Portman Ridge Finance (PTMN) Q2 2025 Earnings Call August 08, 2025 10:00 AM ET Speaker0Welcome to Portman Ridge Finance Corporation's Second Quarter Ended 06/30/2025 Earnings Conference Call. An earnings press release was distributed yesterday, August seven, after market closed. A copy of the release, along with an earnings presentation, is available on the company's website at www.cortmanridge.com in the Investor Relations section and should be reviewed in conjunction with the company's Form 10 Q filed yes ...

Q2 2025 Earnings Presentation August 8, 2025 Important Information Cautionary Statement Regarding Forward-Looking Statements This presentation contains forward-looking statements. The matters discussed in this presentation, as well as in future oral and written statements by management of Portman Ridge Finance Corporation ("PTMN", "Portman Ridge" or the "Company"), that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could ca ...

Portman Ridge (PTMN) came out with quarterly earnings of $0.5 per share, beating the Zacks Consensus Estimate of $0.47 per share. This compares to earnings of $0.7 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +6.38%. A quarter ago, it was expected that this business development company would post earnings of $0.6 per share when it actually produced earnings of $0.47, delivering a surprise of -21.67%.Over the last four quart ...

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 June 30, 2025 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) (State or other jurisdiction of Incorporation or organi ...

Completed Merger with Logan Ridge Finance Corporation Reports Net Investment Income of $4.6 Million, or $0.50 Per Share for the Second Quarter Announces Third Quarter 2025 Quarterly Base Distribution of $0.47 Per Share and Supplemental Distribution of $0.02 per share NEW YORK, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the second quarter ended June 30, 2025. Transformational Milestone On July ...

Core Viewpoint - Portman Ridge Finance Corporation is scheduled to release its financial results for Q2 2025 on August 7, 2025, and will host a conference call on August 8, 2025, to discuss these results [1]. Group 1: Financial Results Announcement - The financial results for the second quarter ended June 30, 2025, will be released after market close on August 7, 2025 [1]. - A conference call to discuss the results will take place on August 8, 2025, at 10:00 a.m. ET [1]. Group 2: Accessing the Conference Call - Participants can access the call by dialing (646) 307-1963 approximately 10 minutes prior to the start and using conference ID 1430967 [2]. - A replay of the conference call will be available until August 15, 2025 [2]. Group 3: Webcast Information - A live audio webcast of the conference call can be accessed on a listen-only basis via the provided link [3]. - The online archive of the webcast will be available shortly after the call on the company's website under the Investor Relations section [3]. Group 4: Company Overview - Portman Ridge Finance Corporation is a publicly traded, externally managed closed-end investment company regulated as a business development company under the Investment Company Act of 1940 [4]. - The company focuses on middle market investments, including term loans, mezzanine investments, and selected equity securities [4]. - Investment activities are managed by Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P. [4]. Group 5: Additional Information - Filings with the SEC, earnings releases, press releases, and other financial information are available on the company's website [5].

Core Viewpoint - Portman Ridge Finance Corporation (PTMN) has successfully completed its merger with Logan Ridge Finance Corporation (LRFC), resulting in a combined entity with total assets exceeding $600 million as of July 11, 2025 [1][3]. Company Overview - PTMN will be rebranded as BCP Investment Corporation later in the summer of 2025 to reflect its affiliation with the BC Partners Credit Platform [2][7]. - The company operates as a publicly traded, externally managed closed-end investment company regulated under the Investment Company Act of 1940, focusing on middle market investments [9]. Financial Details - LRFC shareholders will receive approximately 4.0 million shares of PTMN common stock, equating to 1.5 shares of PTMN for each LRFC share, along with cash payments for fractional shares [3]. - Prior to the merger, LRFC announced a cash payment of $0.47 per share to its shareholders, with an additional tax distribution of $0.38 per share declared on July 14, 2025 [4]. Future Initiatives - Starting in 2026, the company plans to transition to monthly base distributions while maintaining the potential for quarterly supplemental distributions, which will approximate 50% of incremental net investment income [7]. - Over the next 24 months, the company intends to repurchase up to 20% of its outstanding common stock if shares trade below 80% of net asset value (NAV), with a share price target of $15.08 based on March 31, 2025 NAV [7]. Advisory and Legal Support - Keefe, Bruyette & Woods served as the financial advisor to PTMN's Special Committee, while Houlihan Lokey acted as the financial advisor to LRFC's Special Committee [6][8].

