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Real Estate Securities
 3 Months Ended
Mar. 31, 2013
Investments, Debt and Equity Securities [Abstract]  
Real Estate Securities
Real Estate Securities
The following tables present the current principal balance, premium or discount, amortized cost, gross unrealized gains, gross unrealized losses, and fair market value of the Company's real estate securities portfolio at March 31, 2013 and December 31, 2012, respectively. The non-Agency RMBS portfolio is not issued or guaranteed by Fannie Mae, Freddie Mac or any agency of the U.S. Government and is therefore subject to credit risk.
March 31, 2013:
($ in thousands)
 
 
 
 
 
 
Gross Unrealized
 
 
 
Weighted Average
 
Current Principal
 
Unamortized Premium (Discount)
 
Amortized Cost
 
Gains
 
Losses
 
Fair Value
 
Coupon
 
Yield
 
Weighted Average Life(Years)(1)
Non-Agency RMBS
$
20,252

 
$
(8,153
)
 
$
12,099

 
$
536

 
$
(275
)
 
$
12,360

 
2.9%
 
7.9%
 
6.04
December 31, 2012:
($ in thousands)
 
 
 
 
 
 
Gross Unrealized
 
 
 
Weighted Average
 
Current Principal
 
Unamortized Premium (Discount)
 
Amortized
Cost
 
Gains
 
Losses
 
Fair Value
 
Coupon
 
Yield
 
Weighted Average Life(Years)(1)
Non-Agency RMBS
$
26,890

 
$
(13,400
)
 
$
13,490

 
$
117

 
$
(11
)
 
$
13,596

 
2.2%
 
8.5%
 
7.80
(1)
Actual maturities of MBS are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal.