2019 BBNC Annual Report - Page 66

(d) The fund invests in pooled investment vehicles managed by investment managers and direct investments. Portfolio investments typically involve direct or indirect securities of companies undergoing financial distress, operating difficulties and significant restructuring. (e) The fund was formed to acquire, renovate, finance, hold for investments, and dispose of nationally branded boutique and independent hospitality real estate opportunities throughout the United States. The changes in investments using NAV reported as other investments on the consolidated balance sheet as of March 31 are as follows (in thousands): Beginning balance $ Purchases 2019 2018 42,359 35,519 5,984 5,463 Return of capital (5,042) (2,281) Unrealized (losses) gains included in investment earnings (1,459) 3,658 41,842 42,359 Ending balance $ The Corporation has an outstanding commitment to invest an additional $6,193,000 in the above funds. (D) FAIR VALUE OPTION ASC 825 Financial Instruments provides the Corporation with an option to measure many financial instruments and certain other items at fair value. Under this guidance, unrealized gains and losses on items for which the fair value option (FVO) has been elected are reported in investment earnings at each reporting period. As a result of the Corporation electing this option, prior to April 1, 2018, the Corporation recorded all of its private equity investment funds, which are included in other investments on the consolidated balance sheets at fair value. The Corporation records this financial instrument at fair value in order to measure those assets at amounts that more accurately reflect the current economic environment in which the Corporation operates. (8) ACCOUNTS TRADE RECEIVABLE Accounts receivable as of March 31 consist of the following (in thousands): 2019 2018 ACCOUNTS RECEIVABLE, TRADE: Billed accounts receivable 183,170 166,198 Unbilled accounts receivable $ 11,792 15,429 ACCOUNTS RECEIVABLE, TRADE: 194,962 181,627 (741) (828) 194,221 180,799 Less allowance for doubtful accounts TOTAL ACCOUNTS RECEIVABLE, TRADE, NET 64 BBNC FY2019 ANNUAL REPORT $