Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or
“Portman Ridge”) announced today its financial results for the
first quarter ended March 31, 2021 and declared a quarterly
stockholder distribution of $0.06 per share, payable on June 1,
2021 to stockholders of record at the close of business on May 19,
2021.
First Quarter 2021 Highlights
- Net investment income for the
quarter was $0.11 per share, or $8.2 million.
- Net asset value (“NAV”) per share
increased 1.4% to $2.92 per share from $2.88 per share
quarter-to-quarter, reflecting the continuation of general economic
improvement and the overall yield tightening environment.
- The fair value of the Company’s
investments including derivatives totaled $473 million, of which
the Company’s debt securities portfolio totaled $387 million and
was comprised of investments in 103 portfolio companies.
Investments on non-accrual status were 0.7% and 2.3% of the
Company’s investment portfolio at fair value and amortized cost,
respectively, compared to 0.8% and 2.4% as of December 31,
2020.
- During the first quarter, the
Company acquired approximately $50 million par value of investment
portfolio assets. Also, during the quarter, the Company received
approximately $68 million in sale and repayment proceeds, which
includes a $0.8 million increase relative to the carrying value of
those assets sold. Of this activity, $30.3 million was the result
of proactive sales (inclusive of a $0.2 million increase relative
to carrying value).
- Net leverage(1) was 1.1x as of
March 31, 2021, down from 1.4x as of December 31, 2020, driven
primarily by the repayment of $88.0 million of 2018-2 Secured Notes
due 2029 during the quarter.
- On March 8, 2021, the Company
received a corporate investment grade rating of BBB- with a stable
outlook from Egan-Jones.
- The quarterly distribution for the
first quarter was $0.06 per share and was paid on March 2,
2021.
- On March 11, 2021, the Board
approved a $10 million stock repurchase program with substantially
the same terms as the prior program, which expired on March 5,
2021. The new program expires on March 31, 2022.
- Subsequent to quarter-end, on April
30, 2021, the Company issued $80 million in aggregate principal
amount of 4.875% senior unsecured notes due 2026 (the “Notes”) in a
private placement offering. Also on April 30, 2021, the Company
notified the trustee for the 6.125% unsecured notes due 2022 of its
election to redeem in full the aggregate amount outstanding of
$76.7 million. The Company expects the redemption to be completed
on May 30, 2021.
- Subsequent to quarter-end, on May
6, 2021, the Company entered into a securities purchase agreement
(the “Purchase Agreement”) with certain affiliates of the Company’s
investment adviser for the sale of 1,381,305 shares of the
Company’s common stock at the net asset value per share of the
Company’s common stock. These sales are being made in accordance
with the terms of the agreement that the Company entered into in
connection with its externalization in 2019, which require the
Company’s investment adviser and/or its affiliates to use up to $10
million of the incentive fee actually paid by the Company to the
investment adviser prior to the second anniversary of the closing
of the externalization transaction to buy newly issued shares of
the Company’s common stock at the net asset value per share of the
common stock.
Management Commentary
Ted Goldthorpe, Chief Executive Officer of
Portman Ridge, stated, “We continued to execute on our strategic
goal of repositioning our portfolio over the long term and
deleveraging in the near term. At quarter-end, net leverage was
1.1x, down from 1.4x last quarter and we are pleased to have
achieved the lower end of our target leverage range ahead of plan.
On April 30, we closed a private placement debt offering of $80
million in 4.875% senior unsecured notes which addressed a
near-term maturity for the Company and also significantly reduces
our cost of debt. Looking ahead, we expect interest savings and
other cost efficiencies to more completely emerge as we manage a
significantly broader asset base over which to spread our fixed
costs.”
“Through the substantial rotation of the
portfolio that we executed over the past two quarters, our overall
portfolio performance continues to perform well. We are focused on
senior secured loans, primarily first lien, and these loans now
comprise 83% of our debt securities portfolio and our goal is to
continue to increase these loans as an overall percentage of our
portfolio,” added Goldthorpe.
