Investments In Securities (Tables)

9 Months Ended

Sep. 30, 2014

Investments in Securities and Security-Related Receivables

The following table summarizes our investments in securities as of September 30, 2014:

Investment Description	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Weighted Average Coupon (1)			Weighted Average Years to Maturity
Trading securities
TruPS and subordinated debentures	$	602,376	$	0	$	(112,438	)	$	489,938		3.8	%		20.2
Other securities		12,604		0		(12,604	)		0		4.7	%		38.1
Total trading securities		614,980		0		(125,042	)		489,938		3.8	%		20.5
Available-for-sale securities		3,600		0		(2,970	)		630		2.0	%		28.1
Security-related receivables
TruPS and subordinated debenture receivables		32,900		0		(25,217	)		7,683		3.4	%		17.5
Unsecured REIT note receivables		30,000		2,532		0			32,532		6.7	%		2.4
CMBS receivables (2)		53,383		1,656		(18,604	)		36,435		5.8	%		32.0
Other securities		28,328		0		(27,267	)		1,061		2.3	%		35.6
Total security-related receivables		144,611		4,188		(71,088	)		77,711		4.7	%		23.3
Total investments in securities	$	763,191	$	4,188	$	(199,100	)	$	568,279		4.0	%		21.2

(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 $12,122 that are rated between “AAA” and “A-” by Standard & Poor’s, securities with a fair value totaling $22,667 that are rated “BBB+” and “B-” by Standard & Poor’s and securities with a fair value totaling $1,646 that are rated “D” by Standard & Poor’s.

The following table summarizes our investments in securities as of December 31, 2013:

Investment Description	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Weighted Average Coupon (1)			Weighted Average Years to Maturity
Trading securities
TruPS and subordinated debentures	$	620,376	$	0	$	(139,531	)	$	480,845		3.7	%		20.4
Other securities		12,312		0		(12,312	)		0		4.7	%		38.9
Total trading securities		632,688		0		(151,843	)		480,845		3.8	%		20.8
Available-for-sale securities		3,600		0		(3,598	)		2		2.0	%		28.9
Security-related receivables
TruPS and subordinated debenture receivables		32,900		0		(24,689	)		8,211		3.4	%		18.3
Unsecured REIT note receivables		30,000		3,046		0			33,046		6.7	%		3.1
CMBS receivables (2)		69,905		1,722		(27,509	)		44,118		5.6	%		30.6
Other securities		33,144		0		(32,064	)		1,080		2.2	%		36.5
Total security-related receivables		165,949		4,768		(84,262	)		86,455		4.7	%		24.4
Total investments in securities	$	802,237	$	4,768	$	(239,703	)	$	567,302		3.9	%		21.7

(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 $8,228 that are rated between “AAA” and “A-” by Standard & Poor’s, securities with a fair value totaling $26,594 that are rated between “BBB+” and “B-” by Standard & Poor’s, securities with a fair value totaling $8,164 that are rated “CCC” by Standard & Poor’s, and securities with a fair value totaling $1,132 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 September 30, 2014							As of December 31, 2013
	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	$	65,557		2.0	%	$	650	$	83,557		1.8	%	$	5,678
Other securities		36,842		3.2	%		630		41,019		3.1	%		11
CMBS receivables		15,250		5.9	%		328		22,772		5.9	%		447