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Investments
 3 Months Ended
Mar. 31, 2020
Investments [Abstract]  
Investments

4. INVESTMENTS

 

Effective January 1, 2020, the Company adopted ASU 2016-13 which provides guidance on the accounting for fixed maturity securities. The guidance requires the Company to record allowances for credit losses for securities that are deemed to have valuation deterioration due to credit risk issues. The initial table below presents the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) and market value of fixed maturity securities as of March 31, 2020 in accordance with ASU 2016-13 guidance. The second table presents the amortized cost, gross unrealized appreciation/(depreciation), market value and other-than-temporary impairments (“OTTI”) in AOCI as of December 31, 2019, in accordance with previously applicable guidance.

 

 

At March 31, 2020

 

 

Amortized

 

Allowance for

 

Unrealized

 

Unrealized

 

Market

(Dollars in thousands)

Cost

 

Credit Losses

 

Appreciation

 

Depreciation

 

Value

Fixed maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies and corporations

$

1,346,812

 

$

-

 

$

86,893

 

$

(894)

 

$

1,432,811

 

Obligations of U.S. states and political subdivisions

 

508,158

 

 

-

 

 

21,737

 

 

(4,993)

 

 

524,902

 

Corporate securities

 

6,422,137

 

 

(17,305)

 

 

145,334

 

 

(202,844)

 

 

6,347,322

 

Asset-backed securities

 

981,323

 

 

-

 

 

1,987

 

 

(79,157)

 

 

904,153

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

816,098

 

 

-

 

 

29,302

 

 

(5,301)

 

 

840,099

 

Agency residential

 

2,156,914

 

 

-

 

 

67,111

 

 

(2,854)

 

 

2,221,171

 

Non-agency residential

 

4,153

 

 

-

 

 

-

 

 

(156)

 

 

3,997

 

Foreign government securities

 

1,471,398

 

 

(519)

 

 

57,335

 

 

(50,496)

 

 

1,477,718

 

Foreign corporate securities

 

2,786,194

 

 

(3,950)

 

 

105,630

 

 

(94,152)

 

 

2,793,722

Total fixed maturity securities

$

16,493,187

 

 

(21,774)

 

$

515,329

 

$

(440,847)

 

$

16,545,895

 

 

At December 31, 2019

 

 

Amortized

 

Unrealized

 

Unrealized

 

Market

 

OTTI in AOCI

(Dollars in thousands)

Cost

 

Appreciation

 

Depreciation

 

Value

 

(a)

Fixed maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies and corporations

$

1,489,660

 

$

28,357

 

$

(2,214)

 

$

1,515,803

 

$

-

 

Obligations of U.S. states and political subdivisions

 

507,353

 

 

29,651

 

 

(89)

 

 

536,915

 

 

-

 

Corporate securities

 

6,227,661

 

 

185,052

 

 

(37,767)

 

 

6,374,946

 

 

469

 

Asset-backed securities

 

892,373

 

 

6,818

 

 

(1,858)

 

 

897,333

 

 

-

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

814,570

 

 

31,236

 

 

(1,249)

 

 

844,557

 

 

-

 

Agency residential

 

2,173,099

 

 

36,361

 

 

(10,879)

 

 

2,198,581

 

 

-

 

Non-agency residential

 

5,723

 

 

-

 

 

(20)

 

 

5,703

 

 

-

 

Foreign government securities

 

1,492,315

 

 

47,148

 

 

(33,513)

 

 

1,505,950

 

 

71

 

Foreign corporate securities

 

2,870,737

 

 

107,999

 

 

(33,580)

 

 

2,945,156

 

 

447

Total fixed maturity securities

$

16,473,491

 

$

472,622

 

$

(121,169)

 

$

16,824,944

 

$

987

 

(a) Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date.

 

The amortized cost and market value of fixed maturity securities are shown in the following table by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.

