Investments In Securities (Tables)

6 Months Ended

Jun. 30, 2013

Investments in Securities and Security-Related Receivables

The following table summarizes our investments in securities as of June 30, 2013:

Investment Description	Amortized Cost		Net Fair Value Adjustments			Estimated Fair  Value		Weighted Average Coupon (1)			Weighted Average Years to Maturity
Trading securities
TruPS	$	620,376	$	(133,387	)	$	486,989		3.8	%		20.9
Other securities		12,015		(12,015	)		0		4.8	%		39.4
Total trading securities		632,391		(145,402	)		486,989		3.8	%		21.3
Available-for-sale securities		3,600		(3,598	)		2		2.1	%		29.4
Security-related receivables
TruPS receivables		57,900		(21,318	)		36,582		5.4	%		13.0
Unsecured REIT note receivables		30,000		2,564			32,564		6.7	%		3.6
CMBS receivables (2)		76,741		(32,192	)		44,549		5.6	%		31.3
Other securities		36,801		(34,314	)		2,487		2.6	%		37.0
Total security-related receivables		201,442		(85,260	)		116,182		5.2	%		23.0
Total investments in securities	$	837,433	$	(234,260	)	$	603,173		4.1	%		21.8

(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 $8,176 that are rated between “AAA” and “A-” by Standard & Poor’s, securities with a fair value totaling $25,992 that are rated “BBB+” and “B-” by Standard & Poor’s, securities with a fair value totaling $9,667 that are rated “CCC” by Standard & Poor’s and securities with a fair value totaling $714 that are rated “D” by Standard & Poor’s.

All of our gross unrealized losses are greater than 12 months.

The following table summarizes our investments in securities as of December 31, 2012:

Investment Description	Amortized Cost		Net Fair Value Adjustments			Estimated Fair  Value		Weighted Average Coupon (1)			Weighted Average Years to Maturity
Trading securities
TruPS and subordinated debentures	$	637,376	$	(152,173	)	$	485,203		4.2	%		20.9
Other securities		11,584		(11,584	)		0		4.8	%		39.9
Total trading securities		648,960		(163,757	)		485,203		4.2	%		21.2
Available-for-sale securities		3,600		(3,598	)		2		2.1	%		29.9
Security-related receivables
TruPS and subordinated debenture receivables		111,025		(19,877	)		91,148		6.5	%		9.1
Unsecured REIT note receivables		30,000		2,769			32,769		6.7	%		4.1
CMBS receivables (2)		83,342		(39,532	)		43,810		5.6	%		32.2
Other securities		38,508		(35,931	)		2,577		2.8	%		37.4
Total security-related receivables		262,875		(92,571	)		170,304		5.7	%		20.0
Total investments in securities	$	915,435	$	(259,926	)	$	655,509		4.6	%		21.0

(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 $8,398 that are rated between “AAA” and “A-” by Standard & Poor’s, securities with a fair value totaling $26,013 that are rated between “BBB+” and “B-” by Standard & Poor’s, securities with a fair value totaling $8,782 that are rated “CCC” by Standard & Poor’s, and securities with a fair value totaling $617 that are rated “D” by Standard & Poor’s.

Non-Accrual Status of Investments

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

	As of June 30, 2013							As of December 31, 2012
	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	$	83,557		1.9	%	$	5,678	$	83,557		1.9	%	$	5,678
Other securities		40,448		3.0	%		2		35,159		3.2	%		2
CMBS receivables		28,608		5.9	%		746		35,208		5.9	%		642