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REAL ESTATE SECURITIES
 12 Months Ended
Dec. 31, 2013
Real Estate Securities [Abstract]  
REAL ESTATE SECURITIES
REAL ESTATE SECURITIES
As of December 31, 2013, the Company had invested in CMBS as follows (dollars in thousands):
Description
 
Credit Rating
 
Scheduled Maturity
 
Coupon Rate
 
Face Amount
 
Amortized Cost Basis
 
Unrealized Gains (Losses)
 
Fair Value
CMBS
 
AAA
 
05/10/2043
 
4.54%
 
333

 
342

 
(9
)
 
333


As of December 31, 2013, the Company determined the fair value of the fixed rate CMBS to be $0.3 million, resulting in unrealized gains of $4,000 for the year ended December 31, 2013. During the year ended December 31, 2013, the Company did not recognize any other-than-temporary impairments on its real estate securities. It is difficult to predict the timing or magnitude of other-than-temporary impairments and significant judgments are required in determining impairments, including, but not limited to, assumptions regarding estimated prepayments, gains, losses and changes in interest rates. As a result, actual realized gains or losses could materially differ from these estimates.
The following summarizes the activity related to real estate securities for the year ended December 31, 2013 (in thousands):
 
Amortized Cost Basis
 
Unrealized
Gain (Loss)
 
Total
Real estate securities - December 31, 2012
$
4,830

 
$
(13
)
 
$
4,817

Principal repayments received on real estate securities
(4,452
)
 
—

 
(4,452
)
Unrealized gains
—

 
4

 
4

Amortization of premium on securities
(36
)
 
—

 
(36
)
Real estate securities - December 31, 2013
$
342

 
$
(9
)
 
$
333