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10-Q Filing

BCP INVESTMENT CORP CIK: 1372807 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000950170-23-020488
Period End Date 20230331
Filing Date 20230510
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance ptmn-20230331_htm.xml
Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 line items
Line Item Tag Value Unit Period
Total Investments at Fair Value InvestmentOwnedAtFairValue $576.48M USD Point-in-time
Total Investments at Fair Value InvestmentOwnedAtFairValue $539.12M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $5.15M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $11.87M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $20.52M USD Point-in-time
Restricted cash RestrictedCash $34.24M USD Point-in-time
Restricted cash RestrictedCash $63.09M USD Point-in-time
Restricted cash RestrictedCash $27.98M USD Point-in-time
Interest receivable InterestReceivable $3.78M USD Point-in-time
Interest receivable InterestReceivable $4.83M USD Point-in-time
Receivable for unsettled trades ReceivableForUnsettledTrades $1.40M USD Point-in-time
Receivable for unsettled trades ReceivableForUnsettledTrades $690.00K USD Point-in-time
Due from affiliates DueFromAffiliates $930.00K USD Point-in-time
Due from affiliates DueFromAffiliates $1.38M USD Point-in-time
Other assets OtherAssets $2.56M USD Point-in-time
Other assets OtherAssets $2.72M USD Point-in-time
Cost/Amortized Cost InvestmentOwnedAtCost $652.22M USD Point-in-time
Cost/Amortized Cost InvestmentOwnedAtCost $620.82M USD Point-in-time
Total Assets Assets $593.63M USD Point-in-time
Total Assets Assets $619.49M USD Point-in-time
2018-2 Secured Notes (net of discount of: 2023 - $1,181; 2022 - $1,226) SecuredDebt $170.11M USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
2018-2 Secured Notes (net of discount of: 2023 - $1,181; 2022 - $1,226) SecuredDebt $176.94M USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
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) NotesPayable $105.48M USD Point-in-time
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) NotesPayable $105.66M USD Point-in-time
Common stock, authorized CommonStockSharesAuthorized 20.00M shares Point-in-time
Common stock, authorized CommonStockSharesAuthorized 20.00M shares Point-in-time
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of: 2023 - $1,024; 2022 - $1,107) LineOfCredit $77.98M USD Point-in-time
Common stock, issued CommonStockSharesIssued 9.92M shares Point-in-time
Common stock, issued CommonStockSharesIssued 9.93M shares Point-in-time
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of: 2023 - $1,024; 2022 - $1,107) LineOfCredit $90.89M USD Point-in-time
Common stock, outstanding CommonStockSharesOutstanding 9.58M shares Point-in-time
Common stock, outstanding CommonStockSharesOutstanding 9.68M shares Point-in-time
Payable for unsettled trades PayableForUnsettledTrades $845.00K USD Point-in-time
Common stock, outstanding CommonStockSharesOutstanding 9.56M shares Point-in-time
Payable for unsettled trades PayableForUnsettledTrades $1.28M USD Point-in-time
Accounts payable, accrued expenses and other liabilities AccountsPayableAndOtherAccruedLiabilities $3.94M USD Point-in-time
Accounts payable, accrued expenses and other liabilities AccountsPayableAndOtherAccruedLiabilities $4.61M USD Point-in-time
Accrued interest payable InterestPayableCurrentAndNoncurrent $3.72M USD Point-in-time
Accrued interest payable InterestPayableCurrentAndNoncurrent $4.94M USD Point-in-time
Due to affiliates DueToAffiliateCurrentAndNoncurrent $1.30M USD Point-in-time
Due to affiliates DueToAffiliateCurrentAndNoncurrent $900.00K USD Point-in-time
Management and incentive fees payable ManagementAndIncentiveFeePayable $3.54M USD Point-in-time
Management and incentive fees payable ManagementAndIncentiveFeePayable $3.76M USD Point-in-time
Total Liabilities Liabilities $387.36M USD Point-in-time
Total Liabilities Liabilities $368.52M USD Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 8) CommitmentsAndContingencies - USD Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 8) CommitmentsAndContingencies - USD Point-in-time
