INVESTMENTS

As of June 30, 2018 and December 31, 2017, the Company had money market investments of $157.2 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
	June 30, 2018		December 31, 2017
(in thousands)	June 30, 2018		December 31, 2017
Total cost	$	239,904	$	269,343
Gross unrealized gains	213,013		266,972
Total Fair Value	$	452,917	$	536,315

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

During the first six months of 2018, the gross cumulative realized gains from the sales of marketable equity securities were $37.3 million. The total proceeds from such sales were $66.7 million. There were no sales of marketable equity securities for the first six months of 2017.

The loss on marketable equity securities comprised the following:



	Three Months Ended			Six Months Ended
(in thousands)	June 30, 2018			June 30, 2018
Loss on marketable equity securities, net	$	(2,554	)	$	(16,656	)
Less: Net losses in earnings from marketable equity securities sold	1,660			4,271
Net unrealized losses in earnings from marketable equity securities still held at the end of the period	$	(894	)	$	(12,385	)

As of June 30, 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 and six months ended June 30, 2018, the Company recorded $3.3 million and $7.0 million, respectively, in revenue for services provided to the affiliates of GHG. For the three and six months ended June 30, 2017, the Company recorded $5.0 million and $9.6 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 million was advanced as of December 31, 2017. In the second quarter of 2018, KIHL advanced a final amount of £6 million in additional funding to the joint venture under this agreement, bringing the total amount advanced to £22 million as of June 30, 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 June 30, 2018 and December 31, 2017.