Investments In Securities

9 Months Ended

Sep. 30, 2011

Investments In Securities [Abstract]

Investments In Securities

NOTE 4: INVESTMENTS IN SECURITIES

Our investments in securities and security-related receivables are accounted for at fair value. The following table summarizes our investments in securities as of September 30, 2011:

Investment Description	Amortized Cost		Net Fair Value Adjustments			Estimated Fair  Value		Weighted Average Coupon (1)			Weighted Average Years to Maturity
Trading securities
TruPS	$	637,376	$	(156,769	)	$	480,607		4.6	%		22.8
Other securities		11,020		(11,020	)		0		4.8	%		41.1
Total trading securities		648,396		(167,789	)		480,607		4.6	%		23.1
Available-for-sale securities		3,600		(3,598	)		2		2.1	%		31.1
Security-related receivables
TruPS receivables		111,199		(27,037	)		84,162		6.9	%		11.2
Unsecured REIT note receivables		61,000		2,477			63,477		6.6	%		6.2
CMBS receivables (2)		153,868		(83,159	)		70,709		5.7	%		32.6
Other securities		73,585		(52,996	)		20,589		3.3	%		30.9
Total security-related receivables		399,652		(160,715	)		238,937		5.7	%		22.3
Total investments in securities	$	1,051,648	$	(332,102	)	$	719,546		5.0	%		22.9

(1) Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments which does not necessarily correspond to the carrying amount.

(2) CMBS receivables include securities with a fair value totaling $21,101 that are rated between "AAA" and "A-" by Standard & Poor's, securities with a fair value totaling $39,989 that are rated "BBB+" and "B-" by Standard & Poor's, securities with a fair value totaling $7,560 that are rated "CCC" by Standard & Poor's and securities with a fair value totaling $2,059 that are rated "D" by Standard & Poor's.

A substantial portion of our gross unrealized losses is greater than 12 months.

TruPS included above as trading securities include (a) investments in TruPS issued by VIEs of which we are not the primary beneficiary and which we do not consolidate and (b) transfers of investments in TruPS securities to us that were accounted for as a sale pursuant to FASB ASC Topic 860, "Transfers and Servicing."

The following table summarizes the non-accrual status of our investments in securities:

	As of September 30, 2011							As of December 31, 2010
	Principal /Par Amount  on Non-accrual		Weighted Average  Coupon			Fair Value		Principal /Par Amount  on Non-accrual		Weighted Average  Coupon			Fair Value
TruPS and TruPS receivables	$	75,557		1.0	%	$	2,944	$	133,682		4.1	%	$	5,581
Other securities		34,035		3.3	%		2		42,754		2.8	%		976
CMBS receivables		37,204		5.9	%		2,489		29,204		5.9	%		975

The assets of our consolidated CDOs collateralize the debt of such entities and are not available to our creditors. As of September 30, 2011 and December 31, 2010, investment in securities of $748,575 and $806,700, respectively, in principal amount of TruPS and subordinated debentures, and $212,921 and $219,868, respectively, in principal amount of unsecured REIT note receivables and CMBS receivables, collateralized the consolidated CDO notes payable of such entities.