SEC 8-K filings with transcript text
Aug 7, 2026
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Exhibit 99.1
BCP Investment Corporation Announces Second Quarter 2026 Financial Results
Declares Monthly Base Distributions of $0.09 Per Share for October, November and December 2026
Amends KeyBank Credit Facility Subsequent to Quarter End, Increasing Committed Capacity to $150 Million, Reducing Reinvestment Period Spread by 30 Basis Points and Extending Maturity to 2031; Repays and Terminates JPMorgan Revolving Credit Facility
August 6, 2026 – BCP Investment Corporation (NASDAQ: BCIC) (“BCIC” or “the Company”) announced today its financial results for the second quarter ended June 30, 2026.
Second Quarter 2026 Highlights
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Total investment income for the second quarter of 2026 was $15.2 million as compared to $17.6 million for the first quarter of 2026.
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Core investment income1, excluding the impact of purchase price accounting, for the second quarter of 2026 was $12.9 million, as compared to $14.8 million for the first quarter of 2026.
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Net investment income (“NII”) for the second quarter of 2026 was $5.5 million ($0.45 per share), as compared to $6.9 million ($0.55 per share) in the first quarter of 2026.
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Net asset value (“NAV”), as of June 30, 2026, was $179.5 million ($14.49 per share), as compared to NAV of $193.0 million ($15.60 per share) as of March 31, 2026. Approximately 34% of the quarter’s unrealized markdowns were attributable to investments classified as “Software” in our Consolidated Schedule of Investments, and approximately 47% when including software-exposed names.
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Non-accrual investments decreased to 11 across 7 portfolio
companies from 12 across 9 portfolio companies, representing 3.1% and 5.7% of the Company’s investment portfolio at fair value and amortized cost, respectively, as of June 30, 2026. This compares to 2.6% and 6.2% of the Company’s investment portfolio at fair value and amortized cost, respectively, as of March 31, 2026. As of June 30, 2026, for a subset of the non-accrual population, the Company continues to recognize interest income on a cash basis (i.e., only when cash payments are actually received).
1
Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase discount accretion in connection with the Garrison Capital Inc. (“GARS”), Harvest Capital Credit Corporation (“HCAP”), and Logan Ridge Finance Corporation (“LRFC”) mergers. BCIC believes presenting core investment income and the related per share amount is a useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing BCIC’s financial performance.
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Deployment of approximately $20.9 million and repayments and sales of approximately $34.9 million, resulting in net repayments and sales of approximately $14.0 million.
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Subsequent to quarter end, the Company amended its KeyBank Credit Facility, reducing the applicable borrowing spread from 2.80% to 2.50% during the reinvestment period and from 3.20% to 3.00% during the amortization period, extending the reinvestment period to August 2029 and the maturity date to August 2031, and increasing committed capacity under the facility from $75.0 million to $150.0 million. Borrowings under the amended facility were used to repay in full all outstanding advances and other amounts then due under the Company’s Revolving Credit Facility with JPMorgan, and the commitments thereunder were terminated, consolidating the Company’s secured revolving borrowings into a single facility. See “Subsequent Events” below.
Subsequent Events
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On July 31, 2026, the Company paid its regular monthly base distribution of $0.09 per share of common stock to stockholders of record as of July 15, 2026.
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On August 6, 2026, the Company declared a regular monthly base distribution of $0.09 per share of common stock for each of October, November and December 2026. The October 2026 distribution is payable on October 30, 2026 to stockholders of record at the close of business on October 15, 2026. The November 2026 distribution is payable on December 4, 2026 to stockholders of record at the close of business on November 23, 2026. The December 2026 distribution is payable on December 30, 2026 to stockholders of record at the close of business on December 15, 2026.
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On August 6, 2026, Capitala Business Lending, LLC (“CBL”), a wholly owned subsidiary of the Company, entered into the Sixth Amendment (the “Sixth Amendment”) to its senior secured revolving credit facility with KeyBa
May 8, 2026
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Exhibit 99.1
BCP Investment Corporation Announces First Quarter 2026 Financial Results
Total Investment Income of $17.6 Million and Core Investment Income1 of $14.8 Million
Announces Third Quarter 2026 Base Distribution of $0.27 Per Share, and Second Quarter Supplemental Cash Distribution of $0.03 Per Share
NEW YORK, May 7, 2026 – BCP Investment Corporation (NASDAQ: BCIC) (“BCIC” or “the Company”) announced today its financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Highlights
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Total investment income for the first quarter of 2026 increased to $17.6 million, from $17.5 million for the fourth quarter of 2025.
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Core investment income, excluding the impact of purchase price accounting, for the first quarter of 2026 increased to $14.8 million, as compared to $14.2 million for the fourth quarter of 2025.
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Net investment income (“NII”) for the first quarter of 2026 was $6.9 million ($0.55 per share), as compared to $7.4 million ($0.57 per share) in the fourth quarter of 2025.
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Net asset value (“NAV”), as of March 31, 2026, was $193.0 million ($15.60 per share), as compared to NAV of $209.2 million ($16.68 per share) as of December 31, 2025. Approximately 40% of the quarter’s unrealized markdowns were attributable to investments classified as “Software” in our Consolidated Schedule of Investments, and approximately 70% when including software-exposed names.
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Non-accruals declined to 2.6% of the investment portfolio at fair
value (6.2% at amortized cost) as of March 31, 2026, compared to 4.0% (7.1% at amortized cost) as of December 31, 2025, with non-accrual investments decreasing to 12 across 9 portfolio companies from 13 across 10 portfolio companies.
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Deployment of approximately $13.3 million and repayments and sales of approximately $28.3 million, resulting in net repayments and sales of approximately $15.0 million.
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Total shares repurchased in open market transactions under the 2026 Stock Repurchase Program during the quarter ended March 31, 2026 were 172,159, at an aggregate cost of approximately $2.1 million, which was accretive to NAV by $0.07 per share.
1
Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase discount accretion in connection with the Garrison Capital Inc. (“GARS”), Harvest Capital Credit Corporation (“HCAP”), and Logan Ridge Finance Corporation (“LRFC”) mergers. BCIC believes presenting core investment income and the related per share amount is a useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing BCIC’s financial performance.
Subsequent Events
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On April 27, 2026, the Company redeemed $40.0 million aggregate principal amount of its 2026 Notes. In connection with this redemption, the Company had notified U.S. Bank Trust Company, National Association (the “Trustee”), on March 27, 2026 of its election to redeem such notes pursuant to the terms of the Base Indenture, the Fourth Supplemental Indenture and the Fifth Supplemental Indenture.
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On April 30, 2026, the Company paid its regular monthly base distribution of $0.09 per share of common stock to stockholders of record as of April 15, 2026.
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On May 7, 2026, the Company declared a regular monthly base distribution of $0.09 per share of common stock for each of July, August and September 2026. The July 2026 distribution is payable on July 31, 2026 to stockholders of record at the close of business on July 15, 2026. The August 2026 distribution is payable on August 31, 2026 to stockholders of record at the close of business on August 14, 2026. The September 2026 distribution is payable on September 30, 2026 to stockholders of record at the close of business on September 15, 2026.
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On May 7, 2026, the Company declared a supplemental cash distribution of $0.03 per share of common stock. The supplemental cash distribution is payable on May 29, 2026 to stockholders of record at the close of business on May 18, 2026.
Management Commentary
Ted Goldthorpe, Chief Executive Officer of BCP Investment Corporation, stated, “Having completed a transformational year in 2025, we entered 2026 with strong footing and have executed on most of the shareholder-friendly initiatives we outlined in our merger with Logan Ridge Finance Corporation. During the quarter, we delivered increases in total investment income and core investment income as compared to both the prior qu
Mar 9, 2026
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Exhibit 99.1
BCP Investment Corporation Announces Fourth Quarter and Full Year 2025 Financial Results
2025, a Transformational Year Marked by Strategic Steps Designed to Enhance Shareholder Value: the Merger with Logan Ridge, Corporate Rebranding and Completion of a Tender Offer
Announces First Quarter 2026 Quarterly Distribution of $0.32 Per Share; Transition to New Monthly Base Distributions of $0.09 Per Share Beginning April 2026 with the Potential for Quarterly Supplemental Distributions; Total Distributions for 2025 of $1.97 Per Share
NEW YORK, March 5, 2026 – BCP Investment Corporation (NASDAQ: BCIC) (“BCIC” or “the Company”) announced today its financial results for the fourth quarter and full year ended December 31, 2025.
Full Year 2025 Milestones
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On July 15, 2025, the Company successfully completed the merger with Logan Ridge Finance Corporation (“LRFC”) with and into the Company, a major milestone which offered scale, further diversification, and increased operational efficiency.
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On August 22, 2025, the Company completed rebranding and the name change to “BCP Investment Corporation” (NASDAQ: BCIC).
