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Investments (Tables) | 6 Months Ended
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Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract] |
Available-for-sale Securities | The following table presents information regarding the Company's investments in debt securities and investments in beneficial interests ($ in thousands):
|  | As of June 30, 2020 |  |  |  |  |  |
|  | Basis(1) |  | Gross unrealized gains |  | Gross unrealized losses |  | Carrying value (fair value)
Debt securities |  | $ | 261,926 |  |  | $ | 2,936 |  |  | $ | (6,872) |  |  | $ | 257,990 |
Beneficial interests in securitization trusts |  | 69,876 |  |  | — |  |  | — |  |  | 69,876 |
Total investments |  | $ | 331,802 |  |  | $ | 2,936 |  |  | $ | (6,872) |  |  | $ | 327,866 |
(1)Basis amount is net of any amortized discount, allowance for credit losses, principal paydowns and interest receivable on securities of $0.3 million.
|  | As of December 31, 2019 |  |  |  |  |  |
|  | Basis(1) |  | Gross unrealized gains |  | Gross unrealized losses |  | Carrying value (fair value)
Debt securities |  | $ | 230,408 |  |  | $ | 1,643 |  |  | $ | (366) |  |  | $ | 231,685 |
Beneficial interests in securitization trusts |  | 57,954 |  |  | — |  |  | — |  |  | 57,954 |
Total investments |  | $ | 288,362 |  |  | $ | 1,643 |  |  | $ | (366) |  |  | $ | 289,639 |
(1)Basis amount is net of any amortized discount, principal paydown and interest receivable on securities of $0.3 million.
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following table presents a breakdown of the Company's gross unrealized losses ($ in thousands):
|  | As of June 30, 2020 |  |  |  |
|  | Basis(1) |  | Gross unrealized losses |  | Carrying value (fair value)
Debt securities due April 2058(2) |  | $ | 6,498 |  |  | $ | (31) |  |  | $ | 6,467 |
Debt securities due February 2057(2) |  | 5,624 |  |  | (6) |  |  | 5,618 |
Debt securities due September 2059(3) |  | 63,693 |  |  | (2,802) |  |  | 60,891 |
Debt securities due November 2059(3) |  | 17,367 |  |  | (346) |  |  | 17,021 |
Debt securities due December 2059(3) |  | 49,519 |  |  | (3,687) |  |  | 45,832 |
Total |  | $ | 142,701 |  |  | $ | (6,872) |  |  | $ | 135,829 |
(1)Basis amount is net of any realized amortized costs and principal paydowns. (2)These securities have been in an unrealized loss position for 12 months or longer. (3)This security has been in an unrealized loss position for less than 12 months.
|  | As of December 31, 2019 |  |  |  |
|  | Basis(1) |  | Gross unrealized losses |  | Carrying value (fair value)
Debt securities due April 2058(2) |  | $ | 6,855 |  |  | $ | (9) |  |  | $ | 6,846 |
Debt securities due February 2057(2) |  | 7,324 |  |  | (1) |  |  | 7,323 |
Debt securities due September 2059(3) |  | 37,843 |  |  | (356) |  |  | 37,487 |
Total |  | $ | 52,022 |  |  | $ | (366) |  |  | $ | 51,656 |
(1)Basis amount is net of any realized amortized costs and principal paydowns. (2)These securities have been in an unrealized loss position for 12 months or longer. (3)This security has been in an unrealized loss position for less than 12 months.
Schedule of securities acquisition reconciliation between purchase price and par value | The following table presents a reconciliation between the purchase price and par value for the Company's beneficial interests acquisitions for the three and six months ended June 30, 2020 ($ in thousands):
|  | Three months ended June 30, 2020 |  | Six months ended June 30, 2020
|  | Beneficial Interest |  | Beneficial Interest
Par |  | $ | — |  |  | $ | 11,970 |
Discount |  | — |  |  | (4,888) |
Purchase Price |  | $ | — |  |  | $ | 7,082 |
Allowance for Credit Loss on Beneficial Interests | An analysis of the balance in the allowance for beneficial interest losses account follows ($ in thousands):
| Three months ended June 30, |  |  |  | Six months ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Allowance for beneficial interests credit losses, beginning balance | $ | (7,208) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Beginning period adjustment for CECL | — |  |  | — |  |  | (4,221) |  |  | — |
Reversal of / (Increase in) provision for credit losses on beneficial interests | 2,802 |  |  | — |  |  | (185) |  |  | — |
Increase in allowance for beneficial interest credit losses | (2,553) |  |  | — |  |  | (2,553) |  |  | — |
Allowance for beneficial interests credit losses, end balance | $ | (6,959) |  |  | $ | — |  |  | $ | (6,959) |  |  | $ | — |

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References No definition available. + Details
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