Note 6 - Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Notes Tables

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

		*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

		*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]

*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		Price 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

*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]

		*Year ended December 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			216,309				750				5,961				799				223,819
Warrants and equity received and classified as Level 3			—				578				6,418				—				6,996
Principal payments received on investments			(231,280	)			—				—				(3,174	)			(234,454	)
PIK interest on investments			2,349				—				—				—				2,349
Proceeds from sale of investments			(5	)			(4,016	)			(846	)			(1,164	)			(6,031	)
Net realized (loss) gain on investments			(29,980	)			4,255				(20,532	)			(8,544	)			(54,801	)
Unrealized appreciation (depreciation) included in earnings			15,818				(672	)			(2,320	)			(2,635	)			10,191
Transfer out of Level 3			—				(2,601	)			—				(16	)			(2,617	)
Transfer out of debt investments			(16,388	)			—				12,847				3,541				—
Other			423				—				—				—				423
Level 3 assets, end of period		$	596,025			$	14,732			$	27,139			$	3,444			$	641,340

		*Year ended December 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			178,772				—				3,137				455				182,364
Warrants received and classified as Level 3			—				2,127				—				—				2,127
Principal payments received on investments			(146,245	)			—				—				(115	)			(146,360	)
PIK interest on investments			3,261				—				—				—				3,261
Proceeds from sale of investments			(156	)			(106	)			—				(40	)			(302	)
Net realized (loss) gain on investments			(34,852	)			388				—				40				(34,424	)
Unrealized appreciation (depreciation) included in earnings			21				(5,970	)			(3,169	)			(9,868	)			(18,986	)
Transfer out of Level 3			—				(192	)			—				—				(192	)
Transfer out of debt and warrant investments			(33,313	)			(2,784	)			18,362				17,735				—
Other			1,119				—				—				—				1,119
Level 3 assets, end of period		$	638,779			$	16,438			$	25,611			$	14,637			$	695,465

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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