LGL GROUP INC
For the period ended Dec 31, 2023. Filed Apr 1, 2024.
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FY2023 · Filed Apr 1, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Investments
5. Investments
Marketable Securities
Details of marketable securities held as of* December 31, 2023and2022* are as follows:
| Cumulative | |||
|---|---|---|---|
| Unrealized | |||
| Fair Value | Basis | (Loss) Gain | |
| Equity securities (a) | $22 | $34 | $(12) |
| Mutual funds (b) | — | — | — |
| Total | $22 | $34 | $(12) |
| Cumulative | |||
|---|---|---|---|
| Unrealized | |||
| Fair Value | Basis | (Loss) Gain | |
| Equity securities (a) | $69 | $4,307 | $(4,238) |
| Mutual funds (b) | 16,516 | 16,990 | (474) |
| Total | $16,585 | $21,297 | $(4,712) |
| (a) | As of December 31, 2022, included the Company's investment in IronNet, Inc., which had a fair value of $46 and a cost basis of $4,273. |
|---|
| (b) | As of December 31, 2023, the Company did not have any investments in mutual funds managed or advised by GAMCO Investors, Inc. or one of its subsidiaries included in Marketable securities. As of December 31, 2022, the Company had investments in 2 mutual funds managed or advised by GAMCO Investors, Inc. or one of its subsidiaries included in Marketable securities. |
|---|
Net Investment Income
Net investment income represents income primarily from the following sources:
| • | Income earned from investments in money market funds (recorded in Cash and cash equivalents) |
| • | Dividends received from marketable securities |
| • | Income from unconsolidated or equity method investments |
The following table presents the components of Net investment income:
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Interest on cash and cash equivalents | $1,566 | $194 |
| Dividends on marketable securities | — | 219 |
| Net investment income | $1,566 | $413 |
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Net Gains (Losses)
Net gains and losses are determined by specific identification. The net realized gains and losses are generated primarily from the following sources:
| • | Realized and losses from investments in Marketable securities |
| • | Changes in the fair value of investments in Marketable securities |
| • | Changes in the fair value of derivatives |
The following table presents the components of Net gains (losses):
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Marketable securities (a) | $384 | $(4,747) |
| Net gains (losses) | $384 | $(4,747) |
| (a) | During 2023, the Company sold its investments in mutual funds managed by GAMCO Investors, Inc. as well as 198,250 shares of IronNet, Inc. |
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Sales of Affiliated Mutual Funds
During2023, the Company sold its investments in the mutual funds managed by GAMCO Investors, Inc. The dispositions resulted in gross proceeds of $16,886 and a net gain recorded in the Consolidated Statements of Operations of $370.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.