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 CommonStockValue $96.00K USD Point-in-time
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 CommonStockValue $96.00K USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $736.78M USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $736.21M USD Point-in-time
Total distributable (loss) earnings RetainedEarningsAccumulatedDeficit $-504.76M USD Point-in-time
Total distributable (loss) earnings RetainedEarningsAccumulatedDeficit $-511.20M USD Point-in-time
Total Net Assets StockholdersEquity $225.11M USD Point-in-time
Total Net Assets StockholdersEquity $232.12M USD Point-in-time
Total Net Assets StockholdersEquity $280.12M USD Point-in-time
Total Net Assets StockholdersEquity $278.30M USD Point-in-time
Total Liabilities and Net Assets LiabilitiesAndStockholdersEquity $593.63M USD Point-in-time
Total Liabilities and Net Assets LiabilitiesAndStockholdersEquity $619.49M USD Point-in-time
Net Asset Value Per Common Share NetAssetValuePerShare $28.88 USD Point-in-time
Net Asset Value Per Common Share NetAssetValuePerShare $23.56 USD Point-in-time
Net Asset Value Per Common Share NetAssetValuePerShare $24.23 USD Point-in-time
Net Asset Value Per Common Share NetAssetValuePerShare $28.76 USD Point-in-time
Income Statement 51 line items
Line Item Tag Value Unit Period
Non-recurring fee income received NonRecurringFeeIncomeReceived $301.00K USD 1 Quarter
Total interest income InterestIncomeOperatingPaidInCash $13.26M USD 1 Quarter
Total interest income InterestIncomeOperatingPaidInCash $15.70M USD 1 Quarter
Total payment-in-kind income InterestIncomeOperatingPaidInKind $1.38M USD 1 Quarter
Total payment-in-kind income InterestIncomeOperatingPaidInKind $1.60M USD 1 Quarter
Total dividend income DividendIncomeOperating $2.46M USD 1 Quarter
Total dividend income DividendIncomeOperating $2.11M USD 1 Quarter
Total fees and other income FeesAndOtherIncome $196.00K USD 1 Quarter
Total fees and other income FeesAndOtherIncome $573.00K USD 1 Quarter
Total investment income GrossInvestmentIncomeOperating $16.94M USD 1 Quarter
Total investment income GrossInvestmentIncomeOperating $20.33M USD 1 Quarter
Management fees ManagementFeeExpense $2.13M USD 1 Quarter
Management fees ManagementFeeExpense $1.95M USD 1 Quarter
Performance-based incentive fees IncentiveFeeExpense $1.68M USD 1 Quarter
Performance-based incentive fees IncentiveFeeExpense $1.81M USD 1 Quarter
Interest and amortization of debt issuance costs InterestExpenseDebt $6.33M USD 1 Quarter
Interest and amortization of debt issuance costs InterestExpenseDebt $3.34M USD 1 Quarter
Professional fees ProfessionalFees $845.00K USD 1 Quarter
Professional fees ProfessionalFees $603.00K USD 1 Quarter
Administrative services expense AdministrativeFeesExpense $671.00K USD 1 Quarter
Administrative services expense AdministrativeFeesExpense $847.00K USD 1 Quarter
Other general and administrative expenses OtherGeneralAndAdministrativeExpense $187.00K USD 1 Quarter
Other general and administrative expenses OtherGeneralAndAdministrativeExpense $431.00K USD 1 Quarter
Total expenses InvestmentIncomeInvestmentExpense $9.04M USD 1 Quarter
Total expenses InvestmentIncomeInvestmentExpense $11.80M USD 1 Quarter
NET INVESTMENT INCOME NetInvestmentIncome $8.53M USD 1 Quarter
NET INVESTMENT INCOME NetInvestmentIncome $7.91M USD 1 Quarter
Net realized gain (loss) from derivatives GainLossOnSaleOfDerivatives $-2.10M USD 1 Quarter
Net realized gain (loss) from derivatives GainLossOnSaleOfDerivatives $-2.10M USD Annual
Net realized gain (loss) on investments RealizedGainLossInvestmentAndDerivativeOperatingBeforeTax $-5.55M USD 1 Quarter
Net realized gain (loss) on investments RealizedGainLossInvestmentAndDerivativeOperatingBeforeTax $-3.08M USD 1 Quarter
Net change in unrealized appreciation (depreciation) on derivatives UnrealizedGainLossOnDerivatives $2.44M USD 1 Quarter
Net change in unrealized appreciation (depreciation) on derivatives UnrealizedGainLossOnDerivatives $2.41M USD Annual
Net unrealized gain (loss) on investments UnrealizedGainLossInvestmentAndDerivativeOperatingBeforeTax $2.14M USD 1 Quarter
Net unrealized gain (loss) on investments UnrealizedGainLossInvestmentAndDerivativeOperatingBeforeTax $-5.96M USD 1 Quarter
