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Note 6 - Fair Value (Tables)

6 Months Ended

Jun. 30, 2026

Notes Tables

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

		June 30, 2026
		Level 1				Level 2				Level 3				Total
		(In thousands)
Debt investments		$	—			$	—			$	647,999			$	647,999
Warrant investments			—				2,590				14,113				16,703
Other investments			—				—				4,037				4,037
Equity investments			1,875				—				5,882				7,757
Equity interest in RoHo Joint Venture (1)			—				—				—				215
Total investments		$	1,875			$	2,590			$	672,031			$	676,711

		December 31, 2025
		Level 1				Level 2				Level 3				Total
		(In thousands)
Debt investments		$	—			$	—			$	596,025			$	596,025
Warrant investments			—				1,916				14,732				16,648
Other investments			—				—				3,444				3,444
Equity investments			3,988				—				27,139				31,127
Total investments		$	3,988			$	1,916			$	641,340			$	647,244

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

June 30, 2026
		Fair			Valuation Techniques/		Unobservable				Weighted
Investment Type		Value			Methodologies		Input		Range		Average(1)
					(Dollars in thousands, except per share data)
Debt investments		$	581,983		Discounted Expected Future Cash Flows		Hypothetical Market Yield		9% – 20%			12	%
			66,016		Multiple Probability Weighted Cash Flow Model		Probability Weighting		5% – 100%			50	%
Warrant investments			14,113		Black-Scholes Valuation Model		Asset Value Per Share		$0.00 – $807.91		$	11.94
							Average Industry Volatility		24%			24	%
							Marketability Discount		0% – 20%			20	%
							Estimated Time to Exit (in years)		1 to 5			3
Other investments			4,037		Multiple Probability Weighted Cash Flow Model		Discount Rate		10% – 100%			40	%
							Probability Weighting		100%			100	%
Equity investments			5,882		Last Equity Financing		Price Per Share		$0.06 – $1,000.00		$	663.72
							Discount Rate		0% – 20%			13	%
			—		Scenario Model		Probability Weighting		100%			100	%
Total Level 3 investments		$	672,031

December 31, 2025
		Fair			Valuation Techniques/		Unobservable				Weighted
Investment Type		Value			Methodologies		Input		Range		Average(1)
					(Dollars in thousands, except per share data)
Debt investments		$	558,294		Discounted Expected Future Cash Flows		Hypothetical Market Yield		11% – 20%			13	%
			37,731		Multiple Probability Weighted Cash Flow Model		Probability Weighting		30% – 100%			56	%
Warrant investments			14,732		Black-Scholes Valuation Model		Asset Value Per Share		$0.00 – $807.91		$	13.72
							Average Industry Volatility		24%			24	%
							Marketability Discount		0 – 20%			20	%
							Estimated Time to Exit (in years)		1 to 5			3
Other investments			3,444		Multiple Probability Weighted Cash Flow Model		Discount Rate		20% – 100%			44	%
							Probability Weighting		0% – 100%			100	%
Equity investments			27,139		Last Equity Financing		Price Per Share		$0.06 – $1,000.00		$	186.54
			—		Scenario Model		Probability Weighting		100%			100	%
Total Level 3 investments		$	641,340

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

		Three months ended June 30, 2026
		Debt				Warrant				Equity				Other
		Investments				Investments				Investments				Investments				Total
		(In thousands)
Level 3 assets, beginning of period		$	645,629			$	14,994			$	27,139			$	3,664			$	691,426
Purchase of investments			72,762				—				—				—				72,762
Warrants received and classified as Level 3							247				—				—				247
Principal payments received on investments			(46,859	)			—				—				(264	)			(47,123	)
PIK interest on investments			1,566				—				—				—				1,566
Proceeds from sale of investments			(1	)			(1,229	)			(622	)			(52	)			(1,904	)
Net realized gain (loss) on investments			1				955				200				(7,278	)			(6,122	)
Unrealized (depreciation) appreciation included in earnings			(25,005	)			(431	)			(20,712	)			7,510				(38,638	)
Transfer out of Level 3			—				(89	)			—				—				(89	)
Transfer out of warrant and equity investments			—				(334	)			(123	)			457				—
Other			(94	)			—				—				—				(94	)
Level 3 assets, end of period		$	647,999			$	14,113			$	5,882			$	4,037			$	672,031

		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

		Six months ended June 30, 2026
		Debt				Warrant				Equity				Other
		Investments				Investments				Investments				Investments				Total
		(In thousands)
Level 3 assets, beginning of period		$	596,025			$	14,732			$	27,139			$	3,444			$	641,340
Purchase of investments			162,766				—				—				—				162,766
Warrants received and classified as Level 3			—				618				—				—				618
Principal payments received on investments			(84,749	)			—				—				(422	)			(85,171	)
PIK interest on investments			2,844				—				—				—				2,844
Proceeds from sale of investments			(1	)			(1,230	)			(641	)			(136	)			(2,008	)
Net realized gain (loss) on investments			2				690				219				(7,194	)			(6,283	)
Unrealized (depreciation) appreciation included in earnings			(27,965	)			(274	)			(20,712	)			7,888				(41,063	)
Transfer out of Level 3			—				(89	)			—				—				(89	)
Transfer out of warrant and equity investments			—				(334	)			(123	)			457				—
Other			(923	)			—				—				—				(923	)
Level 3 assets, end of period		$	647,999			$	14,113			$	5,882			$	4,037			$	672,031

		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 warrant 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

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- Definition

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+ 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.

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