$COHN
Cohen & Co Inc.

2012 Q4 Form 10-Q Financial Statement

#000119312512459329 Filed on November 08, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $23.40M $28.07M $20.88M
YoY Change -1.27% 34.43% -9.62%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $21.60M $24.60M $28.10M
YoY Change -19.4% -12.46% 22.17%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $300.0K $300.0K $600.0K
YoY Change -50.0% -50.0% 0.0%
% of Gross Profit
Operating Expenses $21.90M $24.90M $28.70M
YoY Change -20.07% -13.24% 21.61%
Operating Profit $3.156M -$7.812M
YoY Change -140.4%
Interest Expense $1.800M -$200.0K -$400.0K
YoY Change -300.0% -50.0% -110.53%
% of Operating Profit -6.34%
Other Income/Expense, Net $0.00 -$785.0K -$1.282M
YoY Change -38.77%
Pretax Income $3.300M $3.018M -$8.256M
YoY Change -171.74% -136.56% 932.0%
Income Tax -$700.0K $54.00K -$571.0K
% Of Pretax Income -21.21% 1.79%
Net Earnings $3.000M $2.008M -$4.045M
YoY Change -230.43% -149.64%
Net Earnings / Revenue 12.82% 7.15% -19.37%
Basic Earnings Per Share $0.19 -$0.38
Diluted Earnings Per Share $1.765M $0.18 -$0.38
COMMON SHARES
Basic Shares Outstanding 11.78M shares 10.85M shares 10.59M shares
Diluted Shares Outstanding 16.18M shares 15.85M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.00M $13.00M $26.00M
YoY Change -16.67% -50.0% -39.53%
Cash & Equivalents $14.50M $12.88M $25.63M
Short-Term Investments
Other Short-Term Assets $2.000M $3.000M $4.000M
YoY Change -50.0% -25.0% -42.86%
Inventory
Prepaid Expenses
Receivables $13.00M $4.000M $39.00M
Other Receivables $78.00M $160.0M $44.00M
Total Short-Term Assets $108.0M $180.0M $113.0M
YoY Change -52.84% 59.29% 61.43%
LONG-TERM ASSETS
Property, Plant & Equipment $2.273M $2.000M $4.000M
YoY Change -32.61% -50.0% 33.33%
Goodwill $11.11M $11.11M $11.18M
YoY Change -0.83% -0.56%
Intangibles $332.0K $372.0K $538.0K
YoY Change -38.29% -30.86%
Long-Term Investments $1.910M $6.010M $190.0M
YoY Change -68.56% -96.84% -15.93%
Other Assets $0.00 $0.00
YoY Change -100.0%
Total Long-Term Assets $233.0M $267.6M $208.0M
YoY Change 21.61% 28.63% -12.59%
TOTAL ASSETS
Total Short-Term Assets $108.0M $180.0M $113.0M
Total Long-Term Assets $233.0M $267.6M $208.0M
Total Assets $341.0M $447.6M $321.0M
YoY Change -18.92% 39.42% 4.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $97.00M $103.0M $42.00M
YoY Change 273.08% 145.24% -4.55%
Accrued Expenses $13.00M $14.00M $16.00M
YoY Change -23.53% -12.5% -15.79%
Deferred Revenue
YoY Change
Short-Term Debt $70.00M $153.0M $43.00M
YoY Change -48.15% 255.81% 437.5%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $186.0M $284.0M $106.0M
YoY Change 2.2% 167.92% 49.3%
LONG-TERM LIABILITIES
Long-Term Debt $26.00M $26.00M $41.00M
YoY Change -29.73% -36.59% -14.58%
Other Long-Term Liabilities $52.00M $65.00M $79.00M
YoY Change -52.73% -17.72% -22.55%
Total Long-Term Liabilities $78.00M $91.00M $120.0M
YoY Change -46.94% -24.17% -20.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $186.0M $284.0M $106.0M
Total Long-Term Liabilities $78.00M $91.00M $120.0M
Total Liabilities $264.4M $375.3M $261.0M
YoY Change -19.68% 43.79% 6.1%
SHAREHOLDERS EQUITY
Retained Earnings -$7.370M -$10.02M
YoY Change 43.92%
Common Stock $11.00K $11.00K
YoY Change 10.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares 0.000 shares
Shareholders Equity $56.98M $53.78M $60.00M
YoY Change
Total Liabilities & Shareholders Equity $341.0M $447.6M $321.0M
YoY Change -18.92% 39.44% 4.22%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $3.000M $2.008M -$4.045M
YoY Change -230.43% -149.64%
Depreciation, Depletion And Amortization $300.0K $300.0K $600.0K
YoY Change -50.0% -50.0% 0.0%
Cash From Operating Activities $5.000M $8.600M -$15.50M
YoY Change -176.92% -155.48% -600.0%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$100.0K -$100.0K
YoY Change 0.0% 0.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $5.000M -$1.100M -$4.800M
YoY Change 31.58% -77.08% -170.59%
Cash From Investing Activities $4.900M -$1.200M -$4.800M
YoY Change 36.11% -75.0% -171.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.300M -7.700M -4.000M
YoY Change 84.44% 92.5% -335.29%
NET CHANGE
Cash From Operating Activities 5.000M 8.600M -15.50M
Cash From Investing Activities 4.900M -1.200M -4.800M
Cash From Financing Activities -8.300M -7.700M -4.000M
Net Change In Cash 1.600M -300.0K -24.30M
YoY Change -121.62% -98.77% -311.3%
FREE CASH FLOW
Cash From Operating Activities $5.000M $8.600M -$15.50M
Capital Expenditures -$100.0K -$100.0K -$100.0K
Free Cash Flow $5.100M $8.700M -$15.40M
YoY Change -179.69% -156.49% -581.25%

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CY2011Q4 us-gaap Receivables From Brokers Dealers And Clearing Organizations
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CY2011Q4 ifmi Deferred Income Liability
DeferredIncomeLiability
1761000
CY2011Q4 ifmi Mandatorily Redeemable Equity Interests
MandatorilyRedeemableEquityInterests
3149000
CY2011Q4 ifmi Other Investment Cost
OtherInvestmentCost
37299000
CY2011Q4 ifmi Other Investments At Fair Value
OtherInvestmentsAtFairValue
42772000
CY2011Q4 ifmi Other Investments At Fair Value Adjustment Net
OtherInvestmentsAtFairValueAdjustmentNet
46031000
CY2011Q4 ifmi Other Investments Unrealized Gain Loss
