Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or
“Portman Ridge”) announced today its financial results for the
first quarter ended March 31, 2023.
First Quarter 2023 Highlights
- Total investment
income for the first quarter of 2023 was $20.3 million, an
increase of $1.7 million as compared to $18.6 million for the
fourth quarter of 2022 and an increase of $3.4 million as compared
to $16.9 million for the first quarter of 2022.
- Core investment
income1, excluding the impact of purchase
price accounting, for the first quarter of 2023 was $19.3 million,
an increase of $1.6 million as compared to $17.7 million for the
fourth quarter of 2022 and an increase of $4.2 million as compared
to $15.1 million for the first quarter of 2022.
- Net investment income
("NII") for the first quarter of 2023 was $8.5 million
($0.89 per share), an increase of $1.4 million as compared to $7.1
million ($0.74 per share) for the fourth quarter of 2022 and an
increase of $0.6 million as compared to $7.9 million ($0.82 per
share) for the first quarter of 2022.
- Total shares
repurchased in open market transactions under the Renewed
Stock Repurchase Program during the quarter ended March 31, 2023
were 35,613 at an aggregate cost of approximately $0.8
million.
Subsequent Events
- Increased stockholder
distribution of $0.69 per
share for the second quarter of 2023, payable on May 31,
2023 to stockholders of record at the close of business on May 22,
2023. This is a $0.01 per share distribution increase as compared
to the first quarter of 2023 and a $0.06 per share distribution
increase as compared to the second quarter of 2022. This also marks
the third consecutive quarter of a stockholder distribution
increase and the fifth stockholder distribution increase over the
last seven quarters.
Management Commentary
- Ted Goldthorpe, Chief Executive
Officer of Portman Ridge, stated, “Continuing off the back of
strong earnings momentum seen in fiscal year 2022, we are pleased
to report yet another strong quarter of financial performance in
the first quarter of 2023. Our total investment income, core
investment income and net investment income for the first quarter
of 2023 all increased in comparison to the fourth quarter of 2023,
as we continue to see the impact that rising rates have had in
generating incremental revenue from our debt portfolio investments.
We believe we are well-positioned to take advantage of
opportunities that arise from the current market environment by
continuing to be selective and resourceful in our investment
decision-making. Overall, our strong performance this past quarter
has allowed us to raise our dividend for the third consecutive
quarter to $0.69 per share and we believe we remain situated to
continue to deliver attractive returns to our shareholders
throughout 2023.”
Selected Financial Highlights
- Total investments at fair
value as of March 31, 2023 was $539.1 million; when
excluding CLO funds, Joint Ventures, and short-term investments,
these investments are spread across 28 different industries and 106
different entities with an average par balance per entity of
approximately $3.3 million. This compares to $576.5 million of
total investments at fair value (excluding derivatives) as of
December 31, 2022, comprised of investments in 119 different
entities (excluding CLO funds, Joint Ventures, and short-term
investments).
- Weighted average
contractual interest rate on our interest earning Debt
Securities Portfolio as of March 31, 2023 and December 31, 2022 was
approximately 11.7% and 11.1%,
respectively.
- Non-accruals on debt
investments, as of March 31, 2023, were five debt
investments, which compares to four debt investments on non-accrual
status as of December 31, 2022 and six debt investments on
non-accrual status as of March 31, 2022. As of March 31, 2023, debt
investments on non-accrual status represented 0.3% and 1.5% of the
Company’s investment portfolio at fair value and amortized cost,
respectively. This compares to debt investments on non-accrual
status representing 0.0% and 0.6% of the Company’s investment
portfolio at fair value and amortized cost, respectively, as of
December 31, 2022 and 0.2% and 1.9% of the Company’s investment
portfolio at fair value and amortized cost, respectively, as of
March 31, 2022.
- Net asset value
(“NAV”) for the first quarter of 2023 was $225.1 million
($23.56 per share) as compared to $232.1 ($24.23 per share) for the
fourth quarter of 2022.
