Note 6 - Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Notes Tables

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

		*March 31, 2026*
		*Level 1*				*Level 2*				*Level 3*				*Total*
		(In thousands)
Debt investments		$	—			$	—			$	645,629			$	645,629
Warrant investments			—				1,691				14,994				16,685
Other investments			—				—				3,664				3,664
Equity investments			2,580				—				27,139				29,719
Total investments		$	2,580			$	1,691			$	691,426			$	695,697

		*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]

*March 31, 2026*
		*Fair*			*Valuation Techniques/*		*Unobservable*				*Weighted*
Investment Type		*Value*			*Methodologies*		*Input*		*Range*		*Average(1)*
					(Dollars in thousands, except per share data)
Debt investments		$	589,452		Discounted Expected Future Cash Flows		Hypothetical Market Yield		11% – 20%			12	%

			56,177		Multiple Probability Weighted Cash Flow Model		Probability Weighting		30% – 100%			55	%

Warrant investments			14,994		Black-Scholes Valuation Model		Price Per Share		$0.00 – $807.91		$	13.00
							Average Industry Volatility		24%			24	%
							Marketability Discount		0 – 20%			20	%
							Estimated Time to Exit (in years)		1 to 5			3

Other investments			3,664		Multiple Probability Weighted Cash Flow Model		Discount Rate		20% – 100%			43	%
							Probability Weighting		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		$	691,426

*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

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

		*Three months ended March 31, 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			90,004				—				—				—				90,004
Warrants received and classified as Level 3			—				371				—				—				371
Principal payments received on investments			(37,890	)			—				—				(158	)			(38,048	)
PIK interest on investments			1,278				—				—				—				1,278
Proceeds from sale of investments			—				(1	)			(19	)			(84	)			(104	)
Net realized gain (loss) on investments			1				(265	)			19				84				(161	)
Unrealized (depreciation) appreciation included in earnings			(2,960	)			157				—				378				(2,425	)
Other			(829	)			—				—				—				(829	)
Level 3 assets, end of period		$	645,629			$	14,994			$	27,139			$	3,664			$	691,426

		*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

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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