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Investment Securities
 6 Months Ended
Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
Investment Securities
Our investment securities portfolio consists of i) an available-for-sale securities portfolio and a held-to-maturity securities portfolio, both of which represent interest-earning investment securities, and ii) 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 June 30, 2016 and December 31, 2015 are as follows:
 
 
June 30, 2016
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Carrying
Value
Available-for-sale securities, at fair value:
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
8,826,762

 
$
150,336

 
$
—

 
$
8,977,098

U.S. agency debentures
 
2,288,876

 
47,726

 
—

 
2,336,602

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
1,200,111

 
8,093

 
(1,910
)
 
1,206,294

Agency-issued collateralized mortgage obligations—variable rate
 
537,041

 
1,004

 
(348
)
 
537,697

Equity securities
 
834

 
152

 
(60
)
 
926

Total available-for-sale securities
 
$
12,853,624

 
$
207,311

 
$
(2,318
)
 
$
13,058,617


 
 
December 31, 2015
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Carrying
Value
Available-for-sale securities, at fair value:
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
11,679,450

 
$
19,134

 
$
(20,549
)
 
$
11,678,035

U.S. agency debentures
 
2,677,453

 
17,684

 
(5,108
)
 
2,690,029

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
1,408,206

 
6,591

 
(15,518
)
 
1,399,279

Agency-issued collateralized mortgage obligations—variable rate
 
604,236

 
3,709

 
(9
)
 
607,936

Equity securities
 
6,596

 
460

 
(1,587
)
 
5,469

Total available-for-sale securities
 
$
16,375,941

 
$
47,578

 
$
(42,771
)
 
$
16,380,748

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 June 30, 2016:
 
 
June 30, 2016
 
 
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:
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 

 

Agency-issued collateralized mortgage obligations—fixed rate
 
$
—

 
$
—

 
$
263,702

 
$
(1,910
)
 
$
263,702

 
$
(1,910
)
Agency-issued collateralized mortgage obligations—variable rate
 
187,429

 
(348
)
 
—

 
—

 
187,429

 
(348
)
Equity securities
 
187

 
(60
)
 
—

 
—

 
187

 
(60
)
Total temporarily impaired securities: (1)
 
$
187,616

 
$
(408
)
 
$
263,702

 
$
(1,910
)
 
$
451,318

 
$
(2,318
)
 
 
(1)
As of June 30, 2016, we identified a total of 74 investments that were in unrealized loss positions, of which 14 investments totaling $263.7 million with unrealized losses of $1.9 million have been in an impaired position for a period of time greater than 12 months. As of June 30, 2016, 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 June 30, 2016, 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, 2015:
 
 
December 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
 
$
7,467,519

 
$
(20,549
)
 
$
—

 
$
—

 
$
7,467,519

 
$
(20,549
)
U.S. agency debentures
 
760,071

 
(5,108
)
 
—

 
—

 
760,071

 
(5,108
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
545,404

 
(4,681
)
 
373,284

 
(10,837
)
 
918,688

 
(15,518
)
Agency-issued collateralized mortgage obligations—variable rate
 
7,776

 
(9
)
 
—

 
—

 
7,776

 
(9
)
Equity securities
 
2,955

 
(1,587
)
 
—

 
—

 
2,955

 
(1,587
)
Total temporarily impaired securities (1):
 
$
8,783,725

 
$
(31,934
)
 
$
373,284

 
$
(10,837
)
 
$
9,157,009

 
$
(42,771
)
 
 
(1)
As of December 31, 2015, we identified a total of 243 investments that were in unrealized loss positions, of which 18 investments totaling $373.3 million with unrealized losses of $10.8 million have been in an impaired position for a period of time greater than 12 months.
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 June 30, 2016. 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 and U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. 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. The weighted average yield on mortgage-backed securities is based on prepayment assumptions at the purchase date. Actual yields earned may differ significantly based upon actual prepayments.
 
