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Debt Securities | 9 Months Ended
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Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract] |
Debt Securities | Debt Securities At September 30, 2013, all of the Company's CMBS were pledged to secure borrowings under the Company’s master repurchase agreements with Wells Fargo Bank, N.A. (“Wells Fargo”) (the “Wells Facility”) and UBS AG, London Branch ("UBS") (the "UBS Facility"). (See Note 8 for a description of these facilities). During 2013, the Company purchased CMBS with an aggregate face amount of $92,279 and an aggregate purchase price of $91,391. The CMBS were financed under the UBS Facility and the Company elected the Fair Value Option for these securities. The amortized cost and estimated fair value of the Company’s debt securities at September 30, 2013 are summarized as follows:
Security Description | Face Amount |  | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Estimated Fair Value
CMBS (Available-for-Sale) | $ | 36,925 |  |  | $ | 38,178 |  |  | $ | — |  |  | $ | (619 | ) |  | $ | 37,559 |
CMBS (Fair Value Option) | 180,365 |  |  | 179,841 |  |  | 372 |  |  | (235 | ) |  | 179,978 |
CMBS – Hilton (Fair Value Option) | 70,682 |  |  | 69,587 |  |  | 1,095 |  |  | — |  |  | 70,682 |
Total | $ | 287,972 |  |  | $ | 287,606 |  |  | $ | 1,467 |  |  | $ | (854 | ) |  | $ | 288,219 |
The gross unrealized loss related to the available-for-sale securities results from the fair value of the securities falling below the amortized cost basis. The unrealized losses are primarily the result of market factors other than credit impairment and the Company believes the carrying value of the securities are fully recoverable over their expected holding period. Management does not intend to sell or expect to be forced to sell the securities prior to the Company recovering the amortized cost. As such, management does not believe any of the securities are other than temporarily impaired. The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2012 are summarized as follows:
Security Description | Face Amount |  | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Estimated Fair Value
CMBS (Available-for-Sale) | $ | 65,410 |  |  | $ | 67,109 |  |  | $ | 249 |  |  | $ | (279 | ) |  | $ | 67,079 |
CMBS (Fair Value Option) | 134,694 |  |  | 136,354 |  |  | 2,061 |  |  | (167 | ) |  | 138,248 |
CMBS – Hilton (Fair Value Option) | 73,239 |  |  | 70,250 |  |  | 3,311 |  |  | — |  |  | 73,561 |
Total | $ | 273,343 |  |  | $ | 273,713 |  |  | $ | 5,621 |  |  | $ | (446 | ) |  | $ | 278,888 |
The Hilton CMBS has a current interest rate of one-month London InterBank Offered Rate (“LIBOR”)+2.30%, which increases to LIBOR+3.30% on November 12, 2013 and LIBOR+3.80% on November 12, 2014. The Hilton CMBS receives principal repayments according to a schedule that is approximately equivalent to a 16-year amortization schedule and has a yield of 5.6%. The overall statistics for the Company’s CMBS investments (excluding the Hilton CMBS) calculated on a weighted average basis assuming no early prepayments or defaults as of September 30, 2013 and December 31, 2012 are as follows:
| September 30, 2013 |  | December 31, 2012
Credit Ratings * | AAA-CCC |  |  | AAA |
Coupon | 5.8 | % |  | 5.6 | %
Yield | 5.3 | % |  | 4.1 | %
Weighted Average Life | 2.2 years |  |  | 1.8 years |
* | Ratings per Fitch Ratings, Moody’s Investors Service or Standard & Poor's.
The percentage vintage, property type and location of the collateral securing the Company’s CMBS investments (excluding the Hilton CMBS) calculated on a weighted average basis as of September 30, 2013 and December 31, 2012 are as follows:
Vintage | September 30, 2013 |  | December 31, 2012
2006 | — | % |  | 1 | %
2007 | 100 |  |  | 99 |
Total | 100 | % |  | 100 | %
Property Type | September 30, 2013 |  | December 31, 2012
Office | 40.0 | % |  | 40.5 | %
Retail | 22.1 |  |  | 23.2 |
Hotel | 13.0 |  |  | 10.5 |
Multifamily | 12.3 |  |  | 12.9 |
Other * | 12.6 |  |  | 12.9 |
Total | 100 | % |  | 100 | %
* No other individual category comprises more than 10% of the total.
Location | September 30, 2013 |  | December 31, 2012
Middle Atlantic | 22.9 | % |  | 21.4 | %
Pacific | 21.7 |  |  | 23.8 |
South Atlantic | 21.1 |  |  | 21.8 |
Other * | 34.3 |  |  | 33.0 |
Total | 100 | % |  | 100 | %
* No other individual category comprises more than 10% of the total.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 + Details
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