OtherInvestmentsUnrealizedGainLoss
5473000
CY2011Q4 ifmi Receivables From Unsettled Regular Way Trades Net
ReceivablesFromUnsettledRegularWayTradesNet
17232000
CY2011Q4 ifmi Securities Received As Collateral Under Reverse Repurchase Agreement
SecuritiesReceivedAsCollateralUnderReverseRepurchaseAgreement
137829000
CY2011Q4 ifmi Securities Pledged As Collateral Under Repurchase Agreements
SecuritiesPledgedAsCollateralUnderRepurchaseAgreements
142295000
CY2011Q4 ifmi Unrestricted Common Stock Issued
UnrestrictedCommonStockIssued
10132497 shares
CY2012Q3 ifmi Aggregate Principal Amount Old Notes Redeemed
AggregatePrincipalAmountOldNotesRedeemed
100000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Variable Interest Entity Financial Or Other Support
VariableInterestEntityFinancialOrOtherSupport
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us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
1070000
us-gaap Proceeds From Income Tax Refunds
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115000
us-gaap Other Comprehensive Income Loss Tax
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0
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Profit Loss
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Unrealized Gain Loss On Investments
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us-gaap Labor And Related Expense
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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161000
us-gaap Payments To Minority Shareholders
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107000
us-gaap Payments Of Dividends Minority Interest
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791000
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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us-gaap Interest Paid
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us-gaap Cash Acquired From Acquisition
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us-gaap Unrealized Gain Loss On Securities
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us-gaap Share Based Compensation
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-18313000
us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
8850000
us-gaap Operating Income Loss
OperatingIncomeLoss
-14403000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
161000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.65
us-gaap Asset Management Fees
AssetManagementFees
16521000
us-gaap Net Income Loss
NetIncomeLoss
-7041000
us-gaap Costs And Expenses
CostsAndExpenses
91052000
us-gaap Increase Decrease In Financial Instruments Sold Not Yet Purchased
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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.65
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1457000
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-8704000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16047202 shares
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-8345000
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
4723000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6933000
us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
-339000
us-gaap Revenues
Revenues
76649000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
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12146000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-917000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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125000
us-gaap Proceeds From Repayments Of Debt
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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-5288000
us-gaap Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
3980000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
368000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
5368000
us-gaap Trading Activity Gains And Losses Net
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57522000
us-gaap Payments Of Dividends Common Stock
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Payments To Acquire Other Investments
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2943000
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-2942000
us-gaap Increase Decrease In Broker Dealer Related Receivables Payables Net
IncreaseDecreaseInBrokerDealerRelatedReceivablesPayablesNet
51502000
ifmi Professional Fees And Other Operating
ProfessionalFeesAndOtherOperating
12389000
ifmi Principal Transactions And Other Income
PrincipalTransactionsAndOtherIncome
661000
ifmi Return From Equity Method Affiliates
ReturnFromEquityMethodAffiliates
6529000
ifmi Restricted Operating Llc Membership Units
RestrictedOperatingLlcMembershipUnits
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us-gaap Net Cash Provided By Used In Operating Activities
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239000
ifmi Interest Expense Net
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4211000
ifmi Acquisition Surrender Of Additional Units Of Consolidated Subsidiary Net
AcquisitionSurrenderOfAdditionalUnitsOfConsolidatedSubsidiaryNet
91000
ifmi Business Development Occupancy Equipment
BusinessDevelopmentOccupancyEquipment
5216000
ifmi Cash Used To Net Share Settle Equity Awards
CashUsedToNetShareSettleEquityAwards
55000