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On October 7, 2025, the Company obtained a BBB- rating from a Nationally Recognized Statistical Rating Organization with respect to the 5.25% fixed-rate convertible notes due 2032 (the “2032 Convertible Notes”) and the 5.25% fixed-rate notes due 2026 (the “2026 Notes”), which resulted in both the 2032 Convertible Notes and 2026 Notes having a fixed interest rate of 5.25% per annum.
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On October 15, 2025, the Company issued $35.0 million of 7.50% notes due 2028, and $75.0 million of 7.75% notes due 2030 (together the “2028 and 2030 Notes”), under an effective shelf registration statement, for a total of $110 million.
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On November 15, 2025, the Company used the proceeds from the issuance of the 2028 and 2030 Notes to redeem in full the $108.0 million aggregate principal amount outstanding of its 4.875% Notes Due 2026.
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On December 12, 2025, the Company completed a tender offer and repurchased 557,960 shares of its common stock at an aggregate cost of approximately $7.6 million.
Fourth Quarter 2025 Highlights
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Total investment income for the fourth quarter of 2025 decreased to $17.5 million, from $18.9 million for the third quarter of 2025.
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Core investment income1, excluding the impact of purchase price accounting, for the fourth quarter of 2025 was $14.2 million, as compared to $15.3 million for the third quarter of 2025.
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Net investment income (“NII”) for the fourth quarter of 2025 decreased to $7.4 million ($0.57 per share), as compared to $8.8 million ($0.71 per share) in the third quarter of 2025.
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Net asset value (“NAV”), as of December 31, 2025, was $209.2 million ($16.68 per share), as compared to NAV of $231.3 million ($17.55 per share) as of September 30, 2025.
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Deployment of approximately $9.6 million and sales and repayments of approximately $40.4 million, resulting in net repayments and sales of approximately $30.8 million.
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Total shares repurchased by the Company through the modified “Dutch Auction” tender offer and open market transactions were 677,975, which was accretive to NAV by $0.23 per share. Shares repurchased through the “Tender Offer”, which commenced on November 12, 2025 and expired on December 10, 2025, were 557,960 at an aggregate cost of approximately $7.6 million, which was accretive to NAV by $0.18 per share. Total shares repurchased in open market transactions under the Stock Repurchase Program during the quarter ended December 31, 2025, were 120,015 at an aggregate cost of approximately $1.4 million, which was accretive to NAV by $0.05 per share.
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Subsequent to quarter end, announced transition to monthly base distributions beginning in April 2026.
Full Year 2025 Highlights
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Total investment income for the year ended December 31, 2025 was $61.2 million, as compared to $62.4 million in the year ended December 31, 2024.
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Core investment income, excluding the impact of purchase price accounting, for the year ended December 31, 2025 was $54.3 million, as compared to $62.2 million for the year ended December 31, 2024.
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Net investment income (“NII”) for the year ended December 31, 2025 was $25.1 million ($2.28 per share), as compared to $24.0 million ($2.59 per share) for the year ended December 31, 2024.
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Total Deployment of approximately $52.3 million and sales and repayments of approximately $116.9 million, resulting in net repayments and sales of approximately $64.6 million for the year.
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Total shares repurchased by the Company in open market transactions under the Stock Repurchase Program and through the Tender Offer during the year ended December 31, 2025, were 698,548 at an aggregate cost of approximately $9.3 million, which was accretive to NAV by $0.24 per share.
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Total stockholder distributions for 2025 amount to $1.97 per share.
1
Cor
Nov 7, 2025
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Exhibit 99.1
BCP Investment Corporation Announces Third Quarter 2025 Financial Results
Reports 50.0% Increase in Total Investment Income and 94.2% in Net Investment Income
Announces Fourth Quarter 2025 Quarterly Base Distribution of $0.47 Per Share
Announces the Launch of the $9.0 Million Modified Dutch Auction Tender Offer
NEW YORK, November 6, 2025 – BCP Investment Corporation (NASDAQ: BCIC) (“BCIC” or “the Company”) announced today its financial results for the third quarter ended September 30, 2025.
Milestone
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On July 15, 2025, the Company successfully completed the merger with Logan Ridge Finance Corporation (“LRFC”) with and into the Company, with the combined company now operating as BCP Investment Corporation. The transaction marked a significant milestone for the Company, providing increased scale, broader portfolio diversification, and enhanced operating efficiencies.
Third Quarter 2025 Highlights
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Total investment income for the third quarter of 2025 increased 50.0% to $18.9 million, from $12.6 million in the second quarter of 2025.
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Core investment income1, excluding the impact of purchase price accounting, for the third quarter of 2025 was $15.3 million, as compared to $12.6 million for the second quarter of 2025.
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Net investment income (“NII”) for the third quarter of 2025 increased 94.2% to $8.8 million ($0.71 per share), as compared to $4.6 million ($0.50 per share) in the second quarter of 2025.
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Net asset value (“NAV”), as of September 30, 2025, increased 40.4% to $231.3 million ($17.55 per share), as compared to NAV of $164.7 million ($17.89 per share) as of June 30, 2025.
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Deployments of approximately $14.2 million and sales and repayments of approximately $43.8 million, resulting in net repayments and sales of approximately $29.6 million.
1
Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase discount accretion in connection with the Garrison Capital Inc. (“GARS”), Harvest Capital Credit Corporation (“HCAP”), and LRFC mergers. BCIC believes presenting core investment income and the related per share amount is a useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing BCIC’s financial performance.
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Expect that between the tender offer, buybacks, and open market repurchases by management, the investment adviser and its affiliates, we anticipate total repurchases when combined with management’s, the Adviser’s and its affiliates’ ownership of BCIC’s outstanding common stock could approximate 10% of BCIC’s outstanding common stock by year end.
Subsequent Events
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On October 7, 2025, the Company obtained a BBB- rating from a Nationally Recognized Statistical Rating Organization (“NRSRO”) with respect to the 5.25% fixed-rate convertible notes due 2032 (the “2032 Convertible Notes”) and the 5.25% fixed-rate notes due 2026 (the “LRFC 2026 Notes”). Starting on October 7, 2025, as a result of the rating, the 2032 Convertible Notes and 2026 Notes have a fixed interest rate of 5.25% per annum.
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On October 10, 2025, the Company entered into a note purchase agreement in connection with the issuance and sale of $35.0 million aggregate principal amount of its 7.50% notes due 2028 (the “2028 Notes”) and $75.0 million aggregate principal amount of its 7.75% notes due 2030 ( the “2030 Notes”, together with the 2028 Notes, the “Notes”), under an effective shelf registration statement. The offering closed and the Notes were issued on October 15, 2025. The 2028 Notes mature on October 15, 2028 and the 2030 Notes mature on October 15, 2030. Interest on each of the Notes is payable semi-annually on April 30 and October 30 of each year, commencing October 30, 2025.
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On October 14, 2025, the Company notified the trustee, U.S. Bank Trust Company, National Association, of its election to redeem in full the $108.0 million aggregate principal amount outstanding of its 4.875% Notes Due 2026, with redemption expected on November 13, 2025.
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On November 6, 2025, the Company declared a regular quarterly base distribution of $0.47 per share of common stock. The distribution is payable on November 25, 2025 to stockholders of record at the close of business on November 17, 2025.
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Between October 1, 2025 and November 4, 2025, the Company repurchased 103,690 shares of its common stock for an aggregate cost of approximately $1.2 million at an average price of $11.62
Aug 11, 2025
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Exhibit 99.1
Portman Ridge Finance Corporation Announces Second Quarter 2025 Financial Results
August 7, 2025
Completed Merger with Logan Ridge Finance Corporation
Reports Net Investment Income of $4.6 Million, or $0.50 Per Share for the Second Quarter
Announces Third Quarter 2025 Quarterly Base Distribution of $0.47 Per Share and Supplemental Distribution of $0.02 per share
NEW YORK, August 7, 2025 (GLOBE NEWSWIRE) – Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the second quarter ended June 30, 2025.
Transformational Milestone
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On July 15, 2025, Portman Ridge closed the previously announced merger of Logan Ridge Finance Corporation (“Logan Ridge”) with and into Portman Ridge, with Portman Ridge remaining as the surviving company.
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We believe the combined company’s enhanced scale with total assets in excess of $600 million (as of July 11, 2025), its further diversified portfolio, cost savings due to lower overall operating expenses, and improved stock trading liquidity will deliver compelling risk-adjusted returns for our shareholders.
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In the following weeks, Portman Ridge will rebrand and begin operating under the name BCP Investment Corporation. In connection with the rebranding, the Company will continue to trade on the Nasdaq under the new ticker symbol “BCIC”.
Second Quarter 2025 Highlights
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Total investment income for the second quarter of 2025 was $12.6 million, up from $12.1 million in the first quarter of 2025.
