Investment Securities

6 Months Ended

Jun. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment Securities

As of June 30, 2014, the Company had investments in redeemable preferred stock and a real estate income fund, with a combined fair value of $4.4 million. The real estate income fund is managed by an affiliate of the Sponsor (see Note 14 —Related Party Transactions and Arrangements). These investments are considered available-for-sale securities and therefore increases or decreases in the fair value of these investments are recorded in accumulated other comprehensive income (loss) as a component of equity on the consolidated balance sheets unless the securities are considered to be other than temporarily impaired at which time the losses would be reclassified to expense.

The following table details the unrealized gains and losses on investment securities as of June 30, 2014 and December 31, 2013:

(In thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2014	$	4,288	$	125	$	(37	)	$	4,376
December 31, 2013	$	1,288	$	—	$	(240	)	$	1,048

Unrealized losses as of June 30, 2014 were considered temporary and therefore no impairment was recorded during the three and six months ended June 30, 2014.

The Company's preferred stock investments are redeemable at the respective issuer's option after five years from issuance.