Welcome to our dedicated page for Portman Ridge Fin news (Ticker: PTMN), a resource for investors and traders seeking the latest updates and insights on Portman Ridge Fin stock.
Portman Ridge Finance Corporation (NASDAQ: PTMN) is a business development company specializing in secured term loans and mezzanine debt for middle market businesses. This page serves as the definitive source for verified news and official announcements related to PTMN's investment activities and corporate developments.
Investors and analysts will find timely updates on earnings reports, portfolio adjustments, and strategic initiatives like the company's merger with Logan Ridge Finance Corporation. All content is curated to provide clear insights into PTMN's operations as a regulated BDC focused on income-generating debt instruments.
Key news categories include:
- Quarterly financial results and dividend declarations
- Portfolio company updates and credit facility expansions
- Strategic transactions including mergers and debt issuances
- Management commentary on market positioning
Bookmark this page to stay informed about PTMN's evolving role in middle market financing through structured debt solutions. Check back regularly for new filings and press releases directly from the company.
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.
Portman Ridge Finance reported a net investment income of $0.67 per share and net asset value of $22.57 per share for the first quarter of 2024. The company repurchased 51,015 shares for approximately $1.0 million. They announced a quarterly distribution of $0.69 per share for the second quarter of 2024. Portman Ridge continued to grow and diversify its portfolio, with exposure to 29 industries and 103 portfolio companies. Management believes the stock is undervalued and remains committed to increasing shareholder value.
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