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FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended
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Sep. 30, 2015
Fair Value Disclosures [Abstract] |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is based upon market quotations, broker quotations, counterparty quotations or pricing services quotations, which provide valuation estimates based upon reasonable market order indications and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. The fair value of the mortgage loan receivables held for sale is based upon a securitization model utilizing market data from recent securitization spreads and pricing. Fair Value Summary Table The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at September 30, 2015 and December 31, 2014 are as follows ($ in thousands): September 30, 2015
|  |  |  |  |  |  |  |  | Weighted Average
| Outstanding Face Amount |  | Amortized Cost Basis |  | Fair Value |  | Fair Value Method |  | Yield % |  | Remaining Maturity/Duration (years)
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CMBS(1) | $ | 1,936,316 |  |  | $ | 1,960,371 |  |  | $ | 1,985,195 |  |  | Internal model, third-party inputs |  | 2.63 | % |  | 3.35
CMBS interest-only(1) | 7,246,777 |  | (9) | 356,204 |  |  | 356,928 |  |  | Internal model, third-party inputs |  | 3.74 | % |  | 3.46
GNMA interest-only(2) | 662,161 |  | (9) | 30,109 |  |  | 28,603 |  |  | Internal model, third-party inputs |  | 4.27 | % |  | 5.48
GN construction securities(1) | 26,730 |  |  | 27,223 |  |  | 27,849 |  |  | Internal model, third-party inputs |  | 3.86 | % |  | 9.46
GN permanent securities(1) | 16,435 |  |  | 16,950 |  |  | 16,807 |  |  | Internal model, third-party inputs |  | 4.00 | % |  | 6.09
Mortgage loan receivable held for investment, at amortized cost | 1,811,216 |  |  | 1,794,812 |  |  | 1,820,999 |  |  | Discounted Cash Flow(5) |  | 7.61 | % |  | 1.58
Mortgage loan receivable held for sale | 333,488 |  |  | 333,531 |  |  | 342,611 |  |  | Discounted Cash Flow(6) |  | 4.15 | % |  | 7.60
FHLB stock(7) | 77,915 |  |  | 77,915 |  |  | 77,915 |  |  | (7) |  | 3.50 | % |  | N/A
Nonhedge derivatives(1)(8) | 10,009 |  |  | N/A |  |  | 299 |  |  | Counterparty quotations |  | N/A |  |  | 5.59
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repurchase agreements - short-term | 793,933 |  |  | 793,933 |  |  | 793,933 |  |  | Discounted Cash Flow(3) |  | 1.83 | % |  | 0.32
Repurchase agreements - long-term | 397,393 |  |  | 397,393 |  |  | 397,393 |  |  | Discounted Cash Flow(4) |  | 1.30 | % |  | 1.12
Borrowings under credit agreement | 20,400 |  |  | 20,400 |  |  | 20,400 |  |  | Discounted Cash Flow(10) |  | 2.95 | % |  | 0.32
Revolving credit facility | 50,000 |  |  | 50,000 |  |  | 50,000 |  |  | Discounted Cash Flow(10) |  | 3.69 | % |  | 1.37
Mortgage loan financing | 562,035 |  |  | 555,786 |  |  | 590,265 |  |  | Discounted Cash Flow(4) |  | 4.87 | % |  | 7.96
Borrowings from the FHLB | 1,786,000 |  |  | 1,786,000 |  |  | 1,857,923 |  |  | Discounted Cash Flow |  | 0.83 | % |  | 1.62
Senior unsecured notes | 619,555 |  |  | 619,555 |  |  | 603,251 |  |  | Broker quotations, pricing services |  | 6.65 | % |  | 3.86
Nonhedge derivatives(1)(8) | 130,051 |  |  | N/A |  |  | 21,942 |  |  | Counterparty quotations |  | N/A |  |  | 0.99
December 31, 2014
|  |  |  |  |  |  |  |  | Weighted Average
