Marketable Securities and Certificates of Deposit

12 Months Ended

Dec. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Marketable Securities and Certificates of Deposit

The amortized cost and estimated fair value of the Company's Marketable Securities as of December 31, 2017 and 2016 were as follows:



	December 31, 2017								December 31, 2016
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities Investments	$	7,194	$	—	$	4,155	$	3,039	$	6,470	$	—	$	3,945	$	2,525
Debt Securities Carried by EGL	34,233		87		26		34,294		38,392		77		15		38,454
Investment Funds	22,027		5,678		6		27,699		23,665		1,854		11		25,508
Total	$	63,454	$	5,765	$	4,187	$	65,032	$	68,527	$	1,931	$	3,971	$	66,487

Scheduled maturities of the Company's available-for-sale debt securities within the Securities Investments portfolio as of December 31, 2017 and 2016 were as follows:



	December 31, 2017				December 31, 2016
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	204	$	204	$	—	$	—
Due after one year through five years	1,602		1,591		1,748		1,728
Total	$	1,806	$	1,795	$	1,748	$	1,728

Since the Company has the ability and intent to hold available-for-sale securities until a recovery of fair value is equal to an amount approximating its amortized cost, which may be at maturity, and has not incurred credit losses on its securities, it does not consider such unrealized loss positions to be other-than-temporarily impaired at December 31, 2017.

Securities Investments

Securities Investments include equity and debt securities, which are classified as available-for-sale securities within Marketable Securities on the Consolidated Statements of Financial Condition. These securities are stated at fair value with unrealized gains and losses included in Accumulated Other Comprehensive Income (Loss) and realized gains and losses included in earnings. The Company had net realized losses of ($38), ($46) and ($47) for the years ended December 31, 2017, 2016 and 2015, respectively.

Debt Securities Carried by EGL

EGL invests in a fixed income portfolio consisting primarily of municipal bonds. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest, on the Consolidated Statements of Operations, as required for broker-dealers in securities. The Company had net realized and unrealized losses of ($865), ($937) and ($556) for the years ended December 31, 2017, 2016 and 2015, respectively.

Investment Funds

The Company invests in a portfolio of exchange-traded funds and mutual funds as an economic hedge against the Company's deferred cash compensation program. See Note 17 for further information. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest, on the Consolidated Statements of Operations. The Company had net realized and unrealized gains (losses) of $4,088, $2,128 and ($26) for the years ended December 31, 2017, 2016 and 2015, respectively.

Certificates of Deposit

At December 31, 2017, the Company held certificates of deposit of $63,527 with certain banks with original maturities of six months or less when purchased.