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Investment Securities
 3 Months Ended
Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
Investment Securities
Our investment securities portfolio consists of an available-for-sale securities portfolio and a held-to-maturity securities portfolio, both of which represent interest-earning investment securities, and a non-marketable and other securities portfolio, which primarily represents investments managed as part of our funds management business.
Available-for-Sale Securities
The components of our available-for-sale investment securities portfolio at March 31, 2015 and December 31, 2014 are as follows:
 
 
March 31, 2015
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Carrying
Value
Available-for-sale securities, at fair value:
 
 
 
 
 
 
 
 
U.S. treasury securities
 
$
7,842,942

 
$
71,447

 
$
(264
)
 
$
7,914,125

U.S. agency debentures
 
3,271,203

 
43,675

 
(1,214
)
 
3,313,664

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
1,769,610

 
15,005

 
(6,460
)
 
1,778,155

Agency-issued collateralized mortgage obligations—variable rate
 
733,999

 
5,207

 
(3
)
 
739,203

Equity securities
 
1,948

 
121

 
(293
)
 
1,776

Total available-for-sale securities
 
$
13,619,702

 
$
135,455

 
$
(8,234
)
 
$
13,746,923


 
 
December 31, 2014
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Carrying
Value
Available-for-sale securities, at fair value:
 
 
 
 
 
 
 
 
U.S. treasury securities
 
$
7,289,135

 
$
17,524

 
$
(4,386
)
 
$
7,302,273

U.S. agency debentures
 
3,540,055

 
30,478

 
(8,977
)
 
$
3,561,556

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
1,884,450

 
14,851

 
(14,458
)
 
1,884,843

Agency-issued collateralized mortgage obligations—variable rate
 
779,103

 
5,372

 
—

 
784,475

Equity securities
 
5,202

 
2,628

 
(322
)
 
7,508

Total available-for-sale securities
 
$
13,497,945

 
$
70,853

 
$
(28,143
)
 
$
13,540,655

The following table summarizes our unrealized losses on our available-for-sale securities portfolio into categories of less than 12 months and 12 months or longer as of March 31, 2015:
 
 
March 31, 2015
 
 
Less than 12 months
 
12 months or longer
 
Total
(Dollars in thousands)
 
Fair Value of
Investments
 
Unrealized
Losses
 
Fair Value of
Investments
 
Unrealized
Losses
 
Fair Value of
Investments
 
Unrealized
Losses
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury securities
 
$
176,467

 
$
(264
)
 
$
—

 
$
—

 
$
176,467

 
$
(264
)
U.S. agency debentures
 
390,034

 
(1,214
)
 
—

 
—

 
390,034

 
(1,214
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 

 

Agency-issued mortgage-backed securities
 
—

 
—

 
—

 
—

 
—

 
—

Agency-issued collateralized mortgage obligations—fixed rate
 
244,285

 
(244
)
 
428,635

 
(6,216
)
 
672,920

 
(6,460
)
Agency-issued collateralized mortgage obligations—variable rate
 
934

 
(3
)
 
—

 
—

 
934

 
(3
)
Equity securities
 
1,381

 
(293
)
 
—

 
—

 
1,381

 
(293
)
Total temporarily impaired securities: (1)
 
$
813,101

 
$
(2,018
)
 
$
428,635

 
$
(6,216
)
 
$
1,241,736

 
$
(8,234
)
 
 
(1)
As of March 31, 2015, we identified a total of 51 investments that were in unrealized loss positions, of which 17 investments totaling $428.6 million with unrealized losses of $6.2 million have been in an impaired position for a period of time greater than 12 months. As of March 31, 2015, we do not intend to sell any impaired fixed income investment securities prior to recovery of our adjusted cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our adjusted cost basis. Based on our analysis as of March 31, 2015, we deem all impairments to be temporary, and therefore changes in value for our temporarily impaired securities as of the same date are included in other comprehensive income. Market valuations and impairment analyses on assets in the available-for-sale securities portfolio are reviewed and monitored on a quarterly basis.
The following table summarizes our unrealized losses on our available-for-sale securities portfolio into categories of less than 12 months and 12 months or longer as of December 31, 2014:
 
