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INVESTMENT SECURITIES
 6 Months Ended
Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES
NOTE 7 - INVESTMENT SECURITIES
Components of investment securities are as follows (in thousands):
 
June 30,
2015
 
December 31,
2014
Available-for-sale securities
$
10,589

 
$
9,065

Trading securities
281

 
475

Total investment securities, at fair value
$
10,870

 
$
9,540

    
Available-for-sale securities.  The following table discloses the pre-tax unrealized gains (losses) relating to the Company’s investments in available-for-sale securities (in thousands):
 
Cost or
Amortized Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
As of June 30, 2015:
 
 
 
 
 
 
 
CLO securities
$
7,692

 
$
1,718

 
$
(33
)
 
$
9,377

Equity securities
1,103

 
110

 
(1
)
 
1,212

Total
$
8,795

 
$
1,828

 
$
(34
)
 
$
10,589

 
 
 
 
 
 
 
 
As of December 31, 2014:
 

 
 

 
 

 
 

CLO securities
$
6,962

 
$
1,228

 
$
(176
)
 
$
8,014

Equity securities
888

 
163

 
—

 
1,051

Total
$
7,850

 
$
1,391

 
$
(176
)
 
$
9,065


CLO securities.  The CLO securities represent the Company’s retained equity interests in 15 and 12 CLO issuers that CVC Credit Partners has sponsored and manages at June 30, 2015 and December 31, 2014, respectively (see Note 8).  The fair value of these retained interests is impacted by the fair value of the investments held by the respective CLO issuers, which are sensitive to interest rate fluctuations and credit quality determinations.
Equity securities.  The Company holds 18,972 shares of TBBK common stock.  This investment is pledged as collateral for one of the Company’s secured corporate credit facilities. The Company also holds approximately 10,808 shares of DIF with a cost basis of $109,000. The Company has an investment of $215,000 in CIF, a new interval fund, whose registration statement with respect to the offer and sale of its shares of beneficial interest was declared effective by the Securities and Exchange Commission on April 17, 2015. In 2014, the Company purchased 749,976 units of RREGPS for $677,400. The Company sold its investment in RREGPS in July 2015.
Trading securities. The Company had net gains on trading securities of $22,000 and $28,000 for the three and six months ended June 30, 2015, respectively, including unrealized gains of $22,000 and $42,000 for the three and six months ended June 30, 2015, respectively, which are included in Financial Fund Management Revenues on the consolidated statements of operations. The Company had net gains on trading securities of $870,000 and $987,000 during the three and six months ended June 30, 2014, respectively, including unrealized losses of $192,000 and unrealized gains of $120,000 respectively.
    
Unrealized losses on available-for-sale securities, along with their related fair value, and aggregated by the length of time the investments were in a continuous unrealized loss position, are as follows (in thousands, except number of securities):
 
Less than 12 Months
 
More than 12 Months
 
Fair Value
 
Unrealized
Losses
 
Number of Securities
 
Fair Value
 
Unrealized
Losses
 
Number of Securities
June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
CLO securities
$
979

 
$
(33
)
 
2

 
$
—

 
$
—

 
—

Equity securities
214

 
(1
)
 
1

 
—

 
—

 
—

Total
$
1,193

 
$
(34
)
 
3

 
$
—

 
$
—

 
—

December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
CLO securities
$
2,643

 
$
(176
)
 
4

 
$
—

 
$
—

 
—

Equity securities
—

 
—

 
—

 
—

 
—

 
—

Total
$
2,643

 
$
(176
)
 
4

 
$
—

 
$
—

 
—