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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets [Abstract]    
Total Investments at Fair Value $ 395,109 [1],[2],[3],[4],[5],[6],[7] $ 405,021 [8],[9],[10],[11],[12],[13]
Cash and cash equivalents 11,222 17,532
Restricted cash 13,357 22,421
Interest receivable 4,429 6,088
Dividend receivable 895 1,367
Other assets 2,983 1,205
Total Assets 427,995 453,634
Liabilities [Abstract]    
4.875% Notes Due 2026 (net of deferred financing costs and original issue discount of $644 and $1,017, respectively) 107,356 106,983
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $1,073 and $1,322, respectively) 146,306 158,157
Accounts payable, accrued expenses and other liabilities 3,871 3,007
Accrued interest payable 3,321 3,646
Management and incentive fees payable 2,412 2,713
Total Liabilities 263,266 275,141
COMMITMENTS AND CONTINGENCIES (NOTE 8)
NET ASSETS    
Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 9,970,461 issued, and 9,207,851 outstanding at June 30, 2025, and 9,960,785 issued, and 9,198,175 outstanding at December 31, 2024 92 92
Capital in excess of par value 714,459 714,331
Total distributable (loss) earnings (549,822) (535,930)
Total Net Assets [14] 164,729 178,493
Total Liabilities and Net Assets $ 427,995 $ 453,634
Net Asset Value Per Common Share $ 17.89 [14] $ 19.41
Affiliated Entity    
Liabilities [Abstract]    
Due to affiliates   $ 635
Non-controlled/Non-affiliated Investments    
Assets [Abstract]    
Total Investments at Fair Value $ 329,911 [1],[2],[4],[5],[6],[7] 327,622 [8],[9],[10],[11],[12],[13]
Non-controlled Affiliated Investments    
Assets [Abstract]    
Total Investments at Fair Value [15],[16] 53,916 64,384 [17]
Controlled Affiliated Investments    
Assets [Abstract]    
Total Investments at Fair Value [18] $ 11,282 [1],[2],[3],[4],[5],[6],[7] $ 13,015 [8],[9],[10],[11],[12],[13]
[1] All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.
[2] All investments valued using unobservable inputs (Level III), unless otherwise noted.
[3] As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.
[4] Percentages are based on net assets as of June 30, 2025.
[5] Reflects the fair market value of all investments as of June 30, 2025 as determined in good faith using significant unobservable inputs by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).
[6] The Company's investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, are generally subject to limitations on resale, and may be deemed to be “restricted securities” under the Securities Act of 1933.
[7] The aggregate cost of investments for federal income tax purposes is approximately $446.3 million. The aggregate gross unrealized appreciation is approximately $51.6 million, the aggregate gross unrealized depreciation is approximately $102.8 million, and the net unrealized depreciation is approximately $51.2 million.
[8] All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.
[9] All investments valued using unobservable inputs (Level III), unless otherwise noted.
[10] Percentages are based on net assets as of December 31, 2024.
[11] Reflects the fair market value of all investments as of December 31, 2024 as determined in good faith using significant unobservable inputs by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).
[12] The Company's investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, are generally subject to limitations on resale, and may be deemed to be “restricted securities'' under the Securities Act of 1933.
[13] The aggregate cost of investments for federal income tax purposes is approximately $458.4 million. The aggregate gross unrealized appreciation is approximately $50.0 million, the aggregate gross unrealized depreciation is approximately $103.3 million, and the net unrealized depreciation is approximately $53.3 million.
[14] Refer to Note 9 “Stockholders' Equity” for additional information on changes in components of Stockholders' Equity.
[15] All investments valued using unobservable inputs (Level III), unless otherwise noted.
[16] Under the 1940 Act, the Company is deemed to be an “Affiliated Person” of, as defined in the 1940 Act, this portfolio company as the Company owns at least 5% of the portfolio company’s outstanding voting securities or is under common control with such portfolio company.
[17] Fair value of this investment was determined using significant unobservable inputs, unless otherwise noted.
[18] As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.