9.	Marketable Securities

Marketable securities consist of the Company’s ownership of equity securities carried at fair value. The investments had a fair value of $152.5 million and $208.2 million as of September 30, 2018 and December 31, 2017, respectively.

Effective January 1, 2018, all marketable securities are accounted for at fair value in accordance with ASU 2016-01. As of September 30, 2018, the Company held marketable securities with a readily determinable fair value of $152.5 million. These equity securities are measured at fair value, with any changes in fair value recognized in earnings and included in “Other income (loss)” in the Company’s unaudited condensed consolidated statements of operations. During the three months ended September 30, 2018, the Company recognized realized and unrealized net losses of $4.1 million, related to the mark-to-market on these shares and any related hedging transactions, when applicable. During the nine months ended September 30, 2018, the Company recognized realized and unrealized net gains of $12.4 million and, related to the mark-to-market on these shares and any related hedging transactions, when applicable.

During the three months ended September 30, 2018 and 2017, in connection with the Nasdaq earn-out, the Company recognized a Nasdaq earn-out share payment of $85.1 million and $77.0 million, respectively, in “Other income (loss)” in the Company’s unaudited condensed consolidated statements of operations.

As of December 31, 2017, the Company held marketable securities classified as trading securities with a fair value of $198.3 million. Trading securities were measured at fair value, with any changes in fair value recognized in earnings and included in “Other income (loss)” in the Company’s unaudited condensed consolidated statements of operations. During the three months ended September 30, 2017, the Company recognized realized and unrealized net gains of $12.8 million, related to the mark-to-market on marketable securities classified as trading securities and any related hedging transactions when applicable. During the nine months ended September 30, 2017, the Company recognized realized and unrealized net gains of $24.3 million, related to the mark-to-market on marketable securities classified as trading securities and any related hedging transactions when applicable.

As of December 31, 2017, the Company held marketable securities classified as available-for-sale with a fair value of $9.9 million. Available-for-sale securities are measured at fair value, with unrealized gains or losses included as part of “Other comprehensive income (loss)” in the Company’s unaudited condensed consolidated statements of comprehensive income (loss). During the three months ended September 30, 2017, the Company recognized a gain of $0.5 million related to marketable securities classified as available-for-sale. During the nine months ended September 30, 2017, the Company recognized a gain of $1.2 million related to marketable securities classified as available-for-sale.

During the nine months ended September 30, 2018, the Company sold marketable securities with a fair value of $153.3 million at the time of sale. During the nine months ended September 30, 2017, the Company sold marketable securities with a fair value of $7.8 million at the time of sale. The Company did not purchase any marketable securities during the nine months ended September 30, 2018 and 2017, respectively.