Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS IN REAL ESTATE SECURITIES - UNREALIZED LOSS POSITION (Details 1)

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INVESTMENTS IN REAL ESTATE SECURITIES - UNREALIZED LOSS POSITION (Details 1) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Outstanding face amount $ 1,538,755 [1]
Amortized cost basis 1,286,314 [1]
Weighted average rating BB+ [1],[2]
Weighted average coupon 1.95% [1]
Weighted average yield 3.26%
Weighted average maturity (years) 5 years 11 months [1],[3]
Securities in an Unrealized Loss Position Less than Twelve Months
 
Outstanding face amount 397,038
Before Impairment - Amortized Cost Basis 332,125
Amortized cost basis 332,125
Gross unrealized losses - less than twelve months (2,053)
Carrying value 330,072
Number of securities 24
Weighted average rating BB
Weighted average coupon 1.99%
Weighted average yield 2.58%
Weighted average maturity (years) 6 years 8 months
Securities in an Unrealized Loss Position Greater than Twelve Months
 
Outstanding face amount 7,551
Before Impairment - Amortized Cost Basis 8,074
Amortized cost basis 8,074
Gross unrealized losses - twelve months or more (6)
Carrying value 8,068
Number of securities 1
Weighted average rating AAA
Weighted average coupon 2.77%
Weighted average yield 0.88%
Weighted average maturity (years) 4 years 8 months
Securities in a Loss Position
 
Outstanding face amount 404,589
Before Impairment - Amortized Cost Basis 340,199
Amortized cost basis 340,199
Total gross unrealized losses (2,059)
Carrying value $ 338,140
Number of securities 25
Weighted average rating BB
Weighted average coupon 2.01%
Weighted average yield 2.54%
Weighted average maturity (years) 6 years 8 months
[1] The total outstanding face amount of fixed rate securities was $1.1 million, and of floating rate securities was $1.5 billion.
[2] Represents the weighted average of the ratings of all securities in each asset type, expressed as an S and 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 as of a particular date, may not be current and are subject to change at any time.
[3] The weighted average maturity is based on the timing of expected principal reduction on the assets.