Portman Ridge Finance Corporation Announces Distribution of $0.06 per Share

Rhea-AI Summary

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.

Positive

• Declaration of a cash distribution of $0.06 per share enhances shareholder returns.
• The Dividend Reinvestment Plan allows shareholders to reinvest distributions, potentially increasing their investment value over time.

Negative

• None.

NEW YORK, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”), a business development company, today announced that its Board of Directors approved a cash distribution of $0.06 per share of common stock. The distribution is payable on March 2, 2021, to shareholders of record at the close of business on February 22, 2021.

Portman Ridge maintains a Dividend Reinvestment Plan (“DRIP”) that provides for reinvestment of distributions on behalf of the Company’s stockholders, unless a stockholder elects to receive cash. Accordingly, if Portman Ridge declares a cash distribution, stockholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving cash. Please contact your broker or other financial intermediary for more information regarding the DRIP. Distributions may include net investment income, capital gains and/or return of capital. The tax status of distributions will be determined at the end of the taxable year.

About Portman Ridge Finance Corporation

Portman Ridge Finance Corporation (Nasdaq: PTMN) is a publicly traded, externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Portman Ridge’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. Portman Ridge’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors, LP.

Portman Ridge’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on the Company's website at www.portmanridge.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements. The matters discussed in this press release, as well as in future oral and written statements by management of Portman Ridge Finance Corporation, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements.

Forward-looking statements relate to future events or our future financial performance and include, but are not limited to, projected financial performance, expected development of the business, plans and expectations about future investments and the future liquidity of the Company. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “outlook”, “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required to be reported under the rules and regulations of the SEC.

Contacts:
Portman Ridge Finance Corporation
650 Madison Avenue, 23rd floor
New York, NY 10022
info@portmanridge.com

Jason Roos
Jason.Roos@bcpartners.com
(212) 891-2880

Jeehae Linford
The Equity Group Inc.
jlinford@equityny.com
(212) 836-9615

FAQ

What is the cash distribution amount for PTMN announced in February 2021?

Portman Ridge Finance Corporation announced a cash distribution of $0.06 per share.

When will the cash distribution for PTMN be paid?

The cash distribution will be paid on March 2, 2021.

Who qualifies for the PTMN cash distribution?

Shareholders of record as of February 22, 2021, will qualify for the cash distribution.

What is the Dividend Reinvestment Plan for PTMN?

The Dividend Reinvestment Plan allows shareholders to reinvest their cash distributions automatically in additional shares unless they opt out.