| 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, |
|
| |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
| Net realized gains (losses) - trading inventory |
|
$ |
4,237 |
|
|
$ |
1,247 |
|
|
$ |
8,465 |
|
|
$ |
6,662 |
|
| Net unrealized gains (losses) - trading inventory |
|
|
1,682 |
|
|
|
3,762 |
|
|
|
2,307 |
|
|
|
4,728 |
|
| Net gains and losses |
|
|
5,919 |
|
|
|
5,009 |
|
|
|
10,772 |
|
|
|
11,390 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income- trading inventory |
|
|
1,259 |
|
|
|
1,103 |
|
|
|
2,089 |
|
|
|
2,510 |
|
| Interest income-reverse repos |
|
|
10,704 |
|
|
|
11,308 |
|
|
|
20,245 |
|
|
|
19,187 |
|
| Interest income |
|
|
11,963 |
|
|
|
12,411 |
|
|
|
22,334 |
|
|
|
21,697 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense-repos |
|
|
(9,534 |
) |
|
|
(10,240 |
) |
|
|
(18,036 |
) |
|
|
(17,335 |
) |
| Interest expense-margin payable |
|
|
(879 |
) |
|
|
(1,007 |
) |
|
|
(1,530 |
) |
|
|
(2,403 |
) |
| Interest expense |
|
|
(10,413 |
) |
|
|
(11,247 |
) |
|
|
(19,566 |
) |
|
|
(19,738 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other trading revenue |
|
|
3,288 |
|
|
|
2,625 |
|
|
|
6,428 |
|
|
|
5,297 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net trading |
|
$ |
10,757 |
|
|
$ |
8,798 |
|
|
$ |
19,968 |
|
|
$ |
18,646 |
|
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 from the Company's agency repo business (see note 10).
|