Note 9 - Investments in Marketable Securities

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

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

Note 9 – Investments in Marketable Securities

Our investments in marketable equity securities are carried at fair value with the changes in unrealized gains and losses recognized in our results of operations at each measurement date. Our investments in marketable debt securities are classified as available for sale securities and carried at fair value with the unrealized gains and losses recognized through accumulated other comprehensive income at each measurement date. Any credit-related decline in fair market values below the amortized cost of our available for sale debt securities are recorded in our results of operations through an allowance for credit losses. Realized gains and losses from securities sales are recognized in results of operations upon disposition of the securities using the specific identification method on a trade date basis. Refer to Note 10 for a description of the Company's methodology for determining the fair value of marketable securities. 

Marketable securities consist of the following (in thousands):

	September 30, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Investments available for sale:
Marketable equity securities	$	30,176	$	166,754	$	30,176	$	140,064
Restricted investments available for sale:
Marketable equity securities		12,767		17,482		18,534		23,190
Corporate debt securities		62,677		63,095		58,927		57,471
Asset-based securities		13,759		12,942		15,593		14,410
U.S. Treasury securities		44,470		43,771		46,811		44,186
State and municipal securities		3,115		3,104		3,787		3,737
	$	166,964	$	307,148	$	173,828		283,058

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

	September 30, 2025						December 31, 2024
	Shares		Cost		Fair Value		Shares		Cost		Fair Value
NHI Common Stock		1,630,642	$	24,734	$	129,636		1,630,642	$	24,734	$	113,003

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

	September 30, 2025				December 31, 2024
	Cost		Fair Value		Cost		Fair Value
Maturities:
Within 1 year	$	17,348	$	17,010	$	25,707	$	25,317
1 to 5 years		51,371		51,167		66,117		63,379
6 to 10 years		38,826		39,123		32,648		30,606
Over 10 years		16,476		15,612		646		502
	$	124,021	$	122,912	$	125,118	$	119,804

Gross unrealized gains related to marketable equity securities are $141,687,000 and $115,259,000 as of September 30, 2025 and December 31, 2024, respectively. Gross unrealized losses related to marketable equity securities are $394,000 and $715,000 as of September 30, 2025 and December 31, 2024, respectively. For the three months ended September 30, 2025 and 2024, the Company recognized net unrealized gains of $20,827,000 and $32,767,000, respectively, for the changes in fair market value of the marketable equity securities in the interim condensed consolidated statements of operations. For the nine months ended September 30, 2025 and 2024, the Company recognized net unrealized gains of $26,748,000 and $56,290,000, respectively, for the changes in fair market value of the marketable equity securities in the interim condensed consolidated statements of operations.

Gross unrealized gains related to available for sale marketable debt securities are $1,445,000 and $135,000 as of September 30, 2025 and December 31, 2024, respectively. Gross unrealized losses related to available for sale marketable debt securities are $2,554,000 and $5,449,000 as of September 30, 2025 and December 31, 2024, 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 nine months ended  September 30, 2025 and 2024.

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, 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 nine months ended September 30, 2025 and 2024 were $64,689,000 and $39,776,000, respectively. Investment gains of $872,000 and $331,000 were realized on these sales during the nine months ended September 30, 2025 and 2024, respectively.