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Investments (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2020
	Basis⁽¹⁾		Gross unrealized gains		Gross unrealized losses		Carrying value (fair value)
Debt securities	$	274,539	$	—	$	(27,167)	$	247,372
Beneficial interests in securitization trusts	64,703		—		—		64,703
Total investments	$	339,242	$	—	$	(27,167)	$	312,075

(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.

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 quarter ended March 31, 2020 ($ in thousands):


	Three months ended March 31, 2020
	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 March 31,
	2020		2019
Allowance for beneficial interests credit losses, beginning balance	$	—	$	—
Beginning period adjustment for CECL	(4,221)		—
Provision for credit losses on beneficial interests	(2,987)		—
Allowance for beneficial interests credit losses, end balance	$	(7,208)	$	—