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Investment Securities
 3 Months Ended
Mar. 31, 2019
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 equity securities portfolio, which primarily represents investments managed as part of our funds management business as well as public equity securities held as a result of equity warrant assets exercised.
Available-for-Sale Securities
The major components of our available-for-sale investment securities portfolio at March 31, 2019 and December 31, 2018 are as follows:
 
 
March 31, 2019
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Carrying
Value
Available-for-sale securities, at fair value:
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
3,767,777

 
$
19,425

 
$
(19,792
)
 
$
3,767,410

U.S. agency debentures
 
1,066,279

 
394

 
(2,960
)
 
1,063,713

Foreign government debt securities
 
5,689

 
—

 
(4
)
 
5,685

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
1,858,979

 
—

 
(19,096
)
 
1,839,883

Agency-issued collateralized mortgage obligations—variable rate
 
78,172

 
243

 
(12
)
 
78,403

Total available-for-sale securities
 
$
6,776,896

 
$
20,062

 
$
(41,864
)
 
$
6,755,094


 
 
December 31, 2018
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Carrying
Value
Available-for-sale securities, at fair value:
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
4,762,182

 
$
11,638

 
$
(35,562
)
 
$
4,738,258

U.S. agency debentures
 
1,090,426

 
61

 
(6,370
)
 
1,084,117

Foreign government debt securities
 
5,815

 
—

 
(3
)
 
5,812

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
1,922,618

 
—

 
(42,400
)
 
1,880,218

Agency-issued collateralized mortgage obligations—variable rate
 
81,270

 
383

 
(15
)
 
81,638

Total available-for-sale securities
 
$
7,862,311

 
$
12,082

 
$
(84,350
)
 
$
7,790,043


The following table summarizes sale activity of available-for-sale securities during the three months ended March 31, 2019 and 2018 as recorded in the line item “Gains on investment securities, net," a component of noninterest income:
 
 
Three months ended March 31,
(Dollars in thousands)
 
2019

2018
Sales proceeds
 
$
1,171,564

 
$
—

Net realized gains and losses:
 
 
 
 
Gross realized gains
 
—

 
—

Gross realized losses
 
(3,630
)
 
—

Net realized losses
 
$
(3,630
)
 
$
—


The following tables summarize our unrealized losses on our available-for-sale securities portfolio into categories of less than 12 months, or 12 months or longer as of March 31, 2019 and December 31, 2018:
 
 
March 31, 2019
 
 
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
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
101,342

 
$
(28
)
 
$
2,878,665

 
$
(19,764
)
 
$
2,980,007

 
$
(19,792
)
U.S. agency debentures
 
—

 
—

 
865,746

 
(2,960
)
 
865,746

 
(2,960
)
Foreign government debt securities
 
5,685

 
(4
)
 
—

 
—

 
5,685

 
(4
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
5,085

 
—

 
1,834,798

 
(19,096
)
 
1,839,883

 
(19,096
)
Agency-issued collateralized mortgage obligations—variable rate
 
2,630

 
(7
)
 
6,960

 
(5
)
 
9,590

 
(12
)
Total temporarily impaired securities (1)
 
$
114,742

 
$
(39
)
 
$
5,586,169

 
$
(41,825
)
 
$
5,700,911

 
$
(41,864
)
 
 
(1)
As of March 31, 2019, we identified a total of 159 investments that were in unrealized loss positions, of which 151 investments totaling $5.6 billion with unrealized losses of $41.8 million have been in an impaired position for a period of time greater than 12 months. As of March 31, 2019, 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 March 31, 2019, 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 available-for-sale securities portfolio are reviewed and monitored on a quarterly basis.
 
 
December 31, 2018
 
 
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
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
494,287

 
$
(3,785
)
 
$
3,568,119

 
$
(31,777
)
 
$
4,062,406

 
$
(35,562
)
U.S. agency debentures
 
443,790

 
(1,602
)
 
591,216

 
(4,768
)
 
1,035,006

 
(6,370
)
Foreign government debt securities
 
5,812

 
(3
)
 
—

 
—

 
5,812

 
(3
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
13,430

 
(22
)
 
1,866,788

 
(42,378
)
 
1,880,218

 
(42,400
)
Agency-issued collateralized mortgage obligations—variable rate
 
—

 
—

 
13,516

 
(15
)
 
13,516

 
(15
)
Total temporarily impaired securities (1)
 
$
957,319

 
$
(5,412
)
 
$
6,039,639

 
$
(78,938
)
 
$
6,996,958

 
$
(84,350
)
 
 
(1)
As of December 31, 2018, we identified a total of 200 investments that were in unrealized loss positions, of which 162 investments totaling $6.0 billion with unrealized losses of $78.9 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 available-for-sale as of March 31, 2019 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 available-for-sale 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 interest rate environments.
 
