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Investment Securities
 6 Months Ended
Jun. 30, 2017
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, 2017 and December 31, 2016 are as follows:
 
 
June 30, 2017
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Carrying
Value
Available-for-sale securities, at fair value:
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
7,785,838

 
$
19,443

 
$
(3,599
)
 
$
7,801,682

U.S. agency debentures
 
1,917,475

 
11,355

 
(1,577
)
 
1,927,253

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
1,925,216

 
3,885

 
(13,820
)
 
1,915,281

Agency-issued collateralized mortgage obligations—variable rate
 
418,173

 
1,361

 
(147
)
 
419,387

Equity securities
 
6,603

 
1,495

 
(649
)
 
7,449

Total available-for-sale securities
 
$
12,053,305

 
$
37,539

 
$
(19,792
)
 
$
12,071,052


 
 
December 31, 2016
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Carrying
Value
Available-for-sale securities, at fair value:
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
8,880,358

 
$
30,323

 
$
(1,190
)
 
$
8,909,491

U.S. agency debentures
 
2,065,535

 
14,443

 
(1,603
)
 
2,078,375

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
1,163,017

 
3,046

 
(13,398
)
 
1,152,665

Agency-issued collateralized mortgage obligations—variable rate
 
474,238

 
685

 
(640
)
 
474,283

Equity securities
 
5,635

 
748

 
(786
)
 
5,597

Total available-for-sale securities
 
$
12,588,783

 
$
49,245

 
$
(17,617
)
 
$
12,620,411


The following tables summarize our unrealized losses on our available-for-sale securities portfolio into categories of less than 12 months, or 12 months or longer as of June 30, 2017 and December 31, 2016:
 
 
June 30, 2017
 
 
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
 
$
2,724,519

 
$
(3,599
)
 
$
—

 
$
—

 
$
2,724,519

 
$
(3,599
)
U.S. agency debentures
 
762,920

 
(1,577
)
 
—

 
—

 
762,920

 
(1,577
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
851,825

 
(7,849
)
 
201,986

 
(5,971
)
 
1,053,811

 
(13,820
)
Agency-issued collateralized mortgage obligations—variable rate
 
6,185

 
(14
)
 
69,706

 
(133
)
 
75,891

 
(147
)
Equity securities
 
3,561

 
(649
)
 
—

 
—

 
3,561

 
(649
)
Total temporarily impaired securities (1)
 
$
4,349,010

 
$
(13,688
)
 
$
271,692

 
$
(6,104
)
 
$
4,620,702

 
$
(19,792
)
 
 
(1)
As of June 30, 2017, we identified a total of 184 investments that were in unrealized loss positions, of which 44 investments totaling $271.7 million with unrealized losses of $6.1 million have been in an impaired position for a period of time greater than 12 months. As of June 30, 2017, 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, 2017, 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.
 
 
December 31, 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:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
879,255

 
$
(1,190
)
 
$
—

 
$
—

 
$
879,255

 
$
(1,190
)
U.S. agency debentures
 
513,198

 
(1,603
)
 
—

 
—

 
513,198

 
(1,603
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
635,566

 
(6,704
)
 
227,480

 
(6,694
)
 
863,046

 
(13,398
)
Agency-issued collateralized mortgage obligations—variable rate
 
258,325

 
(613
)
 
6,068

 
(27
)
 
264,393

 
(640
)
Equity securities
 
3,693

 
(786
)
 
—

 
—

 
3,693

 
(786
)
Total temporarily impaired securities (1)
 
$
2,290,037

 
$
(10,896
)
 
$
233,548

 
$
(6,721
)
 
$
2,523,585

 
$
(17,617
)
 
 
(1)
As of December 31, 2016, we identified a total of 174 investments that were in unrealized loss positions, of which 20 investments totaling $233.5 million with unrealized losses of $6.7 million have been in an impaired position for a period of time greater than 12 months.
The following table summarizes the fixed income securities, carried at fair value, classified as available-for-sale as of June 30, 2017 by the remaining contractual principal maturities. 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.
 