- Par value of outstanding
borrowings, as of March 31, 2023, was $358.3 million with
an asset coverage ratio of total assets to total borrowings of
162%. On a net basis, leverage as of March 31, 2023 was 1.39x2
compared to net leverage of 1.49x2 as of December 31, 2022.
1 Core investment income represents reported total investment
income as determined in accordance with U.S. generally accepted
accounting principles, or U.S. GAAP, less the impact of purchase
price discount accounting in connection with the Garrison Capital
Inc. (“GARS”) and Harvest Capital Credit Corporation (“HCAP”)
mergers. Portman Ridge believes presenting core investment income
and the related per share amount is useful and appropriate
supplemental disclosure for analyzing its financial performance due
to the unique circumstance giving rise to the purchase accounting
adjustment. However, core investment income is a non-U.S. GAAP
measure and should not be considered as a replacement for total
investment income and other earnings measures presented in
accordance with U.S. GAAP. Instead, core investment income should
be reviewed only in connection with such U.S. GAAP measures in
analyzing Portman Ridge’s financial performance.2 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. Portman Ridge believes presenting a
net leverage ratio is useful and appropriate supplemental
disclosure because it reflects the Company’s financial condition
net of $46.1 million and $33.1 million of cash and cash equivalents
and restricted cash for the quarters ended March 31, 2023 and
December 31, 2022, respectively. However, the net leverage ratio is
a non-U.S. GAAP measure and should not be considered as a
replacement for the regulatory asset coverage ratio and other
similar information presented in accordance with U.S. GAAP.
Instead, the net leverage ratio should be reviewed only in
connection with such U.S. GAAP measures in analyzing Portman
Ridge’s financial condition.
Results of Operations
Operating results for the three months ended
March 31, 2023 and 2022 were as follows:
|
|
For the Three Months Ended
March 31, |
|
|
($ in
thousands) |
|
2023 |
|
|
2022 |
|
|
Total investment income |
|
$ |
20,327 |
|
|
$ |
16,944 |
|
|
Total expenses |
|
|
11,798 |
|
|
|
9,036 |
|
|
Net Investment
Income |
|
|
8,529 |
|
|
|
7,908 |
|
|
Net realized gain (loss) on investments |
|
|
(3,085 |
) |
|
|
(5,553 |
) |
|
Net unrealized gain (loss) on investments |
|
|
(5,960 |
) |
|
|
2,143 |
|
|
Tax (provision) benefit on realized and unrealized gains (losses)
on investments |
|
|
571 |
|
|
|
(440 |
) |
|
Net realized and unrealized
appreciation (depreciation) on investments, net of taxes |
|
|
(8,474 |
) |
|
|
(3,850 |
) |
|
Net Increase (Decrease)
In Net Assets Resulting from Operations |
|
$ |
55 |
|
|
$ |
4,058 |
|
|
Net Increase (Decrease) In Net Assets Resulting from Operations per
Common Share: |
