Quarterly report pursuant to Section 13 or 15(d)

REAL ESTATE SECURITIES (Tables)

v3.8.0.1
REAL ESTATE SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Schedule of real estate securities holdings
The following is a summary of the Company’s real estate securities at September 30, 2017, all of which are classified as available-for-sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income, except for securities that are other-than-temporarily impaired.
 
 
September 30, 2017
 
 
 
 
Amortized Cost Basis
 
Gross Unrealized
 
 
 
 
 
Weighted Average
Asset Type
 
Outstanding Face Amount
 
Before Impairment
 
Other-Than- Temporary Impairment
 
After Impairment
 
Gains
 
Losses
 
Carrying
 Value (A)
 
Number of Securities
 
Rating (B)
 
Coupon
 
Yield
 
Life
(Years) (C)
 
Principal Subordination (D)
ABS - Non-Agency RMBS
 
$
4,000

 
$
2,410

 
$
(1,521
)
 
$
889

 
$
1,347

 
$
—

 
$
2,236

 
1

 
CCC
 
1.63
%
 
22.61
%
 
7.5
 
31.4
%
Total Securities, Available for Sale (E)
 
$
4,000

 
$
2,410

 
$
(1,521
)
 
$
889

 
$
1,347

 
$
—

 
$
2,236

 
1

 
 
 
 
 
 
 
 
 
 
  
(A)
See Note 10 regarding the estimation of fair value, which is equal to carrying value for all securities.
(B)
Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. Ratings provided were determined by third-party rating agencies, represent the most recent credit ratings available as of the reporting date and may not be current.
(C)
The weighted average life is based on the timing of expected cash flows on the assets.
(D)
Percentage of the outstanding face amount of securities and residual interests that is subordinate to the Company’s investments.
(E)
The total outstanding face amount was $4.0 million for floating rate securities.
Schedule of geographic distribution of collateral securing Drive Shack's ABS
The table below summarizes the geographic distribution of the collateral securing the asset-backed securities (“ABS”) at September 30, 2017:
 
 
ABS - Non-Agency RMBS
Geographic Location
 
Outstanding Face Amount
 
Percentage
Western U.S.
 
$
1,277

 
31.9
%
Northeastern U.S.
 
592

 
14.8
%
Southeastern U.S.
 
1,091

 
27.3
%
Midwestern U.S.
 
426

 
10.6
%
Southwestern U.S.
 
614

 
15.4
%
 
 
$
4,000

 
100.0
%