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Marketable Securities and Certificates of Deposit
3 Months Ended
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities and Certificates of Deposit
Marketable Securities and Certificates of Deposit
The amortized cost and estimated fair value of the Company's Marketable Securities as of March 31, 2019 and December 31, 2018 were as follows:
 
March 31, 2019
 
December 31, 2018
 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Securities Investments - Debt Securities
$
1,836

 
$
22

 
$

 
$
1,858

 
$
1,622

 
$
10

 
$

 
$
1,632

Securities Investments - Equity Securities
666

 

 
259

 
407

 
666

 

 
410

 
256

Debt Securities Carried by EGL
145,349

 
1,055

 
2

 
146,402

 
147,009

 
954

 

 
147,963

Investment Funds
62,906

 
2,056

 
146

 
64,816

 
56,296

 
402

 
1,922

 
54,776

Total
$
210,757

 
$
3,133

 
$
407

 
$
213,483

 
$
205,593

 
$
1,366

 
$
2,332

 
$
204,627


Scheduled maturities of the Company's available-for-sale debt securities within the Securities Investments portfolio as of March 31, 2019 and December 31, 2018 were as follows:
 
March 31, 2019
 
December 31, 2018
 
Amortized
Cost
 
Fair Value
 
Amortized
Cost
 
Fair Value
Due within one year
$
489

 
$
490

 
$
391

 
$
391

Due after one year through five years
1,347

 
1,368

 
1,231

 
1,241

Total
$
1,836

 
$
1,858

 
$
1,622

 
$
1,632


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 March 31, 2019.
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 ($3) and ($13) for the three months ended March 31, 2019 and 2018, 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, on the Unaudited Condensed Consolidated Statements of Operations. The Company had net realized and unrealized gains (losses) of $152 and ($11) for the three months ended March 31, 2019 and 2018, respectively.
Debt Securities Carried by EGL
EGL invests in a fixed income portfolio consisting primarily of U.S. 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 gains of $49 and $101 for the three months ended March 31, 2019 and 2018, 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 16 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 (losses) of $6,587 and ($188) for the three months ended March 31, 2019 and 2018, respectively.
Futures
In April 2019, the Company entered into three month futures contracts on a stock index fund with a notional amount of $14,815 for $680, as an economic hedge against the Company's deferred cash compensation program. In accordance with ASC 815, "Derivatives and Hedging," ("ASC 815") these contracts 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.
Certificates of Deposit
At December 31, 2018, the Company held certificates of deposit of $100,000 with certain banks with original maturities of six months or less when purchased. These certificates of deposit matured during the first quarter of 2019.