Financial Performance - Total investment income for Q1 2025 was $12.118 million, compared to $16.526 million in Q1 2024[35] - Core investment income for Q1 2025 was $12.102 million, compared to $16.453 million in Q1 2024[18] - Net investment income (NII) for Q1 2025 was $4.340 million ($0.47 per share), compared to $6.226 million ($0.67 per share) in Q1 2024[35] - Net asset value (NAV) as of March 31, 2025, was $173.511 million ($18.85 per share), compared to $178.493 million ($19.41 per share) as of December 31, 2024[33] Portfolio Composition and Trends - Investment portfolio at fair value as of March 31, 2025, was $406.423 million, comprised of 93 different portfolio companies[33] - The debt investment portfolio, excluding CLO Funds, equities, and Joint Ventures, totaled $324.8 million at fair value as of March 31, 2025[9] - Non-accruals on debt investments, as of March 31, 2025, were six debt investments representing 2.6% of the Company's investment portfolio at fair value[9] - Weighted average annualized yield (excluding income from non-accruals and collateralized loan obligations) was approximately 11.0% as of March 31, 2025[9] Capital Structure and Liquidity - Par value of outstanding borrowings, as of March 31, 2025, was $255.4 million, compared to $267.5 million as of December 31, 2024[9] - Asset coverage ratio of total assets to total borrowings was 168% as of March 31, 2025[9]

Core Insights - Portman Ridge (PTMN) reported quarterly earnings of $0.47 per share, missing the Zacks Consensus Estimate of $0.60 per share, and down from $0.67 per share a year ago, representing an earnings surprise of -21.67% [1] - The company posted revenues of $12.12 million for the quarter, missing the Zacks Consensus Estimate by 13.87%, and down from $16.53 million year-over-year [2] - Portman Ridge shares have declined approximately 25.2% since the beginning of the year, contrasting with the S&P 500's decline of -4.3% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.61 on revenues of $14.09 million, and for the current fiscal year, it is $2.52 on revenues of $56.09 million [7] - The estimate revisions trend for Portman Ridge is currently unfavorable, leading to a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Financial - Investment Management industry, to which Portman Ridge belongs, is currently in the bottom 15% of over 250 Zacks industries, suggesting a challenging environment for stocks in this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact investor sentiment and stock performance [5]

Core Insights - Logan Ridge Finance Corporation reported solid first quarter results with a net investment income of $0.35 per share and a net asset value of $29.66 per share as of March 31, 2025 [1][8] - The company declared a distribution of $0.36 per share for the second quarter of 2025, payable on May 29, 2025 [3] - The company successfully exited its equity investment in GA Communications, Inc., further reducing its non-yielding equity portfolio [1][4] - Investors are encouraged to vote in favor of the proposed merger with Portman Ridge Finance Corporation, which is expected to enhance operational efficiencies and shareholder value [1][6] Financial Performance - Total investment income for the first quarter of 2025 was $4.6 million, a decrease from $5.4 million in the previous quarter [8][9] - Net investment income was $0.9 million, or $0.35 per share, down from $1.5 million or $0.56 per share in the prior quarter [8][12] - Net asset value decreased to $29.66 per share from $32.04 per share as of December 31, 2024 [8][12] - The company made approximately $15.1 million in investments and had $12.4 million in repayments and sales, resulting in a net deployment of approximately $2.7 million during the quarter [8][12] Portfolio Management - The company reduced its legacy equity portfolio to 10.8% of its total portfolio at fair value, down from 13.8% in the previous quarter and 18.2% in the first quarter of 2024 [4] - As of March 31, 2025, the investment portfolio consisted of 59 companies with a total fair value of approximately $169.6 million, compared to $172.3 million as of December 31, 2024 [12] - The debt investment portfolio represented 86.6% of the total portfolio's fair value, with a weighted average annualized yield of approximately 10.7% [12] Operational Highlights - Total operating expenses decreased to $3.7 million for the first quarter of 2025, down from $4.1 million in the same quarter of 2024 [9][10] - The company experienced a net realized gain on investments of $2.6 million, while the net change in unrealized depreciation on investments was $(8.8) million [10][32] - The asset coverage ratio as of March 31, 2025, was 179.4% [12]

