INVESTMENT SECURITIES

6 Months Ended

Jun. 30, 2024

INVESTMENT SECURITIES

INVESTMENT SECURITIES

NOTE 7. INVESTMENT SECURITIES

As of June 30, 2024, the Company owns, in the aggregate and on a fully diluted basis, 2.35 million shares of PINE, or 15.8% of PINE’s total shares outstanding for an investment value of $36.6 million, which total includes 1.2 million OP Units, or 8.2%, which the Company received in exchange for the contribution of certain income properties to the PINE Operating Partnership, in addition to 1,125,797 shares of common stock owned by the Company, or 7.6%. 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. For detailed financial information regarding PINE, please refer to its financial statements, which are publicly available on the website of the Securities and Exchange Commission at http://www.sec.gov under the ticker symbol “PINE.”

The Company calculates the unrealized gain or loss based on the closing stock price of PINE at each respective balance sheet date. The unrealized, non-cash gains and losses resulting from the changes in the closing stock price of PINE are included in investment and other loss in the accompanying consolidated statements of operations.

The Company’s available-for-sale securities as of June 30, 2024 and December 31, 2023 are summarized below (in thousands):

	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 Inputs)
June 30, 2024
Common Stock	$	20,737	$	—	$	(3,219)	$	17,518
Operating Units		23,253		—		(4,210)		19,043
Total Equity Securities		43,990		—		(7,429)		36,561
Total Available-for-Sale Securities	$	43,990	$	—	$	(7,429)	$	36,561
December 31, 2023
Common Stock	$	20,482	$	—	$	(1,732)	$	18,750
Operating Units		23,253		—		(2,558)		20,695
Total Equity Securities		43,735		—		(4,290)		39,445
Total Available-for-Sale Securities	$	43,735	$	—	$	(4,290)	$	39,445