Latest news with #PortmanRidge
Yahoo
21-06-2025
- Business
- Yahoo
Portman Ridge Announces Adjournment of Special Meeting of Stockholders to Allow Additional Time for Stockholders to Vote 'FOR' the Share Issuance Proposal
Stockholders of PTMN Who Have Voted Thus Far Have Expressed Strong Support for the Proposed Merger, with Favorability in Excess of 85% Logan Ridge Stockholders Approved Merger at its Special Meeting of Stockholders Held on June 20, 2025 NEW YORK, June 20, 2025 (GLOBE NEWSWIRE) -- Portman Ridge Finance Corporation (NASDAQ: PTMN) ('Portman Ridge' or 'PTMN') announced today the adjournment of its Special Meeting of Stockholders (the 'PTMN Special Meeting') to provide stockholders with additional time to cast their vote to approve the share issuance proposal in connection with the proposed merger of Logan Ridge Finance Corporation (NASDAQ: LRFC) ('Logan Ridge' or 'LRFC') with and into PTMN (the 'Share Issuance Proposal'). The PTMN Special Meeting, convened on June 20, 2025, has been adjourned and will reconvene on Friday, June 27, 2025, at 10:00 am ET. Stockholders of PTMN can attend the meeting and cast their votes by following the instructions outlined in the amended joint proxy statement. Alternatively, stockholders can also access the virtual meeting and vote by going to the following website: or by calling 1-833-218-3911 and providing the control number which is listed in the proxy card received. At the time the PTMN Special Meeting was adjourned, stockholders who had already cast their votes showed strong support for the Share Issuance Proposal, with favorability in excess of 85% of voting shares. Under PTMN's organizational documents, the proposed merger requires the approval of a majority of the quorum of holders of PTMN Common Stock. Currently, over 48% of PTMN's outstanding shares have voted or abstained from voting their shares. Accordingly, less than 2% of shares outstanding still need to vote or make an election to abstain from voting their shares in order to reach the required quorum threshold of a majority of PTMN Common Stock issued and outstanding. The Board of Directors of PTMN unanimously recommends that stockholders vote 'FOR' the Share Issuance Proposal. On June 20, 2025, Logan Ridge stockholders voted to approve the merger with Portman Ridge, representing a key milestone in the proposed transaction. With this approval, the merger remains subject to the approval by the Portman Ridge stockholders of the Share Issuance Proposal and the satisfaction of other customary closing conditions. The record date for determining stockholders entitled to vote at the reconvened Special Meeting remains the close of business on May 6, 2025. Stockholders as of the record date are eligible to vote, even if they have subsequently sold their shares. Stockholders who have already voted do not need to take any further action. Proxies previously submitted will be voted at the reconvened meetings unless properly revoked. The Board of Directors of PTMN respectfully requests stockholders vote their proxies as soon as possible. Voting promptly will help ensure that the Special Meeting can proceed without further delays. Stockholders can access the joint proxy statement and prospectus by clicking HERE. Stockholders who have questions about the meeting date, joint proxy statement or about voting their shares should contact PTMN's proxy solicitor, Broadridge, at 1-833-218-3911. About Portman Ridge Finance Corporation PTMN is a publicly traded, externally managed closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. PTMN's middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. PTMN's investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P. PTMN's filings with the Securities and Exchange Commission ('SEC'), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge's website at About Logan Ridge Finance Corporation LRFC is a business development company (a 'BDC') that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. LRFC invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit About BC Partners Advisors L.P. and BC Partners CreditBC Partners Advisors L.P. ('BC Partners') is a leading international investment firm in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades. Today, BC Partners executives operate across markets as an integrated team through the firm's offices in North America and Europe. For more information, please visit BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners. Cautionary Statement Regarding Forward-Looking Statements Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results of PTMN and LRFC, and distribution projections; business prospects of PTMN and LRFC, and the prospects of their portfolio companies; and the impact of the investments that PTMN and LRFC expect to make. In addition, words such as 'anticipate,' 'believe,' 'expect,' 'seek,' 'plan,' 'should,' 'estimate,' 'project' and 'intend' indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this communication involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability of the parties to consummate the merger on the expected timeline, or at all; (ii) the expected synergies and savings associated with the merger; (iii) the ability to realize the anticipated benefits of the merger, including the expected elimination of certain expenses and costs due to the merger; (iv) the percentage of PTMN shareholders and