Other Investments

9 Months Ended

Sep. 30, 2015

7. Other Investments

Other investments consisted of the following items as of September 30, 2015 and December 31, 2014:

	September 30, 2015		December 31, 2014
Short-term investments	$	30,444	$	20,252
Debt security, held-to-maturity		15,000		15,000
Equity investments		6,603		6,000
Total other investments	$	52,047	$	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 $14,620 and $14,853 at September 30, 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 in the non-public repurchase lending counterparty 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. As a member of the FHLB, the Company also has an equity investment of $603 in FHLB. The amount of investment required is partially dependent on the level of advances taken. This investment is accounted for under the cost method, because the stock can only be sold at its par value, and only to the FHLB.