| Outstanding Face Amount |  | Amortized Cost Basis |  | Fair Value |  | Fair Value Method |  | Yield % |  | Remaining Maturity/Duration (years)
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CMBS(1) | $ | 2,247,565 |  |  | $ | 2,277,995 |  |  | $ | 2,305,409 |  |  | Internal model, third-party inputs |  | 2.60 | % |  | 4.23
CMBS interest-only(1) | 7,239,503 |  | (9) | 376,085 |  |  | 378,335 |  |  | Internal model, third-party inputs |  | 4.88 | % |  | 3.45
GNMA interest-only(2) | 1,400,141 |  | (9) | 67,543 |  |  | 66,642 |  |  | Internal model, third-party inputs |  | 5.90 | % |  | 4.50
GN construction securities(1) | 27,538 |  |  | 28,178 |  |  | 28,406 |  |  | Internal model, third-party inputs |  | 3.56 | % |  | 9.42
GN permanent securities(1) | 36,232 |  |  | 36,515 |  |  | 36,773 |  |  | Internal model, third-party inputs |  | 4.94 | % |  | 1.32
Mortgage loan receivable held for investment, at amortized cost | 1,536,923 |  |  | 1,521,053 |  |  | 1,540,388 |  |  | Discounted Cash Flow(5) |  | 7.33 | % |  | 1.96
Mortgage loan receivable held for sale | 417,955 |  |  | 417,955 |  |  | 421,991 |  |  | Discounted Cash Flow(6) |  | 4.31 | % |  | 9.72
FHLB stock(7) | 72,340 |  |  | 72,340 |  |  | 72,340 |  |  | (7) |  | 3.50 | % |  | N/A
Nonhedge derivatives(1)(8) | 125,050 |  |  | N/A |  |  | 424 |  |  | Counterparty quotations |  | N/A |  |  | 3.45
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repurchase agreements - short-term | 1,331,603 |  |  | 1,331,603 |  |  | 1,331,603 |  |  | Discounted Cash Flow(3) |  | 1.32 | % |  | 0.23
Repurchase agreements - long-term | 100,062 |  |  | 100,062 |  |  | 100,062 |  |  | Discounted Cash Flow(3) |  | 1.89 | % |  | 1.59
Borrowings under credit agreement | 11,000 |  |  | 11,000 |  |  | 11,000 |  |  | Discounted Cash Flow(10) |  | 2.91 | % |  | 1.07
Borrowings under credit and security agreement | 46,750 |  |  | 46,750 |  |  | 46,750 |  |  | Discounted Cash Flow(10) |  | 2.01 | % |  | 1.77
Revolving credit facility | 25,000 |  |  | 25,000 |  |  | 25,000 |  |  | Discounted Cash Flow(10) |  | 3.66 | % |  | 2.12
Mortgage loan financing | 442,753 |  |  | 447,410 |  |  | 455,846 |  |  | Discounted Cash Flow(4) |  | 4.85 | % |  | 8.47
Borrowings from the FHLB | 1,611,000 |  |  | 1,611,000 |  |  | 1,616,373 |  |  | Discounted Cash Flow |  | 0.79 | % |  | 2.05
Senior unsecured notes | 619,555 |  |  | 619,555 |  |  | 611,745 |  |  | Broker quotations, pricing services |  | 6.65 | % |  | 4.61
Nonhedge derivatives(1)(8) | 1,428,700 |  |  | N/A |  |  | 13,446 |  |  | Counterparty quotations |  | N/A |  |  | 1.41
(1) | Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity
(2) | Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings
(3) | Fair value for repurchase agreement liabilities is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
(4) | For the mortgage loan financing, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
(5) | Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing.
(6) | Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing.
(7) | Fair value of the FHLB stock approximates outstanding face amount as the Company’s wholly-owned subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par.
(8) | The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
(9) | Represents notional outstanding balance of underlying collateral
(10) | Fair value for borrowings under credit agreement, credit and security agreement and revolving credit facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions.
