Investment Securities

12 Months Ended

Dec. 31, 2015

Investments Debt And Equity Securities [Abstract]

Investment Securities

NOTE 6. INVESTMENT SECURITIES

In December 2013, the Company purchased approximately $730,000 of preferred stock of a publicly traded real estate investment trust with a market capitalization of more than $1.5 billion. During the years ended December 31, 2015 and 2014 the preferred stock was sold for gains of approximately $131,000 and $5,000, respectively.

During the year ended December 31, 2015, the Company invested in the common stock and certain debt securities of a publicly traded real estate company with a market capitalization of more than $360 million as of December 31, 2015. In total the Company acquired approximately $7.9 million of common stock, including approximately $600634,000 that was acquired as a result of exercising put options sold previously in 2015.  Of the $7.9 million, approximately $1.8 million was subsequently sold in 2015 at a loss of approximately $123,000. In the first quarter of 2015 the Company also acquired approximately $2.0 million of corporate debt of the same real estate company for approximately $1.9 million, which was subsequently sold in the third quarter of 2015 at a gain of approximately $155,000. Also in the third quarter 2015 the Company acquired approximately $1.0 million of convertible debt of the same real estate company for approximately $843844,000. As of December 31, 2015 the Company had no remaining outstanding put options.

Available-for-Sale securities consisted of the following as of December 31, 2015 and 2014:

	As of  December 31, 2015
	Cost (1)		Gains in Accumulated Other Comprehensive Income		Losses in Accumulated Other Comprehensive Income			Estimated Fair Value (Level 1 and 2 Inputs)
Debt Securities	$	843,951	$	—	$	(41,451	)	$	802,500
Total Debt Securities		843,951		-		(41,451	)		802,500
Common Stock		5,981,464		—		(1,080,197	)		4,901,267
Total Equity Securities		5,981,464		—		(1,080,197	)		4,901,267
Total Available-for-Sale Securities	$	6,825,415	$	-	$	(1,121,648	)	$	5,703,767
(1) The cost basis in the common stock investment is net of an other-than-temporary impairment charge of approximately $60,000 charged to earnings through investment income in the consolidated statements of operations.

	As of December 31, 2014
	Cost		Gains in Accumulated Other Comprehensive Income		Losses in Accumulated Other Comprehensive Income		Estimated Fair Value (Level 1 Inputs)
Preferred Stock	$	704,173	$	117,263	$	—	$	821,436
Total Equity Securities	$	704,173	$	117,263	$	—	$	821,436
Total Available-for-Sale Securities	$	704,173	$	117,263	$	—	$	821,436

The total unrealized loss of approximately $1.1 million during the year ended December 31, 2015, net of tax of approximately $415,000, is included in other comprehensive income. The unrealized gain of approximately $117,000 during the year ended December 31, 2014, net of tax of approximately $44,000, is included in other comprehensive income.

NOTE 6. INVESTMENT SECURITIES (continued)

Following is a table reflecting the gains and losses recognized on the sale of investment securities during the three years ended December 31, 2015, 2014, and 2013:

	For the Year Ended December 31,
	2015			2014			2013
Proceeds from the Disposition of Debt Securities	$	2,084,994					$	—
Cost Basis of Debt Securities Sold		(1,930,080	)		—			—
Gain recognized in Statement of Operations on    the Disposition of Debt Securities		154,914			—			—
Proceeds from the Disposition of Equity Securities		2,574,091			30,476			—
Cost Basis of Equity Securities Sold		(2,565,816	)		(25,641	)		—
Gain recognized in Statement of Operations on    the Disposition of Equity Securities	$	8,275		$	4,835		$	—
Total Gain recognized in Statement of Operations on    the Disposition of Debt and Equity Securities	$	163,189		$	4,835		$	—