INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Components of the Company's Investment Securities

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

	March 31, 2016		December 31, 2015
Available-for-sale securities	$	17,706	$	19,509
Trading securities	1,442		1,451
Trading securities - Pelium	25,610		24,712
Total investment securities, at fair value	$	44,758	$	45,672

Pre-tax Unrealized Gains (Losses) Relating to the Company's Investments in Equity and Collateralized Debt Obligation Securities

Available-for-sale 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 March 31, 2016:
CLO securities	$	7,912	$	111	$	(229	)	$	7,794
Equity securities	12,784				(2,872		)	9,912
Total	$	20,696	$	111	$	(3,101	)	$	17,706
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

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 on available-for-sale securities, along with their 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
March 31, 2016
CLO securities	$	4,292	$	(170	)	8	$	727	$	(59	)	2
Equity securities	1,823		(68		)	2	8,048		(2,804		)	1
Total	$	6,115	$	(238	)	10	$	8,775	$	(2,863	)	3
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

	Less than 12 Months						More than 12 Months
	Fair Value		Unrealized Losses			Number of Securities	Fair Value		Unrealized Losses			Number of Securities
March 31, 2016:
CDO Securities	$	6,128	$	(1,043	)	16	$	2,166	$	(615	)	10
CMBS	3,355		(1,272		)	6	—		—			—
Other	—		—			—	—		—			—
Total	$	9,483	$	(2,315	)	22	$	2,166	$	(615	)	10
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