Portman Ridge Finance Corp
NASDAQ:PTMN
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Portman Ridge Finance Corp
Portman Ridge Finance Corp, a traded fund, seeks investment opportunities in middle-market companies located in the United States with EBITDA ranging from $10 million to $50 million. The company is headquartered in New York City, New York and currently employs 0 full-time employees. The company went IPO on 2006-12-12. The firm's investment objective is to generate current income and capital appreciation from the investments in senior secured term loans, mezzanine debt and selected equity investments in privately held middle market companies. The company primarily invests in first and second lien term loans. The company originates, structures, and invests in secured term loans, bonds or notes and mezzanine debt primarily in privately held middle market companies but may also invest in other investments, such as loans to publicly traded companies, high-yield bonds, and distressed debt securities (collectively the debt securities portfolio). The company also invests in joint ventures and debt and subordinated securities issued by collateralized loan obligation funds (CLO Fund Securities). The firm's investment advisor is Sierra Crest Investment Management LLC and is an affiliate of BC Partners LLP.
Portman Ridge Finance Corp, a traded fund, seeks investment opportunities in middle-market companies located in the United States with EBITDA ranging from $10 million to $50 million. The company is headquartered in New York City, New York and currently employs 0 full-time employees. The company went IPO on 2006-12-12. The firm's investment objective is to generate current income and capital appreciation from the investments in senior secured term loans, mezzanine debt and selected equity investments in privately held middle market companies. The company primarily invests in first and second lien term loans. The company originates, structures, and invests in secured term loans, bonds or notes and mezzanine debt primarily in privately held middle market companies but may also invest in other investments, such as loans to publicly traded companies, high-yield bonds, and distressed debt securities (collectively the debt securities portfolio). The company also invests in joint ventures and debt and subordinated securities issued by collateralized loan obligation funds (CLO Fund Securities). The firm's investment advisor is Sierra Crest Investment Management LLC and is an affiliate of BC Partners LLP.
Net Investment Income: Net investment income rose to $4.6 million ($0.50 per share), up from $4.3 million ($0.47 per share) in Q1 2025.
Merger Milestone: The merger with Logan Ridge Finance Corporation was completed, bringing greater scale, portfolio diversification, and expected operating efficiencies.
Rebranding: The company will rebrand as BCP Investment Corporation with ticker BCIC in the coming weeks.
Dividend Policy: Maintained a stable base distribution of $0.47 per share and paid a supplemental $0.02 per share.
Portfolio & Market Activity: Originations were $10.9 million and repayments/sales $17.0 million, resulting in net repayments of $6.1 million; healthy deal pipeline and increased refinancing activity expected in the second half.
NAV Decline: Net asset value dropped to $164.7 million ($17.89 per share), primarily due to $9.1 million in realized and unrealized losses.
Pro Forma NAV: Post-merger pro forma NAV is just over $235 million.
M&A & Buybacks: Management sees the M&A pipeline at a multi-year high and plans to consider stock buybacks after the current blackout period.
