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v3.23.3

Borrowings (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Debt Instrument [Line Items] |
Schedule of Debt Obligations | The Company’s debt obligations consist of the following:
| As of |  | As of |
| September 30, 2023 |  | December 31, 2022 |
($ in thousands) | (Unaudited) |  |  |
2018-2 Secured Notes (net of discount of: 2023 - $855; 2022 - $1,226) | $ | 138,638 |  | $ | 176,937 |
4.875% Notes Due 2026 (net of discount of: 2023 - $1,346; 2022 - $1,704; net of deferred financing costs of: 2023 - $628; 2022 - $818) |  | 106,026 |  |  | 105,478 |
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of: 2023 - $858; 2022 - $1,107) |  | 73,142 |  |  | 90,893 |
| $ | 317,806 |  | $ | 373,308 |
Schedule of Information about Senior Securities | Information about the Company’s senior securities is shown as of the dates indicated in the below table.
Class and Period |  | Total Amount Outstanding Exclusive of Treasury Securities(1) |  |  | Asset Coverage per Unit(2) |  |  | Involuntary Liquidating Preference per Unit(3) |  |  | Average Market Value per Unit(4)
($ in thousands) |  |  |  |  |  |  |  |  |  |  |
Fiscal 2011 |  | $ | 60,000 |  |  |  | 4,009 |  |  |  | — |  |  | N/A
Fiscal 2012 |  |  | 101,400 |  |  |  | 3,050 |  |  |  | — |  |  | N/A
Fiscal 2013 |  |  | 192,592 |  |  |  | 2,264 |  |  |  | — |  |  | N/A
Fiscal 2014 |  |  | 223,885 |  |  |  | 2,140 |  |  |  | — |  |  | N/A
Fiscal 2015 |  |  | 208,049 |  |  |  | 2,025 |  |  |  | — |  |  | N/A
Fiscal 2016 |  |  | 180,881 |  |  |  | 2,048 |  |  |  | — |  |  | N/A
Fiscal 2017 |  |  | 104,407 |  |  |  | 2,713 |  |  |  | — |  |  | N/A
Fiscal 2018 |  |  | 103,763 |  |  |  | 2,490 |  |  |  | — |  |  | N/A
Fiscal 2019(5) |  |  | 156,978 |  |  |  | 1,950 |  |  |  | — |  |  | N/A
Fiscal 2020(6) |  |  | 377,910 |  |  |  | 1,560 |  |  |  | — |  |  | N/A
Fiscal 2021(7) |  |  | 352,434 |  |  |  | 1,780 |  |  |  | — |  |  | N/A
Fiscal 2022(8) |  |  | 378,163 |  |  |  | 1,601 |  |  |  | — |  |  | N/A
March 31, 2023(9) |  |  | 358,288 |  |  |  | 1,616 |  |  |  | — |  |  | N/A
June 30, 2023(10) |  |  | 333,672 |  |  |  | 1,632 |  |  |  | — |  |  | N/A
September 30, 2023(11) |  |  | 321,493 |  |  |  | 1,657 |  |  |  | — |  |  | N/A
(1) Total amount of each class of senior securities outstanding at the end of the period presented. (2) Asset coverage per unit is the ratio of the carrying value of PTMN’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. (3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” indicates information which the SEC expressly does not require to be disclosed for certain types of senior securities. (4) Not applicable, except with respect to the 7.375% Notes Due 2019 and the 6.125% Notes Due 2022, as other debt securities are not registered for public trading. For the years ended December 31, 2017, 2016, 2015, 2014, 2013 and for the period from October 17, 2012 (date of issuance) to December 31, 2012, the average market value per $1,000 of par value of the 7.375% Notes Due 2019 was $1,016.04, $1,000.00, $1,011.96, $1,037.72, $1,032.96 and $1,012.28, respectively. For the years-ended December 31, 2020, 2019 and 2018 and for the period from August 14, 2017 (date of issuance) to December 31, 2017, the average market value per $1,000 of par value of the 6.125% Notes Due 2022 was $953.20, $1,009.93, $1,009.20 and $1,006.00, respectively. Average market value is computed by taking the daily average of the closing prices for the period. (5) As of December 31, 2019, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 6.125% Notes Due 2022 of $77,407 and Revolving Credit Facilities of $79,571. (6) As of December 31, 2020, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 6.125% Notes Due 2022 of $76,726, Revolving Credit Facilities of $49,321 and 2018-2 Secured Notes of $251,863. (7) As of December 31, 2021, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facilities of $80,571 and 2018-2 Secured Notes of $163,863. (8) As of December 31, 2022, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facilities of $92,000 and 2018-2 Secured Notes of $178,163. (9) As of March 31, 2023, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facilities of $79,000 and 2018-2 Secured Notes of $171,288. (10) As of June 30, 2023, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facilities of $78,000 and 2018-2 Secured Notes of $147,672. (11) As of September 30, 2023, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facilities of $74,000 and 2018-2 Secured Notes of $139,493.
