Investments

9 Months Ended

Mar. 31, 2022

INVESTMENTS

The Company’s investments were comprised of the following:


	Ownership Percentage as of March 31, 2022	As of March 31, 2022		As of June 30, 2021
		(in millions)
Equity method investments(a)	various	$	279	$	71
Equity securities(b)	various	285		280
Total Investments		$	564	$	351

(a)In the first quarter of fiscal 2022, REA Group acquired an 18% interest (16.6% on a diluted basis) in PropertyGuru Pte. Ltd. (“PropertyGuru”), a leading digital property technology company operating marketplaces in Southeast Asia, in exchange for all shares of REA Group’s entities in Malaysia and Thailand. During the three months ended March 31, 2022, PropertyGuru completed its merger with Bridgetown 2 Holdings Limited. As a result of the merger and subsequent investments made in connection with the transaction, REA Group’s ownership interest in PropertyGuru was diluted to 17.5% as of March 31, 2022 and a gain of approximately $15 million was recorded in Other, net.

(b)Equity securities are primarily comprised of Tremor, certain investments in China and the Company’s investment in HT&E Limited, which operates a portfolio of Australian radio and outdoor media assets.

The Company has equity securities with quoted prices in active markets as well as equity securities without readily determinable fair market values. Equity securities without readily determinable fair market values are valued at cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical

or similar investment of the same issuer. The components comprising total gains and losses on equity securities are set forth below:


	For the three months ended March 31,				For the nine months ended March 31,
	2022		2021		2022		2021
	(in millions)				(in millions)
Total (losses) gains recognized on equity securities	$	(18)	$	31	$	1	$	73
Less: Net gains recognized on equity securities sold	—		—		—		—
Unrealized (losses) gains recognized on equity securities held at end of period	$	(18)	$	31	$	1	$	73

Equity Losses of Affiliates

The Company’s share of the losses of its equity affiliates was $4 million and $10 million for the three and nine months ended March 31, 2022, respectively, and $5 million and $9 million, respectively, for the corresponding periods of fiscal 2021.