Equity Securities

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Note 4 – Equity Securities

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


(in millions)	June 30, 2024		December 31, 2023
Marketable equity securities	$	389.9	$	436.9
Non-marketable equity securities		225.8		224.1
Equity method investments		94.4		74.6
	$	710.1	$	735.6

Investments in marketable equity securities are summarized as follows:


(in millions)	Cost		Unrealized losses			Estimated fair value
June 30, 2024
Common stocks	$	402.4	$	(25.7	)	$	376.7
Preferred stocks		13.8		(0.6	)		13.2
	$	416.2	$	(26.3	)	$	389.9
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

Net losses of $12.2 million and $1.3 million resulting from changes in the fair values of marketable equity securities were recognized for the three and six months ended June 30, 2024, respectively, which included net unrealized losses of $13.2 million and $2.7 million on securities still held at June 30, 2024, respectively. Included in net losses during the three and six months ended June 30, 2024, were unrealized losses of $18.8 million and $29.8 million, respectively, related to the Company's investment in Offerpad Solutions Inc. ("Offerpad"), a tech-enabled real estate company. Net gains of $37.5 million and $49.9 million resulting from changes in the fair values of marketable equity securities were recognized for the three and six months ended June 30, 2023, respectively, which included net unrealized gains of $39.5 million and $51.2 million on securities still held at June 30, 2023, respectively. Included in net gains during the three and six months ended June 30, 2023, were unrealized gains of $25.9 million and $26.5 million, respectively, related to the Company's investment in Offerpad.

A summary of the changes in the carrying amounts of non-marketable equity securities, which primarily relate to the Company's venture investment portfolio, for the three and six months ended June 30, 2024 and 2023, is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2024			2023			2024			2023
Carrying amount, beginning of period	$	226.1		$	384.7		$	224.1		$	395.8
Net additions		1.3			0.8			3.1			6.8
Gross unrealized gains		1.2			—			1.4			—
Gross unrealized losses and impairments		(2.8	)		(22.6	)		(2.8	)		(39.7	)
Carrying amount, end of period	$	225.8		$	362.9		$	225.8		$	362.9

Cumulative gross unrealized gains and cumulative gross unrealized losses and impairments related to non-marketable equity securities at June 30, 2024 and December 31, 2023, are summarized as follows:


(in millions)	June 30, 2024		December 31, 2023
Cumulative gross unrealized gains	$	244.8	$	243.3
Cumulative gross unrealized losses and impairments	$	325.2	$	322.4