CorEnergy Infrastructure Trust, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Fair Value (Tables)

Fair Value (Tables)

9 Months Ended

Sep. 30, 2017

Assets and liabilities measured on a recurring basis

The following tables set forth the Company's assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of September 30, 2017 and December 31, 2016.



	September 30, 2017
			Fair Value
	Total		Level 1		Level 2		Level 3
Assets:
Other equity securities	$	10,457,982	$	—	$	—	$	10,457,982
Interest Rate Swap Derivative	17,918		—		17,918		—
Total Assets	$	10,475,900	$	—	$	17,918	$	10,457,982



	December 31, 2016
			Fair Value
	Total		Level 1		Level 2		Level 3
Assets:
Other equity securities	$	9,287,209	$	—	$	—	$	9,287,209
Interest Rate Swap Derivative	19,950		—		19,950		—
Total Assets	$	9,307,159	$	—	$	19,950	$	9,287,209

The changes for all Level 3 assets measured at fair value on a recurring basis using significant unobservable inputs

The changes for all Level 3 securities measured at fair value on a recurring basis using significant unobservable inputs for the nine months ended September 30, 2017 and 2016 are as follows:



Level 3 Rollforward
For the Nine Months Ended September 30, 2017	Fair Value Beginning Balance		Acquisitions		Disposals		Total Realized and Unrealized Gains Included in Net Income		Return of Capital Adjustments Impacting Cost Basis of Securities			Fair Value Ending Balance		Changes in Unrealized Gains, Included In Net Income, Relating to Securities Still Held ⁽¹⁾
Other equity securities	$	9,287,209	$	—	$	—	$	1,410,623	$	(239,850	)	$	10,457,982	$	1,410,623
Total	$	9,287,209	$	—	$	—	$	1,410,623	$	(239,850	)	$	10,457,982	$	1,410,623

For the Nine Months Ended September 30, 2016
Other equity securities	$	8,393,683	$	—	$	—	$	958,443	$	113,610		$	9,465,736	$	958,443
Total	$	8,393,683	$	—	$	—	$	958,443	$	113,610		$	9,465,736	$	958,443
(1) Located in Net realized and unrealized gain on other equity securities in the Consolidated Statements of Income

Carrying and Fair Value Amounts



Carrying and Fair Value Amounts
	Level within fair value hierarchy	September 30, 2017				December 31, 2016
	Level within fair value hierarchy	Carrying Amount ⁽¹⁾		Fair Value		Carrying Amount ⁽¹⁾		Fair Value
Financial Assets:
Cash and cash equivalents	Level 1	$	15,533,509	$	15,533,509	$	7,895,084	$	7,895,084
Financing notes receivable (Note 4)	Level 3	$	1,500,000	$	1,500,000	$	1,500,000	$	1,500,000
Financial Liabilities:
Secured Credit Facilities	Level 2	$	17,534,177	$	17,534,177	$	89,387,985	$	89,387,985
Unsecured convertible senior notes	Level 1	$	111,835,285	$	132,347,160	$	111,244,895	$	129,527,940
(1) The carrying value of debt balances are presented net of unamortized original issuance discount and debt issuance costs.

Certain condensed combined unaudited financial information of the unconsolidated affiliate, Lightfoot, is presented in the following tables:



	September 30, 2017		December 31, 2016
	(Unaudited)
	(in thousands)
Assets
Current assets	$	20,789	$	20,412
Noncurrent assets	691,340		698,341
Total Assets	$	712,129	$	718,753
Liabilities
Current liabilities	$	18,950	$	14,530
Noncurrent liabilities	275,272		268,805
Total Liabilities	$	294,222	$	283,335

Partner's equity	417,907		435,418
Total liabilities and partner's equity	$	712,129	$	718,753

Fair Value, By Income Statement Grouping



	For the Three Months Ended						For the Nine Months Ended
	September 30, 2017			September 30, 2016			September 30, 2017			September 30, 2016
	(Unaudited)
	(in thousands)
Revenues	$	27,291		$	26,673		$	79,802		$	78,983
Operating expenses	24,987			21,287			70,261			64,171
Income from Operations	$	2,304		$	5,386		$	9,541		$	14,812
Other income	100			2,339			3,870			7,082
Net Income	$	2,404		$	7,725		$	13,411		$	21,894
Less: Net Income attributable to non-controlling interests	(1,236		)	(5,131		)	(6,343		)	(14,208		)
Net Income attributable to Partner's Capital	$	1,168		$	2,594		$	7,068		$	7,686