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Note 8 - Financial Instruments | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Financial Instruments Disclosure [Text Block] | 8. FINANCIAL INSTRUMENTS ﻿ Investments—Trading ﻿ Investments-Trading consisted of the following. ﻿
INVESTMENTS - TRADING
(Dollars in Thousands)
|  | As of December 31, |
|  | 2020 |  |  | 2019 |
U.S. government agency MBS and CMOs |  | $ | 162,031 |  |  | $ | 196,146 |
U.S. government agency debt securities |  |  | 6,904 |  |  |  | 14,680 |
RMBS |  |  | 14 |  |  |  | 15 |
U.S. Treasury securities |  |  | 607 |  |  |  | 11,105 |
ABS |  |  | 1 |  |  |  | 100 |
SBA loans |  |  | 2,742 |  |  |  | 27,634 |
Corporate bonds and redeemable preferred stock |  |  | 36,388 |  |  |  | 38,503 |
Foreign government bonds |  |  | 659 |  |  |  | 844 |
Municipal bonds |  |  | 19,400 |  |  |  | 13,737 |
Certificates of deposit |  |  | 70 |  |  |  | 841 |
Derivatives |  |  | 13,717 |  |  |  | 3,686 |
Equity securities |  |  | 428 |  |  |  | 561 |
Investments-trading |  | $ | 242,961 |  |  | $ | 307,852 |
Trading Securities Sold, Not Yet Purchased ﻿ Trading securities sold, not yet purchased consisted of the following. ﻿ ﻿
TRADING SECURITIES SOLD, NOT YET PURCHASED
(Dollars in Thousands)
|  | As of December 31, |
|  | 2020 |  |  | 2019 |
U.S. Treasury securities |  | $ | 3,348 |  |  | $ | 16,827 |
Corporate bonds and redeemable preferred stock |  |  | 29,206 |  |  |  | 58,083 |
Municipal bonds |  |  | 20 |  |  |  | 20 |
Derivatives |  |  | 11,822 |  |  |  | 3,017 |
Equity securities |  |  | 43 |  |  |  | - |
Trading securities sold, not yet purchased |  | $ | 44,439 |  |  | $ | 77,947 |
The Company tries to manage its exposure to changes in interest rates for the interest rate sensitive securities it holds by entering into offsetting short positions for similar fixed rate securities. See note 5 for realized and unrealized gains recognized on investments-trading and trading securities sold, not yet purchased. Other Investments, at Fair Value ﻿ Other investments, at fair value consisted of the following. ﻿
OTHER INVESTMENTS, AT FAIR VALUE
(Dollars in Thousands)
|  | As of December 31, 2020 |
|  | Cost |  |  | Carrying Value |  |  | Unrealized Gain / (Loss) |
Equity securities |  | $ | 15,605 |  |  | $ | 51,593 |  |  | $ | 35,988 |
Corporate bonds and redeemable preferred stock |  |  | 479 |  |  |  | 476 |  |  |  | (3 | )
Subordinated Notes |  |  | 1,485 |  |  |  | 1,519 |  |  |  | 34 |
RTLs |  |  | 2,243 |  |  |  | 2,300 |  |  |  | 57 |
U.S. Insurance JV |  |  | 1,168 |  |  |  | 1,564 |  |  |  | 396 |
SPAC Funds |  |  | 779 |  |  |  | 984 |  |  |  | 205 |
Residential loans |  |  | 119 |  |  |  | 104 |  |  |  | (15 | )
Other investments, at fair value |  | $ | 21,878 |  |  | $ | 58,540 |  |  | $ | 36,662 |
OTHER INVESTMENTS SOLD, NOT YET PURCHASED
(Dollars in Thousands)
|  | As of December 31, 2020 |
|  | Cost |  |  | Carrying Value |  |  | Unrealized Gain / (Loss) |
Derivatives |  | $ | 338 |  |  | $ | 233 |  |  |  | 105 |
Equity securities |  |  | 7,223 |  |  |  | 7,182 |  |  |  | 41 |
Other investments sold, not yet purchased |  | $ | 7,561 |  |  | $ | 7,415 |  |  | $ | 146 |
OTHER INVESTMENTS, AT FAIR VALUE
(Dollars in Thousands)
|  | As of December 31, 2019 |
|  | Cost |  |  | Carrying Value |  |  | Unrealized Gain / (Loss) |
Equity securities |  | $ | 8,119 |  |  | $ | 8,875 |  |  | $ | 756 |
Corporate bonds and redeemable preferred stock |  |  | 479 |  |  |  | 477 |  |  |  | (2 | )
CLOs |  |  | 2,894 |  |  |  | 2,522 |  |  |  | (372 | )
U.S. Insurance JV |  |  | 2,048 |  |  |  | 2,223 |  |  |  | 175 |
SPAC Funds |  |  | 646 |  |  |  | 668 |  |  |  | 22 |
Residential loans |  |  | 129 |  |  |  | 99 |  |  |  | (30 | )
Other investments, at fair value |  | $ | 14,315 |  |  | $ | 14,864 |  |  | $ | 549 |
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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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