INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Components of the Company's Investment Securities

Components of investment securities are as follows (in thousands):

	December 31,
	2015		2014
Available-for-sale securities	$	19,509	$	23,489
Trading securities	1,451		475
Trading securities - Pelium	24,712		17,419
Total investment securities, at fair value	$	45,672	$	41,383

Pre-tax Unrealized Gains (Losses) Relating to the Company's Investments in Equity and Collateralized Debt Obligation 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 December 31, 2015:
CLO securities	$	7,585	$	928	$	(66	)	$	8,447
Equity securities	12,784		12		(1,734		)	11,062
Total	$	20,369	$	940	$	(1,800	)	$	19,509
As of December 31, 2014:
CLO securities	$	6,962	$	1,228	$	(176	)	$	8,014
Equity securities	11,740		3,735		—			15,475
Total	$	18,702	$	4,963	$	(176	)	$	23,489

Unrealized Losses Along with the Related Fair Value, Aggregated by the Length of Time the Investments were in a Continuous Unrealized Loss Position

Unrealized losses related to the Pelium fund investments, along with the 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
December 31, 2015:
CDO Securities	$	10,156	$	(3,312	)	18	$	1,183	$	(503	)	7
CMBS	2,940		(1,278		)	5	—		—			—
Other	2,857		(143		)	2	—		—			—
Total	$	15,953	$	(4,733	)	25	$	1,183	$	(503	)	7
December 31, 2014:
CDO Securities	$	12,009	$	(874	)	19	$	—	$	—		—
Commercial Mortgage Backed Securities	—		—			—	—		—			—
Other	53		(29		)	1	—		—			—
Total	$	12,062	$	(903	)	20	$	—	$	—		—

Unrealized losses along with the 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
December 31, 2015:
CLO securities	$	2,033	$	(38	)	3	$	805	$	(28	)	2
Equity securities	1,814		(10		)	2	9,128		(1,724		)	1
Total	$	3,847	$	(48	)	5	$	9,933	$	(1,752	)	3
December 31, 2014:
CLO securities	$	2,643	$	(176	)	4	$	—	$	—		—
Equity securities	—		—			—	—		—			—
Total	$	2,643	$	(176	)	4	$	—	$	—		—