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Fair Value Disclosure (Tables)
 12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
Summarizes Levels in Fair Value Hierarchy of Financial Instruments
The following table summarizes the levels in the fair value hierarchy into which the Company’s financial instruments were categorized as of December 31, 2017 and 2016: 
 
Fair Value as of December 31, 2017
 
Fair Value as of December 31, 2016
 
Level I
 
Level II
 
Level III
 
Total
 
Level I
 
Level II
 
Level III
 
Total
CMBS (Fair Value Option)
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
331,076

 
$
—

 
$
331,076

Derivative instruments
—

 
(5,644
)
 
—

 
(5,644
)
 
—

 
5,906

 
—

 
5,906

Total
$
—

 
$
(5,644
)
 
$
—

 
$
(5,644
)
 
$
—

 
$
336,982

 
$
—

 
$
336,982
Reconciliation of Level III Investments
The following is a reconciliation of investments for which Level III inputs were used in determining fair value:
 
 
CMBS
Fair value at December 31, 2016
 
$
—

Transfers into Level III (1)
 
254,484

Net realized loss on investments
 
(41,651
)
Net increase in unrealized gain on investments
 
38,830

Sales and repayments of investments
 
(250,464
)
Amortization of purchase discount, net
 
(1,199
)
Fair value at December 31, 2017
 
$
—

———————
(1) Transfers into Level III of the fair value hierarchy represent investments that experienced an insignificant level of market activity during the period and were thus valued in the absence of observable inputs. Transfers into Level III of the fair value hierarchy are recorded at the end of the reporting period. In June 2017, the Manager determined that, based on illiquidity in the market for these securities, broker quotes, which are the primary valuation technique used to mark these investments at fair value, lack observable inputs and thus a transfer into Level III was necessary. Based on this determination, as of June 30, 2017, we have applied Level III classification to these securities.