 
June 30, 2017
(Dollars in thousands)
 
Total
 
One Year
or Less
 
After One
Year to
Five Years
 
After Five
Years to
Ten Years
 
After
Ten Years
U.S. Treasury securities
 
$
7,801,682

 
$
2,144,571

 
$
5,657,111

 
$
—

 
$
—

U.S. agency debentures
 
1,927,253

 
424,613

 
1,502,640

 
—

 
—

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
1,915,281

 
—

 
—

 
554,866

 
1,360,415

Agency-issued collateralized mortgage obligations—variable rate
 
419,387

 
—

 
—

 
—

 
419,387

Total
 
$
12,063,603

 
$
2,569,184

 
$
7,159,751

 
$
554,866

 
$
1,779,802

Held-to-Maturity Securities

The components of our held-to-maturity investment securities portfolio at June 30, 2017 and December 31, 2016 are as follows:
 
 
June 30, 2017
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
Held-to-maturity securities, at cost:
 
 
 
 
 
 
 
 
U.S. agency debentures (1)
 
$
641,191

 
$
7,553

 
$
(1,291
)
 
$
647,453

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
4,170,585

 
12,047

 
(14,619
)
 
4,168,013

Agency-issued collateralized mortgage obligations—fixed rate
 
3,240,643

 
853

 
(26,227
)
 
3,215,269

Agency-issued collateralized mortgage obligations—variable rate
 
283,519

 
581

 
(57
)
 
284,043

Agency-issued commercial mortgage-backed securities
 
1,386,455

 
2,507

 
(9,267
)
 
1,379,695

Municipal bonds and notes
 
215,978

 
1,451

 
(1,398
)
 
216,031

Total held-to-maturity securities
 
$
9,938,371

 
$
24,992

 
$
(52,859
)
 
$
9,910,504

 
 
(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, 2016
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
Held-to-maturity securities, at cost:
 
 
 
 
 
 
 
 
U.S. agency debentures (1)
 
$
622,445

 
$
7,840

 
$
(1,198
)
 
$
629,087

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
2,896,179

 
6,919

 
(24,526
)
 
2,878,572

Agency-issued collateralized mortgage obligations—fixed rate
 
3,362,598

 
788

 
(31,274
)
 
3,332,112

Agency-issued collateralized mortgage obligations—variable rate
 
312,665

 
176

 
(1,339
)
 
311,502

Agency-issued commercial mortgage-backed securities
 
1,151,363

 
1,237

 
(7,638
)
 
1,144,962

Municipal bonds and notes
 
81,748

 
8

 
(1,853
)
 
79,903

Total held-to-maturity securities
 
$
8,426,998

 
$
16,968

 
$
(67,828
)
 
$
8,376,138

 
 
(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 tables summarize 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, 2017 and December 31, 2016:
 
 
June 30, 2017
 
 
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:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. agency debentures
 
$
63,160

 
$
(1,291
)
 
$
—

 
$
—

 
$
63,160

 
$
(1,291
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
2,242,392

 
(13,972
)
 
20,690

 
(647
)
 
2,263,082

 
(14,619
)
Agency-issued collateralized mortgage obligations—fixed rate
 
2,719,351

 
(21,887
)
 
201,313

 
(4,340
)
 
2,920,664

 
(26,227
)
Agency-issued collateralized mortgage obligations—variable rate
 
—

 
—

 
17,247

 
(57
)
 
17,247

 
(57
)
Agency-issued commercial mortgage-backed securities
 
1,166,556

 
(9,159
)
 
13,658

 
(108
)
 
1,180,214

 
(9,267
)
Municipal bonds and notes
 
39,675

 
(345
)
 
31,607

 
(1,053
)
 
71,282

 
(1,398
)
Total temporarily impaired securities (1)
 
$
6,231,134

 
$
(46,654
)
 
$
284,515

 
$
(6,205
)
 
$
6,515,649

 
$
(52,859
)
 
 
(1)
As of June 30, 2017, we identified a total of 468 investments that were in unrealized loss positions, of which 97 investments totaling $284.5 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 June 30, 2017, 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, 2017, 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.
 
