XML 37 R29.htm IDEA: XBRL DOCUMENT v3.25.2
Borrowings (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Instrument [Line Items]  
Schedule of Debt Obligations

The Company’s debt obligations consist of the following:

 

($ in thousands)

June 30, 2025

 

December 31, 2024

 

 

 

 

 

 

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

 

$

253,662

 

$

265,140

 
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, 2025 and 2024.

 

 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

 

($ in thousands)

2025

 

2024

 

2025

 

2024

 

 Interest expense

$

1,317

 

$

1,317

 

$

2,633

 

$

2,633

 

 Amortization of original issue discount

 

132

 

 

125

 

 

262

 

 

249

 

 Deferred financing costs

 

55

 

 

67

 

 

110

 

 

133

 

 Total interest and financing expenses

$

1,504

 

$

1,509

 

$

3,005

 

$

3,015

 

 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, 2025 and 2024.

 

 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

 

($ in thousands)

2025

 

2024

 

2025

 

2024

 

 Interest expense

$

2,601

 

$

1,929

 

$

5,274

 

$

3,865

 

 Deferred financing costs

 

125

 

 

83

 

 

249

 

 

166

 

 Total interest and financing expenses

$

2,726

 

$

2,012

 

$

5,523

 

$

4,031

 

 Average outstanding balance

$

147,379

 

$

92,000

 

$

150,425

 

$

92,000

 

 Average stated interest rate

 

6.79

%

 

8.11

%

 

6.80

%

 

8.12

%

The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 2018-2 Secured Notes for the three and six months ended June 30, 2025 and 2024.

 

 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

 

($ in thousands)

2025

2024

 

2025

2024

 

 Interest expense

N/A

$

1,798

 

N/A

$

3,999

 

 Amortization of original issue discount

N/A

 

46

 

N/A

 

46

 

 Total interest and financing expenses

N/A

$

1,844

 

N/A

$

4,045

 

 Average outstanding balance

N/A

$

88,686

 

N/A

$

99,661

 

 Average stated interest rate

N/A

 

8.03

%

N/A

 

7.97

%
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 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

Fiscal 2024(10)

 

 

267,479

 

 

 

1,667

 

 

 

—

 

 

N/A

March 31, 2025(11)

 

 

255,379

 

 

 

1,679

 

 

 

—

 

 

N/A

June 30, 2025(12)

 

 

255,379

 

 

 

1,645

 

 

 

—

 

 

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 the Company’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, and 2015, the average market value per $1,000 of par value of the 7.375% Notes Due 2019 was $1,016.04, $1,000.00, and $1,011.96, 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 December 31, 2024, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000 and Revolving Credit Facilities of $159,479.
(11)
As of March 31, 2025, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000 and Revolving Credit Facilities of $147,379.
(12)
As of June 30, 2025, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000 and Revolving Credit Facilities of $147,379.