 
March 31, 2019
(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
 
$
3,767,410

 
$
1,165,910

 
$
2,194,840

 
$
406,660

 
$
—

U.S. agency debentures
 
1,063,713

 
643,279

 
420,434

 
—

 
—

Foreign government debt securities
 
5,685

 
—

 
5,685

 
—

 
—

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
1,839,883

 
—

 
—

 
8,654

 
1,831,229

Agency-issued collateralized mortgage obligations—variable rate
 
78,403

 
—

 
—

 
—

 
78,403

Total
 
$
6,755,094

 
$
1,809,189

 
$
2,620,959

 
$
415,314

 
$
1,909,632

Held-to-Maturity Securities

The components of our held-to-maturity investment securities portfolio at March 31, 2019 and December 31, 2018 are as follows:
 
 
March 31, 2019
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
Held-to-maturity securities, at cost:
 
 
 
 
 
 
 
 
U.S. agency debentures (1)
 
$
585,892

 
$
2,858

 
$
(2,950
)
 
$
585,800

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
7,887,579

 
41,279

 
(50,917
)
 
7,877,941

Agency-issued collateralized mortgage obligations—fixed rate
 
2,058,789

 
66

 
(40,414
)
 
2,018,441

Agency-issued collateralized mortgage obligations—variable rate
 
206,421

 
114

 
(727
)
 
205,808

Agency-issued commercial mortgage-backed securities
 
2,745,662

 
16,866

 
(53,676
)
 
2,708,852

Municipal bonds and notes
 
1,570,912

 
30,028

 
(1,274
)
 
1,599,666

Total held-to-maturity securities
 
$
15,055,255

 
$
91,211

 
$
(149,958
)
 
$
14,996,508

 
 
(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, 2018
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
Held-to-maturity securities, at cost:
 
 
 
 
 
 
 
 
U.S. agency debentures (1)
 
$
640,990

 
$
2,148

 
$
(4,850
)
 
$
638,288

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
8,103,638

 
5,011

 
(157,767
)
 
7,950,882

Agency-issued collateralized mortgage obligations—fixed rate
 
2,183,204

 
—

 
(62,272
)
 
2,120,932

Agency-issued collateralized mortgage obligations—variable rate
 
214,483

 
608

 
(14
)
 
215,077

Agency-issued commercial mortgage-backed securities
 
2,769,706

 
6,969

 
(64,374
)
 
2,712,301

Municipal bonds and notes
 
1,575,421

 
2,304

 
(26,969
)
 
1,550,756

Total held-to-maturity securities
 
$
15,487,442

 
$
17,040

 
$
(316,246
)
 
$
15,188,236

 
 
(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 held-to-maturity securities portfolio into categories of less than 12 months and 12 months or longer as of March 31, 2019 and December 31, 2018:
 
 
March 31, 2019
 
 
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
 
$
86,931

 
$
(222
)
 
$
278,876

 
$
(2,728
)
 
$
365,807

 
$
(2,950
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
—

 
—

 
4,886,510

 
(50,917
)
 
4,886,510

 
(50,917
)
Agency-issued collateralized mortgage obligations—fixed rate
 
—

 
—

 
2,002,038

 
(40,414
)
 
2,002,038

 
(40,414
)
Agency-issued collateralized mortgage obligations—variable rate
 
162,374

 
(720
)
 
7,837

 
(7
)
 
170,211

 
(727
)
Agency-issued commercial mortgage-backed securities
 
48,634

 
(70
)
 
1,622,658

 
(53,606
)
 
1,671,292

 
(53,676
)
Municipal bonds and notes
 
1,485

 
—

 
142,042

 
(1,274
)
 
143,527

 
(1,274
)
Total temporarily impaired securities (1)
 
$
299,424

 
$
(1,012
)
 
$
8,939,961

 
$
(148,946
)
 
$
9,239,385

 
$
(149,958
)
 
 
(1)
As of March 31, 2019, we identified a total of 676 investments that were in unrealized loss positions, of which 659 investments totaling $8.9 billion with unrealized losses of $148.9 million have been in an impaired position for a period of time greater than 12 months. As of March 31, 2019, 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 March 31, 2019, we deem all impairments to be temporary. Market valuations and impairment analyses on assets in the held-to-maturity securities portfolio are reviewed and monitored on a quarterly basis.
 
