8.	Marketable Securities

Marketable securities consist of the Company’s ownership of various investments. The investments had a fair value of $169.2 million and $164.8 million as of June 30, 2017 and December 31, 2016, respectively.

As of June 30, 2017 and December 31, 2016, the Company held marketable securities classified as trading securities with a market value of $158.4 million and $154.8 million, respectively. These securities are measured at fair value, with any changes in fair value recognized currently in earnings and included in “Other income (loss)” in the Company’s unaudited condensed consolidated statements of operations. During the three months ended June 30, 2017 and 2016, the Company recognized realized and unrealized net gains of $5.5 million and $7.5 million, respectively, related to the mark-to-market on these shares and any related hedging transactions when applicable. During the six months ended June 30, 2017 and 2016, the Company recognized a realized and unrealized net gain of $11.5 million and $6.7 million, respectively, related to the mark-to-market on these shares and any related hedging transaction when applicable.

As of June 30, 2017 and December 31, 2016, the Company held marketable securities classified as available-for-sale with a market value of $10.8 million and $10.0 million, respectively. These securities are measured at fair value, with unrealized gains or losses included as part of “Other comprehensive income (loss)” in the Company’s unaudited condensed consolidated statements of comprehensive income (loss). During the three months ended June 30, 2017 and 2016, the Company recognized a gain of $0.5 million and a loss of $1.9 million, respectively, related to these marketable securities classified as available-for-sale. During the six months ended June 30, 2017 and 2016, the Company recognized a gain of $0.8 million and a loss of $1.2 million, respectively, related to these marketable securities classified as available-for-sale.

During the six months ended June 30, 2017, the Company sold marketable securities with a market value of $7.8 million at the time of sale. The Company did not purchase any marketable securities during the six months ended June 30, 2017. During the six months ended June 30, 2016, the Company sold marketable securities with a market value of $566.3 million at the time of sale and purchased marketable securities with a market value of $63.3 million.