v3.26.1
Investments
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The Company’s investments include Investments at fair value and Equity method investments.
Investments at fair value consist of investments for which the fair value option has been elected. The primary reasons for electing the fair value option are to:
•reflect economic events in earnings on a timely basis;
•mitigate volatility in earnings from using different measurement attributes; and
•address simplification and cost-benefit considerations
Such election is irrevocable and is applied on an investment-by-investment basis at initial recognition or at other eligible election dates. Changes in the fair value of such instruments are recognized in Gain (loss) on investments in the Condensed Consolidated Statements of Operations.
The Cost and Fair Value of Investments as of March 31, 2026 and December 31, 2025 are presented below:
As of March 31, 2026As of December 31, 2025
(Dollars in Thousands)CostFair ValueCostFair Value
Investments at Fair Value:
Mutual funds$35 $38 $38 $42 
Exchange-traded funds and BDC funds21 37 17 35 
TIG Arbitrage Associates Master Fund482 570 482 566 
TIG Arbitrage Enhanced Master Fund179 368 179 362 
Arkkan Opportunities Feeder Fund111 154 111 152 
Arkkan Capital Management Limited20,062 19,510 20,062 19,543 
Zebedee Asset Management68,913 99,912 68,913 93,716 
Romspen Investment Corporation 72,523 29,146 72,523 29,717 
Other6 6 55 63 
Total Investments at fair value$162,332 $149,741 $162,380 $144,196 
Equity method investments:CostCarrying ValueCostCarrying Value
Wealth management - investment advisory$140 $140 $138 $138 
Total Equity method investments140 140 138 138 
Total$162,472 $149,881 $162,518 $144,334 

The breakdown of realized and unrealized gains (losses) on Investments at fair value for the relevant periods, which are recorded in Gain (loss) on investments in the Condensed Consolidated Statements of Operations, are as follows:
For the Three Months Ended
(Dollars in Thousands)March 31, 2026March 31, 2025
Gains (Losses) on Investments at fair value:
Realized gains (losses)$2 $— 
Unrealized gains (losses) 5,607 (4,334)
Total gains (losses) on Investments at fair value$5,609 $(4,334)