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Real Estate Securities
3 Months Ended
Mar. 31, 2018
Investments Debt And Equity Securities [Abstract]  
Real Estate Securities

Note 3 – Real Estate Securities

The following is a summary of the Company’s real estate securities as of March 31, 2018:

 

 

Collateral Type

 

Interest Rate

 

Maturity Date

 

Par Value

 

 

Fair Value

 

CMBS 1

Hospitality

 

LIBOR + 0.9200%

 

August/2019

 

$

15,802,417

 

 

$

15,846,663

 

CMBS 2

Retail

 

LIBOR + 3.4000%

 

July/2019

 

 

5,078,500

 

 

 

5,079,008

 

CMBS 3

Hospitality

 

LIBOR + 0.9000%

 

November/2019

 

 

5,000,000

 

 

 

5,004,500

 

CMBS 4

Hospitality

 

LIBOR + 3.0000%

 

February/2020

 

 

5,000,000

 

 

 

5,017,000

 

Total

 

 

 

 

 

 

$

30,880,917

 

 

$

30,947,171

 

 

The Company classified its CMBS as available-for-sale as of March 31, 2018. These investments are reported at fair value in the consolidated balance sheets with changes in fair value recorded in other income or loss in the consolidated statements of operations. The following table shows the amortized cost, unrealized gains/losses and fair value of the Company’s CMBS investments as of March 31, 2018:

 

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

CMBS 1

 

$

15,802,417

 

 

$

44,246

 

 

 

 

 

$

15,846,663

 

CMBS 2

 

 

5,078,500

 

 

 

508

 

 

 

 

 

 

5,079,008

 

CMBS 3

 

 

5,000,000

 

 

 

4,500

 

 

 

 

 

 

5,004,500

 

CMBS 4

 

 

5,000,000

 

 

 

17,000

 

 

 

 

 

 

5,017,000

 

Total

 

$

30,880,917

 

 

$

66,254

 

 

$

 

 

$

30,947,171

 

 

The following is a summary of the Company’s real estate securities as of December 31, 2017:

 

 

 

Collateral Type

 

Interest Rate

 

Maturity Date

 

Par Value

 

 

Fair Value

 

CMBS 1

 

Hospitality

 

LIBOR + 0.9200%

 

August/2019

 

$

15,879,331

 

 

$

15,914,266

 

CMBS 2

 

Retail

 

LIBOR + 3.4000%

 

July/2019

 

 

5,078,500

 

 

 

5,077,992

 

CMBS 3

 

Hospitality

 

LIBOR + 0.9000%

 

November/2019

 

 

5,000,000

 

 

 

5,001,000

 

Total

 

 

 

 

 

 

 

$

25,957,831

 

 

$

25,993,258

 

 

The Company classified its CMBS as available-for-sale as of December 31, 2017. These investments are reported at fair value in the consolidated balance sheets with changes in fair value recorded in other income or loss in the consolidated statements of operations. The following table shows the amortized cost, unrealized gains/losses and fair value of the Company’s CMBS investments as of December 31, 2017:

 

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

CMBS 1

 

$

15,879,331

 

 

$

34,935

 

 

$

 

 

$

15,914,266

 

CMBS 2

 

 

5,078,500

 

 

 

 

 

 

(508

)

 

 

5,077,992

 

CMBS 3

 

 

5,000,000

 

 

 

1,000

 

 

 

 

 

 

5,001,000

 

Total

 

$

25,957,831

 

 

$

35,935

 

 

$

(508

)

 

$

25,993,258

 

 

As of March 31, 2018, the Company held four CMBS with a total carrying value of $30,947,171 with a total unrealized gain of $66,254. As of December 31, 2017, the Company held three CMBS with a carrying value of $25,993,258 with an unrealized gain of $35,935 and an unrealized loss of $508.  No position had an unrealized loss for a period greater than 12 months. The Company did not have any realized gains or losses during the three-month periods ended March 31, 2018 and 2017.

 

As of March 31, 2018 and December 31, 2017, amortized cost equaled par value since there were no discounts or premiums on

CMBS.