The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at September 30, 2015 and December 31, 2014 ($ in thousands): September 30, 2015
Financial Instruments Reported at Fair Value on Combined Consolidated Statements of Financial Condition |  | Outstanding Face Amount |  | Fair Value
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CMBS(1) |  | $ | 1,936,316 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,985,195 |  |  | $ | 1,985,195 |
CMBS interest-only(1) |  | 7,246,777 |  | (3) | — |  |  | — |  |  | 356,928 |  |  | 356,928 |
GNMA interest-only(2) |  | 662,161 |  | (3) | — |  |  | — |  |  | 28,603 |  |  | 28,603 |
GN construction securities(1) |  | 26,730 |  |  | — |  |  | — |  |  | 27,849 |  |  | 27,849 |
GN permanent securities(1) |  | 16,435 |  |  | — |  |  | — |  |  | 16,807 |  |  | 16,807 |
Nonhedge derivatives(4) |  | 10,009 |  |  | — |  |  | 299 |  |  | — |  |  | 299 |
|  |  |  | $ | — |  |  | $ | 299 |  |  | $ | 2,415,382 |  |  | $ | 2,415,681 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Nonhedge derivatives(4) |  | 130,051 |  |  | $ | — |  |  | $ | 21,942 |  |  | $ | — |  |  | $ | 21,942 |
Financial Instruments Not Reported at Fair Value on Combined Consolidated Statements of Financial Condition |  | Outstanding Face Amount |  | Fair Value
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |
Mortgage loan receivable held for investment |  | $ | 1,811,216 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,820,999 |  |  | $ | 1,820,999 |
Mortgage loan receivable held for sale |  | 333,488 |  |  | — |  |  | — |  |  | 342,611 |  |  | 342,611 |
FHLB stock |  | 77,915 |  |  | — |  |  | — |  |  | 77,915 |  |  | 77,915 |
|  |  |  | $ | — |  |  | $ | — |  |  | $ | 2,241,525 |  |  | $ | 2,241,525 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 |
Repurchase agreements (short-term) |  | 793,933 |  |  | $ | — |  |  | $ | 37,421 |  |  | $ | 756,512 |  |  | $ | 793,933 |
Repurchase agreements (long-term) |  | 397,393 |  |  | — |  |  | — |  |  | 397,393 |  |  | 397,393 |
Borrowings under credit agreement |  | 20,400 |  |  | — |  |  | — |  |  | 20,400 |  |  | 20,400 |
Revolving credit facility |  | 50,000 |  |  | — |  |  | — |  |  | 50,000 |  |  | 50,000 |
Mortgage loan financing |  | 562,035 |  |  | — |  |  | — |  |  | 590,265 |  |  | 590,265 |
Borrowings from the FHLB |  | 1,786,000 |  |  | — |  |  | — |  |  | 1,857,923 |  |  | 1,857,923 |
Senior unsecured notes |  | 619,555 |  |  | — |  |  | — |  |  | 603,251 |  |  | 603,251 |
|  |  |  | $ | — |  |  | $ | 37,421 |  |  | $ | 4,275,744 |  |  | $ | 4,313,165 |
(1) | Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity.
(2) | Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.
(3) | Represents notional outstanding balance of underlying collateral.
