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MARKETABLE EQUITY SECURITIES

3 Months Ended

Mar. 31, 2021

8. Marketable Equity Securities

Marketable securities in equity securities with readily determinable market prices consisted of the following as of March 31, 2021 and December 31, 2020:

	Marketable equity securities at March 31, 2021
				Gross unrealized		Gross unrealized
		Cost		gains		losses			Fair value
Common shares	$	15,225,347	$	3,733,672	$	(805,156	)	$	18,153,863

	Marketable equity securities at December 31, 2020
				Gross unrealized		Gross unrealized
		Cost		gains		losses			Fair value
Common shares	$	1,505,686	$	1,083,532	$	(26,235	)	$	2,562,983

Marketable equity securities

The following table presents additional information about marketable equity securities:

	Marketable
	Equity Securities
Balance at January 1, 2021	$	2,562,983
Purchases of marketable equity securities in operations		62,994,562
Sales of marketable equity securities in operations		(54,124,898	)
Sales of marketable equity securities		(430,124	)
Realized gains on marketable equity securities		4,891,601
Unrealized gains on marketable equity securities		2,259,739
Balance at March 31, 2021	$	18,153,863

At March 31, 2021 and December 31, 2020, the Company had invested in the marketable equity securities of certain publicly traded companies. The Company’s investment in marketable equity securities will be revalued on each balance sheet date. The fair value of the Company’s holdings in marketable equity securities at March 31, 2021and December 31, 2020 is a Level 1 measurement based on quoted prices in an active market.

At March 31, 2021 and December 31, 2020, the Company also held an investment in a limited partnership. This investment does not have a readily determinable fair value and has been measured at cost less impairment, if any, and adjusted for observable price changes for identical or similar investments.

Naked Brand Group stock purchase agreement

On March 29, 2021, DP Lending entered into a stock purchase agreement with an institutional investor (the “Seller”) to purchase 47,058,824 shares of Naked Brand Group Limited (the “NAKD shares”). Under the agreement, DP Lending agreed to sell the NAKD shares and pay the Seller 99% of the net proceeds from the sale. As of March 31, 2021, the fair value of the NAKD shares was $33.6 million and is included in securities purchased under agreement to resell. The Company also recorded a $33.3 million stock purchase consideration payable and a $336,000 contract liability as of March 31, 2021.