Quarterly report pursuant to Section 13 or 15(d)

Trading Securities, at Fair Value (Notes)

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Trading Securities, at Fair Value (Notes)
 3 Months Ended
Mar. 31, 2012
Trading Securities, at Fair Value [Abstract]  
Trading Securities, at Fair Value
Trading Securities, at Fair Value
The Company holds U.S. Treasuries in its taxable REIT subsidiary and classifies these securities as trading instruments due to its short-term investment objectives. As of March 31, 2012 and December 31, 2011, the Company held U.S. Treasuries with an amortized cost of $1.0 billion and a fair value of $1.0 billion for both periods, classified as trading securities. The unrealized gains included within trading securities were $1.9 million and $3.1 million as of March 31, 2012 and December 31, 2011, respectively.
For the three months ended March 31, 2012, the Company did not sell any trading securities. For the three months ended March 31, 2011, the Company sold trading securities for $199.5 million with an amortized cost of $200.0 million, resulting in realized losses of $0.5 million on the sale of these investment securities. For the three months ended March 31, 2012 and March 31, 2011, trading securities experienced unrealized losses of $1.2 million and unrealized gains of $0.4 million, respectively. Both realized and unrealized gains and losses are recorded as a component of gains on investment securities, net in the Company's condensed consolidated statements of comprehensive income.
At March 31, 2012, the Company pledged trading securities with a carrying value of $1.0 billion as collateral for repurchase agreements. See Note 12 - Repurchase Agreements.