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Securities Carried at Fair Value
 9 Months Ended
Sep. 30, 2012
Securities Carried at Fair Value [Abstract]  
Securities Carried at Fair Value
6. Securities Carried at Fair Value

Securities carried at fair value are summarized in the table below (in thousands):

 

                                 
    September 30, 2012     December 31, 2011  
    Cost     Fair Value     Cost     Fair Value  

REIT Common shares

   $ 26,775     $ 37,191     $ 21,492     $ 24,579  

REIT Preferred shares

     —         —         2,067       4,277  
   

 

 

    

 

 

    

 

 

    

 

 

  
      26,775       37,191       23,559       28,856  
         

Loan securities

     1,661       5,756       1,661       5,309  
   

 

 

    

 

 

    

 

 

    

 

 

  
    $ 28,436     $ 42,947     $ 25,220     $ 34,165  
   

 

 

    

 

 

    

 

 

    

 

 

  

No securities carried at fair value were sold during the three months ended September 30, 2012. During the nine months ended September 30, 2012, securities carried at fair value and loan securities carried at fair value were sold or paid off for total proceeds of approximately $4,614,000. The gross realized gains on these sales and payoffs totaled approximately $41,000 in the nine months ended September 30, 2012.

No securities carried at fair value were sold during the three months ended September 30, 2011. During the nine months ended September 30, 2011, securities carried at fair value and loan securities carried at fair value were sold or paid off for total proceeds of approximately $35,029,000. The gross realized gains on these sales and payoffs totaled approximately $131,000, in the nine months ended September 30, 2011.

For purpose of determining gross realized gains, the cost of securities is based on specific identification. For the nine months ended September 30, 2012 and 2011, the Trust recognized net unrealized gains on securities carried at fair value and loan securities carried at fair value of $7,700,000, and $1,974,000 respectively, as the result of the change in fair value of the financial assets for which the fair value option was elected.

For the three months ended September 30, 2012 and 2011, the Trust recognized net unrealized (gain) loss of securities carried at fair value and loan securities carried at fair value of ($3,484,000) and $1,036,000, respectively.