 
December 31, 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:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. agency debentures
 
$
118,721

 
$
(1,198
)
 
$
—

 
$
—

 
$
118,721

 
$
(1,198
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
1,801,861

 
(23,558
)
 
21,917

 
(968
)
 
1,823,778

 
(24,526
)
Agency-issued collateralized mortgage obligations—fixed rate
 
2,729,889

 
(25,723
)
 
228,220

 
(5,551
)
 
2,958,109

 
(31,274
)
Agency-issued collateralized mortgage obligations—variable rate
 
251,012

 
(1,339
)
 
—

 
—

 
251,012

 
(1,339
)
Agency-issued commercial mortgage-backed securities
 
999,440

 
(7,494
)
 
14,934

 
(144
)
 
1,014,374

 
(7,638
)
Municipal bonds and notes
 
42,267

 
(877
)
 
30,586

 
(976
)
 
72,853

 
(1,853
)
Total temporarily impaired securities (1)
 
$
5,943,190

 
$
(60,189
)
 
$
295,657

 
$
(7,639
)
 
$
6,238,847

 
$
(67,828
)
 
 
(1)
As of December 31, 2016, we identified a total of 462 investments that were in unrealized loss positions, of which 85 investments totaling $295.7 million with unrealized losses of $7.6 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 on fixed income investment securities classified as held-to-maturity as of June 30, 2017. 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.
 
 
June 30, 2017
 
 
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
 
Fair Value
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
U.S. agency debentures
 
$
641,191

 
$
647,453

 
$
—

 
$
—

 
$
75,321

 
$
76,035

 
$
565,870

 
$
571,418

 
$
—

 
$
—

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
4,170,585

 
4,168,013

 
—

 
—

 
288,094

 
287,229

 
66,949

 
66,539

 
3,815,542

 
3,814,245

Agency-issued collateralized mortgage obligations—fixed rate
 
3,240,643

 
3,215,269

 
—

 
—

 
—

 
—

 
150,940

 
149,193

 
3,089,703

 
3,066,076

Agency-issued collateralized mortgage obligations—variable rate
 
283,519

 
284,043

 
—

 
—

 
—

 
—

 
—

 
—

 
283,519

 
284,043

Agency-issued commercial mortgage-backed securities
 
1,386,455

 
1,379,695

 
—

 
—

 
—

 
—

 
—

 
—

 
1,386,455

 
1,379,695

Municipal bonds and notes
 
215,978

 
216,031

 
7,609

 
7,590

 
71,297

 
71,015

 
111,037

 
111,294

 
26,035

 
26,132

Total
 
$
9,938,371

 
$
9,910,504

 
$
7,609

 
$
7,590

 
$
434,712

 
$
434,279

 
$
894,796

 
$
898,444

 
$
8,601,254

 
$
8,570,191

Non-marketable and Other Securities
The components of our non-marketable and other investment securities portfolio at June 30, 2017 and December 31, 2016 are as follows:
(Dollars in thousands)
 
June 30, 2017
 
December 31, 2016
Non-marketable and other securities:
 
 
 
 
Non-marketable securities (fair value accounting):
 
 
 
 
Venture capital and private equity fund investments (1)
 
$
135,438

 
$
141,649

Other venture capital investments (2)
 
1,897

 
2,040

Other securities (fair value accounting) (3)
 
788

 
753

Non-marketable securities (equity method accounting) (4):
 
 
 
 
Venture capital and private equity fund investments
 
85,609

 
82,823

Debt funds
 
16,476

 
17,020

Other investments
 
113,322

 
123,514

Non-marketable securities (cost method accounting):
 
 
 
 
Venture capital and private equity fund investments (5)
 
110,001

 
114,606

Other investments
 
26,758

 
27,700

Investments in qualified affordable housing projects, net (6)
 