“Finally, we remain very excited about our
previously announced merger with Harvest Capital Credit Corporation
and are working towards an expected closing during the second
quarter of 2021,” concluded Goldthorpe.
Selected Financial Highlights
(unaudited)
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Three Months Ended |
(in $ millions, except
per share data) |
|
March 31,2021 |
|
|
December 31,2020 |
|
|
March 31,2020 |
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
Interest from investments in debt securities |
|
$ |
15.2 |
|
|
|
$ |
16.4 |
|
|
$ |
4.9 |
|
Investment income on CLO Fund Securities |
|
|
0.6 |
|
|
|
|
0.9 |
|
|
|
1.2 |
|
Investment income - Joint Ventures |
|
|
2.0 |
|
|
|
|
2.2 |
|
|
|
1.6 |
|
Capital structuring service fees |
|
|
0.4 |
|
|
|
|
0.6 |
|
|
|
0.1 |
|
Total investment income |
|
|
18.3 |
|
|
|
|
19.9 |
|
|
|
7.8 |
|
Net expenses |
|
|
10.1 |
|
|
|
|
11.0 |
|
|
|
5.0 |
|
Net Investment Income |
|
$ |
8.2 |
|
|
|
$ |
8.9 |
|
|
$ |
2.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gains |
|
|
1.6 |
|
|
|
|
40.1 |
|
|
|
(31.9 |
) |
Realized losses on debt extinguishment |
|
|
(1.8 |
) |
|
|
|
— |
|
|
|
0.2 |
|
Net increase in net assets resulting from operations |
|
$ |
8.0 |
|
|
|
$ |
49.0 |
|
|
$ |
(29.0 |
) |
Net increase in net assets resulting from operations per share
(basic and diluted) |
|
$ |
0.11 |
|
|
|
$ |
0.74 |
|
|
$ |
(0.65 |
) |
Net investment income per share (basic and diluted) |
|
$ |
0.11 |
|
|
|
$ |
0.14 |
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (in millions) |
|
|
75.2 |
|
|
|
|
66.0 |
|
|
|
44.8 |
|
Distribution per share |
|
$ |
0.06 |
|
|
|
$ |
0.06 |
|
|
$ |
0.06 |
|
Total investment income for the three months
ended March 31, 2021 and December 31, 2020 was $18.3 million
and $19.9 million, respectively. Investment income was higher in
the fourth quarter of 2020 due to the timing between closing of the
merger of Garrison Capital Inc. (“Garrison”) and the eventual sale
of $92.4 million in assets acquired in the Garrison merger which
occurred closer to year-end, and during which these investments
generated investment income. Investment income on CLO fund
securities in the quarter was $0.6 million compared with $0.8
million in the fourth quarter of 2020 reflecting the exit of one
position early in the quarter. Investment income from Joint
Ventures in the quarter was $2.0 million, which was slightly less
than the $2.2 million earned in the fourth quarter of 2020 due to
timing of asset deployment in the underlying joint ventures.
Total expenses for the three months ended
March 31, 2021 and December 31, 2020 was $10.1 million and
$11.0 million, respectively. The decrease quarter-to-quarter was
driven primarily by lower performance-based incentive fees, offset
in part by higher management fees and professional fees. Management
fees increased due to the full quarter impact of the Garrison
merger and professional fees increased due to higher legal expenses
related to merger activities and higher audit and tax fees in the
first quarter. Interest expense and amortization of debt issuance
costs increased slightly quarter-to-quarter, from $3.3 million to
$3.4 million in the first quarter due primarily to the full quarter
impact of the Garrison merger, offset by lower debt balances as the
Company repaid $88.0 million of 2018-2 Secured Notes due 2029
during the quarter. The Company expects substantial interest
expense savings in future periods driven by a lower weighted
average interest rate on its senior debt.
