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FAIR VALUE (Tables)
 12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
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
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

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
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%
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