v3.26.1
INVESTMENTS
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS

NOTE 4 – INVESTMENTS

The Cooperative has determined fair value of its investments based on Level 2 inputs (in thousands):

June 30, 2026:   Level 1     Level 2     Level 3     Total  
Corporate bonds - held to maturity $  —   $  164   $  —   $  164  
Fixed income funds - available for sale   —     739     —     739  
Money market & CD’s   —     1,430     —     1,430  
  $  —   $  2,333   $  —   $  2,333  
                         
December 31, 2025:                        
Corporate bonds - held to maturity $  —   $  366   $  —   $  366  
Fixed income funds - available for sale   —     737     —     737  
Money market & CD’s   —     3,570     —     3,570  
  $  —   $  4,673   $  —   $  4,673  

Maturities of corporate bonds are as follows as of June 30, 2026 (in thousands):

    Net Carrying     Fair  
    Amount     Value  
Due in 1 year or less $  130   $  130  
Due in 2 to 5 years   -     -  
Greater than 5 years   46     34  
  $  176   $  164  

The Cooperative’s investments are as follows as of June 30, 2026 and December 31, 2025 (in thousands):

    Amortized     Unrealized     Unrealized        
    Cost     Gains     Losses     Fair Value  
June 30, 2026:                        
Corporate bonds - held to maturity $  176   $  0   $  (12 ) $  164  
Fixed income funds - available for sale   749     —     (10 )   739  
Money market & CD’s   1,430     —     —     1,430  
  $  2,355   $  —   $  (22 ) $  2,333  
                         
                         
December 31, 2025:                        
Corporate bonds - held to maturity $  378   $  1   $  (13 ) $  366  
Fixed income funds - available for sale   745     —     (8 )   737  
Money market & CD’s   3,570     —     —     3,570  
  $  4,693   $  1   $  (21 ) $  4,673  

The following table shows the gross unrealized losses and fair value of the Cooperative’s securities with unrealized losses that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2026 and December 31, 2025.

    Less than 12 Months     More than 12 Months  
          Unrealized           Unrealized  
June 30, 2026:   Fair Value     Losses     Fair Value     Losses  
Corporate Bonds - Held to Maturity $  34   $  (12 ) $  —   $  —  
Fixed Income Funds   258     (1 )   223     (9 )
  $  292   $  (13 ) $  223   $  (9 )
                         
December 31, 2025:                        
Corporate Bonds - Held to Maturity $  —   $  —   $  134   $  (13 )
Fixed Income Funds   466     (1 )   194     (7 )
  $  466   $  (1 ) $  328   $  (20 )

The Cooperative establishes an allowance for credit losses on debt securities where the fair value is less than the amortized cost basis to the extent the unrealized loss is due to credit losses. The expected credit losses are presented as loss on investments in the accompanying statement of operations. The Cooperative’s process for establishing the allowance for credit losses considers the risk characteristics of the security class. To the extent possible, losses are estimated collectively for classes of securities with similar risk characteristics. For securities that do not share similar risk characteristics with others, the losses are estimated individually. For available-for-sale debt securities, losses are estimated at the individual security level. The Cooperative’s allowance for credit losses are influenced by a variety of factors, including portfolio credit quality and general economic conditions. General economic conditions are forecasted using economic variables which will create volatility as those variables change over time. The Cooperative’s allowance for credit losses on its held to maturity securities and its available for sale securities was not significant as of June 30, 2026 and December 31, 2025. The Cooperative did not recognize any credit losses on its held to maturity securities and available for sale securities for the periods ended June 30, 2026 and December 31, 2025.