 

At March 31, 2020

 

At December 31, 2019

 

Amortized

 

Market

 

Amortized

 

Market

(Dollars in thousands)

Cost

 

Value

 

Cost

 

Value

Fixed maturity securities – available for sale:

 

 

 

 

 

 

 

 

 

 

 

Due in one year or less

$

1,344,371

 

$

1,344,301

 

$

1,456,960

 

$

1,457,919

Due after one year through five years

 

6,615,039

 

 

6,631,502

 

 

6,757,107

 

 

6,869,359

Due after five years through ten years

 

3,689,664

 

 

3,742,527

 

 

3,471,370

 

 

3,609,816

Due after ten years

 

885,625

 

 

858,145

 

 

902,289

 

 

941,676

Asset-backed securities

 

981,323

 

 

904,153

 

 

892,373

 

 

897,333

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

816,098

 

 

840,099

 

 

814,570

 

 

844,557

Agency residential

 

2,156,914

 

 

2,221,171

 

 

2,173,099

 

 

2,198,581

Non-agency residential

 

4,153

 

 

3,997

 

 

5,723

 

 

5,703

Total fixed maturity securities

$

16,493,187

 

$

16,545,895

 

$

16,473,491

 

$

16,824,944

The changes in net unrealized appreciation (depreciation) for the Company’s investments are derived from the following sources for the periods indicated:

 

Three Months Ended

 

March 31,

(Dollars in thousands)

2020

 

2019

Increase (decrease) during the period between the market value and cost

 

 

 

 

 

of investments carried at market value, and deferred taxes thereon:

 

 

 

 

 

Fixed maturity securities

$

(277,023)

 

$

253,894

Fixed maturity securities, other-than-temporary impairment

 

-

 

 

(244)

Change in unrealized appreciation (depreciation), pre-tax

 

(277,023)

 

 

253,650

Deferred tax benefit (expense)

 

29,024

 

 

(22,477)

Deferred tax benefit (expense), other-than-temporary impairment

 

-

 

 

70

Change in unrealized appreciation (depreciation),

 

 

 

 

 

net of deferred taxes, included in shareholders’ equity

$

(247,999)

 

$

231,243

The Company reviews all of its fixed maturity, available for sale securities whose fair value has fallen below their amortized cost at the time of review. The Company then assesses whether the decline in value is temporary or credit related. In making its assessment, the Company evaluates the current market and interest rate environment as well as specific issuer information. Generally, a change in a security’s value caused by a change in the market, interest rate or foreign exchange environment does not constitute a credit impairment, but rather a temporary decline in market value. Temporary declines in market value are recorded as unrealized losses in accumulated other comprehensive income (loss). If the Company intends to sell the security or is more likely than not to sell the security, the Company records the entire fair value adjustment in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). If the Company determines that the decline is credit related and the Company does not have the intent to sell the security; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, the Company establishes a credit allowance equal to the estimated credit loss and is recorded in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). The amount of the allowance for a given security will generally be the difference between a discounted cash flow model and the Company’s carrying value. The fair value adjustment that is non-credit related is recorded as a component of other comprehensive income (loss), net of tax, and is included in accumulated other comprehensive income (loss) in the Company’s consolidated balance sheets. We will adjust the credit allowance account for future changes in credit loss estimates for a security and record this adjustment through net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss).

 

The Company does not create an allowance for uncollectible interest. If interest is not received when due, the interest receivable is immediately reversed and no additional interest is accrued. If future interest is received that has not been accrued, it is recorded as income at that time.

 

Prior to the adoption of ASU 2016-13 effective January 1, 2020, estimated credit losses were recorded as adjustments to the carrying value of the security and any subsequent improvement in market value were recorded through other comprehensive income.

 

The Company’s assessments are based on the issuers’ current and expected future financial position, timeliness with respect to interest and/or principal payments, speed of repayments and any applicable credit enhancements or breakeven constant default rates on mortgage-backed and asset-backed securities, as well as relevant information provided by rating agencies, investment advisors and analysts.

