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Investment Securities
 12 Months Ended
Dec. 31, 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 major components of our AFS investment securities portfolio at December 31, 2017 and 2016 are as follows:
 
 
December 31, 2017
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Carrying
Value
Available-for-sale securities, at fair value:
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
6,865,068

 
$
1,113

 
$
(25,679
)
 
$
6,840,502

U.S. agency debentures
 
1,569,195

 
3,569

 
(5,636
)
 
1,567,128

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
2,292,311

 
258

 
(25,534
)
 
2,267,035

Agency-issued collateralized mortgage obligations—variable rate
 
372,481

 
1,375

 
(126
)
 
373,730

Equity securities
 
31,953

 
40,525

 
(209
)
 
72,269

Total available-for-sale securities
 
$
11,131,008

 
$
46,840

 
$
(57,184
)
 
$
11,120,664

 
 
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 AFS securities portfolio into categories of less than 12 months, or 12 months or longer as of December 31, 2017 and 2016:
 
 
December 31, 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
 
$
5,968,914

 
$
(23,397
)
 
$
323,966

 
$
(2,282
)
 
$
6,292,880

 
$
(25,679
)
U.S. agency debentures
 
736,541

 
(2,289
)
 
336,196

 
(3,347
)
 
1,072,737

 
(5,636
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
2,193,277

 
(25,534
)
 
—

 
—

 
2,193,277

 
(25,534
)
Agency-issued collateralized mortgage obligations—variable rate
 
13,843

 
(3
)
 
53,186

 
(123
)
 
67,029

 
(126
)
Equity securities
 
624

 
(209
)
 
—

 
—

 
624

 
(209
)
Total temporarily impaired securities (1)
 
$
8,913,199

 
$
(51,432
)
 
$
713,348

 
$
(5,752
)
 
$
9,626,547

 
$
(57,184
)
 
(1)
As of December 31, 2017, we identified a total of 268 investments that were in unrealized loss positions, of which 46 investments totaling $713.3 million with unrealized losses of $5.8 million have been in an impaired position for a period of time greater than 12 months. As of December 31, 2017, we do not intend to sell any of our impaired 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 December 31, 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 AFS 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 AFS as of December 31, 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 AFS 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.
 
 
December 31, 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
 
$
6,840,502

 
$
1,967,480

 
$
4,873,022

 
$
—

 
$
—

U.S. agency debentures
 
1,567,128

 
481,280

 
1,085,848

 
—

 
—

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations - fixed rate
 
2,267,035

 
—

 
—

 
88,425

 
2,178,610

Agency-issued collateralized mortgage obligations - variable rate
 
373,730

 
—

 
—

 
—

 
373,730

Total
 
$
11,048,395

 
$
2,448,760

 
$
5,958,870

 
$
88,425

 
$
2,552,340

Held-to-Maturity Securities
The components of our HTM investment securities portfolio at December 31, 2017 and 2016 are as follows:
 
 
December 31, 2017
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
Held-to-maturity securities, at cost:
 
 
 
 
 
 
 
 
U.S. agency debentures (1)
 
$
659,979

 
$
3,167

 
$
(1,601
)
 
$
661,545

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
6,304,969

 
4,854

 
(43,528
)
 
6,266,295

Agency-issued collateralized mortgage obligations—fixed rate
 
2,829,979

 
23

 
(54,372
)
 
2,775,630

Agency-issued collateralized mortgage obligations—variable rate
 
255,782

 
733

 
(34
)
 
256,481

Agency-issued commercial mortgage-backed securities
 
1,868,985

 
694

 
(25,563
)
 
1,844,116

Municipal bonds and notes
 
743,761

 
3,452

 
(3,000
)
 
744,213

Total held-to-maturity securities
 
$
12,663,455

 
$
12,923

 
$
(128,098
)
 
$
12,548,280

 
(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 HTM securities portfolio into categories of less than 12 months and 12 months or longer as of December 31, 2017 and 2016:
 
