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Marketable Securities
 3 Months Ended
Mar. 31, 2019
Investments Debt And Equity Securities [Abstract]  
Marketable Securities

9.

Marketable Securities

Marketable securities consist of the Company’s ownership of equity securities carried at fair value. The securities had a fair value of $30.0 million and $32.1 million as of March 31, 2019 and December 31, 2018, respectively.

Effective January 1, 2018, all marketable securities are accounted for at fair value in accordance with ASU 2016-01. As of March 31, 2019, the Company held marketable securities with a readily determinable fair value of $30.0 million. These equity securities are measured at fair value, with any changes in fair value recognized in earnings and included in “Other income (loss)” in the Company’s unaudited condensed consolidated statements of operations. During the three months ended March 31, 2019, the Company recognized realized and unrealized net gains of $2.5 million, related to sales and the mark-to-market on these shares. During the three months ended March 31, 2018, the Company recognized realized and unrealized net gains of $9.3 million related to sales and the mark-to-market adjustments on these shares.

During the three months ended March 31, 2019, the Company sold marketable securities with a fair value of $4.6 million at the time of sale. During the three months ended March 31, 2018, the Company sold marketable securities with a fair value of $72.4 million at the time of sale. The Company did not purchase any marketable securities during the three months ended March 31, 2019 and 2018.