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Note 6 - Fair Value (Tables)

6 Months Ended

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

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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-Paragraph 2
-Subparagraph (bbb)
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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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-Subparagraph (c)
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