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Note 6 - Fair Value (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

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

		June 30, 2024
		Level 1				Level 2				Level 3				Total
		(In thousands)
Debt investments		$	—			$	—			$	609,068			$	609,068
Warrant investments			—				328				21,131				21,459
Other investments			—				—				9,183				9,183
Equity investments			302				—				6,850				7,152
Total investments		$	302			$	328			$	646,232			$	646,862

		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]

June 30, 2024
		Fair			Valuation Techniques/		Unobservable				Weighted
Investment Type		Value			Methodologies		Input		Range		Average(1)
					(Dollars in thousands, except per share data)
Debt investments		$	556,542		Discounted Expected Future Cash Flows		Hypothetical Market Yield		12% – 25%			15	%
			52,526		Multiple Probability Weighted Cash Flow Model		Probability Weighting		5% - 100%			64	%
Warrant investments			21,069		Black-Scholes Valuation Model		Price Per Share		0.00 –1,898.58		$	74.78
							Average Industry Volatility		25%			25	%
							Marketability Discount		0 - 20%			17	%
							Estimated Time to Exit (in years)		1 to 5			3
			62		Expected Proceeds		Price Per Share		$0.25		$	0.25
Other investments			9,183		Multiple Probability Weighted Cash Flow Model		Discount Rate		25%			25	%
							Probability Weighting		30% – 100%			75	%
Equity investments			6,850		Last Equity Financing		Price Per Share		0.00 –215.03		$	22.31
Total Level 3 investments		$	646,232

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		0.00 –1,899.00		$	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		0.56 –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 June 30, 2024
		Debt				Warrant				Equity				Other
		Investments				Investments				Investments				Investments				Total
		(In thousands)
Level 3 assets, beginning of period		$	670,773			$	23,156			$	6,825			$	9,192			$	709,946
Purchase of investments			11,605				—				500				(40	)			12,065
Warrants received and classified as Level 3			—				1,089				—				—				1,089
Principal payments received on investments			(56,906	)			—				—				493				(56,413	)
Payment-in-kind interest on investments			355				—				—				—				355
Proceeds from sale of investments			(3	)			(4	)			—				(40	)			(47	)
Net realized gain on investments			3				2,617				—				40				2,660
Unrealized depreciation included in earnings			(17,501	)			(3,046	)			(3,156	)			(462	)			(24,165	)
Transfer out of warrant investments			—				(2,681	)			2,681				—				—
Other			742				—				—				—				742
Level 3 assets, end of period		$	609,068			$	21,131			$	6,850			$	9,183			$	646,232

		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

		Six months ended June 30, 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			33,782				—				1,250				352				35,384
Warrants received and classified as Level 3			—				1,217				—				—				1,217
Principal payments received on investments			(75,986	)			—				—				(70	)			(76,056	)
Payment-in-kind interest on investments			1,737				—				—				—				1,737
Proceeds from sale of investments			(44	)			(4	)			—				(40	)			(88	)
Net realized gain (loss) on investments			41				2,600				—				40				2,681
Unrealized depreciation included in earnings			(19,010	)			(2,976	)			(4,362	)			(720	)			(27,068	)
Transfer out of debt and warrant investments			(3,191	)			(2,681	)			2,681				3,191				—
Other			1,567				—				—				—				1,567
Level 3 assets, end of period		$	609,068			$	21,131			$	6,850			$	9,183			$	646,232

		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

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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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).

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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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