Marketable Securities

9 Months Ended

Sep. 30, 2019

Investments Debt And Equity Securities [Abstract]

Marketable Securities

9. Marketable Securities

Marketable securities consist of the Company’s ownership of equity securities carried at fair value. Effective January 1, 2018, all marketable securities are accounted for at fair value in accordance with ASU 2016-01. The securities had a fair value of $13.2 million and $32.1 million as of September 30, 2019 and December 31, 2018, respectively.

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. The Company recognized $0.4 million realized and unrealized net gains and $3.5 million realized and unrealized net losses, related to sales and the mark-to-market adjustments on these shares during the three months ended September 30, 2019 and 2018, respectively. The Company recognized $5.7 million and $10.3 million realized and unrealized net gains, related to sales and the mark-to-market adjustments on these shares during the nine months ended September 30, 2019 and 2018, respectively.

During the nine months ended September 30, 2019, the Company sold marketable securities with a fair value of $24.6 million, at the time of sale. During the nine months ended September 30, 2018, the Company sold marketable securities with a fair value of $102.1 million, at the time of sale. The Company did not purchase any marketable securities during the nine months ended September 30, 2019 and 2018.