Tax (provision) benefit on realized and unrealized gains (losses) on investments InvestmentIncomeOperatingTaxExpenseBenefit $-571.00K USD 1 Quarter
Tax (provision) benefit on realized and unrealized gains (losses) on investments InvestmentIncomeOperatingTaxExpenseBenefit $440.00K USD 1 Quarter
Net realized and unrealized appreciation (depreciation) on investments, net of taxes NetRealizedAndUnrealizedAppreciationDepreciationOnInvestmentsNetOfTaxes $-8.47M USD 1 Quarter
Net realized and unrealized appreciation (depreciation) on investments, net of taxes NetRealizedAndUnrealizedAppreciationDepreciationOnInvestmentsNetOfTaxes $-3.85M USD 1 Quarter
Net increase (decrease) in net assets resulting from operations NetIncomeLoss $55.00K USD 1 Quarter
Net increase (decrease) in net assets resulting from operations NetIncomeLoss $4.06M USD 1 Quarter
Basic EarningsPerShareBasic $0.01 USD 1 Quarter
Basic EarningsPerShareBasic $0.42 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.42 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.01 USD 1 Quarter
Basic and Diluted: NetInvestmentIncomePerCommonShareBasicAndDiluted $0.82 USD 1 Quarter
Basic and Diluted: NetInvestmentIncomePerCommonShareBasicAndDiluted $0.89 USD 1 Quarter
Weighted Average Shares of Common Stock Outstanding - Basic WeightedAverageNumberOfSharesOutstandingBasic 9.70M shares 1 Quarter
Weighted Average Shares of Common Stock Outstanding - Basic WeightedAverageNumberOfSharesOutstandingBasic 9.56M shares 1 Quarter
Weighted Average Shares of Common Stock Outstanding - Diluted WeightedAverageNumberOfDilutedSharesOutstanding 9.70M shares 1 Quarter
Weighted Average Shares of Common Stock Outstanding - Diluted WeightedAverageNumberOfDilutedSharesOutstanding 9.56M shares 1 Quarter
Cash Flow Statement 71 line items
Line Item Tag Value Unit Period
Net increase (decrease) in net assets resulting from operations ProfitLoss $55.00K USD 1 Quarter
Net increase (decrease) in net assets resulting from operations ProfitLoss $4.06M USD 1 Quarter
Net realized (gains) losses on investment transactions RealizedInvestmentGainsLosses $-5.55M USD 1 Quarter
Net realized (gains) losses on investment transactions RealizedInvestmentGainsLosses $-3.00M USD 1 Quarter
Net change in unrealized (appreciation) depreciation from investments UnrealizedGainLossOnInvestments $2.14M USD 1 Quarter
Net change in unrealized (appreciation) depreciation from investments UnrealizedGainLossOnInvestments $-5.96M USD 1 Quarter
Purchases of investments PaymentsForPurchaseOfSecuritiesOperatingActivities $13.28M USD 1 Quarter
Purchases of investments PaymentsForPurchaseOfSecuritiesOperatingActivities $58.31M USD 1 Quarter
Proceeds from sales and redemptions of investments ProceedsFromSaleOfSecuritiesOperatingActivities $45.79M USD 1 Quarter
Proceeds from sales and redemptions of investments ProceedsFromSaleOfSecuritiesOperatingActivities $39.35M USD 1 Quarter
Net accretion of investments AccretionAmortizationOfDiscountsAndPremiumsInvestments $2.51M USD 1 Quarter
Net accretion of investments AccretionAmortizationOfDiscountsAndPremiumsInvestments $3.51M USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $307.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $308.00K USD 1 Quarter
Net payment-in-kind income PaidInKindIncome $1.38M USD 1 Quarter
Net payment-in-kind income PaidInKindIncome $1.60M USD 1 Quarter
(Increase) decrease in receivable for unsettled trades IncreaseDecreaseInAccountsReceivable $-18.04M USD 1 Quarter
(Increase) decrease in receivable for unsettled trades IncreaseDecreaseInAccountsReceivable $-705.00K USD 1 Quarter
(Increase) decrease in interest and dividends receivable IncreaseDecreaseInInterestAndDividendsReceivable $-1.05M USD 1 Quarter
(Increase) decrease in interest and dividends receivable IncreaseDecreaseInInterestAndDividendsReceivable $-2.40M USD 1 Quarter
(Increase) decrease in due from affiliates IncreaseDecreaseInDueFromAffiliatesCurrent $85.00K USD 1 Quarter
(Increase) decrease in due from affiliates IncreaseDecreaseInDueFromAffiliatesCurrent $446.00K USD 1 Quarter
(Increase) decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-397.00K USD 1 Quarter
(Increase) decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-166.00K USD 1 Quarter
