Annual report pursuant to Section 13 and 15(d)

Trading Securities, at Fair Value (Notes)

v3.3.1.900
Trading Securities, at Fair Value (Notes)
12 Months Ended
Dec. 31, 2015
Trading Securities [Abstract]  
Trading Securities, at Fair Value
Trading Securities, at Fair Value
At December 31, 2014 and during the year ended December 31, 2015, the Company held U.S. Treasuries in a TRS and classified these securities as trading instruments due to short-term investment objectives. The following table presents the carrying value of the Company’s trading securities as of December 31, 2015 and December 31, 2014:
(in thousands)
December 31,
2015
 
December 31,
2014
Amortized cost
$

 
$
1,996,289

Unrealized gains, net

 
1,367

Carrying value
$

 
$
1,997,656



For the years ended December 31, 2015, 2014 and 2013, the Company sold trading securities for $2.0 billion, $1.1 billion and $1.0 billion with an amortized cost of $2.0 billion, $1.1 billion and $997.9 million, resulting in realized gains of $7.4 million, $5.5 million and $3.0 million, respectively, on the sale of these securities. For the years ended December 31, 2015, 2014 and 2013, trading securities experienced change in unrealized losses of $1.4 million, $2.7 million and $1.0 million, respectively. Both realized and unrealized gains and losses are recorded as a component of gain (loss) on investment securities in the consolidated statements of comprehensive (loss) income.
At December 31, 2014, the Company pledged trading securities with a carrying value of $2.0 billion as collateral for repurchase agreements. See Note 17 - Repurchase Agreements.