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Marketable Equity Securities

9 Months Ended

Sep. 30, 2021

8. Marketable Equity Securities

Marketable securities in equity securities with readily determinable market prices consisted of the following as of September 30, 2021 and December 31, 2020:

	Marketable equity securities at September 30, 2021
			Gross unrealized		Gross unrealized
	Cost		gains		losses			Fair value
Common shares	$	55,233,000	$	2,112,000	$	(7,414,000	)	$	49,931,000

	Marketable equity securities at December 31, 2020
			Gross unrealized		Gross unrealized
	Cost		gains		losses			Fair value
Common shares	$	1,506,000	$	1,083,000	$	(26,000	)	$	2,563,000

Marketable Equity Securities

The following table presents additional information about marketable equity securities:

	Marketable
	Equity Securities
Balance at January 1, 2021	$	2,563,000
Purchases of marketable equity securities in operations		338,620,000
Purchases of marketable equity securities		2,144,000
Conversion of debt securities to marketable securities		2,656,000
Sales of marketable equity securities in operations		(303,923,000	)
Sales of marketable equity securities		(430,000	)
Realized gains on marketable equity securities		19,040,000
Realized losses on marketable equity securities		(4,386,000	)
Unrealized gains on marketable equity securities		(6,353,000	)
Balance at September 30, 2021	$	49,931,000

At September 30, 2021 and December 31, 2020, the Company had invested in the marketable equity securities of certain publicly traded companies. The Company’s investment in marketable equity securities will be revalued on each balance sheet date.

At September 30, 2021 and December 31, 2020, the Company also held an investment in a limited partnership. This investment does not have a readily determinable fair value and has been measured at cost less impairment, if any, and adjusted for observable price changes for identical or similar investments.

Naked Brand Group Stock Purchase Agreement

On March 29, 2021, DP Lending entered into a stock purchase agreement with an institutional investor (the “Seller”) to purchase 47,058,824 shares of Naked Brand Group Limited (the “NAKD shares”). Under the agreement, DP Lending agreed to sell the NAKD shares and pay the Seller 99% of the net proceeds from the sale. In April 2021, DP Lending sold 47,058,824 shares of Naked Brand Group Limited for gross proceeds of $29.3 million. DP Lending remitted 99% of the proceeds to the institutional investor and retained 1%, or $293,000, which was recorded as revenue in April 2021.