Globenewswireยท2025-07-15 20:15Core Viewpoint - Portman Ridge Finance Corporation (PTMN) has successfully completed its merger with Logan Ridge Finance Corporation (LRFC), resulting in a combined entity with total assets exceeding $600 million as of July 11, 2025 [1][3]. Company Overview - PTMN will be rebranded as BCP Investment Corporation later in the summer of 2025 to reflect its affiliation with the BC Partners Credit Platform [2][7]. - The company operates as a publicly traded, externally managed closed-end investment company regulated under the Investment Company Act of 1940, focusing on middle market investments [9]. Financial Details - LRFC shareholders will receive approximately 4.0 million shares of PTMN common stock, equating to 1.5 shares of PTMN for each LRFC share, along with cash payments for fractional shares [3]. - Prior to the merger, LRFC announced a cash payment of $0.47 per share to its shareholders, with an additional tax distribution of $0.38 per share declared on July 14, 2025 [4]. Future Initiatives - Starting in 2026, the company plans to transition to monthly base distributions while maintaining the potential for quarterly supplemental distributions, which will approximate 50% of incremental net investment income [7]. - Over the next 24 months, the company intends to repurchase up to 20% of its outstanding common stock if shares trade below 80% of net asset value (NAV), with a share price target of $15.08 based on March 31, 2025 NAV [7]. Advisory and Legal Support - Keefe, Bruyette & Woods served as the financial advisor to PTMN's Special Committee, while Houlihan Lokey acted as the financial advisor to LRFC's Special Committee [6][8].