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Equity Securities
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Equity Securities

NOTE 4. Equity Securities:

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

 

 

 

December 31,

 

(in millions)

 

2024

 

 

2023

 

Marketable equity securities

 

$

386.8

 

 

$

436.9

 

Non-marketable equity securities

 

 

202.4

 

 

 

224.1

 

Equity method investments

 

 

102.1

 

 

 

74.6

 

 

$

691.3

 

 

$

735.6

 

 

Investments in marketable equity securities are summarized as follows:

 

(in millions)

 

Cost

 

 

Unrealized
gains (losses)

 

 

Estimated
fair value

 

December 31, 2024

 

 

 

 

 

 

 

 

 

Common stocks

 

$

397.3

 

 

$

(22.6

)

 

$

374.7

 

Preferred stocks

 

 

12.0

 

 

 

0.1

 

 

 

12.1

 

 

$

409.3

 

 

$

(22.5

)

 

$

386.8

 

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 gains of $4.3 million and $54.9 million resulting from changes in the fair values of marketable equity securities were recognized for the years ended December 31, 2024 and 2023, respectively, which included net unrealized gains of $0.9 million and $51.2 million on securities still held at December 31, 2024 and 2023, respectively. Included in net gains during the years ended December 31, 2024 and 2023 were unrealized losses of $37.9 million and unrealized gains of $12.7 million, respectively, related to the Company's investment in Offerpad Solutions Inc., a tech-enabled real estate company.

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 years ended December 31, 2024 and 2023, is as follows:

 

 

 

Year ended December 31,

 

(in millions)

 

2024

 

 

2023

 

Carrying amount, beginning of period

 

$

224.1

 

 

$

395.8

 

Net additions (disposals)

 

 

6.0

 

 

 

(4.0

)

Gross unrealized gains

 

 

1.5

 

 

 

1.5

 

Gross unrealized losses and impairments

 

 

(29.2

)

 

 

(169.2

)

Carrying amount, end of period

 

$

202.4

 

 

$

224.1

 

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

 

 

December 31,

 

(in millions)

 

2024

 

 

2023

 

Cumulative gross unrealized gains

 

$

244.8

 

 

$

243.3

 

Cumulative gross unrealized losses and impairments

 

$

351.6

 

 

$

322.4