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Note 6 - Fair Value (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

		September 30, 2023
		Level 1				Level 2				Level 3				Total
		(In thousands)
Debt investments		$	—			$	—			$	679,838			$	679,838
Warrant investments			—				956				25,233				26,189
Other investments			—				—				7,254				7,254
Equity investments			8,962				—				6,810				15,772
Total investments		$	8,962			$	956			$	719,135			$	729,053

		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]

September 30, 2023
		Fair			Valuation Techniques/		Unobservable				Weighted
Investment Type		Value			Methodologies		Input		Range		Average(1)
					(Dollars in thousands, except per share data)
Debt investments		$	607,193		Discounted Expected Future Cash Flows		Hypothetical Market Yield		11% – 20%			14	%
			72,645		Multiple Probability Weighted Cash Flow Model		Probability Weighting		20% - 100%			50	%
Warrant investments			25,171		Black-Scholes Valuation Model		Price Per Share		0.000 –1,89999		$	58.11
							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			7,254		Multiple Probability Weighted Cash Flow Model		Discount Rate		25%			25	%
							Probability Weighting		30% – 100%			83	%
Equity investments			6,810		Last Equity Financing		Price Per Share		0.033 –215.0303		$	18.30
Total Level 3 investments		$	719,135

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 –1.8989		$	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 September 30, 2023
		Debt				Warrant				Equity				Other
		Investments				Investments				Investments				Investments				Total
		(In thousands)
Level 3 assets, beginning of period		$	683,309			$	24,376			$	4,259			$	1,300			$	713,244
Purchase of investments			66,185				—				750				—				66,935
Warrants received and classified as Level 3			—				1,294				—				—				1,294
Principal payments received on investments			(25,726	)			—				—				—				(25,726	)
Payment-in-kind interest on investments			3,934				—				—				—				3,934
Proceeds from sale of investments			(2,528	)			(23	)			(6	)			—				(2,557	)
Net realized (loss) gain on investments			(11,440	)			(118	)			6				—				(11,552	)
Unrealized depreciation included in earnings			(18,877	)			(296	)			(1,349	)			(200	)			(20,722	)
Transfer out of Level 3			(5,000	)			—				—				—				(5,000	)
Transfer out of debt investments			(9,304	)			—				3,150				6,154				—
Other			(715	)			—				—				—				(715	)
Level 3 assets, end of period		$	679,838			$	25,233			$	6,810			$	7,254			$	719,135

		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 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

		Nine months ended September 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			153,728				—				760				—				154,488
Warrants and equity received and classified as Level 3			—				1,950				89				—				2,039
Principal payments received on investments			(90,222	)			—				—				—				(90,222	)
Payment-in-kind interest on investments			6,088				—				—				—				6,088
Proceeds from sale of investments			(9,564	)			(1,493	)			(6	)			—				(11,063	)
Net realized (loss) gain on investments			(29,105	)			1,028				(121	)			—				(28,198	)
Unrealized depreciation included in earnings			(21,325	)			(2,392	)			(2,467	)			(200	)			(26,384	)
Transfer out of Level 3			(5,000	)			—				(111	)			—				(5,111	)
Transfer out of debt investments			(12,399	)			(5	)			6,250				6,154				—
Other			1,179				—				—				—				1,179
Level 3 assets, end of period		$	679,838			$	25,233			$	6,810			$	7,254			$	719,135

		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 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

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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- 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

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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.

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