2018-2 Secured Notes |
Debt Instrument [Line Items] |
Summary of 2018-2 Secured Notes | 2018-2 Secured Notes
($ in thousands) |  |  |  |  |  |  |  |
September 30, 2023 | Amortized Carrying Value |  | Outstanding Principal at Par |  | Spread |  | Rating(1) |  | Stated Maturity(2)
2018-2 Secured Notes: |  |  |  |  |  |  |  |
Class A-1R-R Notes | $ | 16,200 |  | $ | 16,332 |  | Reference Rate + 1.58%(3) |  | AAA(sf) |  | 11/20/2029
Class A-1T-R Notes |  | 49,654 |  |  | 49,811 |  | Reference Rate + 1.58% |  | AAA(sf) |  | 11/20/2029
Class A-2-R Notes |  | 54,681 |  |  | 55,100 |  | Reference Rate + 2.45% |  | AA (sf) |  | 11/20/2029
Class B-R Notes |  | 18,103 |  |  | 18,250 |  | Reference Rate + 3.17% |  | A (sf) |  | 11/20/2029
| $ | 138,638 |  | $ | 139,493 |  |  |  |  |  |
(1) Represents ratings from each of S&P and DBRS for the Class A-1R-R Notes and the Class A-1T-R Notes and from S&P for the Class A-2-R Notes and Class B-R Notes as of the closing of the CLO on October 18, 2018. (2) The indenture governing our CLO permits the repricing or refinancing of the secured notes after November 20, 2020, which may result in the redemption of the outstanding notes occurring prior to their stated maturity. (3) Reference Rate is defined as the sum of the Term SOFR Rate plus 0.26161%.
($ in thousands) |  |  |  |  |  |  |  |
December 31, 2022 | Amortized Carrying Value |  | Outstanding Principal at Par |  | Spread |  | Rating(1) |  | Stated Maturity(2)
2018-2 Secured Notes: |  |  |  |  |  |  |  |  |
Class A-1R-R Notes | $ | 25,671 |  | $ | 25,880 |  | LIBOR + 1.58%(3) |  | AAA(sf) |  | 11/20/2029
Class A-1T-R Notes |  | 78,482 |  |  | 78,933 |  | LIBOR + 1.58% |  | AAA(sf) |  | 11/20/2029
Class A-2-R Notes |  | 54,681 |  |  | 55,100 |  | LIBOR + 2.45% |  | AA (sf) |  | 11/20/2029
Class B-R Notes |  | 18,103 |  |  | 18,250 |  | LIBOR + 3.17% |  | A (sf) |  | 11/20/2029
| $ | 176,937 |  | $ | 178,163 |  |  |  |  |  |
(1) Represents ratings from each of S&P and DBRS for the Class A-1R-R Notes and the Class A-1T-R Notes and from S&P for the Class A-2-R Notes and Class B-R Notes as of the closing of the CLO on October 18, 2018. (2) The indenture governing our CLO permits the repricing or refinancing of the secured notes after November 20, 2020, which may result in the redemption of the outstanding notes occurring prior to their stated maturity. (3) Interest may be indexed to either the CP Rate (as defined in the governing indenture) or three-month USD LIBOR.

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