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Financial Instruments
9 Months Ended
Sep. 30, 2018
Financial Instruments [Abstract]  
Financial Instruments

8. FINANCIAL INSTRUMENTS

Investments—Trading

Investments-trading consisted of the following.







 

 

 

 

 

 



 

 

 

 

 

 

INVESTMENTS - TRADING

(Dollars in Thousands)



 

 

 

 

 

 



 

September 30, 2018

 

December 31, 2017

U.S. government agency MBS and CMOs

 

$

62,497 

 

$

87,608 

U.S. government agency debt securities

 

 

14,537 

 

 

13,529 

RMBS

 

 

16 

 

 

32 

U.S. Treasury securities

 

 

4,139 

 

 

2,466 

ABS

 

 

100 

 

 

SBA loans

 

 

57,596 

 

 

4,780 

Corporate bonds and redeemable preferred stock

 

 

49,945 

 

 

43,435 

Foreign government bonds

 

 

232 

 

 

483 

Municipal bonds

 

 

24,139 

 

 

45,709 

Certificates of deposit

 

 

918 

 

 

 -

Derivatives

 

 

5,277 

 

 

1,118 

Equity securities

 

 

66 

 

 

3,096 

     Investments-trading

 

$

219,462 

 

$

202,257 



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)



 

 

 

 

 

 



 

September 30, 2018

 

December 31, 2017

U.S. government agency MBS and CMOs

 

$

17 

 

$

 -

U.S. Treasury securities

 

 

42,015 

 

 

62,798 

Corporate bonds and redeemable preferred stock

 

 

34,462 

 

 

28,445 

Municipal bonds

 

 

20 

 

 

37 

Derivatives

 

 

4,706 

 

 

607 

     Trading securities sold, not yet purchased

 

$

81,220 

 

$

91,887 



The Company tries to manage 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 the following.





 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

OTHER INVESTMENTS, AT FAIR VALUE

(Dollars in Thousands)



 

 

 

 

 

 

 

 

 



 

September 30, 2018



 

Amortized Cost

 

Carrying Value

 

Unrealized Gain / (Loss)

Equity securities

 

$

10,290 

 

$

12,057 

 

$

1,767 

CLOs

 

 

13,724 

 

 

14,430 

 

 

706 

CDOs

 

 

189 

 

 

26 

 

 

(163)

EuroDekania

 

 

4,506 

 

 

1,609 

 

 

(2,897)

U.S. Insurance JV

 

 

999 

 

 

1,006 

 

 

SPAC Fund

 

 

600 

 

 

602 

 

 

Residential loans

 

 

44 

 

 

330 

 

 

286 

Foreign currency forward contracts

 

 

 -

 

 

 

 

     Other investments, at fair value

 

$

30,352 

 

$

30,063 

 

$

(289)



 



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

December 31, 2017



 

Amortized Cost

 

Carrying Value

 

Unrealized Gain / (Loss)

Equity securities

 

$

7,126 

 

$

7,132 

 

$

CLOs

 

 

4,362 

 

 

4,485 

 

 

123 

CDOs

 

 

189 

 

 

26 

 

 

(163)

EuroDekania

 

 

4,827 

 

 

1,143 

 

 

(3,684)

Derivatives

 

 

 -

 

 

(251)

 

 

(251)

Residential loans

 

 

72 

 

 

358 

 

 

286 

Foreign currency forward contracts

 

 

 -

 

 

(26)

 

 

(26)

     Other investments, at fair value

 

$

16,576 

 

$

12,867 

 

$

(3,709)