Increase (decrease) in payable for unsettled trades IncreaseDecreaseInAccountsPayableTrade $16.23M USD 1 Quarter
Increase (decrease) in payable for unsettled trades IncreaseDecreaseInAccountsPayableTrade $-431.00K USD 1 Quarter
Increase (decrease) in accrued interest payable IncreaseDecreaseInInterestPayableNet $1.22M USD 1 Quarter
Increase (decrease) in accrued interest payable IncreaseDecreaseInInterestPayableNet $1.30M USD 1 Quarter
Increase (decrease) in management and incentive fees payable IncreaseDecreaseInManagementAndIncentiveFeesPayable $-729.00K USD 1 Quarter
Increase (decrease) in management and incentive fees payable IncreaseDecreaseInManagementAndIncentiveFeesPayable $218.00K USD 1 Quarter
Increase (decrease) in due to affiliates IncreaseDecreaseInDueToAffiliatesCurrent $-513.00K USD 1 Quarter
Increase (decrease) in due to affiliates IncreaseDecreaseInDueToAffiliatesCurrent $401.00K USD 1 Quarter
Increase (decrease) in accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-677.00K USD 1 Quarter
Increase (decrease) in accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $282.00K USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $39.92M USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $21.24M USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $87.00K USD 1 Quarter
Private placement and other ProceedsFromIssuanceOfPrivatePlacementAndOther $439.00K USD 1 Quarter
Stock repurchase program PaymentsForRepurchaseOfCommonStock $545.00K USD 1 Quarter
Stock repurchase program PaymentsForRepurchaseOfCommonStock $792.00K USD 1 Quarter
Distributions to stockholders PaymentsOfDividendsCommonStock $6.28M USD 1 Quarter
Distributions to stockholders PaymentsOfDividendsCommonStock $5.77M USD 1 Quarter
Repayment of 2018-2 Secured Notes RepaymentsOfSecuredDebt $6.88M USD 1 Quarter
Repayment of Revolving Credit Facilities RepaymentsOfLinesOfCredit $17.50M USD 1 Quarter
Borrowings from Revolving Credit Facilities ProceedsFromLinesOfCredit $4.50M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-5.97M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-26.95M USD 1 Quarter
CHANGE IN CASH AND RESTRICTED CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $15.28M USD 1 Quarter
CHANGE IN CASH AND RESTRICTED CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $12.97M USD 1 Quarter
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $68.34M USD Point-in-time
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $33.13M USD Point-in-time
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $46.11M USD Point-in-time
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $83.62M USD Point-in-time
CASH AND RESTRICTED CASH, END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $68.34M USD Point-in-time
CASH AND RESTRICTED CASH, END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $33.13M USD Point-in-time
CASH AND RESTRICTED CASH, END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $46.11M USD Point-in-time
CASH AND RESTRICTED CASH, END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $83.62M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $5.15M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $11.87M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $20.52M USD Point-in-time
Restricted cash RestrictedCash $34.24M USD Point-in-time
Restricted cash RestrictedCash $63.09M USD Point-in-time
Restricted cash RestrictedCash $27.98M USD Point-in-time
Total Cash and Restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $68.34M USD Point-in-time
Total Cash and Restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $33.13M USD Point-in-time
Total Cash and Restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $46.11M USD Point-in-time
Total Cash and Restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $83.62M USD Point-in-time
Cash paid for interest during the period InterestPaidNet $1.73M USD 1 Quarter
Cash paid for interest during the period InterestPaidNet $4.81M USD 1 Quarter
Reinvestment of distributions ReinvestmentOfDistributions $338.00K USD 1 Quarter
Reinvestment of distributions ReinvestmentOfDistributions $215.00K USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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