Marketable Securities

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities:

The amortized cost and unrealized (losses)/gains, net of marketable securities as of December 31, 2024 and 2023, are as follows (in thousands):


	December 31,
	2024			2023
Marketable securities:
Amortized cost	$	2,302		$	40,110
Unrealized (losses)/gains, net		(12	)		289,947
Total fair value	$	2,290		$	330,057

The Company’s net (losses)/gains on marketable securities and dividend income for the years ended December 31, 2024, 2023 and 2022, are as follows (in thousands):


	Year Ended December 31,
	2024			2023		2022
(Loss)/gain on marketable securities, net	$	(27,679	)	$	21,262	$	(315,508	)
Dividend income (included in Other income, net and Special dividend income)	$	1,705		$	202,749	$	18,002

The portion of unrealized (losses)/gains on marketable securities for the period that relates to marketable securities still held at the reporting date (in thousands):


	Year Ended December 31,
	2024			2023		2022
(Loss)/gain on marketable securities, net	$	(27,679	)	$	21,262	$	(315,508	)
Less: Net loss/(gain) recognized related to marketable securities sold		27,652			10,614		(15,120	)
Unrealized (loss)/gain related to marketable securities still held	$	(27	)	$	31,876	$	(330,628	)

Albertsons Companies, Inc. (“ACI”) –

During 2024, the Company sold its remaining 14.2 million shares of common stock of Albertsons Companies Inc. (“ACI”), generating net proceeds of $299.1 million. For tax purposes, the Company recognized a long-term capital gain of $288.7 million during 2024. The Company retained the proceeds from the ACI stock sale and applied available deductions to offset a portion of the gain from the sale and as a result, recorded $26.1 million of federal and state income tax expense.

During 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 Consolidated Statements of Income. As a result, the Company’s Board of Directors declared a $0.09 per share of common stock 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.

In addition, during 2023, the Company sold 14.1 million shares of ACI common stock, generating net proceeds of $282.3 million. For tax purposes, the Company recognized a long-term capital gain of $241.2 million. The Company retained the proceeds from this stock sale for general corporate purposes and paid federal and state taxes of $60.9 million on the taxable gain.

During 2022, the Company sold 11.5 million shares of ACI common stock, generating net proceeds of $301.1 million. For tax purposes, the Company recognized a long-term capital gain of $251.5 million. The Company elected to retain the proceeds for this stock sale for general corporate purposes and paid federal and state taxes of $57.2 million on the taxable gain.