry forwards (the “deferred tax assets”) to reduce potential future federal income tax obligations. The Company has experienced substantial operating and capital losses, and under the Internal Revenue Code of 1986, as amended (the “Code”), and rules promulgated by the Internal Revenue Service, the Company may “carry forward” these losses in certain circumstances to offset any current and future earnings and thus reduce the Company’s federal income tax liability, subject to certain requirements and restrictions. To the extent that the deferred tax assets do not otherwise become limited, the Company believes that it will be able to carry forward a significant amount of deferred tax assets, and therefore these deferred tax assets could be a substantial asset to the Company. However, if the Company experiences an “Ownership Change,” as defined in Section 382 of the Code, its ability to use the deferred tax assets will be substantially limited, and the timing of the usage of the deferred tax assets could be substantially limited and/or delayed, which could therefore significantly impair the value of those assets. Initially, the Rights will be attached to all Common Stock certificates representing shares then outstanding, or in the case of uncertificated shares of Common Stock registered in book entry form (“Book Entry Shares”) by notation in book entry (which certificates for Common Stock and Book Entry Shares shall be deemed also to be certificates for Rights), and no separate Rights Certificates will be distributed. Subject to certain exceptions specified in the Rights Agreement, the Rights will separate from the Common Stock and a “Distribution Date” will occur upon the earlier of (i) ten (10) days following a public announcement that a person or group of affiliated or associated persons has become an “Acquiring Person” (as defined below) (the “Stock Acquisition Date”) or (ii) ten (10) business days following the commencement of a tender offer or exchange offer that would result in a person or group becoming an Acquiring Person. “Acquiring Person” means any person who or which, together with all affiliates and associates of such person, shall be the beneficial owner of 4.95% or more of the shares of Common Stock then outstanding, excluding the Company and any “Exempted Person” (as defined below). Until the Distribution Date, (i) the Rights will be evidenced by the Common Stock certificates and will be transferred with and only with such Common Stock certificates, (ii) new Common Stock certificates after the Record Date will contain a notation incorporating the Rights Agreement by reference, and (iii) the surrender for transfer of any certificates for Common Stock outstanding will also constitute the transfer of the Rights associated with the Common Stock represented by such certificate. Any person who, together with all affiliates and associates of such person, is the beneficial owner of Common Stock and/or other securities exercisable for shares of Common Stock representing 4.95% or more of the shares of Common Stock outstanding on August 3, 2016 or is set forth in the Rights Agreement as such, will be an “Exempted Person.” However, any such person will no longer be deemed to be an Exempted Person and shall be deemed an Acquiring Person if such person, together with all affiliates and associates of such person, becomes the beneficial owner (and so long as such person continues to be the beneficial owner of 4.95% or more of the then outstanding shares of Common Stock) of additional shares of Common Stock, except (x) pursuant to equity compensation awards granted to such person by the Company or options or warrants outstanding and beneficially owned by such person as of August 3, 2016, or as a result of an adjustment to the number of shares of Common Stock represented by such equity compensation award pursuant to the terms thereof; or (y) as a result of a stock split, stock dividend or the like; or (z) as a result of an increase in the principal amount of a Convertible Note (as defined in the Rights Agreement) pursuant to the payment-in-kind interest provisions (as described above) set forth in such Convertible Note. In addition, any person who, together with all affiliates and associates of such person, becomes the beneficial owner of Common Stock and/or other securities exercisable for shares of Common Stock representing 4.95% or more of the shares of Common Stock then outstanding as a result of a purchase by the Company or any of its subsidiaries of shares of Common Stock will also be an “Exempted Person.” However, any such person will no longer be deemed to be an Exempted Person and will be deemed to be an Acquiring Person if such person, together with all affiliates and associates of such person, becomes the beneficial owner, at any time after the date such person became the beneficial owner of 4.95% or more of the then outstanding shares of Common Stock, of additional shares of Common Stock, except if such additional securities are acquired (x) pursuant to the exercise of options or warrants to purchase Common Stock outstanding and beneficially owned by such person as of the date such person became the beneficial owner of 4.95% or more of the then outstanding shares of Common Stock or as a result of an adjustment to the number of shares of Common Stock for which such options or warrants are exercisable pursuant to the terms thereof, or (y) as a result of a stock split, stock dividend or the like. In addition, any person who, together with all affiliates and associates of such person, is the beneficial owner of Common Stock and/or other securities exercisable for shares of Common Stock representing 4.95% or more of the shares of Common Stock outstanding, and whose beneficial ownership would not, as determined by the Board of Directors in its sole discretion, jeopardize or endanger the availability of the Company of its deferred tax assets, will be an “Exempted Person.” However, any such person will cease to be an Exempted Person if (x) such person ceases to beneficially own 4.95% or more of the shares of the then outstanding Common Stock or (y) the Board of Directors, in its sole discretion, makes a contrary determination with respect to the effect of such person’s beneficial ownership (together with all affiliates and associates of such person) with respect to the availability to the Company of its deferred tax assets. A purchaser, assignee or transferee of the shares of Common Stock (or options or warrants exercisable for Common Stock) from an Exempted Person will not thereby become an Exempted Person, except that a transferee from the estate of an Exempted Person who receives Common Stock as a bequest or inheritance from an Exempted Person shall be an Exempted Person so long as such transferee continues to be the beneficial owner of 4.95% or more of the then outstanding shares of Common Stock. The Rights are not exercisable until the Distribution Date and will expire on the earliest of (i) the close of business on December 31, 2019, (ii) the time at which the Rights are redeemed pursuant to the Rights Agreement, (iii) the time at which the Rights are exchanged pursuant to the Rights Agreement, (iv) the repeal of Section 382 of the Code or any successor statute if the Board of Directors determines that the Rights Agreement is no longer necessary or desirable for the preservation of certain tax benefits, and (v) the beginning of a taxable year of the Company to which the Board of Directors determines that certain tax benefits may not be carried forward. At no time will the Rights have any voting power. As soon as practicable after the Distribution Date, Rights Certificates will be mailed to holders of record of the Common Stock as of the close of business on the Distribution Date. Thereafter, the separate Rights Certificates alone will represent the Rights. Except as otherwise determined by the Board of Directors, only shares of Common Stock issued prior to the Distribution Date will be issued with Rights. In the event that a person becomes an Acquiring Person, each holder of a Right will thereafter have the right to receive, upon exercise, Common Stock (or, in certain circumstances, cash, property or other securities of the Company), having a value equal to two times the exercise price of the Right. The exercise price is the Purchase Price times the number of Units associated with each Right (initially, one). Notwithstanding any of the foregoing, following the occurrence of an Acquiring Person becoming such (the “Flip-In Event”), all Rights that are, or (under certain circumstances specified in the Rights Agreement) were, beneficially owned by any Acquiring Person will be null and void. For example, at an exercise price of $100.00 per Right, each Right not owned by an Acquiring Person (or by certain related parties) following an event set forth in the preceding paragraph would entitle its holder to purchase $200.00 worth of Common Stock (or other consideration, as noted above) for $100.00. If the Common Stock at the time of exercise had a market value per share of $20.00, the holder of each valid Right would be entitled to purchase ten (10) shares of Common Stock for $100.00. In the event that, at any time following the Stock Acquisition Date, (i) the Company engages in a merger or other business combination transaction in which the Company is not the surviving corporation; (ii) the Company engages in a merger or other business combination transaction in which the Company is the surviving corporation and the Common Stock is changed or exchanged; or (iii) 50% or more of the Company’s assets, cash flow or earning power is sold or transferred, each holder of a Right (except Rights which have previously been voided as set forth above) shall thereafter have the right to receive, upon exercise of the Right, common stock of the acquiring company having a value equal to two times the exercise price of the Right. The events set forth in this paragraph and in the second preceding paragraph are referred to as the “Triggering Events.” However, Rights are not exercisable following the occurrence of a Flip-In Event until such time as the Rights are no longer redeemable by the Company as set forth below. The Purchase Price payable, and the number of Units of Series C Preferred Stock or other securities or property issuable, upon exercise of the Rights are subject to adjustment from time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Series C Preferred Stock, (ii) if holders of the Series C Preferred Stock are granted certain rights or warrants to subscribe for Series C Preferred Stock or convertible securities at less than the current market price of the Series C Preferred Stock, or (iii) upon the distribution to holders of the Series C Preferred Stock of evidences of indebtedness or assets (excluding regular quarterly cash dividends) or of subscription rights or warrants (other than those referred to above). With certain exceptions, no adjustments in the Purchase Price will be required until cumulative adjustments amount to at least 1% of the Purchase Price. No fractional Units will be issued and, in lieu thereof, an adjustment in cash will be made based on the market price of the Series C Preferred Stock on the last trading date prior to the date of exercise. At any time after the Stock Acquisition Date, the Company may exchange the Rights (other than Rights owned by an Acquiring Person), in whole or in part, at an exchange ratio equal to (i) a number of shares of Common Stock per Right with a value equal to the spread between the value of the number of shares of Common Stock for which the Rights may then be exercised and the Purchase Price or (ii) if prior to the acquisition by the Acquiring Person of 50% or more of the then outstanding shares of Common Stock, one share of Common Stock per Right (subject to adjustment). At any time until ten (10) days following the Stock Acquisition Date, the Company may redeem the Rights in whole, but not in part, at a price of $0.001 per Right. Immediately upon the action of the Board of Directors ordering redemption of the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive the $0.001 redemption price. Until a Right is exercised, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation, the right to vote or to receive dividends. While the distribution of the Rights will not be taxable to shareholders or to the Company, stockholders may, depending upon the circumstances, recognize taxable income in the event that the Rights become exercisable for Common Stock (or other consideration) of the Company as set forth above or in the event the Rights are redeemed. Other than those provisions relating to the principal economic terms of the Rights, any of the provisions of the Rights Agreement may be amended by the Board of Directors prior to the Distribution Date. After the Distribution Date, the provisions of the Rights Agreement may be amended by the Board of Directors in order to cure any ambiguity, to make changes which do not adversely affect the interests of holders of Rights (excluding the interests of any Acquiring Person), or to shorten or lengthen any time period under the Rights Agreement; provided, however, that no amendment to adjust the time period governing redemption shall be made at such time as the Rights are not redeemable.     

