Portman Ridge Fin Corp Stock Price, News & Analysis

Portman Ridge Finance Corporation (PTMN) announced the adjournment of its Special Meeting of Stockholders to June 27, 2025, to allow more time for stockholders to vote on the Share Issuance Proposal related to its merger with Logan Ridge Finance Corporation (LRFC). Current voting shows strong support with over 85% favorability among those who have voted, with 48% of outstanding shares having voted or abstained. The company needs less than 2% more shares to reach the required quorum threshold. Logan Ridge stockholders have already approved the merger at their Special Meeting on June 20, 2025. The record date remains May 6, 2025, and stockholders can vote through virtual means or by contacting Broadridge at 1-833-218-3911.

Portman Ridge Finance Corporation (NASDAQ: PTMN) announced significant corporate changes including rebranding to BCP Investment Corporation (BCIC), transitioning to monthly base distributions in 2026, and implementing value creation initiatives. Following the merger with Logan Ridge Finance Corporation, the company will trade under the ticker BCIC, reflecting its integration with BC Partners Credit Platform. The company plans to maintain its quarterly supplemental distributions at 50% of excess net investment income. In a notable move to enhance shareholder value, the company, management, adviser and affiliates intend to acquire up to 20% of outstanding common stock over 24 months when trading below 80% of NAV ($15.08 based on March 2025 NAV). This represents a 31% premium to the June 16, 2025 closing price. The company has already authorized a $10 million stock repurchase program through March 2026.

Portman Ridge Finance Corporation (PTMN) has rescheduled its Special Meeting of Stockholders from June 6 to June 20, 2025, to allow shareholders more time to vote on the Share Issuance Proposal related to the proposed merger with Logan Ridge Finance Corporation (LRFC). The PTMN Board of Directors unanimously recommends voting "FOR" the merger proposals, and both major proxy advisory firms, ISS and Glass Lewis, have endorsed the merger. Stockholders of record as of May 6, 2025, can participate in the virtual meeting through the company's website or by phone. Those who have already voted need not take further action, and previously submitted proxies will remain valid unless revoked. The company has noted strong support from stockholders who have already cast their votes.

Portman Ridge Finance Corporation (PTMN) reported its Q1 2025 financial results with net investment income of $0.47 per share and net asset value of $18.85 per share. Total investment income was $12.1 million, down from $14.4 million in Q4 2024, primarily due to a portfolio company being placed on non-accrual status. The company deployed approximately $17.5 million while receiving $15.7 million in sales and repayments, resulting in net deployment of $1.8 million. The investment portfolio at fair value was $406.4 million, spread across 93 different portfolio companies. PTMN declared a quarterly base distribution of $0.47 per share, payable on May 29, 2025. The company currently has six debt investments on non-accrual, representing 2.6% of the portfolio at fair value. Management highlighted their disciplined investment strategy amid macroeconomic uncertainties and encouraged shareholders to vote for the proposed acquisition of Logan Ridge Finance Corporation.

Portman Ridge Finance (PTMN) has announced it will release its financial results for the first quarter ended March 31, 2025, on Thursday, May 8, 2025, after market close. The company will host a conference call to discuss the results on Friday, May 9, 2025, at 10:00 a.m. ET.

Investors can access the call by dialing (646) 307-1963 with conference ID 9782758. A replay will be available through May 16, 2025. Additionally, a live audio webcast will be accessible via https://edge.media-server.com/mmc/p/ovseyk3q, with the recording later available in the Investor Relations section of the company's website.

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.