XML 36 R25.htm IDEA: XBRL DOCUMENT

Note 6 - Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

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

		*March 31, 2024*
		*Level 1*				*Level 2*				*Level 3*				*Total*
		(In thousands)
Debt investments		$	—			$	—			$	670,773			$	670,773
Warrant investments			—				772				23,156				23,928
Other investments			—				—				9,192				9,192
Equity investments			398				—				6,825				7,223
Total investments		$	398			$	772			$	709,946			$	711,116

		*December 31, 2023*
		*Level 1*				*Level 2*				*Level 3*				*Total*
		(In thousands)
Debt investments		$	—			$	—			$	670,172			$	670,172
Warrant investments			—				1,619				22,975				24,594
Other investments			—				—				6,430				6,430
Equity investments			608				—				7,281				7,889
Total investments		$	608			$	1,619			$	706,858			$	709,085

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

*March 31, 2024*
		*Fair*			*Valuation Techniques/*		*Unobservable*				*Weighted*
Investment Type		*Value*			*Methodologies*		*Input*		*Range*		*Average(1)*
					(Dollars in thousands, except per share data)
Debt investments		$	619,773		Discounted Expected Future Cash Flows		Hypothetical Market Yield		11% – 20%			15	%

			51,000		Multiple Probability Weighted Cash Flow Model		Probability Weighting		5% - 95%			44	%

Warrant investments			23,094		Black-Scholes Valuation Model		Price Per Share		0.000 –1,898.58		$	61.04
							Average Industry Volatility		25%			25	%
							Marketability Discount		0 - 20%			18	%
							Estimated Time to Exit (in years)		1 to 5			3
			62		Expected Proceeds		Price Per Share		$0.25		$	0.25

Other investments			9,192		Multiple Probability Weighted Cash Flow Model		Discount Rate		25%			25	%
							Probability Weighting		30% – 100%			75	%

Equity investments			6,825		Last Equity Financing		Price Per Share		0.000 –215.03		$	18.21

Total Level 3 investments		$	709,946

*December 31, 2023*
		*Fair*			*Valuation Techniques/*		*Unobservable*				*Weighted*
Investment Type		*Value*			*Methodologies*		*Input*		*Range*		*Average(1)*
					(Dollars in thousands, except per share data)
Debt investments		$	617,529		Discounted Expected Future Cash Flows		Hypothetical Market Yield		11% – 24%			15	%

			52,643		Multiple Probability Weighted Cash Flow Model		Probability Weighting		20% - 100%			50	%

Warrant investments			22,913		Black-Scholes Valuation Model		Price Per Share		0.000 –1,899		$	64.95
							Average Industry Volatility		25%			25	%
							Marketability Discount		0 - 20%			18	%
							Estimated Time to Exit (in years)		1 to 5			3
			62		Expected Proceeds		Price Per Share		$0.25		$	0.25

Other investments			6,430		Multiple Probability Weighted Cash Flow Model		Discount Rate		25%			25	%
							Probability Weighting		30% – 100%			81	%

Equity investments			7,281		Last Equity Financing		Price Per Share		0.566 –215.03		$	17.15

Total Level 3 investments		$	706,858

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

		*Three months ended March 31, 2024*
		*Debt*				*Warrant*				*Equity*				*Other*
		*Investments*				*Investments*				*Investments*				*Investments*				*Total*
		(In thousands)
Level 3 assets, beginning of period		$	670,172			$	22,975			$	7,281			$	6,430			$	706,858
Purchase of investments			22,177				—				750				392				23,319
Warrants received and classified as Level 3			—				128				—				—				128
Principal payments received on investments			(19,080	)			—				—				(563	)			(19,643	)
Payment-in-kind interest on investments			1,382				—				—				—				1,382
Proceeds from sale of investments			(41	)			—				—				—				(41	)
Net realized gain (loss) on investments			38				(17	)			—				—				21
Unrealized (depreciation) appreciation included in earnings			(1,509	)			70				(1,206	)			(258	)			(2,903	)
Transfer out of debt investments			(3,191	)			—				—				3,191				—
Other			825				—				—				—				825
Level 3 assets, end of period		$	670,773			$	23,156			$	6,825			$	9,192			$	709,946

		*Three months ended March 31, 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			46,998				—				10				—				47,008
Warrants received and classified as Level 3			—				141				—				—				141
Principal payments received on investments			(39,756	)			—				—				—				(39,756	)
Payment-in-kind interest on investments			1,204				—				—				—				1,204
Proceeds from sale of investments			(6,508	)			(12	)			—				—				(6,520	)
Net realized gain (loss) on investments			7				(141	)			—				—				(134	)
Unrealized (depreciation) appreciation included in earnings			(4,566	)			(1,490	)			189				—				(5,867	)
Transfer out of debt investments			(295	)			(5	)			300				—				—
Other			1,012				—				—				—				1,012
Level 3 assets, end of period		$	684,554			$	24,638			$	2,915			$	1,300			$	713,407

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 + Details