XML 38 R27.htm IDEA: XBRL DOCUMENT v3.25.3

Note 6 - Fair Value (Tables)

9 Months Ended

Sep. 30, 2025

Notes Tables

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

		September 30, 2025
		Level 1				Level 2				Level 3				Total
		(In thousands)
Debt investments		$	—			$	—			$	560,190			$	560,190
Warrant investments			—				1,102				15,342				16,444
Other investments			—				—				3,181				3,181
Equity investments			2,584				—				21,115				23,699
Total investments		$	2,584			$	1,102			$	599,828			$	603,514

		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]

September 30, 2025
		Fair			Valuation Techniques/		Unobservable				Weighted
Investment Type		Value			Methodologies		Input		Range		Average(1)
					(Dollars in thousands, except per share data)
Debt investments		$	512,584		Discounted Expected Future Cash Flows		Hypothetical Market Yield		10% – 25%			13	%
			47,606		Multiple Probability Weighted Cash Flow Model		Probability Weighting		30% - 100%			71	%
Warrant investments			15,342		Black-Scholes Valuation Model		Price Per Share		$0.00 – $807.91		$	20.75
							Average Industry Volatility		24%			24	%
							Marketability Discount		0 - 20%			20	%
							Estimated Time to Exit (in years)		1 to 5			3
Other investments			3,181		Multiple Probability Weighted Cash Flow Model		Discount Rate		25% – 100%			46	%
							Probability Weighting		0% – 100%			100	%
Equity investments			21,115		Last Equity Financing		Price Per Share		$0.06 – $215.03		$	14.13
			—		Multiple Probability Weighted Scenario Model		Probability Weighting		100%			100	%
Total Level 3 investments		$	599,828

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 September 30, 2025
		Debt				Warrant				Equity				Other
		Investments				Investments				Investments				Investments				Total
		(In thousands)
Level 3 assets, beginning of period		$	579,171			$	20,456			$	12,912			$	8,451			$	620,990
Purchase of investments			32,441				750				3,772				784				37,747
Warrants and equity received and classified as Level 3			—				61				3,209				—				3,270
Principal payments received on investments			(73,342	)			—				—				(2,024	)			(75,366	)
PIK interest on investments			664				—				—				—				664
Proceeds from sale of investments			(2	)			(2,724	)			(643	)			(1,164	)			(4,533	)
Net realized (loss) gain on investments			(371	)			4,319				(17,931	)			(8,544	)			(22,527	)
Unrealized appreciation (depreciation) included in earnings			31,988				(4,919	)			9,796				4,246				41,111
Transfer out of Level 3			—				(2,601	)			—				(16	)			(2,617	)
Transfer out of debt investments			(11,448	)			—				10,000				1,448				—
Other			1,089				—				—				—				1,089
Level 3 assets, end of period		$	560,190			$	15,342			$	21,115			$	3,181			$	599,828

		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	)
PIK 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

		Nine months ended September 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			146,295				750				5,961				799				153,805
Warrants and equity received and classified as Level 3			—				343				3,209				—				3,552
Principal payments received on investments			(202,580	)			—				—				(2,024	)			(204,604	)
PIK interest on investments			1,192				—				—				—				1,192
Proceeds from sale of investments			(4	)			(3,303	)			(846	)			(1,164	)			(5,317	)
Net realized (loss) gain on investments			(9,734	)			4,220				(17,762	)			(8,544	)			(31,820	)
Unrealized depreciation included in earnings			(2,823	)			(505	)			(5,058	)			(4,048	)			(12,434	)
Transfer out of Level 3			—				(2,601	)			—				(16	)			(2,617	)
Transfer out of debt investments			(13,541	)			—				10,000				3,541				—
Other			2,606				—				—				—				2,606
Level 3 assets, end of period		$	560,190			$	15,342			$	21,115			$	3,181			$	599,828

		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	)
PIK 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

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/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

Reference 2: 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 3: 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

+ 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