Note

– Investments

in Marketable Securities

Our investments in marketable securities include marketable equity securities and marketable debt securities. Our marketable debt securities are classified as available for sale securities. Realized gains and losses from securities sales are determined on the specific identification of the securities. Marketable securities and restricted marketable securities consist of the following:

	December 31, 2018				December 31, 2017
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Investments available for sale:
Marketable equity securities	$	30,176	$	140,223	$	30,176	$	139,085
Restricted investments available for sale:
Corporate debt securities		69,439		67,632		65,107		65,461
Asset–backed securities		62,772		62,068		54,030		53,544
U.S. Treasury securities		22,038		21,457		21,685		21,172
State and municipal securities		21,818		21,436		26,455		26,218
	$	206,243	$	312,816	$	197,453	$	305,480

Included in the marketable equity securities are the following

(in thousands, except share amounts)

	December 31, 2018						December 31, 2017
	Shares		Cost		Fair Value		Shares		Cost		Fair Value
NHI Common Stock		1,630,642	$	24,734	$	123,179		1,630,642	$	24,734	$	122,918

The amortized cost and estimated fair value of debt securities classified as available for sale, by contractual maturity, are as follows:

	December 31, 2018				December 31, 2017
(in thousands)	Cost		Fair Value		Cost		Fair Value
Maturities:
Within 1 year	$	11,448	$	11,401	$	18,492	$	18,499
1 to 5 years		98,487		97,430		70,331		70,157
6 to 10 years		64,932		62,527		77,657		76,943
Over 10 years		1,200		1,235		797		796
	$	176,067	$	172,593	$	167,277	$	166,395

Gross unrealized gains related to marketable equity securities are

$110,081,000

and

$108,934,000

as of

December 31, 2018

and

2017,

respectively. Gross unrealized losses related to marketable equity securities are

$34,000

and

$24,000

as of

December 31, 2018

and

2017,

respectively. For the year ended

December 31, 2018,

the Company recognized a net unrealized gain of

$1,138,000

in the consolidated statements of operations.

Gross unrealized gains related to available for sale marketable debt securities are

$335,000

and

$823,000

as of

December 31, 2018

and

2017,

respectively. Gross unrealized losses related to available for sale marketable debt securities are

$3,809,000

and

$1,705,000

as of

December 31, 2018

and

2017,

respectively.

For the marketable securities in gross unrealized loss positions, (a) it is more likely than

not

that the Company will

not

be required to sell the investment securities before recovery of the unrealized losses, and (b) the Company expects that the contractual principal and interest will be received on the investment securities. As a result, the Company recognized

other-than-temporary impairment for the years ended

December 31, 2018

and

2017.

Proceeds from the sale of available for sale marketable debt securities during the years ended

December 31, 2018,

2017,

and

2016

were

$4,539,000,

$50,197,000,

and

$34,642,000,

respectively. Net investment gains of

$18,000,

$262,000,

and

$816,000

were realized on these sales during the years ended

December 31, 2018,

2017,

and

2016,

respectively.

sales were reported for the marketable equity securities for the years ended

December 31, 2018,

2017,

and

2016.