Portman Ridge Finance | 8-K: FY2025 Q2 Revenue Misses Estimate at USD 12.63 M

Revenue: As of FY2025 Q2, the actual value is USD 12.63 M, missing the estimate of USD 13.24 M.

EPS: As of FY2025 Q2, the actual value is USD 0.5.

Financial Metrics by Segment

Segment Revenue

• Total Investment Income: $12.6 million for Q2 2025, compared to $12.1 million in Q1 2025 and $16.3 million in Q2 2024.
• Core Investment Income: $12.6 million for Q2 2025, compared to $12.1 million in Q1 2025 and $16.2 million in Q2 2024.

Operational Metrics

• Net Investment Income (NII): $4.6 million ($0.50 per share) for Q2 2025, compared to $4.3 million ($0.47 per share) in Q1 2025 and $6.5 million ($0.70 per share) in Q2 2024.
• Net Asset Value (NAV): $164.7 million ($17.89 per share) as of June 30, 2025, compared to $173.5 million ($18.85 per share) as of March 31, 2025.
• Total Expenses: $8.1 million for Q2 2025, compared to $9.9 million in Q2 2024.
• Net Realized Gain (Loss) on Investments: - $15.8 million for Q2 2025, compared to - $6.9 million in Q2 2024.
• Net Change in Unrealized Gain (Loss) on Investments: $6.6 million for Q2 2025, compared to - $6.0 million in Q2 2024.

Cash Flow

• Unrestricted Cash: $11.2 million as of June 30, 2025, compared to $9.2 million as of March 31, 2025.
• Restricted Cash: $13.4 million as of June 30, 2025, compared to $14.3 million as of March 31, 2025.

Unique Metrics

• Investment Portfolio at Fair Value: $395.1 million as of June 30, 2025, compared to $406.4 million as of March 31, 2025.
• Debt Investments on Non-Accrual: Six investments representing 2.1% and 4.8% of the investment portfolio at fair value and amortized cost, respectively, as of June 30, 2025.
• Weighted Average Annualized Yield: Approximately 10.7% as of June 30, 2025.
• Par Value of Outstanding Borrowings: $255.4 million as of June 30, 2025, unchanged from March 31, 2025.

Outlook / Guidance

• The company expects the recent merger with Logan Ridge to provide increased scale, broader portfolio diversification, enhanced financial flexibility, and earnings accretion generated by cost synergies under the new name BCP Investment Corporation (Nasdaq: BCIC).
• The company remains committed to disciplined investment execution, active portfolio management, and thoughtful capital allocation to generate attractive, long-term returns for shareholders.
• The company announced a merger with Logan Ridge Finance Corporation, with the combined entity having total assets exceeding $600 million.
• Portman Ridge will rebrand and operate under the name BCP Investment Corporation, trading under the new ticker symbol ‘BCIC’.
• The company plans to transition to monthly base distributions beginning in 2026, while retaining the potential for quarterly supplemental distributions.