Core Insights - Portman Ridge Finance Corporation reported a net investment income of $0.47 per share and a net asset value of $18.85 per share as of March 31, 2025 [1][8] - The company deployed approximately $17.5 million and had sales and repayments of approximately $15.7 million, resulting in a net deployment of approximately $1.8 million [1][8] - A regular quarterly base distribution of $0.47 per share was declared, payable on May 29, 2025 [3] Financial Performance - Total investment income for the first quarter of 2025 was $12.1 million, down from $16.5 million in the previous quarter, primarily due to the reversal of previously accrued income [7][8] - Net investment income for the first quarter of 2025 was $4.3 million, compared to $5.5 million in the fourth quarter of 2024 [8][11] - Net asset value as of March 31, 2025, was $173.5 million, a decrease from $178.5 million as of December 31, 2024 [8][11] Management Commentary - The CEO emphasized the disciplined investment strategy and the importance of long-term approaches in the current macroeconomic environment characterized by trade dynamics and inflation [5][6] - The merger with Logan Ridge Finance Corporation is viewed as a strategic opportunity to enhance shareholder value through increased scale and operational efficiency [6][5] Investment Portfolio - The investment portfolio at fair value as of March 31, 2025, was $406.4 million, comprising 93 different portfolio companies [11] - The debt investment portfolio, excluding CLO Funds and equities, totaled $324.8 million at fair value, spread across 24 different industries [11] Liquidity and Capital Resources - As of March 31, 2025, the company had $255.4 million in outstanding borrowings with a weighted average interest rate of 5.9% [14] - Unrestricted cash was reported at $9.2 million, down from $17.5 million as of December 31, 2024 [15]

Portfolio Valuation - The fair value of the total portfolio at December 31, 2024, was $405.021 million, down from $467.865 million at December 31, 2023, reflecting a decrease of approximately 13.4%[279] - The fair value of the portfolio at March 31, 2025, was $406.423 million, showing a slight increase from $405.021 million at December 31, 2024[279] - As of March 31, 2025, the fair value of total investments and cash was approximately $429.9 million, down from $444.9 million as of December 31, 2024[323] - The fair value of investments in Joint Ventures as of March 31, 2025, was approximately $50.5 million, compared to $54.2 million as of December 31, 2024[307] - The fair value of the Company's investment in the F3C Joint Venture was $11.4 million as of March 31, 2025, down from $13.0 million as of December 31, 2024[292] - The fair value of CLO Fund Securities decreased from $5.2 million as of December 31, 2024, to $4.6 million as of March 31, 2025[285] - The majority of the company's investments are classified as Level III in the fair value hierarchy, indicating significant management judgment in valuation[354] - Fair value for investments is determined using various methods, including discounted cash flow and comparable company analysis, with significant judgment involved[362] Investment Activity - Total portfolio investment activity for the three months ended March 31, 2025, included purchases/originations of $20.361 million and pay-downs/sales of $15.660 million[279] - The company has made strategic acquisitions, including OHA Investment Corporation for approximately $0.42 per share and Garrison Capital Inc. for approximately $1.19 per share[273][275] - The company evaluates strategic opportunities, including potential mergers with affiliated funds, to enhance its investment capabilities[270] - The company entered into a Merger Agreement with Logan Ridge Finance Corporation, with the anticipated completion in the second quarter of 2025, subject to stockholder approvals[371] Income and Expenses - For the three months ended March 31, 2025, total investment income was approximately $12.1 million, a decrease of 26.5% from $16.5 million in the same period of 2024[299] - Interest income from the Debt Securities Portfolio for the three months ended March 31, 2025, was approximately $10.3 million, down from $14.2 million in 2024, reflecting a significant decline[301] - Total expenses for the three months ended March 31, 2025, were approximately $7.8 million, a decrease of 24.5% from $10.3 million in 2024, primarily due to lower management and incentive fees[311] - Management fees for the three months ended March 31, 2025, were approximately $1.5 million, down from $1.7 million in 2024[312] - Interest expense and amortization of debt issuance costs for the three months ended March 31, 2025, were approximately $4.3 million, compared to $5.7 million in 2024, reflecting a reduction in average debt outstanding[313] - Core investment income for the three months ended March 31, 2025, was approximately $12.1 million, compared to $16.5 million in 2024, excluding the impact of purchase discount accretion[304] - For the three months ended March 31, 2025, net investment income was approximately $4.3 million, a decrease of 30.6% from $6.2 million in the same period of 2024[318] - The company recognized $0.2 million of net realized losses on investments for the three months ended March 31, 2025, compared to $2.1 million in losses for the same period in 2024[319] - The total net change in unrealized appreciation (depreciation) on investments for the three months ended March 31, 2025, was approximately $(3.9) million, compared to a gain of $0.1 million in 2024[320] - The net increase (decrease) in net assets resulting from operations for the three months ended March 31, 2025, was $(0.1) million, compared to an increase of $4.5 million in 2024[321] Debt and Financing - The company had approximately $255.4 million of outstanding borrowings as of March 31, 2025, with an asset coverage ratio of 168%, exceeding the minimum requirement of 150%[325] - Long-term debt obligations total $255.379 million, with $108 million due in less than two years and $147.379 million due in 2-3 years[346] - The company had $255.4 million in borrowings outstanding at a weighted average interest rate of 5.9%, with $108.0 million at a fixed rate and $147.4 million at a floating rate[375] - A 1% increase in interest rates would increase net investment income by approximately $1.6 million annually, while a 2% and 3% increase would raise it by about $3.3 million and $5.0 million, respectively[378] - Conversely, a 1% decrease in interest rates would decrease net investment income by approximately $1.6 million, with decreases of 2% and 3% resulting in reductions of about $3.2 million and $4.7 million, respectively[379] Distributions - The company intends to maintain its RIC status by distributing substantially all of its net ordinary taxable income to stockholders[269] - The company intends to continue making quarterly distributions to stockholders, aiming to distribute at least 98% of ordinary net taxable income for the calendar year[337] - The company declared a total distribution of $0.54 per share for the first quarter of 2025, including a regular quarterly base distribution of $0.47 and a supplemental cash distribution of $0.07[342] - Total distributions declared in 2024 amounted to $2.76 per share, with each quarter contributing $0.69[342] - In 2023, the company declared total distributions of $2.75 per share, with the first quarter at $0.68 and subsequent quarters at $0.69 each[342] Commitments and Future Plans - The company has a total financial commitment of $35.0 million related to the Externalization Agreement with BC Partners[272] - The company has commitments to fund investments of approximately $26.5 million as of March 31, 2025, down from $27.2 million at the end of 2024[345] - The company plans to grow its portfolio of assets by raising additional capital, including through the prudent use of leverage[322] - The company approved a $10 million stock repurchase program effective March 6, 2023, which may be renewed annually[343] - No shares were repurchased under the Renewed Stock Repurchase Program or the 2025 Stock Repurchase Program during the three months ended March 31, 2025[344] Valuation Methods - The company follows ASC 820 for fair value measurements, which prioritizes market-based inputs over entity-specific inputs[352] - The company values its investments in CLO Fund Securities based on expected cash inflows and outflows, utilizing discounted cash flow models and market comparisons[356] - The company may consider other valuation methods as appropriate under U.S. GAAP to determine fair value of investments[363] - The Adviser has engaged an independent valuation firm for third-party valuation consulting services[382] - Third-party valuations will be performed quarterly on the Company's material investments in illiquid securities[382] - Each material investment will be reviewed at least once during a trailing 12-month period[382] - The independent valuation estimates are considered relevant data inputs for determining fair value[382] - The Adviser plans to continue engaging the independent valuation firm for future valuation services[382] - Valuation services will include the review of certain portfolio assets[382] - The review process will be part of the quarterly and annual year-end valuation process[382] Investment Portfolio Composition - The investment portfolio primarily consists of senior secured loans, junior secured loans, and subordinated/mezzanine debt investments targeting middle-market companies with EBITDA of $10 million to $50 million[266] - The debt investment portfolio was diversified across 24 different industries and 72 different portfolio companies, with a fair value of approximately $324.8 million and an average par balance per entity of approximately $2.6 million[283] - The Company’s portfolio includes 72 different portfolio companies, with six investments on non-accrual status as of March 31, 2025, consistent with the status as of December 31, 2024[283] - The largest industry concentration in the investment portfolio as of March 31, 2025, was in Services: Business, accounting for 13.4% of the total portfolio[281] - The Company has a 62.8% economic interest in the F3C Joint Venture, which primarily invests in middle-market loans[290] - The Company’s investment in the Great Lakes II Joint Venture focuses on underwriting and holding senior, secured unitranche loans made to middle-market companies[293] - The company has invested in "covenant-lite" loans, which may pose a greater risk of loss compared to loans with financial maintenance covenants[268]