Summary Of Significant Accoun29

Summary Of Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2016
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 was 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 ado ption of the provisions of ASU 2014-11 effective January 1, 2015 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows. See note 9.  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’s adoption of the provisions of ASU 2014-12 effective January 1, 2016 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows.  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 recorded 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’s adoption of the provisions of ASU 2014-1 3 effective January 1, 2016 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows.  In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815) : Determining whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity, which clarifies that an entity must consider all relevant terms and features when evaluating the nature of the host contract. Additionally, the amendments state that no one term or feature would define the host contract’s economic characteristics and risks. Instead, the economic characteristics and risks of the hybrid financial instrument as a whole would determine the nature of the host contract. The amendments in this ASU are effective for entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company’s adoption of the provisions of ASU 2014-16 effective January 1, 2016 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows.  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 was 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’s adoption of the provisions of ASU 2015-01 effective January 1, 2016 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows.  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 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) eliminates 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’s adoption of the provisions of ASU 2015-02 effective January 1, 2016 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows. However, the Company previously treated its management contracts with certain securitization entities that are VIEs as a variable interest. Therefore, the Company disclosed certain information related to these interests in its variable interest entity footnote. Upon adoption of this ASU, these management contracts are not considered variable interests. Therefore, in cases where the Company’s only interest in certain VIEs was its management contract, the Company is no longer required to include certain disclosures related to those variable interest entities. See note 11.  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 was 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. Upon adoption of the provisions of ASU 2015-03 effective January 1, 2016, the Company reclassified its deferred financing costs as of December 31, 2015. This resulted in a reduction in other assets of $410 and a reduction in debt of $410 in the Company’s consolidated balance sheet as of December 31, 2015.  In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820) – Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its 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’s adoption of ASU 2015-07 effective January 1, 2016 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows. However, as a result of this adoption, the Company no longer classifies its investment in EuroDekania (for which it uses the practical expedient) within the fair value hierarchy. See note 7.  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’s adoption of the provisions of ASU 2015-16 effective January 1, 2016 did not have an effect on the Company’s consolidated financial position, results of operations, or cash flows.
Recent Accounting Developments	B. Recent Accounting Developments  In February 2016, the FASB issued ASU No. 2016-01 , Financial Instruments-Overall ( S ubtopic 825-10) . The revised guidance makes the following changes: (i) requires equity investments with readily determinable fair value (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (ii) allows an entity to choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer; (iii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment and when a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value; (iv) eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; (v) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (vi) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (vii) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (viii) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and (ix) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For non-public entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of these amendments on the presentation in its consolidated financial statements.  In February 2016, the FASB issued ASU No. 2016-02 , Leases (Topic 842). Under the new guidance, lessees will be required to recognize the following for all leases with the exception of short-term leases: (i) a lease liability, which i s a lessee’s obligation to make lease payments arising from a lea s e, measured on a discounted basis; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 60 6, Revenue from Contracts with C ustomers. The ASU is effective for entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal year. Early application is permitted. The Company is currently evaluating this new guidance to determine the impact it may have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments. This ASU clarifies what steps are required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts, which is one of the criteria for bifurcating an embedded derivative. Consequently, when a call (put) option is contingently exercisable, an entity does not have to assess whether the event that triggers the ability to exercise a call (put) option is related to interest rates or credit risks. This ASU is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted and if adopted on an interim period, any adjustments must be reflected as of the beginning of the fiscal year that includes the interim period. The Company is currently evaluating this new guidance to determine the impact it may have on its consolidated financial statements.  In March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting . This ASU eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. If an entity has an available-for-sale equity security that becomes qualified for the equity method of accounting it should recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method . This ASU is effective for fiscal years beginning after December 15, 2016 and should be applied prospectively upon the effective date to increases in the level of ownership interest or degree of influence that result. Early a doption is permitted. The Company is currently evaluating this new guidance to determine the impact it may have on its consolidated financial statements.  In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). This ASU is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations by amending certain existing illustrative examples and adding additional illustrative examples to assist in the application of the guidance . The effective date for this guidance is for fiscal years beginning after December 15, 2017, including interim reporting periods therein, which is the same as the effective date and transition date of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . The Company is currently evaluating the new guidance to determine the impact it may have on the Company’s consolidated financial statements.  In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This ASU simplifies several aspects of the accounting for share-based payment award transactions including: (i) income tax consequences; (ii) classification of awards as either equity or liabilities; and (iii) classification on the statement of cash flows. The effective date for this ASU is for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact it may have on the Company’s consolidated financial statements.  In April 2016, the FASB issued ASU 2016-10 , Revenue from C o ntracts with Customers (Topic 606) : Identifying Performance Obligations and Licensing . The amendments in this ASU affect the guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which is not yet effective. The amendments provide further guidance on identifying performance obligations and also improve the operability and understandability of the licensing implementation guidance. The amendments do not change the core principal of the guidance in Topic 606. The effective date and transition requirements for the amendment are the same as the effective date and transition requirements in Topic 606. Public entities should apply the amendments for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. The Company is currently evaluating the new guidance to determine the impact it may have on the Company’s consolidated financial statements.
Fair Value of Financial Instruments	C . 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 and deferred financing costs . However, a substantial portion of the debt was assumed in the Merger and recorded at fair value as of that date. As of June 30, 2016 and December 31, 2015 , the fair value of the Company’s debt was estimated to be $34,453 and $35,200 , 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 and Eurodollar futures. For derivative instruments such as TBAs, the fair value is generally based on market price quotations from third party pricing services. See note 7 for disclosures concerning the categorization of the fair value measurements within the three level fair value hierarchy. 

Receivables From And Payables30

Receivables From And Payables To Brokers, Dealers, And Clearing Agencies (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015 .     RECEIVABLES FROM BROKERS, DEALERS, AND CLEARING AGENCIES  (Dollars in Thousands)   June 30, 2016 December 31, 2015  Deposits with clearing agencies $ 750 $ 864  Unsettled regular way trades, net - 4,367  Receivables from clearing agencies 61,632 34,581  Receivables from brokers, dealers, and clearing agencies $ 62,382 $ 39,812  Amounts payable to brokers, dealers, and clearing agencies consisted of the following at June 30, 2016 and December 31, 2015 .     PAYABLES TO BROKERS, DEALERS, AND CLEARING AGENCIES  (Dollars in Thousands)   June 30, 2016 December 31, 2015  Unsettled regular way trades, net $ 1,039 $ -  Margin payable 61,793 55,779  Payables to brokers, dealers, and clearing agencies $ 62,832 $ 55,779 

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Financial Instruments [Abstract]
Schedule Of Trading Securities	     INVESTMENTS - TRADING  (Dollars in Thousands)   June 30, 2016 December 31, 2015  U.S. government agency MBS and CMOs $ 6,702 $ 3,225  U.S. government agency debt securities 13,972 12,737  RMBS 94 98  U.S. Treasury securities 2,667 1,355  Other ABS 18 2,048  SBA loans 36,161 29,931  Corporate bonds and redeemable preferred stock 37,767 19,873  Foreign government bonds 78 -  Municipal bonds 31,243 24,053  Certificates of deposit 1,451 263  Derivatives 13,049 1,158  Investments-trading $ 143,202 $ 94,741 
Schedule Of Trading Securities Sold, Not Yet Purchased	   TRADING SECURITIES SOLD, NOT YET PURCHASED  (Dollars in Thousands)   June 30, 2016 December 31, 2015  U.S. Treasury securities $ 29,111 $ 12,050  Corporate bonds and redeemable preferred stock 28,792 25,851  Municipal bonds 20 20  Derivatives 11,930 1,181  Equity securities - 82  Trading securities sold, not yet purchased $ 69,853 $ 39,184 
Schedule Of Other Investments	   OTHER INVESTMENTS, AT FAIR VALUE  (Dollars in Thousands)   June 30, 2016  Amortized Cost Carrying Value Unrealized Gain / (Loss)  CLOs $ 10,047 $ 8,028 $ (2,019)  CDOs 193 30 (163)  Equity Securities:  EuroDekania 4,969 1,318 (3,651)  Other securities 176 54 (122)  Total equity securities 5,145 1,372 (3,773)  Residential loans 87 359 272  Foreign currency forward contracts - 71 71  Other investments, at fair value $ 15,472 $ 9,860 $ (5,612)     December 31, 2015  Amortized Cost Carrying Value Unrealized Gain / (Loss)  CLOs $ 14,877 $ 11,569 $ (3,308)  CDOs 193 34 (159)  Equity Securities:  EuroDekania 5,300 2,502 (2,798)  Tiptree 1,009 353 (656)  Other securities 176 43 (133)  Total equity securities 6,485 2,898 (3,587)  Residential loans 111 383 272  Foreign currency forward contracts - (4) (4)  Other investments, at fair value $ 21,666 $ 14,880 $ (6,786) 