 
June 30, 2016
 
 
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
 
$
8,977,098

 
1.31
%
 
$
1,353,468

 
0.78
%
 
$
7,623,630

 
1.41
%
 
$
—

 
—
%
 
$
—

 
—
%
U.S. agency debentures
 
2,336,602

 
1.59

 
376,492

 
1.42

 
1,960,110

 
1.62

 
—

 
—

 
—

 
—

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations - fixed rate
 
1,206,294

 
1.93

 
—

 
—

 
—

 
—

 
848,402

 
2.11

 
357,892

 
1.52

Agency-issued collateralized mortgage obligations - variable rate
 
537,697

 
0.71

 
—

 
—

 
—

 
—

 
—

 
—

 
537,697

 
0.71

Total
 
$
13,057,691

 
1.40

 
$
1,729,960

 
0.92

 
$
9,583,740

 
1.45

 
$
848,402

 
2.11

 
$
895,589

 
1.03

Held-to-Maturity Securities

The components of our held-to-maturity investment securities portfolio at June 30, 2016 and December 31, 2015 are as follows:
 
 
June 30, 2016
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
Held-to-maturity securities, at cost:
 
 
 
 
 
 
 
 
U.S. agency debentures (1)
 
$
588,813

 
$
19,436

 
$
—

 
$
608,249

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
2,228,633

 
40,751

 
(270
)
 
2,269,114

Agency-issued collateralized mortgage obligations—fixed rate
 
3,829,568

 
44,721

 
(1,267
)
 
3,873,022

Agency-issued collateralized mortgage obligations—variable rate
 
343,040

 
200

 
(41
)
 
343,199

Agency-issued commercial mortgage-backed securities
 
1,152,105

 
18,927

 
(164
)
 
1,170,868

Municipal bonds and notes
 
58,284

 
161

 
(849
)
 
57,596

Total held-to-maturity securities
 
$
8,200,443

 
$
124,196

 
$
(2,591
)
 
$
8,322,048

 
 
(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, 2015
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
Held-to-maturity securities, at cost:
 
 
 
 
 
 
 
 
U.S. agency debentures (1)
 
$
545,473

 
$
8,876

 
$
—

 
$
554,349

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
2,366,627

 
546

 
(11,698
)
 
2,355,475

Agency-issued collateralized mortgage obligations—fixed rate
 
4,225,781

 
3,054

 
(32,999
)
 
4,195,836

Agency-issued collateralized mortgage obligations—variable rate
 
370,779

 
758

 
(33
)
 
371,504

Agency-issued commercial mortgage-backed securities
 
1,214,716

 
3,405

 
(3,475
)
 
1,214,646

Municipal bonds and notes
 
67,587

 
55

 
(830
)
 
66,812

Total held-to-maturity securities
 
$
8,790,963

 
$
16,694

 
$
(49,035
)
 
$
8,758,622

 
 
(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 June 30, 2016:
 
 
June 30, 2016
 
 
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
 
$
766

 
$
(20
)
 
$
24,980

 
$
(250
)
 
$
25,746

 
$
(270
)
Agency-issued collateralized mortgage obligations—fixed rate
 
—

 
—

 
270,867

 
(1,267
)
 
270,867

 
(1,267
)
Agency-issued collateralized mortgage obligations—variable rate
 
186,137

 
(41
)
 
—

 
—

 
186,137

 
(41
)
Agency-issued commercial mortgage-backed securities
 
—

 
—

 
26,424

 
(164
)
 
26,424

 
(164
)
Municipal bonds and notes
 
12,588

 
(75
)
 
33,790

 
(774
)
 
46,378

 
(849
)
Total temporarily impaired securities (1):
 
$
199,491

 
$
(136
)
 
$
356,061

 
$
(2,455
)
 
$
555,552

 
$
(2,591
)
 
 
(1)
As of June 30, 2016, we identified a total of 132 investments that were in unrealized loss positions, of which 81 investments totaling $356.1 million with unrealized losses of $2.5 million have been in an impaired position for a period of time greater than 12 months. As of June 30, 2016, 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 June 30, 2016, 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, 2015:
 