 
December 31, 2014
 
 
Less than 12 months
 
12 months or longer
 
Total
(Dollars in thousands)
 
Fair Value of
Investments
 
Unrealized
Losses
 
Fair Value of
Investments
 
Unrealized
Losses
 
Fair Value of
Investments
 
Unrealized
Losses
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury securities
 
$
2,297,895

 
$
(4,386
)
 
$
—

 
$
—

 
$
2,297,895

 
$
(4,386
)
U.S. agency debentures
 
249,266

 
(489
)
 
507,385

 
(8,488
)
 
756,651

 
(8,977
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
—

 
—

 
—

 
—

 
—

 
—

Agency-issued collateralized mortgage obligations—fixed rate
 
662,092

 
(3,104
)
 
453,801

 
(11,354
)
 
1,115,893

 
(14,458
)
Equity securities
 
568

 
(322
)
 
—

 
—

 
568

 
(322
)
Total temporarily impaired securities:
 
$
3,209,821

 
$
(8,301
)
 
$
961,186

 
$
(19,842
)
 
$
4,171,007

 
$
(28,143
)
The following table summarizes the remaining contractual principal maturities and fully taxable equivalent yields on fixed income investment securities classified as available-for-sale as of March 31, 2015. The weighted average yield is computed using the amortized cost of fixed income investment securities, which are reported at fair value. For U.S. treasury securities, the expected maturity is the actual contractual maturity of the notes. Expected remaining maturities for certain U.S. agency debentures may occur earlier than their contractual maturities because the note issuers have the right to call outstanding amounts ahead of their contractual maturity. Expected maturities for mortgage-backed securities may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. Mortgage-backed securities classified as available-for-sale typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower rate environments.
 
 
March 31, 2015
 
 
Total
 
One Year
or Less
 
After One Year to
Five Years
 
After Five Years to
Ten Years
 
After
Ten Years
(Dollars in thousands)
 
Carrying
Value
 
Weighted-
Average
Yield
 
Carrying
Value
 
Weighted-
Average
Yield
 
Carrying
Value
 
Weighted-
Average
Yield
 
Carrying
Value
 
Weighted-
Average
Yield
 
Carrying
Value
 
Weighted-
Average
Yield
U.S. treasury securities
 
$
7,914,125

 
1.11
%
 
$
350,203

 
0.25
%
 
$
6,925,629

 
1.09
%
 
$
638,293

 
1.90
%
 
$
—

 
—
%
U.S. agency debentures
 
3,313,664

 
1.65

 
835,499

 
1.80

 
2,055,046

 
1.44

 
423,119

 
2.36

 
—

 
—

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations - fixed rate
 
1,778,155

 
1.99

 
—

 
—

 
—

 
—

 
651,254

 
2.58

 
1,126,901

 
1.65

Agency-issued collateralized mortgage obligations - variable rate
 
739,203

 
0.71

 
—

 
—

 
—

 
—

 
—

 
—

 
739,203

 
0.71

Total
 
$
13,745,147

 
1.33

 
$
1,185,702

 
1.34

 
$
8,980,675

 
1.17

 
$
1,712,666

 
2.27

 
$
1,866,104

 
1.28

Held-to-Maturity Securities

The components of our held-to-maturity investment securities portfolio at March 31, 2015 and December 31, 2014 are as follows:
 
 
March 31, 2015
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
Held-to-maturity securities, at cost:
 
 
 
 
 
 
 
 
U.S. agency debentures (1)
 
$
473,373

 
$
8,700

 
$
—

 
$
482,073

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
2,693,488

 
23,143

 
(501
)
 
2,716,130

Agency-issued collateralized mortgage obligations—fixed rate
 
3,553,640

 
19,339

 
(6,328
)
 
3,566,651

Agency-issued collateralized mortgage obligations—variable rate
 
124,195

 
337

 
(5
)
 
124,527

Agency-issued commercial mortgage-backed securities
 
888,823

 
9,023

 
(498
)
 
897,348

Municipal bonds and notes
 
83,278

 
126

 
(480
)
 
82,924

Total held-to-maturity securities
 
$
7,816,797

 
$
60,668

 
$
(7,812
)
 
$
7,869,653

 
 
(1)
Consists of pools of Small Business Investment Company debentures issued and guaranteed by the U.S. Small Business Administration, an independent agency of the United States.
 