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis	     FAIR VALUE MEASUREMENTS ON A RECURRING BASIS  June 30, 2016  (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 $ 6,702 $ - $ 6,702 $ -  U.S. government agency debt securities 13,972 - 13,972 -  RMBS 94 - 94 -  U.S. Treasury securities 2,667 2,667 - -  Other ABS 18 - 18 -  SBA loans 36,161 - 36,161 -  Corporate bonds and redeemable preferred stock 37,767 - 37,767 -  Foreign government bonds 78 - 78 -  Municipal bonds 31,243 - 31,243 -  Certificates of deposit 1,451 - 1,451 -  Derivatives 13,049 - 13,049 -  Total investments - trading $ 143,202 $ 2,667 $ 140,535 $ -   Other investments, at fair value:  Other equity securities $ 54 $ 35 $ 19 $ -  CLOs 8,028 - - 8,028  CDOs 30 - - 30  Residential loans 359 - 359 -  Foreign currency forward contracts 71 71 - -  Total 8,542 $ 106 $ 378 $ 8,058  EuroDekania (1) 1,318  Total other investments, at fair value $ 9,860   Liabilities  Trading securities sold, not yet purchased:  U.S. Treasury securities $ 29,111 $ 29,111 $ - $ -  Corporate bonds 28,792 - 28,792 -  Municipal bonds 20 - 20 -  Derivatives 11,930 - 11,930 -  Total trading securities sold, not yet purchased $ 69,853 $ 29,111 $ 40,742 $ -  (1) Hybrid Securities Fund—European.    FAIR VALUE MEASUREMENTS ON A RECURRING BASIS  December 31, 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 $ 3,225 $ - $ 3,225 $ -  U.S. government agency debt securities 12,737 - 12,737 -  RMBS 98 - 98 -  U.S. Treasury securities 1,355 1,355 - -  Other ABS 2,048 - 2,048 -  SBA loans 29,931 - 29,931 -  Corporate bonds and redeemable preferred stock 19,873 - 19,873 -  Municipal bonds 24,053 - 24,053 -  Certificates of deposit 263 - 263 -  Derivatives 1,158 - 1,158 -  Total investments - trading $ 94,741 $ 1,355 $ 93,386 $ -   Other investments, at fair value:  Tiptree (2) $ 353 $ 353 $ - $ -  Other equity securities 43 28 15 -  CLOs 11,569 - - 11,569  CDOs 34 - - 34  Residential loans 383 - 383 -  Foreign currency forward contracts (4) (4) - -  Total 12,378 $ 377 $ 398 $ 11,603  EuroDekania (1) 2,502 -  Total other investments, at fair value $ 14,880  Liabilities  Trading securities sold, not yet purchased:  U.S. Treasury securities $ 12,050 $ 12,050 $ - $ -  Corporate bonds and redeemable preferred stock 25,851 - 25,851 -  Municipal bonds 20 - 20 -  Derivatives 1,181 - 1,181 -  Equity securities 82 82 - -  Total trading securities sold, not yet purchased $ 39,184 $ 12,132 $ 27,052 $ -  (1) Hybrid Securities Fund—European. (2) Diversified Holding Company.
Schedule Of Assets And Liabilities Measured With Level 3 Inputs	   LEVEL 3 INPUTS  Six Months Ended June 30, 2016  (Dollars in Thousands)   December 31, 2015 Net trading Gains and losses (2) Transfers out of level 3 Accretion of income ( 2) Purchases Sales and returns of capital June 30, 2016 Change in unrealized gains /(losses) (1)  Assets  Other investments, at fair value  CLOs $ 11,569 $ - $ 354 $ - $ 755 $ - $ (4,650) $ 8,028 $ 619  CDOs 34 - (4) - - - - 30 (4)  Total other investments, fair value $ 11,603 $ - $ 350 $ - $ 755 $ - $ (4,650) $ 8,058 $ 615  (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) Recorded as a component of principal transactions and other income in the consolidated statement of operations.       LEVEL 3 INPUTS  Six Months Ended June 30, 2015  (Dollars in Thousands)   December 31, 2014 Net trading Gains and losses (2) Transfers out of level 3 Accretion of income ( 2) Purchases Sales and returns of capital June 30, 2015 Change in unrealized gains /(losses) (1)  Assets  Other investments, at fair value  CLOs $ 21,518 $ - $ (187) $ - $ 1,332 $ - $ (6,415) $ 16,248 $ 328  CDOs 11 - 16 - - - - 27 16  Total other investments, fair value $ 21,529 $ - $ (171) $ - $ 1,332 $ - $ (6,415) $ 16,275 $ 344   (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) Recorded as a component of principal transactions and other income in the consolidated statement of operations.       LEVEL 3 INPUTS  Three Months Ended June 30, 2016  (Dollars in Thousands)   March 31, 2016 Net trading Gains and losses (2) Transfers out of level 3 Accretion of income (2) Purchases Sales and returns of capital June 30, 2016 Change in unrealized gains /(losses) (1)  Assets  Other investments, at fair value  CLOs $ 10,925 $ - $ 483 $ - $ 362 $ - $ (3,742) $ 8,028 $ 378  CDOs 40 - (10) - - - - 30 (10)  Total other investments, fair value $ 10,965 $ - $ 473 $ - $ 362 $ - $ (3,742) $ 8,058 $ 368   (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) Recorded as a component of principal transactions and other income in the consolidated statement of operations       LEVEL 3 INPUTS  Three Months Ended June 30, 2015  (Dollars in Thousands)   March 31, 2015 Net trading Gains and losses (2) Transfers out of level 3 Accretion of income (2) Purchases Sales and returns of capital June 30, 2015 Change in unrealized gains /(losses) (1)  Assets  Other investments, at fair value  CLOs $ 20,446 $ - $ (121) $ - $ 617 $ - $ (4,694) $ 16,248 $ 101  CDOs 28 - (1) - - - - 27 (1)  Total other investments, fair value $ 20,474 $ - $ (122) $ - $ 617 $ - $ (4,694) $ 16,275 $ 100  (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 ) 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  June 30, 2016 Technique Inputs Average Inputs  Assets  Other investments, at fair value  CLOs $ 8,028 Discounted Cash Flow Model Yield 22.5% 16.7% - 38.0%  Duration (years) 6.2 5.8 - 7.1  Default rate 2.0% 2.0%        QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS  (Dollars in Thousands)    Significant Range of  Fair Value Valuation Unobservable Weighted Significant  December 31, 2015 Technique Inputs Average Inputs  Assets  Other investments, at fair value  CLOs $ 11,569 Discounted Cash Flow Model Yield 20.1% 16.0 - 30.0%  Duration (years) 6.6 6.3 - 7.6  Default rate 2.0% 2.0%   
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 June 30, 2016 Unfunded Commitments Redemption Frequency Redemption Notice Period  Other investments, at fair value  EuroDekania (a) $ 1,318 N/A N/A N/A  $ 1,318   Fair Value December 31, 2015 Unfunded Commitments Redemption Frequency Redemption Notice Period  Other investments, at fair value  EuroDekania (a) $ 2,502 N/A N/A N/A  $ 2,502  N/A Not applicable. EuroDekania does not offer redemptions and investors in EuroDekania have no commitments to make additional investments. (a) EuroDekania owns 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)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 December 31, 2015  TBAs and other forward agency MBS Investments-trading $ 13,049 $ 1,158  Foreign currency forward contracts Other investments, at fair value 71 (4)  TBAs and other forward agency MBS Trading securities sold, not yet purchased (11,930) (1,181)  $ 1,190 $ (27)  
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 Six Months Ended June 30, 2016 Six Months Ended June 30, 2015  Foreign currency forward contracts Revenue-principal transactions and other income $ (53) $ 288  Other extended settlement trades Revenue-net trading - 28  TBAs and other forward agency MBS Revenue-net trading 4,211 3,043  $ 4,158 $ 3,359           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 June 30, 2016 Three Months Ended June 30, 2015  Foreign currency forward contracts Revenue-principal transactions and other income $ 83 $ (121)  Other extended settlement trades Revenue-net trading (5) 26  TBAs and other forward agency MBS Revenue-net trading 2,309 1,466  $ 2,387 $ 1,371  

Collateralized Securities Tra34

Collateralized Securities Transactions (Tables)	6 Months Ended
	Jun. 30, 2016
Collateralized Securities Transactions [Abstract]
Schedule Of Repurchase Agreements Accounted For As Secured Borrowings	   REPURCHASE AGREEMENTS ACCOUNTED FOR AS SECURED BORROWINGS  (Dollars in Thousands)  June 30, 2016   Remaining Contractual Maturity of the Agreements  Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total  U.S. government agency MBS $ - $ 227,516 $ 117,715 $ - $ 345,231  SBA Loans 21,414 - - 21,414  $ 21,414 $ 227,516 $ 117,715 $ - $ 366,645    Amount recognized $ 366,645     REPURCHASE AGREEMENTS ACCOUNTED FOR AS SECURED BORROWINGS  (Dollars in Thousands)  December 31, 2015   Remaining Contractual Maturity of the Agreements  Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total  U.S. government agency MBS $ - $ 127,913 $ - $ - $ 127,913  $ - $ 127,913 $ - $ - $ 127,913    Amount recognized $ 127,913 

