Securities Available for Sale

The amortized cost, gross unrealized gains and losses, and fair value of securities available for sale as of December 31, 2017 and 2016, were as follows:



December 31, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Asset-backed senior securities related to Company-sponsored securitizations ⁽¹⁾	36,953		73		(6		)	37,020
Certificates of deposit	24,758		—		—			24,758
Corporate debt securities	16,268		1		(11		)	16,258
Asset-backed securities	14,843		1		(1		)	14,843
Commercial paper	14,665		—		—			14,665
Asset-backed subordinated residual certificates related to Company-sponsored securitizations and CLUB Certificate transactions ⁽¹⁾	10,058		11		(40		)	10,029
Total securities available for sale	$	117,545	$	86	$	(58	)	$	117,573

December 31, 2016	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate debt securities	$	181,359	$	63	$	(199	)	$	181,223
Certificates of deposit	27,501		—		—			27,501
Asset-backed securities	25,369		4		(9		)	25,364
Commercial paper	20,164		—		—			20,164
U.S. agency securities	19,602		21		—			19,623
U.S. Treasury securities	2,493		3		—			2,496
Other securities	10,805		—		(39		)	10,766
Total securities available for sale	$	287,293	$	91	$	(247	)	$	287,137

⁽¹⁾

Approximately $45.3 million of the asset-backed securities related to Company-sponsored securitizations and CLUB Certificate transactions are subject to restrictions on transfer pursuant to the Company’s obligations as a “sponsor” under the U.S. Risk Retention Rules (as more fully described in “Part II. Other Information – Item 1A. Risk Factors – Risk retention rules and recent developments in our business may increase our compliance costs, impair our liquidity and otherwise adversely affect our operating results.”

The senior securities and the subordinated residual certificates related to the securitization transactions are accounted for as securities available for sale, as described in “Note 6. Securitizations and Variable Interest Entities.” The senior securities and subordinated residual certificates are included in asset-backed securities related to Company-sponsored securitizations and CLUB Certificate transactions in the table above. The senior securities are valued using prices obtained from third-party pricing services (Level 2 of the fair value hierarchy), as described in “Note 2. Summary of Significant Accounting Policies.” The subordinated residual certificates and CLUB Certificates retained interests are valued using discounted cash flow models that incorporate contractual payment terms and estimated discount rates, credit losses, and prepayment rates (Level 3 of the fair value hierarchy). The fair value of the subordinated residual certificates and retained CLUB Certificates was $10.0 million at December 31, 2017.

A summary of securities available for sale with unrealized losses as of December 31, 2017 and 2016, aggregated by period of continuous unrealized loss, is as follows:



	Less than 12 months					12 months or longer					Total
December 31, 2017	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Asset-backed securities related to Company-sponsored securitizations and CLUB Certificate transactions	$	26,534	$	(46	)	$	—	$	—		$	26,534	$	(46	)
Corporate debt securities	14,368		(11		)	—		—			14,368		(11		)
Asset-backed securities	4,401		(1		)	—		—			4,401		(1		)
Total securities with unrealized losses ⁽¹⁾	$	45,303	$	(58	)	$	—	$	—		$	45,303	$	(58	)

	Less than 12 months					12 months or longer					Total
December 31, 2016	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Corporate debt securities	$	107,862	$	(185	)	$	11,682	$	(14	)	$	119,544	$	(199	)
Asset-backed securities	6,628		(8		)	1,870		(1		)	8,498		(9		)
Other securities	6,800		(3		)	3,966		(36		)	10,766		(39		)
Total securities with unrealized losses ⁽¹⁾	$	121,290	$	(196	)	$	17,518	$	(51	)	$	138,808	$	(247	)


⁽¹⁾	The number of investment positions with unrealized losses at December 31, 2017 and 2016 totaled 24 and 72, respectively.

During the year ended December 31, 2017, the Company recognized $1.5 million in other-than-temporary impairment charges on its subordinated residual certificates held as a result of its Company-sponsored securitization transactions. There were no credit losses recognized into earnings for other-than-temporarily impaired securities held by the Company during the year ended December 31, 2017 for which a portion of the impairment was previously recognized in other comprehensive income. During the years ended December 31, 2016 or 2015, the Company recognized no other-than-temporary impairment charges.

The contractual maturities of securities available for sale at December 31, 2017, were as follows:



	Within 1 year		After 1 year through 5 years		After 5 years through 10 years		After 10 years		Total
Asset-backed securities related to Company-sponsored securitizations and CLUB Certificate transactions	$	—	$	—	$	45,256	$	1,793	$	47,049
Certificates of deposit	24,758		—		—		—		24,758
Corporate debt securities	16,258		—		—		—		16,258
Asset-backed securities	14,843		—		—		—		14,843
Commercial paper	14,665		—		—		—		14,665
Total fair value	$	70,524	$	—	$	45,256	$	1,793	$	117,573
Total amortized cost	$	70,534	$	—	$	45,215	$	1,796	$	117,545

During the year ended December 31, 2017, the Company’s Depositor and MOA sold $831.1 million in asset-backed securities related to the Company-sponsored securitization transactions. There were no realized gains or losses related to such sales. See “Note 6. Securitizations and Variable Interest Entities” for additional information. Proceeds and gross realized gains and losses from sales of securities available for sale were as follows:



Year Ended December 31,	2017			2016		2015
Proceeds	$	125,522		$	2,494	$	120,420
Gross realized gains	$	196		$	2	$	133
Gross realized losses	$	(26	)	$	—	$	4