 
 
December 31, 2014
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
Held-to-maturity securities, at cost:
 
 
 
 
 
 
 
 
U.S. agency debentures (1)
 
$
405,899

 
$
4,589

 
$
(38
)
 
$
410,450

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
2,799,923

 
5,789

 
(2,320
)
 
2,803,392

Agency-issued collateralized mortgage obligations—fixed rate
 
3,185,109

 
4,521

 
(14,885
)
 
3,174,745

Agency-issued collateralized mortgage obligations—variable rate
 
131,580

 
371

 
—

 
131,951

Agency-issued commercial mortgage-backed securities
 
814,589

 
1,026

 
(3,800
)
 
811,815

Municipal bonds and notes
 
83,942

 
18

 
(657
)
 
83,303

Total held-to-maturity securities
 
$
7,421,042

 
$
16,314

 
$
(21,700
)
 
$
7,415,656

 
 
(1)
Consists of pools of Small Business Investment Company debentures issued and guaranteed by the U.S. Small Business Administration, an independent agency of the United States.
The following table summarizes our unrealized losses on our held-to-maturity securities portfolio into categories of less than 12 months and 12 months or longer as of March 31, 2015:
 
 
March 31, 2015
 
 
Less than 12 months
 
12 months or longer
 
Total
(Dollars in thousands)
 
Fair Value of
Investments
 
Unrealized
Losses
 
Fair Value of
Investments
 
Unrealized
Losses
 
Fair Value of
Investments
 
Unrealized
Losses
Held-to-maturity securities:
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
$
52,761

 
$
(501
)
 
$
—

 
$
—

 
$
52,761

 
$
(501
)
Agency-issued collateralized mortgage obligations—fixed rate
 
622,767

 
(6,328
)
 
—

 
—

 
622,767

 
(6,328
)
Agency-issued collateralized mortgage obligations—variable rate
 
8,660

 
(5
)
 
—

 
—

 
8,660

 
(5
)
Agency-issued commercial mortgage-backed securities
 
164,668

 
(498
)
 
—

 
—

 
164,668

 
(498
)
Municipal bonds and notes
 
48,864

 
(480
)
 
—

 
—

 
48,864

 
(480
)
Total temporarily impaired securities (1):
 
$
897,720

 
$
(7,812
)
 
$
—

 
$
—

 
$
897,720

 
$
(7,812
)
 
 
(1)
As of March 31, 2015, we identified a total of 120 investments that were in unrealized loss positions, none of which have been in an impaired position for a period of time greater than 12 months. As of March 31, 2015, we do not intend to sell any impaired fixed income investment securities prior to recovery of our adjusted cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our adjusted cost basis, which is consistent with our classification of these securities. Based on our analysis as of March 31, 2015, we deem all impairments to be temporary. Market valuations and impairment analyses on assets in the held-to-maturity securities portfolio are reviewed and monitored on a quarterly basis.
The following table summarizes our unrealized losses on our held-to-maturity securities portfolio into categories of less than 12 months and 12 months or longer as of December 31, 2014:
 
 
December 31, 2014
 
 
Less than 12 months
 
12 months or longer (1)
 
Total
(Dollars in thousands)
 
Fair Value of
Investments
 
Unrealized
Losses
 
Fair Value of
Investments
 
Unrealized
Losses
 
Fair Value of
Investments
 
Unrealized
Losses
Held-to-maturity securities:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. agency debentures
 
$
48,335

 
$
(38
)
 
$
—

 
$
—

 
$
48,335

 
$
(38
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
999,230

 
(2,320
)
 
