XML 37 R26.htm IDEA: XBRL DOCUMENT v3.24.3

Note 6 - Fair Value (Tables)

9 Months Ended

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

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_TableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration