Note 4 - Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Notes Tables

Fair Value, by Balance Sheet Grouping [Table Text Block]

	March 31, 2019
(In thousands)	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	41,909	$	41,909	$	-	$	-	$	41,909
Restricted cash and deposits		1,221		1,221		-		-		1,221
Marketable securities owned		92,190		15,717		-		75,962		91,679
Other investments		8,349		-		-		8,349		8,349
Other investments measured at net asset value (1)		9,763		-		-		-		-
Loans held for investment, net of allowance for loan losses		4,962		-		2,318		2,668		4,986
Total assets:	$	158,394	$	58,847	$	2,318	$	86,979	$	148,144
Liabilities:
Marketable securities sold, but not yet purchased	$	2,696	$	2,696	$	-	$	-	$	2,696
Notes payable		829		-		-		829		829
Bond payable		83,600		-		86,659		-		86,659
Total liabilities:	$	87,125	$	2,696	$	86,659	$	829	$	90,184

	December 31, 2018
(In thousands)	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	70,927	$	70,927	$	-	$	-	$	70,927
Restricted cash and deposits		61,881		61,881		-		-		61,881
Marketable securities owned		18,874		18,874		-		-		18,874
Other investments		490		-		490		-		490
Other investments measured at net asset value (1)		9,423		-		-		-		-
Loans held for investment, net of allowance for loan losses		29,608		-		26,188		2,576		28,764
Loans collateralizing asset-backed securities issued, net of allowance for loan losses		1,161,463		-		1,125,310		1,173		1,126,483
Total assets:	$	1,352,666	$	151,682	$	1,151,988	$	3,749	$	1,307,419
Liabilities:
Marketable securities sold, but not yet purchased	$	4,626	$	4,626	$	-	$	-	$	4,626
Notes payable		829		-		-		829		829
Asset-backed securities issued, net of debt issuance costs		1,112,342		-		1,091,677		-		1,091,677
Bond payable		83,497		-		78,642		-		78,642
CLO VI warehouse credit facility		22,500		-		22,500		-		22,500
Total liabilities:	$	1,223,794	$	4,626	$	1,192,819	$	829	$	1,198,274

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

(In thousands)			March 31, 2019
	Carrying Value		Level 1		Level 2		Level 3		Total
Marketable securities owned	$	78,557	$	15,717	$	-	$	62,840	$	78,557
Other investments:
Equity investments		3,568		-		-		3,568		3,568
Investments in hedge funds managed by the Company		199		-		199		-		199
Investments in other funds managed by the Company (1)		5,045		-		-		-		-
Total investment in funds managed by the Company (1)		5,244		-		199		-		199
Limited partnership in investments in private equity/ real estate funds (1)		4,718		-		-		-		-
Total other investments		13,530		-		199		3,568		3,767
Total assets:	$	92,087	$	15,717	$	199	$	66,408	$	82,324
Marketable securities sold, but not yet purchased		2,696		2,696		-		-		2,696
Total liabilities:	$	2,696	$	2,696	$	-	$	-	$	2,696

(In thousands)			December 31, 2018
	Carrying Value		Level 1		Level 2		Level 3		Total
Marketable securities owned	$	18,874	$	18,874	$	-	$	-	$	18,874
Other investments:
Investments in hedge funds managed by the Company		490		-		490		-		490
Investments in other funds managed by the Company (1)		5,503		-		-		-		-
Total investment in funds managed by the Company (1)		5,993		-		490		-		490
Limited partnership in investments in private equity/ real estate funds (1)		3,920		-		-		-		-
Total other investments		9,913		-		490		-		490
Total assets:	$	28,787	$	18,874	$	490	$	-	$	19,364
Marketable securities sold, but not yet purchased		4,626		4,626		-		-		4,626
Total liabilities:	$	4,626	$	4,626	$	-	$	-	$	4,626

Schedule of Available-for-sale Securities Reconciliation [Table Text Block]

(In thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value		Total OTTI in OCI		Number of positions
CLO IV junior subordinated notes	$	27,922	$	-	$	(660	)	$	27,262	$	-		1
CLO V junior subordinated notes		26,651		-		(395	)		26,256		-		1
Total	$	54,573	$	-	$	(1,055	)	$	53,518	$	-

Debt Securities, Held-to-maturity [Table Text Block]

(In thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value		Number of positions
CLO III subordinated notes	$	13,633	$	-	$	(511	)	$	13,122		1
Total	$	13,633	$	-	$	(511	)	$	13,122

Investments Classified by Contractual Maturity Date [Table Text Block]

(In thousands)	Available-for-sale				Held-to-maturity
	Amortized cost		Fair value		Amortized cost		Fair value
5-10 years	$	27,922		27,262		13,633		13,122
10+ years		26,651		26,256		-		-
Total	$	54,573	$	53,518	$	13,633	$	13,122

Debt Securities, Available-for-sale and Held-to-maturity, Unrealized Loss Position [Table Text Block]

(In thousands)	Less than 12 months					Greater than 12 months				Total
	Fair value		Gross unrealized loss			Fair value		Gross unrealized loss		Fair value		Gross unrealized loss
CLO III subordinated notes	$	13,122	$	(511	)	$	-	$	-	$	13,122	$	(511	)
CLO IV junior subordinated notes		27,262		(660	)		-		-		27,262		(660	)
CLO V junior subordinated notes		26,256		(395	)		-		-		26,256		(395	)
Total	$	66,640	$	(1,566	)	$	-	$	-	$	66,640	$	(1,566	)

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

(In thousands)	CLO junior subordinated notes			CLO senior subordinated notes		Equity Investment		Total
Balance as of December 31, 2018	$	-		$	-	$	-	$	-
Fair value at recognition date		54,279			9,289		3,568		67,136
Accrued interest		294			34		-		328
Unrealized loss on investments, recognized in OCI		(1,055	)		-		-		(1,055	)
Balance as of March 31, 2019	$	53,518		$	9,323	$	3,568	$	66,409

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

(In thousands)		Significant Unobservable Inputs Range (Weighted-average)					Fair value
	Valuation Technique	Description	March 31, 2019		December 31, 2018		March 31, 2019		December 31, 2018
CLO debt security	Discounted cash flows	Risk adjusted discounting factor		10 - 15% (11.5%)		N/A	$	66,640	$	-
		Default rate		0 - 2% (1.3%)		N/A
		Severity rate		25%		N/A
Equity investment	Discounted cash flows	Non-performance rate		20%		N/A	$	3,568	$	-
		Discount rate		18%		N/A

				Fair Value at				Unfunded Commitments
Dollars in thousands	Redemption Frequency	Redemption Notice Period		March 31, 2019		December 31, 2018		March 31, 2019		December 31, 2018
Limited partner investments in private equity/ real estate funds	Nonredeemable		N/A	$	4,718	$	3,920	$	68	$	68
Investment in other funds managed by the Company	Nonredeemable		N/A	$	5,045	$	5,503	$	1,945	$	1,945