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Debt Securities (Tables)
 12 Months Ended
Dec. 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 December 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)
$
17,013

 
$
17,783

 
$
—

 
$
(678
)
 
$
17,105

CMBS (Fair Value Option)
527,177

 
516,443

 
7,322

 
(1,035
)
 
522,730

Total
$
544,190

 
$
534,226

 
$
7,322

 
$
(1,713
)
 
$
539,835

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
Schedule of Continuous Unrealized Loss Position, Debt Securities
The following table presents information about the Company's debt securities that were in an unrealized loss position at December 31, 2014:
 
Unrealized Loss Position for Less than 12 months
 
Unrealized Loss Position for 12 months or More
Security Description
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
CMBS (Available-for-Sale)
$
—

 
$
—

 
$
17,105

 
$
(678
)
CMBS (Fair Value Option)
130,435

 
(1,019
)
 
6,315

 
(16
)
Total
$
130,435

 
$
(1,019
)
 
$
23,420

 
$
(694
)
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) calculated on a weighted average basis as of December 31, 2014 and 2013 are as follows:
 
 
December 31,
2014
 
December 31,
2013
Credit Ratings *
AAA-CCC-

 
AAA-CCC

Coupon
5.9
%
 
5.8
%
Yield
6.4
%
 
5.3
%
Weighted Average Life
2.3 years

 
3.1 years

*
Ratings per Fitch Ratings, Moody’s Investors Service or Standard &P
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) calculated on a weighted average basis as of December 31, 2014 and 2013 are as follows:
 
Vintage
December 31,
2014
 
December 31,
2013
2005
9.0
%
 
—
%
2006
19.0

 
3.0

2007
63.0

 
97.0

2008
9.0

 
—

Total
100
%
 
100
%
Property Type
December 31,
2014
 
December 31,
2013
Office
33.4
%
 
33.2
%
Retail
29.1

 
25.1

Multifamily
13.3

 
15.3

Hotel
9.2

 
12.0

Other *
15.0

 
14.4

Total
100
%
 
100
%
*
No other individual category comprises more than 10% of the total.
 
Location
December 31,
2014
 
December 31,
2013
South Atlantic
23.2
%
 
23.4
%
Middle Atlantic
21.1

 
22.8

Pacific
17.0

 
17.6

East North Central
11.0

 
—

Other *
27.7

 
36.2

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