 
December 31, 2018
 
 
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
 
$
291,432

 
$
(2,915
)
 
$
66,624

 
$
(1,935
)
 
$
358,056

 
$
(4,850
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
2,493,156

 
(34,956
)
 
3,972,690

 
(122,811
)
 
6,465,846

 
(157,767
)
Agency-issued collateralized mortgage obligations—fixed rate
 
16,952

 
(109
)
 
2,103,980

 
(62,163
)
 
2,120,932

 
(62,272
)
Agency-issued collateralized mortgage obligations—variable rate
 
3,364

 
(1
)
 
8,101

 
(13
)
 
11,465

 
(14
)
Agency-issued commercial mortgage-backed securities
 
177,697

 
(1,580
)
 
1,600,277

 
(62,794
)
 
1,777,974

 
(64,374
)
Municipal bonds and notes
 
868,751

 
(17,075
)
 
340,413

 
(9,894
)
 
1,209,164

 
(26,969
)
Total temporarily impaired securities (1)
 
$
3,851,352

 
$
(56,636
)
 
$
8,092,085

 
$
(259,610
)
 
$
11,943,437

 
$
(316,246
)
 
 
(1)
As of December 31, 2018, we identified a total of 1,244 investments that were in unrealized loss positions, of which 695 investments totaling $8.1 billion with unrealized losses of $259.6 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 held-to-maturity as of March 31, 2019. 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 held-to-maturity 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 interest rate environments.
 
 
March 31, 2019
 
 
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
 
$
585,892

 
$
585,800

 
$
—

 
$
—

 
$
101,464

 
$
101,854

 
$
484,428

 
$
483,946

 
$
—

 
$
—

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
7,887,579

 
7,877,941

 
—

 
—

 
133,021

 
131,935

 
868,170

 
854,690

 
6,886,388

 
6,891,316

Agency-issued collateralized mortgage obligations—fixed rate
 
2,058,789

 
2,018,441

 
—

 
—

 
—

 
—

 
515,013

 
501,867

 
1,543,776

 
1,516,574

Agency-issued collateralized mortgage obligations—variable rate
 
206,421

 
205,808

 
—

 
—

 
—

 
—

 
—

 
—

 
206,421

 
205,808

Agency-issued commercial mortgage-backed securities
 
2,745,662

 
2,708,852

 
—

 
—

 
—

 
—

 
—

 
—

 
2,745,662

 
2,708,852

Municipal bonds and notes
 
1,570,912

 
1,599,666

 
13,230

 
13,231

 
80,710

 
80,824

 
318,981

 
322,914

 
1,157,991

 
1,182,697

Total
 
$
15,055,255

 
$
14,996,508

 
$
13,230

 
$
13,231

 
$
315,195

 
$
314,613

 
$
2,186,592

 
$
2,163,417

 
$
12,540,238

 
$
12,505,247

Non-marketable and Other Equity Securities
The major components of our non-marketable and other equity securities portfolio at March 31, 2019 and December 31, 2018 are as follows:
(Dollars in thousands)
 
March 31, 2019
 
December 31, 2018
Non-marketable and other equity securities:
 
 
 
 
Non-marketable securities (fair value accounting):
 
 
 
 
Consolidated venture capital and private equity fund investments (1)
 
$
108,404

 
$
118,333

Unconsolidated venture capital and private equity fund investments (2)
 
196,049

 
201,098

Other investments without a readily determinable fair value (3)
 
37,796

 
25,668

Other equity securities in public companies (fair value accounting) (4)
 
11,644

 
20,398

Non-marketable securities (equity method accounting) (5):
 
 
 
 
Venture capital and private equity fund investments
 
148,096

 
129,485

Debt funds
 
5,826

 
5,826

Other investments
 
127,264

 
121,721

Investments in qualified affordable housing projects, net (6)
 
339,900

 
318,575

Total non-marketable and other equity securities
 
$
974,979

 
$
941,104

 
(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 March 31, 2019 and December 31, 2018 (fair value accounting):
 
 
March 31, 2019
 
December 31, 2018
(Dollars in thousands)
 
Amount
 
Ownership %
 
Amount
 
Ownership %
Strategic Investors Fund, LP
 
$
8,618

 
12.6
%
 
$
12,452

 
12.6
%
Capital Preferred Return Fund, LP
 
51,219

 
20.0

 
53,957

 
20.0

Growth Partners, LP
 
47,532

 
33.0

 
50,845

 
33.0

CP I, LP
 
1,035

 
10.7

 
1,079

 
10.7

Total consolidated venture capital and private equity fund investments
 
$
108,404

 
 
 
$
118,333

 
 

(2)
The carrying value represents investments in 212 and 213 funds (primarily venture capital funds) at March 31, 2019 and December 31, 2018, respectively, where our ownership interest is typically less than 5% 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. We carry our unconsolidated venture capital and private equity fund investments at fair value based on the fund investments' net asset values per share as obtained from the general partners of the investments. For each fund investment, we adjust the net asset value per share for differences between our measurement date and the date of the fund investment’s net asset value by using the most recently available financial information from the investee general partner, for example December 31st for our March 31st consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period.
(3)
These investments include direct equity investments in private companies. The carrying value is based on the price at which the investment was acquired plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. We consider a range of factors when adjusting the fair value of these investments, including, but not limited to, the term and nature of the investment, local market conditions, values for comparable securities, current and projected operating performance, exit strategies, financing transactions subsequent to the acquisition of the investment and a discount for certain investments that have lock-up restrictions or other features that indicate a discount to fair value is warranted.
The following table shows the changes to the carrying amount of other investments without a readily determinable fair value for the three months ended March 31, 2019:
(Dollars in thousands)
 
