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Note 5 - Net Trading | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Trading Activities [Text Block] | 5. NET TRADING ﻿ Net trading consisted of the following in the periods presented. ﻿
NET TRADING
(Dollars in Thousands)
|  | For the Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Net realized gains / (losses)- trading inventory |  | $ | 31,269 |  |  | $ | 24,118 |  |  | $ | 20,914 |
Net unrealized gains / (losses)-trading inventory |  |  | 2,076 |  |  |  | (1,320 | ) |  |  | 1,236 |
Gains and losses |  |  | 33,345 |  |  |  | 22,798 |  |  |  | 22,150 |
Interest income-trading inventory |  |  | 7,759 |  |  |  | 6,921 |  |  |  | 5,040 |
Interest income - RTLs |  |  | - |  |  |  | 236 |  |  |  | - |
Interest income-receivables under resale agreements |  |  | 98,710 |  |  |  | 176,336 |  |  |  | 67,846 |
Interest income |  |  | 106,469 |  |  |  | 183,493 |  |  |  | 72,886 |
Interest expense-securities sold under agreement to repurchase |  |  | (65,030 | ) |  |  | (164,851 | ) |  |  | (63,707 | )
Interest expense-LegacyTexas Credit Facility |  |  | (39 | ) |  |  | (100 | ) |  |  | - |
Interest expense-margin payable |  |  | (1,134 | ) |  |  | (3,168 | ) |  |  | (2,031 | )
Interest expense |  |  | (66,203 | ) |  |  | (168,119 | ) |  |  | (65,738 | )
Net trading |  | $ | 73,611 |  |  | $ | 38,172 |  |  | $ | 29,298 |
﻿ Trading inventory includes investments classified as investments-trading as well as trading securities sold, not yet purchased. During 2019, RTLs were accounted for at lower of cost or market and included as a component of other assets and the interest income related to those loans was shown separately in the table above. Effective January 1, 2020, in connection with the adoption of ASC 326, the Company began accounting for RTLs at fair value and included them as a component of investments-trading. Income earned on RTLs in included in interest income-trading inventory in the table above. In conjunction with the sale of ViaNova, the Company retained one loan, a first mortgage loan on a residential property and transferred the loan to JVB. As of December 31, 2020, this loan is included in other investments, at fair value on the consolidated balance sheets; subsequent income earned on this loan is included in principal transactions and other income in the consolidated statement of operations. See note 6 for discussion of margin payable. See note 11 for discussion of receivables under resale agreements and securities sold under agreements to repurchase. See note 20 for discussion of LegacyTexas Credit Facility.

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