 
December 31, 2017
 
 
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
 
$
104,688

 
$
(1,601
)
 
$
—

 
$
—

 
$
104,688

 
$
(1,601
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
4,270,377

 
(34,092
)
 
408,913

 
(9,436
)
 
4,679,290

 
(43,528
)
Agency-issued collateralized mortgage
    obligations—fixed rate
 
1,011,709

 
(13,631
)
 
1,741,614

 
(40,741
)
 
2,753,323

 
(54,372
)
Agency-issued collateralized mortgage
    obligations—variable rate
 
—

 
—

 
9,812

 
(34
)
 
9,812

 
(34
)
Agency-issued commercial mortgage-backed
    securities
 
979,361

 
(11,566
)
 
773,712

 
(13,997
)
 
1,753,073

 
(25,563
)
Municipal bonds and notes
 
344,796

 
(2,103
)
 
32,844

 
(897
)
 
377,640

 
(3,000
)
Total temporarily impaired securities (1)
 
$
6,710,931

 
$
(62,993
)
 
$
2,966,895

 
$
(65,105
)
 
$
9,677,826

 
$
(128,098
)
 

(1)
As of December 31, 2017, we identified a total of 753 investments that were in unrealized loss positions, of which 237 investments totaling $3.0 billion with unrealized losses of $65.1 million have been in an impaired position for a period of time greater than 12 months. As of December 31, 2017, we do not intend to sell any of our impaired 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 December 31, 2017, we deem all impairments to be temporary. Market valuations and impairment analyses on assets in the HTM securities portfolio are reviewed and monitored on a quarterly basis.
 
 
December 31, 2016
 
 
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
 
$
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 HTM as of December 31, 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 HTM 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.
 
 
December 31, 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
 
$
659,979

 
$
661,545

 
$
—

 
$
—

 
$
102,496

 
$
102,739

 
$
557,483

 
$
558,806

 
$
—

 
$
—

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
6,304,969

 
6,266,295

 
728

 
723

 
226,997

 
225,149

 
56,380

 
55,697

 
6,020,864

 
5,984,726

Agency-issued collateralized mortgage obligations - fixed rate
 
2,829,979

 
2,775,630

 
—

 
—

 
—

 
—

 
462,533

 
451,069

 
2,367,446

 
2,324,561

Agency-issued collateralized mortgage obligations - variable rate
 
255,782

 
256,481

 
—

 
—

 
—

 
—

 
—

 
—

 
255,782

 
256,481

Agency-issued commercial mortgage-backed securities
 
1,868,985

 
1,844,116

 
—

 
—

 
—

 
—

 
—

 
—

 
1,868,985

 
1,844,116

Municipal bonds and notes
 
743,761

 
744,213

 
7,073

 
7,054

 
73,054

 
72,261

 
233,728

 
233,257

 
429,906

 
431,641

Total
 
$
12,663,455

 
$
12,548,280

 
$
7,801

 
$
7,777

 
$
402,547

 
$
400,149

 
$
1,310,124

 
$
1,298,829

 
$
10,942,983

 
$
10,841,525

Non-marketable and Other Securities
The major components of our non-marketable and other investment securities portfolio at December 31, 2017 and 2016 are as follows:
(Dollars in thousands)
 
December 31, 2017
 
December 31, 2016
Non-marketable and other securities:
 
 
 
 
Non-marketable securities (fair value accounting):
 
 
 
 
Venture capital and private equity fund investments (1)
 
$
127,192

 
$
141,649

Other venture capital investments (2)
 
919

 
2,040

Other securities (fair value accounting) (3)
 
310

 
753

Non-marketable securities (equity method accounting) (4):
 
 
 
 
Venture capital and private equity fund investments
 
89,809

 
82,823

Debt funds
 
21,183

 
17,020

Other investments
 
111,198

 
123,514

Non-marketable securities (cost method accounting):
 