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Core investment income1, excluding the impact of purchase price accounting, for the second quarter of 2025 was $12.6 million, as compared to $12.1 million for the first quarter of 2025.
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Net investment income (“NII”) for the second quarter of 2025 was $4.6 million ($0.50 per share), as compared to $4.3 million ($0.47 per share) in the first quarter of 2025.
1
Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase discount accretion in connection with the Garrison Capital Inc. (“GARS”) and Harvest Capital Credit Corporation (“HCAP”) mergers. Portman Ridge believes presenting core investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial performance.
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Net asset value (“NAV”), as of June 30, 2025, was $164.7 million ($17.89 per share), as compared to NAV of $173.5 million ($18.85 per share) as of March 31, 2025.
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Deployments of approximately $10.9 million and sales and repayments of approximately $17.0 million, resulting in net repayments and sales of approximately $6.1 million.
Subsequent Events
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On August 7, 2025, the Company declared a regular quarterly base distribution of $0.47 per share of common stock and a supplemental cash distribution of $0.02 per share of common stock. The distribution is payable on August 29, 2025 to stockholders of record at the close of business on August 18, 2025.
•
On July 15, 2025, the Company announced the completion of its acquisition of Logan Ridge Finance Corporation, a Maryland corporation (“LRFC”, and such transaction, the “LRFC Acquisition”), pursuant to the terms of the merger agreement, dated January 29, 2025 (the “LRFC Merger Agreement”). To effect the acquisition, a wholly owned merger subsidiary of the Company merged with and into LRFC, with LRFC surviving the merger as the Company’s wholly owned subsidiary. Immediately thereafter and as a single integrated transaction, LRFC consummated a second merger, whereby LRFC merged with and into the Company, with the Company surviving the merger. Based on July 11, 2025 financial data, the combined company had total assets in excess of $600 million. Under the terms of the LRFC Merger Agreement, each share of LRFC common stock issued and outstanding was converted into the right to receive 1.500 newly-issued shares of common stock of the Company with cash to be paid (without interest) in lieu of fractional shares. As additional consideration funded by LRFC’s investment adviser, LRFC shareholders of record as of May 6, 2025 received a cash payment of $0.47 per share. In addition, LRFC shareholders of record as of July 14, 2025 received a tax distribution of $0.38 per share from LRFC. The Company will seek to leverage the combined company’s enhanced scale, further diversified portfolio, cost savings
May 9, 2025
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Exhibit 99.1
Portman Ridge Finance Corporation Announces
First Quarter 2025 Financial Results
Reports Net Investment Income of $0.47 Per Share and Net Asset Value of $18.85 Per Share
Deployment of Approximately $17.5 Million and Sales and Repayments of Approximately $15.7 Million for Net Deployment of Approximately $1.8 Million
Announces Second Quarter 2025 Quarterly Base Distribution of $0.47 Per Share
Investors are Encouraged to Vote FOR the Acquisition of Logan Ridge Finance Corporation
NEW YORK, May 8, 2025 (GLOBAL NEWSWIRE) – Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the first quarter ended March 31, 2025.
First Quarter 2025 Highlights
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Total investment income for the first quarter of 2025 was $12.1 million, down from $14.4 million in the fourth quarter of 2024, due to the reversal of previously accrued income after a portfolio company was placed on non-accrual status in the first quarter of 2025.
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Core investment income1, excluding the impact of purchase price accounting, for the first quarter of 2025 was $12.1 million, as compared to $14.4 million for the fourth quarter of 2024.
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Net investment income (“NII”) for the first quarter of 2025 was $4.3 million ($0.47 per share), inclusive of the reversal of $0.4 million ($0.05 per share) of previously accrued interest income on a loan that was placed on non-accrual in the first quarter of 2025, as compared to $5.5 million ($0.60 per share) in the fourth quarter of 2024.
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Net asset value (“NAV”), as of March 31, 2025, was $173.5 million ($18.85 per share), as compared to NAV of $178.5 million ($19.41 per share) as of December 31, 2024.
•
Deployments of approximately $17.5 million and sales and repayments of approximately $15.7 million, resulting in net deployments of approximately $1.8 million.
1
Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase discount accretion in connection with the Garrison Capital Inc. (“GARS”) and Harvest Capital Credit Corporation (“HCAP”) mergers. Portman Ridge believes presenting core investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial performance.
Subsequent Events
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On May 8, 2025, the Company declared a regular quarterly base distribution of $0.47 per share of common stock. The distribution is payable on May 29, 2025, to stockholders of record at the close of business on May 19, 2025.
Management Commentary
Ted Goldthorpe, Chief Executive Officer of Portman Ridge, stated, “During the first quarter we continued to execute on our disciplined investment strategy, deploying approximately $17.5 million into strong, defensively positioned portfolio companies. Concurrently, we had $15.7 million in repayments and sales, resulting in our return to net deployers of capital.
Looking ahead, the current macroeconomic backdrop shaped by shifting trade dynamics, inflation, and ever-evolving monetary policy, continues to drive uncertainty in the market. These dynamics highlight the importance of taking a long-term approach, grounded in disciplined credit selection and prudent risk management. That said, we view this as an opportunity to further differentiate through thoughtful deployment and rigorous underwriting, backed by our prudent investment strategy and experienced management team. I remain confident in our ability to drive the best outcome for shareholders.
Finally, we continue to believe in the strategic benefits the combination with Logan Ridge will provide. This merger represents a meaningful step forward for the Company, with the potential to provide increased scale, improved liquidity, and greater operational efficiency, all of which are critical to enhancing long-term shareholder value. We encourage shareholders to vote FOR the proposed merger, as recommended by the Board of Directors of both companies. We are excited about the road ahead and look forward to sharing more updates soon.”
Selected Financial Highlights
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Total investment income for the quarter ended March 31, 2025, was $12.1 million, of which $10.3 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. This compares to total investment income of $16.5 million for the quarter ended March
Mar 18, 2025
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Exhibit 99.1
March 13, 2025
Portman Ridge Finance Corporation Announces
Fourth Quarter and Full Year 2024 Financial Results
Reports Net Investment Income of $2.59 Per Share for Full Year 2024 and Net Asset Value of $19.41 Per Share
Continued Share Repurchase Program: Total of 202,357 Shares for an Aggregate Cost of Approximately $3.8 Million Repurchased During Full Year 2024; Accretive to NAV by $0.07 Per Share
Announces First Quarter 2025 Regular Quarterly Base Distribution of $0.47 Per Share and Introduces a
Quarterly Supplemental Distribution of $0.07 Per Share
Merger Agreement with Logan Ridge Aims to Create Meaningful Shareholder Value Via Greater Scale,
Enhanced Liquidity, and Improved Operational Efficiencies
NEW YORK, March 13, 2025 (GLOBE NEWSWIRE) – Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024 Highlights
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Total investment income for the fourth quarter of 2024 was $14.4 million, as compared to $15.2 million for the third quarter of 2024, and $17.8 million for the fourth quarter of 2023.
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Core investment income1, excluding the impact of purchase price accounting, for the fourth quarter of 2024 was $14.4 million, as compared to $15.2 million for the third quarter of 2024, and $17.7 million for the fourth quarter of 2023.
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Net investment income (“NII”) for the fourth quarter of 2024 was $5.5 million ($0.60 per share) as compared to $5.8 million ($0.63 per share) in the third quarter of 2024, and $11.2 million ($1.19 per share) for the fourth quarter of 2023. Of note, the year-over-year decrease in NII was largely due to a non-recurring expense reimbursement of $5.3 million from the Company’s investment adviser seen in the fourth quarter of 2023.
1
Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase discount accretion in connection with the Garrison Capital Inc. (“GARS”) and Harvest Capital Credit Corporation (“HCAP”) mergers. Portman Ridge believes presenting core investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial performance.
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Net asset value (“NAV”), as of December 31, 2024, was $178.5 million ($19.41 per share), as compared to NAV of $188.0 million ($20.36 per share) as of September 30, 2024.
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Total shares repurchased in open market transactions under the Renewed Stock Repurchase Program during the quarter ended December 31, 2024, were 38,191 shares at an aggregate cost of approximately $0.7 million.
Full Year 2024 Milestones
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Total investment income was $62.4 million.
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Net investment income (“NII”) was $24.0 million ($2.59 per share).
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Core investment income, excluding the impact of purchase price accounting, was $62.2 million.
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Total shares repurchased in open market transactions under the Renewed Stock Repurchase Program during the year ended December 31, 2024, were 202,357 at an aggregate cost of approximately $3.8 million, which was accretive to NAV by $0.07 per share. This compares to 224,933 shares repurchased during the year ended December 31, 2023 at an aggregate cost of approximately $4.4 million.
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Total stockholder distributions for 2024 amount to $2.76 per share.
Subsequent Events
•
On January 29, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Logan Ridge Finance Corporation, a Maryland corporation (“LRFC”), Portman Ridge Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company (“Merger Sub”); and solely for the limited purposes set forth therein, Mount Logan Management LLC, a Delaware limited liability company and the external investment adviser to LRFC (“Mount Logan”); and, solely for the limited purposes set forth therein, the Adviser. The Merger Agreement provides that, subject to the conditions set forth therein, (i) at the effective time of the First Merger (the “Effective Time”), Merger Sub will merge with and into LRFC (the “First Merger”), with LRFC continuing as the surviving company and as a wholly-owned subsidiary of the Company, and (ii) immediately after the Effective Time, LRFC will merge with and into the Company (the “Second Merger” and, together with the First Merger, the “Mergers”), with the Company conti
Nov 12, 2024
2 d812270dex991.htm
Exhibit 99.1
Portman Ridge Finance Corporation
Announces Third Quarter 2024 Financial Results
Reports Net Investment Income of $0.63 Per Share and Net Asset Value of $20.36 Per Share
Recurring PIK Income as a Percentage of Total Investment Income Declines by Over 200 Basis Points
Continued Share Repurchase Program: Total of 33,429 Shares for an Aggregate Cost of Approximately $0.6 Million Repurchased During the Third Quarter; Accretive to NAV by $0.01 Per Share
Announces Fourth Quarter 2024 Quarterly Distribution of $0.69 Per Share
NEW YORK, November 7, 2024 – Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Highlights
•
Total investment income for the third quarter of 2024 was $15.2 million, as compared to $16.3 million for the second quarter of 2024, and $18.6 million for the third quarter of 2023.
•
Core investment income1, excluding the impact of purchase price accounting, for the third quarter of 2024 was $15.2 million, as compared to $16.2 million for the second quarter of 2024, and $18.3 million for the third quarter of 2023.
•
Net investment income (“NII”) for the third quarter of 2024 was $5.8 million ($0.63 per share) as compared to $6.5 million ($0.70 per share) in the second quarter of 2024, and $7.2 million ($0.75 per share) for the third quarter of 2023.
•
Net asset value (“NAV”), as of September 30, 2024, was $188.0 million ($20.36 per share), as compared to NAV of $196.4 million ($21.21 per share) as of June 30, 2024.
•
Total shares repurchased in open market transactions under the Renewed Stock Repurchase Program during the quarter ended September 30, 2024, were 33,429 shares at an aggregate cost of approximately $0.6 million, which was accretive to NAV by $0.01 per share.
1
Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase discount accretion in connection with the Garrison Capital Inc. (“GARS”) and Harvest Capital Credit Corporation (“HCAP”) mergers. Portman Ridge believes presenting core investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial performance.
•
In July, the Company amended the terms of the senior secured revolving credit facility (“JPM Credit Facility”) with JPMorgan Chase Bank, National Association (“JPM”) by increasing the aggregate principal amount by $85.0 million, for a total of $200.0 million, and reduced the applicable margin from 2.80% per annum to 2.50% per annum. Additionally, the reinvestment period was extended from April 29, 2025 to August 29, 2026, and the maturity date was extended from April 29, 2026 to August 29, 2027. Finally, using the amended JPM Credit Facility, the Company refinanced the remaining $85.0 million of the Senior Secured Notes, due November 20, 2029 and issued by Portman Ridge Funding 2018-2 LLC (the “2018-2 Secured Notes”), on August 20, 2024.
Subsequent Events
•
On November 7, 2024, the Company declared a cash distribution of $0.69 per share of common stock. The distribution is payable on November 29, 2024 to stockholders of record at the close of business on November 19, 2024.
Management Commentary
Ted Goldthorpe, Chief Executive Officer of Portman Ridge, stated, “Following the strong earnings we saw in the first half of 2024, the Company’s third quarter earnings were temporarily impacted by prudent cash and portfolio management initiatives prior to successfully refinancing the 2018-2 Secured Notes. However, I am very pleased with the work we did on the right-side of the balance sheet and the substantial improvements we made to the Company’s debt capital structure. Specifically, the Company upsized and termed out the JPM Credit Facility, while also reducing the spread by a full 30 basis points. Further, using the upsized and lower cost JPM Credit Facility, the Company refinanced the remaining $85.0 million of 2018-2 Secured Notes at the end of August, which resulted in further net spread savings of approximately 28 basis points. These savings are significant, and the Company’s new lower cost of financing positions the Company well for the future.
With that in mind, we continue to believe our stock remains undervalued and thus we continued repurchasing shares during the third
Aug 12, 2024
2 d697391dex991.htm
Exhibit 99.1
Portman Ridge Finance Corporation
Announces Second Quarter 2024 Financial Results
Reports Net Investment Income of $0.70 Per Share and Net Asset Value of $21.21 Per Share
Amends and Extends Existing Senior Secured Revolving Credit Facility; Upsizes Commitments to $200.0 Million from $115.0 Million, Reduces Interest Rate Margin to 2.50% from 2.80%
Continued Share Repurchase Program: Total of 79,722 Shares for an Aggregate Cost of Approximately $1.6 Million Repurchased During the Second Quarter; Accretive to NAV by $0.03 Per Share
Announces Third Quarter 2024 Quarterly Distribution of $0.69 Per Share
NEW YORK, August 8, 2024 – Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Highlights
•
Total investment income for the second quarter of 2024 was $16.3 million, as compared to $16.5 million for the first quarter of 2024.
•
Core investment income1, excluding the impact of purchase price accounting, for the second quarter of 2024 was $16.2 million, as compared to $16.5 million for the first quarter of 2024.
•
Net investment income (“NII”) for the second quarter of 2024 was $6.5 million ($0.70 per share) as compared to $6.2 million ($0.67 per share) in the first quarter of 2024.
•
Net asset value (“NAV”), as of June 30, 2024, was $196.4 million ($21.21 per share), as compared to NAV of $210.6 million ($22.57 per share) as of March 31, 2024.
•
Total shares repurchased in open market transactions under the Renewed Stock Repurchase Program during the quarter ended June 30, 2024, were 79,722 shares at an aggregate cost of approximately $1.6 million, which was accretive to NAV by $0.03 per share.
1
Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase discount accretion in connection with the Garrison Capital Inc. (“GARS”) and Harvest Capital Credit Corporation (“HCAP”) mergers. Portman Ridge believes presenting core investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial performance.
Subsequent Events
•
On July 23, 2024, Great Lakes Portman Ridge Funding LLC, a wholly-owned subsidiary of the Company, entered into a second amendment of its senior secured revolving credit facility (“Revolving Credit Facility”) with JPMorgan Chase Bank, National Association (“JPM”) as administrative agent. The second amendment, among other things, (i) provided for a committed increase to the aggregate principal amount of the Revolving Credit Facility in an amount not to exceed $85,000,000, subject to the satisfaction of certain conditions, (ii) provided for a committed seven-day bridge advance in an aggregate principal amount of $18,250,000, subject to the satisfaction of certain conditions, (iii) reduced the applicable margin on the Revolving Credit Facility to 2.50% per annum, (iv) extended the period in which the Company may request advances under the Revolving Credit Facility to August 29, 2026, (v) extended the stated maturity of the Revolving Credit Facility to August 29, 2027, (vi) extended the non-call period under the Revolving Credit Facility to April 29, 2025, and (vii) provided for certain fees to be paid to the administrative agent and the lenders in connection therewith.
•
On August 8, 2024, the Company declared a cash distribution of $0.69 per share of common stock. The distribution is payable on August 30, 2024 to stockholders of record at the close of business on August 22, 2024.
Management Commentary
Ted Goldthorpe, Chief Executive Officer of Portman Ridge, stated, “We are pleased to report that Portman Ridge delivered net investment income of $0.70 per share, which is an increase of 4.5% from the previous quarter and exceeded the Company’s quarterly distribution. Additionally, during the three months ended June 30, 2024, we repurchased 79,722 shares for an aggregate cost of approximately $1.6 million, which was accretive to NAV by $0.03. During the quarter, however, we experienced challenges at certain select inherited portfolio companies, resulting in a decline in NAV and an increase in non-accruals. Despite the challenging quarter, we remain confident in the quality of the portfolio and our ability to generate attractive and sustainable returns fo
May 13, 2024
2 d838591dex991.htm
Exhibit 99.1
Portman Ridge Finance Corporation
Announces First Quarter 2024 Financial Results
Reports Net Investment Income of $0.67 per share and Net Asset Value of $22.57 Per Share
Continued Share Repurchase Program: Total of 51,015 Shares for an Aggregate Cost of Approximately $1.0 Million Repurchased During the First Quarter; Accretive to NAV by $0.02 Per Share
Announces Second Quarter 2024 Quarterly Distribution of $0.69 Per Share
NEW YORK, May 8, 2024 – Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the first quarter ended March 31, 2024.
