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Note 6 - Marketable Securities
 6 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

6. Marketable Securities

 

The amortized cost and unrealized gains, net of marketable securities as of June 30, 2023 and December 31, 2022, are as follows (in thousands):

 

   

As of June 30, 2023

    

As of December 31, 2022

  

Marketable securities:

                

Amortized cost

   $ 41,713     $ 87,411  

Unrealized gains, net

     273,113       510,321  

Total fair value

   $ 314,826     $ 597,732  

 

The Company’s net gains/(losses) on marketable securities for three and six months ended June 30, 2023 and 2022, is as follows (in thousands):

 

   

Three Months Ended June 30,

    

Six Months Ended June 30,

  
   

2023

    

2022

    

2023

    

2022

  

Gain/(loss) on marketable securities, net

   $ 14,561     $ (261,467 )   $ 4,417     $ (139,703 )

 

During the six months ended June 30, 2023, the Company sold 14.1 million shares of Albertsons Companies Inc. (“ACI”) held by the Company, generating net proceeds of $282.3 million. For tax purposes, the Company recognized a long-term capital gain of $241.2 million. The Company anticipates retaining the proceeds from this stock sale for general corporate purposes and will pay federal and state taxes of $61.0 million on the taxable gain. As of June 30, 2023, the Company held 14.2 million shares of ACI, which had a value of $310.1 million.

 

In addition, during the six months ended June 30, 2023, the Company received $194.1 million representing its share of an ACI special dividend payment and recognized this as Special dividend income on the Company’s Condensed Consolidated Statements of Operations. As a result, the Company anticipates it may need to make a special dividend payment to maintain its compliance with REIT distribution requirements. The payment of this special dividend may be in the form of cash, common stock or some combination thereof. The Company’s determination regarding any such special dividend and the form thereof will be announced during the year ending  December 31, 2023.