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Note 6 - Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2024
Notes Tables |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] |
|  | September 30, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Debt investments |  | $ | — |  |  | $ | — |  |  | $ | 633,284 |  |  | $ | 633,284 |
Warrant investments |  |  | — |  |  |  | 430 |  |  |  | 18,305 |  |  |  | 18,735 |
Other investments |  |  | — |  |  |  | — |  |  |  | 17,944 |  |  |  | 17,944 |
Equity investments |  |  | 560 |  |  |  | — |  |  |  | 13,477 |  |  |  | 14,037 |
Total investments |  | $ | 560 |  |  | $ | 430 |  |  | $ | 683,010 |  |  | $ | 684,000 |
|  | 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] |
September 30, 2024 |
|  | Fair |  | Valuation Techniques/ |  | Unobservable |  |  |  | Weighted |
Investment Type |  | Value |  | Methodologies |  | Input |  | Range |  | Average(1) |
|  |  |  |  | (Dollars in thousands, except per share data) |  |  |  |  |  |
Debt investments |  | $ | 597,137 |  | Discounted Expected Future Cash Flows |  | Hypothetical Market Yield |  | 12% – 20% |  |  | 14 | %
|  |  | 36,147 |  | Multiple Probability Weighted Cash Flow Model |  | Probability Weighting |  | 10% - 100% |  |  | 77 | %
Warrant investments |  |  | 18,305 |  | Black-Scholes Valuation Model |  | Price Per Share |  | 0.000 –1,898.5858 |  | $ | 65.35 |
|  |  |  |  |  |  | Average Industry Volatility |  | 25% |  |  | 25 | %
|  |  |  |  |  |  | Marketability Discount |  | 0 - 20% |  |  | 17 | %
|  |  |  |  |  |  | Estimated Time to Exit (in years) |  | 1 to 5 |  |  | 3 |
Other investments |  |  | 17,944 |  | Multiple Probability Weighted Cash Flow Model |  | Discount Rate |  | 15% – 100% |  |  | 36 | %
|  |  |  |  |  |  | Probability Weighting |  | 30% – 100% |  |  | 86 | %
Equity investments |  |  | 13,477 |  | Last Equity Financing |  | Price Per Share |  | 0.000 –14,592.6060 |  | $ | 3,532.29 |
Total Level 3 investments |  | $ | 683,010 |  |  |  |  |  |  |  |  |  |
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 –1,899.0000 |  | $ | 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 –215.0303 |  | $ | 17.15 |
Total Level 3 investments |  | $ | 706,858 |  |  |  |  |  |  |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
|  | Three months ended September 30, 2024 |
|  | Debt |  |  | Warrant |  |  | Equity |  |  | Other |  |  |  |  |
|  | Investments |  |  | Investments |  |  | Investments |  |  | Investments |  |  | Total |
|  | (In thousands) |
Level 3 assets, beginning of period |  | $ | 609,068 |  |  | $ | 21,131 |  |  | $ | 6,850 |  |  | $ | 9,183 |  |  | $ | 646,232 |
Purchase of investments |  |  | 85,782 |  |  |  | — |  |  |  | — |  |  |  | 45 |  |  |  | 85,827 |
Warrants received and classified as Level 3 |  |  | — |  |  |  | 411 |  |  |  | — |  |  |  | — |  |  |  | 411 |
Principal payments received on investments |  |  | (44,347 | ) |  |  | — |  |  |  | — |  |  |  | (45 | ) |  |  | (44,392 | )
Payment-in-kind interest on investments |  |  | 377 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 377 |
Proceeds from sale of investments |  |  | (69 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (69 | )
Net realized loss on investments |  |  | (33,385 | ) |  |  | (509 | ) |  |  | — |  |  |  | — |  |  |  | (33,894 | )
Unrealized appreciation (depreciation) included in earnings |  |  | 37,574 |  |  |  | (2,655 | ) |  |  | (162 | ) |  |  | (5,783 | ) |  |  | 28,974 |
Transfer out of warrant investments |  |  | (21,260 | ) |  |  | (73 | ) |  |  | 6,789 |  |  |  | 14,544 |  |  |  | — |
Other |  |  | (456 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (456 | )
Level 3 assets, end of period |  | $ | 633,284 |  |  | $ | 18,305 |  |  | $ | 13,477 |  |  | $ | 17,944 |  |  | $ | 683,010 |
|  | 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 |
|  | Nine months ended September 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 |  |  | 119,564 |  |  |  | — |  |  |  | 1,250 |  |  |  | 397 |  |  |  | 121,211 |
Warrants received and classified as Level 3 |  |  | — |  |  |  | 1,628 |  |  |  | — |  |  |  | — |  |  |  | 1,628 |
Principal payments received on investments |  |  | (120,333 | ) |  |  | — |  |  |  | — |  |  |  | (115 | ) |  |  | (120,448 | )
Payment-in-kind interest on investments |  |  | 2,114 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,114 |
Proceeds from sale of investments |  |  | (113 | ) |  |  | (4 | ) |  |  | — |  |  |  | (40 | ) |  |  | (157 | )
Net realized (loss) gain on investments |  |  | (33,344 | ) |  |  | 2,091 |  |  |  | — |  |  |  | 40 |  |  |  | (31,213 | )
Unrealized appreciation (depreciation) included in earnings |  |  | 18,564 |  |  |  | (5,631 | ) |  |  | (4,524 | ) |  |  | (6,503 | ) |  |  | 1,906 |
Transfer out of debt and warrant investments |  |  | (24,451 | ) |  |  | (2,754 | ) |  |  | 9,470 |  |  |  | 17,735 |  |  |  | — |
Other |  |  | 1,111 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,111 |
Level 3 assets, end of period |  | $ | 633,284 |  |  | $ | 18,305 |  |  | $ | 13,477 |  |  | $ | 17,944 |  |  | $ | 683,010 |
|  | 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 |

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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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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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 Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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