—

 
—

 
999,230

 
(2,320
)
Agency-issued collateralized mortgage obligations—fixed rate
 
1,682,348

 
(9,705
)
 
783,558

 
(5,180
)
 
2,465,906

 
(14,885
)
Agency-issued commercial mortgage-backed securities
 
629,840

 
(3,800
)
 
—

 
—

 
629,840

 
(3,800
)
Municipal bonds and notes
 
79,141

 
(657
)
 
—

 
—

 
79,141

 
(657
)
Total temporarily impaired securities:
 
$
3,438,894

 
$
(16,520
)
 
$
783,558

 
$
(5,180
)
 
$
4,222,452

 
$
(21,700
)
 
 
(1)
Represents securities in an unrealized loss position for twelve months or longer in which the amortized cost basis was re-set for those securities re-designated from AFS to HTM effective June 1, 2014.
The following table summarizes the remaining contractual principal maturities and fully taxable equivalent yields on fixed income investment securities classified as held-to-maturity as of March 31, 2015. Interest income on certain municipal bonds and notes (non-taxable investments) are presented on a fully taxable equivalent basis using the federal statutory tax rate of 35%. The weighted average yield is computed using the amortized cost of fixed income investment securities, which are reported at fair value. Expected remaining maturities for certain U.S. agency debentures may occur earlier than their contractual maturities because the note issuers have the right to call outstanding amounts ahead of their contractual maturity. Expected maturities for mortgage-backed securities may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. Mortgage-backed securities classified as held-to-maturity typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower rate environments.
 
 
March 31, 2015
 
 
Total
 
One Year
or Less
 
After One Year to
Five Years
 
After Five Years to
Ten Years
 
After
Ten Years
(Dollars in thousands)
 
Amortized Cost
 
Weighted-
Average
Yield
 
Amortized Cost
 
Weighted-
Average
Yield
 
Amortized Cost
 
Weighted-
Average
Yield
 
Amortized Cost
 
Weighted-
Average
Yield
 
Amortized Cost
 
Weighted-
Average
Yield
U.S. agency debentures
 
$
473,373

 
2.69
%
 
$
—

 
—
%
 
$
—

 
—
%
 
$
473,373

 
2.69
%
 
$
—

 
—
%
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
2,693,488

 
2.42

 
—

 
—

 
42,382

 
2.38

 
794,716

 
2.23

 
1,856,390

 
2.51

Agency-issued collateralized mortgage obligations - fixed rate
 
3,553,640

 
1.65

 
—

 
—

 
—

 
—

 
—

 
—

 
3,553,640

 
1.65

Agency-issued collateralized mortgage obligations - variable rate
 
124,195

 
0.65

 
—

 
—

 
—

 
—

 
—

 
—

 
124,195

 
0.65

Agency-issued commercial mortgage-backed securities
 
888,823

 
2.16

 
—

 
—

 
—

 
—

 
—

 
—

 
888,823

 
2.16

Municipal bonds and notes
 
83,278

 
6.00

 
3,442

 
5.39

 
33,261

 
5.87

 
40,081

 
6.11

 
6,494

 
6.34

Total
 
$
7,816,797

 
2.07

 
$
3,442

 
5.39

 
$
75,643

 
3.91

 
$
1,308,170

 
2.52

 
$
6,429,542

 
1.95

Non-marketable and Other Securities
The components of our non-marketable and other investment securities portfolio at March 31, 2015 and December 31, 2014 are as follows:
(Dollars in thousands)
 
March 31, 2015
 
December 31, 2014
Non-marketable and other securities:
 
 
 
 
Non-marketable securities (fair value accounting):
 
 
 
 
Venture capital and private equity fund investments (1)
 
$
1,195,303

 
$
1,130,882

Other venture capital investments (2)
 
78,850

 
71,204

Other securities (fair value accounting) (3)
 
11,936

 
108,251

Non-marketable securities (equity method accounting):
 
 
 
 
Other investments (4)
 
145,942

 
142,674

Non-marketable securities (cost method accounting):
 
 
 
 
Venture capital and private equity fund investments (5)
 
