Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of assets acquired and liabilities assumed at the acquisition date:



Cash	$	8,081
Securities owned, at fair value	158
Receivables from clearing broker	630
Other receivables, net	2,611
Fixed assets, net	57
Notes receivable	225
Identifiable intangible assets	30,901
Goodwill	8,798
Other assets	714
Total assets acquired	52,175
Commissions and fees payable	3,462
Deferred income	44
Accounts payable and accrued liabilities	1,382
Total liabilities assumed	4,888
Total purchase price	$	47,287

Schedule of Indefinite-lived Intangible Assets Acquired

Identifiable intangible assets as of the acquisition date consist of:



			Useful Life
			(years)
Relationships with financial advisors	$	26,654		20
Technology	2,080			12.5
Trade name	1,756			9
Non-compete agreements	411			3
Total identifiable intangible assets	$	30,901

Schedule of Pro Forma Information

The following unaudited pro forma information represents the Company’s consolidated results of operations as if the acquisitions of KMS, Highland and SSN had occurred at the beginning of 2014. The pro forma net loss reflects amortization of the amounts ascribed to identifiable intangible assets acquired in the acquisitions, elimination of Highland's interest expense related to notes repaid on the date of acquisition and interest expense on notes issued in the KMS and SSN acquisitions. In addition, $21,238 of non-recurring income tax benefit resulting from the acquisitions of Highland and KMS has been excluded from the pro forma results in 2014.



	Three Months Ended September 30, 2014			Nine Months Ended September 30, 2014
Revenue	$	278,763		$	835,779
Net (loss) income	$	(4,241	)	$	410
Net loss available to common shareholders	$	(9,069	)	$	(11,310	)
Basic and diluted loss per share available to common shareholders	$	(0.05	)	$	(0.06	)
Weighted average common shares outstanding:
Basic and diluted ^(a)	185,257,947			185,486,802

(a) Includes 3,981,684 shares of Company common stock issued in connection with the acquisitions.