Money Market Investments. As of December 31, 2022, the Company had money market investments of $7.7 million that are classified as cash and cash equivalents in the Company’s Consolidated Balance Sheets. The Company had no money market investments as of December 31, 2021.


	As of December 31
(in thousands)	2022		2021
Total cost	$	270,764	$	273,201
Gross unrealized gains	363,147		537,915
Gross unrealized losses	(23,990)		(1,119)
Total Fair Value	$	609,921	$	809,997

At December 31, 2022 and 2021, the Company owned 55,430 and 44,430 shares, respectively, in Markel Corporation (Markel) valued at $73.0 million and $54.8 million, respectively. The Chief Executive Officer of Markel, Mr. Thomas S. Gayner, is a member of the Company’s Board of Directors. As of December 31, 2022, the Company owned 422 Class A and 482,945 Class B shares in Berkshire Hathaway valued at $347.0 million, which exceeded 5% of the Company’s total assets.

The Company purchased $42.1 million, of which $1.5 million was settled in January 2023, $48.0 million and $20.0 million of marketable equity securities during 2022, 2021 and 2020, respectively.

During 2022, 2021 and 2020, the gross cumulative realized net gains from the sales of marketable equity securities were $58.1 million, $46.0 million and $23.0 million, respectively. The total proceeds from such sales were $102.0 million, $65.5 million and $93.8 million, respectively.


	Year Ended December 31
(in thousands)	2022		2021		2020
(Loss) gain on marketable equity securities, net	$	(139,589)	$	243,088	$	60,787
Less: Net losses (gains) in earnings from marketable equity securities sold and donated	27,786		(17,830)		13,382
Net unrealized (losses) gains in earnings from marketable equity securities still held at the end of the year	$	(111,803)	$	225,258	$	74,169

Investments in Affiliates. As of December 31, 2022, the Company held a 49.9% interest in N2K Networks on a fully diluted basis, and accounts for its investment 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 their representation on the board.

As of December 31, 2022, the Company held an approximate 12% interest in Intersection Holdings, LLC (Intersection), and accounts for its investment under the equity method. The Company holds two of the ten seats of Intersection’s governing board, which allows the Company to exercise significant influence over Intersection.

As of December 31, 2022, the Company also held investments in several other affiliates; GHG held a 40% interest in Residential Home Health Illinois, a 40% interest in Residential Hospice Illinois, a 40% interest in the joint venture formed between GHG and a Michigan hospital, and a 40% interest in the joint venture formed between GHG and Allegheny Health Network (AHN). During the first quarter of 2022, GHG invested an additional $18.5 million in the Residential Home Health Illinois and Residential Hospice Illinois affiliates to fund their acquisition of certain home health and hospice assets of the NorthShore University HealthSystem. The transaction diluted GHG’s interest in

Residential Hospice Illinois resulting in a $0.6 million gain on sale of investment in affiliate (see Note 16). For the years ended December 31, 2022, 2021 and 2020, GHG recorded $13.9 million, $10.9 million and $9.6 million, respectively, in revenue for services provided to its affiliates.

The Company had $49.1 million and $52.5 million in its investment account that represents cumulative undistributed income in its investments in affiliates as of December 31, 2022 and 2021, respectively.

In the third quarter of 2021, the Company recorded an impairment charge of $6.6 million on one of its investments in affiliates as a result of the challenging economic environment for this business following an announcement by the Chinese government to reform the education sector for private education companies. In the first quarter of 2020, the Company recorded impairment charges of $3.6 million on two of its investments in affiliates as a result of the challenging economic environment for these businesses, of which $2.7 million related to the Company’s investment in Framebridge.

In May 2020, the Company made an additional investment in Framebridge (see Note 3) that resulted in the Company obtaining control of the investee. The results of operations, cash flows, assets and liabilities of Framebridge are included in the consolidated financial statements of the Company from the date of the acquisition. Timothy J. O’Shaughnessy, President and Chief Executive Officer of Graham Holdings Company, was a personal investor in Framebridge and served as Chairman of the Board prior to the acquisition of the additional interest. The Company acquired Mr. O’Shaughnessy’s interest under the same terms as the other Framebridge investors.

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 loan 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 £20.4 million as of December 31, 2022. The loan is repayable by December 2041.

Summarized Financial Data of Nonconsolidated Affiliates. The Company’s investments in affiliates consists of investments in private equity funds and other operating entities that it does not control, but over which it exerts significant influence. The following tables present summarized financial data for the Company’s nonconsolidated affiliates. The amounts included in the tables below present 100% of the balance sheets and the results of operations of such nonconsolidated affiliates accounted for under the equity method.

The Company’s ownership in private equity fund partnerships varies between approximately 4% and 10%; the Company’s related investment balance included in Investments in Affiliates was $68.9 million and $72.8 million as of December 31, 2022 and 2021, respectively.


	As of December 31
(in thousands)	2022		2021
Investments in securities, at estimated fair value	$	1,974,189	$	2,039,368
Other current assets	19,072		28,590
Total assets	$	1,993,261	$	2,067,958
Total liabilities	$	3,945	$	4,790
Total partners’ capital	1,989,316		2,063,168
Total liabilities and partners’ capital	$	1,993,261	$	2,067,958


	Year Ended December 31
(in thousands)	2022		2021		2020
Net investment loss	$	(14,129)	$	(13,324)	$	(15,301)
Net realized gain on investments	162,644		190,368		440
Net change in unrealized (depreciation) appreciation on investments	(66,333)		1,043,627		525,588
Increase in net assets from operations	$	82,182	$	1,220,671	$	510,727


	As of December 31
(in thousands)	2022		2021
Current assets	$	174,027	$	203,274
Noncurrent assets	542,625		569,505
Total assets	$	716,652	$	772,779
Current liabilities	$	126,365	$	219,220
Noncurrent liabilities	386,425		329,965
Total liabilities	$	512,790	$	549,185
Noncontrolling interests	$	(26,593)	$	(80,604)


	Year Ended December 31
(in thousands)	2022		2021		2020
Net sales	$	459,949	$	358,928	$	312,194
Gross profit	196,481		146,312		11,217
Net income (loss)	3,206		135,241		(206,504)
Net income (loss) attributable to the entity	5,124		102,829		(148,394)

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 $66.7 million and $48.9 million as of December 31, 2022 and 2021, respectively. During the years ended December 31, 2022, 2021 and 2020, the Company recorded gains of $6.9 million, $11.8 million and $4.2 million, respectively, to those equity securities based on observable transactions. For the years ended December 31, 2022 and 2020, the Company recorded impairment losses of $1.3 million and $7.3 million, respectively, to those securities.