Portman Ridge Finance Corp
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
BCIC$6.17+3.0%Stored close · as of Nov 6, 2026
Contents
Item 1. Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023
CONSOLIDATED BALANCE SHEETS
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| (Unaudited) | ||
| ASSETS | ||
| Investments at fair value: | ||
| Non-controlled/non-affiliated investments (amortized cost: 2024 - $436,272; 2023 - $426,630) | $407,309 | $398,325 |
| Non-controlled affiliated investments (amortized cost: 2024 - $50,672; 2023 - $55,611) | 50,423 | 55,222 |
| Controlled affiliated investments (cost: 2024 - $56,657; 2023 - $58,041) | 13,523 | 14,318 |
| Total Investments at Fair Value (cost: 2024 - $543,601; 2023 - $540,282) | $471,255 | $467,865 |
| Cash and cash equivalents | 20,829 | 26,912 |
| Restricted cash | 18,775 | 44,652 |
| Interest receivable | 5,135 | 5,162 |
| Receivable for unsettled trades | 1,241 | 573 |
| Due from affiliates | 1,339 | 1,534 |
| Distribution paid in advance to the transfer agent | 6,366 | - |
| Other assets | 2,442 | 2,541 |
| Total Assets | $527,382 | $549,239 |
| LIABILITIES | ||
| 2018-2 Secured Notes (net of discount of: 2024 - $500; 2023 - $712) | $91,151 | $124,971 |
| 4.875% Notes Due 2026 (net of discount of: 2024 - $1,100; 2023 - $1,225; net of deferred financing costs of: 2024 - $496; 2023 - $561) | 106,404 | 106,214 |
| Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of: 2024 - $692; 2023 - $775) | 91,308 | 91,225 |
| Payable for unsettled trades | 8,744 | 520 |
| Distribution payable | 6,444 | - |
| Accounts payable, accrued expenses and other liabilities | 3,897 | 4,252 |
| Accrued interest payable | 4,893 | 3,928 |
| Due to affiliates | 900 | 458 |
| Management and incentive fees payable | 3,034 | 4,153 |
| Total Liabilities | $316,775 | $335,721 |
| COMMITMENTS AND CONTINGENCIES (NOTE 8) | ||
| NET ASSETS | ||
| Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 9,943,385 issued, and 9,332,117 outstanding at March 31, 2024, and 9,943,385 issued, and 9,383,132 outstanding at December 31, 2023 | $93 | $94 |
| Capital in excess of par value | 716,883 | 717,835 |
| Total distributable (loss) earnings | (506,369) | (504,411) |
| Total Net Assets | $210,607 | $213,518 |
| Total Liabilities and Net Assets | $527,382 | $549,239 |
| Net Asset Value Per Common Share | $22.57 | $22.76 |
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