Portman Ridge Fin Corp - PTMN STOCK NEWS

Portman Ridge Finance Corporation (Nasdaq: PTMN) announced a cash distribution of $0.06 per share, payable on March 2, 2021 to shareholders of record as of February 22, 2021. The company also offers a Dividend Reinvestment Plan (DRIP), allowing shareholders to reinvest distributions in additional shares unless they opt for cash. Portman Ridge operates as a business development company, managing investments in middle market companies, and is regulated under the Investment Company Act of 1940.

Portman Ridge Finance Corporation (NASDAQ: PTMN) announced the retirement of its CFO, Edward (Ted) Gilpin, effective March 1, 2021, with Jason T. Roos succeeding him. Gilpin played a crucial role since 2012, aiding in the firm's transformation through several mergers. Roos brings nearly 20 years of financial leadership experience, having previously served at BC Partners and Wells Fargo. The company, managed by Sierra Crest Investment Management, focuses on middle market investments, including term loans and equity securities. Financial documents are available on their website.

Harvest Capital Credit Corporation (NASDAQ: HCAP) and Portman Ridge Finance Corporation (NASDAQ: PTMN) have finalized an agreement for HCAP to merge into PTMN. This unanimous decision was backed by both companies' boards and significant HCAP shareholders. Following the merger, the combined entity will be managed by Sierra Crest Investment Management, boasting total assets of approximately $757 million. HCAP stockholders can expect net investment income per share accretion and may elect to receive cash or PTMN shares. The merger's valuation approximates $10.11 per HCAP share, signaling a potential 30% premium.

Portman Ridge Finance Corporation (Nasdaq: PTMN) has successfully closed its merger with Garrison Capital Inc. (formerly Nasdaq: GARS). The merger, supported by nearly 99% of GARS stockholders, involves a cash payment of $5 million and approximately $19.1 million in cash from PTMN, along with around 30.8 million shares of PTMN common stock. The transaction increases the combined company's assets to approximately $638 million and net asset value to approximately $209 million. The merged entity will be managed by Sierra Crest Investment Management LLC, an affiliate of BC Partners.

Portman Ridge Finance Corporation (Nasdaq: PTMN) and Garrison Capital Inc. (Nasdaq: GARS) have secured stockholder approval for their proposed merger during their special meetings on October 19, 2020. Over 95% of PTMN stockholders and nearly 99% of GARS stockholders voted in favor of the merger, with the closing expected on or around October 28, 2020, subject to customary conditions. CEO Ted Goldthorpe expressed gratitude for the overwhelming support and confidence in the merger's potential benefits for stakeholders.

Portman Ridge Finance Corporation (Nasdaq: PTMN) announced a cash distribution of $0.06 per share for Q3 fiscal 2020, payable on November 27, 2020. This early declaration is in anticipation of its merger with Garrison Capital Inc. Shareholders of record on October 26, 2020 will receive this distribution. The company intends to resume its regular quarterly distributions in February 2021. Portman Ridge offers a Dividend Reinvestment Plan allowing stockholders to reinvest distributions into additional shares.

Portman Ridge Finance Corporation (PTMN) reported its Q2 2020 financial results, revealing net investment income of approximately $2.6 million, or $0.06 per share, consistent with Q1 2020. The fair value of investments rose to around $281 million, up from $272 million in Q1 2020. The company declared a third-quarter distribution of $0.06 per share, maintaining its dividend policy. Notably, PTMN is working towards a merger with Garrison Capital, expected to close in Q4 2020. The investment adviser waived incentive fees of $0.5 million during the quarter to bolster financial stability.

Portman Ridge Finance Corporation (NASDAQ: PTMN) will announce its financial results for the quarter ended June 30, 2020, on August 6, 2020, before market opening. A conference call is scheduled for August 10, 2020, at 4:00 PM ET, accessible via phone or live audio webcast. Portman Ridge is an externally managed investment company focusing on middle market investments, including term loans and mezzanine investments.

Garrison Capital Inc. (GARS) and Portman Ridge Finance Corporation (PTMN) have announced a definitive merger agreement, resulting from GARS' strategic alternatives review. The merger, approved by both companies' Boards, aims to create a larger investment entity managed by Sierra Crest Investment Management. The combined firm is expected to have total investments of approximately $638.5 million and a net asset value of around $207 million. GARS shareholders will receive cash and PTMN shares valued above GARS' net asset value, with approximately 41.6% ownership of the new entity post-merger.