Net investment income for the three months ended
March 31, 2021 was $0.11 per share, or $8.2 million. Net
investment income for the three months ended December 31, 2020 was
$0.14 per share, or $8.9 million.
Net realized and unrealized appreciation on
investments for the three months ended March 31, 2021 was $1.6
million, as compared to net realized and unrealized appreciation of
$40.1 million for the three months ended December 31, 2020, which
included the impact of a $40.4 million purchase discount recorded
in connection with the Garrison merger which closed in the fourth
quarter of 2020.
Earnings per share for the three months ended
March 31, 2021 and December 31, 2020 were $0.11 per share and $0.74
per share, respectively.
Portfolio and Investment
Activity
The fair value of our portfolio was $473 million
as of March 31, 2021. The composition of our investment
portfolio at March 31, 2021 and December 31, 2020 at cost and
fair value was as follows:
|
|
March 31, 2021 |
|
|
|
|
|
|
(Unaudited) |
|
|
December 31, 2020 |
|
Security
Type |
|
Cost/AmortizedCost |
|
|
Fair Value |
|
|
%¹ |
|
|
Cost/AmortizedCost |
|
|
Fair Value |
|
|
%¹ |
|
Senior Secured Loan |
|
|
302,205,721 |
|
|
|
322,362,553 |
|
|
|
68 |
|
|
|
304,539,184 |
|
|
|
328,845,612 |
|
|
|
68 |
|
Junior Secured Loan |
|
|
74,733,439 |
|
|
|
64,639,644 |
|
|
|
14 |
|
|
|
87,977,057 |
|
|
|
75,807,477 |
|
|
|
16 |
|
Senior Unsecured Bond |
|
|
416,170 |
|
|
|
41,792 |
|
|
|
0 |
|
|
|
416,170 |
|
|
|
207,766 |
|
|
|
0 |
|
CLO Fund Securities |
|
|
35,264,540 |
|
|
|
16,021,434 |
|
|
|
3 |
|
|
|
45,727,813 |
|
|
|
19,582,555 |
|
|
|
4 |
|
Equity Securities |
|
|
23,950,747 |
|
|
|
14,651,029 |
|
|
|
3 |
|
|
|
24,593,639 |
|
|
|
13,944,876 |
|
|
|
3 |
|
Asset Manager Affiliates2 |
|
|
17,791,230 |
|
|
|
— |
|
|
|
— |
|
|
|
17,791,230 |
|
|
|
— |
|
|
|
— |
|
Joint Ventures |
|
|
61,105,966 |
|
|
|
56,730,956 |
|
|
|
12 |
|
|
|
54,932,458 |
|
|
|
49,349,163 |
|
|
|
10 |
|
Derivatives |
|
|
30,609 |
|
|
|
(1,582,963 |
) |
|
|
— |
|
|
|
30,609 |
|
|
|
(1,108,618 |
) |
|
|
— |
|
Total |
|
$ |
515,498,423 |
|
|
$ |
472,864,445 |
|
|
|
100 |
% |
|
$ |
536,008,160 |
|
|
$ |
486,628,831 |
|
|
|
100 |
% |
¹ Represents percentage of total portfolio at
fair value.² Represents the equity investment in
the Asset Manager Affiliates.
Liquidity and Capital
Resources
As of March 31, 2021, we had $309.7 million
(par value) of borrowings outstanding ($307.1 million net of
capitalized costs) with a combined weighted average interest rate
of 3.4%. This balance was comprised of $69.1 million of outstanding
borrowings under the Senior Secured Revolving Credit Facility,
$76.7 million of 6.125% Unsecured Notes due 2022, and $163.9
million of 2018-2 Secured Notes due 2029. On April 30, 2021, we
issued $80 million in aggregate principal of 4.875% Senior
Unsecured Notes due 2026 in a private placement offering. Also on
this date, we notified the trustee of the 6.125% Unsecured Notes
due 2022 our intention to redeem in full the outstanding notes
which we expect will be completed on May 30, 2021.