Other Assets and Accounts Pay35

Other Assets and Accounts Payable and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2016
Other Assets and Accounts Payable and Other Liabilities [Abstract]
Schedule Of Other Assets	   OTHER ASSETS  (Dollars in Thousands)   June 30, 2016 December 31, 2015  Deferred costs $ 600 $ 600  Prepaid expenses 1,118 1,359  Prepaid income taxes 105 -  Security deposits 1,826 1,845  Miscellaneous other assets 151 161  Cost method investment 11 11  Furniture, equipment, and leasehold improvements, net 575 566  Intangible assets 166 166  Other assets $ 4,552 $ 4,708 
Schedule Of Accounts Payable And Other Liabilities	   ACCOUNTS PAYABLE AND OTHER LIABILITIES  (Dollars in Thousands)   June 30, 2016 December 31, 2015  Accounts payable $ 204 $ 494  Rent payable 218 390  Accrued interest payable 300 138  Accrued interest on securities sold, not yet purchased 629 491  Payroll taxes payable 491 594  Other general accrued expenses 1,391 1,255  Accounts payable and other liabilities $ 3,233 $ 3,362 

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2016
Variable Interest Entities [Abstract]
Schedule Of Variable Interest Entities	   CARRYING VALUE OF VARIABLE INTERESTS IN NON-CONSOLIDATED VARIABLE INTEREST ENTITIES  (Dollars in Thousands)   June 30, 2016 December 31, 2015  Other Investments, at fair value $ 8,058 $ 11,603  Maximum Exposure $ 8,058 $ 11,603  

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt [Abstract]
Debt Outstanding	   DETAIL OF DEBT  (Dollars in Thousands)   Description Current Outstanding Par June 30, 2016 December 31, 2015 Interest Rate Terms Interest (3) Maturity  Convertible senior notes:  8.00% convertible senior notes (the "8.0% Convertible Notes") $ 8,248 $ 8,248 $ 8,248 Fixed 8.00 % September 2018 (1)  Less unamortized debt issuance costs (344) (410)  Long term debt less debt issuance costs 7,904 7,838   Junior subordinated notes:  Alesco Capital Trust I 28,125 (2) 12,343 12,084 Variable 4.64 % July 2037  Sunset Financial Statutory Trust I 20,000 (2) 8,801 8,613 Variable 4.78 % March 2035  $ 48,125 21,144 20,697  Total $ 29,048 $ 28,535   (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 junior subordinated notes listed represent debt the Company owes to the two trusts noted above. The total par amount ow ed by the Company to the trusts is $49,614 . However, the Company owns the common stock of the trusts in a total par amount of $1,489 . The Company pays interest (and at maturity, principal) to the trusts on the entire $49,614 junior notes outstanding. However, the Company receives back from the trusts the pro rata share of interest and principal on the common stock the Company holds of $1,489. Accordingly, the Company shows the net par value not held by it of $48,125 in the table above. These trusts are VIEs and the Company does not consolidate them even though the Company holds common stock. The Company carries the common stock on its balance sheet at a value of $0 . (3) Represents the interest rate in effect as of the last day of the reporting period.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Schedule Of Unrestricted Common Stock Activity	  Common Stock  Shares  December 31, 2015 13,035,119  Vesting of shares 254,828  Shares withheld for employee taxes (25,701)  Retirement of common stock (1,828,080)  June 30, 2016 11,436,166 
Operating LLC Membership Units	  Operating LLC  Membership Units  Units related to UIS Agreement 467,002  Units surrendered from retirement of IFMI Common Stock (1,828,080)  Total (1,361,078) 
Schedule Of Effects Of Changes In Ownership Interest Subsidiary	   June 30, 2016 June 30, 2015  Net income / (loss) attributable to IFMI $ 1,029 $ (903)  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 (552) 90  Changes from net income / (loss) attributable to IFMI and transfers (to) from the non-controlling interest $ 477 $ (813) 

Earnings _ (Loss) Per Common 39

Earnings / (Loss) Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, Six Months Ended June 30,  2016 2015 2016 2015  Net income / (loss) attributable to IFMI $ 830 $ (345) $ 1,029 $ (903)  Add/ (deduct): Income / (loss) attributable to non-controlling interest attributable to Operating LLC membership units exchangeable into IFMI shares (1) 371 (120) 436 (318)  Add / (deduct): Adjustment (2) (1) - (2) 2  Net income / (loss) on a fully converted basis $ 1,200 $ (465) $ 1,463 $ (1,219)   Weighted average common shares outstanding - Basic 11,905,694 15,229,340 12,588,649 15,189,273  Unrestricted Operating LLC membership units exchangeable into IFMI shares (1) 5,324,090 5,324,090 5,324,090 5,324,090  Dilutive Impact of restricted units or shares 61,839 - 71,620 -  Weighted average common shares outstanding - Diluted (3) 17,291,623 20,553,430 17,984,359 20,513,363   Net income / (loss) per common share - Basic $ 0.07 $ (0.02) $ 0.08 $ (0.06)   Net income / (loss) per common share - Diluted $ 0.07 $ (0.02) $ 0.08 $ (0.06)   (1) The Operating LLC membership units not held by IFMI (that is, those held by the non-controlling interest for the six months ended June 30, 2016 and 2015 ) 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 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 Common Stock , subject, in each case, to appropriate adjustment upon the occurrence of an issuance of additional shares of Common Stock as a dividend or other distribution on the outstanding C ommon S tock, or a further subdivision or combination of the outstanding shares of 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 six months ended June 30, 2016 and 2015 , weighted average common shares outstanding excludes a total of 0 and 211,212 shares, representing restricted Operating LLC membership units, restricted Common Stock , and restricted units of Common Stock that would be anti-dilutive because of the Company’s net loss. For the three months ended June 30, 2016 and 2015 , weighted average common shares outstanding excludes a total of 0 and 215,076 shares , representing restricted Operating LLC membership units, restricted Common Stock , and restricted units of Common Stock that would be anti-dilutive because of the Company’s net loss . For the six and three months ended June 30, 2016 and 2015 , 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)	6 Months Ended
	Jun. 30, 2016
Segment and Geographic Information [Abstract]
Schedule Of Segment Reporting Information	   SEGMENT INFORMATION  Statement of Operations Information  Six Months Ended June 30, 2016   Capital Asset Principal Segment Unallocated  Markets Management Investing Total (1) Total  Net trading $ 21,487 $ - $ - $ 21,487 $ - $ 21,487  Asset management - 3,881 - 3,881 - 3,881  New issue and advisory 1,365 - - 1,365 - 1,365  Principal transactions and other income 109 1,101 157 1,367 - 1,367  Total revenues 22,961 4,982 157 28,100 - 28,100  Total operating expenses 18,106 1,615 252 19,973 4,653 24,626  Operating income / (loss) 4,855 3,367 (95) 8,127 (4,653) 3,474  Interest expense - - - - (1,982) (1,982)  Income / (loss) before income taxes 4,855 3,367 (95) 8,127 (6,635) 1,492  Income tax expense / (benefit) - - - - 27 27  Net income / (loss) 4,855 3,367 (95) 8,127 (6,662) 1,465  Less: Net income / (loss) attributable to the  non-controlling interest - - - - 436 436  Net income / (loss) attributable to IFMI $ 4,855 $ 3,367 $ (95) $ 8,127 $ (7,098) $ 1,029   Other statement of operations data  Depreciation and amortization (included in  total operating expense) $ 69 $ 2 $ - $ 71 $ 83 $ 154           SEGMENT INFORMATION  Statement of Operations Information  Six Months Ended June 30, 2015   Capital Asset Principal Segment Unallocated  Markets Management Investing Total (1) Total  Net trading $ 14,013 $ - $ - $ 14,013 $ - $ 14,013  Asset management - 4,558 - 4,558 - 4,558  New issue and advisory 2,149 - - 2,149 - 2,149  Principal transactions and other income 161 2,074 890 3,125 - 3,125  Total revenues 16,323 6,632 890 23,845 - 23,845  Total operating expenses 15,417 1,991 250 17,658 5,395 23,053  Operating income / (loss) 906 4,641 640 6,187 (5,395) 792  Interest expense - - - - (1,967) (1,967)  Income / (loss) before income taxes 906 4,641 640 6,187 (7,362) (1,175)  Income tax expense / (benefit) - - - - 46 46  Net income / (loss) 906 4,641 640 6,187 (7,408) (1,221)  Less: Net income / (loss) attributable to the  non-controlling interest - - - - (318) (318)  Net income / (loss) attributable to IFMI $ 906 $ 4,641 $ 640 $ 6,187 $ (7,090) $ (903)   Other statement of operations data  Depreciation and amortization (included in  total operating expense) $ 330 $ 11 $ - $ 341 $ 120 $ 461            SEGMENT INFORMATION  Statement of Operations Information  Three Months Ended June 30, 2016   Capital Asset Principal Segment Unallocated  Markets Management Investing Total (1) Total  Net trading $ 11,285 $ - $ - $ 11,285 $ - $ 11,285  Asset management - 1,569 - 1,569 - 1,569  New issue and advisory 984 - - 984 - 984  Principal transactions and other income 43 487 (3) 527 - 527  Total revenues 12,312 2,056 (3) 14,365 - 14,365  Total operating expenses 9,116 678 124 9,918 2,237 12,155  Operating income / (loss) 3,196 1,378 (127) 4,447 (2,237) 2,210  Interest expense - - - - (992) (992)  Income / (loss) before income taxes 3,196 1,378 (127) 4,447 (3,229) 1,218  Income tax expense / (benefit) - - - - 17 17  Net income / (loss) 3,196 1,378 (127) 4,447 (3,246) 1,201  Less: Net income / (loss) attributable to the  non-controlling interest - - - - 371 371  Net income / (loss) attributable to IFMI $ 3,196 $ 1,378 $ (127) $ 4,447 $ (3,617) $ 830   Other statement of operations data  Depreciation and amortization (included in  total operating expense) $ 31 $ 1 $ - $ 32 $ 40 $ 72      SEGMENT INFORMATION  Statement of Operations Information  Three Months Ended June 30, 2015   Capital Asset Principal Segment Unallocated  Markets Management Investing Total (1) Total  Net trading $ 6,742 $ - $ - $ 6,742 $ - $ 6,742  Asset management - 2,260 - 2,260 - 2,260  New issue and advisory 651 - - 651 - 651  Principal transactions and other income 83 602 713 1,398 - 1,398  Total revenues 7,476 2,862 713 11,051 - 11,051  Total operating expenses 7,009 985 75 8,069 2,471 10,540  Operating income / (loss) 467 1,877 638 2,982 (2,471) 511  Interest expense - - - - (991) (991)  Income / (loss) before income taxes 467 1,877 638 2,982 (3,462) (480)  Income tax expense / (benefit) - - - - (15) (15)  Net income / (loss) 467 1,877 638 2,982 (3,447) (465)  Less: Net income / (loss) attributable to the  non-controlling interest - - - - (120) (120)  Net income / (loss) attributable to IFMI $ 467 $ 1,877 $ 638 $ 2,982 $ (3,327) $ (345)   Other statement of operations data  Depreciation and amortization (included in  total operating expense) $ 163 $ 5 $ - $ 168 $ 59 $ 227  (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 June 30, 2016  (Dollars in Thousands)   Capital Asset Principal Segment Unallocated  Markets Management Investing Total (1) Total  Total Assets $ 565,647 $ 2,184 $ 10,009 $ 577,840 $ 6,745 $ 584,585   Included within total assets:  Goodwill (2) $ 7,937 $ 55 $ - $ 7,992 $ - $ 7,992  Intangible assets (2) $ 166 $ - $ - $ 166 $ - $ 166      BALANCE SHEET DATA  December 31, 2015  (Dollars in Thousands)   Capital Asset Principal Segment Unallocated  Markets Management Investing Total (1) Total  Total Assets $ 281,813 $ 3,245 $ 15,039 $ 300,097 $ 8,318 $ 308,415   Included within total assets:  Goodwill (2) $ 7,937 $ 55 $ - $ 7,992 $ - $ 7,992  Intangible assets (2) $ 166 $ - $ - $ 166 $ - $ 166   (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 June 30, 2016 and 2015 are allocated to the Capital Markets and Asset Management business segments as indicated in the table above.
Revenue By Geographic Area	   GEOGRAPHIC DATA  (Dollars in Thousands)   Three Months Ended June 30, Six Months Ended June 30,  2016 2015 2016 2015  Total Revenues:  United States $ 13,043 $ 9,527 $ 25,551 $ 20,453  United Kingdom & Other 1,322 1,524 2,549 3,392  Total $ 14,365 $ 11,051 $ 28,100 $ 23,845 