LRFC shareholders voting in favor of the applicable Proposal (as defined below) submitted for their approval; (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the merger may not be satisfied or waived; (vii) risks related to diverting management's attention from ongoing business operations; (viii) the combined company's plans, expectations, objectives and intentions, as a result of the merger; (ix) any potential termination of the merger agreement; (x) the future operating results and net investment income projections of PTMN, LRFC or, following the closing of the merger, the combined company; (xi) the ability of Sierra Crest to implement its future plans with respect to the combined company; (xii) the ability of Sierra Crest and its affiliates to attract and retain highly talented professionals; (xiii) the business prospects of PTMN, LRFC or, following the closing of the merger, the combined company, and the prospects of their portfolio companies; (xiv) the impact of the investments that PTMN, LRFC or, following the closing of the merger, the combined company expect to make; (xv) the ability of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company to achieve their objectives; (xvi) the expected financings and investments and additional leverage that PTMN, LRFC or, following the closing of the merger, the combined company may seek to incur in the future; (xvii) the adequacy of the cash resources and working capital of PTMN, LRFC or, following the closing of the merger, the combined company; (xviii) the timing of cash flows, if any, from the operations of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company; (xix) the risk that stockholder litigation in connection with the merger may result in significant costs of defense and liability; and (xx) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities). PTMN and LRFC have based the forward-looking statements included in this document on information available to them on the date hereof, and they assume no obligation to update any such forward-looking statements. Although PTMN and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that PTMN and LRFC in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement (in each case, as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. No Offer or Solicitation This communication is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in PTMN, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates. Additional Information and Where to Find It This communication relates to the proposed merger of PTMN and LRFC and certain related matters (the 'Proposals'). In connection with the Proposals, PTMN has filed a registration statement (Registration No. 333-285230) with the SEC (the 'Registration Statement') that contains a combined joint proxy statement for PTMN and LRFC and a prospectus of PTMN (the 'Joint Proxy Statement') and has mailed the Joint Proxy Statement to its and LRFC's respective shareholders. The Registration Statement and Joint Proxy Statement contain important information about PTMN, LRFC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF PTMN AND LRFC ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PTMN, LRFC AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC's website, or, for documents filed by PTMN, from PTMN's website at and, for documents filed by LRFC, from LRFC's website at Participants in the Solicitation PTMN, its directors, certain of its executive officers and certain employees and officers of Sierra Crest and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of PTMN is set forth in its proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 29, 2025. LRFC, its directors, certain of its executive officers and certain employees and officers of Mount Logan and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of LRFC is set forth in the Annual Report on Form 10-K/A, which was filed with the SEC on April 29, 2025. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the PTMN and LRFC shareholders in connection with the Proposals will be contained in the Registration Statement, including the Joint Proxy Statement included therein, and other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above. Contacts:Portman Ridge Finance Corporation650 Madison Avenue, 3rd floorNew York, NY 10022 Brandon SatorenChief Financial (212) 891-2880 The Equity Group Catilcati@ (212) 836-9611 Val Ferrarovferraro@ (212) 836-9633Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
09-05-2025
- Business
- Business Insider
Portman Ridge Finance reports Q1 EPS 47c, consensus 60c
Reports Q1 NAV per share $18.85. Ted Goldthorpe, CEO 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.' Protect Your Portfolio Against Market Uncertainty Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter. Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox.
Washington Post
08-05-2025
- Business
- Washington Post
Portman Ridge: Q1 Earnings Snapshot
NEW YORK — NEW YORK — Portman Ridge Finance Corporation (PTMN) on Thursday reported a loss of $82,000 in its first quarter. The New York-based company said it had a loss of 1 cent per share. Earnings, adjusted for investment costs, came to 47 cents per share. The business development company posted revenue of $12.1 million in the period.
Yahoo
15-03-2025
- Business
- Yahoo
Logan Ridge Finance Corp (LRFC) Q4 2024 Earnings Call Highlights: Record Investment Income and ...
