KCAP Financial Earnings 2020-03-31

Balance Sheet	Income Statement	Cash Flow

10-Q 1 ptmn-10q_20200331.htm 10-Q ptmn-10q_20200331.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 814-00735

Portman Ridge Finance Corporation

(Exact name of Registrant as specified in its charter)

Delaware

20-5951150

(State or other jurisdiction of

Incorporation or organization)

(I.R.S. Employer

Identification Number)

650 Madison Avenue, 23rd Floor

New York, New York 10022

(Address of principal executive offices)

(212) 891-2880

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	PTMN	The NASDAQ Global Select Market
6.125% Notes due 2022	KCAPL	The NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The number of outstanding shares of common stock of the registrant as of May 4, 2020 was 44,725,872.

TABLE OF CONTENTS

		Page

	Part I. Financial Information

Item 1.	Consolidated Financial Statements

	Consolidated Balance Sheets as of March 31, 2020 (unaudited) and December 31, 2019	5

	Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2020 and 2019	6

	Consolidated Statements of Changes in Net Assets (unaudited) for the three months ended March 31, 2020 and 2019	7

	Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2020 and 2019	8

	Consolidated Schedules of Investments as of March 31, 2020 (unaudited) and December 31, 2019	9

	Consolidated Financial Highlights (unaudited) for the three months ended March 31, 2020 and 2019	28

	Notes to Consolidated Financial Statements (unaudited)	29

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	65

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	88

Item 4.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	90

Item 5.	Controls and Procedures	90

	Part II. Other Information

Item 1.	Legal Proceedings	91

Item 1A.	Risk Factors	91

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	92

Item 3.	Defaults Upon Senior Securities	93

Item 4.	Mine Safety Disclosures	93

Item 5.	Other Information	93

Item 6.	Exhibits	93

Signatures		95

NOTE ABOUT REFERENCES TO PORTMAN RIDGE FINANCE CORPORATION

In this Quarterly Report on Form 10-Q, the “Company”, “Portman Ridge”, “we”, “us” and “our” refer to Portman Ridge Finance Corporation and its wholly-owned subsidiaries, Great Lakes KCAP Funding I LLC, Great Lakes Portman Ridge Funding, LLC, OHA Investment Sub, LLC, OHA Asset Holdings II, LP, Kohlberg Capital Funding I LLC, KCAP Senior Funding I, LLC and KCAP Senior Funding I Holdings, LLC, unless the context otherwise requires.

NOTE ABOUT FORWARD-LOOKING STATEMENTS

The information contained in this item should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report and in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended December 31, 2019, as filed with the U.S. Securities and Exchange Commission (the “Commission” or the “SEC”). In addition, some of the statements in this report constitute forward-looking statements. The matters discussed in this Quarterly Report, 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. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “outlook, ”believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Important assumptions include our ability to originate new investments, 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 Quarterly Report should not be regarded as a representation by us that our plans or objectives will be achieved. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•

our future operating results;

•

our business prospects and the prospects of our existing and prospective portfolio companies;

•

the return or impact of current and future investments;

•

our contractual arrangements and other relationships with third parties;

•

the dependence of our future success on the general economy and its impact on the industries in which we invest;

•

the financial condition and ability of our existing and prospective portfolio companies to achieve their objectives;

•

our expected financings and investments;

•

our ability to operate as a business development company (“BDC”) under the Investment Company Act of 1940 and a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, including the impact of changes in laws or regulations governing our operations;

•

the adequacy of our available liquidity, cash resources and working capital;

•

the timing of cash flows, if any, from the operations of our portfolio companies;

•

the ability of Sierra Crest Investment Management LLC (the “Adviser”) to locate suitable investments for us to monitor and administer our investments;

•

the ability of the Adviser to attract and retain highly talented professionals;

•

actual and potential conflicts of interest with the Adviser and its affiliates;

•

the effect of legal, tax, and regulatory changes on us and our portfolio companies;

•

the impact of a protracted decline in the liquidity of credit markets on our business;

•

the impact of fluctuations in interest rates on our business;

•

the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

•

our ability to recover unrealized losses;

•

market conditions and our ability to access additional capital;

•

the duration and effects of the COVID-19 pandemic on us and our portfolio companies;

•

an economic downturn, including as a result of the impact of the COVID-19 pandemic, could have a material adverse effect on our portfolio companies’ results of operations and financial condition, which could lead to a loss on some or all of our investments in such portfolio companies and have a material adverse effect on our results of operations and financial condition; and

•

the timing, form and amount of any dividend distributions.

