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Note 6 - Fair Value (Tables)

6 Months Ended

Jun. 30, 2025

Notes Tables

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

		June 30, 2025
		Level 1				Level 2				Level 3				Total
		(In thousands)
Debt investments		$	—			$	—			$	579,171			$	579,171
Warrant investments			—				1,173				20,456				21,629
Other investments			—				—				8,451				8,451
Equity investments			490				—				12,912				13,402
Total investments		$	490			$	1,173			$	620,990			$	622,653

		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]

June 30, 2025
		Fair			Valuation Techniques/		Unobservable				Weighted
Investment Type		Value			Methodologies		Input		Range		Average(1)
					(Dollars in thousands, except per share data)
Debt investments		$	540,426		Discounted Expected Future Cash Flows		Hypothetical Market Yield		10% – 20%			13	%
			38,745		Multiple Probability Weighted Cash Flow Model		Probability Weighting		0% - 100%			47	%
Warrant investments			15,193		Black-Scholes Valuation Model		Price Per Share		0.000 –807.9191		$	16.26
							Average Industry Volatility		24%			24	%
							Marketability Discount		0 - 20%			20	%
							Estimated Time to Exit (in years)		1 to 5			3
			2,712		Expected Proceeds		Price Per Share		$32.69		$	32.69
			2,551		Conversion Model		Price Per Share		$3.99		$	3.99
Other investments			8,451		Multiple Probability Weighted Cash Flow Model		Discount Rate		25% – 30%			26	%
							Probability Weighting		0% – 100%			97	%
Equity investments			11,631		Last Equity Financing		Price Per Share		0.066 –215.0303		$	54.69
			1,281		Multiple Probability Weighted Scenario Model		Probability Weighting		20% – 100%			33	%
Total Level 3 investments		$	620,990

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		0.000 –807.9191		$	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		0.066 –215.0303		$	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 June 30, 2025
		Debt				Warrant				Equity				Other
		Investments				Investments				Investments				Investments				Total
		(In thousands)
Level 3 assets, beginning of period		$	643,567			$	17,159			$	12,974			$	13,697			$	687,397
Purchase of investments			42,225				—				144				—				42,369
Warrants received and classified as Level 3			—				117				—				—				117
Principal payments received on investments			(78,493	)			—				—				—				(78,493	)
PIK interest on investments			243				—				—				—				243
Proceeds from sale of investments			(1	)			(579	)			(203	)			—				(783	)
Net realized (loss) gain on investments			(9,364	)			(99	)			169				—				(9,294	)
Unrealized (depreciation) appreciation included in earnings			(18,005	)			3,858				(172	)			(7,339	)			(21,658	)
Transfer out of debt investments			(2,093	)			—				—				2,093				—
Other			1,092				—				—				—				1,092
Level 3 assets, end of period		$	579,171			$	20,456			$	12,912			$	8,451			$	620,990

		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

		Six months ended June 30, 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			113,854				—				2,189				15				116,058
Warrants received and classified as Level 3			—				282				—				—				282
Principal payments received on investments			(129,238	)			—				—				—				(129,238	)
PIK interest on investments			528				—				—				—				528
Proceeds from sale of investments			(2	)			(579	)			(203	)			—				(784	)
Net realized (loss) gain on investments			(9,363	)			(99	)			169				—				(9,293	)
Unrealized (depreciation) appreciation included in earnings			(34,811	)			4,414				(14,854	)			(8,294	)			(53,545	)
Transfer out of debt investments			(2,093	)			—				—				2,093				—
Other			1,517				—				—				—				1,517
Level 3 assets, end of period		$	579,171			$	20,456			$	12,912			$	8,451			$	620,990

		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	)
PIK 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 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

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).

+ References

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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.

+ References

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