|
|
|
|
|
|
|
Basic and Diluted: |
|
$ |
0.01 |
|
|
$ |
0.42 |
|
|
Net Investment Income Per Common Share: |
|
|
|
|
|
|
|
Basic and Diluted: |
|
$ |
0.89 |
|
|
$ |
0.82 |
|
|
Weighted Average Shares of Common Stock Outstanding—Basic and
Diluted |
|
|
9,555,125 |
|
|
|
9,698,099 |
|
|
Investment Income
The composition of our investment income for the
three months ended March 31, 2023 and 2022 was as follows:
|
|
For the Three Months Ended March 31, |
|
|
($ in
thousands) |
|
2023 |
|
|
2022 |
|
|
Interest from investments in debt excluding accretion |
|
$ |
14,105 |
|
|
$ |
9,812 |
|
|
Purchase discount accounting |
|
|
1,042 |
|
|
|
1,812 |
|
|
PIK Investment Income |
|
|
1,600 |
|
|
|
1,382 |
|
|
CLO Income |
|
|
548 |
|
|
|
1,634 |
|
|
JV Income |
|
|
2,459 |
|
|
|
2,108 |
|
|
Service Fees |
|
|
573 |
|
|
|
196 |
|
|
Investment
Income |
|
$ |
20,327 |
|
|
$ |
16,944 |
|
|
Less: Purchase discount
accounting |
|
$ |
(1,042 |
) |
|
$ |
(1,812 |
) |
|
Core Investment
Income |
|
$ |
19,285 |
|
|
$ |
15,132 |
|
|
Fair Value of Investments
The composition of our investment portfolio as
of March 31, 2023 and December 31, 2022 at cost and fair value was
as follows:
($ in
thousands) |
|
March 31, 2023(Unaudited) |
|
|
December 31, 2022 |
|
Security
Type |
|
Cost/AmortizedCost |
|
|
Fair Value |
|
|
%(3) |
|
|
Cost/AmortizedCost |
|
|
Fair Value |
|
|
%(3) |
|
Senior Secured Loan |
|
$ |
408,665 |
|
|
$ |
392,022 |
|
|
|
73 |
|
|
$ |
435,856 |
|
|
$ |
418,722 |
|
|
|
73 |
|
Junior Secured Loan |
|
|
64,319 |
|
|
|
50,795 |
|
|
|
9 |
|
|
|
65,776 |
|
|
|
56,400 |
|
|
|
10 |
|
Senior Unsecured Bond |
|
|
416 |
|
|
|
43 |
|
|
|
0 |
|
|
|
416 |
|
|
|
43 |
|
|
|
0 |
|
Equity Securities |
|
|
24,345 |
|
|
|
15,320 |
|
|
|
3 |
|
|
|
28,848 |
|
|
|
21,905 |
|
|
|
4 |
|
CLO Fund Securities |
|
|
30,860 |
|
|
|
19,241 |
|
|
|
4 |
|
|
|
34,649 |
|
|
|
20,453 |
|
|
|
3 |
|
Asset Manager Affiliates(4) |
|
|
17,791 |
|
|
|
- |
|
|
|
- |
|
|
|
17,791 |
|
|
|
- |
|
|
|
- |
|
Joint Ventures |
|
|
74,394 |
|
|
|
61,701 |
|
|
|
11 |
|
|
|
68,850 |
|
|
|
58,955 |
|
|
|
10 |
|
Derivatives |
|
|
31 |
|
|
|
- |
|
|
|
- |
|
|
|
31 |
|
|
|
- |
|
|
|
- |
|
Total |
|
$ |
620,821 |
|
|
$ |
539,122 |
|
|
|
100 |
% |
|
$ |
652,217 |
|
|
$ |
576,478 |
|
|
|
100 |
% |
3Represents percentage of total portfolio at fair
value4Represents the equity investment in the Asset Manager
Affiliates
Liquidity and Capital
Resources
As of March 31, 2023, the Company had $358.3
million (par value) of borrowings outstanding with a weighted
average interest rate of 6.4%, of which $108.0 million par value
had a fixed rate and $250.3 million par value had a floating rate.
This balance was comprised of $79.0 million of outstanding
borrowings under the Senior Secured Revolving Credit Facility,
$171.3 million of 2018-2 Secured Notes due 2029, and $108.0 million
of 4.875% Notes due 2026.