For a more detailed discussion of factors that could cause our actual results to differ from forward-looking statements contained in this Quarterly Report, please see the discussion in Part II, “Item 1A. Risk Factors” of this Quarterly Report, and in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 You should not place undue reliance on these forward-looking statements. The forward-looking statements made in this Quarterly Report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date this Quarterly Report is filed with the SEC.

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED BALANCE SHEETS

	March 31, 2020			December 31, 2019
	(Unaudited)
ASSETS
Investments at fair value:
Short-term investments (cost: 2020 - $2,565,771; 2019 - $4,207,107)	$	2,565,771		$	4,207,107
Debt securities (amortized cost: 2020 - $219,388,095; 2019 - $194,686,364)		200,726,402			186,802,908
CLO Fund Securities managed by affiliates (amortized cost: 2020 - $44,560,217; 2019 - $45,099,076)		18,282,913			29,984,047
CLO Fund Securities managed by non-affiliates (amortized cost: 2020 - $1,494,665; 2019 - $1,519,641)		1,387,750			1,984,155
Equity securities (cost: 2020 - $20,619,993; 2019 - $22,160,993)		8,045,512			9,864,419
Asset Manager Affiliates (cost: 2020 - $17,791,230; 2019 - $17,791,230)		—			—
Joint Ventures (cost: 2020 - $53,091,172; 2019 - $48,594,539)		41,475,403			45,087,967
Derivatives (cost: 2020 - $30,609; 2019 - $30,609)		(59,073	)		(33,437	)
Total Investments at Fair Value (cost: 2020 - $359,541,752; 2019 - $334,089,559)		272,424,678			277,897,166
Cash		403,497			136,864
Restricted cash		4,728,007			4,967,491
Interest receivable		920,627			1,367,447
Receivable for unsettled trades		3,344,492			24,420,045
Due from affiliates		288,037			473,100
Other assets		1,201,211			1,112,150
Total Assets	$	283,310,549		$	310,374,263
LIABILITIES
6.125% Notes Due 2022 (net of offering costs of: 2020-$1,508,472; 2019 - $1,651,946)	$	75,326,027		$	75,755,253
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of offering costs of: 2020-$1,372,255; 2019 - $1,462,364)		55,698,643			78,108,535
Payable for unsettled trades		26,571,709			—
Accounts payable and accrued expenses		1,502,532			1,386,981
Accrued interest payable		799,978			136,486
Due to affiliates		2,030,692			1,711,793
Management and incentive fees payable		1,011,356			1,076,645
Total Liabilities		162,940,937			158,175,693
COMMITMENTS AND CONTINGENCIES (NOTE 9)
STOCKHOLDERS' EQUITY
Common stock, par value $0.01 per share, 100,000,000 common shares authorized; 44,920,731 issued, and 44,725,872 outstanding at March 31, 2020, and 45,024,535 issued, and 44,829,676 outstanding at December 31, 2019		447,259			448,297
Capital in excess of par value		451,268,171			451,353,379
Total distributable (loss) earnings		(331,345,818	)		(299,603,106	)
Total Stockholders' Equity		120,369,612			152,198,570
Total Liabilities and Stockholders' Equity	$	283,310,549		$	310,374,263
NET ASSET VALUE PER COMMON SHARE	$	2.69		$	3.40

See accompanying notes to consolidated financial statements.

