Real Estate Securities

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Real Estate Securities

Real Estate Securities

The following is a summary of the Company's real estate securities, CMBS (in thousands):

		Weighted Average
	Number of Investments	Interest Rate	Maturity	Par Value		Fair Value
December 31, 2014	8	1M LIBOR + 3.124%	November 2017	$	50,447	$	50,234
December 31, 2013	1	1M LIBOR + 2.75%	November 2018	5,000		5,005

The Company classified its CMBS investments as available-for-sale as of December 31, 2014 and 2013. These investments are reported at fair value in the balance sheet with changes in fair value recorded in accumulated other comprehensive income or loss. The following table shows the changes in fair value of the Company's CMBS investments (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
As of December 31, 2014	$	50,541	$	14	$	(321	)	$	50,234
As of December 31, 2013	5,015		—		(10		)	5,005