Marketable Securities

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

7. Marketable Securities

The amortized cost and unrealized gains, net of marketable securities as of June 30, 2024 and December 31, 2023, were as follows (in thousands):

	As of June 30, 2024			As of December 31, 2023
Marketable securities:
Amortized cost	$	1,618		$	40,110
Unrealized (loss)/gain		(6	)		289,947
Total fair value	$	1,612		$	330,057

The Company’s net gains/(losses) on marketable securities and dividend income for the three and six months ended June 30, 2024 and 2023, were as follows (in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
	2024			2023		2024			2023
(Loss)/gain on marketable securities, net	$	(6	)	$	14,561	$	(27,692	)	$	4,417
Dividend income (included in Other income, net    and Special dividend income)		-		$	1,764	$	1,705		$	199,339

The portion of unrealized gains/(losses) on marketable securities for the period that relates to marketable securities still held at the reporting date (in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
	2024			2023		2024			2023
(Loss)/gain on marketable securities, net	$	(6	)	$	14,561	$	(27,692	)	$	4,417
Less: Net (gain)/loss recognized related to marketable    securities sold		(24	)		233		27,671			10,651
Unrealized (loss)/gain related to marketable    securities still held	$	(30	)	$	14,794	$	(21	)	$	15,068

During the six months ended June 30, 2024, the Company sold its remaining 14.2 million shares of common stock of Albertsons Companies Inc. (“ACI”) held by the Company, generating net proceeds of $299.1 million. For tax purposes, the Company recognized a long-term capital gain of $288.7 million during the six months ended June 30, 2024. The Company anticipates retaining the proceeds from this stock sale for general corporate purposes and, as a result, recorded estimated federal and state taxes of $72.9 million on the taxable gain.

During the six months ended June 30, 2023, the Company received a $194.1 million special dividend payment on its shares of ACI common stock and recognized this as Special dividend income on the Company’s Condensed Consolidated Statements of Income. As a result, the Company’s Board of Directors declared a $0.09 per common share special cash dividend to maintain distribution requirements as a REIT. This special dividend was paid on December 21, 2023, to shareholders of record on December 7, 2023.

Also, during the six months ended June 30, 2023, the Company sold 14.1 million shares of ACI common stock held by the Company, generating net proceeds of $282.3 million. For tax purposes, the Company recognized a long-term capital gain of $241.2 million. The Company elected to retain the proceeds from this stock sale for general corporate purposes and paid federal and state taxes of $61.0 million on the taxable gain.