Securities (Tables)

3 Months Ended

Mar. 31, 2017

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, 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 March 31, 2017 are summarized as follows:



Security Description	Face Amount		Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Fair Value
CMBS (Fair Value Option)	$	304,768	$	296,159	$	1,833	$	(36,151	)	$	261,841
CMBS (Held-to-Maturity)	145,780		145,780		—		—			145,780
Total	$	450,548	$	441,939	$	1,833	$	(36,151	)	$	407,621

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 March 31, 2017 and December 31, 2016 are as follows:



	March 31, 2017		December 31, 2016
Credit Ratings *	B-NR		B+-NR
Coupon	5.9	%	5.9	%
Yield	4.3	%	6.0	%
Weighted Average Life	2.4 years		2.5 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 March 31, 2017 and December 31, 2016 are as follows:



Vintage	March 31, 2017		December 31, 2016
2005	2.5	%	2.0	%
2006	14.9		12.1
2007	67.4		73.5
2008	15.2		12.4
Total	100.0	%	100.0	%



Property Type	March 31, 2017		December 31, 2016
Office	31.7	%	34.6	%
Retail	32.5		29.0
Multifamily	11.3		12.4
Other ⁽¹⁾	24.5		24.0
Total	100.0	%	100.0	%

(1) No other individual category comprises more than 10% of the total.



Location	March 31, 2017		December 31, 2016
South Atlantic	26.7	%	23.8	%
Middle Atlantic	15.7		16.7
Pacific	13.9		15.3
East North Central	12.1		10.8
Other ⁽¹⁾	31.6		33.4
Total	100.0	%	100.0	%

(1) No other individual category comprises more than 10% of the total.