Money Market Investments. As of March 31, 2024 and December 31, 2023, the Company had money market investments of $7.5 million and $5.6 million, respectively, that are classified as cash and cash equivalents in the Company’s Condensed Consolidated Balance Sheets.

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


	As of
	March 31, 2024		December 31, 2023
(in thousands)
Total cost	$	225,971	$	225,971
Gross unrealized gains	568,334		464,182

Total Fair Value	$	794,305	$	690,153

At March 31, 2024 and December 31, 2023, the Company owned 55,430 shares in Markel Group Inc. (Markel) valued at $84.3 million and $78.7 million, respectively. The Chief Executive Officer of Markel, Mr. Thomas S. Gayner, is a member of the Company’s Board of Directors. As of March 31, 2024, the Company owned 422 Class A and 482,945 Class B shares in Berkshire Hathaway valued at $470.8 million, which exceeded 5% of the Company’s total assets.

There were no purchases of marketable equity securities during the first three months of 2024. The Company purchased $4.6 million of marketable equity securities during the first three months of 2023.

There were no sales of marketable equity securities during the first three months of 2024. During the first three months of 2023, the gross cumulative realized net losses from the sales of marketable equity securities were $12.2 million. The total proceeds from such sales were $29.0 million.


	Three Months Ended March 31
(in thousands)		2024		2023
Gain on marketable equity securities, net		$	104,152	$	18,022
Less: Net losses in earnings from marketable equity securities sold		—		3,657
Net unrealized gains in earnings from marketable equity securities still held at the end of the period		$	104,152	$	21,679

Investments in Affiliates. As of March 31, 2024, the Company held a 49.9% and 42.2% interest in N2K Networks and Realm, respectively, on a fully diluted basis, and accounts for these investments 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 representation on the board.

As of March 31, 2024, 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. The Company loaned Intersection $30.0 million, which is repayable over 5 years at an interest rate of 9% per annum. The outstanding balance on this loan was $28.3 million as of March 31, 2024. The loan is repayable by May 2028.

As of March 31, 2024, the Company also held investments in several other affiliates; GHG held a 40% interest in each of the following affiliates: Residential Home Health Illinois, Residential Hospice Illinois, Mary Free Bed at Home, and Allegheny Health Network (AHN) Healthcare at Home. For the three months ended March 31, 2024 and 2023, the Company recorded $4.1 million and $3.5 million, respectively, in revenue for services provided to the affiliates of GHG.

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 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 March 31, 2024. The loan is repayable by December 2041.

The Company had $39.6 million and $36.9 million in its investment account that represents cumulative undistributed income in its investments in affiliates as of March 31, 2024 and December 31, 2023, respectively.

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 as of March 31, 2024 and December 31, 2023. During the three months ended March 31, 2024, the Company recorded impairment losses of $0.4 million to those securities. During

the three months ended March 31, 2023, the Company recorded gains of $1.8 million to those equity securities based on observable transactions.