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Marketable Securities | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | 7. Marketable Securities The amortized cost and unrealized gains, net of marketable securities as of September 30, 2024 and December 31, 2023, were as follows (in thousands):
|  | As of September 30, 2024 |  |  | As of December 31, 2023 |
Marketable securities: |  |  |  |  |  |
Amortized cost |  | $ | 2,301 |  |  | $ | 40,110 |
Unrealized gain |  |  | 54 |  |  |  | 289,947 |
Total fair value |  | $ | 2,355 |  |  | $ | 330,057 |
The Company’s n et gains/(losses) on marketable securities and dividend income for the three and nine months ended September 30, 2024 and 2023, were as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Gain/(loss) on marketable securities, net |  | $ | 79 |  |  | $ | 13,225 |  |  | $ | (27,613 | ) |  | $ | 17,642 |
Dividend income (included in Other income, net and Special dividend income) |  | $ | - |  |  | $ | 1,705 |  |  | $ | 1,705 |  |  | $ | 201,044 |
The portion of unrealized gains/(losses) on marketable securities for the period that relates to marketable securities still held at the reporting date (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Gain/(loss) on marketable securities, net |  | $ | 79 |  |  | $ | 13,225 |  |  | $ | (27,613 | ) |  | $ | 17,642 |
Less: Net (gain)/loss recognized related to marketable securities sold |  |  | (19 | ) |  |  | (21 | ) |  |  | 27,652 |  |  |  | 10,630 |
Unrealized gain related to marketable securities still held |  | $ | 60 |  |  | $ | 13,204 |  |  | $ | 39 |  |  | $ | 28,272 |
During the nine months ended September 30, 2024, the Company sold its remaining 14.2 million shares of common stock of Albertsons Companies Inc. (“ACI”) held by the Company, generating net proceeds of $299.1 million. For tax purposes, the Company recognized a long-term capital gain of $288.7 million during the nine months ended September 30, 2024. The Company anticipates retaining the proceeds from this stock sale for general corporate purposes and, as a result, recorded estimated federal and state taxes of $72.9 million on the taxable gain. During the nine months ended September 30, 2023, the Company received a $194.1 million special dividend payment on its shares of ACI common stock and recognized this as Special dividend income on the Company’s Condensed Consolidated Stateme nts of Income. As a result, the Company’s Board of Directors declared a $0.09 per common share special cash dividend to maintain distribution requirements as a REIT. This special dividend was paid on December 21, 2023, to shareholders of record on December 7, 2023. Also, during the nine months ended September 30, 2023, the Company sold 14.1 million shares of ACI common stock 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 elected to retain the proceeds from this stock sale for general corporate purposes and paid federal and state taxes of $61.0 million on the taxable gain.

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