Marketable Securities and Certificates of Deposit

The amortized cost and estimated fair value of the Company's Marketable Securities as of December 31, 2018 and 2017 were as follows:



	December 31, 2018								December 31, 2017
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities Investments - Debt Securities	$	1,622	$	10	$	—	$	1,632	$	1,806	$	—	$	11	$	1,795
Securities Investments - Equity Securities	666		—		410		256		5,388		—		4,144		1,244
Debt Securities Carried by EGL	147,009		954		—		147,963		34,233		87		26		34,294
Investment Funds	56,296		402		1,922		54,776		22,027		5,678		6		27,699
Total	$	205,593	$	1,366	$	2,332	$	204,627	$	63,454	$	5,765	$	4,187	$	65,032

Scheduled maturities of the Company's available-for-sale debt securities within the Securities Investments portfolio as of December 31, 2018 and 2017 were as follows:



	December 31, 2018				December 31, 2017
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	391	$	391	$	204	$	204
Due after one year through five years	1,231		1,241		1,602		1,591
Total	$	1,622	$	1,632	$	1,806	$	1,795

Since the Company has the ability and intent to hold available-for-sale securities until a recovery of fair value is equal to an amount approximating its amortized cost, which may be at maturity, and has not incurred credit losses on its securities, it does not consider such unrealized loss positions to be other-than-temporarily impaired at December 31, 2018.

Securities Investments - Debt Securities

Securities Investments - Debt Securities are classified as available-for-sale securities within Marketable Securities on the Consolidated Statements of Financial Condition. These securities are stated at fair value with unrealized gains and losses included in Accumulated Other Comprehensive Income (Loss) and realized gains and losses included in earnings. The Company had net realized losses of ($28), ($38) and ($46) for the years ended December 31, 2018, 2017 and 2016, respectively.

Securities Investments - Equity Securities

Securities Investments - Equity Securities are carried at fair value with changes in fair value recorded in Other Revenue, Including Interest and Investments, beginning on January 1, 2018, on the Consolidated Statements of Operations. The Company had net realized and unrealized gains (losses) of ($193), $64 and ($1,403) for the years ended December 31, 2018, 2017 and 2016, respectively.

Debt Securities Carried by EGL

EGL invests in a fixed income portfolio consisting primarily of U.S. Treasury bills and municipal bonds. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations, as required for broker-dealers in securities. The Company had net realized and unrealized gains (losses) of $546, ($865) and ($937) for the years ended December 31, 2018, 2017 and 2016, respectively.

Investment Funds

The Company invests in a portfolio of exchange-traded funds and mutual funds as an economic hedge against the Company's deferred cash compensation program. See Note 18 for further information. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations. The Company had net realized and unrealized gains (losses) of ($5,113), $4,088 and $2,128 for the years ended December 31, 2018, 2017 and 2016, respectively.

Certificates of Deposit

At December 31, 2018 and 2017, the Company held certificates of deposit of $100,000 and $63,527, respectively, with certain banks with original maturities of six months or less when purchased, which matured during the first quarter of 2019 and 2018, respectively.