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Debt Securities (Tables)
 3 Months Ended
Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Value
The amortized cost and estimated fair value of the Company’s debt securities at March 31, 2014 are summarized as follows:
 
Security Description
Face
Amount
 
Amortized
Cost
 
Gross
Unrealized
Gain
 
Gross
Unrealized
Loss
 
Estimated
Fair
Value
CMBS (Available-for-Sale)
$
25,281

 
$
26,364

 
$
—

 
$
(887
)
 
$
25,477

CMBS (Fair Value Option)
146,497

 
146,810

 
4,432

 
(108
)
 
151,134

Total
$
171,778

 
$
173,174

 
$
4,432

 
$
(995
)
 
$
176,611

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
Overall Statistics for Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis
The overall statistics for the Company’s CMBS investments calculated on a weighted average basis assuming no early prepayments or defaults as of March 31, 2014 and December 31, 2013 are as follows:
 
 
March 31, 2014
 
December 31, 2013
Credit Ratings *
AAA-CCC

 
AAA-CCC

Coupon
5.8
%
 
5.8
%
Yield
5.4
%
 
5.3
%
Weighted Average Life
3.1 years

 
3.1 years

 
*
Ratings per Fitch Ratings, Moody’s Investors Service or Standard & Poor's.
Percentage Vintage, Property Type, and Location of Collateral Securing Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis
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 March 31, 2014 and December 31, 2013 are as follows:
 
Vintage
March 31, 2014
 
December 31, 2013
2006
3
%
 
3
%
2007
97

 
97

Total
100
%
 
100
%
 
Property Type
March 31, 2014
 
December 31, 2013
Office
36.0
%
 
35.5
%
Retail
24.0

 
24.1

Hotel
13.8

 
13.7

Multifamily
12.1

 
12.7

Other *
14.1

 
14.0

Total
100
%
 
100
%
 *    No other individual category comprises more than 10% of the total.
 
Location
March 31, 2014
 
December 31, 2013
South Atlantic
23.8
%
 
23.4
%
Middle Atlantic
23.0

 
22.8

Pacific
17.0

 
17.6

East North Central
10.3

 
—

Other *
25.9

 
36.2

Total
100
%
 
100
%
 *    No other individual category comprises more than 10% of the total.