Investment Securities, at Fair Value

6 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Investment Securities, at Fair Value

Investment Securities, at Fair Value

Investment securities are considered available-for-sale and, therefore, increases or decreases in the fair value of these investments are recorded in accumulated other comprehensive income (loss) as a component of equity in the consolidated balance sheets unless the securities are considered to be other-than-temporarily impaired at which time the losses are reclassified to expense.

The following tables detail the unrealized gains and losses on investment securities as of June 30, 2015 and December 31, 2014 (in thousands):

	June 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
CMBS	$	52,930	$	3,253	$	(381	)	$	55,802

	December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
CMBS	$	56,459	$	2,207	$	(20	)	$	58,646

As of June 30, 2015 and December 31, 2014, the Company owned 10 CMBS with an estimated aggregate fair value of $55.8 million and $58.6 million, respectively. The Company generally receives monthly payments of principal and interest on the CMBS. As of June 30, 2015, the Company earned interest on the CMBS at rates ranging between 5.88% and 8.95%. As of June 30, 2015, the fair value of two CMBS were below their amortized cost. The Company believes that none of the unrealized losses on investment securities are other-than-temporary as management expects the Company will receive all contractual principal and interest related to these investments.

The scheduled maturity of the Company’s CMBS as of June 30, 2015 is as follows (in thousands):

	June 30, 2015
	Amortized Cost		Fair Value
Due within one year	$	—	$	—
Due after one year through five years	5,312		5,331
Due after five years through 10 years	30,531		32,630
Due after 10 years	17,087		17,841
Total	$	52,930	$	55,802