
	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Equity in net income (losses) of investees, net	$	(29)	$	(444)	$	(222)	$	(286)
Realized and unrealized gains (losses) on equity securities, net	136		(89)		112		(141)
Other income (loss), net	9,652		99		9,754		290
Investment and other income (loss), net	$	9,760	$	(434)	$	9,644	$	(137)

The amount of unrealized gains (losses), net recognized in the three months ended June 30, 2025 and 2024 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(7) million and $(70) million, respectively. The amount of unrealized gains (losses), net recognized in the six months ended June 30, 2025 and 2024 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(30) million and $(141) million, respectively.


(in millions)	June 30, 2025		December 31, 2024
Equity method	$	7,122	$	7,252
Marketable equity securities	17		11
Nonmarketable equity securities	1,190		1,221
Other investments	162		184
Total investments	8,491		8,668
Less: Current investments	27		21
Noncurrent investments	$	8,463	$	8,647

The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statements of cash flows in the six months ended June 30, 2025 and 2024 was $69 million and $66 million, respectively.

Atairos is a variable interest entity (“VIE”) that follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the six months ended June 30, 2025 and 2024, we made cash capital contributions totaling $103 million and $26 million, respectively. As of June 30, 2025 and December 31, 2024, our investment, inclusive of advances classified within other investments, was $5.0 billion and $5.1 billion, respectively. As of June 30, 2025, our remaining unfunded capital commitment was $1.3 billion.

In June 2025, we sold our 33% interest in Hulu following the finalization of a third-party appraisal of Hulu’s fair value performed pursuant to the terms of our put right exercised in November 2023. We received total cash proceeds of $9.6 billion for our interest, consisting of $439 million in the second quarter of 2025 and a $9.2 billion advance received in the fourth quarter of 2023. The advance represented our guaranteed share of Hulu’s minimum equity value pursuant to the terms of our put right and was reduced by $557 million in 2023 for our share of prior capital calls. Upon the sale of our interest in Hulu in the second quarter of 2025, we recorded a receivable of $792 million relating to our right to receive 50% of the estimated future tax benefits resulting from the transaction and we recognized a pre-tax gain of $9.4 billion.

The gain on the sale of our investment in Hulu is presented in “other income (loss), net” within “investment and other income (loss), net” in our condensed consolidated statement of income. The additional proceeds received in the current year period are presented in “proceeds from sales of businesses and investments” in investing activities in our condensed consolidated statement of cash flows. The receivable relating to our right to receive estimated future tax benefits is presented in “other current assets” and “other noncurrent assets, net” in our condensed consolidated balance sheet.

Other investments also includes certain short-term instruments. We had no short-term instruments as of June 30, 2025 and December 31, 2024. There were no proceeds from or purchases of short-term instruments for the six months ended June 30, 2025. Proceeds from short-term instruments were $514 million and purchases of short-term instruments were $373 million for the six months ended June 30, 2024.

We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. As of June 30, 2025, Universal Beijing Resort had $3.5 billion of debt outstanding, including $3.1 billion principal amount of a term loan outstanding under the debt financing agreement. As of December 31, 2024, Universal Beijing Resort had $3.4 billion of debt outstanding, including $3.0 billion principal amount of a term loan outstanding under the debt financing agreement.

As of June 30, 2025, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.3 billion and $7.1 billion, respectively. As of December 31, 2024, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.3 billion and $7.0 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.