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Note 6 - Fair Value (Tables)

9 Months Ended

Sep. 30, 2022

Notes Tables

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

September 30, 2022
		Fair				Valuation Techniques/		Unobservable				Weighted
Investment Type		Value				Methodologies		Input		Range		Average(1)
						(Dollars in thousands, except per share data)
Debt investments		$	605,719			Discounted Expected Future Cash Flows		Hypothetical Market Yield		3% – 25%			14	%
			3,313			Multiple Probability Weighted Cash Flow Model		Probability Weighting		25%			25	%
Warrant investments			21,894			Black-Scholes Valuation Model		Price Per Share		0.000 –1,89999		$	64.53
								Average Industry Volatility		25%			25	%
								Marketability Discount		20%			20	%
								Estimated Time to Exit (in years)		1 to 4			2
Other investments			1,300			Multiple Probability Weighted Cash Flow Model		Discount Rate		25%			25	%
								Probability Weighting		100%			100	%
Equity investments			2,033			Last Equity Financing		Price Per Share		1.000 –215.0303		$	30.09
Total Level 3 investments		$	634,259

December 31, 2021
		Fair			Valuation Techniques/		Unobservable				Weighted
Investment Type		Value			Methodologies		Input		Range		Average(1)
					(Dollars in thousands, except per share data)
Debt investments		$	430,417		Discounted Expected Future Cash Flows		Hypothetical Market Yield		3% –23%			12	%
			6,900		Multiple Probability Weighted Cash Flow Model		Probability Weighting		20% - 50%			33	%
Warrant investments			19,837		Black-Scholes Valuation Model		Price Per Share		0.000 –980.0000		$	20.35
							Average Industry Volatility		25%			25	%
							Marketability Discount		20%			20	%
							Estimated Time to Exit (in years)		1 to 4			2
Other investments			200		Multiple Probability Weighted Cash Flow Model		Discount Rate		25%			25	%
							Probability Weighting		0% –100%			100	%
Equity investments			203		Last Equity Financing		Price Per Share		0.000 –1.0000		$	0.41
Total Level 3 investments		$	457,557

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

		September 30, 2022
		Level 1				Level 2				Level 3				Total
		(In thousands)
Investments in money market funds		$	—			$	7,732			$	—			$	7,732
Restricted investments in money market funds		$	—			$	1,617			$	—			$	1,617
Debt investments		$	—			$	—			$	609,032			$	609,032
Warrant investments			—				219				21,894				22,113
Other investments			—				—				1,300				1,300
Equity investments			146				—				2,033				2,179
Total investments		$	146			$	219			$	634,259			$	634,624

		December 31, 2021
		Level 1				Level 2				Level 3				Total
		(In thousands)
Investments in money market funds		$	—			$	7,868			$	—			$	7,868
Restricted investments in money market funds		$	—			$	1,359			$	—			$	1,359
Debt investments		$	—			$	—			$	437,317			$	437,317
Warrant investments			—				363				19,837				20,200
Other investments			—				—				200				200
Equity investments			155				—				203				358
Total investments		$	155			$	363			$	457,557			$	458,075

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

		Three months ended September 30, 2022
		Debt				Warrant				Equity				Other
		Investments				Investments				Investments				Investments				Total
		(In thousands)
Level 3 assets, beginning of period		$	551,560			$	25,167			$	453			$	200			$	577,380
Purchase of investments			94,627				—				—				—				94,627
Warrants and equity received and classified as Level 3			—				964				—				—				964
Principal payments received on investments			(26,929	)			—				—				(31	)			(26,960	)
Proceeds from sale of investments			(6,088	)			(38	)			—				—				(6,126	)
Net realized (loss) gain on investments			(8,492	)			266				—				31				(8,195	)
Unrealized appreciation (depreciation) included in earnings			8,095				(3,348	)			(420	)			(100	)			4,227
Transfer out of Level 3			—				(1,117	)			—								(1,117	)
Transfer out of debt investments			(3,200	)			—				2,000				1,200				—
Other			(541	)			—				—				—				(541	)
Level 3 assets, end of period		$	609,032			$	21,894			$	2,033			$	1,300			$	634,259

		Three months ended September 30, 2021
		Debt				Warrant				Equity				Other
		Investments				Investments				Investments				Investments				Total
		(In thousands)
Level 3 assets, beginning of period		$	385,814			$	15,102			$	237			$	1,700			$	402,853
Purchase of investments			98,592				—				—				—				98,592
Warrants and equity received and classified as Level 3			—				1,394				—				—				1,394
Principal payments received on investments			(53,588	)			—				—				—				(53,588	)
Proceeds from sale of investments			(34	)			(1,519	)			—				—				(1,553	)
Net realized (loss) gain on investments			(40	)			1,384				—				—				1,344
Unrealized appreciation (depreciation) included in earnings			798				3,353				149				(375	)			3,925
Other			(1,606	)			—				—				—				(1,606	)
Level 3 assets, end of period		$	429,936			$	19,714			$	386			$	1,325			$	451,361

		Nine months ended September 30, 2022
		Debt				Warrant				Equity				Other
		Investments				Investments				Investments				Investments				Total
		(In thousands)
Level 3 assets, beginning of period		$	437,317			$	19,837			$	203			$	200			$	457,557
Purchase of investments			348,097				—				250				—				348,347
Warrants and equity received and classified as Level 3			—				2,441				—				—				2,441
Principal payments received on investments			(114,120	)			—				—				(313	)			(114,433	)
Proceeds from sale of investments			(49,088	)			(464	)			—				—				(49,552	)
Net realized (loss) gain on investments			(8,492	)			535				—				(1,137	)			(9,094	)
Unrealized appreciation (depreciation) included in earnings			1,128				662				(420	)			1,350				2,720
Transfer out of Level 3			—				(1,117	)			—								(1,117	)
Transfer out of debt investments			(3,200	)			—				2,000				1,200				—
Other			(2,610	)			—				—				—				(2,610	)
Level 3 assets, end of period		$	609,032			$	21,894			$	2,033			$	1,300			$	634,259

		Nine months ended September 30, 2021
		Debt				Warrant				Equity				Other
		Investments				Investments				Investments				Investments				Total
		(In thousands)
Level 3 assets, beginning of period		$	333,495			$	12,736			$	2,117			$	1,700			$	350,048
Purchase of investments			217,252				—				—				—				217,252
Warrants and equity received and classified as Level 3			—				2,313				—				—				2,313
Principal payments received on investments			(119,260	)			—				—				—				(119,260	)
Proceeds from sale of investments			(135	)			(3,159	)			—				(13	)			(3,307	)
Net realized (loss) gain on investments			(5,035	)			2,566				—				—				(2,469	)
Unrealized appreciation (depreciation) included in earnings			5,609				5,329				(1,682	)			(362	)			8,894
Transfer out of Level 3			—				(71	)			(49	)			—				(120	)
Other			(1,990	)			—				—				—				(1,990	)
Level 3 assets, end of period		$	429,936			$	19,714			$	386			$	1,325			$	451,361

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Publisher FASB
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-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

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