ifmi Changes From Net Income Attributable To Ifmi And Transfers To From Non Controlling Interest
ChangesFromNetIncomeAttributableToIfmiAndTransfersToFromNonControllingInterest
-6950000
ifmi Interest On Margin Payable
InterestOnMarginPayable
1822000
ifmi Income Loss Attributable To Non Controlling Interest Attributable To Operating Llc Membership Units
IncomeLossAttributableToNonControllingInterestAttributableToOperatingLlcMembershipUnits
3900000
ifmi New Issue And Advisory
NewIssueAndAdvisory
1945000
ifmi Net Income Loss On Fully Converted Basis
NetIncomeLossOnFullyConvertedBasis
-10501000
ifmi Subscriptions Clearing And Execution
SubscriptionsClearingAndExecution
9042000
ifmi Unrestricted Units Exchangeable Into Shares
UnrestrictedUnitsExchangeableIntoShares
5275096 shares
ifmi Restricted Shares Of Ifmi Common Stock
RestrictedSharesOfIFMICommonStock
19375 shares
ifmi Realized Loss Gain On Other Investments
RealizedLossGainOnOtherInvestments
-2715000
ifmi Earnings Per Share Adjustment
EarningsPerShareAdjustment
440000
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-09-30
dei Entity Central Index Key
EntityCentralIndexKey
0001270436
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Trading Symbol
TradingSymbol
IFMI
dei Entity Registrant Name
EntityRegistrantName
INSTITUTIONAL FINANCIAL MARKETS, INC.
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-7458000
us-gaap Variable Interest Entity Financial Or Other Support
VariableInterestEntityFinancialOrOtherSupport
Company has not provided financial support to these VIEs
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-414000
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
0
us-gaap Other Comprehensive Income Loss Tax
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0
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-142000
us-gaap Profit Loss
ProfitLoss
-6094000
us-gaap Equity Method Investment Summarized Financial Information Income Loss From Continuing Operations Before Extraordinary Items
EquityMethodInvestmentSummarizedFinancialInformationIncomeLossFromContinuingOperationsBeforeExtraordinaryItems
-419000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
4213000
us-gaap Income Taxes Paid
IncomeTaxesPaid
134000
us-gaap Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
-18000
us-gaap Weighted Average Number Of Shares Outstanding Basic
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10683076 shares
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-3245000
us-gaap Increase Decrease In Receivables Under Repurchase Agreements
IncreaseDecreaseInReceivablesUnderRepurchaseAgreements
23061000
us-gaap Increase Decrease In Payables Under Repurchase Agreements
IncreaseDecreaseInPayablesUnderRepurchaseAgreements
18303000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
197000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
6152000
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
315000
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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us-gaap Interest Paid
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3655000
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-611000
us-gaap Share Based Compensation
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434000
us-gaap Depreciation And Amortization
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1023000
us-gaap Cash And Cash Equivalents Period Increase Decrease
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-5345000
us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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-253000
us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
197000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Nature Of Operations
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<div> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>1. ORGANIZATION AND NATURE OF OPERATIONS</b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>The Formation Transaction</i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">Cohen Brothers was formed on October&#xA0;7, 2004 by Cohen Bros. Financial, LLC (&#x201C;CBF&#x201D;). Cohen Brothers was formed to acquire the net assets of CBF&#x2019;s subsidiaries (the &#x201C;Formation Transaction&#x201D;): Cohen Bros.&#xA0;&amp; Company, Inc.; Cohen Fr&#xE8;res SAS; Dekania Investors, LLC; Emporia Capital Management, LLC; and the majority interest in Cohen Bros.&#xA0;&amp; Tororian Investment Management, Inc. The Formation Transaction was accomplished through a series of transactions occurring between March&#xA0;4, 2005 and May&#xA0;31, 2005.</font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>The Company</i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">From its formation until December&#xA0;16, 2009, Cohen Brothers operated as a privately owned limited liability company. On December&#xA0;16, 2009, Cohen Brothers completed its merger (the &#x201C;Merger&#x201D;) with a subsidiary of Alesco Financial Inc. (&#x201C;AFN&#x201D;) a publicly traded real estate investment trust.