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Debt Securities (Tables)
 9 Months Ended
Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Value of Debt 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

The amortized cost and estimated fair value of the Company’s debt securities at September 30, 2014 are summarized as follows:
 
Security Description
Face
Amount
 
Amortized
Cost
 
Gross
Unrealized
Gain
 
Gross
Unrealized
Loss
 
Carrying
Value
CMBS (Available-for-Sale)
$
17,777

 
$
18,673

 
$
—

 
$
(754
)
 
$
17,919

CMBS (Fair Value Option)
503,768

 
492,772

 
7,306

 
(377
)
 
499,701

CMBS (Held to Maturity)
155,000

 
153,998

 
—

 
—

 
153,998

Total
$
676,545

 
$
665,443

 
$
7,306

 
$
(1,131
)
 
$
671,618
Overall Statistics for Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis
The overall statistics for the Company’s CMBS (Available-for-Sale) and CMBS (Fair Value Option) investments calculated on a weighted average basis assuming no early prepayments or defaults as of September 30, 2014 and December 31, 2013 are as follows:
 
 
September 30, 2014
 
December 31, 2013
Credit Ratings *
AAA - CCC-

 
AAA - CCC

Coupon
5.8
%
 
5.8
%
Yield
6.3
%
 
5.3
%
Weighted Average Life
2.5 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 (Available-for-Sale) and CMBS (Fair Value Option) investments calculated on a weighted average basis as of September 30, 2014 and December 31, 2013 are as follows:
 
Vintage
September 30, 2014
 
December 31, 2013
2005
9.8
%
 
—
%
2006
19.6

 
3.0

2007
61.6

 
97.0

2008
9.0

 
—

Total
100
%
 
100
%
 
Property Type
September 30, 2014
 
December 31, 2013
Office
33.5
%
 
33.2
%
Retail
28.4

 
25.1

Multifamily
13.7

 
15.3

Hotel
9.3

 
12.0

Other *
15.1

 
14.4

Total
100
%
 
100
%
 *    No other individual category comprises more than 10% of the total.
 
Location
September 30, 2014
 
December 31, 2013
South Atlantic
23.6
%
 
23.4
%
Middle Atlantic
20.9

 
22.8

Pacific
17.3

 
17.6

East North Central
11.0

 
—

Other *
27.2

 
36.2

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