Other Investments

3 Months Ended

Mar. 31, 2015

6. Other Investments

Other investments consisted of the following items as of March 31, 2015 and December 31, 2014:

	March 31, 2015		December 31, 2014
Short-term investments	$	20,438	$	20,252
Debt security, held-to-maturity		15,000		15,000
Equity investment		6,000		6,000
Total other investments	$	41,438	$	41,252

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 $14,926 and $14,853 at March 31, 2015 and December 31, 2014, 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 (which represent Level 2 inputs). 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.