FAIR VALUE (Tables)

9 Months Ended

Sep. 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 liability recorded at fair value on a recurring basis were as follows (in thousands): 

	Level 1		Level 2		Level 3		Total
Assets - Investment securities
September 30, 2015	$	466	$	—	$	9,752	$	10,218
December 31, 2014	310		741		8,489		9,540

Liability - Apidos contractual commitment	Level 1		Level 2		Level 3		Total
September 30, 2015	$	—	$	—	$	627	$	627
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 nine months ended September 30, 2015 (in thousands):

	Investment Securities
Balance, beginning of year	$	8,489
Purchases	2,054
Income accreted	906
Payments and distributions received, net	(1,468		)
Sales	(175		)
Impairment	(152		)
Losses on sales of trading securities	(15		)
Unrealized holding gains on trading securities	87
Change in unrealized gains included in accumulated other comprehensive loss	26
Balance, end of period	$	9,752

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 period	$	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 September 30, 2015		Valuation Technique	Unobservable Inputs	Assumptions (weighted average)
CLO securities	$	8,439	Discounted cash flow	Constant default rate	0.5% - 2%
				Loss severity rate	25%
				Constant prepayment rate	25%
				Reinvestment price on collateral	99.5%
				Reinvestment spread	100% - 450%
				Discount rates	14%
Trading securities	$	1,313	Net asset value	Value of underlying assets	variable
			Discounted cash flow	Constant default rate	4% - 5%
				Constant prepayment rate	30%
				Loss severity rate	30% - 35%

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):

	September 30, 2015				December 31, 2014
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Borrowings:
Real estate debt	$	9,932	$	10,932	$	10,088	$	11,197
Senior Notes	10,000		12,515		10,000		12,820
Other debt	964		964		324		324
	$	20,896	$	24,411	$	20,412	$	24,341