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Note 6 - Fair Value (Tables) | 6 Months Ended
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Jun. 30, 2023
Notes Tables |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] |
|  | June 30, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Debt investments |  | $ | — |  |  | $ | — |  |  | $ | 683,309 |  |  | $ | 683,309 |
Warrant investments |  |  | — |  |  |  | 1,107 |  |  |  | 24,376 |  |  |  | 25,483 |
Other investments |  |  | — |  |  |  | — |  |  |  | 1,300 |  |  |  | 1,300 |
Equity investments |  |  | 1,040 |  |  |  | — |  |  |  | 4,259 |  |  |  | 5,299 |
Total investments |  | $ | 1,040 |  |  | $ | 1,107 |  |  | $ | 713,244 |  |  | $ | 715,391 |
|  | December 31, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Debt investments |  | $ | — |  |  | $ | — |  |  | $ | 686,458 |  |  | $ | 686,458 |
Warrant investments |  |  | — |  |  |  | 3,567 |  |  |  | 26,145 |  |  |  | 29,712 |
Other investments |  |  | — |  |  |  | — |  |  |  | 1,300 |  |  |  | 1,300 |
Equity investments |  |  | 140 |  |  |  | — |  |  |  | 2,416 |  |  |  | 2,556 |
Total investments |  | $ | 140 |  |  | $ | 3,567 |  |  | $ | 716,319 |  |  | $ | 720,026 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] |
June 30, 2023 |
|  | Fair |  | Valuation Techniques/ |  | Unobservable |  |  |  | Weighted |
Investment Type |  | Value |  | Methodologies |  | Input |  | Range |  | Average(1) |
|  |  |  |  | (Dollars in thousands, except per share data) |  |  |  |  |  |
Debt investments |  | $ | 611,524 |  | Discounted Expected Future Cash Flows |  | Hypothetical Market Yield |  | 11% – 24% |  |  | 14 | %
|  |  | 71,785 |  | Multiple Probability Weighted Cash Flow Model |  | Probability Weighting |  | 5% - 100% |  |  | 50 | %
Warrant investments |  |  | 24,314 |  | Black-Scholes Valuation Model |  | Price Per Share |  | 0.000 –1,89999 |  | $ | 59.21 |
|  |  |  |  |  |  | Average Industry Volatility |  | 28% |  |  | 28 | %
|  |  |  |  |  |  | Marketability Discount |  | 20% |  |  | 20 | %
|  |  |  |  |  |  | Estimated Time to Exit (in years) |  | 1 to 5 |  |  | 3 |
|  |  | 62 |  | Expected Proceeds |  | Price Per Share |  | $0.25 |  | $ | 0.25 |
Other investments |  |  | 1,300 |  | Multiple Probability Weighted Cash Flow Model |  | Discount Rate |  | 25% |  |  | 25 | %
|  |  |  |  |  |  | Probability Weighting |  | 100% |  |  | 100 | %
Equity investments |  |  | 4,259 |  | Last Equity Financing |  | Price Per Share |  | $0.03– $215.03 |  | $ | 27.56 |
Total Level 3 investments |  | $ | 713,244 |  |  |  |  |  |  |  |  |  |
December 31, 2022 |
|  | Fair |  | Valuation Techniques/ |  | Unobservable |  |  |  | Weighted |
Investment Type |  | Value |  | Methodologies |  | Input |  | Range |  | Average(1) |
|  |  |  |  | (Dollars in thousands, except per share data) |  |  |  |  |  |
Debt investments |  | $ | 669,617 |  | Discounted Expected Future Cash Flows |  | Hypothetical Market Yield |  | 3% – 22% |  |  | 14 | %
|  |  | 16,545 |  | Multiple Probability Weighted Cash Flow Model |  | Probability Weighting |  | 10% - 75% |  |  | 31 | %
|  |  | 296 |  | Convertible Note Analysis |  | Price Per Share |  | $168.93 |  | $ | 168.93 |
