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v3.23.3

Note 3 - Investments (Tables) | 3 Months Ended
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Sep. 30, 2023
Notes Tables |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] |
|  | September 30, 2023 |
|  |  |  |  |  | Significant |  |  | Significant |  |  |  |  |
|  | Quoted |  |  | Other |  |  | Unobservable |  |  |  |  |
|  | Prices |  |  | Inputs |  |  | Inputs |  |  |  |  |
(dollars in thousands) |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Investments carried at fair value on a recurring basis: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities - International |  | $ | 421 |  |  | $ | - |  |  | $ | 4 |  |  | $ | 425 |
Mutual funds - Fixed income |  |  | 10,793 |  |  |  | - |  |  |  | - |  |  |  | 10,793 |
Mutual funds - Global equity |  |  | 702 |  |  |  | - |  |  |  | - |  |  |  | 702 |
Total investments in equity securities: |  | $ | 11,916 |  |  | $ | - |  |  | $ | 4 |  |  | $ | 11,920 |
Investments in debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale - Convertible debentures |  |  | - |  |  |  | - |  |  |  | 6,343 |  |  |  | 6,343 |
Total investments carried at fair value on a recurring basis: |  | $ | 11,916 |  |  | $ | - |  |  | $ | 6,347 |  |  | $ | 18,263 |
Investments carried at fair value on a nonrecurring basis: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments (1) |  | $ | - |  |  | $ | - |  |  | $ | 435 |  |  | $ | 435 |
|  | June 30, 2023 |
|  |  |  |  |  | Significant |  |  | Significant |  |  |  |  |
|  | Quoted |  |  | Other |  |  | Unobservable |  |  |  |  |
|  | Prices |  |  | Inputs |  |  | Inputs |  |  |  |  |
(dollars in thousands) |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Investments carried at fair value on a recurring basis: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities - International |  | $ | 488 |  |  | $ | - |  |  | $ | 290 |  |  | $ | 778 |
Mutual funds - Fixed income |  |  | 11,642 |  |  |  | - |  |  |  | - |  |  |  | 11,642 |
Mutual funds - Global equity |  |  | 785 |  |  |  | - |  |  |  | - |  |  |  | 785 |
Total investments in equity securities: |  | $ | 12,915 |  |  | $ | - |  |  | $ | 290 |  |  | $ | 13,205 |
Investments in debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale - Convertible debentures |  |  | - |  |  |  | - |  |  |  | 7,008 |  |  |  | 7,008 |
Total investments carried at fair value on a recurring basis: |  | $ | 12,915 |  |  | $ | - |  |  | $ | 7,298 |  |  | $ | 20,213 |
Investments carried at fair value on a nonrecurring basis: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments (1) |  | $ | - |  |  | $ | - |  |  | $ | 1,786 |  |  | $ | 1,786 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
|  | Three Months Ended September 30, 2023 |
|  | Investments in |  |  | Investments in |
(dollars in thousands) |  | equity securities |  |  | debt securities |
Beginning Balance |  | $ | 290 |  |  | $ | 7,008 |
Principal repayments |  |  | - |  |  |  | (750 | )
Amortization of day one premium |  |  | - |  |  |  | (51 | )
Accretion of bifurcation discount |  |  | - |  |  |  | 150 |
Total gains or losses included in: |  |  |  |  |  |  |  |
Net Investment Income (Loss) |  |  | (286 | ) |  |  | 257 |
Other Comprehensive Loss |  |  | - |  |  |  | (271 | )
Ending Balance |  | $ | 4 |  |  | $ | 6,343 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] |
|  | September 30, 2023 |
(dollars in thousands) |  | Fair Value |  | Principal Valuation Techniques |  | Unobservable Inputs |
Investments in equity securities: |  |  |  |  |  |  |  |  |  |  |
Common share purchase warrants |  | $ | 4 |  | Option pricing model |  | Volatility |  |  | 90.0 | %
|  |  |  |  |  |  | Risk-Free Rate |  |  | 5.1 | %
Investments in debt securities: |  |  |  |  |  |  |  |  |  |  |
Available-for-sale - Convertible debentures |  | $ | 6,343 |  | Binomial lattice model |  | Volatility |  |  | 90.0 | %
|  |  |  |  |  |  | Credit Spread |  |  | 10.4 | %
|  |  |  |  |  |  | Risk-Free Rate |  |  | 4.7 | %
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] |
|  | September 30, 2023 |
(dollars in thousands) |  | Cost |  |  | Unrealized Gains (Losses) |  |  | Fair Value |
Equity securities at fair value |  |  |  |  |  |  |  |  |  |  |  |
Equities - International |  | $ | 6,680 |  |  | $ | (6,255 | ) |  | $ | 425 |
Equities - Domestic |  |  | 45 |  |  |  | (45 | ) |  |  | - |
Mutual funds - Fixed income |  |  | 11,097 |  |  |  | (304 | ) |  |  | 10,793 |
Mutual funds - Global equity |  |  | 929 |  |  |  | (227 | ) |  |  | 702 |
Total equity securities at fair value |  | $ | 18,751 |  |  | $ | (6,831 | ) |  | $ | 11,920 |
|  | June 30, 2023 |
(dollars in thousands) |  | Cost |  |  | Unrealized Gains (Losses) |  |  | Fair Value |
Equity securities at fair value |  |  |  |  |  |  |  |  |  |  |  |
Equities - International |  | $ | 6,679 |  |  | $ | (5,901 | ) |  | $ | 778 |
Equities - Domestic |  |  | 45 |  |  |  | (45 | ) |  |  | - |
