INVESTMENTS

At December 31, 2018, the Company had no available-for-sale investments. The cost and carrying value of available-for-sale investments at December 31, 2017 were as follows (in thousands):



December 31, 2017	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Carrying Value
Debt securities: corporate bonds	$	700	$	6	$	(22	)	$	684
Marketable equity securities	513		710		(5		)	1,218
Total	$	1,213	$	716	$	(27	)	$	1,902

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):



	December 31, 2017
	Amortized Cost		Carrying Value
Due in one year or less	$	225	$	204
Due after one year through five years	475		480
	$	700	$	684

Included in other income, net in the accompanying consolidated financial statements is the net realized gain or loss on investments (in thousands):



	Year Ended December 31,
	2018			2017
Gross realized gains:
Debt securities	$	82		$	77
Equity securities and other investments	2			9,746
Total gain	84			9,823
Gross realized losses:
Debt securities	(16		)	(87		)
Equity securities and other investments ⁽¹⁾	(1,355		)	(1,014		)
Total loss	(1,371		)	(1,101		)
Net realized gain (loss)	$	(1,287	)	$	8,722

⁽¹⁾Included within this caption for the year ended December 31, 2018 is $1.3 million that is reported in a separate line, impairment loss on unconsolidated affiliate, within the Company’s consolidated statements of operations and comprehensive income or loss for the year then ended.

Other Investments:

Investment in Spigit Holdings Corporation (formerly Mindjet, Inc):

The Company previously owned a convertible note receivable (which was recorded within other assets in the consolidated financial statements) and common stock and nonvoting preferred stock representing a voting ownership of 19.3% of Spigit Holdings Corporation (“Spigit”). The carrying value of the investment, including the convertible note receivable and associated interest, was approximately $2.3 million at December 31, 2017.

During the year ended December 31, 2018, we recorded an impairment charge of $1.3 million to write down the value of the Company’s investment in Spigit to zero. Additionally, the Company wrote off $1 million in notes and interest receivable from Spigit. In December 2018, Spigit was merged with another unrelated company and PICO received no compensation or obtained any ownership in the newly formed company.