INVESTMENTS IN SECURITIES

3 Months Ended

Mar. 31, 2015

INVESTMENTS IN SECURITIES

NOTE 4: INVESTMENTS IN SECURITIES

Our investments in securities and security-related receivables are accounted for at fair value. On December 19, 2014, our subsidiary assigned or delegated its rights and responsibilities as collateral manager for the T8 and T9 securitizations, as referenced in our 2014 annual report. As a result of the assignment and delegation, we determined that we are no longer the primary beneficiary of T8 and T9 and deconsolidated the two securitizations. During the three-month period ended March 31, 2015, we sold all of our remaining securities with an aggregate fair value of $31,412 and we had no investments in securities as of March 31, 2015.

The following table summarizes our investments in securities as of December 31, 2014:

Investment Description	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Weighted Average Coupon (1)			Weighted Average Years to Maturity
Available-for-sale securities (2)	$	210,600	$	2,053	$	(193,486	)	$	19,167		3.5	%		23.1
Security-related receivables
Unsecured REIT note receivables		10,000		995		—			10,995		6.7	%		3.0
CMBS receivables (3)		5,000		—		(3,750	)		1,250		5.7	%		34.5
Total security-related receivables		15,000		995		(3,750	)		12,245		6.3	%		13.5
Total investments in securities	$	225,600	$	3,048	$	(197,236	)	$	31,412		3.6	%		22.7

(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) As of December 31, 2014, this includes available-for-sale securities that are accounted for under the fair value option other than an available-for-sale security that has an amortized cost of $3,600 and a carrying value of $3,606.

(3) CMBS receivables include securities with a fair value totaling $1,250 that are rated “D” by Standard & Poor’s

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

	As of December 31, 2014
	Principal /Par Amount on Non- Accrual		Weighted Average Coupon			Fair Value
Other securities	$	210,600		3.5	%	$	17,120
CMBS receivables		5,000		5.7	%		1,250

The assets of our consolidated CDOs collateralize the debt of such entities and are not available to our creditors. As of December 31, 2014, investment in securities of $0 in principal amount of TruPS and subordinated debentures, and $10,000 in principal amount of unsecured REIT note receivables and CMBS receivables, collateralized the consolidated CDO notes payable of such entities.