Total Investment Income: $20.9 million for the full year 2024. Net Investment Income: $4.2 million or $1.56 per share for the full year 2024. Investment Income (Q4 2024): $5.4 million, up from $5.1 million in Q3 2024. Total Expenses (Q4 2024): $3.9 million, down from $4.2 million in Q3 2024. Net Investment Income (Q4 2024): $1.5 million or $0.56 per share, an increase from $1.0 million or $0.37 per share in Q3 2024. Net Asset Value (NAV): $85.1 million as of December 31, 2024, down from $86.3 million as of September 30, 2024. Cash and Cash Equivalents: $15 million as of December 31, 2024. Unused Borrowing Capacity: $26.2 million as of December 31, 2024. Portfolio Fair Value: $172.3 million as of December 31, 2024. Dividend: $0.36 per share for Q4 2024. Warning! GuruFocus has detected 1 Warning Sign with LRFC. Release Date: March 14, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Logan Ridge Finance Corp (NASDAQ:LRFC) achieved the highest total investment income and net investment income in its history, with $20.9 million and $4.2 million respectively. The successful sale of the largest equity position, Nth Degree, for $17.5 million in cash was a significant catalyst for the accretive combination with Portman Ridge. LRFC exited its second largest nonyielding equity investment in GA Communications, furthering its strategy to rotate out of legacy equity portfolios. The company strengthened its balance sheet by amending and extending its revolving credit facility with KeyBank, reducing financing costs and increasing financial flexibility. The merger with Portman Ridge Finance Corporation is expected to provide greater scale, improved operating efficiencies, and increased trading volume, creating incremental value for shareholders. Net asset value decreased by $1.2 million or 1.4% compared to the prior quarter, reflecting a decrease in shareholder value. The company had four debt investments across three portfolio companies on nonaccrual status, representing 9.0% of the investment portfolio at cost. Despite improvements, the equity portfolio still represented 13.8% of the portfolio at fair value, indicating ongoing exposure to non-yielding assets. Total expenses for the quarter were $3.9 million, although decreased, they still represent a significant portion of income. The merger process requires shareholder approval, which introduces uncertainty and potential delays in realizing the anticipated benefits. Q: Do you anticipate the Logan portfolio to be subsumed into Portman Ridge, or will there be further reductions in equity exposure? How do you see the combined portfolio going forward? A: Ted Goldthorpe, CEO: It's going to be a straight merger. We have exited another equity position this quarter, and reducing equity exposure remains a focus. We plan to blend the portfolios together without leaving behind a Subco or CVR. Patrick Schafer, CIO: The equity percentage of Logan will decrease further, and we aim to reduce equity exposures and reinvest proceeds. Portman has a different strategy, focusing on yield-generating equity positions. Q: Will there be significant overlaps in Board members between Logan Ridge and Portman Ridge, or will it be a combination of two different groups? A: Patrick Schafer, CIO: The Logan Board members have a 100% overlap with Portman. There are additional board members on Portman, but all Logan Board members are existing Portman Board members, effectively eliminating double Director duty. Q: Has there been any consideration of compensating Board members purely in stock to align interests, given the merger and strategic discussions? A: Ted Goldthorpe, CEO: We haven't discussed this. Due to the 40 Act Rule, management cannot be paid in stock, and this might apply to the Board as well. Historically, we've looked into paying executives in stock, but it's not allowed under the 40 Act. We would need to check if this applies to the Board. Q: What is the current status of Logan Ridge's investment portfolio and its composition? A: Patrick Schafer, CIO: As of December 31, 2024, the fair value of Logan's portfolio was approximately $172.3 million with exposure to 59 portfolio companies. The debt investment portfolio represented 83.3% of the total portfolio at fair value, with a weighted average annualized yield of approximately 10.7%. First lien debt represented 64.4% of the total portfolio on a cost basis. Q: Can you provide an update on Logan Ridge's financial results for the fourth quarter of 2024? A: Brandon Satoren, CFO: For the quarter ended December 31, 2024, Logan Ridge generated $5.4 million of investment income, a $0.3 million increase from the prior quarter. Total expenses decreased by $0.3 million to $3.9 million. Net investment income for the fourth quarter was $1.5 million or $0.56 per share. The net asset value as of December 31, 2024, was $85.1 million, a $1.2 million decrease from the prior quarter. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
