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Note 3 - Investments and Restricted Investments
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

3.

Investments and Restricted Investments

 

Investments of the Company's cash in various U.S. Treasury securities have been classified as available-for-sale and are carried at estimated fair value utilizing Level 1 inputs as determined based upon quoted market prices.

 

Pursuant to provisions within the Master Indenture of the Series 2021 Bonds, as defined in Note 8 — Bonds payable, loans payable, and interest, the Company invests the funds held in the restricted trust bank accounts in various U.S. Treasury securities. Therefore, such investments are reported as “Restricted investments” in the accompanying consolidated balance sheets. Unrealized losses on certain of the Company's investments and restricted investments are primarily attributable to changes in interest rates. The Company does not believe the unrealized losses represent impairments because the unrealized losses are due to general market factors. The Company has not recognized an allowance for expected credit losses related to its investments or restricted investments as the Company has not identified any unrealized losses attributable to credit factors during the three months ended March 31, 2025. The held-to-maturity restricted investments are carried on the consolidated balance sheet at amortized cost. As of March 31, 2025, the Company has the ability and intent to hold these restricted investments until maturity, and as a result, the Company would not expect the value of these investments to decline significantly due to a sudden change in market interest rates. The fair value of the Company’s restricted investments is estimated utilizing Level 1 inputs including prices for U.S. Treasury securities with comparable maturities on active markets.

 

The following tables set forth summaries of the amortized cost, unrealized gains, unrealized losses, and fair value by investment type as of March 31, 2025 and December 31, 2024:

 

  

March 31, 2025

 
  

Amortized Cost

  

Gross Unrealized Gains

  

Gross Unrealized Losses

  

Estimated Fair Value

 
Investments, available for sale:                
U.S. Treasuries $-  $-  $-  $- 
Total investments $-  $-  $-  $- 
                 

Restricted investments, held-to-maturity:

                
U.S. Treasuries  13,814   108   (216)  13,706 
Total restricted investments $13,814  $108  $(216) $13,706 

 

 

  

December 31, 2024

 
  

Amortized Cost

  

Gross Unrealized Gains

  

Gross Unrealized Losses

  

Estimated Fair Value

 
Investments, available for sale:                
U.S. Treasuries $18,934  $53  $-  $18,987 
Total investments $18,934  $53  $-  $18,987 
                 

Restricted investments, held-to-maturity:

                
U.S. Treasuries  13,816   85   (353)  13,548 
Total restricted investments $13,816  $85  $(353) $13,548 

 

The following table sets forth the maturity profile of the Company's investments and restricted investments as of March 31, 2025:

 

  

Investments

  

Restricted Investments

 

Due within one year

 $-  $2,356 

Due one year through five years

  -   11,458 

Total

 $-  $13,814