
	NW Holdings						NW Natural
	June 30,				December 31,		June 30,				December 31,
In thousands	2024		2023		2023		2024		2023		2023
Investments in life insurance policies	$	46,295	$	46,772	$	45,713	$	46,295	$	46,772	$	45,713
Investments in gas reserves, non-current	19,570		21,488		20,893		19,570		21,488		20,893
Investment in unconsolidated affiliates	17,930		36,070		36,345		—		19,588		19,539
Total other investments	$	83,795	$	104,330	$	102,951	$	65,865	$	87,848	$	86,145

Other investments include financial investments in life insurance policies, which are accounted for at cash surrender value, net of policy loans. See Note 13 in the 2023 Form 10-K.

NW Natural has invested $188 million through the gas reserves program in the Jonah Field located in Wyoming as of June 30, 2024. Gas reserves are stated at cost, net of regulatory amortization, with the associated deferred tax benefits of $3.0 million, $4.4 million, and $4.0 million, which are recorded as liabilities in the June 30, 2024, June 30, 2023, and December 31, 2023 consolidated balance sheets, respectively. NW Natural's investment is included in NW Holdings' and NW Natural's consolidated balance sheets under other current assets and other investments (non-current portion) with the maximum loss exposure limited to the investment balance. The amount of gas reserves included in other current assets was $2.5 million, $3.2 million, and $2.3 million as of June 30, 2024, June 30, 2023, and December 31, 2023, respectively. See Note 13 in the 2023 Form 10-K.

In December 2021, NWN Water purchased a 37.3% ownership stake in Avion Water Company, Inc. (Avion Water), an investor-owned water utility for $14.5 million. NWN Water subsequently increased its ownership stake in Avion Water as follows:

Avion Water operates in Bend, Oregon and the surrounding communities, serving approximately 16,000 customer connections and employing 35 people. The carrying value of the equity method investment is $9.9 million higher than the underlying equity in the net assets of the investee at June 30, 2024 due to equity method goodwill. NW Natural Water's share in the earnings (loss) of Avion Water is included in other income (expense), net.

In 2020, NW Natural began a partnership with BioCarbN to invest in renewable natural gas (RNG) development facilities that are designed to access biogas derived from water treatment at Tyson Foods’ processing plants, subject to approval by all parties. In January 2022, commissioning of the first facility, Lexington Renewable Energy LLC (Lexington), was completed. In April 2023, commissioning of the second facility, Dakota City Renewable Energy LLC (Dakota City), was completed. NW Natural recorded the investment as an equity method investment. As of December 31, 2023, NW Natural had an investment balance in Lexington and Dakota City totaling $19.5 million.

In January 2024, NW Natural replaced BioCarbN as manager of the Lexington and Dakota City companies. As a result, NW Natural determined that these investments no longer qualified as an equity method investment and were fully consolidated for the three and six months ended June 30, 2024.