 
December 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
 
$
2,121,258

 
$
(10,860
)
 
$
22,507

 
$
(838
)
 
$
2,143,765

 
$
(11,698
)
Agency-issued collateralized mortgage obligations—fixed rate
 
3,153,483

 
(30,230
)
 
150,058

 
(2,769
)
 
3,303,541

 
(32,999
)
Agency-issued collateralized mortgage obligations—variable rate
 
170,350

 
(33
)
 
—

 
—

 
170,350

 
(33
)
Agency-issued commercial mortgage-backed securities
 
823,414

 
(2,994
)
 
40,276

 
(481
)
 
863,690

 
(3,475
)
Municipal bonds and notes
 
34,278

 
(274
)
 
25,509

 
(556
)
 
59,787

 
(830
)
Total temporarily impaired securities (1):
 
$
6,302,783

 
$
(44,391
)
 
$
238,350

 
$
(4,644
)
 
$
6,541,133

 
$
(49,035
)
 
 
(1)
As of December 31, 2015, we identified a total of 384 investments that were in unrealized loss positions, of which 58 investments totaling $238.4 million with unrealized losses of $4.6 million have been in an impaired position for a period of time greater than 12 months.
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 June 30, 2016. 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 percent. The weighted average yield is computed using the amortized cost of fixed income investment securities. For U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. 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. The weighted average yield on mortgage-backed securities is based on prepayment assumptions at the purchase date. Actual yields earned may differ significantly based upon actual prepayments.
 
 
June 30, 2016
 
 
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
 
$
588,813

 
2.70
%
 
$
—

 
—
%
 
$
16,633

 
4.07
%
 
$
572,180

 
2.66
%
 
$
—

 
—
%
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
2,228,633

 
2.38

 
—

 
—

 
223,864

 
2.72

 
299,976

 
1.81

 
1,704,793

 
2.44

Agency-issued collateralized mortgage obligations - fixed rate
 
3,829,568

 
1.73

 
—

 
—

 
—

 
—

 
23,606

 
1.75

 
3,805,962

 
1.73

Agency-issued collateralized mortgage obligations - variable rate
 
343,040

 
0.74

 
—

 
—

 
—

 
—

 
—

 
—

 
343,040

 
0.74

Agency-issued commercial mortgage-backed securities
 
1,152,105

 
2.12

 
—

 
—

 
—

 
—

 
—

 
—

 
1,152,105

 
2.12

Municipal bonds and notes
 
58,284

 
6.06

 
4,627

 
5.69

 
25,667

 
6.01

 
25,377

 
6.14

 
2,613

 
6.46

Total
 
$
8,200,443

 
2.02

 
$
4,627

 
5.69

 
$
266,164

 
3.12

 
$
921,139

 
2.45

 
$
7,008,513

 
1.92

Non-marketable and Other Securities
The components of our non-marketable and other investment securities portfolio at June 30, 2016 and December 31, 2015 are as follows:
(Dollars in thousands)
 
June 30, 2016
 
December 31, 2015
Non-marketable and other securities:
 
 
 
 
Non-marketable securities (fair value accounting):
 
 
 
 
Venture capital and private equity fund investments (1)
 
$
144,227

 
$
152,237

Other venture capital investments (2)
 
2,040

 
2,040

Other securities (fair value accounting) (3)
 
280

 
548

Non-marketable securities (equity method accounting) (4):
 
 
 
 
Venture capital and private equity fund investments
 
82,214

 
85,705

Debt funds
 
19,239

 
21,970

Other investments
 
120,721

 
118,532

Non-marketable securities (cost method accounting):
 
 
 
 
Venture capital and private equity fund investments (5)
 
117,379

 
120,676

Other investments
 
24,156

 
18,882

Investments in qualified affordable housing projects, net (6)
 
153,798

 
154,356

Total non-marketable and other securities
 
$
664,054

 
$
674,946

 
(1)
The following table shows the amounts of venture capital and private equity fund investments held by the following funds and our ownership percentage of each fund at June 30, 2016 and December 31, 2015 (fair value accounting):
 
