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Investments and Notes Receivable
 12 Months Ended
Dec. 31, 2017
Investments [Abstract]  
Investments and Notes Receivable
Investments and Notes Receivable

A summary of the Company's investments and notes receivable follows:
 
As of December 31, 2017
 
As of December 31, 2016
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses (a)
 
Fair value
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair value
 
 
 
 
 
 
 
 
Investments (at fair value):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Student loan asset-backed and other debt securities (b)
$
71,943

 
5,056

 
(25
)
 
76,974

 
98,260

 
6,280

 
(641
)
 
103,899

Equity securities
1,630

 
2,298

 
—

 
3,928

 
720

 
1,930

 
(61
)
 
2,589

Total available-for-sale investments
$
73,573

 
7,354

 
(25
)
 
80,902

 
98,980

 
8,210

 
(702
)
 
106,488

Trading investments - equity securities
 
 
 
 
 
 
—

 
 
 
 
 
 
 
105

Total available-for-sale and trading investments
 
 
 
 
 
 
80,902

 
 
 
 
 
 
 
106,593

Other Investments and Notes Receivable (not measured at fair value):
 
 
 
 
 
 
 
 
 
 
 
 
Venture capital and funds
 
 
 
 
 
 
84,752

 
 
 
 
 
 
 
69,789

Real estate
 
 
 
 
 
 
49,464

 
 
 
 
 
 
 
48,379

Notes receivable
 
 
 
 
 
 
16,393

 
 
 
 
 
 
 
17,031

Tax liens and affordable housing
 
 
 
 
 
 
9,027

 
 
 
 
 
 
 
12,352

Total investments and notes receivable
 
 
 
 
 
 
$
240,538

 
 
 
 
 
 
 
254,144


(a)
As of December 31, 2017, the aggregate fair value of available-for-sale investments with unrealized losses was $12.3 million of which none had been in a continuous unrealized loss position for greater than 12 months. Because the Company currently has the intent and ability to retain these investments for an anticipated recovery in fair value, as of December 31, 2017, the Company considered the decline in market value of its available-for-sale investments to be temporary in nature and did not consider any of its investments other-than-temporarily impaired.

(b)
As of December 31, 2017, the stated maturities of substantially all of the Company's student loan asset-backed securities and other debt securities classified as available-for-sale were greater than 10 years.

The following table summarizes the amount included in "other income" in the consolidated statements of income related to the Company's investments classified as available-for-sale and trading.
 
 
Year ended December 31,
 
 
2017
 
2016
 
2015
Available-for-sale securities:
 
 
 
 
 
 
Gross realized gains
 
$
3,767

 
3,099

 
3,402

Gross realized losses
 
(1,239
)
 
(1,192
)
 
(447
)
Trading securities:
 
 
 
 
 
 
Unrealized gains (losses), net
 
(14
)
 
525

 
(715
)
Realized gains (losses), net
 
—

 
341

 
(2,097
)
 
 
$
2,514

 
2,773

 
143