First Quarter 2024 Highlights
•
Total investment income for the first quarter of 2024 was $16.5 million (inclusive of the reversal $0.4 million, or $0.04 per share, of previously accrued income on two loans that were placed on non-accrual status in the first quarter), as compared to $17.8 million for the fourth quarter of 2023.
•
Core investment income1, excluding the impact of purchase price accounting, for the first quarter of 2024 was $16.5 million, as compared to $17.7 million for the fourth quarter of 2023.
•
Net investment income (“NII”) for the first quarter of 2024 was $6.2 million ($0.67 per share) as compared to $11.2 million ($1.18 per share) in the fourth quarter of 2023. The decrease in NII was the result of reversing $0.4 million ($0.04 per share) of previously accrued income on two loans that were placed on non-accrual status and $0.1 million ($0.01 per share) of incremental expenses in the first quarter, as well as a one-time expense reimbursement from the Company’s investment adviser during the fourth quarter of 2023.
•
Net asset value (“NAV”), as of March 31, 2024, was $210.6 million ($22.57 per share), as compared to NAV of $213.5 million ($22.76 per share) as of December 31, 2023.
•
Total shares repurchased in open market transactions under the Renewed Stock Repurchase Program during the quarter ended March 31, 2024, were 51,015 shares at an aggregate cost of approximately $1.0 million, which was accretive to NAV by $0.02 per share.
1
Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase price discount accounting in connection with the Garrison Capital Inc. (“GARS”) and Harvest Capital Credit Corporation (“HCAP”) mergers. Portman Ridge believes presenting core investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial performance.
Subsequent Events
•
Declared stockholder distribution of $0.69 per share for the second quarter of 2024, payable on May 31, 2024, to stockholders of record at the close of business on May 21, 2024.
Management Commentary
Ted Goldthorpe, Chief Executive Officer of Portman Ridge, stated, “Following the strong earnings we saw in 2023, Portman Ridge is off to a solid start in 2024, ending the first quarter with net deployment and a robust pipeline. During the quarter, we continued to grow and diversify our portfolio, with exposure to 29 industries and 103 portfolio companies with an average par balance per entity of $3.1 million.
Additionally, we continue to believe that our stock remains undervalued and thus, during the three months ended March 31, 2024, we repurchased 51,015 shares for an aggregate cost of $1.0 million which was accretive to net asset value by $0.02 per share, further reinforcing our commitment to increasing shareholder value.
As we proceed further into 2024, we believe we are well positioned to take advantage of new investment opportunities, while also remaining selective and diligent in our investment and capital deployment process.”
Selected Financial Highlights
•
Total investment income for the quarter ended March 31, 2024, was $16.5 million, of which $14.2 million was attributable to interest income from the Debt Securities Portfolio. This compares to total investment income of $20.3 million for the quarter ended March 31, 2023, of which $16.7 million was attributable to interest income from the Debt Securities Portfolio.
•
Core investment income for the first quarter of 2024, excluding the impact of purchase price accounting, was $16.5 million, a decrease of $2.8 million as compared to core investment income of $19.3 million for the first quarter of 2023.
•
Net investment income (“NII”) for the fir
Nov 9, 2022
2 d411657dex991.htm
Exhibit 99.1
Portman Ridge Finance Corporation
Announces Third Quarter 2022 Financial Results
Reports Strong Performance with Elevated Total Investment Income, Core Investment Income and Net
Investment Income Quarter-over-Quarter
Increases Quarterly Distribution to $0.67 per Share
NEW YORK, NOVEMBER 8, 2022 – Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the third quarter ended September 30, 2022.
Third Quarter 2022 Highlights
•
Total investment income for the third quarter of 2022 was $19.0 million, of which $15.4 million was attributable to interest income from the debt securities portfolio. This compares to total investment income for the second quarter of 2022 of $15.0 million, of which $11.9 million was attributable to interest income from the debt securities portfolio.
•
Core investment income1 for the third quarter of 2022, excluding the impact of purchase price accounting, was $17.6 million as compared to $13.7 million in the second quarter of 2022.
•
Net investment income (“NII”) for the third quarter of 2022 was $8.4 million ($0.87 per share) as compared to $5.5 million ($0.57 per share) in the second quarter of 2022.
•
Net asset value (“NAV”) for the third quarter of 2022 was $251.6 million ($26.18 per share2) as compared to $261.7 million ($27.26 per share2) in the second quarter of 2022; the decline was driven by mark-to-market movements.
•
Non-accruals on debt investments, as of September 30, 2022,
were held constant at three debt investments in comparison to the same number of investments on non-accrual status as of June 30, 2022. As of both September 30, 2022 and June 30, 2022, debt investments on non-accrual status represented 0.0% and 0.3% of the Company’s investment portfolio at fair value and amortized cost.
•
Total investments at fair value, as of September 30, 2022, was $571.7 million; when excluding CLO Funds, Joint Ventures and short-term investments, these investments are spread across 32 different industries and 117 entities with an average par balance per entity of approximately $3.4 million.
1
Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase price discount accounting in connection with the Garrison Capital Inc. (“GARS”) and Harvest Capital Credit Corporation (“HCAP”) mergers. Portman Ridge believes presenting core investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial performance.
2
NAV per share as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, was decreased 6 cents and 1 cent per share for the quarters ended September 30, 2022 and June 30, 2022, respectively, due to the impact of quarterly tax provisions.
1
•
Par value of outstanding borrowings, as of September 30, 2022, was $368.9 million with an asset coverage ratio of total assets to total borrowings of 167%. On a net basis, leverage as of September 30, 2022 was 1.3x3 compared to 1.2x3 as of June 30, 2022.
Subsequent Events
•
Increased stockholder distribution to $0.67 per share for the fourth quarter of 2022, payable on December 13, 2022 to stockholders of record at the close of business on November 24, 2022.
Management Commentary
Ted Goldthorpe, Chief Executive Officer of Portman Ridge, stated, “We were pleased to report a strong [third] quarter of financial performance, despite operating under difficult market conditions, a challenging economic environment, rising interest rates, and market volatility. Our total investment income, core investment income and net investment income for the third quarter of 2022 all increased in comparison to the second quarter of 2022, as we started to see the impact that rising rates had in generating incremental revenue from our investments. Between the reduced cost of capital from our amended and extended credit facility with JPMorgan Chase and the continued benefit of rising rates, we expect this quarter’s strong performance will continue going forward in future quarters, allowing us to increase our quarterly dividend to $0.67 per share.”
Mr. Goldthorpe added, “As we continue to execute our investment strategy, we are well-positioned to take advantage of opportunities that arise from the current market environment by continuing to b
Aug 11, 2022
2 d352188dex991.htm
Exhibit 99.1
Portman Ridge Finance Corporation
Announces Second Quarter 2022 Financial Results
Reports Strong Investment Activity and Lower Non-Accruals; Reduces Cost of Capital
Maintains its Quarterly Distribution of $0.63 per Share
NEW YORK, AUGUST 9, 2022 – Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the second quarter ended June 30, 2022.
Second Quarter 2022 Highlights
•
Net asset value (“NAV”) for the second quarter of 2022 was $261.7 million ($27.26 per share1) as compared to $278.3 million ($28.76 per share1) in the first quarter of 2022.
•
Total investment income for the second quarter of 2022 was $15.0 million, of which $11.9 million was attributable to interest income from the debt securities portfolio, inclusive of payment-in-kind income.
•
Excluding the impact of purchase price accounting, core investment income2 for the second quarter of 2022 was $13.7 million.
•
Net investment income (“NII”) for the second quarter of 2022 was $5.5 million ($0.57 per share).
•
Additionally, certain investments that closed either at quarter end or shortly thereafter would have generated an incremental $0.10 per share of NII if closed on April 1, 2022.
•
As of June 30, 2022, three of the Company’s debt investments were on non-accrual status compared to six as of March 31, 2022.
•
During the quarter, the Company repurchased 106,627 of shares under its Stock Repurchase program at an aggregate cost of approximately $2.5 million; since the beginning of the year, the Company has repurchased a total of 129,617 shares for an aggregate cost of approximately $3.0 million.
•
During the second quarter of 2022, the Company refinanced its Revolving Credit Facility with JPMorgan Chase Bank - the agreement placed three-month SOFR as the benchmark interest rate and reduced the applicable margin to 2.80% per annum from 2.85% per annum. Additionally, the Company extended the reinvestment period and scheduled termination date to April 29, 2025 and April 29, 2026, respectively.
1
NAV per share as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, was decreased 1 cent and 5 cents per share for the quarters ended June 30, 2022 and March 31, 2022, respectively, due to the impact of quarterly tax provisions.
