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Borrowings (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Instrument [Line Items]  
Schedule of Debt Obligations

The Company’s debt obligations consist of the following:

 

($ in thousands)

September 30, 2025

 

December 31, 2024

 

 

 

 

 

 

4.875% Notes Due 2026 (net of deferred financing costs and original issue discount of $454 and $1,017, respectively)

$

107,546

 

$

106,983

 

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $949 and $1,322, respectively)

 

129,830

 

 

158,157

 

2026 Notes (net of deferred financing costs and original issue discount of $420 and $—, respectively)

 

49,580

 

 

—

 

2032 Convertible Notes (net of deferred financing costs and original issue discount of $132 and $—, respectively)

 

2,368

 

 

—

 

KeyBank Credit Facility (net of deferred financing costs of $967 and $—, respectively)

 

32,365

 

 

—

 

$

321,689

 

$

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 nine months ended September 30, 2025 and 2024.

 

 

For the Three Months Ended September 30,

 

For the Nine Months Ended September 30,

 

($ in thousands)

2025

 

2024

 

2025

 

2024

 

 Interest expense

$

1,316

 

$

1,316

 

$

3,949

 

$

3,949

 

 Amortization of original issue discount

 

135

 

 

128

 

 

397

 

 

377

 

 Deferred financing costs

 

56

 

 

68

 

 

166

 

 

201

 

 Total interest and financing expenses

$

1,507

 

$

1,512

 

$

4,512

 

$

4,527

 

 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 nine months ended September 30, 2025 and 2024.

 

 

For the Three Months Ended September 30,

 

For the Nine Months Ended September 30,

 

($ in thousands)

2025

 

2024

 

2025

 

2024

 

 Interest expense

$

2,423

 

$

2,537

 

$

7,697

 

$

6,401

 

 Deferred financing costs

 

124

 

 

108

 

 

373

 

 

274

 

 Total interest and financing expenses

$

2,547

 

$

2,645

 

$

8,070

 

$

6,675

 

 Average outstanding balance

$

131,927

 

$

121,856

 

$

144,158

 

$

102,134

 

 Average stated interest rate

 

6.78

%

 

7.99

%

 

6.79

%

 

8.01

%

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 nine months ended September 30, 2025 and 2024.

 

 

For the Three Months Ended September 30,

 

For the Nine Months Ended September 30,

 

($ in thousands)

2025

2024

 

2025

2024

 

 Interest expense

N/A

$

952

 

N/A

$

4,951

 

 Amortization of original issue discount

N/A

 

11

 

N/A

 

57

 

 Total interest and financing expenses

N/A

$

963

 

N/A

$

5,008

 

 Average outstanding balance

N/A

$

47,159

 

N/A

$

81,937

 

 Average stated interest rate

N/A

 

8.07

%

N/A

 

7.99

%

The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 2026 Notes for the period from July 15, 2025 through September 30, 2025:

 

For the period July 15, 2025

 

($ in thousands)

through September 30, 2025

 

 Interest expense

$

625

 

 Amortization of original issue discount

 

39

 

 Deferred financing costs

 

37

 

 Total interest and financing expenses

$

701

 

 Average outstanding balance

$

50,000

 

 Average stated interest rate

 

6.00

%

The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 2032 Convertible Notes for the period from July 15, 2025 through September 30, 2025:

 

For the period July 15, 2025

 

($ in thousands)

through September 30, 2025

 

 Interest expense

$

29

 

 Amortization of original issue discount

 

3

 

 Deferred financing costs

 

—

 

 Total interest and financing expenses

$

32

 

 Average outstanding balance

$

2,500

 

 Average stated interest rate

 

6.00

%

The following table summarizes the interest expense, deferred financing costs, unused commitment fees, average outstanding balance, and average stated interest rate on the KeyBank Credit Facility for the period from July 15, 2025 through September 30, 2025 (dollars in thousands):

 

 

For the period July 15, 2025

 

($ in thousands)

through September 30, 2025

 

 Interest expense

$

627

 

 Deferred financing costs

 

53

 

 Unused commitment fees

 

47

 

 Total interest and financing expenses

$

727

 

 Average outstanding balance

$

39,986

 

 Average stated interest rate

 

7.12

%
Schedule of Outstanding Principal and Fair Value of Financial Liabilities

The following table presents the outstanding principal and fair value of the Company's financial liabilities disclosed, but not carried, at fair value as of September 30, 2025, and the level of each financial liability within the fair value hierarchy (dollars in thousands):

($ in thousands)

Outstanding Principal

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

 

 4.875% Notes Due 2026

$

108,000

 

$

103,820

 

$

—

 

$

—

 

$

103,820

 

 Great Lakes Portman Ridge Funding LLC Revolving Credit Facility

 

130,779

 

 

131,433

 

 

—

 

 

—

 

 

131,433

 

 2026 Notes

 

50,000

 

 

47,375

 

 

—

 

 

—

 

 

47,375

 

 2032 Convertible Notes

 

2,500

 

 

2,365

 

 

—

 

 

—

 

 

2,365

 

 KeyBank Credit Facility

 

33,332

 

 

33,332

 

 

—

 

 

—

 

 

33,332

 

 Total

$

324,611

 

$

318,325

 

$

—

 

$

—

 

$

318,325

 

The following table presents the outstanding principal and fair value of the Company's financial liabilities disclosed, but not carried, at fair value as of December 31, 2024, and the level of each financial liability within the fair value hierarchy (dollars in thousands):

($ in thousands)

Outstanding Principal

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

 

 4.875% Notes Due 2026

$

108,000

 

$

103,820

 

$

—

 

$

—

 

$

103,820

 

 Great Lakes Portman Ridge Funding LLC Revolving Credit Facility

 

159,479

 

 

160,276

 

 

—

 

 

—

 

 

160,276

 

 Total

$

267,479

 

$

264,096

 

$

—

 

$

—

 

$

264,096

 
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

September 30, 2025(13)

 

 

324,611

 

 

 

1,713

 

 

 

—

 

 

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 Facility 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 Facility 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 Facility 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 Facility 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 Facility 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 Facility 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 Facility 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 Facility of $147,379.
(13)
As of September 30, 2025, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facility of $130,779, 2026 Notes of $50,000, 2032 Convertible Notes of $2,500 and KeyBank Credit Facility of $33,332.