Group 1 - Portman Ridge Finance Corporation will release its financial results for Q1 2025 on May 8, 2025, after market close [1] - A conference call to discuss the results is scheduled for May 9, 2025, at 10:00 a.m. ET [1] - The call can be accessed by phone or via a live audio webcast [2][3] Group 2 - Portman Ridge is a publicly traded 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, LP [4]

Financial Performance - Total investment income for the full year 2024 was $62.4 million, a decrease from $76.3 million in 2023[12]. - Net investment income ("NII") for the full year 2024 was $24.0 million ($2.59 per share), down from $34.8 million ($3.66 per share) in 2023[14]. - Core investment income for the full year 2024 was $62.2 million, down $12.3 million from $74.5 million in 2023[12]. - Total investment income for the year ended December 31, 2024, was $62.432 million, a decrease of 18.2% from $76.315 million in 2023[38]. - Net investment income decreased to $24.044 million in 2024, down 30.9% from $34.773 million in 2023[38]. - Interest income from non-controlled/non-affiliated investments was $45.036 million in 2024, down from $55.675 million in 2023, representing a decline of 19.1%[38]. - Total payment-in-kind income increased to $8.186 million in 2024, up 15.8% from $7.068 million in 2023[38]. Asset Valuation - Net asset value ("NAV") as of December 31, 2024, was $178.5 million ($19.41 per share), a decrease from $213.5 million ($22.76 per share) as of December 31, 2023[14]. - The net asset value per common share decreased to $19.41 as of December 31, 2024, down from $22.76 in the previous year[36]. - Total net assets were reported at $178.5 million as of December 31, 2024, compared to $213.5 million as of December 31, 2023[36]. - As of December 31, 2024, the fair value of total investments was $405.0 million, a decrease from $467.9 million as of December 31, 2023, representing a decline of approximately 13.3%[19]. Shareholder Returns - The company announced a regular quarterly base distribution of $0.47 per share and a supplemental distribution of $0.07 per share for Q1 2025[9]. - Total stockholder distributions for 2024 amounted to $2.76 per share[7]. - The company repurchased a total of 202,357 shares for approximately $3.8 million in 2024, which was accretive to NAV by $0.07 per share[7]. Investment Portfolio - The investment portfolio composition included 71.6% in First Lien Debt, 7.2% in Second Lien Debt, and 13.4% in Joint Ventures as of December 31, 2024[17]. - Approximately 90.1% of the Debt Securities Portfolio was floating rate, with 89.8% of these loans containing interest rate floors between 0.50% and 5.25%[20]. - The weighted average contractual interest rate on the interest-earning Debt Securities Portfolio as of December 31, 2024, was approximately 11.3%[14]. Borrowings and Liquidity - The Company had $267.5 million in borrowings outstanding at a weighted average interest rate of 6.2%, with $108.0 million at a fixed rate and $159.5 million at a floating rate[18]. - The Company had $40.5 million of available borrowing capacity under the JPM Credit Facility as of December 31, 2024[19]. - Unrestricted cash increased to $17.5 million from $13.7 million as of September 30, 2024, while restricted cash decreased to $22.4 million from $13.0 million[19]. Operational Efficiency - Non-accrual investments decreased from nine to six from September 30, 2024, to December 31, 2024[8]. - The proposed merger with Logan Ridge Finance Corporation aims to enhance shareholder value through greater scale and improved operational efficiencies[6]. Expenses and Losses - Total expenses for 2024 were $38.388 million, a reduction of 18.0% compared to $46.851 million in 2023[38]. - Net realized losses from investment transactions amounted to $31.183 million in 2024, compared to losses of $26.766 million in 2023[38]. - The net change in unrealized appreciation on investments was a loss of $29.324 million in 2024, compared to a loss of $23.030 million in 2023[38]. - Basic and diluted net increase (decrease) in net assets resulting from operations was $(5.935) million in 2024, contrasting with an increase of $11.381 million in 2023[38]. Conference Call - The Company will hold a conference call on March 14, 2024, to discuss the fourth quarter and full year 2024 financial results[24].