As of March 31, 2023 and December 31, 2022, the fair value of
investments and cash were as follows:
Security
Type |
|
March 31, 2023 |
|
|
December 31, 2022 |
|
Cash and cash equivalents |
|
$ |
11,865 |
|
|
$ |
5,148 |
|
Restricted Cash |
|
|
34,241 |
|
|
|
27,983 |
|
Senior Secured Loan |
|
|
392,022 |
|
|
|
418,722 |
|
Junior Secured Loan |
|
|
50,975 |
|
|
|
56,400 |
|
Senior Unsecured Bond |
|
|
43 |
|
|
|
43 |
|
Equity Securities |
|
|
15,320 |
|
|
|
21,905 |
|
CLO Fund Securities |
|
|
19,241 |
|
|
|
20,453 |
|
Asset Manager Affiliates |
|
|
- |
|
|
|
- |
|
Joint Ventures |
|
|
61,701 |
|
|
|
58,955 |
|
Derivatives |
|
|
- |
|
|
|
- |
|
Total |
|
$ |
585,228 |
|
|
$ |
609,609 |
|
As of March 31, 2023, the Company had
unrestricted cash of $11.9 million and restricted cash of $34.2
million. This compares to unrestricted cash of $5.1 million and
restricted cash of $28.0 million as of December 31, 2022. As of
March 31, 2023, the Company had $36.0 million of available
borrowing capacity under the Senior Secured Revolving Credit
Facility, and no remaining borrowing capacity under the 2018-2
Secured Notes.
Interest Rate Risk
The Company’s investment income is affected by
fluctuations in various interest rates, including LIBOR and prime
rates.
As of March 31, 2023, approximately 89.2% of our
Debt Securities Portfolio at par value were either floating rate
with a spread to an interest rate index such as LIBOR or the prime
rate. 77.4% of these floating rate loans contain LIBOR floors
ranging between 0.50% and 2.00%. We generally expect that future
portfolio investments will predominately be floating rate
investments.
In periods of rising or lowering interest rates,
the cost of the portion of debt associated with the 4.875% Notes
Due 2026 would remain the same, given that this debt is at a fixed
rate, while the interest rate on borrowings under the Revolving
Credit Facility would fluctuate with changes in interest rates.
Generally, the Company would expect that an
increase in the base rate index for floating rate investment assets
would increase gross investment income and a decrease in the base
rate index for such assets would decrease gross investment income
(in either case, such increase/decrease may be limited by interest
rate floors/minimums for certain investment assets).
|
|
Impact on net investment income froma
change in interest rates at: |
|
($ in
thousands) |
|
1% |
|
|
|
2% |
|
|
|
3% |
|
|
Increase in interest rate |
|
$ |
1,579 |
|
|
|
$ |
3,158 |
|
|
|
$ |
4,738 |
|
|
Decrease in interest rate |
|
$ |
(1,579 |
) |
|
|
$ |
(3,158 |
) |
|
|
$ |
(4,727 |
) |
|
Conference Call and Webcast
We will hold a conference call on Thursday, May
11, 2023, at 9:00 am Eastern Time to discuss our first quarter 2023
financial results. To access the call, stockholders, prospective
stockholders and analysts should dial (646) 307-1963 approximately
10 minutes prior to the start of the conference call and use the
conference ID 4553626.
A live audio webcast of the conference call can
be accessed via the Internet, on a listen-only basis on the
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:
https://edge.media-server.com/mmc/p/v8f43d5t. 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. merger
transactions effectuated by the Company; (3) the ability of the
Company and/or its adviser to implement its business strategy;
(4) evolving legal, regulatory and tax regimes;
(5) changes in general economic and/or industry specific
conditions, including but not limited to the impact of inflation;
(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’s 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; and(14)
other changes in the conditions of the industries in which we
invest and other factors enumerated in our filings with the SEC.
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.
