Marketable Securities and Certificates of Deposit

The amortized cost and estimated fair value of the Company's Marketable Securities as of June 30, 2018 and December 31, 2017 were as follows:



	June 30, 2018								December 31, 2017
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities Investments - Debt Securities	$	3,645	$	11	$	—	$	3,656	$	1,806	$	—	$	11	$	1,795
Securities Investments - Equity Securities	666		—		423		243		5,388		—		4,144		1,244
Debt Securities Carried by EGL	133,331		162		8		133,485		34,233		87		26		34,294
Investment Funds	57,093		5,460		8		62,545		22,027		5,678		6		27,699
Total	$	194,735	$	5,633	$	439	$	199,929	$	63,454	$	5,765	$	4,187	$	65,032

Scheduled maturities of the Company's available-for-sale debt securities within the Securities Investments portfolio as of June 30, 2018 and December 31, 2017 were as follows:



	June 30, 2018				December 31, 2017
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	3,090	$	3,101	$	204	$	204
Due after one year through five years	555		555		1,602		1,591
Total	$	3,645	$	3,656	$	1,806	$	1,795

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 June 30, 2018.

Securities Investments - Debt Securities

Securities Investments - Debt Securities are classified as available-for-sale securities within Marketable Securities on the Unaudited Condensed 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 ($22) and ($35) for the three and six months ended June 30, 2018, respectively, and ($13) and ($26) for the three and six months ended June 30, 2017, respectively.

Securities Investments - Equity Securities

Securities Investments - Equity Securities are carried at fair value with changes in fair value recorded in Other Revenue, Including Interest and Investments, beginning on January 1, 2018, on the Unaudited Condensed Consolidated Statements of Operations. The Company had net realized and unrealized gains (losses) of ($54) and ($65) for the three and six months ended June 30, 2018, respectively, and $21 and ($75) for the three and six months ended June 30, 2017, respectively.

Debt Securities Carried by EGL

EGL invests in a fixed income portfolio consisting primarily of treasury bills and municipal bonds. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations, as required for broker-dealers in securities. The Company had net realized and unrealized losses of ($136) and ($36) for the three and six months ended June 30, 2018, respectively, and ($220) and ($367) for the three and six months ended June 30, 2017, 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 15 for further information. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Unaudited Condensed Consolidated Statements of Operations. The Company had net realized and unrealized gains of $1,304 and $1,116 for the three and six months ended June 30, 2018, respectively, and $495 and $1,557 for the three and six months ended June 30, 2017, respectively.

Certificates of Deposit

At June 30, 2018, the Company held a certificate of deposit of $50,000 with a bank with an original maturity of six months when purchased. 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, which matured during the first quarter of 2018.