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Schedule Of Related Party Transactions	    RELATED PARTY TRANSACTIONS  Six Months Ended June 30, 2016  (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 $ - $ - $ - $ - $ - $ 115  Edward E. Cohen IRA - - - - - 210  Mead Park Advisors, LLC - - - - 100 -  $ - $ - $ - $ - $ 100 $ 325       RELATED PARTY TRANSACTIONS  Six Months Ended June 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 $ - $ - $ - $ - $ - $ 113  Mead Park Capital - - - - - 274  Mead Park - - - - 100 -  Woodlea 39  $ - $ - $ - $ - $ 139 $ 387      RELATED PARTY TRANSACTIONS  Three Months Ended June 30, 2016  (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 $ - $ - $ - $ - $ - $ 58  Edward E. Cohen IRA - - - - - 105  Mead Park Advisors, LLC - - - - 50 -  $ - $ - $ - $ - $ 50 $ 163       RELATED PARTY TRANSACTIONS  Three Months Ended June 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 $ - $ - $ - $ - $ - $ 57  Mead Park Capital - - - - - 138  Mead Park - - - - 50 -  Woodlea - - - - 31 -  $ - $ - $ - $ - $ 81 $ 195 

Due from _ Due to Related Par42

Due from / Due to Related Parties (Tables)	6 Months Ended
	Jun. 30, 2016
Due From / Due To Related Parties [Abstract]
Schedule of Due From / Due To Related Parties	   DUE FROM/DUE TO RELATED PARTIES  (Dollars in Thousands)   June 30, 2016 December 31, 2015  Employees & other $ 69 $ 77  Due from Related Parties $ 69 $ 77    Mead Park $ 50 $ 50  Total Due to Related Parties $ 50 $ 50  

Organization and Nature of Op43

Organization and Nature of Operations (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)segment
Securities [Line Items]
Assets under management	$ 3,840
Number of Operating Segments | segment	3
CDOs [Member]
Securities [Line Items]
Assets under management	$ 3,670
Assets under management which are collateralized debt obligations percentage	95.50%

Basis Of Presentation (Narrativ

Basis Of Presentation (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Other assets	$ (4,552)	$ (4,708)
Debt	$ (29,048)	(28,535)
Restatement Adjustment [Member]
Other assets		410
Debt		$ 410

Summary of Significant Accoun45

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Summary Of Significant Accounting Policies [Line Items]
Maximum normal term for resale agreements	1 month
Estimated debt in fair value	$ 34,453	$ 35,200
Other assets	(4,552)	(4,708)
Debt	$ (29,048)	(28,535)
Restatement Adjustment [Member]
Summary Of Significant Accounting Policies [Line Items]
Other assets		410
Debt		$ 410

Receivables From And Payables46

Receivables From And Payables To Brokers, Dealers, And Clearing Agencies (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Receivables From And Payables To Brokers, Dealers, And Clearing Agencies [Abstract]
Interest On Margin Payable	$ 153	$ 157	$ 379	$ 279

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	Jun. 30, 2016	Dec. 31, 2015
Receivables from Brokers-Dealers and Clearing Organizations [Abstract]
Deposits with clearing agencies	$ 750	$ 864
Unsettled regular way trades, net		4,367
Receivable from clearing agencies	61,632	34,581
Receivables from brokers, dealers, and clearing agencies	62,382	39,812
Payables to Broker-Dealers and Clearing Organizations [Abstract]
Unsettled regular way trades, net	1,039
Margin payable	61,793	55,779
Payables to brokers, dealers, and clearing agencies	$ 62,832	$ 55,779

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Financial Instruments [Abstract]
Unrealized gain (losses) in net trading revenue	$ (57)	$ (14)

Financial Instruments (Schedule

Financial Instruments (Schedule Of Trading Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading	$ 143,202	$ 94,741
U.S. Government Agency MBS And CMOs [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading	6,702	3,225
U.S. Government Agency Debt Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading	13,972	12,737
RMBS [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading	94	98
U.S. Treasury Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading	2,667	1,355
Other ABS [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading	18	2,048
SBA Loans [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading	36,161	29,931
Corporate Bonds And Redeemable Preferred Stock [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading	37,767	19,873
Foreign Government Bonds [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading	78
Municipal Bonds [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading	31,243	24,053
Derivatives [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading	13,049	1,158
Certificates Of Deposit [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments-trading	$ 1,451	$ 263

Financial Instruments (Schedu50

Financial Instruments (Schedule Of Trading Securities Sold, Not Yet Purchased) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Trading securities sold, not yet purchased	$ 69,853	$ 39,184
U.S. Treasury Securities [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Trading securities sold, not yet purchased	29,111	12,050
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	28,792	25,851
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	$ 11,930	1,181
Equity Securities [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Trading securities sold, not yet purchased		$ 82

Financial Instruments (Schedu51

Financial Instruments (Schedule Of Other Investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Other investments, Amortized Cost	$ 15,472	$ 21,666
Other investments, Carrying Value	9,860	14,880
Other investments, Unrealized Gain (Loss)	(5,612)	(6,786)
CLO's [Member]
Schedule of Investments [Line Items]
Other investments, Amortized Cost	10,047	14,877
Other investments, Carrying Value	8,028	11,569
Other investments, Unrealized Gain (Loss)	(2,019)	(3,308)
CDOs [Member]
Schedule of Investments [Line Items]
Other investments, Amortized Cost	193	193
Other investments, Carrying Value	30	34
Other investments, Unrealized Gain (Loss)	(163)	(159)
Equity Securities [Member]
Schedule of Investments [Line Items]
Other investments, Amortized Cost	5,145	6,485
Other investments, Carrying Value	1,372	2,898
Other investments, Unrealized Gain (Loss)	(3,773)	(3,587)
Equity Securities [Member] | EuroDekania [Member]
Schedule of Investments [Line Items]
Other investments, Amortized Cost	4,969	5,300
Other investments, Carrying Value	1,318	2,502
Other investments, Unrealized Gain (Loss)	(3,651)	(2,798)
Equity Securities [Member] | Tiptree Financial, Inc. [Member]
Schedule of Investments [Line Items]
Other investments, Amortized Cost		1,009
Other investments, Carrying Value		353
Other investments, Unrealized Gain (Loss)		(656)
Equity Securities [Member] | Other Equity Securities [Member]
Schedule of Investments [Line Items]
Other investments, Amortized Cost	176	176
Other investments, Carrying Value	54	43
Other investments, Unrealized Gain (Loss)	(122)	(133)
Residential Loans [Member]
Schedule of Investments [Line Items]
Other investments, Amortized Cost	87	111
Other investments, Carrying Value	359	383
Other investments, Unrealized Gain (Loss)	272	272
Foreign Currency Forward Contracts [Member]
Schedule of Investments [Line Items]
Other investments, Carrying Value	71	(4)
Other investments, Unrealized Gain (Loss)	$ 71	$ (4)

