Real Estate Securities

3 Months Ended

Mar. 31, 2013

Real Estate Securities

Real Estate Securities

6. Real Estate Securities

        CRE securities are comprised of CMBS backed by a pool of CRE loans which are typically well-diversified by type and geography. The following table presents CRE securities (dollars in thousands):

											Weighted Average
							Cumulative Unrealized Gain (Loss) on Investments
	Number		Principal Amount(1)		Amortized Cost				Fair Value		Coupon(2)			Unleveraged Current Yield
CMBS:
March 31, 2013		8	$	104,542	$	52,596	$	1,403	$	53,999		4.53	%		9.08	%
December 31, 2012		4	$	30,575	$	29,124	$	458	$	29,582		5.39	%		5.71	%

(1)

Certain CRE securities serve as collateral for financing transactions including carrying value of $18.2 million for the CMBS Facilities (refer to Note 7). The remainder is unleveraged.

(2)

All CMBS are fixed rate.

        The Company recorded unrealized gains in OCI for the three months ended March 31, 2013 and 2012 of $0.9 million and $0.4 million, respectively.

        As of March 31, 2013, the weighted average contractual maturity of CRE securities was 34 years with an expected life of 8.5 years.