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Equity Securities | 3 Months Ended
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Mar. 31, 2023
Investments Debt And Equity Securities [Abstract] |
Equity Securities | Note 4 – Equity Securities Investments in equity securities, by classification, are summarized as follows:
(in millions) |  | March 31, 2023 |  |  | December 31, 2022 |
Marketable equity securities |  | $ | 315.2 |  |  | $ | 279.5 |
Non-marketable equity securities |  |  | 384.7 |  |  |  | 395.8 |
Equity method investments |  |  | 74.0 |  |  |  | 78.9 |
|  | $ | 773.9 |  |  | $ | 754.2 |
Investments in marketable equity securities are summarized as follows:
(in millions) |  | Cost |  |  | Unrealized losses |  |  | Estimated fair value |
March 31, 2023 |  |  |  |  |  |  |  |  |
Common stocks |  | $ | 348.8 |  |  | $ | (44.9 | ) |  | $ | 303.9 |
Preferred stocks |  |  | 15.3 |  |  |  | (4.0 | ) |  |  | 11.3 |
|  | $ | 364.1 |  |  | $ | (48.9 | ) |  | $ | 315.2 |
December 31, 2022 |  |  |  |  |  |  |  |  |
Common stocks |  | $ | 323.7 |  |  | $ | (55.6 | ) |  | $ | 268.1 |
Preferred stocks |  |  | 15.3 |  |  |  | (3.9 | ) |  |  | 11.4 |
|  | $ | 339.0 |  |  | $ | (59.5 | ) |  | $ | 279.5 |
Net gains of $12.4 million and net losses of $65.0 million resulting from changes in the fair values of marketable equity securities were recognized for the three months ended March 31, 2023 and 2022, respectively, which included net unrealized gains of $11.7 million and net unrealized losses of $64.7 million on securities still held at March 31, 2023 and 2022, respectively. Included in net losses during the three months ended March 31, 2022 were unrealized losses of $44.0 million related to changes in the fair value of the Company’s investment in Offerpad Solutions Inc. (“Offerpad”), a tech-enabled real estate company. During the three months ended March 31, 2023, the Company paid $25.0 million for warrants to purchase additional shares of Offerpad common stock and, on March 28, 2023, the Company exercised its warrants to purchase 44.7 million shares of Offerpad common stock. The carrying amount of the Company’s investment in Offerpad at March 31, 2023 and December 31, 2022, totaled $40.5 million and $14.8 million, respectively. Investments in non-marketable equity securities are summarized as follows:
(in millions) |  | Cost |  |  | Unrealized gains |  |  | Carrying amount |
March 31, 2023 |  | $ | 313.3 |  |  | $ | 71.4 |  |  | $ | 384.7 |
December 31, 2022 |  | $ | 307.2 |  |  | $ | 88.6 |  |  | $ | 395.8 |
The Company recognized unrealized losses of $17.2 million, which included impairment charges of $12.9 million for the three months ended March 31, 2023, all related to its investments in private venture-stage companies. For the three months ended March 31, 2022, the Company recognized $11.1 million of unrealized losses related to its investments in private venture-stage companies. All such unrealized losses and gains related to securities still held at March 31, 2023 and 2022. Also, during the three months ended March 31, 2022, the Company realized a gain of $51.1 million and cash proceeds of $63.0 million related to the sale of an investment in a title insurance business.

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