Other Investments

6 Months Ended

Jun. 30, 2014

5. Other Investments

Other investments consisted of the following items as of June 30, 2014 and December 31, 2013:

	June 30, 2014		December 31, 2013
Short-term investments	$	20,203	$	19,910
Debt security, held-to-maturity		15,000		15,000
Equity investment		6,000		-
Total other investments	$	41,203	$	34,910

Short-term investments represent liquid deposits with original maturities greater than three months and less than one year.

The Company owns both a $15,000 debt security and a $6,000 equity investment in a non-public repurchase lending counterparty. The debt security matures on March 24, 2019. The Company has designated this debt security as a held-to-maturity investment, and as such it is carried at its cost basis. The debt security pays interest quarterly at the rate of 4.0% above the three-month London Interbank Offered Rate (“LIBOR”). The Company estimates the fair value of this debt security to be approximately $15,007 and $14,307 at June 30, 2014 and December 31, 2013, respectively, which was determined by calculating the present value of the projected future cash flows using a discount rate from a similar issuer and security. The Company accounts for the equity investment under the cost method.