Core Viewpoint - Halper Sadeh LLC is investigating potential violations of federal securities laws and breaches of fiduciary duties related to the merger between Portman Ridge Finance Corporation and Logan Ridge Finance Corporation [1][2]. Group 1: Company Actions - Portman Ridge Finance Corporation is set to acquire Logan Ridge Finance Corporation, offering 1.50 newly issued shares of Portman common stock for each share of Logan Ridge common stock [2]. - Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures, and other relief on behalf of shareholders regarding the proposed transaction [3]. Group 2: Shareholder Rights - Shareholders of both Portman Ridge and Logan Ridge are encouraged to contact Halper Sadeh LLC to discuss their legal rights and options free of charge [4].

Group 1 - Kuehn Law, PLLC is investigating potential claims related to proposed mergers involving several companies, focusing on whether the Boards acted to maximize shareholder value, failed to disclose material information, and conducted a fair process [1] - Portman Ridge Finance Corporation has entered into a definitive agreement to acquire Logan Ridge Finance Corporation, with Logan Ridge shareholders receiving 1.5 newly issued Portman Ridge shares for each share they own [3] - Air Transport Services Group, Inc. has agreed to be acquired by Stonepeak for $22.50 per share in cash, with the acquisition expected to complete in the first half of 2025, after which Air Transport stock will cease trading on NASDAQ [3] - Retail Opportunity Investments Corp. has agreed to be acquired by Blackstone for $17.50 per share, with the transaction expected to close in the first quarter of 2025 [3] Group 2 - Kuehn Law emphasizes the importance of shareholder participation in safeguarding interests and encourages concerned shareholders to contact the firm, noting that all case costs are covered by Kuehn Law [2] - Shareholders are advised to act promptly as legal rights may be time-sensitive, highlighting the urgency of involvement in shareholder cases [2]

Group 1 - Monteverde & Associates PC is investigating Portman Ridge Finance Corporation regarding its proposed merger with Logan Ridge Finance Corporation [1] - Under the merger agreement, shareholders of Logan Ridge will receive 1.50 newly issued shares of Portman Ridge common stock for each share of Logan Ridge common stock they own [1] - Monteverde & Associates PC has a successful track record in recovering millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report [1][2] Group 2 - The firm operates from the Empire State Building in New York City and is a national class action securities firm [2] - Monteverde & Associates PC emphasizes that no company, director, or officer is above the law, and encourages shareholders with concerns to reach out for additional information [3]

Core Points - Portman Ridge Finance Corporation will release its financial results for Q4 and the full year ended December 31, 2024, on March 13, 2025, after market close [1] - A conference call to discuss these results is scheduled for March 14, 2025, at 10:30 a.m. ET [1] Company Overview - Portman Ridge Finance Corporation is a publicly traded, externally managed 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] Accessing Information - The conference call can be accessed by phone or via a live audio webcast [2][3] - A replay of the conference call will be available until March 21, 2025 [2] - Financial and operational information can be found on the company's website [5]

Core Viewpoint - Portman Ridge Finance Corporation and Logan Ridge Finance Corporation are exploring a potential business combination, with independent special committees established to evaluate the process and possible exchange ratios [1][2]. Company Overview - Portman Ridge Finance Corporation is a publicly traded investment company regulated as a business development company, focusing on middle market investments, including term loans and mezzanine investments [4]. - Logan Ridge Finance Corporation is also a publicly traded investment company regulated as a business development company, primarily investing in first lien loans and equity securities in lower middle market companies [6]. Advisory and Legal Counsel - Portman Ridge's special committee has engaged Keefe, Bruyette & Woods, Inc. as its financial advisor and Stradley Ronon Stevens & Young, LLP as legal counsel [2]. - Logan Ridge's special committee has retained Houlihan Lokey, Inc. as its financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel [2]. Regulatory Filings - Both companies have filed relevant documents with the SEC regarding the potential business combination, and further developments will be disclosed as deemed appropriate [3][13].

