Note 4 - Other Recent Business Transactions or Events

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Other Events [Text Block]

4. OTHER RECENT BUSINESS TRANSACTIONS OR EVENTS 

Consolidation of the SPAC Fund

Prior to March 31, 2023, the general partner of the SPAC Fund (“Vellar GP”) had an investment in the SPAC Fund, the potential to earn incentive fees, and did not consolidate the SPAC Fund.  Effective April 1, 2023, all of the investors in the SPAC Fund, other than Vellar GP, redeemed all of their interests in the SPAC Fund. Therefore, effective April 1, 2023, Vellar GP became the sole owner of the SPAC Fund and began consolidating it. The Company owns an interest in and consolidates Vellar GP. Effective April 1, 2023, the Company began consolidating the SPAC Fund as well. The Company recorded the following entry upon consolidation:

	Asset/(Liability)
Cash and cash equivalents	$	257
Receivables from brokers, dealers, and clearing agencies		68,066
Other investments, at fair value		40,388
Other assets		108
Accounts payable and other liabilities		(82,968	)
Other investments sold, not yet purchased		(25,806	)
Vellar GP's remaining investment in the SPAC Fund	$	45

As of  March 31, 2024, all amounts due to the redeeming investors in the SPAC Fund were paid in full.