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	Three Months Ended March 31,
	2020			2019
Investment Income:
Interest from investments in debt securities	$	4,579,782		$	2,936,796
Payment-in-kind investment income		309,369			2,022
Interest from short-term investments		15,279			35,669
Investment income on CLO Fund Securities managed by affiliates		1,073,494			132,446
Investment income on CLO Fund Securities managed by non-affiliates		117,243			1,681,274
Dividends from Asset Manager Affiliates		—			—
Investment income - Joint Ventures		1,577,136			950,000
Capital structuring service fees		81,904			61,203
Total investment income		7,754,207			5,799,410
Expenses:
Management fees		1,011,690			—
Performance-based incentive fees		102,006			—
Interest and amortization of debt issuance costs		2,350,071			1,800,926
Compensation		—			3,688,578
Professional fees		843,630			1,668,122
Insurance		123,750			88,651
Administrative services expense		461,000			—
Other general and administrative expenses		198,276			748,320
Total expenses		5,090,423			7,994,597
Management and performance-based incentive fees waived		(102,006	)		—
Net Expenses		4,988,417			7,994,597
Net Investment Income (Loss)		2,765,790			(2,195,187	)
Realized And Unrealized (Losses) Gains On Investments:
Net realized (losses) gains from investment transactions		(1,048,147	)		(13,349,430	)
Net change in unrealized (depreciation) appreciation on:
Debt securities		(10,778,237	)		1,899,864
Equity securities		(277,907	)		(5,051,031	)
CLO Fund Securities managed by affiliates		(11,162,275	)		(82,569	)
CLO Fund Securities managed by non-affiliates		(571,429	)		2,543,252
Asset Manager Affiliates investments		—			—
Joint Venture Investments		(8,109,197	)		5,317,529
Derivatives		(25,637	)		—
Total net change in unrealized appreciation (depreciation)		(30,924,682	)		4,627,045
Net realized and unrealized (depreciation) on investments		(31,972,829	)		(8,722,385	)
Realized gains on extinguishments of Debt		154,106			—
Net (Decrease) Increase In Stockholders’ Equity Resulting From Operations	$	(29,052,933	)	$	(10,917,572	)
Net (Decrease) Increase In Stockholders' Equity Resulting from Operations per Common Share:
Basic:	$	(0.65	)	$	(0.29	)
Diluted:	$	(0.65	)	$	(0.29	)
Net Investment (Loss) Income Per Common Share:
Basic:	$	0.06		$	(0.06	)
Diluted:	$	0.06		$	(0.06	)
Weighted Average Shares of Common Stock Outstanding—Basic		44,823,193			37,335,094
Weighted Average Shares of Common Stock Outstanding—Diluted		44,823,193			37,335,094

See accompanying notes to consolidated financial statements.

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS⁽¹⁾

(unaudited)

	For the Three Months Ended March 31,
	2020			2019
Operations:
Net investment income	$	2,765,790		$	(2,195,187	)
Net realized (losses) gains from investment transactions		(1,048,147	)		(13,349,430	)
Realized gains from extinguishments of debt		154,106			—
Net change in unrealized appreciation on investments		(30,924,682	)		4,627,045
Net (decrease) increase in stockholders’ equity resulting from operations		(29,052,933	)		(10,917,572	)

Stockholder distributions:		(2,689,779	)		(3,732,836	)

Capital share transactions:
Issuance of common stock for:
Dividend reinvestment plan		37,084			56,489
Stock repurchase		(123,330	)		—
Stock based compensation		—			258,936
Net increase in net assets resulting from capital share transactions		(86,246	)		315,425
Net assets at beginning of period		152,198,570			158,021,011
Net assets at end of period	$	120,369,612		$	143,686,028
Net asset value per common share	$	2.69		$	3.85
Common shares outstanding at end of period		44,725,872			37,331,709

(1)	Refer to note 10 "Stockholders' Equity" for additional information on changes in components of Stockholders' Equity

See accompanying notes to consolidated financial statements.