Core Viewpoint - Portman Ridge Finance Corporation (PTMN) has received shareholder approval for the merger with Logan Ridge Finance Corporation (LRFC), with the transaction expected to close around July 15, 2025, following overwhelming support from PTMN shareholders [1][2][3]. Company Overview - PTMN is a publicly traded, externally managed closed-end investment company regulated as a business development company under the Investment Company Act of 1940, focusing on middle market investments [6]. - LRFC is also a business development company that primarily invests in first lien loans and equity securities of lower middle-market companies [9]. Merger Details - Approximately 88% of PTMN shareholders voted in favor of the merger, while LRFC stockholders approved the merger on June 20, 2025 [2]. - Upon closing, the combined entity will be rebranded as BCP Investment Corporation and will trade under the new ticker symbol "BCIC" [4][7]. Financial Initiatives - The new company will transition to a monthly distribution framework starting in 2026, while maintaining the potential for quarterly supplemental distributions [7]. - Over the next 24 months, the company plans to repurchase up to 20% of its outstanding common stock if shares trade below 80% of net asset value, with an authorized stock repurchase program of up to $10 million [7]. Leadership Statements - The CEO of PTMN and LRFC expressed gratitude for shareholder support, emphasizing the strategic vision behind the merger and the goal of creating a larger, more efficient platform for long-term growth [3].

Core Viewpoint - The stockholders of Portman Ridge Finance Corporation (PTMN) have shown strong support for the proposed merger with Logan Ridge Finance Corporation (LRFC), with over 85% favorability among those who have voted thus far [1][3]. Group 1: Special Meeting and Voting - The PTMN Special Meeting was adjourned on June 20, 2025, and will reconvene on June 27, 2025, allowing stockholders more time to vote on the Share Issuance Proposal related to the merger [2][3]. - As of the adjournment, over 48% of PTMN's outstanding shares had voted or abstained, with less than 2% of shares outstanding still needing to vote to meet the quorum requirement [3][5]. - The Board of Directors of PTMN unanimously recommends that stockholders vote "FOR" the Share Issuance Proposal [3]. Group 2: Merger Approval - On June 20, 2025, stockholders of Logan Ridge approved the merger with Portman Ridge, marking a significant milestone in the transaction [4]. - The merger is contingent upon PTMN stockholders approving the Share Issuance Proposal and fulfilling other customary closing conditions [4]. Group 3: Company Background - Portman Ridge Finance Corporation is a publicly traded, externally managed closed-end investment company regulated as a business development company under the Investment Company Act of 1940, focusing on middle market investments [7]. - Logan Ridge Finance Corporation primarily invests in first lien loans and equity securities issued by lower middle-market companies, employing fundamental credit analysis [9].

Core Viewpoint - Logan Ridge Finance Corporation (LRFC) has announced a merger with Portman Ridge Finance Corporation (PTMN), with a commitment from its investment adviser, Mount Logan Management LLC, to finance an additional cash payment of $0.47 per share to LRFC shareholders prior to the merger closing, effectively allowing shareholders to receive 100% of net asset value (NAV) as of March 31, 2025, adjusted for estimated transaction costs [1][2][3]. Summary by Sections Merger Agreement - LRFC has entered into a merger agreement with PTMN, with the investment adviser financing a pre-closing cash payment of $0.47 per share to shareholders of record as of May 6, 2025 [2]. - This payment, combined with a previously announced tax distribution of at least $1,000,000 (or $0.38 per share) and the exchange of shares at a ratio of 1.5x PTMN shares for each LRFC share, will ensure that shareholders receive 100% of LRFC's NAV [2]. Management Commentary - Ted Goldthorpe, President and CEO of LRFC and PTMN, expressed satisfaction with the agreement, highlighting the enhanced value for shareholders through the additional payment and appreciation for shareholder support during the process [4]. Shareholder Meeting - A special meeting for LRFC shareholders is scheduled for June 20, 2025, at 10:30 am ET, where shareholders are encouraged to vote according to the instructions in the joint proxy statement [4]. Company Background - LRFC is a business development company (BDC) that primarily invests in first lien loans and, to a lesser extent, second lien loans and equity securities of lower middle-market companies, focusing on well-established businesses with low cyclicality and operating risk [6]. - PTMN is also a publicly traded BDC that manages a portfolio of term loans, mezzanine investments, and selected equity securities in middle-market companies [7].