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Debt Securities | 6 Months Ended
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Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract] |
Debt Securities | Debt Securities At June 30, 2014, 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”), UBS AG, London Branch ("UBS") (the "UBS Facility") and Deutsche Bank AG ("DB") (the "DB Facility"). (See Note 8 for a description of these facilities). The amortized cost and estimated fair value of the Company’s debt securities at June 30, 2014 are summarized as follows:
Security Description | Face Amount |  | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Estimated Fair Value
CMBS (Available-for-Sale) | $ | 23,097 |  |  | $ | 24,074 |  |  | $ | — |  |  | $ | (793 | ) |  | $ | 23,281 |
CMBS (Fair Value Option) | 320,499 |  |  | 315,650 |  |  | 9,143 |  |  | (69 | ) |  | 324,724 |
Total | $ | 343,596 |  |  | $ | 339,724 |  |  | $ | 9,143 |  |  | $ | (862 | ) |  | $ | 348,005 |
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, 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 |
The overall statistics for the Company’s CMBS investments calculated on a weighted average basis assuming no early prepayments or defaults as of June 30, 2014 and December 31, 2013 are as follows:
| June 30, 2014 |  | December 31, 2013
Credit Ratings * | AAA - CC |  |  | AAA - CCC |
Coupon | 5.8 | % |  | 5.8 | %
Yield | 6.3 | % |  | 5.3 | %
Weighted Average Life | 2.8 years |  |  | 3.1 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 calculated on a weighted average basis as of June 30, 2014 and December 31, 2013 are as follows:
Vintage | June 30, 2014 |  | December 31, 2013
2005 | 13 | % |  | — | %
2006 | 15 |  |  | 3 |
2007 | 71 |  |  | 97 |
2008 | 1 |  |  | — |
Total | 100 | % |  | 100 | %
Property Type | June 30, 2014 |  | December 31, 2013
Office | 36.6 | % |  | 35.5 | %
Retail | 24.3 |  |  | 24.1 |
Hotel | 14.2 |  |  | 13.7 |
Multifamily | 11.4 |  |  | 12.7 |
Other * | 13.5 |  |  | 14.0 |
Total | 100 | % |  | 100 | %
* No other individual category comprises more than 10% of the total.
Location | June 30, 2014 |  | December 31, 2013
South Atlantic | 24.0 | % |  | 23.4 | %
Middle Atlantic | 20.3 |  |  | 22.8 |
Pacific | 17.7 |  |  | 17.6 |
East North Central | 11.0 |  |  | — |
Other * | 27.0 |  |  | 36.2 |
Total | 100 | % |  | 100 | %
* No other individual category comprises more than 10% of the total.

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