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

Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Other Securities (Tables)

Fair Value of Other Securities (Tables)

9 Months Ended

Sep. 30, 2014

Assets and liabilities measured on a recurring basis

The following tables provide the fair value measurements of applicable Company assets and liabilities by level within the fair value hierarchy as of September 30, 2014, and December 31, 2013. These assets and liabilities are measured on a recurring basis.



September 30, 2014
	September 30, 2014		Fair Value
	September 30, 2014		Level 1		Level 2		Level 3
Assets:
Other equity securities	$	25,420,877	$	—	$	—	$	25,420,877
Warrant Investment	508,000		—		—		508,000
Total Assets	$	25,928,877	$	—	$	—	$	25,928,877



December 31, 2013
	December 31, 2013		Fair Value
	December 31, 2013		Level 1		Level 2		Level 3
Assets:
Other equity securities	$	23,304,321	$	—	$	—	$	23,304,321
Total Assets	$	23,304,321	$	—	$	—	$	23,304,321

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, 2014 and September 30, 2013 are as follows:

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation



Level 3 Rollforward
For the Nine Months Ended 9/30/14	Fair Value Beginning Balance		Acquisitions⁽²⁾		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	$	23,304,321	$	—	$	2,990,376	$	(873,820	)	$	25,420,877	$	2,990,376
Warrant investment	—		122,500		385,500		—			508,000		385,500
Total	$	23,304,321	$	122,500	$	3,375,876	$	(873,820	)	$	25,928,877	$	3,375,876
For the Nine Months Ended 9/30/13
Other equity securities	$	19,707,126	$	—	$	3,509,432	$	(1,048,290	)	$	22,168,268	$	3,509,432
Warrant investment	—		—		—		—			—		—
Total	$	19,707,126	$	—	$	3,509,432	$	(1,048,290	)	$	22,168,268	$	3,509,432

(1) Located in Net realized and unrealized gain on other equity securities in the Consolidated Statements of Income

(2) Includes capitalized costs in addition to the purchase price

Condensed Financial Information of Unconsolidated Affiliates



Assets	September 30, 2014		December 31, 2013
Current assets	$	60,451,310	$	50,545,378
Noncurrent assets	550,676,592		554,029,979
Total Assets	$	611,127,902	$	604,575,357
Liabilities
Current liabilities	$	33,630,413	$	29,159,353
Noncurrent liabilities	193,522,187		185,653,304
Total Liabilities	$	227,152,600	$	214,812,657

Partner's equity	383,975,302		389,762,700
Total liabilities and partner's equity	$	611,127,902	$	604,575,357



	For the Three Months Ending					For the Nine Months Ending
	September 30, 2014		September 30, 2013			September 30, 2014		September 30, 2013
Revenues	$	48,289,666	$	40,481,062		$	124,727,402	$	106,112,586
Operating expenses	42,443,219		34,175,660			112,883,618		91,022,483
Other income (expenses)	673,479		(1,124,731		)	4,868,653		7,995,030
Net income	$	6,519,926	$	5,180,671		$	16,712,437	$	23,085,133

EBITDA	$	14,005,447	$	12,943,273		$	41,113,399	$	45,701,881

Carrying and Fair Value Amounts

The carrying value of the line of credit approximates the fair value due to its short-term nature.



Carrying and Fair Value Amounts
	Level within fair value hierarchy	September 30, 2014				December 31, 2013
	Level within fair value hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Assets:
Cash and cash equivalents	Level 1	$	5,476,216	$	5,476,216	$	17,963,266	$	17,963,266
Financing notes receivable	Level 2	$	15,510,956	$	15,510,956	$	—	$	—
Financial Liabilities:
Long-term debt	Level 2	$	67,942,000	$	67,942,000	$	70,000,000	$	70,000,000
Line of credit	Level 1	$	—	$	—	$	81,935	$	81,935

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References + Details

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References + Details