Portman Ridge Finance Corporation Announces Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Portman Ridge Finance Corporation reported a net investment income of $2.59 per share for the full year 2024 and a net asset value of $19.41 per share as of December 31, 2024 [1][12] - The company continued its share repurchase program, buying back a total of 202,357 shares for approximately $3.8 million during the full year 2024, which was accretive to NAV by $0.07 per share [1][5] - A merger agreement with Logan Ridge Finance Corporation aims to enhance shareholder value through increased scale, improved liquidity, and operational efficiencies [1][4] Financial Performance - Total investment income for the fourth quarter of 2024 was $14.4 million, down from $15.2 million in the third quarter of 2024 and $17.8 million in the fourth quarter of 2023 [5] - For the full year 2024, total investment income was $62.4 million, a decrease from $76.3 million in 2023 [11] - Net investment income for the fourth quarter of 2024 was $5.5 million ($0.60 per share), compared to $11.2 million ($1.19 per share) in the fourth quarter of 2023 [5][12] Shareholder Distributions - The company announced a regular quarterly base distribution of $0.47 per share and a supplemental distribution of $0.07 per share for the first quarter of 2025 [1][8] - Total stockholder distributions for 2024 amounted to $2.76 per share [5] Merger Details - The merger agreement with Logan Ridge involves two phases: the first merger will see Merger Sub merge with LRFC, and the second merger will merge LRFC into Portman Ridge [4][6] - Each share of LRFC's common stock will be converted into 1.500 newly issued shares of common stock of Portman Ridge, with cash paid for fractional shares [6] Investment Portfolio - As of December 31, 2024, the investment portfolio at fair value was $405.0 million, down from $467.9 million as of December 31, 2023 [12][14] - The debt investment portfolio, excluding CLO Funds, totaled $320.7 million at fair value, spread across 26 different industries [12][14] Non-Accrual Investments - The number of non-accrual investments decreased from nine as of September 30, 2024, to six as of December 31, 2024 [7][12]