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Borrowings (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Instrument [Line Items]  
Schedule of Debt Obligations

The Company’s debt obligations consist of the following:

 

($ in thousands)

June 30, 2024

 

December 31, 2023

 

2018-2 Secured Notes (net of discount of: 2024 - $414; 2023 - $712)

$

84,656

 

$

124,971

 

4.875% Notes Due 2026 (net of discount of: 2024 - $974; 2023 - $1,225; net of deferred financing costs of: 2024 - $430; 2023 - $561)

 

106,596

 

 

106,214

 

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of: 2024 - $609; 2023 - $775)

 

91,391

 

 

91,225

 

$

282,643

 

$

322,410

 
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 due 2026 for the three and six months ended June 30, 2024 and 2023.

 

 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

 

($ in thousands)

2024

 

2023

 

2024

 

2023

 

 Interest expense

$

1,317

 

$

1,317

 

$

2,633

 

$

2,633

 

 Amortization of original issue discount

 

125

 

 

119

 

 

249

 

 

236

 

 Deferred financing costs

 

67

 

 

64

 

 

133

 

 

127

 

 Total interest and financing expenses

$

1,509

 

$

1,500

 

$

3,015

 

$

2,996

 

 Average outstanding balance

$

108,000

 

$

108,000

 

$

108,000

 

$

108,000

 

 Average stated interest rate

 

4.88

%

 

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 Revolving Credit Facility for the three and six months ended June 30, 2024 and 2023.

 

 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

 

($ in thousands)

2024

 

2023

 

2024

 

2023

 

 Interest expense

$

1,929

 

$

1,845

 

$

3,865

 

$

3,579

 

 Deferred financing costs

 

83

 

 

83

 

 

166

 

 

166

 

 Total interest and financing expenses

$

2,012

 

$

1,928

 

$

4,031

 

$

3,745

 

 Average outstanding balance

$

92,000

 

$

92,264

 

$

92,000

 

$

92,014

 

 Average stated interest rate

 

8.11

%

 

7.71

%

 

8.12

%

 

7.54

%

 

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 three and six months ended June 30, 2024 and 2023.

 

 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

 

($ in thousands)

2024

 

2023

 

2024

 

2023

 

 Interest expense

$

1,798

 

$

2,919

 

$

3,999

 

$

5,894

 

 Amortization of original issue discount

 

46

 

 

25

 

 

46

 

 

69

 

 Total interest and financing expenses

$

1,844

 

$

2,944

 

$

4,045

 

$

5,963

 

 Average outstanding balance

$

88,686

 

$

160,908

 

$

99,661

 

$

168,006

 

 Average stated interest rate

 

8.03

%

 

7.16

%

 

7.97

%

 

6.97

%
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 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

June 30, 2024(10)

 

 

285,070

 

 

 

1,689

 

 

 

—

 

 

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, and 2013, 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, and $1,032.96, 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.
(10)
As of June 30, 2024, 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 $85,070.
2018-2 Secured Notes  
Debt Instrument [Line Items]  
Summary of 2018-2 Secured Notes

2018-2 Secured Notes:

($ in thousands)

 

 

 

 

 

 

 

 

 

June 30, 2024

Amortized Carrying Value

 

Outstanding Principal at Par

 

Spread(4)

 

Rating(1)

 

Stated
Maturity(2)

2018-2 Secured Notes:

 

 

 

 

 

 

 

 

 

Class A-1R-R Notes

$

2,871

 

$

2,894

 

Reference Rate + 1.58%(3)

 

AAA(sf)

 

11/20/2029

Class A-1T-R Notes

 

9,002

 

 

8,826

 

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

 

18,102

 

 

18,250

 

Reference Rate + 3.17%

 

A (sf)

 

11/20/2029

 

$

84,656

 

$

85,070

 

 

 

 

 

 

 

(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%, or 5.56% as of June 30, 2024.

 

 

($ 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%, or 5.63% as of December 31, 2023.