Financial Data and Key Metrics Changes - For Q4 2024, Portman generated $14.4 million of investment income, a decrease of $0.8 million compared to $15.2 million in Q3 2024, primarily due to lower investment income from net repayments and sales of $19.2 million and decreases in base rates [19][20] - Total expenses for Q4 2024 were $8.9 million, a decrease of $0.5 million from $9.4 million in Q3 2024, mainly due to lower average debt outstanding and a reduction in spread on the JPMorgan credit facility [20] - Net investment income for Q4 2024 was $5.5 million or $0.60 per share, a decrease of $0.3 million or $0.03 per share from the prior quarter [20] - Net asset value (NAV) as of December 31, 2024, was $178.5 million, a decrease of $9.5 million from $180 million in the prior quarter, with a per share NAV decrease of $0.95 [20][21] Business Line Data and Key Metrics Changes - The investment portfolio at year-end remained highly diversified, with a debt investment portfolio (excluding CLO funds, equities, and joint ventures) spread across 26 different industries [15] - Nonaccrual investments decreased from 9 as of September 30, 2024, to 6 as of December 31, 2024, improving overall asset quality [9][16] Market Data and Key Metrics Changes - Approximately 90.1% of the debt securities portfolio was floating rate as of December 31, 2024, linked to interest rate indices such as SOFR [12] - Originations for the quarter were higher than the previous quarter but below repayment and sales levels, resulting in net repayments and sales of approximately $19.2 million [13] Company Strategy and Development Direction - The proposed merger with Logan Ridge is seen as a significant milestone in the long-term growth strategy, aimed at creating a stronger, more competitive combined company with increased scale and operational efficiencies [6][7] - The company is focused on disciplined capital management and prudent portfolio management initiatives to drive shareholder value [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the credit quality of the portfolio and the ability to drive the best outcomes for shareholders despite idiosyncratic challenges [5] - The company anticipates being active in the market and net deployers of capital in 2025, aiming to restore net investment income to more normalized levels [10][11] Other Important Information - The Board of Directors approved a modification of the dividend policy to introduce quarterly base distributions and supplemental distributions, with a base distribution of $0.47 per share and a supplemental cash distribution of $0.07 per share for Q1 2025 [9][10] - The company repurchased 202,357 shares of common stock for approximately $3.8 million, which was accretive to NAV by $0.07 per share [10] Q&A Session Summary Question: What was the generator of the realized loss in the quarter? - The realized loss was primarily from former nonaccrual investments in Robertshaw and Palmer, as well as CLOs, with significant contributions from STG Logistics [28] Question: How much of the repurchases contributed to NAV in the quarter? - The repurchases were accretive, contributing about 40 basis points to net per share quarter-over-quarter [30] Question: What levers are being considered to improve returns given lower base rates and spread compression? - Cost savings from the merger, reduced administrative costs, and waived incentive fees were highlighted as key strategies [32][34] Question: Can you provide details on the current mix of new versus add-on investments? - The pipeline has seen fluctuations, with a preference for incremental opportunities in existing portfolio companies due to better understanding and pricing [41][42] Question: How did the nonaccrual resolutions come to fruition? - Continuous engagement with portfolio companies led to resolutions, including a merger that converted some debt into reinstated debt [46] Question: Can you elaborate on the dividend policy restructuring? - The change was influenced by industry trends, aiming for a base plus supplemental structure to adapt to volatility in short-term rates [52][55] Question: What is the current capacity for net deployments? - The company has a net deployment capacity of approximately $19 million, with additional capacity from cash on the balance sheet [74][82] Question: Were there any changes to the internal watch list investments this quarter? - There were no significant negative credit surprises, and the number of watch list investments remained stable [86][90]