Contacts:Portman Ridge Finance
Corporation
650 Madison Avenue, 23rd floorNew York, NY
10022info@portmanridge.com
Jason Roos Jason.Roos@bcpartners.com(212)
891-2880
The Equity Group Inc.Lena
Catilcati@equityny.com(212) 836-9611
Val Ferrarovferraro@equityny.com(212)
836-9633
PORTMAN RIDGE FINANCE CORPORATION |
CONSOLIDATED BALANCE SHEETS |
(in thousands, except share and per share
amounts) |
|
|
March 31,
2023(Unaudited) |
|
|
December 31, 2022 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Investments at fair value: |
|
|
|
|
|
Non-controlled/non-affiliated investments (amortized cost: 2023 -
$485,106; 2022 - $518,699) |
$ |
447,048 |
|
|
$ |
483,698 |
|
Non-controlled affiliated investments (amortized cost: 2023 -
$77,393; 2022 - $75,196) |
|
75,713 |
|
|
|
73,827 |
|
Controlled affiliated investments (cost: 2023 - $58,322; 2022 -
$58,322) |
|
16,361 |
|
|
|
18,953 |
|
Total Investments at Fair Value
(cost: 2023 - $620,821; 2022 - $652,217) |
$ |
539,122 |
|
|
$ |
576,478 |
|
Cash and cash equivalents |
|
11,865 |
|
|
|
5,148 |
|
Restricted cash |
|
34,241 |
|
|
|
27,983 |
|
Interest receivable |
|
3,777 |
|
|
|
4,828 |
|
Receivable for unsettled
trades |
|
690 |
|
|
|
1,395 |
|
Due from affiliates |
|
1,376 |
|
|
|
930 |
|
Other assets |
|
2,558 |
|
|
|
2,724 |
|
Total
Assets |
$ |
593,629 |
|
|
$ |
619,486 |
|
LIABILITIES |
|
|
|
|
|
2018-2 Secured Notes (net of
discount of: 2023 - $1,181; 2022 - $1,226) |
$ |
170,107 |
|
|
$ |
176,937 |
|
4.875% Notes Due 2026 (net of
discount of: 2023 - $1,585; 2022 - $1,704; net of deferred
financing costs of: 2023 - $756; 2022 - $818) |
|
105,659 |
|
|
|
105,478 |
|
Great Lakes Portman Ridge Funding
LLC Revolving Credit Facility (net of deferred financing costs of:
2023 - $1,024; 2022 - $1,107) |
|
77,976 |
|
|
|
90,893 |
|
Payable for unsettled trades |
|
845 |
|
|
|
1,276 |
|
Accounts payable, accrued
expenses and other liabilities |
|
3,937 |
|
|
|
4,614 |
|
Accrued interest payable |
|
4,937 |
|
|
|
3,722 |
|
Due to affiliates |
|
1,301 |
|
|
|
900 |
|
Management and incentive fees
payable |
|
3,761 |
|
|
|
3,543 |
|
Total
Liabilities |
$ |
368,523 |
|
|
$ |
387,363 |
|
NET ASSETS |
|
|
|
|
|
Common stock, par value $0.01 per
share, 20,000,000 common shares authorized; 9,927,289 issued, and
9,556,356 outstanding at March 31, 2023, and 9,916,856 issued,
and 9,581,536 outstanding at December 31, 2022 |
$ |
96 |
|
|
$ |
96 |
|
Capital in excess of par
value |
|
736,207 |
|
|
|
736,784 |
|
Total distributable (loss)
earnings |
|
(511,197 |
) |
|
|
(504,757 |
) |
Total Net
Assets |
$ |
225,106 |
|
|
$ |
232,123 |
|
Total Liabilities and Net
Assets |
$ |
593,629 |
|
|
$ |
619,486 |
|
Net Asset Value Per Common
Share |
$ |
23.56 |
|
|
$ |
24.23 |
|
PORTMAN RIDGE FINANCE CORPORATION |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(in thousands, except share and per share
amounts) |
|
|
|
For the
Three Months Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
INVESTMENT
INCOME |
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
Non-controlled/non-affiliated investments |