140,381

 
112,447

Total non-marketable and other securities
 
$
630,670

 
$
622,552

 
(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 June 30, 2017 and December 31, 2016 (fair value accounting):
 
 
June 30, 2017
 
December 31, 2016
(Dollars in thousands)
 
Amount
 
Ownership %
 
Amount
 
Ownership %
Strategic Investors Fund, LP
 
$
16,841

 
12.6
%
 
$
18,459

 
12.6
%
Capital Preferred Return Fund, LP
 
57,640

 
20.0

 
57,627

 
20.0

Growth Partners, LP
 
60,957

 
33.0

 
59,718

 
33.0

Other private equity fund (i)
 
—

 
—

 
5,845

 
58.2

Total venture capital and private equity fund investments
 
$
135,438

 
 
 
$
141,649

 
 
 
 
(i)
At December 31, 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 Growth Partners, LP and an indirect ownership interest of 4.1 percent through our ownership interest of Capital Preferred Return Fund, LP. On January 3, 2017, the other private equity fund was closed resulting in an immaterial impact on the Company's financial statements for the six months ended June 30, 2017.

(2)
The following table shows the amounts of other venture capital investments held by the following consolidated funds and our ownership percentage at June 30, 2017 and December 31, 2016 (fair value accounting):
 
 
June 30, 2017
 
December 31, 2016
(Dollars in thousands)
 
Amount
 
Ownership %
 
Amount
 
Ownership %
CP I, LP
 
$
1,897

 
10.7
%
 
$
2,040

 
10.7
%
Total other venture capital investments
 
$
1,897

 
 
 
$
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, 2017 and December 31, 2016 (equity method accounting):
 
 
June 30, 2017
 
December 31, 2016
(Dollars in thousands)
 
Amount
 
Ownership %
 
Amount
 
Ownership %
Venture capital and private equity fund investments:
 
 
 
 
 
 
 
 
Strategic Investors Fund II, LP
 
$
6,797

 
8.6
%
 
$
7,720

 
8.6
%
Strategic Investors Fund III, LP
 
19,443

 
5.9

 
20,449

 
5.9

Strategic Investors Fund IV, LP
 
25,398

 
5.0

 
24,530

 
5.0

Strategic Investors Fund V funds
 
13,557

 
Various

 
12,029

 
Various

CP II, LP (i)
 
7,623

 
5.1

 
7,798

 
5.1

Other venture capital and private equity fund investments
 
12,791

 
Various

 
10,297

 
Various

 Total venture capital and private equity fund investments
 
$
85,609

 
 
 
$
82,823

 
 
Debt funds:
 
 
 
 
 
 
 
 
Gold Hill Capital 2008, LP (ii)
 
$
13,159

 
15.5
%
 
$
13,557

 
15.5
%
Other debt funds
 
3,317

 
Various

 
3,463

 
Various

Total debt funds
 
$
16,476

 
 
 
$
17,020

 
 
Other investments:
 
 
 
 
 
 
 
 
SPD Silicon Valley Bank Co., Ltd.
 
$
75,052

 
50.0
%
 
$
75,296

 
50.0
%
Other investments
 
38,270

 
Various

 
48,218

 
Various

Total other investments
 
$
113,322

 
 
 
$
123,514

 
 

 
(i)
Our ownership includes direct ownership of 1.3 percent and indirect ownership interest of 3.8 percent through our investments in Strategic Investors Fund II, LP.
(ii)
Our ownership includes 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 244 and 252 funds (primarily venture capital funds) at June 30, 2017 and December 31, 2016, 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 $110.0 million and $223.5 million, respectively, as of June 30, 2017. The carrying value, and estimated fair value, of these venture capital and private equity fund investments (cost method accounting) was $114.6 million and $221.7 million, respectively, as of December 31, 2016.
(6)
The following table presents the balances of our investments in qualified affordable housing projects and related unfunded commitments included as a component of “other liabilities” on our consolidated balance sheets at June 30, 2017 and December 31, 2016:
(Dollars in thousands)
 
