v3.25.4

Note 12 - Investments in Equity Method Affiliates | 12 Months Ended
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Dec. 31, 2025
Notes to Financial Statements |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 12. INVESTMENTS IN EQUITY METHOD AFFILIATES ﻿ Equity method accounting requires that the Company record its investments in equity method affiliates on the consolidated balance sheets and recognize its share of the equity method affiliates’ net income as earnings in each reporting period. The Company elected to use the cumulative earnings approach for the distributions it receives from its equity method investments. Under the cumulative earnings approach, any distributions received up to the amount of cumulative earnings are treated as return on investment and classified in operating activities within the cash flows. Any excess distributions would be considered as return of investments and classified in investing activities. ﻿The Company has certain equity method affiliates for which it has elected the fair value option. Those investees are excluded from the table below. Those investees are included as a component of other investments, at fair value in the consolidated balance sheets. All gains and losses (unrealized and realized) from investments classified as other investments, at fair value in the consolidated balance sheets are recorded as a component of principal transactions and other income in the consolidated statement of operations. ﻿ The following table summarizes the activities and earnings of the Company’s investments that are accounted for under the equity method. See note 4 and note 31.
INVESTMENTS IN EQUITY METHOD AFFILIATES
(Dollars in Thousands)
|  | Dutch Real Estate Entities |  |  | Columbus Circle SPAC |  |  | SPAC Sponsor Entities and Other |  |  | Total |
December 31, 2022 |  | $ | 5,530 |  |  | $ | - |  |  | $ | 3,399 |  |  | $ | 8,929 |
Investments / advances |  |  | - |  |  |  | - |  |  |  | 1,896 |  |  |  | 1,896 |
Distributions / repayments |  |  | - |  |  |  | - |  |  |  | (2,091 | ) |  |  | (2,091 | )
Reclasses to (from) |  |  | - |  |  |  | - |  |  |  | (10,102 | ) |  |  | (10,102 | )
Earnings / (loss) realized |  |  | 334 |  |  |  | - |  |  |  | 15,275 |  |  |  | 15,609 |
December 31, 2023 |  |  | 5,864 |  |  |  | - |  |  |  | 8,377 |  |  |  | 14,241 |
Investments / advances |  |  | - |  |  |  | - |  |  |  | 236 |  |  |  | 236 |
Distributions / repayments |  |  | - |  |  |  | - |  |  |  | (1,026 | ) |  |  | (1,026 | )
Reclasses to (from) |  |  | - |  |  |  | - |  |  |  | (11,725 | ) |  |  | (11,725 | )
Earnings / (loss) realized |  |  | (759 | ) |  |  | - |  |  |  | 22,463 |  |  |  | 21,704 |
December 31, 2024 |  |  | 5,105 |  |  |  | - |  |  |  | 18,325 |  |  |  | 23,430 |
Investments / advances |  |  | - |  |  |  | 3,467 |  |  |  | - |  |  |  | 3,467 |
Distributions / repayments |  |  | - |  |  |  | - |  |  |  | (1,587 | ) |  |  | (1,587 | )
Reclasses to (from) |  |  | - |  |  |  | - |  |  |  | (1,886 | ) |  |  | (1,886 | )
Earnings / (loss) realized |  |  | 634 |  |  |  | (3,467 | ) |  |  | (13,930 | ) |  |  | (16,763 | )
December 31, 2025 |  | $ | 5,739 |  |  | $ | - |  |  | $ | 922 |  |  | $ | 6,661 |
﻿ Dutch Real Estate Entities includes: (i) Amersfoort Office Investment I Coöperatief U.A. (“AOI”), a company based in the Netherlands that invests in real estate, and (ii) CK Capital Partners B.V. (“CK Capital”), a company based in the Netherlands that manages investments in real estate. Columbus Circle SPAC represents the Company's equity method investment in the Columbus Circle SPAC. See note 4. The amount includes a total investment of $3,467, which includes the non-controlling investment of the Sponsor of the Columbus Circle SPAC. The amounts included as SPAC Sponsor Entities and Other represent the Company's investment in SPAC sponsor entities that have not yet completed a business combination or from SPAC sponsor entities that have completed business combinations but have not yet distributed shares to sponsor investors and other equity method investments. If these SPAC sponsor entities are unsuccessful in completing a business combination and the underlying SPAC liquidates, the Company will likely receive no distributions in kind or in cash related to these investments and the remaining balances will be recorded as a component of loss from equity method investments in the consolidated statement of operations. The following tables show certain summary financial data of all the Company's equity method investees. These amounts include all equity method investees whether accounted for under the equity method or at fair value. All information is presented on a combined basis
|  | December 31, 2025 |  |  | December 31, 2024 |
Total Assets |  | $ | 494,662 |  |  | $ | 620,512 |
Liabilities |  | $ | 194,512 |  |  | $ | 317,160 |
Equity allocable to the controlling interest |  |  | 300,025 |  |  |  | 303,227 |
Noncontrolling interest |  |  | 125 |  |  |  | 125 |
Total Equity |  |  | 300,150 |  |  |  | 303,352 |
Total Liabilities & Equity |  | $ | 494,662 |  |  | $ | 620,512 |
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Net income/(loss) |  | $ | (13,826 | ) |  | $ | 19,618 |  |  | $ | 17,858 |
Net income/(loss) attributable to the investee |  | $ | (13,841 | ) |  | $ | 19,603 |  |  | $ | 17,843 |
﻿

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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