134,575

 
140,551

Other investments (6)
 
14,910

 
13,423

Investments in qualified affordable housing projects (6)
 
125,357

 
121,155

Total non-marketable and other securities
 
$
1,706,873

 
$
1,728,140

 
(1)
The following table shows the amounts of venture capital and private equity fund investments held by the following consolidated funds and our ownership percentage of each fund at March 31, 2015 and December 31, 2014 (fair value accounting):
 
 
March 31, 2015
 
December 31, 2014
(Dollars in thousands)
 
Amount
 
Ownership %
 
Amount
 
Ownership %
SVB Strategic Investors Fund, LP
 
$
23,953

 
12.6
%
 
$
24,645

 
12.6
%
SVB Strategic Investors Fund II, LP
 
89,219

 
8.6

 
97,250

 
8.6

SVB Strategic Investors Fund III, LP
 
257,539

 
5.9

 
269,821

 
5.9

SVB Strategic Investors Fund IV, LP
 
297,752

 
5.0

 
291,291

 
5.0

Strategic Investors Fund V Funds
 
260,292

 
Various

 
226,111

 
Various

Strategic Investors Fund VI Funds
 
127,721

 
—

 
89,605

 
—

Strategic Investors Fund VII Funds
 
2,212

 
—

 
—

 
—

SVB Capital Preferred Return Fund, LP
 
64,417

 
20.0

 
62,110

 
20.0

SVB Capital—NT Growth Partners, LP
 
64,078

 
33.0

 
61,973

 
33.0

SVB Capital Partners II, LP (i)
 
346

 
5.1

 
302

 
5.1

Other private equity fund (ii)
 
7,774

 
58.2

 
7,774

 
58.2

Total venture capital and private equity fund investments
 
$
1,195,303

 
 
 
$
1,130,882

 
 
 
 
(i)
At March 31, 2015, we had a direct ownership interest of 1.3 percent and an indirect ownership interest of 3.8 percent in the fund through our ownership interest of SVB Strategic Investors Fund II, LP.
(ii)
At March 31, 2015, we had a direct ownership interest of 41.5 percent and indirect ownership interests of 12.6 percent and 4.1 percent in the fund through our ownership interest of SVB Capital—NT Growth Partners, LP and SVB Capital Preferred Return Fund, LP, respectively.
(2)
The following table shows the amounts of other venture capital investments held by the following consolidated funds and our ownership percentage of each fund at March 31, 2015 and December 31, 2014 (fair value accounting):
 
 
March 31, 2015
 
December 31, 2014
(Dollars in thousands)
 
Amount
 
Ownership %
 
Amount
 
Ownership %
Silicon Valley BancVentures, LP
 
$
3,390

 
10.7
%
 
$
3,291

 
10.7
%
SVB Capital Partners II, LP (i)
 
27,215

 
5.1

 
20,481

 
5.1

Capital Partners III, LP
 
41,055

 
—

 
41,055

 
—

SVB Capital Shanghai Yangpu Venture Capital Fund
 
7,190

 
6.8

 
6,377

 
6.8

Total other venture capital investments
 
$
78,850

 
 
 
$
71,204

 
 
 
 
(i)
At March 31, 2015, we had a direct ownership interest of 1.3 percent and an indirect ownership interest of 3.8 percent in the fund through our ownership of SVB Strategic Investors Fund II, LP.

(3)
Investments classified as other securities (fair value accounting) represent direct equity investments in public companies held by our consolidated funds. At December 31, 2014, the amount primarily included total unrealized gains in one public company, FireEye, Inc. ("FireEye"). During the first quarter of 2015, our managed direct venture funds distributed the remaining 2.5 million shares of FireEye common stock to their respective investors (including the Company), resulting in $15.9 million of realized gains on investment securities ($3.3 million net of noncontrolling interests but inclusive of the Company's carried interests). As of March 31, 2015, we no longer hold any shares of FireEye common stock, either directly or through our managed direct venture funds.
(4)
The following table shows the carrying value and our ownership percentage of each investment at March 31, 2015 and December 31, 2014 (equity method accounting):
 
