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Commercial Mortgage Residual Interests | 12 Months Ended
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Dec. 31, 2016
Commercial Mortgage Residual Interests [Abstract] |
Commercial Mortgage Residual Interests | Commercial Mortgage Residual Interests: As of December 31, 2015, NNN held the commercial mortgage residual interests (“Residuals”) from seven loan securitizations. In 2016, the loan servicer of five of the securitizations exercised its clean-up call option. These clean-up calls allowed the servicers to purchase all of the trusts’ assets, thereby terminating future cash distributions payable to NNN as the holder of these residual interests. During the years ended December 31 2016, 2015 and 2014, NNN recorded an other than temporary valuation impairment as a reduction of earnings from operations. The other than temporary valuation impairment recorded during the year ended December 31, 2016 related to the execution of the clean-up call option on the five securitizations, as well as the fair value adjustment on the remaining two securitizations. Unrealized gains and losses are reported as other comprehensive income in stockholders’ equity and other than temporary losses as a result of a change in the timing or amount of estimated cash flows are recorded as an other than temporary valuation impairment. The following table summarizes the recognition of unrealized gains and/or losses recorded as other comprehensive income as well as other than temporary valuation impairment (dollars in thousands):
| 2016 |  | 2015 |  | 2014
Unrealized gains (losses), net | $ | (182 | ) |  | $ | (585 | ) |  | $ | 875 |
Other than temporary valuation impairment | 6,830 |  |  | 531 |  |  | 256 |
As of December 31, 2016, the remaining two Residuals are recorded at fair value. Certain valuation assumptions are made based on the expected timing of future cash flows relating to the Residuals. The following table summarizes the key assumptions used in determining the value of the Residuals as of December 31 (dollars in thousands):
| 2016 |  | 2015
Discount rate | 20 | % |  | 20 | %
Average life equivalent CPR(1) speeds range | 0.87% to 21.56% CPR |  |  | 0.87% to 21.73% CPR |
Foreclosures: |  |  |
Frequency curve default model | 0% - 1.33% range |  |  | 0.72% - 1.57% range |
Loss severity of loans in foreclosure | 20 | % |  | 20 | %
Yield: |  |  |
LIBOR | Forward 3-month curve |  |  | Forward 3-month curve |
Prime | Forward curve |  |  | Forward curve |
Fair value at December 31 | $ | 36 |  |  | $ | 11,115 |
(1) | Conditional prepayment rate

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- Definition Commercial Mortgage Residual Interests [Abstract] + References No definition available. + Details
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- Definition Includes disclosures of retained interests, including fair value assumptions and realized and unrealized gains and losses. + References No definition available. + Details
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