 

Retrospective adjustments are employed to recalculate the values of asset-backed securities. All of the Company’s asset-backed and mortgage-backed securities have a pass-through structure. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used in the calculation of projected prepayments for pass-through security types.  

 

The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity and equity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated:

 

 

Duration of Unrealized Loss at March 31, 2020 By Security Type

 

Less than 12 months

 

Greater than 12 months

 

Total

 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

 

Unrealized

(Dollars in thousands)

Market Value

 

Depreciation

 

Market Value

 

Depreciation

 

Market Value

 

Depreciation

Fixed maturity securities - available for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies and corporations

$

12,543

 

$

(59)

 

$

9,003

 

$

(835)

 

$

21,546

 

$

(894)

Obligations of U.S. states and political subdivisions

 

78,392

 

 

(4,745)

 

 

3,309

 

 

(248)

 

 

81,701

 

 

(4,993)

Corporate securities

 

2,298,849

 

 

(135,869)

 

 

196,450

 

 

(66,975)

 

 

2,495,299

 

 

(202,844)

Asset-backed securities

 

661,772

 

 

(70,133)

 

 

121,979

 

 

(9,024)

 

 

783,751

 

 

(79,157)

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

89,848

 

 

(4,325)

 

 

17,004

 

 

(976)

 

 

106,852

 

 

(5,301)

Agency residential

 

54,106

 

 

(1,263)

 

 

132,631

 

 

(1,591)

 

 

186,737

 

 

(2,854)

Non-agency residential

 

652

 

 

(15)

 

 

3,314

 

 

(141)

 

 

3,966

 

 

(156)

Foreign government securities

 

331,099

 

 

(11,540)

 

 

198,695

 

 

(38,956)

 

 

529,794

 

 

(50,496)

Foreign corporate securities

 

984,854

 

 

(56,831)

 

 

253,965

 

 

(37,321)

 

 

1,238,819

 

 

(94,152)

Total fixed maturity securities

$

4,512,115

 

$

(284,780)

 

$

936,350

 

$

(156,067)

 

$

5,448,465

 

$

(440,847)

 

 

Duration of Unrealized Loss at March 31, 2020 By Maturity

 

Less than 12 months

 

Greater than 12 months

 

Total

 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

 

Unrealized

(Dollars in thousands)

Market Value

 

Depreciation

 

Market Value

 

Depreciation

 

Market Value

 

Depreciation

Fixed maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Due in one year or less

$

289,680

 

$

(5,701)

 

$

167,508

 

$

(26,447)

 

$

457,188

 

$

(32,148)

Due in one year through five years

 

1,856,090

 

 

(88,884)

 

 

392,979

 

 

(57,252)

 

 

2,249,069

 

 

(146,136)

Due in five years through ten years

 

1,337,038

 

 

(95,295)

 

 

59,440

 

 

(9,244)

 

 

1,396,478

 

 

(104,539)

Due after ten years

 

222,929

 

 

(19,164)

 

 

41,495

 

 

(51,392)

 

 

264,424

 

 

(70,556)

Asset-backed securities

 

661,772

 

 

(70,133)

 

 

121,979

 

 

(9,024)

 

 

783,751

 

 

(79,157)

Mortgage-backed securities

 

144,606

 

 

(5,603)

 

 

152,949

 

 

(2,708)

 

 

297,555

 

 

(8,311)

Total fixed maturity securities

$

4,512,115

 

$

(284,780)

 

$

936,350

 

$

(156,067)

 

$

5,448,465

 

$

(440,847)

The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at March 31, 2020 were $5,448,465 thousand and $440,847 thousand, respectively. The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at March 31, 2020, did not exceed 0.03% of the overall market value of the Company’s fixed maturity securities. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $284,780 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, asset-backed securities and foreign government securities. Of these unrealized losses, $220,751 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. The $156,067 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, foreign government securities and asset-backed securities. Of these unrealized losses, $96,914 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. There was no gross unrealized depreciation for mortgage-backed securities related to sub-prime and alt-A loans. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments.