June 30, 2017
 
December 31, 2016
Investments in qualified affordable housing projects, net
 
$
140,381

 
$
112,447

Other liabilities
 
86,545

 
58,095


The following table presents other information relating to our investments in qualified affordable housing projects for the three and six months ended June 30, 2017 and 2016:
 
 
Three months ended June 30,
 
Six months ended June 30,
(Dollars in thousands)
 
2017

2016
 
2017
 
2016
Tax credits and other tax benefits recognized
 
$
3,968

 
$
4,066

 
$
8,660

 
$
8,132

Amortization expense included in provision for income taxes (i)
 
3,385

 
3,578

 
6,621

 
7,190

 
 
(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, 2017 and 2016:
 
 
Three months ended June 30,
 
Six months ended June 30,
(Dollars in thousands)
 
2017
 
2016
 
2017
 
2016
Gross gains on investment securities:
 
 
 
 
 
 
 
 
Available-for-sale securities, at fair value (1)
 
$
418

 
$
12,401

 
$
1,093

 
$
14,154

Non-marketable securities (fair value accounting):
 
 
 
 
 
 
 
 
Venture capital and private equity fund investments
 
12,398

 
7,524

 
19,480

 
10,347

Other venture capital investments
 
—

 
5

 
—

 
13

Other securities (fair value accounting)
 
116

 
305

 
272

 
368

Non-marketable securities (equity method accounting):
 
 
 
 
 
 
 
 
Venture capital and private equity fund investments
 
2,786

 
2,019

 
6,703

 
3,672

Debt funds
 
928

 
64

 
1,166

 
964

Other investments
 
779

 
3,190

 
1,521

 
4,041

Non-marketable securities (cost method accounting):
 
 
 
 
 
 
 
 
Venture capital and private equity fund investments
 
6,870

 
5,514

 
10,029

 
7,852

Other investments
 
40

 
13

 
3,609

 
13

Total gross gains on investment securities
 
24,335

 
31,035

 
43,873

 
41,424

Gross losses on investment securities:
 
 
 
 
 
 
 
 
Available-for-sale securities, at fair value (1)
 
(541
)
 
(73
)
 
(608
)
 
(2,572
)
Non-marketable securities (fair value accounting):
 
 
 
 
 
 
 
 
Venture capital and private equity fund investments
 
(2,685
)
 
(5,943
)
 
(3,304
)
 
(13,836
)
Other venture capital investments
 
(143
)
 
—

 
(143
)
 
(38
)
Other securities (fair value accounting)
 
(141
)
 
(250
)
 
(379
)
 
(407
)
Non-marketable securities (equity method accounting):
 
 
 
 
 
 
 
 
Venture capital and private equity fund investments
 
(129
)
 
(466
)
 
(312
)
 
(4,021
)
Debt funds
 
(246
)
 
(284
)
 
(915
)
 
(329
)
Other investments
 
(2,267
)
 
(312
)
 
(3,751
)
 
(956
)
Non-marketable securities (cost method accounting):
 
 
 
 
 
 
 
 
Venture capital and private equity fund investments (2)
 
(543
)
 
(270
)
 
(655
)
 
(441
)
Other investments
 
(10
)
 
(167
)
 
(206
)
 
(238
)
Total gross losses on investment securities
 
(6,705
)
 
(7,765
)
 
(10,273
)
 
(22,838
)
Gains on investment securities, net
 
$
17,630

 
$
23,270

 
$
33,600

 
$
18,586

 
 
(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, 2017 and 2016, includes OTTI losses of $0.5 million from the declines in value for 8 of the 244 investments and $0.3 million from the declines in value for 10 of the 264 investments, respectively. For the six months ended June 30, 2017 and 2016, includes OTTI losses of $0.6 million for the declines in value for 13 of the 244 investments and $0.4 million for the declines in value for 18 of the 264 investments. We concluded that any declines in value for the remaining investments were temporary, and as such, no OTTI was required to be recognized.