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	For the Three Months Ended March 31,
	2020			2019
OPERATING ACTIVITIES:
Net (decrease) increase in stockholders' equity resulting from operations	$	(29,052,933	)	$	(10,917,572	)
Adjustments to reconcile net (decrease) increase in stockholders' equity resulting from operations to net cash (used in) provided by in operations:
Net realized losses on investment transactions		1,048,147			13,349,430
Net change in unrealized appreciation from investments		30,924,682			(4,627,045	)
Purchases of investments		(47,942,983	)		(35,189,571	)
Proceeds from sales and redemptions of investments		23,453,568			19,050,340
Net accretion of investments		(1,951,807	)		(1,744,332	)
Amortization of debt issuance costs		234,925			227,366
Realized gains on extinguishments of debt		(154,106	)		—
Net amortization of operating lease		—			3,098
Payment-in-kind interest income		(59,119	)		(2,022	)
Stock-based compensation		—			258,936
Changes in operating assets and liabilities:
Increase (decrease) in payable for open trades		26,571,709			420,182
(Increase) decrease in receivable for open trades		21,075,553			—
Decrease (increase) in interest and dividends receivable		446,820			465,814
Increase (decrease) in accrued interest payable		663,492			3,142
(Increase) decrease in other assets		(89,061	)		(89,105	)
Decrease (increase) in due from affiliates		185,063			79,532
Increase (decrease) in management and incentive fees payable		(65,289	)		—
(Decrease) increase in due to affiliates		318,899			(115,825	)
Decrease (increase) in accounts payable and accrued expenses		115,551			681,979
Net cash provided by (used in) operating activities		25,723,111			(18,145,653	)
FINANCING ACTIVITIES:
Debt issuance costs		(1,342	)		(263,450	)
Stock repurchase program		(123,330	)		—
Distributions to stockholders		(2,652,695	)		(3,676,349	)
Repurchase of 6.125% Notes Due 2022		(418,594	)		—
Borrowings from Revolving Credit Facilities		6,000,000			23,000,000
Repayment of Revolving Credit Facilities		(28,500,000	)		(5,485,002	)
Net cash (used in) provided by financing activities		(25,695,962	)		13,575,199
CHANGE IN CASH AND RESTRICTED CASH		27,149			(4,570,454	)
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD		5,104,355			9,324,466
CASH AND RESTRICTED CASH, END OF PERIOD	$	5,131,504		$	4,754,012
Amounts per balance sheet:
Cash	$	403,497		$	3,288,010
Restricted cash		4,728,007			1,466,002
Total Cash and Restricted cash	$	5,131,504		$	4,754,012
Supplemental Information:
Interest paid during the period	$	1,440,865		$	1,570,418
Dividends paid during the period under the dividend reinvestment plan	$	37,084		$	56,489

See accompanying notes to consolidated financial statements.

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2020

(unaudited)

Debt Securities Portfolio

Portfolio Company / Principal Business		Investment Interest Rate¹ / Maturity¹⁵	Initial Acquisition Date	Principal		Amortized Cost		Fair Value²
Acrisure, LLC Banking, Finance, Insurance & Real Estate	^(8)(14)	Senior Secured Loan — 2020 Term Loan (First Lien) 5.2% Cash, 3 month LIBOR(1.71%) + 3.50% , Due 2/27	3/20/2020	$	5,500,000	$	4,323,750	$	4,826,250

Advanced Lighting Technologies, Inc. Consumer goods: Durable	^(5)(8)(13)	Junior Secured Loan — Second Lien Notes 8.9% Cash, 10.0% PIK, 3 month LIBOR(1.87%) + 7.00%; LIBOR Floor 1.00% , Due 10/23	6/13/2012		1,278,885		1,098,456		2,558

Advantage Capital Holdings LLC Banking, Finance, Insurance & Real Estate	^{(8)(13)(14)(23)}	Senior Secured Loan — Term Loan 5.0% Cash, 8.0% PIK, 3 month LIBOR + 5.00% , Due 1/25	2/14/2020		2,327,500		2,321,559		2,327,500

Advantage Capital Holdings LLC Banking, Finance, Insurance & Real Estate	^(8)(13)(23)	Senior Secured Loan — Delayed Draw Term Loan 5.0% Cash, 8.0% PIK, Due 1/25	2/14/2020		-		-		-