Fair Value Disclosures (Narrati

Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
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, Liabilities, Level 1 to Level 2 Transfers, Amount	0	0	0	0
Fair value, option, changes in fair value, gains (losses)	(304)	(38)	(568)	(354)
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 of assets transfers out of level 3

Fair Value Disclosures (Schedul

Fair Value Disclosures (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		$ 143,202	$ 94,741
Other investments, measured using hierarchy		8,542	12,378
Other investments, Carrying Value		9,860	14,880
Trading securities sold, not yet purchased		69,853	39,184
Quoted Prices In Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		2,667	1,355
Other investments, measured using hierarchy		106	377
Trading securities sold, not yet purchased		29,111	12,132
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		140,535	93,386
Other investments, measured using hierarchy		378	398
Trading securities sold, not yet purchased		40,742	27,052
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, measured using hierarchy		8,058	11,603
U.S. Government Agency MBS And CMOs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		6,702	3,225
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		6,702	3,225
U.S. Government Agency Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		13,972	12,737
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		13,972	12,737
RMBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		94	98
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		94	98
U.S. Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		2,667	1,355
Trading securities sold, not yet purchased		29,111	12,050
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		2,667	1,355
Trading securities sold, not yet purchased		29,111	12,050
Other ABS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		18	2,048
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		18	2,048
SBA Loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		36,161	29,931
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		36,161	29,931
Corporate Bonds And Redeemable Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		37,767	19,873
Trading securities sold, not yet purchased		28,792	25,851
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		37,767	19,873
Trading securities sold, not yet purchased		28,792	25,851
Foreign Government Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		78
Foreign Government Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		78
Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		31,243	24,053
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		31,243	24,053
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		1,451	263
Certificates Of Deposit [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		1,451	263
Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments-trading		13,049	1,158
Trading securities sold, not yet purchased		11,930	1,181
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		13,049	1,158
Trading securities sold, not yet purchased		11,930	1,181
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, Carrying Value		1,372	2,898
Trading securities sold, not yet purchased			82
Equity Securities [Member] | Quoted Prices In Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities sold, not yet purchased			82
Tiptree Financial, Inc. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, measured using hierarchy	[1]		353
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, measured using hierarchy	[1]		353
Tiptree Financial, Inc. [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, Carrying Value			353
Other Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, measured using hierarchy		54	43
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, measured using hierarchy		35	28
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, measured using hierarchy		19	15
Other Equity Securities [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, Carrying Value		54	43
CLO's [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, measured using hierarchy		8,028	11,569
CLO's [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, measured using hierarchy		8,028	11,569
CDOs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, measured using hierarchy		30	34
CDOs [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, measured using hierarchy		30	34
Residential Loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, measured using hierarchy		359	383
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, measured using hierarchy		359	383
Foreign Currency Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, measured using hierarchy		71	(4)
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, measured using hierarchy		71	(4)
EuroDekania [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, measured using net asset value	[2]	1,318	2,502
EuroDekania [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, Carrying Value		$ 1,318	$ 2,502
[1]	Diversified Holding Company.
[2]	Hybrid Securities Fund-European.

Fair Value Disclosures (Sched54

Fair Value Disclosures (Schedule Of Assets And Liabilities Measured With Level 3 Inputs) (Details) - Alternative Investments [Member] - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of additional information about assets and liabilities measured at fair value on a recurring basis level 3 inputs
Level 3 inputs, Beginning balance		$ 10,965	$ 20,474	$ 11,603	$ 21,529
Transfers out of Level 3
Accretion of income	[1]	362	617	755	1,332
Purchases
Sales and returns of capital		(3,742)	(4,694)	(4,650)	(6,415)
Level 3 inputs, Ending balance		8,058	16,275	8,058	16,275
Change in unrealized gains /(losses)	[2]	368	100	615	344
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
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]	473	(122)	350	(171)
CLO's [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		10,925	20,446	11,569	21,518
Transfers out of Level 3
Accretion of income	[1]	362	617	755	1,332
Purchases
Sales and returns of capital		(3,742)	(4,694)	(4,650)	(6,415)
Level 3 inputs, Ending balance		8,028	16,248	8,028	16,248
Change in unrealized gains /(losses)	[2]	378	101	619	328
CLO's [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
CLO's [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]	483	(121)	354	(187)
CDOs [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		40	28	34	11
Transfers out of Level 3
Accretion of income	[1]
Purchases
Level 3 inputs, Ending balance		30	27	30	27
Change in unrealized gains /(losses)	[2]	(10)	(1)	(4)	16
CDOs [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
CDOs [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]	$ (10)	$ (1)	$ (4)	$ 16
[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.

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	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 8,028	$ 11,569
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	16.70%	16.00%
Duration	5 years 9 months 18 days	6 years 3 months 18 days
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	38.00%	30.00%
Duration	7 years 1 month 6 days	7 years 7 months 6 days
Weighted Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	22.50%	20.10%
Duration	6 years 2 months 12 days	6 years 7 months 6 days
Default rate	2.00%	2.00%

Fair Value Disclosures (Fair Va

Fair Value Disclosures (Fair Value, Investments, Entities That Calculate Net Asset Value Per Share) (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Redemption frequency
Other Investment Vehicles [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other investments, at fair value		$ 1,318	$ 2,502
EuroDekania [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other investments, at fair value	[1]	$ 1,318	2,502
Redemption frequency	[2],[3]	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]	$ 1,318	$ 2,502
[1]	Hybrid Securities Fund-European.
[2]	EuroDekania owns 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.
[3]	Not applicable. EuroDekania does not offer redemptions and investors in EuroDekania have no commitments to make additional investments.

Derivative Financial Instrume57

Derivative Financial Instruments (Narrative) (Details) € in Thousands	Jun. 30, 2016EUR (€)	Jun. 30, 2016USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2015USD ($)
TBA And Other Forward Agency MBS [Member] | Short [Member]
Derivative [Line Items]
Derivative, Notional Amount		$ 1,491,381,000		$ 699,460,000
TBA And Other Forward Agency MBS [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount		1,456,742,000		677,450,000
Foreign Currency Forward Contracts [Member]
Derivative [Line Items]
Derivative, Notional Amount | €	€ 2,375		€ 2,750
EuroDollar Futures Contracts [Member]
Derivative [Line Items]
Derivative, Notional Amount		0		0
Other Extended Settlement Trades [Member]
Derivative [Line Items]
Forward purchase commitment		4,616,000		3,075,000
Forward sale commitment		$ 0		$ 0

Derivative Financial Instrume58

Derivative Financial Instruments (Balance Sheet Information) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	$ 1,190	$ (27)
Investments-Trading [Member] | TBA And Other Forward Agency MBS [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	13,049	1,158
Other Investment At Fair Value [Member] | Foreign Currency Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	71	(4)
Trading Securities Sold, Not Yet Purchased [Member] | TBA And Other Forward Agency MBS [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	$ (11,930)	$ (1,181)

Derivative Financial Instrume59

Derivative Financial Instruments (Statement Of Operations Information) (Details) - Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative [Line Items]
Derivative financial instruments, net gain (loss) recognized	$ 2,387	$ 1,371	$ 4,158	$ 3,359
Revenue - Principal Transactions And Other Income [Member] | Foreign Currency Forward Contracts [Member]
Derivative [Line Items]
Derivative financial instruments, net gain (loss) recognized	83	(121)	(53)	288
Revenue - Net Trading [Member] | Other Extended Settlement Trades [Member]
Derivative [Line Items]
Derivative financial instruments, net gain (loss) recognized	(5)	26		28
Revenue - Net Trading [Member] | TBA And Other Forward Agency MBS [Member]
Derivative [Line Items]
Derivative financial instruments, net gain (loss) recognized	$ 2,309	$ 1,466	$ 4,211	$ 3,043

Collateralized Securities Tra60

Collateralized Securities Transactions (Narrative) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)security	Dec. 31, 2015USD ($)security
Collateralized Securities Transactions [Abstract]
Securities reverse repurchase agreements	$ 345,356	$ 128,011
Fair value of securities received as collateral under reverse repurchase agreements	$ 364,218	$ 137,232
Number of securities related to reverse purchase agreements | security	7	3
Securities sold under agreements to repurchase	$ 366,645	$ 127,913
Fair value of securities pledged as collateral under repurchase agreements	$ 385,629	$ 137,232

Collateralized Securities Tra61

Collateralized Securities Transactions (Schedule Of Repurchase Agreements Accounted For As Secured Borrowings) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets Sold under Agreements to Repurchase [Line Items]
Gross amount of recognized liabilities for repurchase agreements	$ 366,645	$ 127,913
Overnight and Continuous [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Gross amount of recognized liabilities for repurchase agreements	21,414
Up to 30 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Gross amount of recognized liabilities for repurchase agreements	227,516	127,913
30 to 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Gross amount of recognized liabilities for repurchase agreements	117,715
U.S. Government Agency MBS [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Gross amount of recognized liabilities for repurchase agreements	345,231	127,913
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	227,516	$ 127,913
U.S. Government Agency MBS [Member] | 30 to 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Gross amount of recognized liabilities for repurchase agreements	117,715
SBA Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Gross amount of recognized liabilities for repurchase agreements	21,414
SBA Loans [Member] | Overnight and Continuous [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Gross amount of recognized liabilities for repurchase agreements	$ 21,414