 
March 31, 2015
 
December 31, 2014
(Dollars in thousands)
 
Amount
 
Ownership %
 
Amount
 
Ownership %
Gold Hill Capital 2008, LP (i)
 
$
22,040

 
15.5
%
 
$
21,294

 
15.5
%
China Joint Venture investment
 
79,695

 
50.0

 
79,569

 
50.0

Other investments
 
44,207

 
Various

 
41,811

 
Various

Total other investments (equity method accounting)
 
$
145,942

 
 
 
$
142,674

 
 
 
 
(i)
At March 31, 2015, we had a direct ownership interest of 11.5 percent in the fund and an indirect interest in the fund through our investment in Gold Hill Capital 2008, LLC of 4.0 percent.
(5)
Represents investments in 277 and 281 funds (primarily venture capital funds) at March 31, 2015 and December 31, 2014, respectively, where our ownership interest is typically less than 5% of the voting interests of each such fund and in which we do not have the ability to exercise significant influence over the partnerships operating activities and financial policies. The carrying value, and estimated fair value, of these venture capital and private equity fund investments (cost method accounting) was $135 million, and $238 million, respectively, as of March 31, 2015. The carrying value, and estimated fair value, of these venture capital and private equity fund investments (cost method accounting) was $141 million and $234 million, respectively, as of December 31, 2014.
(6)
Prior period amounts have been revised to reflect the retrospective application of new accounting guidance adopted in the first quarter of 2015 related to our investments in qualified affordable housing projects (ASU 2014-01). See Note 1 - "Basis of Presentation" of the "Notes to Interim Consolidated Financial Statements" under Part I, Item 1 in this report.
The following table presents the components of gains and losses (realized and unrealized) on investment securities for the three months ended March 31, 2015 and 2014:
 
 
Three months ended March 31,
(Dollars in thousands)
 
2015
 
2014
Gross gains on investment securities:
 
 
 
 
Available-for-sale securities, at fair value (1)
 
$
2,690

 
$
373

Non-marketable securities (fair value accounting):
 
 
 
 
Venture capital and private equity fund investments
 
58,489

 
111,436

Other venture capital investments
 
6,450

 
2,582

Other securities (fair value accounting)
 
19,601

 
116,750

Non-marketable securities (equity method accounting):
 
 
 
 
Other investments
 
4,188

 
3,642

Non-marketable securities (cost method accounting):
 
 
 
 
Venture capital and private equity fund investments
 
4,833

 
3,303

Other investments
 
358

 
134

Total gross gains on investment securities
 
96,609

 
238,220

Gross losses on investment securities:
 
 
 
 
Available-for-sale securities, at fair value (1)
 
(94
)
 
(313
)
Non-marketable securities (fair value accounting):
 
 
 
 
Venture capital and private equity fund investments
 
(11,635
)
 
(101
)
Other venture capital investments
 
—

 
(744
)
Other securities (fair value accounting)
 
(994
)
 
(12,773
)
Non-marketable securities (equity method accounting):
 
 
 
 
Other investments
 
(588
)
 
(212
)
Non-marketable securities (cost method accounting):
 
 
 
 
Venture capital and private equity fund investments (2)
 
(134
)
 
(156
)
Other investments
 
(5
)
 
(9
)
Total gross losses on investment securities
 
(13,450
)
 
(14,308
)
Gains on investment securities, net
 
$
83,159

 
$
223,912

 
 
(1)
Includes realized gains (losses) on sales of available-for-sale equity securities that are recognized in the income statement. Unrealized gains (losses) on available-for-sale fixed income and equity securities are recognized in other comprehensive income. The cost basis of available-for-sale securities sold is determined on a specific identification basis.
(2)
For the three months ended March 31, 2015 and 2014, includes OTTI losses of $0.1 million from the declines in value for 9 of the 277 investments and $0.1 million from the declines in value for 7 of the 282 investments, respectively. We concluded that any declines in value for the remaining investments were temporary, and as such, no OTTI was required to be recognized.