Portman Ridge(PTMN) - 2024 Q1 - Quarterly Results

Investment Income - Total investment income for Q1 2024 was $16.5 million, down from $20.3 million in Q1 2023, with interest income from the Debt Securities Portfolio contributing $14.2 million[7] - Total investment income for Q1 2024 was $16.526 million, a decrease of 18% from $20.327 million in Q1 2023[33] Net Investment Income - Net investment income (NII) for Q1 2024 was $6.2 million ($0.67 per share), compared to $8.5 million ($0.89 per share) in Q1 2023, reflecting a decrease due to $0.4 million of reversed income on non-accrual loans[9] - Net investment income for Q1 2024 was $6.226 million, down from $8.529 million in Q1 2023, representing a decline of 27%[33] Net Asset Value - Net asset value (NAV) as of March 31, 2024, was $210.6 million ($22.57 per share), a slight decrease from $213.5 million ($22.76 per share) as of December 31, 2023[3] - Net asset value per common share was $22.57 as of March 31, 2024, compared to $22.76 at the end of 2023, a decrease of approximately 0.84%[31] - The company’s total net assets were $210.607 million as of March 31, 2024, compared to $213.518 million at the end of 2023, a decrease of about 1.8%[31] Share Repurchase - The company repurchased 51,015 shares for approximately $1.0 million during Q1 2024, which was accretive to NAV by $0.02 per share[3] Investment Portfolio - Total investments at fair value as of March 31, 2024, were $471.3 million, an increase from $467.9 million as of December 31, 2023, with investments spread across 29 industries and 103 entities[7] - Non-accruals on debt investments represented 0.5% of the investment portfolio at fair value as of March 31, 2024, unchanged from December 31, 2023[7] - The weighted average contractual interest rate on the Debt Securities Portfolio was approximately 12.1% as of March 31, 2024[7] - Approximately 91.1% of the Debt Securities Portfolio at par value were floating rate, with 79.5% containing SOFR floors between 0.50% and 5.25%[15] Borrowings - As of March 31, 2024, the company had $291.7 million in borrowings with a current weighted average interest rate of 6.9%[12] Financial Position - Total assets decreased to $527.382 million as of March 31, 2024, from $549.239 million at the end of 2023, a reduction of approximately 4%[31] - Total liabilities decreased to $316.775 million as of March 31, 2024, down from $335.721 million at the end of 2023, a decline of about 6%[31] Cash and Management Fees - The company’s cash and cash equivalents decreased to $20.829 million as of March 31, 2024, from $26.912 million at the end of 2023, a decline of about 22.6%[31] - Management fees for Q1 2024 were $1.729 million, down from $1.953 million in Q1 2023, a decrease of approximately 11.5%[33] Realized Losses - The company reported net realized losses on investments of $2.057 million for Q1 2024, compared to losses of $3.085 million in Q1 2023[33] Share Count - The weighted average shares of common stock outstanding for Q1 2024 were 9,344,994, compared to 9,555,125 in Q1 2023[33] Distribution - The company declared a distribution of $0.69 per share for Q2 2024, payable on May 31, 2024[4]