Quarterly report pursuant to Section 13 or 15(d)

Investments in LMC

Investments in LMC
3 Months Ended
Mar. 31, 2021
Investments, All Other Investments [Abstract]  
The Company's investment in LMC is measured at fair value, which was approximately $194.0 million and $330.6 million as of March 31, 2021 and December 31, 2020, respectively. The decrease in fair value of our investment for the period was recorded as a charge to earnings. See Note 12 for additional disclosures relating to our investment.

The following table presents a reconciliation of our investment in LMC:

March 31, 2021 December 31, 2020
Investment in LMC, at fair value $ 193,950,792  $ 330,556,744 
Less: current portion (193,950,792) — 
Investment in LMC, net of current portion $ —  $ 330,556,744 

As of December 31, 2020, the Company reported the fair value of its investment in the non-current assets section of its Consolidated Balance Sheets due to the Company's intention to hold this investment for purposes of continued affiliation and business advantage. In connection with the LMC Merger, the Company agreed, subject to certain exceptions, to not sell any of its LMC shares for a period of six months. In April 2021, the six month holding period ended and the Company has the ability to monetize a portion or all of its investment. Therefore, the Company reported the fair value of its investment in the current assets section of its Condensed Consolidated Balance Sheets as of March 31, 2021.