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Harvest Capital Credit Corporation (NASDAQ: HCAP) and Portman Ridge Finance Corporation (NASDAQ: PTMN) announced the Election Deadline for HCAP stockholders to choose cash consideration instead of PTMN common stock in the upcoming merger. The deadline is June 2, 2021, before HCAP's special meeting scheduled for June 7, 2021. If the merger concludes, HCAP stockholders will receive a total cash payment of $2.15 million, approximately $0.36 per share, plus additional PTMN shares based on net asset values. Stockholders must submit their Election Forms to ensure their elections are counted.
Harvest Capital Credit Corporation (HCAP) announced a final cash dividend of $0.22 per share, payable on May 28, 2021, to stockholders on record as of May 25, 2021. This dividend represents the full distribution of the company's undistributed investment company taxable income from the 2021 taxable year, crucial for maintaining its regulated investment company tax treatment. Notably, HCAP's dividend reinvestment plan will not apply; all participants will receive cash. The dividend signifies confidence in shareholder income amidst the company's ongoing merger with Portman Ridge Finance Corporation (PTMN).
Harvest Capital Credit Corporation (NASDAQ:HCAP) reported its Q1 2021 financial results, showing a net income of $4.5 million, or $0.75 per share, compared to a net loss of $3.7 million, or $0.62 per share, in Q1 2020. Net investment income decreased to $120,566 or $0.02 per share from $988,670 or $0.17 per share in the prior year. The company’s total assets fell to $107.0 million from $129.9 million, while net asset value per share increased to $11.17 from $10.42. The company anticipates incurring an additional $1.5 million in professional fees related to a pending merger with Portman Ridge Finance Corporation.
Harvest Capital Credit Corporation (HCAP) reported its financial results for the fiscal year and Q4 ending December 31, 2020. The company recorded a net income of $2.5 million, a significant recovery from a net loss of $0.3 million in Q4 2019. However, net investment income declined to $1.7 million, down from $3.8 million in 2019, reflecting lower yields and increased expenses related to a merger with Portman Ridge Finance Corporation. The net asset value per share fell to $10.42 from $11.23, while total portfolio investments also decreased to $89.6 million.
Harvest Capital Credit Corporation (NASDAQ: HCAP) has announced the distribution of previously deferred monthly dividends of $0.08 per share for March and April 2020. These will be paid in a single distribution of $0.16 per share on December 29, 2020, to shareholders of record as of December 15, 2020. This decision follows efforts to improve liquidity and reduce bank debt. Chairman Joseph Jolson emphasized the importance of this distribution in avoiding federal excise taxes on undistributed earnings.
Harvest Capital Credit Corporation (HCAP) reported its financial results for Q3 2020, ending September 30. The company posted a net investment income of $854,861 ($0.14 per share), down from $1,072,328 ($0.18 per share) in 2019. Total portfolio investments at fair value were $96.0 million, down from $116.8 million a year prior. The net loss for Q3 2020 was $382,803, compared to a loss of $1.0 million in Q3 2019. Despite challenges, the Chairman noted expectations for improvement in some portfolio investments, including GNC emerging from bankruptcy. COVID-19 continues to pose risks to operations and investment income.
Harvest Capital Credit Corporation (NASDAQ: HCAP) will report its fiscal Q3 2020 financial results on November 6, 2020, before market opening. A conference call to discuss these results is scheduled for 11:00 a.m. ET, led by CEO Joseph A. Jolson, President Richard P. Buckanavage, and CFO William E. Alvarez, Jr. Interested participants can dial (888) 566-6060 for domestic calls or (973) 200-3100 for international calls, using the conference ID 8454508.
HCAP specializes in providing tailored financing solutions to small and mid-sized companies in the U.S., focusing on those with revenues under $100 million.