(4) | Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
December 31, 2014
Financial Instruments Reported at Fair Value on Combined Consolidated Statements of Financial Condition |  | Outstanding Face Amount |  | Fair Value
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CMBS(1) |  | $ | 2,247,565 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,305,409 |  |  | $ | 2,305,409 |
CMBS interest-only(1) |  | 7,239,503 |  | (3) | — |  |  | — |  |  | 378,335 |  |  | 378,335 |
GNMA interest-only(2) |  | 1,400,141 |  | (3) | — |  |  | 66,642 |  |  | — |  |  | 66,642 |
GN construction securities(1) |  | 27,538 |  |  | — |  |  | 28,406 |  |  | — |  |  | 28,406 |
GN permanent securities(1) |  | 36,232 |  |  | — |  |  | 36,773 |  |  | — |  |  | 36,773 |
Nonhedge derivatives(4) |  | 125,050 |  |  | — |  |  | 424 |  |  | — |  |  | 424 |
|  |  |  | $ | — |  |  | $ | 132,245 |  |  | $ | 2,683,744 |  |  | $ | 2,815,989 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Nonhedge derivatives(4) |  | 1,428,700 |  |  | — |  |  | 13,446 |  |  | — |  |  | 13,446 |
Financial Instruments Not Reported at Fair Value on Combined Consolidated Statements of Financial Condition |  | Outstanding Face Amount |  | Fair Value
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |
Mortgage loan receivable held for investment |  | 1,536,923 |  |  | — |  |  | — |  |  | 1,540,388 |  |  | 1,540,388 |
Mortgage loan receivable held for sale |  | 417,955 |  |  | — |  |  | — |  |  | 421,991 |  |  | 421,991 |
FHLB stock |  | 72,340 |  |  | — |  |  | — |  |  | 72,340 |  |  | 72,340 |
|  |  |  | $ | — |  |  | $ | — |  |  | $ | 2,034,719 |  |  | $ | 2,034,719 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 |
Repurchase agreements (short-term) |  | 1,331,603 |  |  | — |  |  | 68,357 |  |  | 1,263,246 |  |  | 1,331,603 |
Repurchase agreements (long-term) |  | 100,062 |  |  | — |  |  | — |  |  | 100,062 |  |  | 100,062 |
Borrowings under credit agreement |  | 11,000 |  |  | — |  |  | — |  |  | 11,000 |  |  | 11,000 |
Borrowings under credit and security agreement |  | 46,750 |  |  | — |  |  | — |  |  | 46,750 |  |  | 46,750 |
Revolving credit facility |  | 25,000 |  |  | — |  |  | — |  |  | 25,000 |  |  | 25,000 |
Mortgage loan financing |  | 442,753 |  |  | — |  |  | — |  |  | 455,846 |  |  | 455,846 |
Borrowings from the FHLB |  | 1,611,000 |  |  | — |  |  | — |  |  | 1,616,373 |  |  | 1,616,373 |
Senior unsecured notes |  | 619,555 |  |  | — |  |  | — |  |  | 611,745 |  |  | 611,745 |
|  |  |  | $ | — |  |  | $ | 68,357 |  |  | $ | 4,130,022 |  |  | $ | 4,198,379 |
(1) | Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity.
(2) | Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.
(3) | Represents notional outstanding balance of underlying collateral.
(4) | Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
The following table summarizes changes in level 3 financial instruments reported at fair value on the combined consolidated statements of financial condition for the nine months ended September 30, 2015 ($ in thousands):
| Level 3
Balance at December 31, 2014 | $ | 2,683,744 |
Transfer from level 2 | 86,577 |
Purchases | 574,433 |
Sales | (783,189 | )
Paydowns/maturities | (116,390 | )
Amortization of premium/discount | (50,630 | )
Unrealized gain/(loss) | (3,575 | )
Realized gain/(loss) on sale | 24,412 |
Balance at September 30, 2015 | $ | 2,415,382 |
The following table summarizes changes in level 3 financial instruments reported at fair value on the combined consolidated statements of financial condition for the year ended December 31, 2014 ($ in thousands):
| Level 3
Balance at December 31, 2013 | $ | — |
Transfer from level 2 | 1,422,995 |
Purchases | 2,121,503 |
Sales | (692,306 | )
Paydowns/maturities | (155,525 | )
