Note 6 - Equity Securities

9 Months Ended

Sep. 30, 2026

Notes to Financial Statements

Investment [Text Block]

6. Equity Securities

As of  September 30, 2026, and December 31, 2025, equity securities had a carrying value of $116.9 million and $51.9 million, including certain equity securities with a fair value of $27.2 million and $32.8 million, respectively, which are valued using quoted prices in active markets. The remaining balance of equity securities consists of investments in private investment funds, which are accounted for under the equity method. The Company recognized an unrealized net gain of $36.1 million during the three months ended  September 30, 2026, compared to an unrealized net gain of $3.3 million for the three months ended  September 30, 2025. The Company recognized an unrealized net gain of $65.0 million for the nine months ending  September 30, 2026, compared to an unrealized net loss of $2.3 million for the nine months ending  September 30, 2025. The $67.3 million increase in unrealized gain was primarily due to an increase in the value of an investment in a private investment fund during the nine months ending  September 30, 2026, when compared to the nine months ending  September 30, 2025.