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Note 8 - Financial Instruments

12 Months Ended

Dec. 31, 2021

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,
		2021				2020
U.S. government agency MBS and CMOs		$	134,093			$	162,031
U.S. government agency debt securities			22,373				6,904
RMBS			9				14
U.S. Treasury securities			-				607
ABS			1				1
SBA loans			-				2,742
Corporate bonds and redeemable preferred stock			45,519				36,388
Foreign government bonds			467				659
Municipal bonds			18,841				19,400
Certificates of deposit			169				70
Derivatives			1,275				13,717
Equity securities			1,118				428
Investments-trading		$	223,865			$	242,961

Substantially all of the Company's investments-trading serve as collateral for the Company's margin loan payable.  See note 6.  

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,
		2021				2020
U.S. government agency debt securities		$	1			$	-
U.S. Treasury securities			29,513				3,348
Corporate bonds and redeemable preferred stock			32,574				29,206
Municipal bonds			-				20
Derivatives			424				11,822
Equity securities			-				43
Trading securities sold, not yet purchased		$	62,512			$	44,439

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, 2021
		2021				2020
Equity securities		$	24,733			$	17,421
Restricted equity securities			19,449				34,172
Corporate bonds and redeemable preferred stock			476				476
Subordinated Notes			-				1,519
RTLs			-				2,300
CREO			5,830				-
U.S. Insurance JV			3,450				1,564
SPAC Fund			1,980				984
Residential loans			115				104
Other investments, at fair value		$	56,033			$	58,540

A total of $15,563 and $11,086 of the amounts shown other investments, at fair value above serve as collateral for the Company's margin loan payable for the years ended December 31, 2021 and 2020, respectively.  See note 6.  

OTHER INVESTMENTS SOLD, NOT YET PURCHASED

(Dollars in Thousands)

		As of December 31, 2021
		2021					2020
Equity securities		$	2,488			$	233
Derivatives			-				7,182
Other investments sold, not yet purchased		$	2,488			$	7,415

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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.

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