 
June 30, 2016
 
December 31, 2015
(Dollars in thousands)
 
Amount
 
Ownership %
 
Amount
 
Ownership %
SVB Strategic Investors Fund, LP
 
$
18,062

 
12.6
%
 
$
20,794

 
12.6
%
SVB Capital Preferred Return Fund, LP
 
58,220

 
20.0

 
60,619

 
20.0

SVB Capital—NT Growth Partners, LP
 
60,789

 
33.0

 
62,983

 
33.0

Other private equity fund (i)
 
7,156

 
58.2

 
7,841

 
58.2

Total venture capital and private equity fund investments
 
$
144,227

 
 
 
$
152,237

 
 
 
 
(i)
At June 30, 2016, we had a direct ownership interest of 41.5 percent in the other private equity fund and an indirect ownership interest of 12.6 percent through our ownership interest of SVB Capital—NT Growth Partners, LP and an indirect ownership interest of 4.1 percent through our ownership interest of SVB Capital Preferred Return Fund, LP.

(2)
The following table shows the amounts of other venture capital investments held by the following fund and our ownership percentage at June 30, 2016 and December 31, 2015 (fair value accounting):
 
 
June 30, 2016
 
December 31, 2015
(Dollars in thousands)
 
Amount
 
Ownership %
 
Amount
 
Ownership %
Silicon Valley BancVentures, LP
 
$
2,040

 
10.7
%
 
$
2,040

 
10.7
%
Total other venture capital investments
 
$
2,040

 
 
 
$
2,040

 
 


(3)
Investments classified as other securities (fair value accounting) represent direct equity investments in public companies held by our consolidated funds.
(4)
The following table shows the carrying value and our ownership percentage of each investment at June 30, 2016 and December 31, 2015 (equity method accounting):
 
 
June 30, 2016
 
December 31, 2015
(Dollars in thousands)
 
Amount
 
Ownership %
 
Amount
 
Ownership %
Venture capital and private equity fund investments:
 
 
 
 
 
 
 
 
SVB Strategic Investors Fund II, LP
 
$
8,996

 
8.6
%
 
$
10,035

 
8.6
%
SVB Strategic Investors Fund III, LP
 
20,957

 
5.9

 
23,926

 
5.9

SVB Strategic Investors Fund IV, LP
 
24,557

 
5.0

 
26,411

 
5.0

Strategic Investors Fund V funds
 
11,463

 
Various

 
10,470

 
Various

Other venture capital and private equity fund investments
 
16,241

 
Various

 
14,863

 
Various

 Total venture capital and private equity fund investments
 
$
82,214

 
 
 
$
85,705

 
 
Debt funds:
 
 
 
 
 
 
 
 
Gold Hill Capital 2008, LP (i)
 
$
15,705

 
15.5
%
 
$
17,453

 
15.5
%
Other debt funds
 
3,534

 
Various

 
4,517

 
Various

Total debt funds
 
$
19,239

 
 
 
$
21,970

 
 
Other investments:
 
 
 
 
 
 
 
 
China Joint Venture investment
 
$
78,074

 
50.0
%
 
$
78,799

 
50.0
%
Other investments
 
42,647

 
Various

 
39,733

 
Various

Total other investments
 
$
120,721

 
 
 
$
118,532

 
 

 
(i)
At June 30, 2016, 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 264 and 267 funds (primarily venture capital funds) at June 30, 2016 and December 31, 2015, 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 $117 million and $227 million, respectively, as of June 30, 2016. The carrying value, and estimated fair value, of these venture capital and private equity fund investments (cost method accounting) was $121 million and $233 million, respectively, as of December 31, 2015.
(6)
The following table presents the balances of our investments in qualified affordable housing projects and related unfunded commitments at June 30, 2016 and December 31, 2015:
(Dollars in thousands)
 
