FAIR VALUE (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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| Fair Value Disclosures [Abstract] |
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| Company's Asset Recorded at Fair Value on Recurring Basis |
The fair values 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: | | | | | | | | Investment securities | $ | 11,062 |
| | $ | — |
| | $ | 9,898 |
| | $ | 20,960 |
| Pelium securities | — |
| | — |
| | 24,712 |
| | 24,712 |
| December 31, 2015 | $ | 11,062 |
| | $ | — |
| | $ | 34,610 |
| | $ | 45,672 |
| | | | | | | | | Investment securities | $ | 14,734 |
| | $ | 741 |
| | $ | 8,489 |
| | $ | 23,964 |
| Pelium securities | 53 |
| | — |
| | 17,366 |
| | 17,419 |
| December 31, 2014 | $ | 14,787 |
| | $ | 741 |
| | $ | 25,855 |
| | $ | 41,383 |
| | | | | | | | |
| | | | | | | | | | | | | | | | | Liabilities - Apidos contractual commitment: | | | | | | | | December 31, 2015 | $ | — |
| | $ | — |
| | $ | 615 |
| | $ | 615 |
| | | | | | | | | December 31, 2014 | $ | — |
| | $ | — |
| | $ | 745 |
| | $ | 745 |
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| 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 2015 (in thousands): | | | | | | | | | | | | | | Investment Securities | | Pelium Securities | | Total | Balance, beginning of year | $ | 8,489 |
| | $ | 17,366 |
| | $ | 25,855 |
| Purchases | 2,524 |
| | 27,630 |
| | 30,154 |
| Income accreted | 1,238 |
| | — |
| | 1,238 |
| Payments and distributions received | (1,913 | ) | | (2,874 | ) | | (4,787 | ) | Sales | (174 | ) | | (16,012 | ) | | (16,186 | ) | Impairment | (331 | ) | | — |
| | (331 | ) | Gains (losses) on sales of trading securities | (14 | ) | | 1,415 |
| | 1,401 |
| Unrealized holding gains on trading securities | 269 |
| | (2,813 | ) | | (2,544 | ) | Change in unrealized gains included in accumulated other comprehensive loss | (190 | ) | | — |
| | (190 | ) | Balance, end of year | $ | 9,898 |
| | $ | 24,712 |
| | $ | 34,610 |
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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 2014 (in thousands): | | | | | | | | | | | | | | Investment Securities | | Pelium Securities | | Total | Balance, beginning of year | $ | 7,407 |
| | $ | — |
| | $ | 7,407 |
| Purchases | 15,063 |
| | 20,029 |
| | 35,092 |
| Income accreted | (3,753 | ) | | — |
| | (3,753 | ) | Payments and distributions received | (200 | ) | | (1,655 | ) | | (1,855 | ) | Sales | (13,177 | ) | | (1,368 | ) | | (14,545 | ) | Impairment recognized in earnings | 370 |
| | — |
| | 370 |
| Gain on sales of trading securities | 995 |
| | 450 |
| | 1,445 |
| Unrealized holding gains on trading securities | 1,850 |
| | (90 | ) | | 1,760 |
| Change in unrealized losses included in accumulated other comprehensive loss | (66 | ) | | — |
| | (66 | ) | Balance, end of year | $ | 8,489 |
| | $ | 17,366 |
| | $ | 25,855 |
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| 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 December 31, 2015 | | Valuation Technique | | Unobservable Inputs | | Assumptions (weighted average) | CLO securities | $ | 8,447 |
| | Discounted cash flow | | Constant default rate | | 1% - 2% | | | | | | Loss severity rate | | 25% | | | | | | Constant prepayment rate | | 25% | | | | | | Reinvestment spread | | 0% - 4.50% | | | | | | Reinvestment price on collateral | | 99% | | | | | | Discount rates | | 14% | | | | | | | | | Trading securities | $ | 1,451 |
| | Net asset value | | Value of underlying assets | | variable | | | | Discounted cash flow | | Constant default rate | | 5% | | | | | | Loss severity rate | | 30% | | | | | | Constant prepayment rate | | 30% |
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| 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): | | | | | | | | | | | | | | | | | | December 31, 2015 | | December 31, 2014 | | Carrying Amount | | Estimated Fair Value | | Carrying Amount | | Estimated Fair Value | Borrowings: | |
| | |
| | |
| | |
| Real estate debt | $ | 9,877 |
| | $ | 10,618 |
| | $ | 10,088 |
| | $ | 11,197 |
| Senior Notes | 10,000 |
| | 12,202 |
| | 10,000 |
| | 12,820 |
| Other debt | 870 |
| | 870 |
| | 324 |
| | 324 |
| | $ | 20,747 |
| | $ | 23,690 |
| | $ | 20,412 |
| | $ | 24,341 |
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