Securities

During the year-ended December 31, 2017, the Company sold all of its securities resulting in a net realized loss of $42,693.

CMBS (Held-to-Maturity) represents a loan the Company closed during May 2014 that was subsequently contributed to a securitization during August 2014. During May 2014, the Company closed a $155,000 floating-rate whole loan secured by the first mortgage and equity interests in an entity that owns a resort hotel in Aruba. During June 2014, the Company syndicated a $90,000 senior participation in the loan and retained a $65,000 junior participation. The Company evaluated this transaction and concluded that due to its continuing involvement, the transaction should not be accounted for as a sale. During August 2014, both the $90,000 senior participation and the Company's $65,000 junior participation were contributed to a CMBS securitization. In exchange for contributing its $65,000 junior participation, the Company received a CMBS secured solely by the $65,000 junior participation. During May 2017, the loan and associated CMBS (Held-to-Maturity) were fully repaid and the related securities, held-to-maturity and participation sold line items were removed from the Company's consolidated balance sheet.

The amortized cost and estimated fair value of the Company’s 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

During the year-ended December 31, 2016, the Company sold securities resulting in a net realized gain of $1,470.

The overall statistics for the Company’s CMBS (Fair Value Option) calculated on a weighted average basis as of December 31, 2016. Statistics are not presented as of December 31, 2017 because the company did not hold any CMBS (Fair Value Option):



	December 31, 2016
Credit Ratings *	B+-NR
Coupon	5.9	%
Yield	6.0	%
Weighted Average Life	2.5 years


*	Ratings per Fitch Ratings, Moody’s Investors Service or Standard & Poor's.

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. These metrics are not presented as of December 31, 2017 because the company did not hold any CMBS (Fair Value Option):



Vintage	December 31, 2016
2005	2.0	%
2006	12.1
2007	73.5
2008	12.4
Total	100	%



Property Type	December 31, 2016
Office	34.6	%
Retail	29.0
Multifamily	12.4
Other *	24.0
Total	100	%


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



Location	December 31, 2016
South Atlantic	23.8	%
Middle Atlantic	16.7
Pacific	15.3
East North Central	10.8
Other *	33.4
Total	100	%


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