| Investments |
Investments
The following table presents the Company's investments related to insurance operations (Specialty Insurance) and investments from other Tiptree investing activities (Tiptree Capital), measured at fair value as of the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2019 | | As of December 31, 2018 | | Specialty Insurance | | Tiptree Capital | | Total | | Specialty Insurance | | Tiptree Capital | | Total | Available for sale securities, at fair value | $ | 283,929 |
| | $ | — |
| | $ | 283,929 |
| | $ | 283,563 |
| | $ | — |
| | $ | 283,563 |
| Loans, at fair value | 71,633 |
| | 53,512 |
| | 125,145 |
| | 158,466 |
| | 56,917 |
| | 215,383 |
| Equity securities | 26,977 |
| | 95,615 |
| | 122,592 |
| | 29,425 |
| | 93,554 |
| | 122,979 |
| Other investments | 18,751 |
| | 57,990 |
| | 76,741 |
| | 18,526 |
| | 56,476 |
| | 75,002 |
| Total investments | $ | 401,290 |
| | $ | 207,117 |
| | $ | 608,407 |
| | $ | 489,980 |
| | $ | 206,947 |
| | $ | 696,927 |
|
Available for Sale Securities, at fair value
All of the Company’s investments in available for sale securities (AFS) as of March 31, 2019 and December 31, 2018 are held by subsidiaries in the specialty insurance business. The following tables present the Company's investments in available for sale securities: | | | | | | | | | | | | | | | | | | As of March 31, 2019 | | Amortized cost | | Gross
unrealized gains | | Gross
unrealized losses | | Fair value | U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 78,903 |
| | $ | 595 |
| | $ | (213 | ) | | $ | 79,285 |
| Obligations of state and political subdivisions | 63,234 |
| | 745 |
| | (197 | ) | | 63,782 |
| Corporate securities | 93,144 |
| | 798 |
| | (260 | ) | | 93,682 |
| Asset backed securities | 42,356 |
| | 38 |
| | (1,203 | ) | | 41,191 |
| Certificates of deposit | 1,096 |
| | — |
| | — |
| | 1,096 |
| Obligations of foreign governments | 4,865 |
| | 29 |
| | (1 | ) | | 4,893 |
| Total | $ | 283,598 |
| | $ | 2,205 |
| | $ | (1,874 | ) | | $ | 283,929 |
| | | | | | | | | | As of December 31, 2018 | | Amortized cost | | Gross
unrealized gains | | Gross
unrealized losses | | Fair value | U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 71,945 |
| | $ | 266 |
| | $ | (463 | ) | | $ | 71,748 |
| Obligations of state and political subdivisions | 67,624 |
| | 280 |
| | (458 | ) | | 67,446 |
| Corporate securities | 96,888 |
| | 78 |
| | (1,241 | ) | | 95,725 |
| Asset backed securities | 41,912 |
| | 14 |
| | (1,274 | ) | | 40,652 |
| Certificates of deposit | 1,241 |
| | — |
| | — |
| | 1,241 |
| Obligations of foreign governments | 6,750 |
| | 12 |
| | (11 | ) | | 6,751 |
| Total | $ | 286,360 |
| | $ | 650 |
| | $ | (3,447 | ) | | $ | 283,563 |
|
The amortized cost and fair values of investments in debt securities, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | | | | | | | | | | | | | | | | | | As of | | March 31, 2019 | | December 31, 2018 | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | Due in one year or less | $ | 32,144 |
| | $ | 32,107 |
| | $ | 30,920 |
| | $ | 30,836 |
| Due after one year through five years | 166,245 |
| | 167,544 |
| | 167,201 |
| | 166,366 |
| Due after five years through ten years | 30,208 |
| | 30,291 |
| | 32,805 |
| | 32,185 |
| Due after ten years | 12,645 |
| | 12,796 |
| | 13,522 |
| | 13,524 |
| Asset-backed securities | 42,356 |
| | 41,191 |
| | 41,912 |
| | 40,652 |
| Total | $ | 283,598 |
| | $ | 283,929 |
| | $ | 286,360 |
| | $ | 283,563 |
|
The following tables summarize the gross unrealized losses on available for sale securities in an unrealized loss position: | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2019 | | Less Than or Equal to One Year | | More Than One Year | | Fair value | | Gross
unrealized losses | | # of Securities | | Fair value | | Gross unrealized losses | | # of Securities | U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 2,058 |
| | $ | (3 | ) | | 15 |
| | $ | 21,591 |
| | $ | (210 | ) | | 127 |
| Obligations of state and political subdivisions | 5,555 |
| | (3 | ) | | 13 |
| | 15,093 |
| | (194 | ) | | 89 |
| Corporate securities | 4,292 |
| | (31 | ) | | 32 |
| | 23,033 |
| | (229 | ) | | 271 |
| Asset-backed securities | 33,316 |
| | (272 | ) | | 12 |
| | 2,665 |
