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Investment Securities
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11 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Investments Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | Investment Securities As of December 31, 2013, the Company has investments in redeemable preferred stock and senior notes, with an aggregate fair value of $58.6 million. 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 loss as a component of stockholders' equity on the consolidated balance sheet unless the securities are considered to be permanently 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 December 31, 2013:
Unrealized losses as of December 31, 2013 were considered temporary and therefore no impairment was recorded during the period from January 22, 2013 (date of inception) to December 31, 2013. During the fourth quarter of 2013, the Company sold an investment in common stock with a cost basis of $0.4 million for $0.5 million resulting in a realized gain on sale of investment securities of $0.1 million. The Company's preferred stock investments are redeemable at the respective issuer's option after five years from issuance. The senior notes have a weighted-average maturity of 28.8 years and a weighted-average interest rate of 5.6% as of December 31, 2013. |
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