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Investment in Unconsolidated Affiliate
9 Months Ended
Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Affiliate Investment in Unconsolidated Affiliate
As of September 30, 2023 and December 31, 2022, the fair value of the Company’s investment in Crestwood was $102.6 million and $130.6 million, respectively. As of September 30, 2023 and December 31, 2022, the Company owned less than 5% of Crestwood’s issued and outstanding common units.
During the three and nine months ended September 30, 2023, the Company recorded a net gain of $13.5 million and $21.4 million, respectively, on its investment in Crestwood, primarily comprised of an unrealized gain for the change in fair value of the investment of $9.7 million and $10.8 million, respectively, and a realized gain for cash distributions received from Crestwood of $2.5 million and $8.5 million, respectively. During the three and nine months ended September 30, 2022, the Company recorded an unrealized gain for the change in the fair value of its investment in Crestwood of $18.4 million and an unrealized loss of $44.6 million, respectively, and a realized gain for cash distributions received from Crestwood of $13.7 million and $40.6 million, respectively.
Related Party Transactions
For the nine months ended September 30, 2022, related party transactions with Crestwood totaled $11.3 million of revenues, $51.1 million of lease operating expenses and $40.7 million of GPT expenses. On September 12, 2022, the Company sold an aggregate of 16,000,000 common units of Crestwood in separate transactions and received net proceeds of $428.2 million. The sale reduced the Company’s ownership of Crestwood’s issued and outstanding common units below 5%. As such, Crestwood was no longer considered a related party as of September 30, 2022.