Equity Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

NOTE 4. Equity Securities:

Investments in equity securities, by accounting classification, are summarized as follows:


	December 31,
(in millions)	2023		2022
Marketable equity securities	$	436.9	$	279.5
Non-marketable equity securities		224.1		395.8
Equity method investments		74.6		78.9
	$	735.6	$	754.2

Investments in marketable equity securities are summarized as follows:


(in millions)	Cost		Unrealized losses			Estimated fair value
December 31, 2023
Common stocks	$	429.4	$	(4.9	)	$	424.5
Preferred stocks		15.7		(3.3	)		12.4
	$	445.1	$	(8.2	)	$	436.9
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 $54.9 million and net losses of $262.5 million resulting from changes in the fair values of marketable equity securities were recognized for the years ended December 31, 2023 and 2022, respectively, which included net unrealized gains of $51.2 million and net unrealized losses of $237.2 million on securities still held at December 31, 2023 and 2022, respectively. Included in net losses/gains during the years ended December 31, 2023 and 2022 were unrealized gains of $12.7 million and unrealized losses of $190.9 million, respectively, related to the Company's investment in Offerpad Solutions Inc. ("Offerpad"), a tech-enabled real estate company.

During the year ended December 31, 2023, the Company paid $25.0 million to purchase additional shares of Offerpad common stock. The cost and fair values of the Company’s investment in Offerpad at December 31, 2023 totaled $110.0 million and $52.5 million, respectively, and, at December 31, 2022, totaled $85.0 million and $14.8 million, respectively.

A summary of the changes in the carrying amount of non-marketable equity securities for the years ended December 31, 2023 and 2022, is as follows:


	Year ended December 31,
(in millions)	2023			2022
Carrying amount, beginning of period	$	395.8		$	441.3
Net (sales) additions		(4.0	)		91.8
Gross unrealized gains		1.5			16.1
Gross unrealized losses and impairments		(169.2	)		(153.4	)
Carrying amount, end of period	$	224.1		$	395.8

Cumulative unrealized losses and impairment charges and cumulative unrealized gains related to the Company's non-marketable equity securities totaled $322.4 million and $243.3 million, respectively, at December 31, 2023, and $153.2 million and $241.8 million, respectively, at December 31, 2022.

Also, during the year ended December 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.