XML 19 R9.htm IDEA: XBRL DOCUMENT v3.25.3
Investments
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Investments INVESTMENTS
Money Market Investments. As of September 30, 2025 and December 31, 2024, the Company had money market investments of $5.6 million and $3.9 million, respectively, that are classified as cash and cash equivalents in the Company’s Condensed Consolidated Balance Sheets.
Investments in Marketable Equity Securities. Investments in marketable equity securities consist of the following:
  As of
September 30,
2025		December 31,
2024
(in thousands)
Total cost
$256,897 $227,153 
Gross unrealized gains
760,003 627,760 
Gross unrealized losses(18,107)(2,479)
Total Fair Value
$998,793 $852,434 
At September 30, 2025 and December 31, 2024, the Company owned 55,430 shares in Markel Group Inc. (Markel) valued at $105.9 million and $95.7 million, respectively. The Chief Executive Officer of Markel, Mr. Thomas S. Gayner, is a member of the Company’s Board of Directors. As of September 30, 2025, the Company owned 422 Class A and 481,920 Class B shares in Berkshire Hathaway valued at $560.6 million, which exceeded 5% of the Company’s total assets.
The Company purchased $29.8 million of marketable equity securities during the first nine months of 2025. The Company purchased $5.0 million of marketable equity securities during the first nine months of 2024. There were no sales of marketable equity securities during the first nine months of 2025. During the first nine months of 2024, the gross cumulative realized net gains from the sales of marketable equity securities were $19.8 million. The total proceeds from such sales were $23.5 million. The Company donated marketable equity securities in the first nine months of 2025 and 2024, and recorded $0.4 million in gross cumulative realized gains from the donations in each year.
The net gain on marketable equity securities comprised the following:

Three Months Ended 
 September 30

Nine Months Ended 
 September 30
(in thousands)
2025202420252024
Gain on marketable equity securities, net$84,768 $30,496 $117,026 $154,276 
Less: Net gains in earnings from marketable equity securities sold and donated(25)(5,908)(25)(6,010)
Net unrealized gains in earnings from marketable equity securities still held at the end of the period$84,743 

$24,588 

$117,001 $148,266 
Investments in Affiliates. As of September 30, 2025, the Company’s healthcare subsidiary held investments in several affiliates that Graham Healthcare Group (GHG) actively manages; GHG held a 40% interest in each of the following affiliates: Residential Home Health Illinois, Residential Hospice Illinois, Mary Free Bed at Home, and Allegheny Health Network Healthcare at Home. For the three and nine months ended September 30, 2025, the Company recorded $4.2 million and $12.1 million, respectively, in revenue for services provided to the affiliates of GHG. For the three and nine months ended September 30, 2024, the Company recorded $4.4 million and $12.9 million, respectively, in revenue for services provided to the affiliates of GHG.
In September 2025, the Company invested an additional $29.3 million in Intersection Holdings, LLC (Intersection). Intersection used a portion of the additional investment to settle, in a non-cash exchange, $19.3 million of the outstanding amount owed to the Company on the $30 million term loan extended in April 2023. The outstanding balance on this loan was $5.0 million as of September 30, 2025, which is now repayable by December 2025. Following the additional investment, the Company recognized a gain of $18.6 million in equity earnings and held an approximate 23% interest in Intersection as of September 30, 2025.
As of September 30, 2025, the Company held a 50.4% and 41.4% interest in N2K Networks and Realm, respectively, on a fully diluted basis, and accounts for these investments under the equity method. The Company holds two of the five seats of N2K Networks’ governing board with the other shareholders retaining substantive participation rights to control the financial and operating decisions of N2K Networks through representation on the board. In May 2024, the Company entered into a convertible promissory note agreement to loan N2K Networks $2.0 million. The convertible promissory note bears interest at a rate of 12% per annum and, subject to conversion provisions, all unpaid interest and principal are due by May 2027. In the third quarter of 2024, the Company
recorded an impairment charge of $14.4 million on its investment in N2K Networks as a result of the investee exiting a significant product offering following losses incurred.
The Company had $26.8 million and $38.0 million in its investment account that represents cumulative undistributed income in its investments in affiliates as of September 30, 2025 and December 31, 2024, respectively.
Additionally, Kaplan International Holdings Limited (KIHL) held a 45% interest in a joint venture formed with University of York. KIHL loaned the joint venture £22 million, which is repayable over 25 years at an interest rate of 7% and guaranteed by the University of York. The outstanding balance on this loan was £18.8 million as of September 30, 2025. The loan is repayable by December 2041.
Cost Method Investments. The Company held investments without readily determinable fair values in a number of equity securities that are accounted for as cost method investments, which are recorded at cost, less impairment, and adjusted for observable price changes for identical or similar investments of the same issuer. The carrying value of these investments was $61.1 million and $74.8 million as of September 30, 2025 and December 31, 2024, respectively. During the three and nine months ended September 30, 2025, the Company recorded impairment losses of $1.5 million and $14.2 million, respectively, to equity securities that are accounted for as cost method investments. During the three and nine months ended September 30, 2024, the Company recorded gains of $0.2 million to equity securities that are accounted for as cost method investments based on observable transactions for identical or similar investments of the same issuer. During the nine months ended September 30, 2024, the Company recorded impairment losses of $0.7 million to those equity securities.