Other Assets And Accounts Pay62

Other Assets And Accounts Payable And Other Liabilities (Schedule Of Other Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of other assets
Deferred costs	$ 600	$ 600
Prepaid expenses	1,118	1,359
Prepaid income taxes	105
Security deposits	1,826	1,845
Miscellaneous other assets	151	161
Cost method investment	11	11
Furniture, equipment and leasehold improvements, net	575	566
Intangible assets	166	166
Other assets	$ 4,552	$ 4,708

Other Assets and Accounts Pay63

Other Assets and Accounts Payable and Other Liabilities (Schedule Of Accounts Payable And Other Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of accounts payable and other liabilities
Accounts payable	$ 204	$ 494
Rent payable	218	390
Accrued interest payable	300	138
Accrued interest on securities sold, not yet purchased	629	491
Payroll taxes payable	491	594
Other general accrued expenses	1,391	1,255
Accounts payable and other liabilities	$ 3,233	$ 3,362

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Variable Interest Entities [Abstract]
VIE liabilities, contingent liabilities, and guarantees	$ 0	$ 0

Variable Interest Entities (Sch

Variable Interest Entities (Schedule Of Variable Interests) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Maximum Exposure	$ 8,058		$ 11,603
Alternative Investments [Member]
Variable Interest Entity [Line Items]
Other investments, fair value	$ 8,058	$ 10,965	$ 11,603	$ 16,275	$ 20,474	$ 21,529

Debt (Debt Outstanding) (Detail

Debt (Debt Outstanding) (Details)		6 Months Ended
		Jun. 30, 2016USD ($)entity$ / shares	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Long term debt less debt issuance costs		$ 29,048,000	$ 28,535,000
Contingent Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Less unamortized debt issuance costs		(344,000)	(410,000)
Long term debt less debt issuance costs		7,904,000	7,838,000
Junior Subordinated Debt [Member]
Debt Instrument [Line Items]
Junior subordinated notes		48,125,000
Long term debt less debt issuance costs		21,144,000	20,697,000
Junior subordinated notes		$ 49,614,000
Number of trusts holding notes | entity		2
Ownership value of common stock of trusts		$ 1,489,000
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, Gross		$ 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]
Junior subordinated notes	[3]	$ 28,125,000
Long term debt less debt issuance costs		$ 12,343,000	12,084,000
Debt Instrument, Interest Rate, Effective Percentage	[1]	4.64%
Maturity		Jul. 30, 2037
Sunset Financial Statutory Trust I [Member] | Junior Subordinated Debt [Member]
Debt Instrument [Line Items]
Junior subordinated notes	[3]	$ 20,000,000
Long term debt less debt issuance costs		$ 8,801,000	$ 8,613,000
Debt Instrument, Interest Rate, Effective Percentage	[1]	4.78%
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 junior subordinated notes listed represent debt the Company owes to the two trusts noted above. The total par amount owed by the Company to the trusts is $49,614. However, the Company owns the common stock of the trusts in a total par amount of $1,489. The Company pays interest (and at maturity, principal) to the trusts on the entire $49,614 junior notes outstanding. However, the Company receives back from the trusts the pro rata share of interest and principal on the common stock the Company holds of $1,489. Accordingly, the Company shows the net par value not held by it of $48,125 in the table above. These trusts are VIEs and the Company does not consolidate them even though the Company holds common stock. The Company carries the common stock on its balance sheet at a value of $0.

Equity (Narrative) (Details)

Equity (Narrative) (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)shares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)
Permanent Equity [Line Items]
Ratio of Common Stock to membership units		1
10b5-1 Plan [Member]
Permanent Equity [Line Items]
Repurchase amount authorized	$ 1,000,000	$ 1,000,000
Purchase of common stock, shares | shares	68,400	134,080
Purchase of common stock, value	$ 64,000	$ 122,000
Private Repurchase Transaction [Member]
Permanent Equity [Line Items]
Treasury Stock Acquired, Average Cost Per Share | $ / shares		$ 1.25
Purchase of common stock, shares | shares		650,000
Purchase of common stock, value		$ 813,000
Shares repurchased, price per share | $ / shares		$ 1.25
Investment Manager Repurchase [Member]
Permanent Equity [Line Items]
Treasury Stock Acquired, Average Cost Per Share | $ / shares		$ 1.25
Purchase of common stock, shares | shares		1,044,000
Purchase of common stock, value		$ 1,305,000
Shares repurchased, price per share | $ / shares		$ 1.25
Accumulated Other Comprehensive Income (Loss) [Member]
Permanent Equity [Line Items]
Redemption of non-controlling interest, net		$ 49,000	$ (6,000)
Additional paid-in capital [Member]
Permanent Equity [Line Items]
Redemption of non-controlling interest, net		(552,000)	90,000
Non-Controlling Interest [Member]
Permanent Equity [Line Items]
Redemption of non-controlling interest, net		$ 503,000	$ (84,000)

Equity (Schedule Of Unrestricte

Equity (Schedule Of Unrestricted Common Stock Activity) (Details)	6 Months Ended
	Jun. 30, 2016shares
Equity [Abstract]
Balance, Shares	13,035,119
Vesting of shares	254,828
Shares withheld for employee taxes	(25,701)
Retirement of common stock	(1,828,080)
Balance, Shares	11,436,166

Equity (Operating LLC Membershi

Equity (Operating LLC Membership Units) (Details) - IFMI, LLC [Member]	6 Months Ended
	Jun. 30, 2016shares
Permanent Equity [Line Items]
Membership Units Received Net Of Surrenders	(1,361,078)
Unit Issuance And Surrender Agreement [Member]
Permanent Equity [Line Items]
Membership Units Received Net Of Surrenders	467,002
Retirement of Common Stock [Member]
Permanent Equity [Line Items]
Membership Units Received Net Of Surrenders	(1,828,080)

Equity (Schedule Of Effects Of

Equity (Schedule Of Effects Of Changes In Ownership Interest Subsidiary) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Equity [Abstract]
Net income / (loss) attributable to IFMI	$ 830	$ (345)	$ 1,029	$ (903)
Increase / (decrease) in IFMI's paid in capital for the acquisition / (surrender) of additional units in consolidated subsidiary, net			(552)	90
Changes from net income / (loss) attributable to IFMI and transfers (to) from the non-controlling interest			$ 477	$ (813)

Net Capital Requirements (Detai

Net Capital Requirements (Details) $ in Thousands	Jun. 30, 2016USD ($)
JVB [Member]
Net Capital Requirements [Line Items]
Actual Net Capital or Liquid Capital	$ 31,780
Excess	31,530
Cohen and Company Financial Limited [Member]
Net Capital Requirements [Line Items]
Actual Net Capital or Liquid Capital	1,313
Amount Required	999
Excess	$ 314

Earnings _ (Loss) Per Common 72

Earnings / (Loss) Per Common Share (Schedule of Earnings / (Loss) Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Line Items]
Net income / (loss) attributable to IFMI		$ 830	$ (345)	$ 1,029	$ (903)
Add/ (deduct): Income / (loss) attributable to non-controlling interest attributable to Operating LLC membership units exchangeable into IFMI shares	[1]	371	(120)	436	(318)
Add / (deduct): Adjustment	[2]	(1)		(2)	2
Net income / (loss) on a fully converted basis		$ 1,200	$ (465)	$ 1,463	$ (1,219)
Weighted average common shares outstanding - Basic		11,905,694	15,229,340	12,588,649	15,189,273
Unrestricted Operating LLC membership units exchangeable into IFMI shares	[1]	5,324,090	5,324,090	5,324,090	5,324,090
Dilutive impact of restricted units or shares		61,839		71,620
Weighted average common shares outstanding - Diluted	[3]	17,291,623	20,553,430	17,984,359	20,513,363
Net income / (loss) per common share - Basic		$ 0.07	$ (0.02)	$ 0.08	$ (0.06)
Net income / (loss) per common share - Diluted		$ 0.07	$ (0.02)	$ 0.08	$ (0.06)
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		0	215,076	0	211,212
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 six months ended June 30, 2016 and 2015) 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 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 Common Stock, subject, in each case, to appropriate adjustment upon the occurrence of an issuance of additional shares of Common Stock as a dividend or other distribution on the outstanding Common Stock, or a further subdivision or combination of the outstanding shares of 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 six months ended June 30, 2016 and 2015, weighted average common shares outstanding excludes a total of 0 and 211,212 shares, representing restricted Operating LLC membership units, restricted Common Stock, and restricted units of Common Stock that would be anti-dilutive because of the Company's net loss. For the three months ended June 30, 2016 and 2015, weighted average common shares outstanding excludes a total of 0 and 215,076 shares, representing restricted Operating LLC membership units, restricted Common Stock, and restricted units of Common Stock that would be anti-dilutive because of the Company's net loss. For the six and three months ended June 30, 2016 and 2015, 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) $ in Thousands	1 Months Ended
	Oct. 31, 2013USD ($)
Commitments And Contingencies [Abstract]
Income Tax Examination, Estimate of Possible Loss	$ 4,683

Segment and Geographic Inform74

Segment and Geographic Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 2016segment
Segment and Geographic Information [Abstract]
Number of Operating Segments	3

