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Securities (Tables)
 9 Months Ended
Sep. 30, 2014
Securities  
Summary of the company's securities classified as available-for-sale

The following is a summary of the Company’s securities classified as available-for-sale at September 30, 2014:

 

 

 

Face

 

Amortized

 

Cumulative
Unrealized

 

Carrying
Value /
Estimated

 

 

 

Value

 

Cost

 

(Loss) / Gain

 

Fair Value

 

 

 

 

 

 

 

 

 

 

 

Commercial mortgage-backed security (CMBS)

 

$
2,100,000

 

$
2,100,000

 

$
(100,000

)

$
2,000,000

 

Common equity securities

 

—

 
58,789

 
470,315

 
529,104

 

 

 

 

 

 

 

 

 

 

 

Total available-for-sale securities

 

$
2,100,000

 

$
2,158,789

 

$
370,315

 

$
2,529,104

 

 

The following is a summary of the Company’s securities classified as available-for-sale at December 31, 2013:

 

 

 

Face

 

Amortized

 

Cumulative
Unrealized

 

Cumulative
Unrealized

 

Carrying
Value /
Estimated

 

 

 

Value

 

Cost

 

Gain

 

Loss

 

Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage-backed security (RMBS)

 

$
39,013,690

 

$
34,049,310

 

$
437,774

 

$
(6,298

)

$
34,480,786

 

Commercial mortgage-backed security (CMBS)

 
2,100,000

 
2,100,000

 

—

 

—

 
2,100,000

 

Common equity securities

 

—

 
58,789

 
676,077

 

—

 
734,866

 

 

 

 

 

 

 

 

 

 

 

 

 

Total available-for-sale securities

 

$
41,113,690

 

$
36,208,099

 

$
1,113,851

 

$
(6,298

)

$
37,315,652

 

 

Summary of the underlying credit rating of the Company's available-for-sale securities

 

 

September 30, 2014

 

December 31, 2013

 

 

 

 

 

Amortized

 

Percent

 

 

 

Amortized

 

Percent

 

Rating (1)

 

#

 

Cost

 

of Total

 

#

 

Cost

 

of Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AA+

 

—

 

$

—

 

—

 
1 

 

$
93,715 

 

—

 

CCC

 

—

 

—

 

—

 
1 

 
18,417,402 

 
51 

%

CCC-

 
1 

 
2,100,000 

 
100 

%
1 

 
2,100,000 

 
6 

%

NR

 

—

 

—

 

—

 
7 

 
15,538,193 

 
43 

%

 

 
1 

 

$
2,100,000 

 
100 

%
10 

 

$
36,149,310 

 
100 

%

 

 

(1)

Based on the rating published by Standard & Poor’s for each security.  NR stands for “not rated.”