2
Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase price discount accounting in connection with the Garrison Capital Inc. (“GARS”) and Harvest Capital Credit Corporation (“HCAP”) mergers. Portman Ridge believes presenting core investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial performance.
•
Total investments at fair value as of June 30, 2022 was $581.5 million; when excluding CLO Funds, Joint Ventures and short-term investments, these investments are spread across 32 different industries and 118 entities with an average par balance per entity of approximately $3.5 million.
•
As of June 30, 2022, par value of outstanding borrowings was $364.9 million with an asset coverage ratio of total assets to total borrowings of 170%. On a net basis, leverage as of June 30, 2022 was 1.2x. 3
Subsequent Events
•
Declared a stockholder distribution of $0.63 per share for the third quarter of 2022, payable on September 2, 2022 to stockholders of record at the close of business on August 16, 2022.
Management Commentary
Ted Goldthorpe, Chief Executive Officer of Portman Ridge, stated, “As seen by many in our industry, our operations have been affected by the challenging economic environment, rising interest rates and market volatility. Operating under these conditions, we continued our strategy of being prudent in our investment strategy and seeking out strong companies to add to our portfolio. As a result, even under these market conditions, we ended the quarter with a strong portfolio, reduced our non-accrual positions and maintained a dividend of $0.63 per share. Investment activity was strong, and although originations are still lower than the second half of 2021, during the second quarter, we deployed approximately $32.9 million of our available cash in new investments and an additional $20.6 million in the beginning of the third quarter, all but $7.2 million of which were investments
May 11, 2022
2 d355071dex991.htm
Exhibit 99.1
Portman Ridge Finance Corporation Announces First Quarter 2022 Financial Results
May 10, 2022
Well Positioned to Further Improve Portfolio Performance and Increase Investment Income in 2022;
Refinances JPMorgan Chase Bank (“JPM”) Credit Facility and Reduces Cost of Capital
Declares Quarterly Distribution of $0.63 Per Share
NEW YORK, May 10, 2022 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the first quarter ended March 31, 2022.
First Quarter 2022 Highlights
•
Net asset value (“NAV”) for the first quarter of 2022 remained relatively flat at $278.3 million ($28.76 per share1) as compared to $280.1 million ($28.88 per share) in the fourth quarter of 2021, despite pervasive market volatility and other macro-economic and political factors.
•
Total investment income the first quarter of 2022 was $16.9 million, of which $13.0 million was attributable to interest income from the debt securities portfolio.
•
Excluding the impact of purchase price accounting, core investment income2 for the first quarter of 2022 was $15.1 million.
•
Net investment income (“NII”) for the first quarter of 2022 was $7.9 million ($0.82 per share).
•
Total investments at fair value as of March 31, 2022 was $568.0 million; when excluding CLO Funds, Joint Ventures and short-term investments, these investments are spread across 30 different industries and 116 entities with an average par balance per entity of approximately $3.3 million.
•
As of March 31, 2022, six of the Company’s debt investments were on non-accrual status compared to seven as of December 31, 2021.
•
As of March 31, 2022, par value of outstanding borrowings was $352.4 million with an asset coverage ratio of total assets to total borrowings of 180%. On a net basis, leverage as of March 31, 2022 was 0.97x.3
•
During the quarter, the Company restructured its stock buybacks and repurchased 22,990 of shares under its Renewed Stock Repurchase program at an aggregate cost of approximately $545 thousand.
1
NAV per share as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, was decreased 5 cents per share due to the impact of a one-time quarterly tax provision.
2
Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase price discount accounting in connection with the Garrison Capital Inc. (“GARS”) and Harvest Capital Credit Corporation (“HCAP”) mergers. Portman Ridge believes presenting core investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial performance.
3
Net leverage is calculated as the ratio between (A) debt, excluding unamortized debt issuance costs, less available cash and cash equivalents, and restricted cash and (B) NAV. Portman Ridge believes presenting a net leverage ratio is useful and appropriate supplemental disclosure because it reflects the Company’s financial condition net of $83.6 million of cash and cash equivalents. However, the net leverage ratio is a non-U.S. GAAP measure and should not be considered as a replacement for the regulatory asset coverage ratio and other similar information presented in accordance with U.S. GAAP. Instead, the net leverage ratio should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial condition.
Subsequent Events
•
Declared a stockholder distribution of $0.63 per share for the second quarter of 2022, payable on June 7, 2022 to stockholders of record at the close of business on May 24, 2022.
•
On April 29, 2022, the Company refinanced its Revolving Credit Facility with JPMorgan Chase Bank as administrative agent. The amended agreement places three-month SOFR as the benchmark interest rate and reduces the applicable margin to 2.80% per annum from 2.85% per annum. Other amendments include the extension of the reinvestment period and scheduled termination date to April 29, 2025 and April 29, 2026, respectively.
Management Commentary
Ted Goldthorpe, Chief Executive Officer of Portman Ridge, stated, “Despite operating in an environment with rising interest rates, market volatility, and the war in the Ukraine, we reported a relatively unchanged NAV per share for the first quarter, reduced our non-accruals, and maintained our divide
Nov 10, 2020
2 d11353dex991.htm
Exhibit 99.1
Portman Ridge Finance Corporation Announces
Third Quarter 2020 Financial Results
NEW YORK, Nov. 9, 2020 — Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its third quarter 2020 financial results.
Financial Highlights
•
Net investment income for the third quarter ended September 30, 2020 was approximately $2.7 million, or $0.06 per share, compared with net investment income of approximately $2.6 million, or $0.06 per share in the second quarter of 2020, and net investment income of approximately $2.2 million, or $0.06 per share in the third quarter of 2019.
•
At September 30, 2020, the fair value of the Company’s investments totaled approximately $289 million, as compared to $281 million at June 30, 2020.
•
Net asset value per share as of September 30, 2020 was $2.85, an increase of approximately 5% compared with net asset value per share of $2.71 as of June 30, 2020.
Closing of Merger with Garrison Capital Inc.
On October 28, 2020, the Company closed its previously announced merger with Garrison Capital Inc. (“Garrison”) in a cash and stock transaction. Post-closing, Portman Ridge and Garrison stockholders owned approximately 59.0% and 41.0%, respectively, of the combined company. Combined company assets at closing was approximately $638 million.
Management Commentary
Ted Goldthorpe, CEO of Portman Ridge, commented, “Despite the ongoing uncertainty caused by Covid-19, we generated a solid quarter highlighted by broad-based strengthening across our investment portfolio. We continued to generate consistent net investment income on a quarterly basis, resulting in stable net investment income per share that has matched our distribution level for the past five quarters. Importantly, subsequent to quarter end, we announced the completion of our merger with Garrison Capital which is the third strategic transaction our team has closed in less than two years. It is also the largest transaction completed by Portman Ridge to date, with combined company assets totaling approximately $638 million at closing. Integration and repositioning efforts are fully underway and we look forward to providing updates on our progress.”
1
Operating Results
For the three months ended September 30, 2020, the Company reported total investment income of approximately $7.8 million as compared to approximately $7.3 million in the second quarter, and $7.1 million in the third quarter of 2019. Investment income from debt securities in the third quarter of 2020 was approximately $5.0 million, compared with approximately $5.2 million in the second quarter of 2020, and approximately $4.2 million in the third quarter of 2019. Investment income on CLO fund securities for the quarter was approximately $0.6 million compared with approximately $0.9 million in the second quarter, and $1.6 million in the third quarter of 2019. Investment income from Joint Ventures in the third quarter of 2020 was approximately $2.2 million, compared to $1.0 million in the second quarter of 2020 and approximately $1.3 million in the third quarter of 2019.
For the three months ended September 30, 2020, total expenses were approximately $5.1 million, compared to approximately $4.7 million for the three months ended June 30, 2020, which included an incentive fee waiver of $0.5 million, and compared to approximately $4.8 million in the three months ended September 30, 2019. This waiver was made pursuant to an agreement entered into by the Company’s investment adviser in connection with the Company’s 2019 externalization that required the investment adviser to waive incentive fees payable to it by the Company through June 30, 2020 under certain circumstances. Subsequent to June 30, 2020 and through April 1, 2021, the Company’s investment adviser will use up to $10 million of the incentive fees it receives from the Company to purchase shares of the Company’s common stock from the Company at a purchase price equal to the Company’s then-current net asset value per share.
Interest expense, including amortization on debt issuance costs, was approximately $2.2 million for the third quarter of 2020 and $2.4 million in the second quarter of 2020, compared to $2.3 million for the third quarter of 2019.
