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	)