Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Summary of Carrying Value and Estimated Fair Value of Financial Instruments

The following table presents the carrying value and estimated fair value of the Company’s financial instruments at March 31, 2016 and December 31, 2015:

	March 31, 2016				December 31, 2015
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	7,371,196	$	7,371,196	$	4,060,677	$	4,060,677
Restricted Cash - Level 1		15,156,505		15,156,505		14,060,523		14,060,523
Commercial Loan Investments - Level 2		38,343,673		38,460,467		38,331,956		38,460,467
Long-Term Debt - Level 2		170,798,799		175,210,485		166,796,853		172,572,305

The following table presents the fair value of assets by Level at December 31, 2015 (there were none as of March 31, 2016):

					Fair Value at Reporting Date Using
	12/31/2015		Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available-for-Sale Securities
Available-for-Sale Debt Securities	$	802,500	$	-		$	802,500	$	-
Available-for-Sale Equity Securities		4,901,267		4,901,267			-		-
Total Available-for-Sale Securities		5,703,767		4,901,267			802,500		-
Total	$	5,703,767	$	4,901,267		$	802,500	$	-