XML 48 R19.htm IDEA: XBRL DOCUMENT v3.26.1
Investments
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The Company’s investments include Investments at fair value and Equity method investments.

Investments at fair value consist of investments for which the fair value option has been elected. The primary reasons for electing the fair value option are to:
•reflect economic events in earnings on a timely basis;
•mitigate volatility in earnings from using different measurement attributes; and
•address simplification and cost-benefit considerations
Such election is irrevocable and is applied on an investment-by-investment basis at initial recognition or at other eligible election dates. Changes in the fair value of such instruments are recognized in Gain (loss) on investments in the Consolidated Statement of Operations.
The Cost and Fair Value of Investments as of December 31, 2025 and December 31, 2024 are presented below:
As of December 31, 2025As of December 31, 2024
(Dollars in Thousands)CostFair ValueCostFair Value
Investments at Fair Value:
Mutual funds$38 $42 $122 $105 
Exchange-traded funds and BDC funds17 35 101 112 
TIG Arbitrage Associates Master Fund482 566 482 515 
TIG Arbitrage Enhanced Master Fund179 362 179 229 
Arkkan Opportunities Feeder Fund111 152 111 139 
Arkkan Capital Management Limited20,062 19,543 20,062 21,181 
Zebedee Asset Management68,913 93,716 68,913 80,127 
Romspen Investment Corporation 72,523 29,717 72,523 46,260 
Other55 63 6 6 
Total Investments at fair value$162,380 $144,196 $162,499 $148,674 
Equity method investments:CostCarrying ValueCostCarrying Value
Wealth management - investment advisory$138 $138 $20,403 $20,403 
Total Equity method investments138 138 20,403 20,403 
Total$162,518 $144,334 $182,902 $169,077 

The breakdown of realized and unrealized gains (losses) on Investments at fair value for the relevant periods, which are recorded in Gain (Loss) on investments in the Consolidated Statement of Operations, are as follows:
For the Year Ended
(Dollars in Thousands)December 31, 2025December 31, 2024December 31, 2023
Gains (Losses) on Investments at fair value:
Realized gains (losses)$(20)$(15)$1 
Unrealized gains (losses) (4,359)(16,491)2,749 
Total gains (losses) on Investments at fair value$(4,379)$(16,506)$2,750