Securities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2017 are summarized as follows:



Security Description	Face Amount		Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Fair Value
CMBS (Fair Value Option)	$	222,522	$	217,242	$	247	$	(25,587	)	$	191,902

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

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 September 30, 2017 and December 31, 2016 are as follows:



	September 30, 2017		December 31, 2016
Credit Ratings *	BB-D		B+-NR
Coupon	5.9	%	5.9	%
Yield	4.2	%	6.0	%
Weighted Average Life	2.0 years		2.5 years

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*	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 September 30, 2017 and December 31, 2016 are as follows:



Vintage	September 30, 2017		December 31, 2016
2005	—	%	2.0	%
2006	21.2		12.1
2007	57.0		73.5
2008	21.8		12.4
Total	100.0	%	100.0	%



Property Type	September 30, 2017		December 31, 2016
Office	37.8	%	34.6	%
Retail	25.8		29.0
Multifamily	13.6		12.4
Other ⁽¹⁾	22.8		24.0
Total	100.0	%	100.0	%

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



Location	September 30, 2017		December 31, 2016
South Atlantic	28.3	%	23.8	%
Middle Atlantic	11.9		16.7
Pacific	5.8		15.3
East North Central	16.7		10.8
Other ⁽¹⁾	37.3		33.4
Total	100.0	%	100.0	%

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