Portman Ridge (PTMN) came out with quarterly earnings of $0.63 per share, missing the Zacks Consensus Estimate of $0.70 per share. This compares to earnings of $0.75 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -10%. A quarter ago, it was expected that this business development company would post earnings of $0.69 per share when it actually produced earnings of $0.70, delivering a surprise of 1.45%.Over the last four quarte ...

NEW YORK, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Portman Ridge Finance Corporation (Nasdaq: PTMN) (“Portman Ridge” or the “Company”) to release its financial results for the third quarter ended September 30, 2024, on Thursday, November 7, 2024, after market close. The Company will host a conference call on Tuesday, November 12, 2024, at 10:00 a.m. ET to discuss these results. By Phone:To access the call, please dial (646) 307-1963 approximately 10 minutes prior to the start of the conference call and use the con ...

Investment Income - Total investment income for Q2 2024 was $16.3 million, a decrease from $19.6 million in Q2 2023[6] - Net investment income (NII) for Q2 2024 was $6.5 million ($0.70 per share), compared to $7.9 million ($0.83 per share) in Q2 2023, reflecting a 17.7% decrease[7] - Core investment income for Q2 2024 was $16.2 million, a decrease of $3.0 million compared to $19.2 million in Q2 2023[7] - Total investment income for the three months ended June 30, 2024, was $16,337,000, a decrease of 16.7% from $19,626,000 for the same period in 2023[25] - Net investment income for the three months ended June 30, 2024, was $6,477,000, down 18.2% from $7,915,000 in the prior year[25] - Total interest income from non-controlled/non-affiliated investments for the three months ended June 30, 2024, was $11,913,000, a decrease of 19.0% from $14,786,000 in the same period last year[25] - Payment-in-kind income for the three months ended June 30, 2024, was $2,201,000, an increase of 127.5% from $966,000 in the prior year[25] Asset Valuation - Net asset value (NAV) as of June 30, 2024, was $196.4 million ($21.21 per share), down from $210.6 million ($22.57 per share) as of March 31, 2024[2] - Total assets decreased from $549.2 million as of December 31, 2023, to $488.8 million as of June 30, 2024[23] - Total net assets as of June 30, 2024, were $196.4 million, down from $213.5 million at the end of 2023[24] - The net asset value per common share decreased from $22.76 at December 31, 2023, to $21.21 as of June 30, 2024[24] - The fair value of total investments decreased from $467.9 million as of December 31, 2023, to $444.4 million as of June 30, 2024[23] Debt and Borrowings - As of June 30, 2024, the Company had total borrowings of $285.1 million with a weighted average interest rate of 6.9%[12] - The Company had $23.0 million of available borrowing capacity under the Revolving Credit Facility as of June 30, 2024[12] - The company amended its senior secured revolving credit facility, increasing commitments to $200.0 million from $115.0 million and reducing the interest rate margin to 2.50% from 2.80%[1] Shareholder Returns - The company repurchased 79,722 shares at an aggregate cost of approximately $1.6 million during Q2 2024, which was accretive to NAV by $0.03 per share[5] - A cash distribution of $0.69 per share was declared for Q3 2024, payable on August 30, 2024[4] Investment Portfolio - Total investments at fair value as of June 30, 2024, were $444.4 million, down from $471.3 million as of March 31, 2024[7] - Non-accruals on debt investments increased to nine, representing 0.5% of the investment portfolio at fair value as of June 30, 2024, compared to seven non-accruals at 0.5% as of March 31, 2024[7] - Approximately 88.1% of the Company's Debt Securities Portfolio at par value were floating rate, with 81.6% containing SOFR floors between 0.50% and 3.25%[13] - The weighted average contractual interest rate on the interest-earning Debt Securities Portfolio was approximately 12.4% as of June 30, 2024[7] - The Company plans to continue focusing on floating rate investments in the future[14] Expenses and Financial Performance - Total expenses for the three months ended June 30, 2024, were $9,860,000, a decrease of 15.7% compared to $11,711,000 for the same period in 2023[25] - Net realized and unrealized gains (losses) on investments for the three months ended June 30, 2024, were $(12,810,000), compared to $(10,811,000) in the same period last year[25] - The net increase (decrease) in net assets resulting from operations for the three months ended June 30, 2024, was $(6,372,000), compared to $(3,114,000) for the same period in 2023[25] - Management fees for the three months ended June 30, 2024, were $1,680,000, a decrease of 10.1% from $1,869,000 in the same period in 2023[25] Interest Rate Sensitivity - A 1% increase in interest rates would result in an increase of $1.764 million in net investment income, while a 2% increase would yield $3.528 million[15] Share Statistics - The weighted average shares of common stock outstanding for the three months ended June 30, 2024, were 9,293,687, compared to 9,541,722 in the same period last year[25]

