Investments

The cost and carrying value of available-for-sale investments were as follows (in thousands):



March 31, 2017	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Carrying Value
Debt securities: corporate bonds	$	4,304	$	101	$	(29	)	$	4,376
Marketable equity securities	9,093		9,410		(26		)	18,477
Total	$	13,397	$	9,511	$	(55	)	$	22,853



December 31, 2016	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Carrying Value
Debt securities: corporate bonds	$	4,306	$	82	$	(6	)	$	4,382
Marketable equity securities	10,400		10,327		(38		)	20,689
Total	$	14,706	$	10,409	$	(44	)	$	25,071

The amortized cost and carrying value of investments in debt securities, by contractual maturity, are shown below. Actual maturity dates may differ from contractual maturity dates because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands):



	March 31, 2017				December 31, 2016
	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
Due in one year or less	$	193	$	192	$	182	$	183
Due after one year through five years	4,111		4,184		4,124		4,199
Total	$	4,304	$	4,376	$	4,306	$	4,382

Debt Securities

The Company owns corporate bonds and other debt securities, which are purchased based on the maturity and yield-to-maturity of the bond and an analysis of the fundamental characteristics of the issuer. At March 31, 2017 and December 31, 2016, there were unrealized losses on certain bonds in the portfolio. The Company does not consider those bonds to be other-than-temporarily impaired because the Company expects to hold, and will not be required to sell, these particular bonds, and expects to recover the entire amortized cost basis at maturity. There were no impairment losses recorded on debt securities during the three months ended March 31, 2017 and 2016.

Marketable Equity Securities

The Company’s investment in marketable equity securities at March 31, 2017 principally consisted of common stock of publicly traded small-capitalization companies in the U.S. and select foreign markets. At March 31, 2017, the Company reviewed its equity securities in an unrealized loss position and concluded certain securities were not other-than-temporarily impaired as the declines were not of sufficient duration and severity, and publicly-available financial information, collectively, did not indicate impairment. The primary cause of the losses on those securities was normal market volatility. No material impairment losses were recorded during the three months ended March 31, 2017 and 2016.

Other Investments

The Company held two investments at March 31, 2017 and December 31, 2016 that were not classified as available-for-sale.

Investment in Synthonics:

The Company owns a 18.2% voting interest in Synthonics, Inc. (“Synthonics”), a private company co-founded by a former member of the Company’s board of directors. During the year ended December 31, 2016, the Company recorded an impairment loss of $2.2 million on its investment in Synthonics as the estimated fair value was less than the carrying value. Such impairment loss reduced the carrying value to zero. The fair value approach relied primarily on Level 3 unobservable inputs, whereby the enterprise value was determined using book value multiples that included assumptions regarding an entity’s risks and uncertainties. The estimates were based upon assumptions believed to be reasonable, but which by their nature are uncertain and unpredictable.

Investment in Mindjet:

The Company owns a 19.3% voting interest in Mindjet, Inc. (“Mindjet”) a private management software company. At March 31, 2017 and December 31, 2016 the carrying value of the investment was approximately $1.3 million.

The carrying value of the Company’s investment in Mindjet is subject to impairment testing at each reporting period, or more frequently if facts and circumstances indicate the investment may be impaired. It is reasonably possible that circumstances may continue to deteriorate which could require the Company to record additional impairment losses on the remaining investment balances.