|
$ |
14,846 |
|
|
$ |
12,667 |
|
Non-controlled affiliated investments |
|
|
849 |
|
|
|
591 |
|
Total interest
income |
|
$ |
15,695 |
|
|
$ |
13,258 |
|
Payment-in-kind income: |
|
|
|
|
|
|
Non-controlled/non-affiliated investments(1) |
|
$ |
1,527 |
|
|
$ |
1,126 |
|
Non-controlled affiliated investments |
|
|
73 |
|
|
|
256 |
|
Total
payment-in-kind income |
|
$ |
1,600 |
|
|
$ |
1,382 |
|
Dividend income: |
|
|
|
|
|
|
Non-controlled affiliated investments |
|
$ |
1,384 |
|
|
$ |
945 |
|
Controlled affiliated investments |
|
|
1,075 |
|
|
|
1,163 |
|
Total dividend income |
|
$ |
2,459 |
|
|
$ |
2,108 |
|
Fees and other income: |
|
|
|
|
|
|
|
|
Non-controlled/non-affiliated
investments |
|
$ |
573 |
|
|
$ |
196 |
|
Total fees and other income |
|
$ |
573 |
|
|
$ |
196 |
|
Total investment income |
|
$ |
20,327 |
|
|
$ |
16,944 |
|
EXPENSES |
|
|
|
|
|
|
Management fees |
|
$ |
1,953 |
|
|
$ |
2,135 |
|
Performance-based incentive fees |
|
|
1,808 |
|
|
|
1,678 |
|
Interest and amortization of debt issuance costs |
|
|
6,332 |
|
|
|
3,344 |
|
Professional fees |
|
|
603 |
|
|
|
845 |
|
Administrative services expense |
|
|
671 |
|
|
|
847 |
|
Other general and administrative expenses |
|
|
431 |
|
|
|
187 |
|
Total
expenses |
|
$ |
11,798 |
|
|
$ |
9,036 |
|
NET INVESTMENT
INCOME |
|
$ |
8,529 |
|
|
$ |
7,908 |
|
Realized And Unrealized
Gains (Losses) On Investments: |
|
|
|
|
|
|
Net realized gains (losses) from
investment transactions |
|
|
|
|
|
|
Non-controlled/non-affiliated investments |
|
$ |
(3,085 |
) |
|
$ |
(3,670 |
) |
Non-controlled affiliated investments |
|
|
- |
|
|
|
212 |
|
Derivatives |
|
|
- |
|
|
|
(2,095 |
) |
Net realized gain (loss)
on investments |
|
$ |
(3,085 |
) |
|
$ |
(5,553 |
) |
Net change in unrealized
appreciation (depreciation) on: |
|
|
|
|
|
|
Non-controlled/non-affiliated investments |
|
$ |
(3,057 |
) |
|
$ |
829 |
|
Non-controlled affiliated investments |
|
|
(311 |
) |
|
|
117 |
|
Controlled affiliated investments |
|
|
(2,592 |
) |
|
|
(1,245 |
) |
Derivatives |
|
|
- |
|
|
|
2,442 |
|
Net unrealized gain
(loss) on investments |
|
$ |
(5,960 |
) |
|
$ |
2,143 |
|
Tax (provision) benefit on
realized and unrealized gains (losses) on investments |
|
$ |
571 |
|
|
$ |
(440 |
) |
Net realized and unrealized appreciation (depreciation) on
investments, net of taxes |
|
$ |
(8,474 |
) |
|
$ |
(3,850 |
) |
NET INCREASE (DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
55 |
|
|
$ |
4,058 |
|
Net Increase (Decrease) In Net Assets Resulting from Operations per
Common Share: |
|
|
|
|
|
|
Basic and Diluted: |
|
$ |
0.01 |
|
|
$ |
0.42 |
|
Net Investment Income Per Common Share: |
|
|
|
|
|
|
Basic and Diluted: |
|
$ |
0.89 |
|
|
$ |
0.82 |
|
Weighted Average Shares of Common Stock Outstanding—Basic and
Diluted |
|
|
9,555,125 |
|
|
|
9,698,099 |
|
1) During the period ended March 31, 2023, the Company received
$301 thousand of non-recurring fee income that was paid in-kind and
included in this financial statement line item.
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