Segment and Geographic Inform75

Segment and Geographic Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Net trading		$ 11,285	$ 6,742	$ 21,487	$ 14,013
Asset management		1,569	2,260	3,881	4,558
New issue and advisory		984	651	1,365	2,149
Principal transactions and other income		527	1,398	1,367	3,125
Total revenues		14,365	11,051	28,100	23,845
Total operating expenses		12,155	10,540	24,626	23,053
Operating income / (loss)		2,210	511	3,474	792
Interest expense		(992)	(991)	(1,982)	(1,967)
Income/ (loss) before income tax expense / (benefit)		1,218	(480)	1,492	(1,175)
Income tax expense / (benefit)		17	(15)	27	46
Net income / (loss)		1,201	(465)	1,465	(1,221)
Less: Net income / (loss) attributable to the non-controlling interest		371	(120)	436	(318)
Net income / (loss) attributable to IFMI		830	(345)	1,029	(903)
Depreciation and amortization (included in total operating expense)		72	227	154	461
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net trading		11,285	6,742	21,487	14,013
Asset management		1,569	2,260	3,881	4,558
New issue and advisory		984	651	1,365	2,149
Principal transactions and other income		527	1,398	1,367	3,125
Total revenues		14,365	11,051	28,100	23,845
Total operating expenses		9,918	8,069	19,973	17,658
Operating income / (loss)		4,447	2,982	8,127	6,187
Income/ (loss) before income tax expense / (benefit)		4,447	2,982	8,127	6,187
Net income / (loss)		4,447	2,982	8,127	6,187
Net income / (loss) attributable to IFMI		4,447	2,982	8,127	6,187
Depreciation and amortization (included in total operating expense)		32	168	71	341
Unallocated [Member]
Segment Reporting Information [Line Items]
Total operating expenses	[1]	2,237	2,471	4,653	5,395
Operating income / (loss)	[1]	(2,237)	(2,471)	(4,653)	(5,395)
Interest expense	[1]	(992)	(991)	(1,982)	(1,967)
Income/ (loss) before income tax expense / (benefit)	[1]	(3,229)	(3,462)	(6,635)	(7,362)
Income tax expense / (benefit)	[1]	17	(15)	27	46
Net income / (loss)	[1]	(3,246)	(3,447)	(6,662)	(7,408)
Less: Net income / (loss) attributable to the non-controlling interest	[1]	371	(120)	436	(318)
Net income / (loss) attributable to IFMI	[1]	(3,617)	(3,327)	(7,098)	(7,090)
Depreciation and amortization (included in total operating expense)	[1]	40	59	83	120
Capital Markets [Member]
Segment Reporting Information [Line Items]
Net trading		11,285	6,742	21,487	14,013
New issue and advisory		984	651	1,365	2,149
Principal transactions and other income		43	83	109	161
Total revenues		12,312	7,476	22,961	16,323
Total operating expenses		9,116	7,009	18,106	15,417
Operating income / (loss)		3,196	467	4,855	906
Income/ (loss) before income tax expense / (benefit)		3,196	467	4,855	906
Net income / (loss)		3,196	467	4,855	906
Net income / (loss) attributable to IFMI		3,196	467	4,855	906
Depreciation and amortization (included in total operating expense)		31	163	69	330
Asset Management [Member]
Segment Reporting Information [Line Items]
Asset management		1,569	2,260	3,881	4,558
Principal transactions and other income		487	602	1,101	2,074
Total revenues		2,056	2,862	4,982	6,632
Total operating expenses		678	985	1,615	1,991
Operating income / (loss)		1,378	1,877	3,367	4,641
Income/ (loss) before income tax expense / (benefit)		1,378	1,877	3,367	4,641
Net income / (loss)		1,378	1,877	3,367	4,641
Net income / (loss) attributable to IFMI		1,378	1,877	3,367	4,641
Depreciation and amortization (included in total operating expense)		1	5	2	11
Principal Investing [Member]
Segment Reporting Information [Line Items]
Principal transactions and other income		(3)	713	157	890
Total revenues		(3)	713	157	890
Total operating expenses		124	75	252	250
Operating income / (loss)		(127)	638	(95)	640
Income/ (loss) before income tax expense / (benefit)		(127)	638	(95)	640
Net income / (loss)		(127)	638	(95)	640
Net income / (loss) attributable to IFMI		$ (127)	$ 638	$ (95)	$ 640
[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 Inform76

Segment and Geographic Information (Reconciliation Of Assets From Segment To Consolidated) (Details) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets		$ 584,585	$ 308,415
Goodwill	[1]	7,992	7,992
Intangible assets	[1]	166	166
Operating Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets		577,840	300,097
Goodwill	[1]	7,992	7,992
Intangible assets	[1]	166	166
Unallocated [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	[2]	6,745	8,318
Capital Markets [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets		565,647	281,813
Goodwill	[1]	7,937	7,937
Intangible assets	[1]	166	166
Asset Management [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets		2,184	3,245
Goodwill	[1]	55	55
Principal Investing [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets		$ 10,009	$ 15,039
[1]	Goodwill and intangible assets as of June 30, 2016 and 2015 are allocated to the Capital Markets and Asset Management business segments as indicated in the table above.
[2]	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 Inform77

Segment and Geographic Information (Revenue By Geographic Area) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 14,365	$ 11,051	$ 28,100	$ 23,845
UNITED STATES [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	13,043	9,527	25,551	20,453
United Kingdom & Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 1,322	$ 1,524	$ 2,549	$ 3,392

Supplemental Cash Flow Disclo78

Supplemental Cash Flow Disclosure (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Debt Conversion [Line Items]
Interest paid	$ 1,323	$ 1,398
Income taxes paid	181	156
Income tax refunds	16	0
Additional paid-in capital [Member]
Debt Conversion [Line Items]
Redemption of non-controlling interest, net	(552)	90
Accumulated Other Comprehensive Income (Loss) [Member]
Debt Conversion [Line Items]
Redemption of non-controlling interest, net	49	(6)
Non-Controlling Interest [Member]
Debt Conversion [Line Items]
Redemption of non-controlling interest, net	$ 503	$ (84)

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands	Aug. 28, 2015	Jun. 30, 2016	Jun. 30, 2015	Sep. 30, 2013	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Securities sold under agreements to repurchase		$ 366,645			$ 366,645		$ 127,913
Fair value of securities pledged as collateral under repurchase agreements		385,629			385,629		137,232
Cash and cash equivalents		7,683	$ 12,878		$ 7,683	$ 12,878	14,115	$ 12,253
Company matching percent					50.00%
Percent of employees gross salary qualifying for matching contributions					3.00%
Company plan contributions		59	59		$ 149	142
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
TBBK [Member]
Related Party Transaction [Line Items]
Securities sold under agreements to repurchase		39,382			39,382		0
Fair value of securities pledged as collateral under repurchase agreements		41,528			41,528		0
Interest Expense, Related Party		129	133		155	295
Cash and cash equivalents		45			45		$ 43
Mead Park Capital [Member]
Related Party Transaction [Line Items]
Notes Payable, Related Parties				5,848
Value of shares issued				$ 3,898
Issuance of shares				1,949,167
Shares sold	1,461,876
Interest Expense, Related Party			138			274
Related Party Transaction, Amounts of Transaction				$ 9,746
Shares transferred to entity							487,291
Edward E. Cohen IRA [Member]
Related Party Transaction [Line Items]
Interest Expense, Related Party		105			210
Ricciardi Parties [Member]
Related Party Transaction [Line Items]
Convertible notes owned after transaction							$ 1,462
Shares transferred to entity							1,512,709
Ricciardi Parties And Mead Park Capital [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction							$ 4,000
Board of Directors Chairman [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties		$ 7	$ 7		$ 10	$ 9
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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Net trading	$ 11,285	$ 6,742	$ 21,487	$ 14,013
Professional fees and other operating	1,542	1,840	3,205	3,865
E.B.C. [Member]
Related Party Transaction [Line Items]
Interest expense incurred	58	57	115	113
Edward E. Cohen IRA [Member]
Related Party Transaction [Line Items]
Interest expense incurred	105		210
Mead Park Capital [Member]
Related Party Transaction [Line Items]
Interest expense incurred		138		274
Mead Park Advisors LLC [Member]
Related Party Transaction [Line Items]
Professional fees and other operating	50	50	100	100
Woodlea [Member]
Related Party Transaction [Line Items]
Professional fees and other operating		31		39
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Professional fees and other operating	50	81	100	139
Interest expense incurred	$ 163	$ 195	$ 325	$ 387

Due from _ Due to Related Par81

Due from / Due to Related Parties (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Total Due from Related Parties	$ 69	$ 77
Total Due to Related Parties	50	50
Employees And Other [Member]
Related Party Transaction [Line Items]
Total Due from Related Parties	69	77
Mead Park Advisors LLC [Member]
Related Party Transaction [Line Items]
Total Due to Related Parties	$ 50	$ 50

Subsequent Event (Stockholder R

Subsequent Event (Stockholder Rights Plan) (Details) - $ / shares	Aug. 03, 2016	Jun. 30, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Common Stock, Par or Stated Value Per Share		$ 0.001	$ 0.001
Subsequent Event [Member]
Subsequent Event [Line Items]
Maximum period from acquiring persion event to distribution date	10 days
Class of Warrant or Right, Exercise Trigger, Percentage of Common Stock Owned by Individual or Affiliates	4.95%
Percentage of excercise price of right each holder is entitled to in the even of an acquiring person	200.00%
Minimum percentage of company sold to entitle right holder to receive two times right value of acquiring company stock	50.00%
Percent of excercise price received by each right holder in qualifying acquisition of acquiring company stock	200.00%
Minimum percent of purchase price of cumulative adjustments before required purchase price adjustments	1.00%
Percent of outstanding shares in event of acquisition that may be used to exchange rights	50.00%
Number of securities called by each right in event of acquisition	1
Period after Stock Acquisition Date company can redeem rights	10 days
Repurchase of warrants, price per share	$ 0.001
Series C Junior Participating Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred Stock, Par or Stated Value Per Share		$ 0.001
Series C Junior Participating Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	0.0001
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 100