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FAIR VALUE (Tables)
 6 Months Ended
Jun. 30, 2015
Fair Value Disclosures [Abstract]  
Company's Asset Recorded at Fair Value on Recurring Basis
The fair value of the Company’s assets and liabilities recorded at fair value on a recurring basis were as follows (in thousands): 
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets - Investment securities
 
 
 
 
 
 
 
June 30, 2015
$
497

 
$
715

 
$
9,658

 
$
10,870

December 31, 2014
$
310

 
$
741

 
$
8,489

 
$
9,540

Liabilities - Apidos contractual commitment
Level 1
 
Level 2
 
Level 3
 
Total
June 30, 2015
$
—

 
$
—

 
$
664

 
$
664

December 31, 2014
$
—

 
$
—

 
$
745

 
$
745
Additional Information about Assets Measured at Fair Value on Recurring Basis for which the Company Has Utilized Level 3 Inputs to Determine Fair Value
The following table presents additional information about assets which were measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value during six months ended June 30, 2015 (in thousands):
 
Investment Securities
Balance, beginning of year
$
8,489

Purchases
1,056

Income accreted
572

Payments and distributions received, net
(944
)
Sales
(175
)
Losses on sales of trading securities
(15
)
Unrealized holding gains on trading securities
43

Change in unrealized gains included in accumulated other comprehensive loss
632

Balance, end of period
$
9,658

    
The following table presents additional information about assets which were measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value during year ended December 31, 2014 (in thousands):
 
Investment Securities
Balance, beginning of year
$
7,407

Purchases
15,063

Income accreted
995

Payments and distributions received, net
(3,752
)
Sales
(13,235
)
Gain on sale of investment securities, net
445

Unrealized losses on trading securities
(200
)
Gains on trading securities
1,834

Change in unrealized losses included in accumulated other comprehensive loss
(68
)
Balance, end of year
$
8,489
Quantitative Inputs and Assumptions in Determining the Fair Value of Items Categorized in Level 3
The following table presents the Company's quantitative inputs and assumptions used in determining the fair value of items categorized in Level 3 (in thousands, except percentages):
 
Fair value at June 30, 2015
 
Valuation Technique
 
Unobservable Inputs
 
Assumptions
(weighted average)
CLO securities
$
9,377

 
Discounted cash flow
 
Constant default rate
 
0% - 2%
 
 
 
 
 
Loss severity rate
 
25%
 
 
 
 
 
Constant prepayment rate - year one
 
30%
 
 
 
 
 
Constant prepayment rate - thereafter
 
25%
 
 
 
 
 
Reinvestment price on collateral
 
99.5%
 
 
 
 
 
Reinvestment spread
 
0% - 450%
 
 
 
 
 
Discount rates
 
14%
 
 
 
 
 
 
 
 
Trading securities
$
281

 
Net asset value
 
Value of underlying assets
 
variable
 
 
 
Discounted cash flow
 
Constant default rate
 
5% - 9%
 
 
 
 
 
Constant prepayment rate
 
20% - 30%
 
 
 
 
 
Loss severity rate
 
30%
Fair Value of Financial Instruments
The fair value of financial instruments required to be disclosed at fair value, excluding instruments valued on a recurring basis, is as follows (in thousands):
 
June 30, 2015
 
December 31, 2014
 
Carrying
Amount
 
Estimated Fair Value
 
Carrying
Amount
 
Estimated Fair Value
Borrowings:
 

 
 

 
 

 
 

Real estate debt
$
9,984

 
$
10,820

 
$
10,088

 
$
11,197

Senior Notes
10,000

 
13,240

 
10,000

 
12,820

Other debt
1,045

 
1,045

 
324

 
324

 
$
21,029

 
$
25,105

 
$
20,412

 
$
24,341