INVESTMENTS

As of March 31, 2018 and December 31, 2017, the Company had money market investments of $111.8 million and $217.6 million, respectively, that are classified as cash, cash equivalents and restricted cash in the Company’s Condensed Consolidated Balance Sheets.

Investments in marketable equity securities comprised the following:



	As of
	March 31, 2018		December 31, 2017
(in thousands)	March 31, 2018		December 31, 2017
Total cost	$	247,321	$	269,343
Gross unrealized gains	224,382		266,972
Total Fair Value	$	471,703	$	536,315

There were no purchases of marketable equity securities during the first three months of 2018 and 2017.

During the first three months of 2018, the gross cumulative realized gains from the sales of marketable equity securities were $28.5 million. The losses recognized in earnings from these marketable equity securities sold were $2.6 million for the first three months of 2018. The total proceeds from such sales were $50.5 million, of which $0.9 million settled in April 2018. There were no sales of marketable equity securities for the first three months of 2017.

For the first three months of 2018, the net unrealized losses on equity securities still held at the end of the period were $11.5 million.

As of March 31, 2018, the Company held an approximate 11% interest in Intersection Holdings, LLC, and in several other affiliates; GHG held a 40% interest in Residential Home Health Illinois, a 42.5% interest in Residential Hospice Illinois, a 40% interest in the joint venture formed between GHG and a Michigan hospital, and a 40% interest in the joint venture formed between GHG and Allegheny Health Network (AHN). For the three months ended March 31, 2018 and 2017, the Company recorded $3.7 million and $4.6 million, respectively, in revenue for services provided to the affiliates of GHG.

Additionally, Kaplan International Holdings Limited (KIHL) held a 45% interest in a joint venture formed with York University. KIHL agreed to loan the joint venture £25 million, of which £16.0 million was advanced as of December 31, 2017. There was no additional funding advanced in the first three months of 2018. The loan will be repayable over 25 years at an interest rate of 7% and the loan is guaranteed by the University of York.

The Company held investments without readily determinable fair values in a number of equity securities that are accounted for as cost method investments. The carrying amount of these investments was $19.9 million as of March 31, 2018 and December 31, 2017.