INVESTMENT SECURITIES

6 Months Ended

Jun. 30, 2021

INVESTMENT SECURITIES

INVESTMENT SECURITIES

NOTE 9. 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 in a private placement. 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 PINE Operating Partnership, as of June 30, 2021, the Company owns, in the aggregate, 2.04 million shares of PINE, or 15.8% of PINE’s total shares outstanding for an initial investment of $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.

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 income (loss) in the consolidated statements of operations for the three and six months ended June 30, 2021 and 2020.

The Company’s available-for-sale securities as of June 30, 2021 and December 31, 2020 are summarized below (in thousands):

	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 Inputs)
June 30, 2021
Common Stock	$	15,500	$	16	$	—	$	15,516
Operating Units		23,253		25		—		23,278
Total Equity Securities		38,753		41		—		38,794
Total Available-for-Sale Securities	$	38,753	$	41	$	—	$	38,794
December 31, 2020
Common Stock	$	15,500	$	—	$	(3,271)	$	12,229
Operating Units		23,253		—		(4,908)		18,345
Total Equity Securities		38,753		—		(8,179)		30,574
Total Available-for-Sale Securities	$	38,753	$	—	$	(8,179)	$	30,574