Note 5—Other Assets

The following table provides information related to the carrying value of the Company’s other assets:


	At		At
	March 31,		December 31,
(in thousands)	2020		2019
Other assets:
Real estate owned	$	14,341	$	8,397
Debt issue costs		2,879		2,675
Derivative assets		924		597
Accrued interest receivable		612		853
Other assets		235		462
Total other assets	$	18,991	$	12,984

Real Estate Owned (“REO”)

The following table provides information about the carrying value of the Company’s REO held for use, net:


	At		At
	March 31,		December 31,
(in thousands)	2020		2019
Land improvements	$	11,722	$	5,778
Land		2,619		2,619
Total	$	14,341	$	8,397

Land improvements are depreciated over a period of 15 years.

The Company’s investments include the Company’s REO, which consists of a parcel of land that is currently in the process of being developed. During the first quarter of 2020, the Company invested $5.9 million in additional land improvements that were capitalized as part of our investment balance. Since the asset has not been placed in service, no depreciation expense was recognized in connection with this land investment for the three months ended March 31, 2020 and March 31, 2019, nor were any impairment losses recognized by the Company during these periods in connection with REO.

Debt Issuance Costs

During the first quarter of 2020, the Company incurred, but deferred in the Consolidated Balance Sheets, $0.5 million of additional debt issuance costs in connection with the execution by MMA Energy Holdings, LLC (“MEH” or “Borrower”), a wholly owned subsidiary of the Company, of a credit agreement for a revolving credit facility with various lenders. These additional costs were due to the joinder of an additional lender and an increase in commitment by one of the existing lenders. These costs are being amortized ratably over the three-year term of the revolving credit facility. During the three months ended March 31, 2020, the Company recognized $0.2 million of interest expense in the Company’s Consolidated Statements of Operations related to the amortization of debt issuance costs for the revolving credit facility. At March 31, 2020 and December 31, 2019, the unamortized balance of debt issuance costs was $2.9 million and $2.7 million, respectively. See Note 6, “Debt,” for more information.

Derivative Assets

At March 31, 2020 and December 31, 2019, the Company recognized $0.9 million and $0.6 million, respectively, of derivative assets. See Note 7, “Derivative Instruments,” for more information.