 

The Company, given the size of its investment portfolio and capital position, does not have the intent to sell these securities; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis. In addition, all securities currently in an unrealized loss position are current with respect to principal and interest payments.

 

The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity and equity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated:

 

 

Duration of Unrealized Loss at December 31, 2019 By Security Type

 

Less than 12 months

 

Greater than 12 months

 

Total

 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

 

Unrealized

(Dollars in thousands)

Market Value

 

Depreciation

 

Market Value

 

Depreciation

 

Market Value

 

Depreciation

Fixed maturity securities - available for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies and corporations

$

85,527

 

$

(1,005)

 

$

249,371

 

$

(1,209)

 

$

334,898

 

$

(2,214)

Obligations of U.S. states and political subdivisions

 

4,600

 

 

(38)

 

 

5,522

 

 

(51)

 

 

10,122

 

 

(89)

Corporate securities

 

547,120

 

 

(9,877)

 

 

395,369

 

 

(27,890)

 

 

942,489

 

 

(37,767)

Asset-backed securities

 

176,222

 

 

(1,027)

 

 

94,190

 

 

(831)

 

 

270,412

 

 

(1,858)

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

83,127

 

 

(689)

 

 

23,063

 

 

(560)

 

 

106,190

 

 

(1,249)

Agency residential

 

344,267

 

 

(1,834)

 

 

488,680

 

 

(9,045)

 

 

832,947

 

 

(10,879)

Non-agency residential

 

332

 

 

-

 

 

3,976

 

 

(20)

 

 

4,308

 

 

(20)

Foreign government securities

 

210,766

 

 

(4,770)

 

 

283,648

 

 

(28,743)

 

 

494,414

 

 

(33,513)

Foreign corporate securities

 

278,403

 

 

(7,553)

 

 

365,808

 

 

(26,027)

 

 

644,211

 

 

(33,580)

Total fixed maturity securities

$

1,730,364

 

$

(26,793)

 

$

1,909,627

 

$

(94,376)

 

$

3,639,991

 

$

(121,169)

 

 

Duration of Unrealized Loss at December 31, 2019 By Maturity

 

Less than 12 months

 

Greater than 12 months

 

Total

 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

 

Unrealized

(Dollars in thousands)

Market Value

 

Depreciation

 

Market Value

 

Depreciation

 

Market Value

 

Depreciation

Fixed maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Due in one year or less

$

67,879

 

$

(1,237)

 

$

416,583

 

$

(23,004)

 

$

484,462

 

$

(24,241)

Due in one year through five years

 

464,753

 

 

(7,960)

 

 

689,195

 

 

(38,138)

 

 

1,153,948

 

 

(46,098)

Due in five years through ten years

 

495,741

 

 

(12,388)

 

 

103,612

 

 

(11,100)

 

 

599,353

 

 

(23,488)

Due after ten years

 

98,043

 

 

(1,658)

 

 

90,328

 

 

(11,678)

 

 

188,371

 

 

(13,336)

Asset-backed securities

 

176,222

 

 

(1,027)

 

 

94,190

 

 

(831)

 

 

270,412

 

 

(1,858)

Mortgage-backed securities

 

427,726

 

 

(2,523)

 

 

515,719

 

 

(9,625)

 

 

943,445

 

 

(12,148)

Total fixed maturity securities

$

1,730,364

 

$

(26,793)

 

$

1,909,627

 

$

(94,376)

 

$

3,639,991

 

$

(121,169)

The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2019 were $3,639,991 thousand and $121,169 thousand, respectively. The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at December 31, 2019, did not exceed 0.8% of the overall market value of the Company’s fixed maturity securities. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $26,793 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities and foreign government securities. Of these unrealized losses, $23,104 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. The $94,376 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, foreign government securities and agency residential mortgage-backed securities. Of these unrealized losses, $73,144 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. There was no gross unrealized depreciation for mortgage-backed securities related to sub-prime and alt-A loans. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments.