Three months ended March 31, 2019
 
Cumulative Adjustments
Measurement alternative:
 
 
 
 
Carrying value at March 31, 2019
 
$
37,796

 
 
Carrying value adjustments:
 
 
 
 
Impairment
 
$
—

 
$
—

Upward changes for observable prices
 
5,071

 
6,755

Downward changes for observable prices
 
121

 
625

(4)
Investments classified as other equity securities (fair value accounting) represent shares held in public companies as a result of exercising public equity warrant assets and direct equity investments in public companies held by our consolidated funds. Changes in equity securities measured at fair value are recognized through net income.

(5)
The following table shows the carrying value and our ownership percentage of each investment at March 31, 2019 and December 31, 2018 (equity method accounting):
 
 
March 31, 2019
 
December 31, 2018
(Dollars in thousands)
 
Amount
 
Ownership %
 
Amount
 
Ownership %
Venture capital and private equity fund investments:
 
 
 
 
 
 
 
 
Strategic Investors Fund II, LP
 
$
4,648

 
8.6
%
 
$
4,670

 
8.6
%
Strategic Investors Fund III, LP
 
17,485

 
5.9

 
17,396

 
5.9

Strategic Investors Fund IV, LP
 
28,785

 
5.0

 
28,974

 
5.0

Strategic Investors Fund V funds
 
28,953

 
Various

 
28,189

 
Various

CP II, LP (i)
 
7,454

 
5.1

 
7,122

 
5.1

Other venture capital and private equity fund investments
 
60,771

 
Various

 
43,134

 
Various

 Total venture capital and private equity fund investments
 
$
148,096

 
 
 
$
129,485

 
 
Debt funds:
 
 
 
 
 
 
 
 
Gold Hill Capital 2008, LP (ii)
 
$
3,901

 
15.5
%
 
$
3,901

 
15.5
%
Other debt funds
 
1,925

 
Various

 
1,925

 
Various

Total debt funds
 
$
5,826

 
 
 
$
5,826

 
 
Other investments:
 
 
 
 
 
 
 
 
SPD Silicon Valley Bank Co., Ltd.
 
$
79,415

 
50.0
%
 
$
76,412

 
50.0
%
Other investments
 
47,849

 
Various

 
45,309

 
Various

Total other investments
 
$
127,264

 
 
 
$
121,721

 
 

 
(i)
Our ownership includes direct ownership interest 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.

(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 March 31, 2019 and December 31, 2018:
(Dollars in thousands)
 
March 31, 2019
 
December 31, 2018
Investments in qualified affordable housing projects, net
 
$
339,900

 
318,575

Other liabilities
 
223,206

 
205,685


The following table presents other information relating to our investments in qualified affordable housing projects for the three months ended March 31, 2019 and 2018:
 
 
Three months ended March 31,
(Dollars in thousands)
 
2019

2018
Tax credits and other tax benefits recognized
 
$
9,257

 
$
5,422

Amortization expense included in provision for income taxes (i)
 
7,636

 
4,792

 
 
(i)
All investments are amortized using the proportional amortization method and amortization expense is included in the provision for income taxes.
The following table presents the net gains and losses on non-marketable and other equity securities for the three months ended March 31, 2019 and 2018 as recorded in the line item “Gains on investment securities, net," a component of noninterest income:
 
 
Three months ended March 31,
(Dollars in thousands)
 
2019
 
2018
Net gains (losses) on non-marketable and other equity securities:
 
 
 
 
Non-marketable securities (fair value accounting):
 
 
 
 
Consolidated venture capital and private equity fund investments
 
$
3,289

 
$
11,647

Unconsolidated venture capital and private equity fund investments
 
8,006

 
11,719

Other investments without a readily determinable fair value
 
5,005

 
1,741

Other equity securities in public companies (fair value accounting)
 
11,803

 
(22,282
)
Non-marketable securities (equity method accounting):
 


 


Venture capital and private equity fund investments
 
2,789

 
9,569

Debt funds
 
—

 
(2,299
)
Other investments
 
1,766

 
(1,037
)
Total net gains on non-marketable and other equity securities
 
$
32,658

 
$
9,058

Less: realized net gains (losses) on sales of securities (1)
 
9,835

 
(22,490
)
Net gains on non-marketable and other equity securities still held
 
$
22,823

 
$
31,548

 
 
(1)
Realized gains and losses include sales of non-marketable and other equity securities. No OTTI was recorded during the three months ended March 31, 2019 and 2018.