Money Market Investments. As of December 31, 2023 and 2022, the Company had money market investments of $5.6 million and $7.7 million, respectively, that are classified as cash and cash equivalents in the Company’s Consolidated Balance Sheets.

At December 31, 2023 and 2022, the Company owned 55,430 shares in Markel Group Inc. (Markel) valued at $78.7 million and $73.0 million, respectively. The Chief Executive Officer of Markel, Mr. Thomas S. Gayner, is a member of the Company’s Board of Directors. As of December 31, 2023, the Company owned 422 Class A and 482,945 Class B shares in Berkshire Hathaway valued at $401.2 million, which exceeded 5% of the Company’s total assets.

During 2023, 2022 and 2021, the gross cumulative realized net gains from the sales of marketable equity securities were $13.0 million, $58.1 million and $46.0 million, respectively. The total proceeds from such sales were $62.0 million, $102.0 million and $65.5 million, respectively.


	Year Ended December 31
(in thousands)	2023		2022		2021
Gain (loss) on marketable equity securities, net	$	138,067	$	(139,589)	$	243,088
Less: Net (gains) losses in earnings from marketable equity securities sold and donated	(5,475)		27,786		(17,830)
Net unrealized gains (losses) in earnings from marketable equity securities still held at the end of the year	$	132,592	$	(111,803)	$	225,258

Investments in Affiliates. In June 2023, the Company entered into an agreement to merge the Pinna business with Realm in return for an additional noncontrolling financial interest in Realm. The Company held an equity interest in Realm prior to the merger transaction, which was accounted for under the equity method. Following the merger transaction, the Company’s convertible note in Realm was converted into equity and the Company also made an additional investment in Realm. As of December 31, 2023, the Company held a 42.2% interest in Realm on a fully diluted basis, and continues to account for its investment under the equity method.

As of December 31, 2023, the Company held a 49.9% interest in N2K Networks on a fully diluted basis, and accounts for its investment under the equity method. The Company holds two of the five seats of N2K Networks’ governing board with the other shareholders retaining substantive participation rights to control the financial and operating decisions of N2K Networks through their representation on the board.

As of December 31, 2023, the Company held an approximate 18% interest in Intersection Holdings, LLC (Intersection), and accounts for its investment under the equity method. The Company holds two of the ten seats of Intersection’s governing board, which allows the Company to exercise significant influence over Intersection. In April 2023, the Company entered into a term note agreement to loan Intersection $30.0 million at an interest rate of 9% per annum. The principal and interest on the note are payable in monthly installments over 5 years with the final payment due by May 2028. The outstanding balance on this loan was $28.8 million as of December 31, 2023.

As of December 31, 2023, the Company also held investments in several other affiliates; GHG held a 40% interest in Residential Home Health Illinois, a 40% 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). During the first quarter of 2022, GHG invested an additional $18.5 million in the Residential Home Health Illinois and Residential Hospice Illinois affiliates to fund their acquisition of certain home health and hospice assets of the NorthShore University HealthSystem. The transaction diluted GHG’s interest in Residential Hospice Illinois resulting in a $0.6 million gain on sale of investment in affiliate (see Note 16). For the years ended December 31, 2023, 2022 and 2021, GHG recorded $15.6 million, $13.9 million and $10.9 million, respectively, in revenue for services provided to its affiliates.

The Company had $36.9 million and $49.1 million in its investment account that represents cumulative undistributed income in its investments in affiliates as of December 31, 2023 and 2022, respectively.

In the third quarter of 2021, the Company recorded an impairment charge of $6.6 million on one of its investments in affiliates as a result of the challenging economic environment for this business following an announcement by the Chinese government to reform the education sector for private education companies.

Additionally, Kaplan International Holdings Limited (KIHL) held a 45% interest in a joint venture formed with University of York. KIHL loaned the joint venture £22 million, which loan is repayable over 25 years at an interest rate of 7% and guaranteed by the University of York. The outstanding balance on this loan was £19.9 million as of December 31, 2023. The loan is repayable by December 2041.

Summarized Financial Data of Nonconsolidated Affiliates. The Company’s investments in affiliates consists of investments in private equity funds and other operating entities that it does not control, but over which it exerts significant influence. The following tables present summarized financial data for the Company’s nonconsolidated affiliates. The amounts included in the tables below present 100% of the balance sheets and the results of operations of such nonconsolidated affiliates accounted for under the equity method.

The Company’s ownership in private equity fund partnerships varies between approximately 4% and 10%; the Company’s related investment balance included in Investments in Affiliates was $56.6 million and $68.9 million as of December 31, 2023 and 2022, respectively.


	As of December 31
(in thousands)	2023		2022
Investments in securities, at estimated fair value	$	1,528,908	$	1,974,189
Other current assets	28,505		19,072
Total assets	$	1,557,413	$	1,993,261
Total liabilities	$	6,963	$	3,945
Total partners’ capital	1,550,450		1,989,316
Total liabilities and partners’ capital	$	1,557,413	$	1,993,261


	Year Ended December 31
(in thousands)	2023		2022		2021
Net investment loss	$	(13,820)	$	(14,129)	$	(13,324)
Net realized gain on investments	194,324		162,644		190,368
Net change in unrealized (depreciation) appreciation on investments	(449,553)		(66,333)		1,043,627
(Decrease) increase in net assets from operations	$	(269,049)	$	82,182	$	1,220,671


	As of December 31
(in thousands)	2023		2022
Current assets	$	166,783	$	174,027
Noncurrent assets	520,439		542,625
Total assets	$	687,222	$	716,652
Current liabilities	$	126,396	$	126,365
Noncurrent liabilities	374,127		386,425
Total liabilities	$	500,523	$	512,790
Noncontrolling interests	$	(33,162)	$	(26,593)


	Year Ended December 31
(in thousands)	2023		2022		2021
Net sales	$	458,541	$	459,949	$	358,928
Gross profit	183,207		196,481		146,312
Net (loss) income	(37,169)		3,206		135,241
Net (loss) income attributable to the entity	(30,694)		5,124		102,829

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 $74.0 million and $66.7 million as of December 31, 2023 and 2022, respectively. During the years ended December 31, 2023, 2022 and 2021, the Company recorded gains of $3.1 million, $6.9 million and $11.8 million, respectively, to those equity securities based on observable transactions. For the years ended December 31, 2023 and 2022, the Company recorded impairment losses of $0.5 million and $1.3 million, respectively, to those securities.