 

The components of net investment income are presented in the table below for the periods indicated:

 

 

Three Months Ended

 

March 31,

(Dollars in thousands)

2020

 

2019

Fixed maturities

$

137,924

 

$

126,708

Equity securities

 

3,521

 

 

3,507

Short-term investments and cash

 

2,175

 

 

4,205

Other invested assets

 

 

 

 

 

Limited partnerships

 

21,568

 

 

8,297

Other

 

(13,071)

 

 

2,980

Gross investment income before adjustments

 

152,117

 

 

145,697

Funds held interest income (expense)

 

8,216

 

 

5,968

Future policy benefit reserve income (expense)

 

(211)

 

 

(234)

Gross investment income

 

160,122

 

 

151,431

Investment expenses

 

(12,322)

 

 

(10,455)

Net investment income

$

147,800

 

$

140,976

The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag. If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline.

 

The Company had contractual commitments to invest up to an additional $1,365,631 thousand in limited partnerships and private placement loans at March 31, 2020. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2026.

 

The Company participates in a private placement liquidity sweep facility (“the facility”). The primary purpose of the facility is to enhance the Company’s return on its short-term investments and cash positions. The facility invests in high quality, short-duration securities and permits daily liquidity. The Company consolidates its participation in the facility. As of March 31, 2020, the market value of investments in the facility consolidated within the Company’s balance sheets was $339,983 thousand.

 

The components of net realized capital gains (losses) are presented in the tables below for the periods indicated:

 

Three Months Ended

 

March 31,

(Dollars in thousands)

2020

 

 

2019

Fixed maturity securities, market value:

 

 

 

 

 

Allowance for credit losses

$

(21,774)

 

$

-

Other-than-temporary impairments

 

-

 

 

(2,933)

Gains (losses) from sales

 

(14,076)

 

 

5,273

Fixed maturity securities, fair value:

 

 

 

 

 

Gains (losses) from sales

 

-

 

 

-

Gains (losses) from fair value adjustments

 

(1,123)

 

 

13

Equity securities, fair value:

 

 

 

 

 

Gains (losses) from sales

 

(27,599)

 

 

5,048

Gains (losses) from fair value adjustments

 

(144,003)

 

 

84,441

Other invested assets

 

(2,327)

 

 

396

Short-term investments gain (loss)

 

314

 

 

(6)

Total net realized capital gains (losses)

$

(210,588)

 

$

92,232

 

 

 

 

 

Foreign

 

Foreign

 

 

 

 

 

Corporate

 

Government

 

Corporate

 

 

 

 

 

Securities

 

Securities

 

Securities

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2019

$

-

 

$

-

 

$

-

 

$

-

Provision for credit losses

 

(17,305)

 

 

(519)

 

 

(3,950)

 

 

(21,774)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2020

$

(17,305)

 

$

(519)

 

$

(3,950)

 

$

(21,774)

The Company recorded as net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss) fair value re-measurements, allowances for credit losses per ASU 2016-13 and write-downs in the value of securities deemed to be impaired on an other-than-temporary basis in prior years as displayed in the table above. The Company had no other-than-temporary impaired securities where the impairment had both a credit and non-credit component.

 

The proceeds and split between gross gains and losses, from sales of fixed maturity and equity securities, are presented in the table below for the periods indicated:

 

 

Three Months Ended

 

March 31,

(Dollars in thousands)

2020

 

2019

Proceeds from sales of fixed maturity securities

$

501,953

 

$

1,798,226

Gross gains from sales

 

14,001

 

 

16,138

Gross losses from sales

 

(28,077)

 

 

(10,865)

 

 

 

 

 

 

Proceeds from sales of equity securities

$

112,841

 

$

69,500

Gross gains from sales

 

2,584

 

 

5,675

Gross losses from sales

 

(30,183)

 

 

(627)