INVESTMENT SECURITIES

3 Months Ended

Mar. 31, 2020

INVESTMENT SECURITIES

INVESTMENT SECURITIES

NOTE 8. INVESTMENT SECURITIES

On November 26, 2019, the Company purchased 394,737 shares of PINE common stock for a total purchase price of $7.5 million. Also, on November 26, 2019, the Company purchased 421,053 shares of PINE common stock in the IPO for a total purchase price of $8.0 million. Including the 1,223,854 OP Units the Company received in exchange for the contribution of certain income properties to the Operating Partnership, as of March 31, 2020, the Company owns, in the aggregate, approximately 2.04 million shares of PINE, or approximately 22.5% of PINE’s total shares outstanding for an initial investment of approximately $38.8 million.  The Company has elected the fair value option related to the aggregate investment in securities of PINE pursuant to ASC 825, otherwise such investments would have been accounted for under the equity method.

	As of  March 31, 2020
	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 and 2 Inputs)
Common Stock	$	15,500,000	$	—	$	(5,482,109)	$	10,042,375
Operating Units		23,253,230		—		(8,224,299)		15,065,643
Total Equity Securities		38,753,230		—		(13,706,408)		25,108,018
Total Available-for-Sale Securities	$	38,753,230	$	—	$	(13,706,408)	$	25,108,018

	As of December 31, 2019
	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 and 2 Inputs)
Common Stock	$	15,500,000	$	24,484	$	—	$	15,524,484
Operating Units		23,253,230		36,711		—		23,289,941
Total Equity Securities		38,753,230		61,195		—		38,814,425
Total Available-for-Sale Securities	$	38,753,230	$	61,195	$	—	$	38,814,425