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Borrowings (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Instrument [Line Items]  
Schedule of Debt Obligations

The Company’s debt obligations consist of the following:

 

 

As of

 

As of

 

($ in thousands)

December 31, 2023

 

December 31, 2022

 

 

 

 

 

 

2018-2 Secured Notes (net of discount of: 2023 - $712; 2022 - $1,226)

$

124,971

 

$

176,937

 

4.875% Notes Due 2026 (net of discount of: 2023 - $1,225; 2022 - $1,704; net of deferred financing costs of: 2023 - $561; 2022 - $818)

 

106,214

 

 

105,478

 

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of: 2023 - $775; 2022 - $1,107)

 

91,225

 

 

90,893

 

$

322,410

 

$

373,308

 
Schedule of Interest Expense, Amortization of Original Issue Discount, Deferred Financing Costs, Average Outstanding Balance, and Average Stated Interest Rate

The following table summarizes the interest expense, amortization of original issue discount, deferred financing costs, average outstanding balance, and average stated interest rate on the 4.875% Notes for the years ended December 31, 2023, 2022 and 2021.

 

For the Year Ended December 31,

 

($ in thousands)

2023

 

2022

 

2021

 

Interest expense

$

5,265

 

$

5,265

 

$

3,324

 

Amortization of original issue discount

 

479

 

 

454

 

 

273

 

Deferred financing costs

 

256

 

 

247

 

 

118

 

Total interest and financing expenses

$

6,000

 

$

5,966

 

$

3,715

 

Average outstanding balance

$

108,000

 

$

108,000

 

$

92,266

 

Average stated interest rate

 

4.88

%

 

4.88

%

 

4.88

%

The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 6.125% Notes for the years ended December 31, 2023, 2022 and 2021

 

For the Year Ended December 31,

 

($ in thousands)

2023

 

2022

 

2021

 

Interest expense

$

-

 

$

-

 

$

1,958

 

Deferred financing costs

 

-

 

 

-

 

 

75

 

Total interest and financing expenses

$

-

 

$

-

 

$

2,033

 

Average outstanding balance

$

-

 

$

-

 

$

76,726

 

Average stated interest rate

 

0.00

%

 

0.00

%

 

6.13

%

The following table summarizes the interest expense, average outstanding balance, and average stated interest rate on the HCAP Notes for the years ended December 31, 2023, 2022 and 2021

($ in thousands)

2023

 

2022

 

2021

 

Interest expense

$

-

 

$

-

 

$

220

 

Total interest expense

$

-

 

$

-

 

$

220

 

Average outstanding balance

$

-

 

$

-

 

$

28,750

 

Average stated interest rate

 

0.00

%

 

0.00

%

 

6.13

%

The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the revolving credit facility for the years ended December 31, 2023, 2022 and 2021.

 

For the Year Ended December 31,

 

($ in thousands)

2023

 

2022

 

2021

 

Interest expense

$

7,465

 

$

4,477

 

$

2,957

 

Deferred financing costs

 

333

 

 

345

 

 

366

 

Total interest and financing expenses

$

7,798

 

$

4,822

 

$

3,323

 

Average outstanding balance

$

80,136

 

$

88,821

 

$

69,564

 

Average stated interest rate

 

7.84

%

 

4.53

%

 

3.03

%

 

The following table summarizes the interest expense, amortization of original issue discount, average outstanding balance, and average stated interest rate on the 2018-2 secured notes for the years ended December 31, 2023, 2022 and 2021.

 

For the Year Ended December 31,

 

($ in thousands)

2023

 

2022

 

2021

 

Interest expense

$

11,357

 

$

6,736

 

$

4,163

 

Amortization of original issue discount

 

151

 

 

177

 

 

190

 

Total interest and financing expenses

$

11,508

 

$

6,913

 

$

4,353

 

Average outstanding balance

$

153,330

 

$

187,661

 

$

163,863

 

Average stated interest rate

 

7.35

%

 

3.51

%

 

2.23

%

 
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

Fiscal 2023(9)

 

 

325,683

 

 

 

1,646

 

 

 

-

 

 

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 December 31, 2023, 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 $125,683.
2018-2 Secured Notes  
Debt Instrument [Line Items]  
Summary of 2018-2 Secured Notes

2018-2 Secured Notes

 

($ in thousands)

 

 

 

 

 

 

 

 

December 31, 2023

Amortized Carrying Value

 

Outstanding Principal at Par

 

Spread (4)

 

Rating(1)

 

Stated
Maturity(2)

2018-2 Secured Notes:

 

 

 

 

 

 

 

 

Class A-1R-R Notes

$

12,818

 

$

12,922

 

Reference Rate + 1.58%(3)

 

AAA(sf)

 

11/20/2029

Class A-1T-R Notes

 

39,369

 

 

39,411

 

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

 

$

124,971

 

$

125,683

 

 

 

 

 

 
(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 Reference Rate
(4)
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