Note 9 - Investments in Marketable Securities

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 9 – Investments in Marketable Securities

Marketable securities consist of the following (in thousands):

	December 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Investments available for sale:
Marketable equity securities	$	30,176	$	140,064	$	30,176	$	111,117
Corporate debt securities		–		–		2,497		2,441
U.S. Treasury securities		–		–		2,990		2,986
Restricted investments available for sale:
Marketable equity securities		18,534		23,190		24,134		26,779
Corporate debt securities		58,927		57,471		59,586		57,731
Asset–backed securities		15,593		14,410		19,388		17,659
U.S. Treasury securities		46,811		44,186		46,771		42,863
State and municipal securities		3,787		3,737		4,106		4,047
	$	173,828		283,058	$	189,648	$	265,623

Included in the marketable equity securities available for sale are the following (in thousands, except share amounts):

	December 31, 2024						December 31, 2023
	Shares		Cost		Fair Value		Shares		Cost		Fair Value
NHI Common Stock		1,630,642	$	24,734	$	113,003		1,630,642	$	24,734	$	91,071

The amortized cost and estimated fair value of debt securities classified as available for sale, by contractual maturity, are as follows (in thousands):

	December 31, 2024				December 31, 2023
	Cost		Fair Value		Cost		Fair Value
Maturities:
Within 1 year	$	25,707	$	25,317	$	19,664	$	19,328
1 to 5 years		66,117		63,379		81,517		77,118
6 to 10 years		32,648		30,606		33,515		30,802
Over 10 years		646		502		642		479
	$	125,118	$	119,804	$	135,338	$	127,727

Gross unrealized gains related to marketable equity securities are $115,259,000 and $84,514,000 as of December 31, 2024 and 2023, respectively. Gross unrealized losses related to marketable equity securities are $715,000 and $928,000 as of December 31, 2024 and 2023, respectively. For the years ended December 31, 2024 and 2023, the Company recognized net unrealized gains of $30,958,000 and $14,944,000, respectively, in the consolidated statements of operations. For the year ended December 31, 2022, the Company recognized net unrealized losses of $15,806,000 in the consolidated statements of operations.

Gross unrealized gains related to available for sale marketable debt securities are $135,000 and $326,000 as of December 31, 2024 and 2023, respectively. Gross unrealized losses related to available for sale marketable debt securities are $5,449,000 and $7,937,000 as of December 31, 2024 and 2023, respectively.

The Company’s unrealized losses in our available for sale marketable debt securities were determined to be non-credit related. The Company has not recognized any credit related impairments for the years ended December 31, 2024 and 2023.

For the marketable debt securities in gross unrealized loss positions, (a) it is more likely than not that the Company will not be required to sell the investment securities before recovery of the unrealized losses nor does the Company have the intent to sell before recovery of unrealized losses, and (b) the Company expects that the contractual principal and interest will be received on the investment securities.

Proceeds from the sale of available for sale marketable securities during the years ended December 31, 2024, 2023, and 2022 were $51,970,000, $47,396,000, and $49,961,000, respectively. Net investment gains of $1,093,000 and net investment losses of $667,000 and $1,326,000 were realized on these sales during the years ended December 31, 2024, 2023, and 2022, respectively.