v3.25.4

Note 5 - Investment Banking and New Issue and Net Trading | 12 Months Ended
--- | ---
Dec. 31, 2025
Notes to Financial Statements |
Trading Activities [Text Block] | 5. INVESTMENT BANKING AND NEW ISSUE AND NET TRADING ﻿ INVESTMENT BANKING AND NEW ISSUE (Dollars in Thousands)
|  | Year Ended December 31, 2025 |
|  | Cash |  |  | Non Cash |  |  | Total |
CCM - Underwriting |  | $ | 46,995 |  |  | $ | 14,633 |  |  | $ | 61,628 |
CCM - Advisory and other new issue |  |  | 90,258 |  |  |  | 217,765 |  |  |  | 308,023 |
Other - Origination |  |  | 3,916 |  |  |  | - |  |  |  | 3,916 |
Total |  | $ | 141,169 |  |  | $ | 232,398 |  |  | $ | 373,567 |
Gains / (losses) on CCM financial instruments received as non-cash consideration |  |  |  |  |  |  |  |  |  |  | (185,959 | )
Investment banking and new issue |  |  |  |  |  |  |  |  |  | $ | 187,608 |
|  | Year Ended December 31, 2024 |
|  | Cash |  |  | Non Cash |  |  | Net |
CCM - Underwriting |  | $ | 4,733 |  |  | $ | 1,423 |  |  | $ | 6,156 |
CCM - Advisory and other new issue |  |  | 32,495 |  |  |  | 22,915 |  |  |  | 55,410 |
Other - Origination |  |  | 1,856 |  |  |  | - |  |  |  | 1,856 |
Total |  | $ | 39,084 |  |  | $ | 24,338 |  |  | $ | 63,422 |
Gains / (losses) on CCM financial instruments received as non-cash consideration |  |  |  |  |  |  |  |  |  |  | (22,644 | )
Investment banking and new issue |  |  |  |  |  |  |  |  |  | $ | 40,778 |
|  | Year Ended December 31, 2023 |
|  | Cash |  |  | Non Cash |  |  | Net |
CCM - Underwriting |  | $ | - |  |  | $ | - |  |  | $ | - |
CCM - Advisory and other new issue |  |  | 7,925 |  |  |  | 18,248 |  |  |  | 26,173 |
Other - Origination |  |  | 2,091 |  |  |  | - |  |  |  | 2,091 |
Total |  | $ | 10,016 |  |  | $ | 18,248 |  |  | $ | 28,264 |
Gains / (losses) on CCM financial instruments received as non-cash consideration |  |  |  |  |  |  |  |  |  |  | (4,312 | )
Investment banking and new issue |  |  |  |  |  |  |  |  |  | $ | 23,952 |
As of December 31, 2025, the Company has a balance of $34,207 included as a component of other investments, at fair value, representing the remaining carrying amount of the financial instruments received as noncash investment banking and new issue revenue. In terms of the remaining exposure to the Company from monetization of these amounts, this would represent the gross potential loss the Company could incur if these assets were liquidated for $0. However, the Company has also accrued $18,467 in compensation to employees related to these amounts. The amount finally due to the employees is based on the final monetized amount (see note 11). The amount of compensation accrued presumes these investments are monetized for their carrying amount. Therefore, if the $34,207 of other investments, at fair value, were liquidated for $0, the net loss for the Company would be $15,740. Net trading consisted of the following in the periods presented. ﻿
NET TRADING
(Dollars in Thousands)
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Net realized gains / (losses)- trading inventory |  | $ | 26,023 |  |  | $ | 19,163 |  |  | $ | 18,962 |
Net unrealized gains / (losses)-trading inventory |  |  | 2,341 |  |  |  | 1,742 |  |  |  | (2,087 | )
Gains and losses |  |  | 28,364 |  |  |  | 20,905 |  |  |  | 16,875 |
Interest income-trading inventory |  |  | 3,845 |  |  |  | 4,375 |  |  |  | 4,250 |
Interest income-reverse repos |  |  | 34,893 |  |  |  | 37,958 |  |  |  | 28,238 |
Interest income |  |  | 38,738 |  |  |  | 42,333 |  |  |  | 32,488 |
Interest expense-repos |  |  | (32,766 | ) |  |  | (34,496 | ) |  |  | (25,072 | )
Interest expense-margin payable |  |  | (2,449 | ) |  |  | (3,852 | ) |  |  | (6,267 | )
Interest expense |  |  | (35,215 | ) |  |  | (38,348 | ) |  |  | (31,339 | )
Other trading revenue |  |  | 15,460 |  |  |  | 11,519 |  |  |  | 12,902 |
Net trading |  | $ | 47,347 |  |  | $ | 36,409 |  |  | $ | 30,926 |
﻿Trading inventory includes investments classified as investments-trading as well as trading securities sold, not yet purchased. For discussion of margin payable, see note 6. Other trading revenue is primarily comprised of revenue earned on the Company's agency repo business. See note 11.

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