
	As of March 31, 2026				As of December 31, 2025
(Dollars in Thousands)	Cost		Fair Value		Cost		Fair Value
Investments at Fair Value:
Mutual funds	$	35	$	38	$	38	$	42
Exchange-traded funds and BDC funds	21		37		17		35
TIG Arbitrage Associates Master Fund	482		570		482		566
TIG Arbitrage Enhanced Master Fund	179		368		179		362


Arkkan Opportunities Feeder Fund	111		154		111		152

Arkkan Capital Management Limited	20,062		19,510		20,062		19,543
Zebedee Asset Management	68,913		99,912		68,913		93,716
Romspen Investment Corporation	72,523		29,146		72,523		29,717

Other	6		6		55		63

Total Investments at fair value	$	162,332	$	149,741	$	162,380	$	144,196


Equity method investments:	Cost		Carrying Value		Cost		Carrying Value

Wealth management - investment advisory	$	140	$	140	$	138	$	138

Total Equity method investments	140		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, 2026		March 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)