v3.25.4

Note 8 - Financial Instruments | 12 Months Ended
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Dec. 31, 2025
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)
|  | December 31, 2025 |  |  | December 31, 2024 |
Corporate bonds and redeemable preferred stock |  | $ | 18,449 |  |  | $ | 27,043 |
Derivatives |  |  | 4,651 |  |  |  | 4,836 |
Equity securities |  |  | 10,424 |  |  |  | 965 |
Foreign government bond |  |  | - |  |  |  | 88 |
Municipal bonds |  |  | 3,813 |  |  |  | 19,914 |
RMBS |  |  | 3 |  |  |  | 5 |
SBA loans |  |  | 43,090 |  |  |  | 28,328 |
U.S. government agency MBS and CMOs |  |  | 42,471 |  |  |  | 45,911 |
U.S. government agency debt securities |  |  | 17,675 |  |  |  | 21,242 |
Investments-trading |  | $ | 140,576 |  |  | $ | 148,332 |
Substantially all of the Company's investments-trading other than SBA loans serve as collateral for the Company's margin loan payable. See note 6. The SBA loans serve as collateral for the Company's repurchase obligations. See note 11. 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)
|  | December 31, 2025 |  |  | December 31, 2024 |
Corporate bonds and redeemable preferred stock |  | $ | 8,107 |  |  | $ | 7,342 |
Derivatives |  |  | 4,245 |  |  |  | 4,050 |
Equity securities |  |  | 463 |  |  |  | 83 |
U.S. government agency debt securities |  |  | - |  |  |  | 40 |
U.S. Treasury securities |  |  | 23,802 |  |  |  | 24,917 |
Trading securities sold, not yet purchased |  | $ | 36,617 |  |  | $ | 36,432 |
The Company manages 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)
|  | December 31, 2025 |  |  | December 31, 2024 |
Equity securities |  | $ | 21,457 |  |  | $ | 11,072 |
Placement units and warrants |  |  | 19,997 |  |  |  | 1,587 |
Corporate bonds |  |  | 535 |  |  |  | 531 |
Notes receivable |  |  | 2,783 |  |  |  | 11,250 |
Interests in SPVs |  |  | - |  |  |  | 1,565 |
CK Capital Value Fund |  |  | 1,171 |  |  |  | - |
CREO JV |  |  | 8,940 |  |  |  | 6,432 |
U.S. Insurance JV |  |  | 2,375 |  |  |  | 2,825 |
Other investments, at fair value |  | $ | 57,258 |  |  | $ | 35,262 |
As of December 31, 2025, there were no share forward arrangements (“SFAs”) entered into by the Company. As of December 31, 2024, $470 of equity securities represented long positions related to SFAs entered into by the Company. Notes receivable include convertible and non-convertible notes receivable from various counterparties in connection with the Company's advisory business and SFAs that may be convertible into equity shares. These receivables are carried at fair value. Interests in SPVs represents interests the Company has received in SPVs as consideration for services provided by CCM, rather than cash. The SPVs hold convertible notes receivable interests in the counterparties. The Company does not consolidate the SPVs and carries its interests in the SPVs at fair value. See note 9 for discussion of the determination of fair value. A total of $2,439 and $1,721 of the amounts shown in other investments, at fair value above serve as collateral for the Company's margin loan payable for the years ended December 31, 2025 and 2024, respectively. See note 6. Other Investments Sold, Not Yet Purchased
OTHER INVESTMENTS SOLD, NOT YET PURCHASED
(Dollars in Thousands)
|  | December 31, 2025 |  |  | December 31, 2024 |
Equity securities |  | $ | - |  |  | $ | 1,181 |
Equity derivatives |  |  | - |  |  |  | 470 |
Other investments sold, not yet purchased |  | $ | - |  |  | $ | 1,651 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/825/tableOfContent + Details
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