Globenewswireยท2025-06-20 22:02Core Points - Logan Ridge Finance Corporation (LRFC) has received shareholder approval for its merger with Portman Ridge Finance Corporation (PTMN) [1][2] - Approximately 89.4% of LRFC voting shareholders supported the merger proposal [2] - PTMN's special meeting of shareholders was adjourned and will reconvene on June 27, 2025, to vote on the issuance of PTMN common stock related to the merger [2] - The merger is expected to close shortly after PTMN shareholder approval and the satisfaction of customary closing conditions [2] Company Overview - Logan Ridge Finance Corporation is a business development company (BDC) that primarily invests in first lien loans, second lien loans, and equity securities issued by lower middle-market companies [4] - LRFC targets investments in performing, well-established middle-market businesses across various industries, focusing on those with low levels of cyclicality and operating risk [4] - Portman Ridge Finance Corporation is a publicly traded, externally managed investment company regulated as a BDC under the 1940 Act, managing a portfolio of term loans, mezzanine investments, and selected equity securities in middle market companies [5] - PTMN's investment activities are managed by Sierra Crest Investment Management LLC [5] Leadership Statements - Ted Goldthorpe, President and CEO of both LRFC and PTMN, expressed gratitude for shareholder support, highlighting the strategic and financial merits of the merger [3] - Goldthorpe emphasized that the combined company will benefit from greater scale, enhanced diversification, and improved access to capital, positioning it for long-term value generation for shareholders [3]