Debt Securities (Tables)

12 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2016 are summarized as follows:



Security Description	Face Amount		Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Fair Value
CMBS (Fair Value Option)	$	375,861	$	368,247	$	292	$	(37,463	)	$	331,076
CMBS (Held-to-Maturity)	146,530		146,352		—		—			146,352
Total	$	522,391	$	514,599	$	292	$	(37,463	)	$	477,428

The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2015 are summarized as follows:



Security Description	Face Amount		Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Fair Value
CMBS (Fair Value Option)	511,482		504,253		2,614		(13,718		)	493,149
CMBS (Held-to-Maturity)	153,250		153,193		—		—			153,193
Total	$	664,732	$	657,446	$	2,614	$	(13,718	)	$	646,342

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, 2016:



	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 (Fair Value Option)	63,589		(1,780		)	228,206		(35,683		)
Total	$	63,589	$	(1,780	)	$	228,206	$	(35,683	)

Overall Statistics for Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis

The overall statistics for the Company’s CMBS (Fair Value Option) calculated on a weighted average basis as of December 31, 2016 and 2015 are as follows:



	December 31, 2016		December 31, 2015
Credit Ratings *	B+-NR		BB-D
Coupon	5.9	%	5.9	%
Yield	6.0	%	6.5	%
Weighted Average Life	2.5 years		1.6 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 (Fair Value Option) calculated on a weighted average basis as of December 31, 2016 and 2015 are as follows:



Vintage	December 31, 2016		December 31, 2015
2005	2.0	%	8.3	%
2006	12.1		20.0
2007	73.5		62.4
2008	12.4		9.3
Total	100	%	100	%



Property Type	December 31, 2016		December 31, 2015
Office	34.6	%	32.0	%
Retail	29.0		30.2
Multifamily	12.4		13.5
Other *	24.0		24.3
Total	100	%	100	%


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



Location	December 31, 2016		December 31, 2015
South Atlantic	23.8	%	23.0	%
Middle Atlantic	16.7		18.1
Pacific	15.3		17.8
East North Central	10.8		12.5
Other *	33.4		28.6
Total	100	%	100	%


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