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Investments (Tables)

6 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

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)	$	—