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">As a result of the Merger, AFN received 10,343,347 or 66.2% of the membership interests in Cohen Brothers. Of the 66.2% of Cohen Brothers received by AFN in connection with the Merger, 38.5% was received in the form of units issued directly by Cohen Brothers. The remaining 27.7% was acquired by AFN from Cohen Brothers members in exchange for the issuance of AFN common stock to those members. The remaining 5,283,556 membership interests or 33.8% of Cohen Brothers was held by Daniel Cohen (31.9% or 4,983,557 membership interests)&#xA0;and other members (1.9% or 299,999 membership interests). Each of Mr.&#xA0;Cohen&#x2019;s membership units is redeemable at Mr.&#xA0;Cohen&#x2019;s option, at any time on or after January&#xA0;1, 2014, for (i)&#xA0;cash in an amount equal to the average of the per share closing prices of the Company&#x2019;s Common Stock for the ten consecutive trading days immediately preceding the date the Company receives Mr.&#xA0;Cohen&#x2019;s redemption notice, or (ii)&#xA0;at the Company&#x2019;s option, one share of the Company&#x2019;s Common Stock, subject, in each case, to appropriate adjustment upon the occurrence of the issuance of additional shares of the Company&#x2019;s Common Stock as a dividend or other distribution on the Company&#x2019;s outstanding Common Stock, or a further subdivision or combination of the outstanding shares of the Company&#x2019;s Common Stock. The membership units held by the other members have the same redemption rights as described for Mr.&#xA0;Cohen except that the members holding these units may elect to redeem their shares at any time.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">Therefore, the members of Cohen Brothers at the time of the Merger received 61.5% of the total ownership interests in the combined entity (33.8% remained as members of Cohen Brothers and 27.7% exchanged their interest in Cohen Brothers for AFN stock). In accordance with accounting principles generally accepted in the United States of America (&#x201C;U.S. GAAP&#x201D;), the Merger was accounted for as a reverse acquisition, and Cohen Brothers was deemed to be the accounting acquirer primarily because the owners of Cohen Brothers at the time of the Merger received the majority interest in the merged entity as previously described. As a result, all of AFN&#x2019;s assets and liabilities were required to be revalued at fair value as of the acquisition date. The financial statements presented herein include the operations of the merged entity.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">Subsequent to the Merger, AFN was renamed Cohen&#xA0;&amp; Company Inc. In January 2011, it was renamed again as Institutional Financial Markets, Inc. (&#x201C;IFMI&#x201D;). As used in these consolidated financial statements, the term &#x201C;the Company&#x201D; refers to the combined operations of the merged company and its consolidated subsidiaries subsequent to December&#xA0;17, 2009. &#x201C;AFN&#x201D; refers to the historical operations of Alesco Financial Inc. through the December&#xA0;16, 2009 Merger Date. When the term &#x201C;IFMI&#x201D; is used, it is referring to the parent company itself, Institutional Financial Markets, Inc. Subsequent to the Merger, Cohen Brothers changed its name to IFMI, LLC and functions as the main operating majority-owned subsidiary of the Company, and in these statements it is referred to as the &#x201C;Operating LLC.&#x201D;</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">Effective January&#xA0;1, 2010, the Company ceased to qualify as a real estate investment trust, or a REIT. The Company trades on the NYSE Amex LLC under the ticker symbol &#x201C;IFMI.&#x201D; The Company is an investment firm specializing in credit related fixed income investments. As of September&#xA0;30, 2012, the Company had $6.3 billion in assets under management (&#x201C;AUM&#x201D;) of which 97%, or $6.0 billion, was in collateralized debt obligations (&#x201C;CDOs&#x201D;).</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The Company&#x2019;s business is organized into the following three business segments:</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2"><u>Capital Markets</u>: The Company&#x2019;s Capital Markets segment consists of credit-related fixed income securities sales, trading, and financing, as well as new issue placements in corporate and securitized products and advisory services revenue. The Company&#x2019;s fixed income sales and trading group provides trade execution to corporate and institutional investors and other broker-dealers. The Company specializes in the following products: corporate bonds and loans, asset backed securities (&#x201C;ABS&#x201D;), mortgage backed securities (&#x201C;MBS&#x201D;), collateralized loan obligations (&#x201C;CLOs&#x201D;), CDOs, collateralized bond obligations (&#x201C;CBOs&#x201D;), collateralized mortgage obligations (&#x201C;CMOs&#x201D;), commercial mortgage backed securities (&#x201C;CMBS&#x201D;), residential mortgage backed securities (&#x201C;RMBS&#x201D;), Small Business Administration (&#x201C;SBA&#x201D;) loans, municipal bonds, U.S. government bonds, U.S. government agency securities, brokered deposits and CDs for small banks, hybrid capital of financial institutions including trust preferred securities (&#x201C;TruPS&#x201D;), whole loans, and other structured financial instruments. The Company also offers execution and brokerage services for cash equity and derivative products. The Company carries out its capital market activities primarily through its subsidiaries: JVB, PrinceRidge Holdings, and CCFL.