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Note 7 - Related Party Transactions | 6 Months Ended
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Jun. 30, 2025
Notes to Financial Statements |
Related Party Transactions Disclosure [Text Block] | 7. Related Party Transactions In the normal course of business, the Company enters into various transactions with affiliated companies. Parties are considered to be related of one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions. The following tables summarize income and expenses from transactions with related parties for the three and six months ended June 30, 2025 and 2024:
|  | Three Months Ended June 30,
|  | 2025 |  | 2024
|  | Income |  | Expense |  | Income |  | Expense
GAMCO Investors, Inc. |  | $ | 366 |  |  | $ | — |  |  | $ | 441 |  |  | $ | — |
M-tron Industries, Inc. |  |  | — |  |  |  | 22 |  |  |  | — |  |  |  | (15 | )
Total |  | $ | 366 |  |  | $ | 22 |  |  | $ | 441 |  |  | $ | (15 | )
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
|  | Income |  | Expense |  | Income |  | Expense
GAMCO Investors, Inc. |  | $ | 714 |  |  | $ | — |  |  | $ | 849 |  |  | $ | — |
M-tron Industries, Inc. |  |  | — |  |  |  | 8 |  |  |  | — |  |  |  | (29 | )
Total |  | $ | 714 |  |  | $ | 8 |  |  | $ | 849 |  |  | $ | (29 | )
The following table summarizes assets and liabilities with related parties as of June 30, 2025 and December 31, 2024:
|  | June 30, 2025 |  | December 31, 2024
|  | Assets |  | Liabilities |  | Assets |  | Liabilities
GAMCO Investors, Inc. |  | $ | 35,069 |  |  | $ | — |  |  | $ | 34,242 |  |  | $ | — |
M-tron Industries, Inc. |  |  | — |  |  |  | 128 |  |  |  | — |  |  |  | 59 |
Total |  | $ | 35,069 |  |  | $ | 128 |  |  | $ | 34,242 |  |  | $ | 59 |
The material agreements whereby the Company generates revenues and expenses with affiliated entities are discussed below: Investment Activity with GAMCO Investors, Inc. Certain balances held and invested in various mutual funds are managed or advised by GAMCO Investors, Inc. or one of its subsidiaries (collectively, "GAMCO" or the "Fund Manager"), which is related to the Company through certain of our shareholders. All investments, including those in related party mutual funds, are overseen by the independent Investment Committee of the Board of Directors (the "Investment Committee"). The Investment Committee meets regularly to review the alternatives and has determined the current investments most reflect the Company's objective of lower cost, market return and adherence to having a larger proportion of underlying investments directly in United States Treasuries. For the three months ended June 30, 2025 and 2024, the Company paid the Fund Manager a fund management fee of approximately 8 basis points per annum of the asset balances under management. For the six months ended June 30, 2025 and 2024, the Company paid the Fund Manager a fund management fee of approximately 8 basis points per annum, respectively, of the asset balances under management. All fund management fees are not paid directly by the Company and are deducted prior to a fund striking its net asset value ("NAV"). As of June 30, 2025, the balance managed by the Fund Manager totaled $35,069, all of which was classified within Cash and cash equivalents on the Condensed Consolidated Balance Sheets. As of December 31, 2024, the balance managed by the Fund Manager totaled $34,242, all of which was classified within Cash and cash equivalents on the Condensed Consolidated Balance Sheets. For the three months ended June 30, 2025, the Company earned income on its investments managed by the Fund Manager totaling $306, all of which was included in Net investment income on the Condensed Consolidated Statements of Operations. For the three months ended June 30, 2024, the Company earned income on its investments managed by the Fund Manager totaling $441, all of which was included in Net investment income on the Condensed Consolidated Statements of Operations. For the six months ended June 30, 2025, the Company earned income on its investments managed by the Fund Manager totaling $714, all of which was included in Net investment income on the Condensed Consolidated Statements of Operations. For the six months ended June 30, 2024, the Company earned income on its investments managed by the Fund Manager totaling $849, all of which was included in Net investment income on the Condensed Consolidated Statements of Operations. Transactions with M-tron Industries, Inc. Transitional Administrative and Management Services Agreement On October 7, 2022, the separation of the M-tron Industries, Inc. ("MtronPTI") business from the Company was completed (the "Separation") and the business became an independent, publicly traded company trading on the NYSE American under the stock symbol "MPTI." The Separation was completed through the Company's distribution (the "Distribution") of 100% of the shares of MtronPTI's common stock to holders of the Company's common stock as of the close of business on September 30, 2022, the record date for the Distribution. LGL Group and MtronPTI entered into an Amended and Restated Transitional Administrative and Management Services Agreement ("MtronPTI TSA"), which sets out the terms for services to be provided between the two companies post-separation. The current terms result in a net monthly payment of $4 per month to MtronPTI. For the three months ended June 30, 2025 and 2024, the Company paid MtronPTI $12 under the terms of the MtronPTI TSA, which were recorded in Engineering, selling and administrative on the Condensed Consolidated Statements of Operations. For the six months ended June 30, 2025 and 2024, the Company paid MtronPTI $24 under the terms of the MtronPTI TSA, which were recorded in Engineering, selling and administrative on the Condensed Consolidated Statements of Operations. Tax Indemnity and Sharing Agreement LGL Group and MtronPTI entered into a Tax Indemnity and Sharing Agreement ("MtronPTI Tax Agreement"), which sets out the terms for which party would be responsible for taxes imposed on the Company if the distribution, together with certain related transactions, were to fail to qualify as a tax-free transaction under Internal Revenue Code ("IRC") Sections 355 and 368(a)(1)(D) if such failure were the result of actions taken after the Distribution by the Company or MtronPTI. For the three and six months ended June 30, 2025 and 2024, no taxes related to the Distribution have been recorded in the Condensed Consolidated Financial Statements. Other Transactions LGL Group and MtronPTI have agreed to share salaries and benefits related to certain employees incurred by the LGL Group and/or Mtron. For the three months ended June 30, 2025, the Company reimbursed the MtronPTI $10 of the salaries and benefits of certain employees. For the six months ended June 30, 2025, the MtronPTI reimbursed the Company $16 of the salaries and benefits of certain employees. For the three and six months ended June 30, 2024, MtronPTI reimbursed the Company $27 and $53, respectively, of the salaries and benefits of certain employees.

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