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 non-diversified closed-end investment company that specializes in originating, structuring, and investing in secured term loans, bonds, and mezzanine debt. The company primarily focuses on privately-held middle-market companies but also considers investments in publicly traded companies, high-yield bonds, and distressed debt securities. Established as a leader in debt securities, Portman Ridge aims to generate current income and capital appreciation through strategic investments in senior secured term loans, mezzanine debt, and select equity investments.
Founded with a mission to support mid-sized businesses, Portman Ridge offers a range of financial solutions tailored to meet the complex needs of its clients. Recent achievements include successful mergers with Garrison Capital Inc. and Harvest Capital Credit Corporation, which have enhanced the company's investment portfolio and operational efficiencies. The company's financial condition remains robust, demonstrated by its transparent reporting of core investment income and net investment income, which provide stakeholders with a clear understanding of its financial performance.
Portman Ridge continues to pursue promising investment opportunities and maintain strong partnerships to maximize returns for its investors. With a disciplined approach to investment and risk management, the company remains well-positioned to navigate the complexities of the financial markets. Recent updates include significant financial highlights from the second and third quarters of 2023, and a series of scheduled calls for shareholder engagement and transparency.
For the latest updates and detailed financial reports, stakeholders can refer to the company's scheduled calls and recent news highlights, providing insights into Portman Ridge's ongoing projects and financial health.
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.
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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