June 30, 2016
 
December 31, 2015
Investments in qualified affordable housing projects, net
 
$
153,798

 
$
154,356

Accrued expenses and other liabilities
 
72,231

 
90,978


The following table presents other information relating to our investments in qualified affordable housing projects for the three and six months ended June 30, 2016 and 2015:
 
 
Three months ended June 30,
 
Six months ended June 30,
(Dollars in thousands)
 
2016

2015
 
2016
 
2015
Tax credits and other tax benefits recognized
 
$
4,066

 
$
3,214

 
$
8,132

 
$
6,427

Amortization expense included in provision for income taxes (i)
 
3,578

 
2,741

 
7,190

 
5,538

 
 
(i)
All investments are amortized using the proportional amortization method and amortization expense is included in the provision for income taxes.
The following table presents the components of gains and losses (realized and unrealized) on investment securities for the three and six months ended June 30, 2016 and 2015:
 
 
Three months ended June 30,
 
Six months ended June 30,
(Dollars in thousands)
 
2016
 
2015
 
2016
 
2015
Gross gains on investment securities:
 
 
 
 
 
 
 
 
Available-for-sale securities, at fair value (1)
 
$
12,401

 
$
235

 
$
14,154

 
$
2,925

Non-marketable securities (fair value accounting):
 
 
 
 
 
 
 
 
Venture capital and private equity fund investments
 
7,524

 
9,199

 
10,347

 
18,021

Other venture capital investments
 
5

 
—

 
13

 
183

Other securities (fair value accounting)
 
305

 
281

 
368

 
9,068

Non-marketable securities (equity method accounting):
 
 
 
 
 
 
 
 
Venture capital and private equity fund investments
 
2,019

 
6,709

 
3,672

 
12,723

Debt funds
 
64

 
183

 
964

 
1,688

Other investments
 
3,190

 
45

 
4,041

 
2,727

Non-marketable securities (cost method accounting):
 
 
 
 
 
 
 
 
Venture capital and private equity fund investments
 
5,514

 
10,644

 
7,852

 
15,477

Other investments
 
13

 
218

 
13

 
576

Total gross gains on investment securities
 
31,035

 
27,514

 
41,424

 
63,388

Gross losses on investment securities:
 
 
 
 
 
 
 
 
Available-for-sale securities, at fair value (1)
 
(73
)
 
(94
)
 
(2,572
)
 
(188
)
Non-marketable securities (fair value accounting):
 
 
 
 
 
 
 
 
Venture capital and private equity fund investments
 
(5,943
)
 
(599
)
 
(13,836
)
 
(1,547
)
Other venture capital investments
 
—

 
—

 
(38
)
 
(52
)
Other securities (fair value accounting)
 
(250
)
 
(120
)
 
(407
)
 
(792
)
Non-marketable securities (equity method accounting):
 
 
 
 
 
 
 
 
Venture capital and private equity fund investments
 
(466
)
 
(409
)
 
(4,021
)
 
(437
)
Debt funds
 
(284
)
 
—

 
(329
)
 
(588
)
Other investments
 
(312
)
 
(1,140
)
 
(956
)
 
(1,140
)
Non-marketable securities (cost method accounting):
 
 
 
 
 
 
 
 
Venture capital and private equity fund investments (2)
 
(270
)
 
(174
)
 
(441
)
 
(398
)
Other investments
 
(167
)
 
(3
)
 
(238
)
 
(8
)
Total gross losses on investment securities
 
(7,765
)
 
(2,539
)
 
(22,838
)
 
(5,150
)
Gains on investment securities, net
 
$
23,270

 
$
24,975

 
$
18,586

 
$
58,238

 
 
(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 June 30, 2016 and 2015, includes OTTI losses of $0.3 million from the declines in value for 10 of the 264 investments and $0.2 million from the declines in value for 8 of the 273 investments, respectively. For the six months ended June 30, 2016 and 2015, includes OTTI losses of $0.4 million from the declines in value for 18 of the 264 investments and $0.3 million from the declines in value for 17 of the 273 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.