Akumin Corp. Healthcare & Pharmaceuticals	^(8)(13)(14)	Senior Secured Loan — Initial Term B Loan 7.0% Cash, 1 month LIBOR(1.00%) + 6.00%; LIBOR Floor 1.00% , Due 5/24	5/31/2019		2,233,125		2,195,966		2,081,273

Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC) Services: Business	^(8)(14)	Senior Secured Loan — Initial Term Loan 5.2% Cash, 1 month LIBOR(0.99%) + 4.25% , Due 7/26	3/23/2020		6,982,500		5,675,775		6,493,725

Anthem Sports & Entertainment Inc. Media: Broadcasting & Subscription	^{(8)(13)(14)(23)}	Senior Secured Loan — Term Loan 8.2% Cash, 2.8% PIK, 3 month LIBOR(1.45%) + 6.75%; LIBOR Floor 1.00% , Due 9/24	9/9/2019		4,193,621		4,052,587		3,988,134

Anthem Sports & Entertainment Inc. Media: Broadcasting & Subscription	^(8)(13)(23)	Senior Secured Loan — Revolving Loan 11.0% Cash, 3 month LIBOR(1.45%) + 9.50%; LIBOR Floor 1.00% , Due 9/24	9/9/2019		416,667		379,634		396,250

Asurion, LLC (fka Asurion Corporation) Banking, Finance, Insurance & Real Estate	^(8)(14)	Senior Secured Loan — Replacement B-6 Term Loan 5.2% Cash, 3 month LIBOR(1.71%) + 3.50% , Due 11/23	3/20/2020		997,371		837,792		968,248

BMC Acquisition, Inc. (aka BenefitMall) Banking, Finance, Insurance & Real Estate	^(8)(13)(14)	Senior Secured Loan — Initial Term Loan 7.2% Cash, 6 month LIBOR(1.93%) + 5.25%; LIBOR Floor 1.00% , Due 12/24	1/2/2018		2,932,500		2,931,329		2,733,970

Portfolio Company /

Principal Business

Investment

Interest Rate¹ / Maturity¹⁵

Initial

Acquisition

Date

Principal

Amortized

Cost

Fair Value²

BW NHHC Holdco Inc.

Healthcare & Pharmaceuticals

^(8)(14)

Senior Secured Loan — Initial Term Loan (First Lien)

6.6% Cash, 3 month LIBOR(1.62%) + 5.00% , Due 5/25

5/16/2018

1,965,000

1,943,379

1,208,475

Carestream Health, Inc.

Healthcare & Pharmaceuticals

^(8)(14)

Junior Secured Loan — Extended Term Loan (Second Lien)

11.6% Cash, 6 month LIBOR(1.07%) + 10.50%; LIBOR Floor 1.00% , Due 6/21

10/7/2014

1,514,734

1,507,511

1,306,458

Child Development Schools, Inc.

Services: Consumer

^(8)(13)(14)

Senior Secured Loan — Term Loan

5.7% Cash, 3 month LIBOR(1.45%) + 4.25%; LIBOR Floor 1.00% , Due 5/23

6/6/2018

4,451,705

4,444,670

4,316,373

Coinamatic Canada Inc. (fka 8433143 Canada Limited )

Consumer goods: Durable

^(3)(13)(14)

Junior Secured Loan — Initial Canadian Term Loan (Second Lien)

8.0% Cash, 1 month LIBOR(1.00%) + 7.00%; LIBOR Floor 1.00% , Due 5/23

12/18/2019

521,646

449,645

476,784

Colibri Group, LLC

Services: Business

^{(8)(13)(14)(20)(23)}

Senior Secured Loan — Last Out Term Loan

9.0% Cash, 1 month LIBOR(1.00%) + 7.97% , Due 5/25

3/31/2020

7,676,648

7,619,073

7,620,608

Community Care Health Network, Inc. (aka Matrix Medical Network)

Healthcare & Pharmaceuticals

^(8)(13)(14)

