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Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Cost/Amortized Cost $ 463,795 [1],[2],[3],[4],[5],[6],[7] $ 476,432 [8],[9],[10],[11],[12],[13]
Common stock, par value $ 0.01 $ 0.01
Common stock, authorized 20,000,000 20,000,000
Common stock, issued 9,970,461 9,960,785
Common stock, outstanding 9,207,851 [14] 9,198,175
Non-controlled/Non-affiliated Investments    
Cost/Amortized Cost $ 358,576 [1],[2],[4],[5],[6],[7] $ 358,153 [8],[9],[10],[11],[12],[13]
Non-controlled Affiliated Investments    
Cost/Amortized Cost 62,544 68,858
Controlled Affiliated Investments    
Cost/Amortized Cost 42,675 [1],[2],[3],[4],[5],[6],[7] 49,421 [8],[9],[10],[11],[12],[13]
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility    
Deferred financing costs, net 1,073 1,322
4.875% Notes Due 2026    
Debt instruments, net of original issue discount 500 700
Debt instruments, net of deferred financing costs and original issue discount 644 1,017
Deferred financing costs, net $ 200 $ 300
[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.