Amortization of premium/discount | (60,992 | )
Unrealized gain/(loss) | 19,769 |
Realized gain/(loss) on sale | 28,300 |
Balance at December 31, 2014 | $ | 2,683,744 |
The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands): September 30, 2015
Financial Instrument |  | Carrying Value |  | Valuation Technique |  | Unobservable Input |  | Minimum |  | Weighted Average |  | Maximum
CMBS (1) |  | $ | 1,985,195 |  |  | Discounted cash flow |  | Yield (4) |  | (23.7 | )% |  | 1.51 | % |  | 5.27 | %
|  |  |  |  |  | Duration (years)(5) |  | — |  |  | 4.23 |  |  | 8.11 |
CMBS interest-only (1) |  | 356,928 |  | (3) | Discounted cash flow |  | Yield (4) |  | 2.06 | % |  | 3.65 | % |  | 14.84 | %
|  |  |  |  |  | Duration (years)(5) |  | 0.12 |  |  | 3.42 |  |  | 4.36 |
|  |  |  |  |  | Prepayment speed (CPY)(5) |  | 100.00 |  |  | 100.00 |  |  | 100.00 |
GNMA interest-only (2) |  | 28,603 |  | (3) | Discounted cash flow |  | Yield (4) |  | (3.64 | )% |  | 4.82 | % |  | 82.81 | %
|  |  |  |  |  | Duration (years)(5) |  | 0.47 |  |  | 5.48 |  |  | 34.52 |
|  |  |  |  |  | Prepayment speed (CPJ)(5) |  | 5.00 |  |  | 14.43 |  |  | 35.00 |
GN construction securities (1) |  | 27,849 |  |  | Discounted cash flow |  | Yield (4) |  | 0.32 | % |  | 3.62 | % |  | 3.67 | %
|  |  |  |  |  | Duration (years)(5) |  | 1.91 |  |  | 9.46 |  |  | 9.57 |
GN permanent securities (1) |  | 16,807 |  |  | Discounted cash flow |  | Yield (4) |  | 2.53 | % |  | 3.76 | % |  | 6.35 | %
|  |  |  |  |  | Duration (years)(5) |  | 1.85 |  |  | 6.09 |  |  | 9.28 |
Total |  | $ | 2,415,382 |  |  |  |  |  |  |  |  |  |  |
December 31, 2014
Financial Instrument |  | Carrying Value |  | Valuation Technique |  | Unobservable Input |  | Minimum |  | Weighted Average |  | Maximum
CMBS (1) |  | $ | 2,305,409 |  |  | Discounted cash flow |  | Yield (4) |  | (13.06 | )% |  | 2.36 | % |  | 5.49 | %
|  |  |  |  |  | Duration (years)(5) |  | — |  |  | 4.68 |  |  | 8.26 |
CMBS interest-only (1) |  | 378,335 |  | (3) | Discounted cash flow |  | Yield (4) |  | (27.49 | )% |  | (4.93 | )% |  | 23.32 | %
|  |  |  |  |  | Duration (years)(5) |  | 0.49 |  |  | 3.50 |  |  | 4.73 |
|  |  |  |  |  | Prepayment speed (CPY)(5) |  | 100.00 |  |  | 100.00 |  |  | 100.00 |
GNMA interest-only (2) |  | 66,642 |  | (3) | Discounted cash flow |  | Yield (4) |  | (0.85 | )% |  | 5.9 | % |  | 54.24 | %
|  |  |  |  |  | Duration (years)(5) |  | — |  |  | 4.50 |  |  | 6.28 |
|  |  |  |  |  | Prepayment speed (CPJ)(5) |  | 5.00 |  |  | 14.99 |  |  | 35.00 |
GN construction securities (1) |  | 28,406 |  |  | Discounted cash flow |  | Yield (4) |  | 0.33 | % |  | 3.54 | % |  | 3.7 | %
|  |  |  |  |  | Duration (years)(5) |  | 1.95 |  |  | 9.42 |  |  | 10.02 |
GN permanent securities (1) |  | 36,773 |  |  | Discounted cash flow |  | Yield (4) |  | — | % |  | 1.28 | % |  | 6.43 | %
|  |  |  |  |  | Duration (years)(5) |  | 0.04 |  |  | 1.32 |  |  | 9.27 |
Total |  | $ | 2,815,565 |  |  |  |  |  |  |  |  |  |  |
(1) | CMBS, CMBS interest-only securities, GN construction securities, and GN permanent securities are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income.
(2) | Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings.
(3) | The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate.
Sensitivity of the Fair Value to Changes in the Unobservable Inputs
(4) | Significant increase (decrease) in the unobservable input in isolation would result in significantly lower (higher) fair value measurement.
(5) | Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (lower or higher) fair value measurement depending on the structural features of the security in question.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
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