Other Investments

12 Months Ended

Dec. 31, 2014

6.	Other Investments

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

	December 31, 2014		December 31, 2013
Short-term investments	$	20,252	$	19,910
Debt security, held-to-maturity		15,000		15,000
Equity investment		6,000		-
Total other investments	$	41,252	$	34,910

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 $14,853 and $14,307 at December 31, 2014 and 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 and concluded there have been no identified events or circumstances that would have a significant adverse effect on the fair value of the investment since the purchase date.