 
 
 
Venture capital and private equity fund investments (5)
 
98,548

 
114,606

Other investments
 
27,680

 
27,700

Investments in qualified affordable housing projects, net (6)
 
174,214

 
112,447

Total non-marketable and other securities
 
$
651,053

 
$
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 December 31, 2017 and 2016 (fair value accounting):
 
 
December 31, 2017
 
December 31, 2016
(Dollars in thousands)
 
Amount
 
Ownership %
 
Amount
 
Ownership %
Strategic Investors Fund, LP
 
$
14,673

 
12.6
%
 
$
18,459

 
12.6
%
Capital Preferred Return Fund, LP
 
54,147

 
20.0

 
57,627

 
20.0

Growth Partners, LP
 
58,372

 
33.0

 
59,718

 
33.0

Other private equity fund (i)
 
—

 
—

 
5,845

 
58.2

Total venture capital and private equity fund investments
 
$
127,192

 
 
 
$
141,649

 
 
 

(i)
At December 31, 2016, we had direct ownership interest of 41.5 percent in one 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, such other private equity fund was closed resulting in an immaterial impact on the Company's financial statements.
(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 December 31, 2017 and 2016 (fair value accounting):
 
 
December 31, 2017
 
December 31, 2016
(Dollars in thousands)
 
Amount
 
Ownership %
 
Amount
 
Ownership %
CP I, LP
 
$
919

 
10.7
%
 
$
2,040

 
10.7
%
Total other venture capital investments
 
$
919

 
 
 
$
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 December 31, 2017 and 2016 (equity method accounting):
 
 
December 31, 2017
 
December 31, 2016
(Dollars in thousands)
 
Amount
 
Ownership %
 
Amount
 
Ownership %
Venture capital and private equity fund investments:
 
 
 
 
 
 
 
 
Strategic Investors Fund II, LP
 
$
6,342

 
8.6
%
 
$
7,720

 
8.6
%
Strategic Investors Fund III, LP
 
18,758

 
5.9

 
20,449

 
5.9

Strategic Investors Fund IV, LP
 
25,551

 
5.0

 
24,530

 
5.0

Strategic Investors Fund V funds
 
16,856

 
Various

 
12,029

 
Various

CP II, LP (i)
 
6,700

 
5.1

 
7,798

 
5.1

Other venture capital and private equity fund investments
 
15,602

 
Various

 
10,297

 
Various

 Total venture capital and private equity fund investments
 
$
89,809

 


 
$
82,823

 
 
Debt funds:
 
 
 
 
 
 
 
 
Gold Hill Capital 2008, LP (ii)
 
$
18,690

 
15.5
%
 
$
13,557

 
15.5
%
Other debt funds
 
2,493

 
Various

 
3,463

 
Various

Total debt funds
 
$
21,183

 
 
 
$
17,020

 
 
Other investments:

 
 
 
 
 
 
 
SPD Silicon Valley Bank Co., Ltd.

$
75,337

 
50.0
%
 
$
75,296

 
50.0
%
Other investments

35,861

 
Various

 
48,218

 
Various

Total other investments

$
111,198

 
 
 
$
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 235 and 252 funds (primarily venture capital funds) at December 31, 2017 and 2016, respectively, where our ownership interest is less than five percent 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 $99 million, and $202 million, respectively, as of December 31, 2017. The carrying value, and estimated fair value, of the venture capital and private equity fund investments (cost method accounting) was $115 million, and $222 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 December 31, 2017 and 2016:
(Dollars in thousands)
 
December 31, 2017
 
December 31, 2016
Investments in qualified affordable housing projects, net
 
$
174,214

 
$
112,447

Other liabilities
 
100,891

 
58,095


The following table presents other information relating to our investments in qualified affordable housing projects for the year ended December 31, 2017, 2016 and 2015:
 