Net investment income for the third quarter of 2020 was approximately $2.7 million, or $0.06 per share, compared with net investment income of approximately $2.6 million, or $0.06 per share in the second quarter of 2020 and compared with net investment income of approximately $2.2 million, or $0.06 per share during the third quarter of 2019. Net realized and unrealized appreciation on investments for the three months ended September 30, 2020 was approximately $5.6 million, as compared to net realized and unrealized appreciation of approximately $0.7 million for second quarter of 2020, and net realized and unrealized (depreciation) of a
Mar 9, 2020
2 d836586dex991.htm
Exhibit 99.1
Portman Ridge Finance Corporation Announces Full Year 2019 Financial Results; Board Authorizes Stock Repurchase Program
March 6, 2020
NEW YORK, March 06, 2020 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company”) announces its full year 2019 financial results; Board authorizes Stock Repurchase Program
Recent Developments
As previously announced, the Company successfully closed on the merger of OHA Investment Corporation (“OHAI”) on December 18, 2019.
On February 5, 2020, the Board of Directors of the Company approved a cash distribution of $0.06 per share of common stock. The distribution was paid on February 28, 2020.
On March 5, 2020, the Board of Directors of the Company approved a $10 million stock repurchase program.
Financial Highlights
•
Net investment income for the year ended December 31, 2019 was approximately $3.1 million, or $0.08 per basic share, compared with net investment income of approximately $10.0 million, or $0.27 per basic share in the year ended December 31, 2018. Excluding approximately $4.8 million of expenses incurred in connection with the Externalization, net investment income was $7.9 million, or $0.21 per basic share.
•
Net investment income for the fourth quarter of 2019 was approximately $2.1 million, or $0.06 per basic share, consistent with the prior quarter.
•
On December 18, 2019, we completed our acquisition of OHA Investment Corporation (“OHAI”). The transaction was structured as a “NAV for NAV” merger, whereby the Company acquired approximately $34.3 million of OHAI’s net assets at closing in exchange for cash and approximately 7.4 million shares of the Company’s common stock issued at NAV.
•
At December 31, 2019, the fair value of the Company’s investments totaled approximately $278 million.
•
Net asset value per share as of December 31, 2019 was $3.40.
•
Quarterly distribution paid was $0.06 per share.
Ted Goldthorpe, Chief Executive Officer of Portman Ridge Finance Corporation, noted, “We are excited to have completed the merger with OHAI as we continue to seek opportunities to increase the scale of Portman Ridge and drive shareholder value. Since becoming manager in April 2019, we have successfully increased the underlying yields on the portfolio while also increasing the percentage of senior secured Debt Securities through the broad sourcing channels at BC Partners. Additionally, we have made significant progress on a similar transformation of the OHAI portfolio during the first quarter in 2020. Overall, we are pleased with our earnings quality and growth as we continue with the repositioning of the portfolio. Our stock repurchase program gives us another tool to selectively deploy capital in an accretive manner for shareholders.”
Operating Results
For the year ended December 31, 2019, the Company reported total investment income of approximately $26.5 million as compared to approximately
$27.1 million for the year ended 2018. Investment income from debt securities in the year was approximately $15.1 million, compared with approximately $16.1 million in 2018. The decline was primarily due to the decrease in LIBOR rates during the year and the ramping of investments during the first half of 2019. Investment income on CLO fund securities for the year ended December 31, 2019 and 2018 was approximately $6.4 million. Investment income from Joint Ventures in 2019 was approximately $4.9 million, an increase of approximately $1.8 million compared to 2018, due primarily to our investment in the Great Lakes joint venture which occurred late in 2018 and did not contribute meaningfully to 2018 investment income.
For the quarter ended December 31, 2019, the Company reported total investment income of approximately $6.7 million as compared to approximately $6.3 million in the same period last year. Investment income from debt securities in the quarter was approximately $4.0 million, compared with approximately $3.1 million in the fourth quarter of 2018. Investment income on CLO fund securities in the quarter was approximately
$1.3 million compared with approximately $1.7 million in the fourth quarter of 2018. Investment income from Joint Ventures in the fourth quarter of 2019 was approximately $1.3 million, up from approximately $1.0 million in the same period of 2018
For the year ended December 31, 2019, total expenses were approximately $23.4 million, compared to approximately $17.1 million for the year ended December 31, 2018. Excluding the costs associated with the Externalization, total expenses for the year were approximately $18.6 million. Interest expense and amortization on debt issuance costs for the year ended December 31, 2019 were approximately $8.3 million, versus approximately $7.4 million for the year ended December 31, 2018.
For the three months ended December 31, 2019, total expenses were approximately $4.6 million, compared to approximately $4.
Nov 7, 2019
2 d821305dex991.htm
Exhibit 99.1
Portman Ridge Finance Corporation Announces Third Quarter 2019 Financial Results
NEW YORK, November 7, 2019 – Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company”) announces its third quarter 2019 financial results.
Recent Developments
The Company has filed a combined registration statement and proxy statement related to OHA Investment Corporation (“OHAI”) related to the transaction in which, subject to OHAI stockholder approval, OHAI will merge with and into the Company. If approved by OHAI stockholders, the combined company will be managed by Sierra Crest Investment Management and is expected to have total assets of approximately $375 million, and net asset value of approximately $165 million (each based upon June 30, 2019 balance sheets).
Financial Highlights
•
Net investment income for the third quarter ended September 30, 2019 was approximately $2.2 million, or $0.06 per basic share, compared with net investment income of approximately $880 thousand, or $0.02 per basic share in the second quarter of 2019, and approximately $3.0 million, or $0.08 per basic share in the quarter ended September 30, 2018.
•
At September 30, 2019, the fair value of the Company’s investments totaled approximately $287 million.
•
Net asset value per share as of September 30, 2019 was $3.55.
•
Quarterly distribution paid during the third quarter was $0.06 per share.
Ted Goldthorpe, Chief Executive Officer of Portman Ridge Finance Corporation, noted, “We continue to drive core earnings quality and growth as we proceed with the repositioning of the portfolio. We look forward to closing the OHAI deal and continuing to scale the business in an accretive manner for shareholders.”
Operating Results
For the three months ended September 30, 2019, the Company reported total investment income of approximately $7.1 million as compared to approximately $6.9 million in the second quarter of 2019, and $7.2 million in the same period last year. Investment income from debt securities in the quarter was approximately $4.2 million, compared with approximately $3.8 million in the second quarter, and approximately $4.8 million in the third quarter of 2018. Investment income on CLO fund securities in the third quarter of 2019 was approximately $1.6 million compared with approximately $1.7 million in the second quarter, and $1.3 million in the third quarter of 2018. Investment income from Joint Ventures in the third quarter of 2019 was approximately $1.3 million, which was mostly unchanged from the second quarter and compared to approximately $0.8 million in the third quarter of 2018.
1
For the three months ended September 30, 2019, total expenses were approximately $4.8 million, compared to approximately $6.0 million for the three months ended June 30, 2019. Excluding the lease impairment charge recognized in the second quarter of 2019, total expenses in the second quarter were $4.6 million. Interest expense and amortization on debt issuance costs for the third quarter of 2019 were approximately $2.3 million, with higher amounts outstanding on our revolving credit facility, compared to $2.0 million and $1.9 million for the second quarter of 2019 and the third quarter of 2018, respectively. Total expenses for the nine months ended September 30, 2019 were approximately $18.9 million, including approximately $3.4 million related to the Externalization and approximately $1.4 million related to the lease impairment. Total expenses were approximately $12.9 million for the nine-month period ended September 30, 2018.
Net investment income for the third quarter of 2019 was approximately $2.2 million, or $0.06 per basic share, compared with net investment income of approximately $0.9 million, or $0.02 per basic share in the second quarter of 2019 and compared with net investment income of approximately $3.0 million, or $0.08 per basic share, during the third quarter of 2018. Net realized and unrealized depreciation on investments for the three months ended September 30, 2019 was approximately $(6.5) million, as compared to net realized and unrealized depreciation of approximately $(1.6) million for the same period in 2018.
Portfolio and Investment Activity
The fair value of our portfolio was approximately $287 million as of September 30, 2019. The composition of our investment portfolio at September 30, 2019 and December 31, 2018 at cost and fair value was as follows:
September 30, 2019 (unaudited)
December 31, 2018
Security Type
Cost/Amortized Cost
Fair Value
%¹
Cost/Amortized Cost
Fair Value
%¹
Short-term investments
$ 23,180,863
$ 23,180,863
8
$ 44,756,478
$ 44,756,478
17
Senior Secured Loan
106,682,014
104,599,092
36
86,040,921
77,616,209
28
Junior Secured Loan
79,140,346
70,492,986
25
76,223,561
70,245,535
26
Senior Unsecured Bond
620,145
532,267
0
—
—
—
CLO Fund Securities
48,825,983
36,871,295
13
55,480,626
44,325,000
Aug 7, 2019
2 d783091dex991.htm
Exhibit 99.1
Portman Ridge Finance Corporation Announces Second Quarter 2019 Financial Results and Declaration of Distribution
NEW YORK, August 6, 2019 – Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company”) announces its second quarter 2019 financial results and declaration of a stockholder distribution.