As of March 31, 2021, the Company had
unrestricted cash of $30.8 million, restricted cash of $28.5
million, $45.9 million of available borrowing capacity under the
Senior Secured Revolving Credit Facility, and $25.0 million of
borrowing capacity under the 2018-2 Revolving Credit Facility.
Total assets and stockholders’ equity at March 31, 2021 were
$552 million and $220 million, respectively. Aggregate unfunded
commitments stood at $25.0 million as of March 31, 2021.
The Company’s asset coverage ratio stood at 170%
as of March 31, 2021, above the 150% asset coverage statutory
limit.
Stockholder Distribution
On May 6, 2021, the Board of Directors approved
a quarterly cash distribution of $0.06 per share of common stock to
shareholders of record as of May 19, 2021. The distribution will be
paid on June 1, 2021.
Stock Repurchase Program
On March 11, 2021, the Board approved a $10
million stock repurchase program for an approximately one-year
period, effective March 11, 2021 and terminating on March 31, 2022.
There were no repurchases during the first quarter of 2021 as the
Company continues to face certain restrictions and blackout periods
in connection with its ongoing M&A activity.
Conference Call and Webcast
We will hold a conference call on Friday May 7,
2021 at 8:00 am Eastern Time to discuss our first quarter 2021
financial results. Stockholders, prospective stockholders and
analysts are welcome to listen to the call or attend the
webcast.
To access the call please dial (866) 757-5630
approximately 10 minutes prior to the start of the conference call.
A replay of the conference call will be available from May 7, 2021
until May 14, 2021. The dial in number for the replay is (855)
859-2056 and the conference ID is 8793222.
A live audio webcast of the conference call can
be accessed via the Internet, on a listen-only basis on our
Company’s website www.portmanridge.com in the Investor Relations
section under Events and Presentations. The webcast can also be
accessed by clicking the following link: Portman Ridge First
Quarter 2021 Conference Call. The online archive of the webcast
will be available on the Company’s website shortly after the
call.
About Portman Ridge Finance
Corporation
Portman Ridge Finance Corporation (Nasdaq: PTMN)
is a publicly traded, externally managed investment company that
has elected to be regulated as a business development company under
the Investment Company Act of 1940. Portman Ridge’s middle market
investment business originates, structures, finances and manages a
portfolio of term loans, mezzanine investments and selected equity
securities in middle market companies. Portman Ridge’s investment
activities are managed by its investment adviser, Sierra Crest
Investment Management LLC, an affiliate of BC Partners Advisors,
LP.
Portman Ridge’s filings with the Securities and
Exchange Commission (the “SEC”), earnings releases, press releases
and other financial, operational and governance information are
available on the Company’s website at www.portmanridge.com.
About BC Partners Advisors L.P. and BC Partners
Credit
BC Partners is a leading international
investment firm with over $40 billion of assets under management in
private equity, private credit and real estate strategies.
Established in 1986, BC Partners has played an active role in
developing the European buyout market for three decades. Today, BC
Partners executives operate across markets as an integrated team
through the firm’s offices in North America and Europe. Since
inception, BC Partners has completed 117 private equity investments
in companies with a total enterprise value of €149 billion and is
currently investing its eleventh private equity fund. For more
information, please visit www.bcpartners.com.
BC Partners Credit was launched in February 2017
and has pursued a strategy focused on identifying attractive credit
opportunities in any market environment and across sectors,
leveraging the deal sourcing and infrastructure made available from
BC Partners.
Cautionary Statement Regarding
Forward-Looking Statements
This press release contains forward-looking
statements. The matters discussed in this press release, as well as
in future oral and written statements by management of Portman
Ridge Finance Corporation, that are forward-looking statements are
based on current management expectations that involve substantial
risks and uncertainties which could cause actual results to differ
materially from the results expressed in, or implied by, these
forward-looking statements.
