(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
$