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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of Maturity Dates of Fixed Income Securities
The table below summarizes the maturity dates of debt securities available for sale at June 30, 2020.

Investment Type:
Fair Value
 
Under 1 Year
 
1 Year up to 5 Years
 
More than 5 Years
U.S. Government securities
$
12,754

 
$
8,761

 
$
3,993

 
$
—

Corporate securities
37,145

 
22,570

 
14,575

 
—

U.S. mortgage-backed securities
4,984

 
3,134

 
1,850

 
—

Commercial mortgage-backed securities
2

 
2

 
—

 
—

Total debt securities available for sale by maturity dates
$
54,885

 
$
34,467

 
$
20,418

 
$
—
Investment Securities at Fair Value

Investment securities consisted of the following:
 
June 30,
2020
 
December 31, 2019
Debt securities available for sale
$
54,885

 
$
83,445

 
 
 
 
Equity securities at fair value:
 
 
 
Marketable equity securities
11,091

 
23,819

Mutual funds invested in debt securities
22,667

 
22,377

Long-term investment securities at fair value (1)
33,232

 
45,781

          Total equity securities at fair value
66,990

 
91,977

 
 
 
 
Total investment securities at fair value
121,875

 
175,422

Less:
 
 
 
Long-term investment securities at fair value
33,232

 
45,781

Current investment securities at fair value
88,643

 
129,641

 
 
 
 
Equity-method investments
$
14,817

 
$
15,942


(1) These assets are measured at net asset value (“NAV”) as a practical expedient under ASC 820.
Net gains (losses) recognized on investment securities were as follows:
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2020
 
2019
 
2020
 
2019
Net gains (losses) recognized on equity securities
$
4,711

 
$
2,311

 
$
(7,026
)
 
$
7,051

Net gains (losses) recognized on debt securities available for sale
70

 
6

 
(47
)
 
42

Impairment expense
—

 
(2
)
 
(386
)
 
(5
)
Net gains (losses) recognized on investment securities
$
4,781

 
$
2,315

 
$
(7,459
)
 
$
7,088


The components of debt securities available for sale at December 31, 2019 were as follows:

 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Marketable debt securities
$
82,714

 
$
731

 
$
—

 
$
83,445


The components of debt securities available for sale at June 30, 2020 were as follows:

 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Marketable debt securities
$
53,741

 
$
1,144

 
$
—

 
$
54,885
Schedule of Realized Gains (Losses)
Gross realized gains and losses on debt securities available for sale were as follows:

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2020
 
2019
 
2020
 
2019
Gross realized gains on sales
$
72

 
$
9

 
$
170

 
$
47

Gross realized losses on sales
(2
)
 
(3
)
 
(217
)
 
(5
)
Net gains (losses) recognized on debt securities available for sale
$
70

 
$
6

 
$
(47
)
 
$
42

 
 
 
 
 
 
 
 
Impairment expense
$
—

 
$
(2
)
 
$
(386
)
 
$
(5
)
 

 

 

 
Equity Securities at Fair Value
The following is a summary of unrealized and realized net gains and losses recognized in net income on equity securities at fair value during the three and six months ended June 30, 2020 and 2019, respectively:

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2020
 
2019
 
2020
 
2019
Net gains (losses) recognized on equity securities
$
4,711

 
$
2,311

 
$
(7,026
)
 
$
7,051

Less: Net gains (losses) recognized on equity securities sold
601

 
278

 
(17
)
 
410

Net unrealized gains (losses) recognized on equity securities still held at the reporting date
$
4,110

 
$
2,033

 
$
(7,009
)
 
$
6,641

 
 
 
 
 
 
 
 
Equity Method Investments
Equity in earnings (losses) from investments were:
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2020
 
2019
 
2020
 
2019
Mutual fund and hedge funds
$
2,207

 
$
(230
)
 
$
(693
)
 
$
612

LTS
—

 
(1,480
)
 
53,052

 
(985
)
Other
—

 
25

 
—

 
50

Equity in earnings (losses) from investments
$
2,207

 
$
(1,685
)
 
$
52,359

 
$
(323
)

Equity-method investments consisted of the following:
 
June 30,
2020
 
December 31, 2019
Mutual fund and hedge funds
$
14,817

 
$
15,509

Ladenburg Thalmann Financial Services Inc. (“LTS”)
—

 
433

 
$
14,817

 
$
15,942