 
Year ended December 31,
(Dollars in thousands)
 
2017
 
2016
 
2015
Tax credits and other tax benefits recognized
 
$
17,296

 
$
15,404

 
$
14,375

Amortization expense included in provision for income taxes (i)
 
17,362

 
12,145

 
10,389

 
 
(i)
All investments are amortized using the proportional amortization method and amortization expense is included in the provision for income taxes. Included in amortization expense for the year ended December 31, 2017 is a one-time cumulative effect adjustment of $3.8 million due to the decrease in value of deductions in the 2018 tax year and going forward, due to the TCJ Act federal corporate income tax rate reduction.
The following table presents the components of gains and losses (realized and unrealized) on investment securities in 2017, 2016 and 2015:
 
 
Year ended December 31,
(Dollars in thousands)
 
2017
 
2016
 
2015
Gross gains on investment securities:
 
 
 
 
 
 
Available-for-sale securities, at fair value (1)
 
$
5,113

 
$
15,051

 
$
2,971

Non-marketable securities (fair value accounting):
 
 
 
 
 
 
Venture capital and private equity fund investments
 
34,093

 
25,041

 
32,399

Other venture capital investments
 
1,114

 
17

 
1,512

Other securities (fair value accounting)
 
991

 
691

 
9,180

Non-marketable securities (equity method accounting):
 
 
 
 
 
 
Venture capital and private equity fund investments
 
15,013

 
10,834

 
26,415

Debt funds
 
11,658

 
1,406

 
4,111

Other investments
 
3,181

 
15,739

 
2,791

Non-marketable securities (cost method accounting):
 
 
 
 
 
 
Venture capital and private equity fund investments
 
21,718

 
18,428

 
25,908

Other investments
 
4,111

 
293

 
2,599

Total gross gains on investment securities
 
96,992

 
87,500

 
107,886

Gross losses on investment securities:
 
 
 
 
 
 
Available-for-sale securities, at fair value (1)
 
(10,302
)
 
(2,856
)
 
(1,770
)
Non-marketable securities (fair value accounting):
 
 
 
 
 
 
Venture capital and private equity fund investments
 
(6,907
)
 
(19,077
)
 
(9,210
)
Other venture capital investments
 
(143
)
 
(38
)
 
(320
)
Other securities (fair value accounting)
 
(750
)
 
(781
)
 
(1,559
)
Non-marketable securities (equity method accounting):
 
 
 
 
 
 
Venture capital and private equity fund investments
 
(541
)
 
(6,764
)
 
(909
)
Debt funds
 
(2,708
)
 
(458
)
 
(774
)
Other investments
 
(9,457
)
 
(4,857
)
 
(3,146
)
Non-marketable securities (cost method accounting):
 
 
 
 
 
 
Venture capital and private equity fund investments (2)
 
(1,312
)
 
(591
)
 
(729
)
Other investments (3)
 
(269
)
 
(338
)
 
(24
)
Total gross losses on investment securities
 
(32,389
)
 
(35,760
)
 
(18,441
)
Gains on investment securities, net
 
$
64,603

 
$
51,740

 
$
89,445

 
(1)
Includes realized gains and losses on sales of AFS securities that are recognized in the income statement. Unrealized gains and losses on AFS securities are recognized in other comprehensive income. The cost basis of AFS securities sold is determined on a specific identification basis.
(2)
Includes OTTI of $1.3 million from the declines in value for 24 of the 235 investments held at December 31, 2017, $0.6 million from the declines in value for 26 of the 252 investments held at December 31, 2016 and $0.6 million from the declines in value for 22 of the 267 investments held at December 31, 2015. We concluded that any declines in value for the remaining investments were temporary, and as such, no OTTI was required to be recognized.
(3)
No OTTI was recognized for the years ended December 31, 2017, 2016, and 2015, respectively. We concluded that any declines in value for the investments were temporary, and as such, no OTTI was required to be recognized.