Financial Data and Key Metrics Changes - For Q4 2024, Portman generated $14.4 million of investment income, a decrease of $0.8 million compared to $15.2 million in Q3 2024, primarily due to lower investment income from net repayments and sales of $19.2 million and decreases in base rates [14][15] - Total expenses for Q4 2024 were $8.9 million, a decrease of $0.5 million from $9.4 million in Q3 2024, mainly due to lower average debt outstanding and a reduction in spread on the JPMorgan credit facility [15] - Net asset value (NAV) as of 12/31/2024 was $178.5 million, representing a decrease of $9.5 million from $188 million in the prior quarter, with NAV per share declining from $20.36 to $19.41 [15] Business Line Data and Key Metrics Changes - The investment portfolio at year-end remained highly diversified, with a debt investment portfolio (excluding CLO funds, equities, and joint ventures) spread across 26 different industries [10] - Non-accrual investments decreased from nine as of September 30, 2024, to six as of December 31, 2024, improving overall asset quality [7] Market Data and Key Metrics Changes - Approximately 90.1% of the debt securities portfolio was floating rate as of 12/31/2024, linked to interest rate indices such as SOFR, which has seen a decline in rates over the past two quarters [9] - Originations for the quarter were higher than the previous quarter but below repayment and sales levels, resulting in net repayments of approximately $19.2 million [10] Company Strategy and Development Direction - The proposed merger with Logan Ridge is seen as a significant milestone in the long-term growth strategy, expected to create a stronger, more competitive company with increased scale and operational efficiencies [4][5] - The company is focused on disciplined capital management and has made substantial improvements to its debt capital structure, including refinancing efforts [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the credit quality of the portfolio and the ability to drive positive outcomes for shareholders despite challenges in the investment portfolio [3] - The company anticipates being active in the market and net deployers of capital in 2025, aiming to restore net investment income to more normalized levels [8] Other Important Information - The Board of Directors approved a modification of the dividend policy to introduce a quarterly base distribution of $0.47 per share and a supplemental cash distribution of $0.07 per share for Q1 2025 [7] - The company repurchased 202,357 shares of its common stock for approximately $3.8 million, which is accretive to NAV by $0.07 per share [7] Q&A Session Summary Question: What was the generator of the realized loss in the quarter? - The realized loss was primarily from former non-accrual investments in Robert Shaw and Pomeroy, as well as CLOs, with about $10 million of the $10.8 million loss previously reflected in NAV [23][24] Question: How much of the repurchases out of NAV in the quarter? - The repurchases were accretive, contributing about 40 basis points to the change in NAV per share quarter over quarter [25] Question: What sort of levers are being considered to improve returns? - Cost savings from the merger, reduced board and audit fees, and spreading back office functions over a larger base are expected to improve returns [26] Question: Can you provide details on the current mix of the pipeline? - The pipeline has seen a dramatic increase post-election, but recent volatility has caused many deals to be put on hold [30][31] Question: How did the dividend policy restructuring come about? - The restructuring aligns with industry trends, moving towards a base plus supplemental dividend model to adapt to volatility in short-term rates and spreads [42][43] Question: What is the current status of non-accrual investments? - The company is actively working with portfolio companies to resolve non-accrual statuses, with some resolutions achieved in Q4 [35][36] Question: How much of the portfolio is non-sponsored? - The platform is approximately 50/50 in terms of sponsor versus non-sponsor investments, with BDCs leaning slightly more towards sponsor activity [69]

Core Insights - Portman Ridge (PTMN) reported quarterly earnings of $0.60 per share, missing the Zacks Consensus Estimate of $0.64 per share, and down from $1.19 per share a year ago, representing an earnings surprise of -6.25% [1] - The company posted revenues of $14.39 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 0.88%, and down from $17.79 million year-over-year [2] - Portman Ridge shares have increased by approximately 3.1% since the beginning of the year, contrasting with the S&P 500's decline of -4.8% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.63 on revenues of $14.48 million, and for the current fiscal year, it is $2.66 on revenues of $57.56 million [7] - The estimate revisions trend for Portman Ridge is mixed, leading to a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Financial - Investment Management industry, to which Portman Ridge belongs, is currently ranked in the bottom 45% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Portman Ridge's stock performance [5]