Forward-looking statements relate to future
events or our future financial performance and include, but are not
limited to, projected financial performance, expected development
of the business, plans and expectations about future investments
and the future liquidity of the Company. We generally identify
forward-looking statements by terminology such as “may,” “will,”
“should,” “expects,” “plans,” “anticipates,” “could,” “intends,”
“target,” “projects,” “outlook”, “contemplates,” “believes,”
“estimates,” “predicts,” “potential” or “continue” or the negative
of these terms or other similar words. Forward-looking statements
are based upon current plans, estimates and expectations that are
subject to risks, uncertainties and assumptions. Should one or more
of these risks or uncertainties materialize, or should underlying
assumptions prove to be incorrect, actual results may vary
materially from those indicated or anticipated by such
forward-looking statements.
Important assumptions include our ability to
originate new investments, and achieve certain margins and levels
of profitability, the availability of additional capital, and the
ability to maintain certain debt to asset ratios. In light of these
and other uncertainties, the inclusion of a projection or
forward-looking statement in this press release should not be
regarded as a representation that such plans, estimates,
expectations or objectives will be achieved. Important factors that
could cause actual results to differ materially from such plans,
estimates or expectations include, among others,
(1) uncertainty of the expected financial performance of the
Company; (2) expected synergies and savings associated with the
transaction in which Garrison Capital Inc. merged with and into the
Company; (3) the ability of the Company and/or BC Partners to
implement its business strategy; (4) evolving legal,
regulatory and tax regimes; (5) changes in general economic
and/or industry specific conditions; (6) the impact of
increased competition; (7) business prospects and the
prospects of the Company’s portfolio companies;
(8) contractual arrangements with third parties; (9) any
future financings by the Company; (10) the ability of Sierra
Crest Investment Management LLC to attract and retain highly
talented professionals; (11) the Company ability to fund any
unfunded commitments; (12) any future distributions by the
Company; (13) changes in regional or national economic conditions,
including but not limited to the impact of the COVID-19 pandemic,
and their impact on the industries in which we invest; (14) other
changes in the conditions of the industries in which we invest and
other factors enumerated in our filings with the SEC; (15) the
successful completion of the Company’s acquisition of Harvest
Capital Credit Corporation (“HCAP”) and receipt of stockholder
approval from HCAP’s stockholders; and (16) expectations concerning
the proposed HCAP transaction, including the financial results of
the combined company. The forward-looking statements should be read
in conjunction with the risks and uncertainties discussed in the
Company’s filings with the SEC, including the Company’s most recent
Form 10-K and other SEC filings. We do not undertake to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required to be reported under the rules and regulations of the
