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INVESTMENT SECURITIES | 9 Months Ended
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Sep. 30, 2022
INVESTMENT SECURITIES |
INVESTMENT SECURITIES | NOTE 8. INVESTMENT SECURITIES ​ As of September 30, 2022, the Company owns, in the aggregate and on a fully diluted basis, 2.17 million shares of PINE, or 16.0% of PINE’s total shares outstanding for an investment value of $35.3 million, which total includes 1.2 million OP Units, or 9.0%, which the Company received in exchange for the contribution of certain income properties to the PINE Operating Partnership, in addition to 950,011 shares of common stock owned by the Company, or 8.0%. 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 nine months ended September 30, 2022 and 2021. ​ The Company’s available-for-sale securities as of September 30, 2022 and December 31, 2021 are summarized below (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Cost |  | Unrealized Gains in Investment Income |  | Unrealized Losses in Investment Income |  | Estimated Fair Value (Level 1 Inputs)
September 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Common Stock | ​ | $ | 17,896 | ​ | $ | — | ​ | $ | (2,487) | ​ | $ | 15,409
Operating Units | ​ | ​ | 23,253 | ​ | ​ | — | ​ | ​ | (3,402) | ​ | ​ | 19,851
Total Equity Securities | ​ | ​ | 41,149 | ​ | ​ | — | ​ | ​ | (5,889) | ​ | ​ | 35,260
Total Available-for-Sale Securities | ​ | $ | 41,149 | ​ | $ | — | ​ | $ | (5,889) | ​ | $ | 35,260
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Common Stock | ​ | $ | 15,643 | ​ | $ | 868 | ​ | $ | — | ​ | $ | 16,511
Operating Units | ​ | ​ | 23,253 | ​ | ​ | 1,273 | ​ | ​ | — | ​ | ​ | 24,526
Total Equity Securities | ​ | ​ | 38,896 | ​ | ​ | 2,141 | ​ | ​ | — | ​ | ​ | 41,037
Total Available-for-Sale Securities | ​ | $ | 38,896 | ​ | $ | 2,141 | ​ | $ | — | ​ | $ | 41,037
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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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