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2"><u>Asset Management</u>: Historically, the Company has served the needs of client investors by managing assets within investment funds, managed accounts, permanent capital vehicles, and CDOs (collectively referred to as &#x201C;Investment Vehicles&#x201D;). 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. The lender will have recourse only to the assets securing the loan. The Company&#x2019;s Asset Management segment includes its fee-based asset management operations, which include ongoing base and incentive management fees.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2"><u>Principal Investing</u>: The Company&#x2019;s Principal Investing segment is comprised primarily of its investments in certain Investment Vehicles it manages.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The Company generates its revenue by segment primarily through the following activities:</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2"><u>Capital Markets:</u></font></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> &#xA0;</p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td width="3%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">&#x2022;</font></td> <td width="1%" valign="top"><font size="1">&#xA0;</font></td> <td align="left" valign="top"> <p align="left"><font style="font-family:Times New Roman" size="2">trading activities of the Company, which include execution and brokerage services, securities lending activities, riskless trading activities as well as gains and losses (unrealized and realized) and income and expense earned on securities classified as trading;</font></p> </td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> &#xA0;</p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td width="3%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">&#x2022;</font></td> <td width="1%" valign="top"><font size="1">&#xA0;</font></td> <td align="left" valign="top"> <p align="left"><font style="font-family:Times New Roman" size="2">new issue and advisory revenue comprised primarily of (i)&#xA0;origination fees for corporate debt issues originated by the Company; (ii)&#xA0;revenue from advisory services; and (iii)&#xA0;new issue revenue associated with arranging the issuance of newly created debt, equity, and hybrid financial instruments;</font></p> </td> </tr> </table> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2"><u>Asset Management:</u></font></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> &#xA0;</p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td width="3%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">&#x2022;</font></td> <td width="1%" valign="top"><font size="1">&#xA0;</font></td> <td align="left" valign="top"> <p align="left"><font style="font-family:Times New Roman" size="2">asset management fees for the Company&#x2019;s on-going services as asset manager charged and earned by managing Investment Vehicles, which may include fees both senior and subordinated to the securities in the Investment Vehicle;</font></p> </td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> &#xA0;</p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td width="3%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">&#x2022;</font></td> <td width="1%" valign="top"><font size="1">&#xA0;</font></td> <td align="left" valign="top"> <p align="left"><font style="font-family:Times New Roman" size="2">incentive management fees earned based on the performance of the various Investment Vehicles;</font></p> </td> </tr> </table> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2"><u>Principal Investing:</u></font></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> &#xA0;</p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td width="3%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">&#x2022;</font></td> <td width="1%" valign="top"><font size="1">&#xA0;</font></td> <td align="left" valign="top"> <p align="left"><font style="font-family:Times New Roman" size="2">gains and losses (unrealized and realized) and income and expense earned on securities (primarily seed capital investments in certain Investment Vehicles which the Company manages) classified as other investments, at fair value; and</font></p> </td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> &#xA0;</p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td width="3%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">&#x2022;</font></td> <td width="1%" valign="top"><font size="1">&#xA0;</font></td> <td align="left" valign="top"> <p align="left"><font style="font-family:Times New Roman" size="2">income or loss from equity method affiliates.</font></p> </td> </tr> </table> </div>
us-gaap Asset Management Fees
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ifmi Shares Withheld For Employee Taxes
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InterestOnMarginPayable
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247000
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2250000

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