INVESTMENT AT FAIR VALUE

12 Months Ended

Dec. 31, 2021

During 2016 and 2017, Acacia made certain investments in Veritone. As a result of these transactions, Acacia received an aggregate total of 4,119,521 shares of Veritone common stock and warrants to purchase a total of 1,120,432 shares of Veritone common stock at an exercise price of $13.61 per share expiring between 2020 and 2027.

During 2018, Acacia sold 2,700,000 shares Veritone common stock and recorded a realized loss of $19.1 million. During 2019, Acacia sold 1,121,071 shares Veritone common stock and recorded a realized loss of $9.2 million. During the year ended December 31, 2020, Acacia sold all remaining 298,450 shares of Veritone common stock and recorded a realized loss of $3.3 million. During the year ended December 31, 2020, Acacia exercised 963,712 warrants and recorded a realized gain of $11.5 million. During the year ended December 31, 2021, Acacia exercised all remaining 156,720 warrants and recorded a realized gain of $3.6 million. The Company no longer has an investment in Veritone common stock and warrants.

Unrealized and realized gains or losses from our investment in Veritone are recorded in the change in fair value of investment and gain on sale of investment, respectively, in the consolidated statements of operations. The consolidated statements of operations reflected the following net realized and unrealized gains:


	Years Ended December 31,
	2021		2020
	(In thousands)
Change in fair value of investment, warrants	$	(2,752)	$	1,996
Change in fair value of investment, common stock	—		3,478
Gain on sale of investment, warrants	3,591		11,503
Loss on sale of investment, common stock	—		(3,316)
Net realized and unrealized gain	$	839	$	13,661