The Company has equity investment holdings that are accounted for under the equity method, at fair value, or using the fair value measurement alternative provided for in ASC 321, adjusting cost for impairment and observable price changes.

The following table summarizes Avista Corp.’s equity investments, which are included in “Other property and investments- net and other non-current assets” on the Consolidated Balance Sheets as of December 31 (dollars in thousands):


	2023		2022
Equity method investments	$	78,513	$	70,196
Investments without readily determinable fair value
Non-recurring fair value		24,583		23,329
Recurring fair value		50,254		54,284
Total	$	153,350	$	147,809

The Company has investments in limited partnerships (or the functional equivalent) where Avista Corp. is a limited partner investor in an investment fund. Holdings in these investment funds are accounted for under the equity method. Underlying investments held by the funds are recorded at fair value by the fund, and Avista Corp. recognizes its share of the fund's profits and losses based on its ownership percentage.

The Company also has ownership in joint ventures with underlying holdings in real estate, which are accounted for under the equity method.

The Company's earnings and losses related to equity method investments are included in “Other income- net” on the Consolidated Statements of Net Income.

The Company has investments that do not qualify for equity method treatment, and for which fair value is not readily determinable. The Company has elected the measurement alternative for a majority of these investments, adjusting the recorded value on a non-recurring basis as a result of observable transactions involving the underlying asset. The observable transaction indicates an updated fair value, and the Company adjusts carrying value to fair value at this point in time. The fair value of these assets is determined using the market approach, and these assets are considered level 2 on the fair value hierarchy (see Note 18 for a description of the fair value hierarchy).

The Company has elected to record two investments at fair value on a recurring basis. These equity investments are considered Level 3 on the fair value hierarchy. See further discussion of Level 3 equity investments, including valuation methods and significant inputs, as included in Note 18.

Realized and unrealized gains or losses in equity investments are included in net income. The following table summarizes net unrealized gains (losses) related to investments without readily determinable fair value held as of the end of the respective period for the years ended December 31 (dollars in thousands):


	2023			2022		2021
Investments recorded at non-recurring fair value	$	—		$	12,285	$	8,761
Investments recorded at recurring fair value		(4,323	)		33,382		—
Total	$	(4,323	)	$	45,667	$	8,761

Net unrealized gains recorded related to investments recorded at non-recurring fair value result from identified observable transactions. On a cumulative basis, the Company has recognized a net gain of $14.8 million for fair value adjustments to investments recorded at non-recurring fair value held at December 31, 2023.