Mutual funds - Fixed income |  |  | 11,947 |  |  |  | (305 | ) |  |  | 11,642 |
Mutual funds - Global equity |  |  | 930 |  |  |  | (145 | ) |  |  | 785 |
Total equity securities at fair value |  | $ | 19,601 |  |  | $ | (6,396 | ) |  | $ | 13,205 |
|  | September 30, 2023 |
(dollars in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains in Other Comprehensive Income (Loss) |  |  | Gross Unrealized Losses in Other Comprehensive Income (Loss) |  |  | Gross Unrealized Losses in Net Investment Income (Loss) (1) |  |  | Fair Value |  |  | Allowance for Credit Losses |
Available-for-sale - Convertible debentures |  | $ | 7,414 |  |  | $ | 1,436 |  |  | $ | - |  |  | $ | (2,507 | ) |  | $ | 6,343 |  |  | $ | - |
|  | June 30, 2023 |
(dollars in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains in Other Comprehensive Income (Loss) |  |  | Gross Unrealized Losses in Other Comprehensive Income (Loss) |  |  | Gross Unrealized Losses in Net Investment Income (Loss) (1) |  |  | Fair Value |  |  | Allowance for Credit Losses |
Available-for-sale - Convertible debentures |  | $ | 7,729 |  |  | $ | 1,707 |  |  | $ | - |  |  | $ | (2,428 | ) |  | $ | 7,008 |  |  | $ | - |
|  | September 30, 2023 |
(dollars in thousands) |  | Amortized Cost |  |  | Gross Unrecognized Holding Gains |  |  | Gross Unrecognized Holding Losses |  |  | Fair Value |  |  | Allowance for Credit Losses |
Held-to-maturity - Debentures (1) |  | $ | 1,000 |  |  | $ | - |  |  | $ | (205 | ) |  | $ | 795 |  |  | $ | 205 |
|  | June 30, 2023 |
(dollars in thousands) |  | Amortized Cost |  |  | Gross Unrecognized Holding Gains |  |  | Gross Unrecognized Holding Losses |  |  | Fair Value |  |  | Allowance for Credit Losses |
Held-to-maturity - Debentures (1) |  | $ | 1,000 |  |  | $ | - |  |  | $ | (232 | ) |  | $ | 768 |  |  | $ | - |
Schedule of Derivative Instruments [Table Text Block] |
|  | September 30, 2023 |  |  | June 30, 2023 |
|  | Other Assets |  |  | Other Assets |
|  | Investments in |  |  | Investments in |
|  | available-for-sale |  |  | available-for-sale |
(dollars in thousands) |  | debt securities |  |  | debt securities |
Embedded Derivatives: |  |  |  |  |  |  |  |
Equity price risk exposure |  | $ | 35 |  |  | $ | 114 |
|  | Three Months Ended |
|  | September 30, |
|  | 2023 |  |  | 2022 |
|  | Other Income (Loss) |  |  | Other Income (Loss) |
(dollars in thousands) |  | Net Investment Income (Loss) |  |  | Net Investment Income (Loss) |
Embedded Derivatives: |  |  |  |  |  |  |  |
Equity price risk exposure |  | $ | (79 | ) |  | $ | - |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Table Text Block] |
(dollars in thousands) |  | September 30, 2023 |
Beginning Balance, prior to adoption of ASU 2016-13 |  | $ | - |
Impact of ASU 2016-13 adoption |  |  | 232 |
Provision for credit losses - reversal (1) |  |  | (27 | )
Ending Balance |  | $ | 205 |
Investments Classified by Contractual Maturity Date [Table Text Block] |
|  | September 30, 2023 |
|  | Available-for-sale |  |  | Held-to-maturity |
|  | debt securities |  |  | debt securities |
|  | Convertible |  |  | Due after one year |
(dollars in thousands) |  | debentures (1) |  |  | through five years |
Amortized Cost |  | $ | 7,414 |  |  | $ | 1,000 |
Fair Value |  | $ | 6,343 |  |  | $ | 795 |
Equity Securities without Readily Determinable Fair Value [Table Text Block] |
|  | Three Months Ended |
|  | September 30, |
(dollars in thousands) |  | 2023 |  |  | 2022 |
Other Investments |  |  |  |  |  |  |  |
Carrying value |  | $ | 1,613 |  |  | $ | 2,630 |
Upward carrying value changes |  | $ | - |  |  | $ | - |
Downward carrying value changes/impairment |  | $ | (775 | ) |  | $ | (1,839 | )
Investment Income [Table Text Block] |
|  | Three Months Ended |
(dollars in thousands) |  | September 30, |
Net Investment Income (Loss) |  | 2023 |  |  | 2022 |
Realized losses on equity securities |  | $ | (818 | ) |  | $ | - |
Realized gains on debt securities |  |  | 336 |  |  |  | 469 |
Unrealized losses on equity securities |  |  | (443 | ) |  |  | (1,930 | )
Unrealized losses on embedded derivatives |  |  | (79 | ) |  |  | - |
Unrealized losses on cash equivalents |  |  | (1 | ) |  |  | - |
Dividend and interest income |  |  | 582 |  |  |  | 418 |
Realized foreign currency losses |  |  | (90 | ) |  |  | (417 | )
Total Net Investment Income (Loss) |  | $ | (513 | ) |  | $ | (1,460 | )
Unrealized Gain (Loss) on Investments [Table Text Block] |
|  | Three Months Ended |
|  | September 30, |
(dollars in thousands) |  | 2023 |  |  | 2022 |
Net gains and losses recognized during the period on equity securities |  | $ | (1,261 | ) |  | $ | (1,930 | )
Less: Net gains and losses recognized during the period on equity securities sold during the period |  |  | (43 | ) |  |  | - |
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date (1) |  | $ | (1,218 | ) |  | $ | (1,930 | )

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