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Securities | 6 Months Ended
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Jun. 30, 2015
Securities |
Securities | Note 4 — Securities The following is a summary of our securities classified as available-for-sale at June 30, 2015:
|  | Face |  | Amortized |  | Cumulative Unrealized |  | Carrying Value / Estimated |
|  | Value |  | Cost |  | Gain |  | Fair Value |
Common equity securities |  | — |  | 58,789 |  | 764,261 |  | 823,050 |
The following is a summary of our securities classified as available-for-sale at December 31, 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 |  | 440,920 |  | 499,709 |
Total available-for-sale securities |  | $ | 2,100,000 |  | $ | 2,158,789 |  | $ | 340,920 |  | $ | 2,499,709 |
In the second quarter of 2015, our CMBS investment, which had a carrying value of $2.0 million, paid off in full. In connection with this pay off, we received proceeds of $2.1 million and reversed a $0.1 million unrealized loss from accumulated other comprehensive loss on our consolidated balance sheet. Our CMBS investment had an underlying credit rating of CCC- based on the rating published by Standard & Poor’s at December 31, 2014. We own 2,939,465 shares of common stock of CV Holdings, Inc., formerly Realty Finance Corporation, a commercial real estate specialty finance company, which had a fair value of $0.8 million and $0.5 million at June 30, 2015 and December 31, 2014, respectively. Available-for-sale securities are carried at their estimated fair value with unrealized gains and losses reported in accumulated other comprehensive loss. We evaluate these securities periodically to determine whether a decline in their value is other-than-temporary, though such a determination is not intended to indicate a permanent decline in value. Our evaluation is based on our assessment of cash flows, which is supplemented by third-party research reports, internal review of the underlying assets securing the investments, levels of subordination and the ratings of the securities and the underlying collateral. No other-than-temporary impairment was recorded on our available-for-sale securities for the three and six months ended June 30, 2015 and 2014. In the first quarter of 2014, we sold all of our residential mortgage backed securities (“RMBS”) investments, which had an aggregate carrying value of $33.4 million, for $33.9 million and recorded a net gain of $0.5 million to other income, net on our consolidated statements of income, which includes the reclassification of a net unrealized gain of $0.4 million from accumulated other comprehensive loss on our consolidated balance sheet. Included in these sales were two RMBS investments with deteriorated credit quality that had an aggregate carrying value of $25.8 million and that were sold for $25.9 million. The RMBS investments were financed with two repurchase agreements totaling $25.3 million which were repaid with the proceeds. See Note 7 — “Debt Obligations” for further details. The weighted average yield on our CMBS and RMBS investments based on their face values was 1.19% and 1.15%, including the amortization of premium and the accretion of discount, for the three months ended June 30, 2015 and 2014, respectively, and 1.04% and 2.05% for the six months ended June 30, 2015 and 2014, respectively.

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