Fair Value (Tables)
|
6 Months Ended |
Jun. 30, 2018 |
|---|
| Fair Value Disclosures [Abstract] |
|
| 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 June 30, 2018 and December 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2018 |
|
|
|
Fair Value |
|
Total |
|
Level 1 |
|
Level 2 |
|
Level 3 |
Assets: |
|
|
|
|
|
|
|
Other equity securities |
$ |
2,091,181 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,091,181 |
|
Total Assets |
$ |
2,091,181 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,091,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
|
|
Fair Value |
|
Total |
|
Level 1 |
|
Level 2 |
|
Level 3 |
Assets: |
|
|
|
|
|
|
|
Other equity securities |
$ |
2,958,315 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,958,315 |
|
Total Assets |
$ |
2,958,315 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,958,315 |
|
|
| 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 six months ended June 30, 2018 and 2017 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 3 Rollforward |
For the Six Months Ended June 30, 2018 |
|
Fair Value Beginning Balance |
|
Acquisitions |
|
Disposals |
|
Total Realized and Unrealized Gains (Losses) Included in Net Income |
|
Return of Capital Adjustments Impacting Cost Basis of Securities |
|
Fair Value Ending Balance |
|
Changes in Unrealized Gains (Losses), Included In Net Income, Relating to Securities Still Held (1)
|
Other equity securities |
|
$ |
2,958,315 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(867,134 |
) |
|
$ |
— |
|
|
$ |
2,091,181 |
|
|
$ |
(867,134 |
) |
Total |
|
$ |
2,958,315 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(867,134 |
) |
|
$ |
— |
|
|
$ |
2,091,181 |
|
|
$ |
(867,134 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other equity securities |
|
$ |
9,287,209 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
70,426 |
|
|
$ |
(210,477 |
) |
|
$ |
9,147,158 |
|
|
$ |
70,426 |
|
Total |
|
$ |
9,287,209 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
70,426 |
|
|
$ |
(210,477 |
) |
|
$ |
9,147,158 |
|
|
$ |
70,426 |
|
(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 |
|
June 30, 2018 |
|
December 31, 2017 |
|
|
Carrying
Amount (1)
|
|
Fair Value |
|
Carrying
Amount (1)
|
|
Fair Value |
Financial Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
Level 1 |
|
$ |
14,175,860 |
|
|
$ |
14,175,860 |
|
|
$ |
15,787,069 |
|
|
$ |
15,787,069 |
|
Financing notes receivable (Note 5) |
Level 3 |
|
$ |
1,000,000 |
|
|
$ |
1,000,000 |
|
|
$ |
1,500,000 |
|
|
$ |
1,500,000 |
|
Financial Liabilities: |
|
|
|
|
|
|
|
|
Secured Credit Facilities |
Level 2 |
|
$ |
38,998,698 |
|
|
$ |
38,998,698 |
|
|
$ |
40,745,354 |
|
|
$ |
40,745,354 |
|
Unsecured convertible senior notes |
Level 1 |
|
$ |
112,425,677 |
|
|
$ |
132,032,520 |
|
|
$ |
112,032,083 |
|
|
$ |
139,101,660 |
|
(1) The carrying value of debt balances are presented net of unamortized original issuance discount and debt issuance costs. |
|