SEC.
(1) Net leverage is calculated
as the ratio between (A) debt, excluding unamortized debt issuance
costs, less available cash and cash equivalents, and restricted
cash and (B) NAV.Contacts:Portman Ridge Finance
Corporation650 Madison Avenue, 23rd floorNew York, NY
10022info@portmanridge.com
Jason Roos Jason.Roos@bcpartners.com(212)
891-2880
Jeehae LinfordThe Equity Group
Inc.jlinford@equityny.com(212) 836-9615
PORTMAN RIDGE FINANCE
CORPORATIONCONSOLIDATED BALANCE
SHEETS
|
|
March 31,2021 |
|
|
December 31,2020 |
|
|
|
(Unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Investments at fair value: |
|
|
|
|
|
|
|
|
Debt securities (amortized cost:
2021 - $377,355,331; 2020 - $392,932,411) |
|
$ |
387,043,989 |
|
|
$ |
404,860,855 |
|
CLO Fund Securities managed by
non-affiliates (amortized cost: 2021 - $35,264,540; 2020 -
$45,727,813) |
|
|
16,021,434 |
|
|
|
19,582,555 |
|
Equity securities (cost: 2021 -
$23,950,747; 2020 - $24,593,639) |
|
|
14,651,029 |
|
|
|
13,944,876 |
|
Asset Manager Affiliates (cost:
2021 - $17,791,230; 2020 - $17,791,230) |
|
|
— |
|
|
|
— |
|
Joint Ventures (cost: 2021 -
$61,105,966; 2020 - $54,932,458) |
|
|
56,730,956 |
|
|
|
49,349,163 |
|
Total Investments at Fair Value,
excluding derivatives (cost: 2021 - $515,467,814; 2020 -
$535,977,551) |
|
|
474,447,408 |
|
|
|
487,737,449 |
|
Cash and cash equivalents |
|
|
30,843,590 |
|
|
|
6,990,008 |
|
Restricted cash |
|
|
28,452,560 |
|
|
|
75,913,411 |
|
Interest receivable |
|
|
2,888,364 |
|
|
|
2,972,546 |
|
Receivable for unsettled
trades |
|
|
14,142,812 |
|
|
|
25,107,598 |
|
Due from affiliates |
|
|
853,420 |
|
|
|
357,168 |
|
Other assets |
|
|
1,201,991 |
|
|
|
1,100,241 |
|
Total Assets |
|
$ |
552,830,145 |
|
|
$ |
600,178,421 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
6.125% Notes Due 2022 (net of
offering costs of: 2021-$0; 2020 - $1,058,351) |
|
$ |
76,725,975 |
|
|
$ |
75,667,624 |
|
2018-2 Secured Notes (net of
discount of: 2021-$1,535,573; 2020 - $2,444,512) |
|
|
162,327,125 |
|
|
$ |
249,418,186 |
|
Great Lakes Portman Ridge Funding
LLC Revolving Credit Facility (net of offering costs of:
2021-$1,006,335; 2020 - $1,097,815) |
|
|
68,064,563 |
|
|
|
48,223,083 |
|
Derivative liabilities, net
(cost: 2021 - $30,609; 2020 - $30,609) |
|
|
1,582,963 |
|
|
|
1,108,618 |
|
Payable for unsettled trades |
|
|
13,881,059 |
|
|
|
— |
|
Accounts payable and accrued
expenses |
|
|
2,409,861 |
|
|
|
1,788,908 |
|
Accrued interest payable |
|
|
1,146,732 |
|
|
|
1,089,531 |
|
Due to affiliates |
|
|
2,372,115 |
|
|
|
1,374,739 |
|
Management and incentive fees
payable |
|
|
4,464,644 |
|
|
|
5,243,869 |
|
Total Liabilities |
|
|
332,975,037 |
|
|
|
383,914,558 |
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
|
|
|
STOCKHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
Common stock, par value $0.01 per
share, 100,000,000 common shares authorized; 76,124,403 issued, and
75,195,141 outstanding at March 31, 2021, and 76,093,492 issued,
and 75,164,230 outstanding at December 31, 2020 |
|
|
751,951 |
|
|
|
751,642 |
|
Capital in excess of par
value |
|
|
638,523,223 |
|
|
|
638,459,548 |
|
Total distributable (loss)
earnings |
|
|
(419,420,066 |
) |
|
|
(422,947,327 |
) |
