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Other Income (Expense)
 6 Months Ended
Jun. 30, 2016
Other Income and Expenses [Abstract]  
Other Income (Expense)
Other Income (Expense)
Other income (expense) consists of the following:
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
 
2016
 
2015
 
2016
 
2015
Investment income, net
 
 
 
 
 
 
 
 
Net investment income from available-for-sale securities
 
 
 
 
 
 
 
 
Interest and dividend income
 
$
252

 
$
2,130

 
$
442

 
$
4,389

Accretion income
 
579

 
640

 
1,041

 
1,262

Total net investment income from available-for-sale securities
 
831

 
2,770

 
1,483

 
5,651

Interest income from investments in special purpose entities
 
2,050

 
2,003

 
4,101

 
4,005

Interest accrued on notes receivable and other interest
 
78

 
665

 
105

 
995

Total investment income, net
 
2,959

 
5,438

 
5,689

 
10,651

Interest expense
 
 
 
 
 
 
 
 
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity
 
(2,191
)
 
(2,189
)
 
(4,382
)
 
(4,377
)
Interest expense
 
(954
)
 
(456
)
 
(1,798
)
 
(1,145
)
Total interest expense
 
(3,145
)
 
(2,645
)
 
(6,180
)
 
(5,522
)
Claim settlement
 
—

 
—

 
12,548

 
—

Other, net
 
 
 
 
 
 
 
 
Fees and expenses for the SEC investigation
 
—

 
(7,430
)
 
—

 
(7,430
)
Accretion income from retained interest investments
 
243

 
227

 
484

 
438

Hunting lease income
 
169

 
169

 
370

 
378

Other income, net
 
189

 
21

 
196

 
178

Other, net
 
601

 
(7,013
)
 
1,050

 
(6,436
)
 
 
 
 
 
 
 
 
 
Total other income (expense)
 
$
415

 
$
(4,220
)

$
13,107


$
(1,307
)
Investment income, net
Interest and dividend income includes interest income accrued or received on the Company’s corporate debt securities and dividend income received from the Company’s preferred stock and other investments. Accretion income includes the amortization of the premium or discount related to the Company’s available-for-sale securities, which is amortized based on an effective interest rate method over the term of the available-for-sale securities.
    Interest income from investments in special purpose entities primarily includes interest accrued or received on the Timber Note, which is used to pay the interest expense for the Senior Notes issued by NFTF.
Interest expense
Interest expense includes interest expense related to the Company’s CDD debt and the construction loan and Refinanced Loan in the Pier Park North joint venture. Borrowing costs, including the discount and issuance costs for the Senior Notes issued by the special purpose entity, are amortized based on the effective interest method at an effective rate of 4.9%.
Claim settlement

Claim settlement during the six months ended June 30, 2016 includes $12.5 million for a settlement related to the Deepwater Horizon oil spill. See Note 7, Claim Settlement Receivable for further discussion.
Other, net
During the three and six months ended June 30, 2015, the Company expensed a total of $7.4 million related to the SEC investigation, which was resolved in October 2015. This amount was included in Other, net in the condensed consolidated statements of operations.
The Company records the accretion of investment income from its retained interest investment over the life of the retained interest using the effective yield method with rates ranging from 3.7% to 11.3%. Hunting lease income is recognized as income over the term of the lease.