Warrant investments |  |  | 26,145 |  | Black-Scholes Valuation Model |  | Price Per Share |  | 0.000 –1.89999 |  | $ | 58.52 |
|  |  |  |  |  |  | Average Industry Volatility |  | 28% |  |  | 28 | %
|  |  |  |  |  |  | Marketability Discount |  | 20% |  |  | 20 | %
|  |  |  |  |  |  | Estimated Time to Exit (in years) |  | 1 to 5 |  |  | 3 |
Other investments |  |  | 1,300 |  | Multiple Probability Weighted Cash Flow Model |  | Discount Rate |  | 25% |  |  | 25 | %
|  |  |  |  |  |  | Probability Weighting |  | 100% |  |  | 100 | %
Equity investments |  |  | 2,416 |  | Last Equity Financing |  | Price Per Share |  | $1.00– $215.03 |  | $ | 26.93 |
Total Level 3 investments |  | $ | 716,319 |  |  |  |  |  |  |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
|  | Three months ended June 30, 2023 |
|  | Debt |  |  | Warrant |  |  | Equity |  |  | Other |  |  |  |  |
|  | Investments |  |  | Investments |  |  | Investments |  |  | Investments |  |  | Total |
|  | (In thousands) |
Level 3 assets, beginning of period |  | $ | 684,554 |  |  | $ | 24,638 |  |  | $ | 2,915 |  |  | $ | 1,300 |  |  | $ | 713,407 |
Purchase of investments |  |  | 40,545 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 40,545 |
Warrants and equity received and classified as Level 3 |  |  | — |  |  |  | 515 |  |  |  | 89 |  |  |  | — |  |  |  | 604 |
Principal payments received on investments |  |  | (24,740 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (24,740 | )
Payment-in-kind interest on investments |  |  | 950 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 950 |
Proceeds from sale of investments |  |  | (528 | ) |  |  | (1,458 | ) |  |  | — |  |  |  | — |  |  |  | (1,986 | )
Net realized (loss) gain on investments |  |  | (17,672 | ) |  |  | 1,287 |  |  |  | (127 | ) |  |  | — |  |  |  | (16,512 | )
Unrealized appreciation (depreciation) included in earnings |  |  | 2,118 |  |  |  | (606 | ) |  |  | (1,307 | ) |  |  | — |  |  |  | 205 |
Transfer out of Level 3 |  |  | — |  |  |  | — |  |  |  | (111 | ) |  |  | — |  |  |  | (111 | )
Transfer out of debt investments |  |  | (2,800 | ) |  |  | — |  |  |  | 2,800 |  |  |  | — |  |  |  | — |
Other |  |  | 882 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 882 |
Level 3 assets, end of period |  | $ | 683,309 |  |  | $ | 24,376 |  |  | $ | 4,259 |  |  | $ | 1,300 |  |  | $ | 713,244 |
|  | Three months ended June 30, 2022 |
|  | Debt |  |  | Warrant |  |  | Equity |  |  | Other |  |  |  |  |
|  | Investments |  |  | Investments |  |  | Investments |  |  | Investments |  |  | Total |
|  | (In thousands) |
Level 3 assets, beginning of period |  | $ | 492,194 |  |  | $ | 21,645 |  |  | $ | 203 |  |  | $ | 200 |  |  | $ | 514,242 |
Purchase of investments |  |  | 158,985 |  |  |  | — |  |  |  | 250 |  |  |  | — |  |  |  | 159,235 |
Warrants received and classified as Level 3 |  |  | — |  |  |  | 669 |  |  |  | — |  |  |  | — |  |  |  | 669 |
Principal payments received on investments |  |  | (73,096 | ) |  |  | — |  |  |  | — |  |  |  | (232 | ) |  |  | (73,328 | )
Proceeds from sale of investments |  |  | (21,750 | ) |  |  | (396 | ) |  |  | — |  |  |  | — |  |  |  | (22,146 | )
