Unrealized Appreciation (Depreciation) and Realized Gains (Losses) on Investments

12 Months Ended

Dec. 31, 2020

Unrealized Appreciation (Depreciation) and Realized Gains (Losses) on Investments

(5) UNREALIZED APPRECIATION (DEPRECIATION) AND REALIZED GAINS (LOSSES) ON INVESTMENTS (Investment Company Accounting)

The following table sets forth the pre-tax change in the Company’s unrealized appreciation (depreciation) on investments for the three months ended March 31, 2018 under Investment Company Accounting.

(Dollars in thousands)	Medallion Loans			Commercial Loans			Investments in Subsidiaries		Equity Investments			Investments Other Than Securities			Total
Balance December 31, 2017	$	(20,338	)	$	(513	)	$	158,920	$	3,121		$	(1,490	)	$	139,700
Net change in unrealized
Appreciation on investments		—			—			38,795		(998	)		—			37,797
Depreciation on investments		(38,170	)		18			—		—			(1,915	)		(40,067	)
Reversal of unrealized appreciation (depreciation) related to realized
Gains on investments		—			—			—		—			—			—
Losses on investments		34,747			—			—		—			—			34,747
Balance March 31, 2018	$	(23,761	)	$	(495	)	$	197,715	$	2,123		$	(3,405	)	$	172,177

The following table sets forth the pre-tax changes in our unrealized and realized gains and losses in the investment portfolio for the three months ended March 31, 2018 under Investment Company Accounting.


(Dollars in thousands)	Three Months Ended March 31, 2018
Net change in unrealized appreciation (depreciation) on investments
Unrealized appreciation	$	(998	)
Unrealized depreciation		(38,152	)
Net unrealized appreciation on investments in Medallion Bank and other controlled subsidiaries		29,115
Realized gains		—
Realized losses		34,747
Net unrealized losses on investments other than securities and other assets		(1,915	)
Total	$	22,797
Net realized gains (losses) on investments
Realized gains	$	—
Realized losses		(34,747	)
Other gains		—
Direct charge-offs		2
Total	$	(34,745	)