Portman Ridge Fin Corp - PTMN STOCK NEWS

Portman Ridge Finance (PTMN) reported its Q4 and full year 2024 financial results, with net investment income of $2.59 per share for 2024 and NAV of $19.41 per share. Key highlights include:

- Q4 2024 total investment income was $14.4M, down from $15.2M in Q3 2024 and $17.8M in Q4 2023
- Full year 2024 total investment income was $62.4M
- Company repurchased 202,357 shares for $3.8M during 2024, adding $0.07 to NAV per share
- Announced Q1 2025 quarterly base distribution of $0.47 plus $0.07 supplemental distribution per share

The company entered into a merger agreement with Logan Ridge Finance , which aims to create value through enhanced scale and operational efficiencies. The investment portfolio at year-end 2024 was $405.0M across 93 companies in 28 industries, with six investments on non-accrual status representing 1.7% of the portfolio at fair value.

Portman Ridge Finance (PTMN) and Logan Ridge Finance (LRFC) have announced a merger agreement where LRFC will merge into PTMN. The combined entity will continue trading as PTMN on Nasdaq and will be managed by Sierra Crest Investment Management.

Key transaction highlights include:

• Expected total assets exceeding $600 million and NAV of approximately $270 million
• LRFC shareholders will receive 1.50 newly issued PTMN shares for each LRFC share
• The merger values LRFC shares at $25.02, representing a 4% premium to its January 24, 2025 closing price
• Expected $2.8 million in annual operating expense efficiencies
• Over 70% portfolio overlap with BC Partners-originated assets
• 1.3% immediate NAV accretion for PTMN

The transaction is expected to close in Q2 2025, subject to shareholder approvals and other conditions. Sierra Crest has agreed to waive up to $1.5 million in incentive fees over eight quarters post-closing.

Portman Ridge Finance (PTMN) has announced it will release its financial results for the fourth quarter and full year 2024 after market close on Thursday, March 13, 2025. The company will host a conference call to discuss these results on Friday, March 14, 2025, at 10:30 a.m. ET.

Investors can access the call by dialing (646) 968-2525 approximately 10 minutes before the start time, using conference ID 4473265. A replay will be available until March 21, 2025. Additionally, a live audio webcast will be accessible online, with the archive later available on the company's website under the Investor Relations section.

Portman Ridge Finance (PTMN) and Logan Ridge Finance (LRFC) have established special committees of independent directors to evaluate a potential business combination between the two companies. The committees will assess various exchange ratio options beyond NAV-for-NAV, including relative market price and fixed exchange ratios.

Portman Ridge's special committee has appointed Keefe, Bruyette & Woods as financial advisor and Stradley Ronon Stevens & Young as legal counsel. Logan Ridge's committee has retained Houlihan Lokey as financial advisor and Skadden, Arps, Slate, Meagher & Flom as legal counsel. Both companies emphasize that there is no guarantee the business combination will be approved or completed.

Portman Ridge Finance (PTMN) announced its Q3 2024 financial results. The company reported a net investment income (NII) of $5.8 million ($0.63 per share), down from $7.2 million ($0.75 per share) in Q3 2023. The net asset value (NAV) was $188.0 million ($20.36 per share), a decrease from $196.4 million ($21.21 per share) as of June 30, 2024. Total investment income for Q3 2024 was $15.2 million, compared to $18.6 million in Q3 2023. The company repurchased 33,429 shares for $0.6 million, accretive to NAV by $0.01 per share.

Portman Ridge increased its JPM Credit Facility by $85.0 million to $200.0 million, reduced the margin from 2.80% to 2.50% per annum, and extended the maturity date to August 29, 2027. The company refinanced the remaining $85.0 million of the 2018-2 Secured Notes using the amended credit facility, resulting in net spread savings of approximately 28 basis points.

The company declared a Q4 2024 distribution of $0.69 per share, payable on November 29, 2024. Despite economic uncertainties, management remains confident in the company's investment strategy and strong pipeline.

Portman Ridge Finance (PTMN) has announced it will release its third quarter 2024 financial results on Thursday, November 7, 2024, after market close. The company will host a conference call to discuss the results on Tuesday, November 12, 2024, at 10:00 a.m. ET. Investors can access the call by dialing (646) 307-1963 with conference ID 6715408, or via webcast through the company's website. A replay will be available until November 19th.

Portman Ridge Finance (PTMN) reported its Q2 2024 financial results, highlighting:

• Net Investment Income (NII) of $0.70 per share, up 4.5% from Q1
• Net Asset Value (NAV) of $21.21 per share
• Total investment income of $16.3 million
• Amended and extended credit facility, increasing commitments to $200 million from $115 million and reducing interest rate margin to 2.50% from 2.80%
• Repurchased 79,722 shares for $1.6 million, accretive to NAV by $0.03 per share
• Declared Q3 2024 distribution of $0.69 per share

The company faced challenges with select inherited portfolio companies, resulting in NAV decline and increased non-accruals. However, management remains confident in the portfolio quality and ability to generate attractive returns.

Portman Ridge Finance (Nasdaq: PTMN) has successfully amended and extended its senior secured revolving credit facility with JPMorgan Chase Bank. The amendment includes significant improvements:

1. Increased commitments from $115.0 million to $200.0 million
2. Reduced interest rate margin from 2.80% to 2.50% per annum
3. Extended reinvestment period to August 29, 2026
4. Extended maturity date to August 29, 2027

The company will also refinance its Senior Secured Notes due 2029, eliminating $18.3 million through a bridge advance and refinancing $85.0 million. These changes enhance PTMN's financial flexibility and reduce borrowing costs.

Portman Ridge Finance (Nasdaq: PTMN) will release its second quarter financial results for the period ending June 30, 2024, on Thursday, August 8, 2024, after the market close.

A conference call is scheduled for 10:00 a.m. ET on Friday, August 9, 2024, to discuss the results. Participants can join via phone by dialing (646) 307-1963 and using conference ID 9474953.

A live audio webcast of the call will be accessible online, with an archive available afterward in the Investor Relations section of the company's website.