During the three months ended March 31, 2019, the Company purchased for short-term cash management and investment purposes 10 CRE CLO investments for an aggregate purchase price of $234.2 million. The purchased CRE CLO investments consist of floating rate debt securities which, in the aggregate, had a weighted average coupon of LIBOR plus 2.2%. As of March 31, 2019 and December 31, 2018, the Company had 14 and four CMBS and CRE CLO investments, respectively, designated as available-for-sale securities. Details of the carrying and fair values of the Company’s CMBS and CRE CLO investment portfolio are as follows (dollars in thousands):

	March 31, 2019
	Face Amount		Unamortized Premium (Discount), net			Gross Unrealized (Loss)			Estimated Fair Value
Investments, at Fair Value
CMBS and CRE CLO Investments	$	310,192	$	(19	)	$	(1,879	)	$	308,294

	December 31, 2018
	Face Amount		Unamortized Premium (Discount), net			Gross Unrealized (Loss)			Estimated Fair Value
Investments, at Fair Value
CMBS and CRE CLO Investments	$	76,404	$	(38	)	$	(1,985	)	$	74,381

CMBS and CRE CLO investment fair values are considered Level II fair value measurements within the fair value hierarchy of ASC 820-10. The CMBS and CRE CLO investment fair values are based upon market, broker, and counterparty or pricing services quotations, which provide valuation estimates, based upon reasonable market order indications. The Company reviews the fair value quotations, which are subject to significant variability based on market conditions such as interest rates, credit spreads and market liquidity, for reasonableness and consistency.

The Company’s CMBS and CRE CLO investments have a weighted average contractual maturity, based on estimated fair value, of 16.3 years. The amortized cost and estimated fair value of the Company’s available-for-sale CMBS and CRE CLO investments by contractual maturity are shown in the following table (dollars in thousands):

	March 31, 2019
	Amortized Cost		Estimated Fair Value
Maturity Date
Within five years	$	37,920	$	37,582
After five years		272,328		270,712
Total investment in CMBS and CRE CLO securities, at amortized cost and estimated fair value	$	310,248	$	308,294

	December 31, 2018
	Amortized Cost		Estimated Fair Value
Maturity Date
After one, within five years	$	37,929	$	38,076
After five years		38,436		36,305
Total investment in CMBS and CRE CLO securities, at amortized cost and estimated fair value	$	76,365	$	74,381

As of March 31, 2019, certain CMBS investments within the Company’s CMBS and CLO investment holdings were in an unrealized loss position. During the three months ended March 31, 2019 and year ended December 31, 2018, these CMBS investments traded at, or near, their carrying values, and interest and principal payments are current. Additionally, as of March 31, 2019, substantially all of the unrealized loss position relates to CMBS investments issued by a government sponsored enterprise. Currently, all of the underlying mortgage loans are performing. No other-than-temporary impairments were recognized through income during the three months ended March 31, 2019 or the year ended December 31, 2018.