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Note 5 - Net Trading

12 Months Ended

Dec. 31, 2021

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,
	2021			2020			2019
Net realized gains / (losses)- trading inventory	$	21,103		$	31,269		$	24,118
Net unrealized gains / (losses)-trading inventory		(3,069	)		2,076			(1,320	)
Gains and losses		18,034			33,345			22,798

Interest income-trading inventory		5,958			7,759			6,921
Interest income - RTLs		-			-			236
Interest income-receivables under resale agreements		94,123			98,710			176,336
Interest income		100,081			106,469			183,493

Interest expense-securities sold under agreement to repurchase		(48,024	)		(65,030	)		(164,851	)
Interest expense-LegacyTexas Credit Facility		-			(39	)		(100	)
Interest expense-margin payable		(706	)		(1,134	)		(3,168	)
Interest expense		(48,730	)		(66,203	)		(168,119	)

Net trading	$	69,385		$	73,611		$	38,172

Trading inventory includes investments classified as investments-trading as well as trading securities sold, not yet purchased. 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.