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Note 9 - Fair Value | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Fair Value Disclosures [Text Block] |
NOTE 9. | FAIR VALUE
The fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value into three broad levels: Level 1 — Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs other than quoted prices in active markets that are observable either directly or indirectly, including: quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market data and require the reporting entity to develop its own assumptions. At December 31, 2023 and 2022, our financial instruments included cash, cash equivalents, receivables, marketable securities, investments, accounts payable, and long-term debt. The carrying value of cash, cash equivalents, receivables, and accounts payable approximates fair value due to the short-term nature of the instruments. The fair value of long-term debt is estimated using quoted prices for similar debt (level 2 in the fair value hierarchy). At December 31, 2023, the estimated fair value of our long-term debt was $24,818,323, which is less than the carrying amount of $27,337,766. Warrants We previously determined that the Public Warrants issued in connection with Yellowstone’s initial public offering in October 2020 were subject to treatment as a liability. Prior to the deconsolidation of Yellowstone which occurred on January 25, 2022, we marked the Public Warrants to market based upon their observable trading price with changes in fair value recognized in the statement of operations. Our re-measurement of the Public Warrants from January 1, 2022 to January 25, 2022 resulted in a gain of $1,837,211, which is included within “Remeasurement of warrant liability” within our Consolidated Statements of Operations. Following the business combination between Yellowstone Acquisition Company and SHG which occurred on January 25, 2022, we no longer eliminate our investment in the Private Placement Warrants. Our Private Placement warrants related to Sky Harbour are considered level 2 and measured at fair value using observable inputs for similar assets in an active market. Our re-measurement of the Private Placement Warrants from January 1, 2023 to December 31, 2023 and January 25, 2022 to December 31, 2022, resulted in a gain of approximately $4,000,000 and a loss of approximately $2,700,000, respectively, which are included within Other investment income within our Consolidated Statements of Operations. Fund I, Fund II and BFR Special Purpose Entities We report fund investments on our Consolidated Balance Sheets at their estimated fair value, with gains (losses) resulting from changes in fair value reflected within ‘Other investment income’ in the accompanying Consolidated Statements of Operations. Each of the 24th Street Funds’ and BFR's investments in special purpose entities invested in real estate are categorized in Level 3 of the fair value hierarchy. The primary asset held by each special purpose entity is real estate property, for which third-party appraisals were obtained. Appraisals on the investments in special purpose entities used an income capitalization and/or comparable sales approach to value the underlying real estate property. The income capitalization approach used capitalization rates ranging from 6.50% to 6.75%. The comparable sales approach used observable market transactions to value the underlying real estate property. As of December 31, 2023, the aggregate fair value of the 24th Street Funds’ and BFR's investments in special purpose entities was approximately $64,900,000.
Marketable Equity Securities On an investment life-to-date basis, we have realized net gains on the sale of equity securities within the marketable equity portfolio held at Boston Omaha of approximately $84,000,000. These amounts exclude any realized gains on equity securities held within the marketable equity portfolio managed by UCS. Sky Harbour Group Corporation Class A common stock We account for our 19.8% equity interest in Sky Harbour, comprised of 13,118,474 shares of Class A common stock, under the equity method. If our investment in Sky Harbour’s Class A common stock was accounted for at fair value based on its quoted market price as of December 31, 2023 it would be valued at approximately $127,000,000. Marketable Equity Securities and U.S. Treasury Trading Securities Marketable equity securities and U.S. Treasury trading securities are reported at fair values. Substantially all of the fair value is determined using observed prices of publicly traded securities, level 1 in the fair value hierarchy.
|  |  |  |  | Quoted Prices |  |  | Realized Gains |  |  | Total Changes |
|  | Total Carrying |  |  | in Active |  |  | and (Losses) |  |  | in Fair Values |
|  | Amount in |  |  | Markets for |  |  | Included in |  |  | Included in |
|  | Consolidated |  |  | Identical |  |  | Current Period |  |  | Current Period |
|  | Balance Sheet |  |  | Assets |  |  | Earnings (Loss) |  |  | Earnings (Loss) |
Marketable equity securities and U.S. Treasury trading securities at December 31, 2023 |  | $ | 49,322,696 |  |  | $ | 49,322,696 |  |  | $ | 740,892 |  |  | $ | 4,411,489 |
Marketable equity securities and U.S. Treasury trading securities at December 31, 2022 |  | $ | 42,289,339 |  |  | $ | 42,289,339 |  |  | $ | (9,485,637 | ) |  | $ | (6,150,053 | )

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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