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v3.25.3

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2025 | Dec. 31, 2024
--- | --- | ---
Cost/Amortized Cost | $ 592,862 | [1],[2],[3],[4],[5],[6] | $ 476,432 | [7],[8],[9],[10],[11],[12]
Common stock, par value | $ 0.01 |  | $ 0.01 |
Common stock, authorized | 20,000,000 |  | 20,000,000 |
Common stock, issued | 13,959,765 |  | 9,960,785 |
Common stock, outstanding | 13,176,582 | [13] | 9,198,175 |
Non-controlled/Non-affiliated Investments |  |  |  |
Cost/Amortized Cost | $ 465,407 | [1],[2],[3],[4],[5],[6] | $ 358,153 | [7],[8],[9],[10],[11],[12]
Non-controlled Affiliated Investments |  |  |  |
Cost/Amortized Cost | 84,981 |  | 68,858 |
Controlled Affiliated Investments |  |  |  |
Cost/Amortized Cost | 42,474 | [1],[2],[3],[4],[5],[6],[14] | 49,421 | [7],[8],[9],[10],[11],[12]
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility |  |  |  |
Deferred financing costs, net | 949 |  | 1,322 |
KeyBank Credit Facility |  |  |  |
Deferred financing costs, net | 967 |  |  |
4.875% Notes Due 2026 |  |  |  |
Debt instruments, net of deferred financing costs and original issue discount | 454 |  | 1,017 |
Deferred financing costs, net | 100 |  | $ 300 |
2026 Notes |  |  |  |
Debt instruments, net of deferred financing costs and original issue discount | 420 |  |  |
2032 Convertible Notes |  |  |  |
Debt instruments, net of deferred financing costs and original issue discount | $ 132 |  |  |
[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] | Percentages are based on net assets as of September 30, 2025.
[4] | Reflects the fair market value of all investments as of September 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”).
[5] | 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.
[6] | The aggregate cost of investments for federal income tax purposes is approximately $572.1 million. The aggregate gross unrealized appreciation is approximately $74.1 million, the aggregate gross unrealized depreciation is approximately $106.5 million, and the net unrealized depreciation is approximately $32.4 million.
[7] | All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.
[8] | All investments valued using unobservable inputs (Level III), unless otherwise noted.
[9] | Percentages are based on net assets as of December 31, 2024.
[10] | 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”).
[11] | 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.
[12] | 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.
[13] | Refer to Note 9 “Stockholders' Equity” for additional information on changes in components of Stockholders’ Equity.
[14] | 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.

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