Investment Securities

3 Months Ended

Mar. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment Securities

The Company's investment securities are comprised of investments in redeemable preferred stock and equity securities, with an aggregate fair value of $3.8 million and $4.7 million as of March 31, 2015 and December 31, 2014, respectively. The equity securities consist of a real estate income fund that is managed by an affiliate of the Sponsor. See Note 13 — Related Party Transactions and Arrangements.

The Company's preferred stock investment is redeemable at the issuer's option after five years from issuance.

The following table details the unrealized gains and losses on investment securities as of March 31, 2015 and December 31, 2014:

(In thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
March 31, 2015
Redeemable preferred stock	$	238	$	17	$	—		$	255
Equity securities	3,169		331		—			3,500
Total	$	3,407	$	348	$	—		$	3,755
December 31, 2014
Redeemable preferred stock	$	1,288	$	21	$	(12	)	$	1,297
Equity securities	3,127		235		—			3,362
Total	$	4,415	$	256	$	(12	)	$	4,659

The Company did not have any securities that were in an unrealized loss position as of March 31, 2015.