Net realized gain (loss) on investments |  |  | — |  |  |  | 239 |  |  |  | — |  |  |  | (1,168 | ) |  |  | (929 | )
Unrealized (depreciation) appreciation included in earnings |  |  | (3,797 | ) |  |  | 3,010 |  |  |  | — |  |  |  | 1,400 |  |  |  | 613 |
Other |  |  | (976 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (976 | )
Level 3 assets, end of period |  | $ | 551,560 |  |  | $ | 25,167 |  |  | $ | 453 |  |  | $ | 200 |  |  | $ | 577,380 |
|  | Six months ended June 30, 2023 |
|  | Debt |  |  | Warrant |  |  | Equity |  |  | Other |  |  |  |  |
|  | Investments |  |  | Investments |  |  | Investments |  |  | Investments |  |  | Total |
|  | (In thousands) |
Level 3 assets, beginning of period |  | $ | 686,458 |  |  | $ | 26,145 |  |  | $ | 2,416 |  |  | $ | 1,300 |  |  | $ | 716,319 |
Purchase of investments |  |  | 87,543 |  |  |  | — |  |  |  | 10 |  |  |  | — |  |  |  | 87,553 |
Warrants and equity received and classified as Level 3 |  |  | — |  |  |  | 656 |  |  |  | 89 |  |  |  | — |  |  |  | 745 |
Principal payments received on investments |  |  | (64,496 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (64,496 | )
Payment-in-kind interest on investments |  |  | 2,154 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,154 |
Proceeds from sale of investments |  |  | (7,036 | ) |  |  | (1,470 | ) |  |  | — |  |  |  | — |  |  |  | (8,506 | )
Net realized (loss) gain on investments |  |  | (17,665 | ) |  |  | 1,146 |  |  |  | (127 | ) |  |  | — |  |  |  | (16,646 | )
Unrealized depreciation included in earnings |  |  | (2,448 | ) |  |  | (2,096 | ) |  |  | (1,118 | ) |  |  | — |  |  |  | (5,662 | )
Transfer out of Level 3 |  |  | — |  |  |  | — |  |  |  | (111 | ) |  |  | — |  |  |  | (111 | )
Transfer out of debt investments |  |  | (3,095 | ) |  |  | (5 | ) |  |  | 3,100 |  |  |  | — |  |  |  | — |
Other |  |  | 1,894 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,894 |
Level 3 assets, end of period |  | $ | 683,309 |  |  | $ | 24,376 |  |  | $ | 4,259 |  |  | $ | 1,300 |  |  | $ | 713,244 |
|  | Six months ended June 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 |  |  | 253,470 |  |  |  | — |  |  |  | 250 |  |  |  | — |  |  |  | 253,720 |
Warrants received and classified as Level 3 |  |  | — |  |  |  | 1,477 |  |  |  | — |  |  |  | — |  |  |  | 1,477 |
Principal payments received on investments |  |  | (87,191 | ) |  |  | — |  |  |  | — |  |  |  | (282 | ) |  |  | (87,473 | )
Proceeds from sale of investments |  |  | (43,000 | ) |  |  | (426 | ) |  |  | — |  |  |  | — |  |  |  | (43,426 | )
Net realized gain (loss) on investments |  |  | — |  |  |  | 269 |  |  |  | — |  |  |  | (1,168 | ) |  |  | (899 | )
Unrealized (depreciation) appreciation included in earnings |  |  | (6,967 | ) |  |  | 4,010 |  |  |  | — |  |  |  | 1,450 |  |  |  | (1,507 | )
Other |  |  | (2,069 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,069 | )
Level 3 assets, end of period |  | $ | 551,560 |  |  | $ | 25,167 |  |  | $ | 453 |  |  | $ | 200 |  |  | $ | 577,380 |

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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