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Note D - Marketable Equity Securities

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE D: MARKETABLE EQUITY SECURITIES

The Company’s investments in marketable securities consist of equity securities with readily determinable fair values. The cost of securities sold is based on the specific identification method, and interest and dividends on securities are included in non-operating income.

Marketable equity securities are carried at fair value, with gains and losses in fair market value included in the determination of net income. The fair value of marketable equity securities is determined based on quoted market prices in active markets, as described in Note J.

The following table sets forth market value, cost, and unrealized gains on equity securities as of June 30, 2025 and December 31, 2024.

		June 30, 2025				December 31, 2024
		(in thousands)
Fair market value		$	48,384			$	42,620
Cost			30,197				27,094
Unrealized gain		$	18,187			$	15,526

The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities as of June 30, 2025 and December 31, 2024.

		June 30, 2025				December 31, 2024
		(in thousands)
Gross unrealized gains		$	19,820			$	17,215
Gross unrealized losses			1,633				1,689
Net unrealized gain		$	18,187			$	15,526

The following table shows the Company’s net realized gains during the three and six months ending on June 30, 2025 and 2024, respectively, on certain marketable equity securities.

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2025				2024				2025				2024
		(in thousands)
Sales proceeds		$	742			$	2,631			$	743			$	2,631
Cost of securities sold			1,030				2,815				1,034				2,815
Realized loss		$	(288	)		$	(184	)		$	(291	)		$	(184	)

For the quarter ended June 30, 2025, the Company recognized dividends received of approximately $392,000 in non-operating income in its condensed consolidated statements of operations. For the six months ended June 30, 2025, the Company recognized dividends received of approximately $835,000 in non-operating income in its condensed consolidated statements of operations.

The Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of June 30, 2025, the Company had outstanding borrowings of approximately $685,000 under its margin account, compared to no outstanding borrowings under its margin account at December 31,2024. Margin account borrowings, when utilized, are used for the purchase of marketable equity securities and as a source of short-term liquidity and are included in accrued expenses and other liabilities on our condensed consolidated balance sheets.

Our marketable equity securities portfolio had a net unrealized pre-tax gain in market value of approximately $1,058,000 during the second quarter of 2025, and a net unrealized pre-tax loss in market value of approximately $1,153,000 during the second quarter of 2024, which were reported as non-operating income in its condensed consolidated statements of operations for the respective periods.

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The entire disclosure for investments in certain debt and equity securities.

+ References

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