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Note 5 - Net Trading

6 Months Ended

Jun. 30, 2024

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)

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Net realized gains (losses) - trading inventory	$	1,247		$	3,267		$	6,662		$	10,717
Net unrealized gains (losses) - trading inventory		3,762			632			4,728			(2,274	)
Net gains and losses		5,009			3,899			11,390			8,443

Interest income- trading inventory		1,103			918			2,510			1,653
Interest income-reverse repos		11,308			6,402			19,187			12,532
Interest income		12,411			7,320			21,697			14,185

Interest expense-repos		(10,240	)		(5,630	)		(17,335	)		(11,085	)
Interest expense-margin payable		(1,007	)		(1,416	)		(2,403	)		(2,866	)
Interest expense		(11,247	)		(7,046	)		(19,738	)		(13,951	)

Other trading revenue		2,625			3,243			5,297			6,949

Net trading	$	8,798		$	7,416		$	18,646		$	15,626

Trading inventory includes investments classified as investments-trading as well as trading securities sold, not yet purchased. See note 7. For discussion of margin payable, see note 6. Other trading revenue includes revenue earned on our agency repo business (see note 10).