Portman Ridge Finance Corporation Announces Second Quarter 2025 Financial Results

Core Insights - Portman Ridge Finance Corporation completed its merger with Logan Ridge Finance Corporation, enhancing its scale with total assets exceeding $600 million as of July 11, 2025 [5][8] - The company reported net investment income of $4.6 million, or $0.50 per share, for the second quarter of 2025, an increase from $4.3 million, or $0.47 per share, in the previous quarter [7][10] - A quarterly base distribution of $0.47 per share and a supplemental distribution of $0.02 per share were announced for the third quarter of 2025 [5][10] Financial Performance - Total investment income for the second quarter of 2025 was $12.6 million, up from $12.1 million in the first quarter of 2025 [5][10] - Net asset value (NAV) as of June 30, 2025, was $164.7 million, or $17.89 per share, compared to $173.5 million, or $18.85 per share, as of March 31, 2025 [5][10] - The company experienced net repayments and sales of approximately $6.1 million during the quarter, with deployments of about $10.9 million and sales and repayments of approximately $17.0 million [5][10] Investment Portfolio - The investment portfolio at fair value as of June 30, 2025, was $395.1 million, comprised of 96 different portfolio companies [10][12] - The debt investment portfolio, excluding investments in CLO Funds, equities, and joint ventures, totaled $323.1 million at fair value, spread across 25 different industries [10][12] - As of June 30, 2025, debt investments on non-accrual represented 2.1% of the company's investment portfolio at fair value [10][12] Merger and Rebranding - The merger with Logan Ridge is viewed as a transformational milestone, expected to provide increased scale, broader portfolio diversification, and enhanced financial flexibility [8][9] - Following the merger, the company will rebrand as BCP Investment Corporation and trade under the new ticker symbol "BCIC" [5][9] - The merger is anticipated to deliver compelling risk-adjusted returns for shareholders through cost savings and improved stock trading liquidity [5][8] Management Commentary - The CEO emphasized the focus on maintaining a high-quality portfolio and delivering long-term value to shareholders [7][8] - The company aims to leverage its enhanced scale and diversified portfolio to support stronger operating efficiency and improved shareholder outcomes over time [8][9]