Financial Data and Key Metrics Changes - The company reported net investment income of $6.5 million or $0.70 per share, an increase of $300,000 or $0.03 per share compared to the prior quarter [3][16] - Total investment income for Q2 2024 was $16.3 million, down from $16.5 million in Q1 2024, primarily due to lower interest income [14] - The net asset value decreased to $196.4 million or $21.21 per share, a decline of $14.2 million or $1.36 per share from the previous quarter [16] Business Line Data and Key Metrics Changes - The investment portfolio remained diversified across 28 industries and 75 unique portfolio companies, with an average par balance of $2.6 million [4][10] - The company made only two new investments during the quarter, totaling $7.3 million, while most additions were incremental capital to existing portfolio companies [8][10] Market Data and Key Metrics Changes - Private credit spreads for borrowers with greater than $100 million of EBITDA have declined by approximately 75 basis points since the beginning of the year [7] - The company experienced net repayments and sales of approximately $18.2 million during the quarter, with originations lower than the previous quarter [9][10] Company Strategy and Development Direction - The company amended and extended its senior secured revolving credit facility with JPMorgan, increasing the facility size by $85 million to $200 million and reducing the applicable margin [5][18] - The strategy focuses on maintaining a well-diversified portfolio while being selective with new investment opportunities [7][8] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro trends from Q1 continued into Q2, with increased new deal activity and a competitive syndicated market [6] - The company remains confident in its business position and believes it can deliver strong returns for shareholders in the latter half of 2024 [19] Other Important Information - The Board of Directors approved a $0.69 per share distribution for Q3 2024, representing a 13% annualized return on net asset value [6] - The company repurchased 79,722 shares for an aggregate cost of $1.6 million during the quarter, which was accretive to net asset value [6] Q&A Session Summary Question: What was the driver for the realized loss and the unrealized depreciation? - The primary driver for unrealized loss was QualTek, which was exited shortly after the quarter-end, leading to a write-down [19][20] Question: Can you provide perspective on the BDC M&A market? - Management indicated that while there is strategic activity in the broader asset space, the BDC space remains relatively quiet [23][24] Question: Is there anything broader impacting the high-tech industry in the portfolio? - Management noted longer sales cycles and competition from AI spending affecting traditional software budgets [25] Question: What is the status of PIK income? - PIK income has been flat, with a mix of penalty and extra income, and recent deals have included structured equity solutions [34][36] Question: Are there any trends in amendments, extensions, or waivers? - There has not been a material pickup in amendment and waiver activity, with the market normalizing [33]

Portman Ridge (PTMN) came out with quarterly earnings of $0.70 per share, beating the Zacks Consensus Estimate of $0.69 per share. This compares to earnings of $0.83 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 1.45%. A quarter ago, it was expected that this business development company would post earnings of $0.74 per share when it actually produced earnings of $0.67, delivering a surprise of -9.46%. Over the last four qu ...