Net revenues of $34.6 million for the nine months ended September 30, 2012, declined by $54.6 million compared to the prior-year period. This was largely attributable to non-agency asset-backed securities gains of approximately $34.8 million in the prior-year period, coupled with the significant turnover in 2012 described above, as well as lower net interest income.
Net revenues were $18.8 million for the quarter ended September 30, 2012, an improvement of $0.9 million compared to the second quarter of 2012 and $3.1 million compared to the third quarter of 2011. This improvement was primarily due to higher commissions and principal transaction revenues due to higher volumes, including an expanded product profile when compared to the third quarter of 2011. The increase in volumes over the third quarter of 2011 was partially offset by lower spreads.
Net revenues of $58.4 million for the nine months ended September 30, 2012 improved by $7.4 million compared to the prior-year period, consistent with the results experienced during the current and prior-year quarters.ClearPoint Net revenues were $12.9 million for the quarter ended September 30, 2012, an improvement of $1.6 million compared to the second quarter of 2012 on marginally higher volumes, and relatively flat compared to the third quarter of 2011. Net revenues reflect limits placed on ClearPoint’s daily average loan commitments to a level aligned with its distribution capabilities. Net revenues for the nine months ended September 30, 2012 were $39.8 million, an improvement of $13.7 million compared to the prior-year period. This increase was due to higher daily loan commitments primarily arising in the first quarter of 2012, prior to the implementation of the previously mentioned limits, coupled with lower daily average loan commitments in the prior-year period, as the division’s operations had commenced on January 3, 2011. The division reported a pre-tax loss of $0.5 million for the quarter ended September 30, 2012. The pre-tax loss represented a $2.0 million improvement over the second quarter of 2012, primarily due to the higher revenues, coupled with a rightsizing plan implemented in the second quarter to better align origination with distribution capabilities.
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