Senior Notes Payable

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Senior Notes Payable

10. Senior Notes Payable

In August 2012 the Trust issued a total $86,250,000 of its Senior Notes at an issue price of 100% of par value. Pursuant to its securities repurchase plan, as of June 30, 2015 the Trust had acquired $14,995,000 of its outstanding Senior Notes in open market transactions for an aggregate price of $15,707,000. As of June 30, 2015, there were $71,255,000 Senior Notes outstanding not held by the Trust. The Senior Notes mature on August 15, 2022 and bear interest at the rate of 7.75% per year, payable quarterly in arrears. The Trust has the right to redeem the Senior Notes, in whole or in part, at any time, or from time to time, on or after August 15, 2015 at a redemption price in cash equal to 100% of the principal amount redeemed plus accrued and unpaid interest. The Trust has notified the trustee of the Senior Notes that it will redeem the Senior Notes in full effective August 15, 2015.