| | (931 | ) | | 10 |
| Obligations of foreign governments | — |
| | — |
| | — |
| | 942 |
| | (1 | ) | | 4 |
| Total | $ | 45,221 |
| | $ | (309 | ) | | 72 |
| | $ | 63,324 |
| | $ | (1,565 | ) | | 501 |
| | | | | | | | | | | | | | As of December 31, 2018 | | Less Than or Equal to One Year | | More Than One Year | | Fair value | | Gross
unrealized losses | | # of Securities | | Fair value | | Gross unrealized losses | | # of Securities | U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 14,844 |
| | $ | (70 | ) | | 51 |
| | $ | 19,495 |
| | $ | (393 | ) | | 128 |
| Obligations of state and political subdivisions | 15,830 |
| | (30 | ) | | 41 |
| | 21,594 |
| | (428 | ) | | 115 |
| Corporate securities | 47,976 |
| | (393 | ) | | 352 |
| | 28,517 |
| | (848 | ) | | 404 |
| Asset-backed securities | 37,613 |
| | (1,262 | ) | | 35 |
| | 614 |
| | (12 | ) | | 5 |
| Obligations of foreign governments | 2,313 |
| | (6 | ) | | 15 |
| | 1,301 |
| | (5 | ) | | 8 |
| Total | $ | 118,576 |
| | $ | (1,761 | ) | | 494 |
| | $ | 71,521 |
| | $ | (1,686 | ) | | 660 |
|
The Company does not intend to sell the investments that were in an unrealized loss position as of March 31, 2019, and management believes that it is more likely than not that the Company will be able to hold these securities until full recovery of their amortized cost basis for fixed maturity securities. The unrealized losses were attributable to changes in interest rates and not credit-related issues. As of March 31, 2019 and December 31, 2018, based on the Company's review, none of the fixed maturity securities were deemed to be other-than-temporarily impaired based on the Company's analysis of the securities and its intent to hold the securities until recovery.
Pursuant to certain reinsurance agreements and statutory licensing requirements, the Company has deposited invested assets in custody accounts or insurance department safekeeping accounts. The Company cannot remove invested assets from these accounts without prior approval of the contractual party or regulatory authority, as applicable. The following table presents the Company's restricted investments included in the Company's available for sale securities: | | | | | | | | | | As of | | March 31, 2019 | | December 31, 2018 | Fair value of restricted investments for special deposits required by state insurance departments | $ | 6,317 |
| | $ | 9,398 |
| Fair value of restricted investments in trust pursuant to reinsurance agreements | 26,086 |
| | 24,931 |
| Total fair value of restricted investments | $ | 32,403 |
| | $ | 34,329 |
|
The following table presents additional information on the Company’s available for sale securities: | | | | | | | | | | Three Months Ended
March 31, | | 2019 | | 2018 | Purchases of available for sale securities | $ | 29,861 |
| | $ | 75,570 |
| | | | | Proceeds from maturities, calls and prepayments of available for sale securities | $ | 11,144 |
| | $ | 10,018 |
| | | | | Gains (losses) realized on maturities, calls and prepayments of available for sale securities | $ | — |
| | $ | (27 | ) | | | | | Gross proceeds from sales of available for sale securities | $ | 21,168 |
| | $ | 32,032 |
| | | | | Gains (losses) realized on sales of available for sale securities | $ | (5 | ) | | $ | (500 | ) |
Equity securities
Equity securities represents the carrying amount of the Company's basis in equity investments. Included within the equity securities balance are 16.6 million shares of Invesque for which the Company has elected to apply the fair value option. The following table contains information regarding the Company’s equity securities related to insurance operations and other Tiptree investing activity as of the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2019 | | As of December 31, 2018 | | Specialty Insurance | | Tiptree Capital | | Total | | Specialty Insurance | | Tiptree Capital | | Total | Invesque Inc. | $ | 20,015 |
| | $ | 95,615 |
| | $ | 115,630 |
| | $ | 19,584 |
| | $ | 93,554 |
| | $ | 113,138 |
| Other equity securities | 6,962 |
| | — |
| | 6,962 |
| | 9,841 |
| | — |
| | 9,841 |
| Total equity securities | $ | 26,977 |
| | $ | 95,615 |
| | $ | 122,592 |
| | $ | 29,425 |
| | $ | 93,554 |
| | $ | 122,979 |
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