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Note 9 - Investments in Marketable Securities | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 9 – Investments in Marketable Securities Marketable securities consist of the following (in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Investments available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities |  | $ | 30,176 |  |  | $ | 140,064 |  |  | $ | 30,176 |  |  | $ | 111,117 |
Corporate debt securities |  |  | – |  |  |  | – |  |  |  | 2,497 |  |  |  | 2,441 |
U.S. Treasury securities |  |  | – |  |  |  | – |  |  |  | 2,990 |  |  |  | 2,986 |
Restricted investments available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities |  |  | 18,534 |  |  |  | 23,190 |  |  |  | 24,134 |  |  |  | 26,779 |
Corporate debt securities |  |  | 58,927 |  |  |  | 57,471 |  |  |  | 59,586 |  |  |  | 57,731 |
Asset–backed securities |  |  | 15,593 |  |  |  | 14,410 |  |  |  | 19,388 |  |  |  | 17,659 |
U.S. Treasury securities |  |  | 46,811 |  |  |  | 44,186 |  |  |  | 46,771 |  |  |  | 42,863 |
State and municipal securities |  |  | 3,787 |  |  |  | 3,737 |  |  |  | 4,106 |  |  |  | 4,047 |
|  | $ | 173,828 |  |  |  | 283,058 |  |  | $ | 189,648 |  |  | $ | 265,623 |
Included in the marketable equity securities available for sale are the following (in thousands, except share amounts):
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | Shares |  |  | Cost |  |  | Fair Value |  |  | Shares |  |  | Cost |  |  | Fair Value |
NHI Common Stock |  |  | 1,630,642 |  |  | $ | 24,734 |  |  | $ | 113,003 |  |  |  | 1,630,642 |  |  | $ | 24,734 |  |  | $ | 91,071 |
The amortized cost and estimated fair value of debt securities classified as available for sale, by contractual maturity, are as follows (in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 1 year |  | $ | 25,707 |  |  | $ | 25,317 |  |  | $ | 19,664 |  |  | $ | 19,328 |
1 to 5 years |  |  | 66,117 |  |  |  | 63,379 |  |  |  | 81,517 |  |  |  | 77,118 |
6 to 10 years |  |  | 32,648 |  |  |  | 30,606 |  |  |  | 33,515 |  |  |  | 30,802 |
Over 10 years |  |  | 646 |  |  |  | 502 |  |  |  | 642 |  |  |  | 479 |
|  | $ | 125,118 |  |  | $ | 119,804 |  |  | $ | 135,338 |  |  | $ | 127,727 |
Gross unrealized gains related to marketable equity securities are $115,259,000 and $84,514,000 as of December 31, 2024 and 2023, respectively. Gross unrealized losses related to marketable equity securities are $715,000 and $928,000 as of December 31, 2024 and 2023, respectively. For the years ended December 31, 2024 and 2023, the Company recognized net unrealized gains of $30,958,000 and $14,944,000, respectively, in the consolidated statements of operations. For the year ended December 31, 2022, the Company recognized net unrealized losses of $15,806,000 in the consolidated statements of operations. Gross unrealized gains related to available for sale marketable debt securities are $135,000 and $326,000 as of December 31, 2024 and 2023, respectively. Gross unrealized losses related to available for sale marketable debt securities are $5,449,000 and $7,937,000 as of December 31, 2024 and 2023, 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 years ended December 31, 2024 and 2023. 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 nor does the Company have the intent to sell before recovery of 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 years ended December 31, 2024, 2023, and 2022 were $51,970,000, $47,396,000, and $49,961,000, respectively. Net investment gains of $1,093,000 and net investment losses of $667,000 and $1,326,000 were realized on these sales during the years ended December 31, 2024, 2023, and 2022, respectively.

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