Fair Value (Tables)
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3 Months Ended |
Mar. 31, 2018 |
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| Fair Value Disclosures [Abstract] |
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| 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 March 31, 2018 and December 31, 2017:
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March 31, 2018 |
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Fair Value |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
Assets: |
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Other equity securities |
$ |
2,972,281 |
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$ |
— |
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$ |
— |
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$ |
2,972,281 |
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Total Assets |
$ |
2,972,281 |
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$ |
— |
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$ |
— |
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$ |
2,972,281 |
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December 31, 2017 |
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Fair Value |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
Assets: |
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Other equity securities |
$ |
2,958,315 |
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$ |
— |
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$ |
— |
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$ |
2,958,315 |
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Total Assets |
$ |
2,958,315 |
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$ |
— |
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$ |
— |
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$ |
2,958,315 |
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| 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 three months ended March 31, 2018 and 2017 are as follows:
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Level 3 Rollforward |
For the Three Months Ended March 31, 2018 |
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Fair Value Beginning Balance |
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Acquisitions |
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Disposals |
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Total Realized and Unrealized Gains/(Losses) Included in Net Income |
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Return of Capital Adjustments Impacting Cost Basis of Securities |
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Fair Value Ending Balance |
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Changes in Unrealized Gains/(Losses), Included In Net Income, Relating to Securities Still Held (1)
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Other equity securities |
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$ |
2,958,315 |
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$ |
— |
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$ |
— |
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$ |
13,966 |
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$ |
— |
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$ |
2,972,281 |
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$ |
13,966 |
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Total |
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$ |
2,958,315 |
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$ |
— |
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$ |
— |
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$ |
13,966 |
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$ |
— |
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$ |
2,972,281 |
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$ |
13,966 |
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For the Three Months Ended March 31, 2017 |
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Other equity securities |
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$ |
9,287,209 |
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$ |
— |
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$ |
— |
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$ |
(544,208 |
) |
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$ |
(179,704 |
) |
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$ |
8,563,297 |
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$ |
(544,208 |
) |
Total |
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$ |
9,287,209 |
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$ |
— |
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$ |
— |
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$ |
(544,208 |
) |
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$ |
(179,704 |
) |
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$ |
8,563,297 |
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$ |
(544,208 |
) |
(1) Located in Net realized and unrealized gain on other equity securities in the Consolidated Statements of Income |
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| Carrying and Fair Value Amounts |
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Carrying and Fair Value Amounts |
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Level within fair value hierarchy |
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March 31, 2018 |
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December 31, 2017 |
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Carrying
Amount (1)
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Fair Value |
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Carrying
Amount (1)
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Fair Value |
Financial Assets: |
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Cash and cash equivalents |
Level 1 |
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$ |
17,330,097 |
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$ |
17,330,097 |
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$ |
15,787,069 |
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$ |
15,787,069 |
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Financing notes receivable (Note 5) |
Level 3 |
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$ |
1,000,000 |
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$ |
1,000,000 |
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$ |
1,500,000 |
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$ |
1,500,000 |
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Financial Liabilities: |
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Secured Credit Facilities |
Level 2 |
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$ |
39,867,493 |
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$ |
39,867,493 |
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$ |
40,745,354 |
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$ |
40,745,354 |
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Unsecured convertible senior notes |
Level 1 |
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$ |
112,228,880 |
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$ |
135,421,740 |
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$ |
112,032,083 |
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$ |
139,101,660 |
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(1) The carrying value of debt balances are presented net of unamortized original issuance discount and debt issuance costs. |
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