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Note 6 - Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

Notes Tables

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

		*March 31, 2025*
		*Level 1*				*Level 2*				*Level 3*				*Total*
		(In thousands)
Debt investments		$	—			$	—			$	643,567			$	643,567
Warrant investments			—				1,444				17,159				18,603
Other investments			—				—				13,697				13,697
Equity investments			712				—				12,974				13,686
Total investments		$	712			$	1,444			$	687,397			$	689,553

		*December 31, 2024*
		*Level 1*				*Level 2*				*Level 3*				*Total*
		(In thousands)
Debt investments		$	—			$	—			$	638,779			$	638,779
Warrant investments			—				1,839				16,438				18,277
Other investments			—				—				14,637				14,637
Equity investments			587				—				25,611				26,198
Total investments		$	587			$	1,839			$	695,465			$	697,891

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

*March 31, 2025*
		*Fair*			*Valuation Techniques/*		*Unobservable*				*Weighted*
Investment Type		*Value*			*Methodologies*		*Input*		*Range*		*Average(1)*
					(Dollars in thousands, except per share data)
Debt investments		$	628,070		Discounted Expected Future Cash Flows		Hypothetical Market Yield		11% – 25%			14	%

			15,497		Multiple Probability Weighted Cash Flow Model		Probability Weighting		5% - 100%			60	%

Warrant investments			17,159		Black-Scholes Valuation Model		Price Per Share		0.00 –807.91		$	16.09
							Average Industry Volatility		24%			24	%
							Marketability Discount		0 - 20%			19	%
							Estimated Time to Exit (in years)		1 to 5			3

Other investments			13,697		Multiple Probability Weighted Cash Flow Model		Discount Rate		15% – 25%			18	%
							Probability Weighting		25% – 100%			90	%

Equity investments			11,693		Last Equity Financing		Price Per Share		0.06 –215.03		$	54.28

			1,281		Multiple Probability Weighted Scenario Model		Probability Weighting		20% – 100%			33	%

Total Level 3 investments		$	687,397

*December 31, 2024*
		*Fair*			*Valuation Techniques/*		*Unobservable*				*Weighted*
Investment Type		*Value*			*Methodologies*		*Input*		*Range*		*Average(1)*
					(Dollars in thousands, except per share data)
Debt investments		$	628,325		Discounted Expected Future Cash Flows		Hypothetical Market Yield		11% – 20%			14	%

			10,454		Multiple Probability Weighted Cash Flow Model		Probability Weighting		10% - 100%			57	%

Warrant investments			16,438		Black-Scholes Valuation Model		Price Per Share		0.00 –807.91		$	16.80
							Average Industry Volatility		24%			24	%
							Marketability Discount		0 - 20%			15	%
							Estimated Time to Exit (in years)		1 to 5			3

Other investments			14,637		Multiple Probability Weighted Cash Flow Model		Discount Rate		15% – 25%			18	%
							Probability Weighting		30% – 100%			90	%

Equity investments			21,648		Last Equity Financing		Price Per Share		0.06 –215.03		$	30.47

			3,963		Multiple Probability Weighted Scenario Model		Probability Weighting		10% – 100%			33	%

Total Level 3 investments		$	695,465

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

		*Three months ended March 31, 2025*
		*Debt*				*Warrant*				*Equity*				*Other*
		*Investments*				*Investments*				*Investments*				*Investments*				*Total*
		(In thousands)
Level 3 assets, beginning of period		$	638,779			$	16,438			$	25,611			$	14,637			$	695,465
Purchase of investments			71,629				—				2,045				15				73,689
Warrants received and classified as Level 3			—				165				—				—				165
Principal payments received on investments			(50,745	)			—				—				—				(50,745	)
PIK interest on investments			285				—				—				—				285
Proceeds from sale of investments			(1	)			—				—				—				(1	)
Net realized gain on investments			1				—				—				—				1
Unrealized (depreciation) appreciation included in earnings			(16,806	)			556				(14,682	)			(955	)			(31,887	)
Other			425				—				—				—				425
Level 3 assets, end of period		$	643,567			$	17,159			$	12,974			$	13,697			$	687,397

		*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	)
PIK 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

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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