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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2023
INVESTMENT SECURITIES |
INVESTMENT SECURITIES | NOTE 8. INVESTMENT SECURITIES ​ As of December 31, 2023, the Company owns, in the aggregate and on a fully diluted basis, 2.33 million shares of PINE, or 15.7% of PINE’s total shares outstanding for an investment value of $39.4 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 1,108,814 shares of common stock owned by the Company, or 7.5%. 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 income in the consolidated statements of operations for years ended December 31, 2023, 2022, and 2021. ​ The Company’s available-for-sale securities as of December 31, 2023 and 2022 are summarized below (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Cost |  | Unrealized Gains in Investment Income |  | Unrealized Losses in Investment Income |  | Estimated Fair Value (Level 1 Inputs)
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
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Common Stock | ​ | $ | 18,382 | ​ | $ | 308 | ​ | $ | — | ​ | $ | 18,690
Operating Units | ​ | ​ | 23,253 | ​ | ​ | 98 | ​ | ​ | — | ​ | ​ | 23,351
Total Equity Securities | ​ | ​ | 41,635 | ​ | ​ | 406 | ​ | ​ | — | ​ | ​ | 42,041
Total Available-for-Sale Securities | ​ | $ | 41,635 | ​ | $ | 406 | ​ | $ | — | ​ | $ | 42,041
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