Note 7 - Financial Instruments

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Financial Instruments Disclosure [Text Block]

7. FINANCIAL INSTRUMENTS

Investments—Trading

Investments-trading consisted of the following.

INVESTMENTS - TRADING

(Dollars in Thousands)

	March 31, 2026		December 31, 2025
Corporate bonds and redeemable preferred stock	$	21,354	$	18,449
Derivatives		14,975		4,651
Equity securities		7,415		10,424
Municipal bonds		852		3,813
RMBS		3		3
SBA loans		42,286		43,090
U.S. government agency MBS and CMOs		49,194		42,471
U.S. government agency debt securities		18,348		17,675
Investments-trading	$	154,427	$	140,576

Substantially all of the Company's investments-trading other than SBA loans serve as collateral for the Company's margin loan payable.  See note 6.  The SBA loans serve as collateral for the Company's repurchase obligations.  See note 10. 

Trading Securities Sold, Not Yet Purchased

Trading securities sold, not yet purchased consisted of the following.

TRADING SECURITIES SOLD, NOT YET PURCHASED

(Dollars in Thousands)

	March 31, 2026		December 31, 2025
Corporate bonds and redeemable preferred stock	$	2,764	$	8,107
Derivatives		13,801		4,245
Equity securities		9		463
U.S. government agency debt securities		68		-
U.S. Treasury securities		21,453		23,802
Trading securities sold, not yet purchased	$	38,095	$	36,617

The Company manages its exposure to changes in interest rates for the interest rate sensitive securities it holds by entering into offsetting short positions for similar fixed rate securities. See note 5 for realized and unrealized gains recognized on investments-trading.

Other Investments, at Fair Value

Other investments, at fair value consisted of the following.

OTHER INVESTMENTS, AT FAIR VALUE

(Dollars in Thousands)

	March 31, 2026		December 31, 2025
Equity securities	$	13,617	$	21,457
Placement units and warrants		33,223		19,997
Corporate bonds and redeemable preferred stock		520		535
Notes receivable		2,242		2,783
CK Capital Value Fund		1,184		1,171
CREO JV		8,891		8,940
U.S. Insurance JV		1,901		2,375
Other investments, at fair value	$	61,578	$	57,258

Notes receivable include convertible and non-convertible notes receivable from various counterparties in connection with CCM's business. These receivables are carried at fair value.

A total of $1,747 and $2,439 of the amounts shown as other investments, at fair value above served as collateral for the Company's margin loan payable as of  March 31, 2026 and December 31, 2025, respectively.  See note 6.  

Other Investments Sold, Not Yet Purchased, at Fair Value

Other investments sold, not yet purchased, at fair value consisted of the following.

OTHER INVESTMENTS SOLD, NOT YET PURCHASED, AT FAIR VALUE

(Dollars in Thousands)

	March 31, 2026		December 31, 2025
Equity derivatives	$	11	$	-
Other investments sold, not yet purchased, at fair value	$	11	$	-