Financial Highlights
•
Net investment income for the second quarter ended June 30, 2019 was approximately $880 thousand, or $0.02 per basic share, compared with net investment income of approximately $2.5 million, or $0.07 per basic share in the quarter ended June 30, 2018.
•
Net investment income for the second quarter includes a non-recurring,
non-cash, non-deductible impairment charge of approximately $1.4 million or $0.04 per basic share to write down the lease right-of-use asset for office space previously occupied by the Company. Net investment income, excluding the lease impairment charge, was approximately $2.3 million, or $0.06 per basic share.
•
At June 30, 2019, the fair value of the Company’s investments totaled approximately $287 million.
•
Net asset value per share as of June 30, 2019 was $3.73.
•
Quarterly distribution paid during the second quarter was $0.10 per share (excluding the special payment of approximately $0.67 per share received by stockholders in connection with the Company’s entry into a stock purchase and transaction agreement (the “Externalization Agreement”) with BC Partners Advisors, LP, an affiliate of BC Partners LLP, pursuant to which the Company’s management function was externalized (the “Externalization”)).
Ted Goldthorpe, Chief Executive Officer of Portman Ridge Finance Corporation, noted, “We are pleased to have successfully closed the Externalization on April 1st, which provided stockholders with a cash payment of approximately $0.67 per share. During the second quarter, we began to reposition the portfolio, including reducing the Company’s exposure to CLOs as a portion of total investments and NAV, and we continue to seek opportunities in the middle-market lending space to prospectively enhance net investment income. We are excited about our recently announced proposed merger with OHA Investment Corporation, which demonstrates BC Partners’ commitment to pursue attractive opportunities in the market.”
1
Operating Results
For the three months ended June 30, 2019, the Company reported total investment income of approximately $6.9 million as compared to approximately $5.8 million in the first quarter of 2019, and $6.8 million in the same period last year. Investment income from debt securities in the quarter was approximately $3.8 million, compared with approximately $3.0 million in the first quarter of 2019, and approximately $4.3 million in the second quarter of 2018. Investment income on CLO fund securities in the second quarter of 2019 was approximately $1.7 million compared with approximately $1.8 million in the first quarter, and $1.5 million in the second quarter of 2018. Investment income from joint ventures increased in the second quarter of 2019 to approximately $1.3 million from approximately $1.0 million in the first quarter of 2019 and approximately $700 thousand in the second quarter of 2018.
For the three months ended June 30, 2019, total expenses were approximately $6.0 million, including approximately $1.4 million, or approximately $0.04 per share, related to the lease impairment. Total expenses in the first quarter of 2019 were approximately $8.0 million, including approximately $3.4 million of expenses, or $0.09 per basic share, associated with the Externalization. Total expenses were approximately $4.3 million for the three months ended June 30, 2018. Interest expense and amortization on debt issuance costs for the second quarter of 2019 were approximately $2.0 million, with higher amounts outstanding on our revolving credit facility, compared with $1.8 million for both the first quarter of 2019 and the second quarter of 2018. Total expenses for the six months ended June 30, 2019 were approximately $14.0 million, including approximately $3.4 million related to the Externalization and approximately $1.4 million related to the lease impairment. Total expenses were approximately $8.7 million for the six-month period ended June 30, 2018.
Net investment income for the second quarter of 2019 was approximately $880 thousand, or $0.02 per basic share, compared with net investment loss of approximately ($2.2 million), or ($0.06 per basic share) in the first quarter of 2019 and compared with net investment income of approximately $2.5 million, or $0.07 per basic share, during the second quarter of 2018. Net investment income in the second quarter of 2019 was adversely impacted by a non-cash impairment charge of approximately $1.4 million, or $0.04 per share, related to the impairment of a lease right-of-use asset. Net realized loss and unrealized appreciation on investments for the t
Jan 31, 2019
2 tv511861_ex99-1.htm
Exhibit 99.1
KCAP Financial, Inc.
Cusip: 48668E101
As previously announced on December 12, 2018, the Board of Directors of KCAP Financial, Inc. (the Company) declared a distribution of $0.10 per share which was paid or reinvested on January 31, 2019 to shareholders of record on January 7, 2019. The distribution is derived from the following sources: 1
Net Investment Income $0.06
Profit from the sales of securities 0.00
Return of Capital 0.04
Total $0.10
These amounts are calculated using U.S. GAAP or “book basis” reporting, and are unaudited.
This notice is not for tax reporting purposes and is being provided only for information purposes in order to comply with the requirements of Section 19 of the Investment Company of 1940. In January 2019, after the completion of the Company’s tax year, shareholders of record and brokers will receive a Form 1099-DIV which will reflect the amount of income, capital gain and return of capital paid by the Company, taxable in calendar year 2018, and reportable on 2018 federal and other income tax returns
Broker/Dealers – Please forward this notice (with the distribution, if applicable) to your clients who received this distribution.
For Information on KCAP Financial, Inc.:
Telephone: 212-455-8300
Facsimile: 212-983-7654
https://kcapfinancial.gcs-web.com
By email: info@kcapfinancial.com
1 The preliminary estimates of fourth quarter 2018 results furnished above are based on the Company’s management’s preliminary determinations and current expectations, and such information is inherently uncertain. The preliminary estimates are subject to completion of the Company’s customary year-end closing and review procedures and third-party audit, including the determination of the fair value of the Company’s portfolio investments by the Company’s Board of Directors, and have not yet been approved by the Company’s Board of Directors. As a result, actual results could differ materially from the current preliminary estimates based on adjustments made during the Company’s year-end closing and review procedures and third-party audit, and the Company’s reported information in its Annual Report on Form 10-K for the year ended December 31, 2018 may differ from this information, and any such differences may be material.
Oct 29, 2018
2 tv505626_ex99-1.htm
Exhibit 99.1
KCAP Financial, Inc.
Cusip: 48668E101
As previously announced on September 18, 2018, the Board of Directors of KCAP Financial, Inc. (the Company) declared a distribution of $0.10 per share which was paid or reinvested on October 29, 2018 to shareholders of record on October 9, 2018. The distribution is derived from the following sources: 1
Net Investment Income $0.08
Profit from the sales of securities 0.00
Return of Capital 0.02
Total $0.10
These amounts are calculated using U.S. GAAP or “book basis” reporting, and are unaudited.
This notice is not for tax reporting purposes and is being provided only for information purposes in order to comply with the requirements of Section 19 of the Investment Company of 1940. In January 2019, after the completion of the Company’s tax year, shareholders of record and brokers will receive a Form 1099-DIV which will reflect the amount of income, capital gain and return of capital paid by the Company, taxable in calendar year 2018, and reportable on 2018 federal and other income tax returns
Broker/Dealers – Please forward this notice (with the distribution, if applicable) to your clients who received this distribution.
For Information on KCAP Financial, Inc.:
Telephone: 212-455-8300
Facsimile: 212-983-7654
https://kcapfinancial.gcs-web.com
By email: info@kcapfinancial.com
1 The preliminary estimates of third quarter 2018 results furnished above are based on the Company’s management’s preliminary determinations and current expectations, and such information is inherently uncertain. The preliminary estimates are subject to completion of the Company’s customary quarter-end closing and review procedures, including the determination of the fair value of the Company’s portfolio investments by the Company’s Board of Directors, and have not yet been approved by the Company’s Board of Directors. As a result, actual results could differ materially from the current preliminary estimates based on adjustments made during the Company’s quarter-end closing and review procedures, and the Company’s reported information in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 may differ from this information, and any such differences may be material.
Nov 4, 2015
8-K 1 v423774_8k.htm 8-K
Washington,
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2015 (November 4, 2015)
KCAP Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware 814-00735 20-5951150
(State or other jurisdiction (Commission File Number) (I.R.S. Employer Identification No.)
of incorporation)
295 Madison Avenue, 6th Floor
New York, NY 10017
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (212) 455-8300
Not applicable
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On November 4, 2015 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
Exhibit 99.1 Press Release dated November 4, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 4, 2015 KCAP Financial, Inc.
By: /s/ Edward U. Gilpin
Name: Edward U. Gilpin
Title: Chief Financial Officer
This page provides BCP Investment Corporation (BCIC) earnings call transcripts from SEC 8-K filings along with AI-powered predictions for post-earnings price movements. Our machine learning models analyze historical earnings data, pre-earnings price patterns, volume changes, and volatility to predict 1-day, 5-day, and 20-day returns after each earnings release.
Earnings transcripts are sourced directly from SEC EDGAR filings. Predictions are generated using gradient boosting models trained on BCIC's historical earnings reactions. All predicted returns are shown as percentages, and predicted prices are calculated from the closing price at the time of prediction. Past performance does not guarantee future results.