Total Stockholders’ Equity |
|
|
219,855,108 |
|
|
|
216,263,863 |
|
Total Liabilities and
Stockholders’ Equity |
|
$ |
552,830,145 |
|
|
$ |
600,178,421 |
|
NET ASSET VALUE PER COMMON
SHARE |
|
$ |
2.92 |
|
|
$ |
2.88 |
|
|
|
For the Three MonthsEnded
March 31, |
|
|
|
2021 |
|
|
2020 |
|
Investment Income: |
|
|
|
|
|
|
|
|
Interest from investments in debt securities |
|
$ |
14,086,475 |
|
|
$ |
4,579,782 |
|
Payment-in-kind investment income |
|
|
1,131,598 |
|
|
|
309,369 |
|
Interest from short-term investments |
|
|
— |
|
|
|
15,279 |
|
Investment income on CLO Fund Securities managed by affiliates |
|
|
— |
|
|
|
1,073,494 |
|
Investment income on CLO Fund Securities managed by
non-affiliates |
|
|
617,256 |
|
|
|
117,243 |
|
Investment income - Joint Ventures |
|
|
2,039,266 |
|
|
|
1,577,136 |
|
Capital structuring service fees |
|
|
429,968 |
|
|
|
81,904 |
|
Total investment income |
|
|
18,304,563 |
|
|
|
7,754,207 |
|
Expenses: |
|
|
|
|
|
|
|
|
Management fees |
|
|
1,792,564 |
|
|
|
1,011,690 |
|
Performance-based incentive fees |
|
|
2,093,619 |
|
|
|
102,006 |
|
Interest and amortization of debt issuance costs |
|
|
3,380,497 |
|
|
|
2,350,071 |
|
Professional fees |
|
|
1,494,428 |
|
|
|
843,630 |
|
Insurance |
|
|
177,154 |
|
|
|
123,750 |
|
Administrative services expense |
|
|
613,372 |
|
|
|
461,000 |
|
Other general and administrative expenses |
|
|
540,412 |
|
|
|
198,276 |
|
Total expenses |
|
|
10,092,046 |
|
|
|
5,090,423 |
|
Management and performance-based incentive fees waived |
|
|
— |
|
|
|
(102,006 |
) |
Net Expenses |
|
|
10,092,046 |
|
|
|
4,988,417 |
|
Net Investment
Income |
|
|
8,212,517 |
|
|
|
2,765,790 |
|
Realized And Unrealized
Gains (Losses) On Investments: |
|
|
|
|
|
|
|
|
Net realized (losses) gains from investment transactions |
|
|
(5,085,788 |
) |
|
|
(1,048,147 |
) |
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
Debt securities |
|
|
(2,239,786 |
) |
|
|
(10,778,237 |
) |
Equity securities |
|
|
1,349,044 |
|
|
|
(277,907 |
) |
CLO Fund Securities managed by affiliates |
|
|
— |
|
|
|
(11,162,275 |
) |
CLO Fund Securities managed by non-affiliates |
|
|
6,902,151 |
|
|
|
(571,429 |
) |
Joint Venture Investments |
|
|
1,208,285 |
|
|
|
(8,109,197 |
) |
Derivatives |
|
|
(474,345 |
) |
|
|
(25,637 |
) |
Total net change in unrealized appreciation (depreciation) |
|
|
6,745,349 |
|
|
|
(30,924,682 |
) |
Net realized and unrealized appreciation (depreciation) on
investments |
|
|
1,659,561 |
|
|
|
(31,972,829 |
) |
Realized (losses) gains on
extinguishments of Debt |
|
|
(1,834,963 |
) |
|
|
154,106 |
|
Net Increase (Decrease)
In Stockholders’ Equity Resulting From Operations |
|
$ |
8,037,115 |
|
|
$ |
(29,052,933 |
) |
Net Increase (Decrease) In Stockholders’ Equity Resulting from
Operations per Common Share: |
|
|
|
|
|
|
|
|
Basic: |
|
$ |
0.11 |
|
|
$ |
(0.65 |
) |
Diluted: |
|
$ |
0.11 |
|
|
$ |
(0.65 |
) |
Net Investment Income Per Common Share: |
|
|
|
|
|
|
|
|
Basic: |
|
$ |
0.11 |
|
|
$ |
0.06 |
|
Diluted: |
|
$ |
0.11 |
|
|
$ |
0.06 |
|
Weighted Average Shares of Common Stock Outstanding—Basic |
|
|
75,174,533 |
|
|
|
44,823,193 |
|
Weighted Average Shares of Common Stock Outstanding—Diluted |
|
|
75,174,533 |
|
|
|
44,823,193 |
|
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