Senior Secured Loan — Closing Date Term Loan

5.7% Cash, 1 month LIBOR(0.99%) + 4.75%; LIBOR Floor 1.00% , Due 2/25

2/9/2018

1,965,000

1,961,570

1,767,321

10-Q	2020-03-31	Filed 2020-05-06
10-K	2019-12-31	Filed 2020-03-06
10-Q	2019-09-30	Filed 2019-11-07
10-Q	2019-06-30	Filed 2019-08-06
10-Q	2019-03-31	Filed 2019-05-10
10-K	2018-12-31	Filed 2019-02-26
10-Q	2018-09-30	Filed 2018-11-06
10-Q	2018-06-30	Filed 2018-08-01
10-Q	2018-03-31	Filed 2018-05-02
10-K	2017-12-31	Filed 2018-03-07
10-Q	2017-09-30	Filed 2017-11-07
10-Q	2017-06-30	Filed 2017-08-02
10-Q	2017-03-31	Filed 2017-05-04
10-K	2016-12-31	Filed 2017-03-09
10-Q	2016-09-30	Filed 2016-11-02
10-Q	2016-06-30	Filed 2016-08-03
10-Q	2016-03-31	Filed 2016-05-04
10-K	2015-12-31	Filed 2016-03-09
10-Q	2015-09-30	Filed 2015-11-04
10-Q	2015-06-30	Filed 2015-08-05
10-Q	2015-03-31	Filed 2015-05-06
10-K	2014-12-31	Filed 2015-03-31
10-Q	2014-09-30	Filed 2014-11-05
10-Q	2014-06-30	Filed 2014-08-06
10-Q	2014-03-31	Filed 2014-05-07
10-K	2013-12-31	Filed 2014-03-13
10-Q	2013-09-30	Filed 2013-11-07
10-Q	2013-06-30	Filed 2013-08-06
10-Q	2013-03-31	Filed 2013-05-06
10-K	2012-12-31	Filed 2013-03-18
10-Q	2012-09-30	Filed 2012-11-09
10-Q	2012-06-30	Filed 2012-08-08
10-Q	2012-03-31	Filed 2012-05-10
10-K	2011-12-31	Filed 2012-03-15
10-Q	2011-09-30	Filed 2011-11-09
10-Q	2011-06-30	Filed 2011-08-05
10-Q	2011-03-31	Filed 2011-05-09
10-K	2010-12-31	Filed 2011-03-04
10-Q	2010-09-30	Filed 2010-11-08
10-Q	2010-06-30	Filed 2010-08-09
10-Q	2010-03-31	Filed 2010-05-28
10-K	2009-12-31	Filed 2010-05-28
10-Q	2009-09-30	Filed 2010-05-28

8-K	2020-06-24	Shareholder Vote
8-K	2020-04-01
8-K	2020-03-17
8-K	2020-03-06
8-K	2020-02-05
8-K	2019-12-18
8-K	2019-12-18
8-K	2019-11-05
8-K	2019-08-06
8-K	2019-07-31
8-K	2019-07-10
8-K	2019-05-09
8-K	2019-04-01
8-K	2019-03-28
8-K	2019-03-27
8-K	2019-03-20
8-K	2019-03-04
8-K	2019-02-19
8-K	2019-01-31
8-K	2019-01-02
8-K	2018-12-31
8-K	2018-12-17
8-K	2018-12-14
8-K	2018-12-12
8-K	2018-12-12
8-K	2018-12-04
8-K	2018-11-09
8-K	2018-11-08
8-K	2018-10-29
8-K	2018-10-24
8-K	2018-09-18
8-K	2018-06-19
8-K	2018-05-03
8-K	2018-03-29
8-K	2018-03-20

EX-31.1	ptmn-ex311_6.htm
EX-31.2	ptmn-ex312_7.htm
EX-32.1	ptmn-ex321_8.htm
EX-32.2	ptmn-ex322_9.htm

KCAP 10Q Quarterly Report

KCAP Financial Earnings 2020-03-31