Note 9 - Investments

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Investment [Text Block]

Note 9—Investments

Equity investments consist of the following:

	Location in Balance Sheet	Measurement	June 30, 2025		December 31, 2024
			(in thousands)
Rafael Holdings, Inc.	Marketable equity securities	Quoted market price	$	600	$	357
Alternative investments—restricted (see Note 19)	Other current assets	Net asset value	$	6,705	$	5,057
Alternative investments—restricted (see Note 19)	Other current assets	Cost		600		600
Total included in other current assets			$	7,305	$	5,657
PRI Fuel Supply Ltd.	Other noncurrent assets	Equity method	$	57	$	454
CPP Genie Community Solar	Other noncurrent assets	Equity method		107		242
Alternative investments—restricted (see Note 19)	Other noncurrent assets	Net assets value		5,260		2,877
Alternative investments—restricted (see Note 19)	Other noncurrent assets	Cost		443		1,000
Alternative investments—unrestricted	Other noncurrent assets	Cost		1,030		1,100
Total equity investments included in other noncurrent assets			$	6,897	$	5,673

Restricted investments are investments in equity securities owned and managed by the Captive (see Note 19).

The changes in the carrying values of the Company's equity investments without readily determinable fair values for which the Company elected the measurement alternative were as follows:

	Six Months Ended June 30,
	2025			2024
	(in thousands)
Balance, beginning of period	$	10,634		$	4,835
Purchase		3,500			3,025
Gain recognized during the period		806			365
Distribution		(902	)		(582	)
Balance, end of period	$	14,038		$	7,643

In July 2024, the Company acquired an interest in an investment property with an aggregate cost of $3.6 million. The investment property was acquired through a subsidiary in which the Company holds a 51.0% interest with the remaining 49.0% held by Howard Jonas, a related party (see Note 17). The Company paid $1.8 million to the seller of the interest and delivered a note payable to the seller in the amount of $1.8 million, payable in full on February 1, 2026. The note payable carries a 5.0% interest rate and interest is payable on maturity. In the third quarter of 2024, Howard Jonas, reimbursed the Company in the amount of $0.9 million, representing the purchase price for his 49.0% share in the investment property and is included in the noncontrolling interest in the condensed consolidated balance sheets. The Company recognized a receivable of $0.9 million related to Howard Jonas' 49.0% share in the notes payable and Mr. Jonas' interest in the asset is included in the noncontrolling interests section of the condensed consolidated balance sheets. At June 30, 2025 and December 31, 2024, $1.8 million was outstanding under the note payable with an effective interest rate of 5.0%.

For the three and six months ended June 30, 2025, Howard Jonas contributed nominal amount towards developing the investment property and the Company expended $0.7 million and $1.1 million, respectively. At June 30, 2025 and December 31, 2024, Howard Jonas' share in the investment property was diluted to 29.9% and 44.1%, respectively, resulting from additional investments by the Company in the investment property.