Note 7 - Financial Instruments |
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| Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Instruments Disclosure [Text Block] |
7. FINANCIAL INSTRUMENTS
Investments—Trading
Investments-trading consisted of the following.
INVESTMENTS - TRADING (Dollars in Thousands)
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 10.
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)
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.
Other Investments, at Fair Value
Other investments, at fair value consisted of investments in the following entities. The table is broken out by investments acquired as part of CCM's activities and all other investments.
OTHER INVESTMENTS, AT FAIR VALUE (Dollars in Thousands)
Placement units / warrants represent the fair value of units or warrants in pre- business combination SPACs, received by CCM for investment banking services. As of June 30, 2026, they represent units / warrants in 44 different SPACs, 18 of which have signed business combination agreements, with the remainder still searching for operating company acquisition or merger targets. As of December 31, 2025, they represent units / warrants in 33 different SPACs, 6 of which had signed business combination agreements, with the remainder still searching for operating company acquisition or merger targets.
A total of $1,527 and $2,439 of the amounts shown as other investments, at fair value above served as collateral for the Company's margin loan payable as of June 30, 2026 and December 31, 2025, respectively. See note 6.
Other Investments Sold, Not Yet Purchased, at Fair Value
Other investments sold, not yet purchased, at fair value consisted of the following.
OTHER INVESTMENTS SOLD, NOT YET PURCHASED, AT FAIR VALUE (Dollars in Thousands)
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