INVESTMENTS IN SECURITIES (Tables)

3 Months Ended

Mar. 31, 2015

Investments in Securities and Security-Related Receivables

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

Non-Accrual Status of Investments

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