Note 8—Investments

The following is a summary of Investments:

	As of
	September 30, 2018		December 31, 2017
	(in thousands)
Equity Investments, at Fair Value
Equity Securities	$	6,962	$	5,452
Mutual Funds		22,048		—
Total Equity Investments, at Fair Value		29,010		5,452
Trading Securities
U.S. Treasury Bills		11,662		—
Corporate Bonds		1,289		—
Total Trading Securities		12,951		—
Investments in Equity Method Investees		16,209		16,285
Total	$	58,170	$	21,737

Investment, at Fair Value

Investments, at Fair Value consisted of the following at September 30, 2018:

	Cost		Unrealized Gain/(Loss)		Fair Value
	(in thousands)
Equity Securities	$	6,375	$	587	$	6,962
Mutual Funds		22,048		—		22,048
Total Equity Investments, at Fair Value	$	28,423	$	587	$	29,010

	Amortized Cost		Unrealized Gain/(Loss)			Fair Value
	(in thousands)
U.S. Treasury Bills	$	11,664	$	(2	)	$	11,662
Corporate Bonds		1,290		(1	)		1,289
Total Trading Securities	$	12,954	$	(3	)	$	12,951

Investments, at Fair Value consisted of the following at December 31, 2017:

	Cost		Unrealized Gain/(Loss)		Fair Value
	(in thousands)
Equity Securities	$	4,399	$	1,053	$	5,452
Total Equity Investments, at Fair Value	$	4,399	$	1,053	$	5,452

Equity Investments, at Fair Value

Equity investments, at fair value consist of equity securities held by the Company’s consolidated subsidiaries and individual investments held directly by the Company primarily for the purpose of satisfying certain of the Company’s obligations under its deferred compensation program. Equity investments, at fair value also includes investments in open-ended registered mutual funds for which the Company has neither control nor the ability to exercise significant influence. Equity investments are measured at fair value based on quoted market prices or published net asset values.

Trading Securities

Trading securities consists of fixed income investments held directly by Company. Fixed income investments are carried at fair value based on quoted market prices or market prices obtained from independent pricing services engaged by management.

Investments in Equity Method Investees

The operating company sponsors and provides investment management services to certain private investment partnerships and Pzena mutual funds through which it offers its investment strategies. The Company has made investments in certain of these private investment partnerships and mutual funds to satisfy its obligations under the Company's deferred compensation program and provide the initial cash investment in our mutual funds. The Company holds a non-controlling interest and exercises significant influence in these entities, and accounts for its investments as equity method investments which are included in Equity Method Investments on the consolidated statements of financial condition. As of September 30, 2018, the Company's investments range between 1% and 16% of the capital of these entities and have an aggregate carrying value of $16.2 million.