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Debt Securities | 12 Months Ended
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Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract] |
Debt Securities | Debt Securities At December 31, 2013, all of the Company's CMBS were pledged to secure borrowings under the Wells Facility and the UBS Facility. See Note 8 – Borrowings for a description of these facilities. During 2013, the Company purchased CMBS with an aggregate face amount of $133,783 and an aggregate purchase price of $133,899. 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 December 31, 2013 are summarized as follows:
Security Description | Face Amount |  | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Estimated Fair Value
CMBS (Available-for-Sale) | $ | 33,066 |  |  | $ | 34,232 |  |  | $ | — |  |  | $ | (870 | ) |  | $ | 33,362 |
CMBS (Fair Value Option) | 155,577 |  |  | 155,946 |  |  | 2,313 |  |  | (173 | ) |  | 158,086 |
Total | $ | 188,643 |  |  | $ | 190,178 |  |  | $ | 2,313 |  |  | $ | (1,043 | ) |  | $ | 191,448 |
During June 2012, the Company purchased CMBS with a face amount of $74,854 for which the obligors are certain special purpose entities formed in 2010 to hold substantially all of the assets of Hilton Worldwide, Inc. (the “Hilton CMBS”). The Hilton CMBS was purchased for $70,655 and was financed with $49,459 of borrowings under the Company’s master repurchase agreement with Wells Fargo Bank, N.A. (the “Wells Facility”), which was amended to provide up to $100,000 of additional financing for the Hilton CMBS. See Note 8 – Borrowings for a description of the Wells Facility. The Company has elected the fair value option for the Hilton CMBS. The Hilton CMBS and related borrowings were fully repaid in November 2013. During March 2012, the Company sold CMBS with an amortized cost of $137,423 resulting in a net realized gain of $262, which was comprised of realized gains of $345 and realized losses of $83. The sale generated proceeds of $14,621 after the repayment of $123,064 of borrowings under the Wells Facility. 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 temporary impairment of the available-for-sale securities results from the fair value of the securities falling below the amortized cost basis. These 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. Additionally, all unrealized losses on securities available-for-sale at December 31, 2013 have existed for less than twelve months. As such, management does not believe any of the securities are other than temporarily impaired. 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 December 31, 2013 and 2012 are as follows:
| December 31, 2013 |  | December 31, 2012
Credit Ratings * | AAA-CCC |  |  | AAA |
Coupon | 5.8 | % |  | 5.6 | %
Yield | 5.3 | % |  | 4.1 | %
Weighted Average Life | 3.1 years |  |  | 1.8 years |
* | Ratings per Fitch, Moody’s or S&P
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 December 31, 2013 and 2012 are as follows:
Vintage | December 31, 2013 |  | December 31, 2012
2006 | 3 | % |  | 1 | %
2007 | 97 |  |  | 99 |
Total | 100 | % |  | 100 | %
Property Type | December 31, 2013 |  | December 31, 2012
Office | 35.5 | % |  | 40.5 | %
Retail | 24.1 |  |  | 23.2 |
Hotel | 13.7 |  |  | 10.5 |
Multifamily | 12.7 |  |  | 12.9 |
Other * | 14.0 |  |  | 12.9 |
Total | 100 | % |  | 100 | %
* | No other individual category comprises more than 10% of the total.
Location | December 31, 2013 |  | December 31, 2012
South Atlantic | 23.4 | % |  | 21.8 | %
Middle Atlantic | 22.8 |  |  | 21.4 |
Pacific | 17.6 |  |  | 23.8 |
Other * | 36.2 |  |  | 33.0 |
Total | 100 | % |  | 100 | %
* | No other individual category comprises more than 10% of the total.

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