Money Market Investments. As of December 31, 2019 and 2018, the Company had money market investments of $45.2 million and $75.5 million, respectively, that are classified as cash and cash equivalents in the Company’s Consolidated Balance Sheets.

Investments in Marketable Equity Securities. Investments in marketable equity securities consist of the following:



	As of December 31
(in thousands)	2019		2018
Total cost	$	282,349	$	282,563
Gross unrealized gains	302,731		216,111
Gross unrealized losses	—		(2,284		)
Total Fair Value	$	585,080	$	496,390

At December 31, 2019 and 2018, the Company owned 28,000 shares in Markel Corporation (Markel) valued at $32.0 million and $29.1 million, respectively. The Co-Chief Executive Officer of Markel, Mr. Thomas S. Gayner, is a member of the Company’s Board of Directors.

The Company purchased $7.5 million and $42.7 million of marketable equity securities during 2019 and 2018, respectively. There were no purchases during 2017.

During 2019 and 2018, the gross cumulative realized net gains from the sales of marketable equity securities were $9.5 million and $37.3 million, respectively. The total proceeds from such sales were $19.3 million and $66.7 million, respectively. There were no sales of marketable equity securities during 2017.



	Year ended
(in thousands)	December 31, 2019			December 31, 2018
Gain (loss) on marketable equity securities, net	$	98,668		$	(15,843	)
Less: Net (gains) losses in earnings from marketable equity securities sold and donated	(2,810		)	4,271
Net unrealized gains (losses) in earnings from marketable equity securities still held at the end of the year	$	95,858		$	(11,572	)

Investments in Affiliates. As of December 31, 2019, the Company held an approximate 12% interest in Intersection Holdings, LLC, and in several other affiliates; GHG held a 40% interest in Residential Home Health Illinois, a 42.5% interest in Residential Hospice Illinois, a 40% interest in the joint venture formed between GHG and a Michigan hospital, and a 40% interest in the joint venture formed between GHG and Allegheny Health Network (AHN). For the year ended December 31, 2019 and 2018, the Company recorded $9.3 million and $12.1 million, respectively, in revenue for services provided to the affiliates of GHG.

The Company had $25.6 million and $21.2 million in its investment account that represents cumulative undistributed income in its investments in affiliates as of December 31, 2019 and 2018, respectively.

In the second quarter of 2019, the Company made an investment in Framebridge, a custom framing service company based in Washington, DC. The Company accounts for this investment under the equity method, and included it in Investments in Affiliates on the Consolidated Balance Sheet. Timothy J. O’Shaughnessy, President and Chief Executive Officer of Graham Holdings Company, is a personal investor in Framebridge and serves as Chairman of the Board.

In February 2019, the Company sold its interest in Gimlet Media. In connection with this sale, the Company recorded a gain of $29.0 million in the first quarter of 2019. The total proceeds from the sale were $33.5 million.

Additionally, Kaplan International Holdings Limited (KIHL) held a 45% interest in a joint venture formed with York University. KIHL agreed to loan the joint venture £25 million, of which £16 million was advanced as of December 31, 2017. In the second quarter of 2018, KIHL advanced a final amount of £6 million in additional funding to the joint venture under this agreement, bringing the total amount advanced to £22 million. The loan is repayable over 25 years at an interest rate of 7% and the loan is guaranteed by the University of York.

In the third quarter of 2018, the Company recorded a $2.1 million gain in equity in earnings of affiliates following the receipt of a final distribution upon the liquidation of HomeHero, a company that managed an online senior home care marketplace. Also in the third quarter of 2018, the Company recorded a $5.8 million gain in equity in earnings of affiliates due to a funding event that increased the estimated liquidation value of the Company’s investment in one of its affiliates. As a result of operating losses, in the fourth quarter of 2017, the Company recorded a $2.8 million write-down on its investment in an affiliate.

Cost Method Investments. The Company held investments without readily determinable fair values in a number of equity securities that are accounted for as cost method investments, which are recorded at cost, less impairment, and adjusted for observable price changes for identical or similar investments of the same issuer. The carrying

value of these investments was $38.5 million and $30.6 million as of December 31, 2019 and 2018, respectively. During the years ended December 31, 2019 and 2018, the Company recorded gains of $5.1 million and $11.7 million, respectively, to those equity securities based on observable transactions. During 2018, the Company recorded impairment losses of $2.7 million to those equity securities.