Quarterly report pursuant to Section 13 or 15(d)

Trading Securities, at Fair Value (Notes)

v3.3.0.814
Trading Securities, at Fair Value (Notes)
 9 Months Ended
Sep. 30, 2015
Trading Securities [Abstract]  
Trading Securities, at Fair Value
Trading Securities, at Fair Value
At December 31, 2014 and during the nine months ended September 30, 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 September 30, 2015 and December 31, 2014:
(in thousands)
September 30,
2015
 
December 31,
2014
Amortized cost
$
—

 
$
1,996,289

Unrealized gains, net
—

 
1,367

Carrying value
$
—

 
$
1,997,656



For the nine months ended September 30, 2015, the Company sold trading securities for $2.0 billion with an amortized cost of $2.0 billion, resulting in realized gains of $7.4 million on the sale of these securities. The Company did not sell any trading securities during the three months ended September 30, 2015. For the three and nine months ended September 30, 2014, the Company sold trading securities for $1.0 billion and $1.1 billion with an amortized cost of $996.9 million and $1.1 billion, resulting in realized gains of $5.1 million and $5.5 million, respectively, on the sale of these securities.
For the nine months ended September 30, 2015, trading securities experienced changes in unrealized losses of $1.4 million. The Company did not hold trading securities during the three months ended September 30, 2015. For the three and nine months ended September 30, 2014, trading securities experienced changes in unrealized losses of $8.4 million and $6.9 million, respectively. Both realized and unrealized gains and losses are recorded as components of gain on investment securities in the Company’s condensed 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 16 - Repurchase Agreements.