<p>Portman Ridge Finance ((BCIC)) 已召開第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<p>Portman Ridge Finance 最近的財報電話會議描繪了一幅謹慎樂觀的圖景，突顯了顯著的成就和迫在眉睫的挑戰。與 Logan Ridge 的成功合併是一個重要的里程碑，提升了淨投資收入並增強了運營效率。然而，公司面臨着非應計投資增加和費用上升等挑戰，正在積極應對，以增強股東價值。</p>
<h2>與 Logan Ridge 合併的完成</h2>
<p>與 Logan Ridge 的合併於 2025 年 7 月 15 日完成，這對 Portman Ridge Finance 來説是一個關鍵的發展。這一戰略舉措不僅擴大了公司的規模，還多樣化了其投資組合，從而提高了運營效率。合併預計將為未來的增長和盈利能力提供堅實的基礎。</p>
<h2>強勁的淨投資收入增長</h2>
<p>Portman Ridge Finance 報告稱第三季度淨投資收入強勁增長，達到 880 萬美元或每股 0.71 美元。這一數字較上季度的 460 萬美元或每股 0.50 美元顯著上升，主要歸功於 Logan Ridge 收購帶來的好處。</p>
<h2>投資收入的增加</h2>
<p>投資收入激增至 1890 萬美元，比上季度增加了 630 萬美元。這一增長主要是由於 Logan Ridge 的收購，對公司的收入來源產生了積極影響。</p>
<h2>股東價值倡議</h2>
<p>為了提升股東價值，Portman Ridge Finance 宣佈了一項約 900 萬美元的修改荷蘭拍賣要約和每日股票回購計劃。公司計劃在年底前實現約 10% 的股份回購，展示其對回饋股東價值的承諾。</p>
<h2>積極的債務管理</h2>
<p>公司在債務管理方面採取了積極措施，發行了 7500 萬美元和 3500 萬美元的債券，分別到期於 2030 年和 2028 年。此外，公司已啓動贖回 2026 年到期的 4.875% 債券，反映出其在債務管理上的戰略性做法。</p>
<h2>非應計投資的增加</h2>
<p>非應計投資有所增加，目前總數為 10 個，分別佔投資組合公允價值和成本的 3.8% 和 6.3%。這一數字較上季度的六項投資有所上升，表明公司正在應對的挑戰。</p>
<h2>每股淨資產值的下降</h2>
<p>每股淨資產值 (NAV) 輕微下降至 17.55 美元，低於上季度的 17.89 美元。這一下降主要是由於核心淨投資收入未能完全覆蓋股息和公允價值損失。</p>
<h2>費用上升</h2>
<p>合併後，公司總費用從上季度的 810 萬美元上升至 1030 萬美元。這一增加反映了合併後公司規模的擴大及相關的運營成本。</p>
<h2>高比例的 PIK 收入</h2>
<p>儘管較上季度有所減少，PIK 收入仍佔總收入的 14.3%，這表明公司對非現金收益的持續依賴，未來可能需要對此進行調整。</p>
<h2>前瞻性指導</h2>
<p>展望未來，Portman Ridge Finance 仍專注於嚴格的資本配置和為股東創造有吸引力的風險調整回報。公司計劃啓動一項 900 萬美元的修改荷蘭拍賣要約，並計劃在年底前回購約 10% 的流通股。隨着淨資產值增加至 2.313 億美元，公司在應對未來挑戰的同時，保持了強勁的槓桿比率。</p>
<p>總之，Portman Ridge Finance 的財報電話會議突顯了一個平衡的前景，具有顯著的積極發展，如與 Logan Ridge 的成功合併和淨投資收入的增加。儘管費用上升和非應計投資增加等挑戰依然存在，公司正在採取積極措施以提升股東價值並維持增長。</p>

PTMN

<p>Portman Ridge Finance 舉行了第三季度財報電話會議，強調與 Logan Ridge 的成功合併，使淨投資收入提升至 880 萬美元。此次合併使投資組合多樣化，並提高了運營效率。然而，公司面臨挑戰，包括不良投資增加和費用上升。Portman Ridge 宣佈進行 900 萬美元的修訂荷蘭拍賣要約，並計劃在年底前回購 10% 的股票。儘管每股淨資產略微下降至 17.55 美元，公司仍專注於嚴格的資本配置和為股東創造有吸引力的回報</p>

<p>Portman Ridge Finance ((BCIC)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Portman Ridge Finance ((BCIC)) 已召開第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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</div><p>The recent earnings call of Portman Ridge Finance painted a picture of cautious optimism, underscored by notable achievements and looming challenges. The successful merger with Logan Ridge has been a significant milestone, boosting net investment income and enhancing operational efficiency. However, the company faces hurdles such as increased nonaccrual investments and rising expenses, which it is actively addressing to bolster shareholder value.</p>
<div class="lb-trans"><p>Portman Ridge Finance 最近的財報電話會議描繪了一幅謹慎樂觀的圖景，突顯了顯著的成就和迫在眉睫的挑戰。與 Logan Ridge 的成功合併是一個重要的里程碑，提升了淨投資收入並增強了運營效率。然而，公司面臨着非應計投資增加和費用上升等挑戰，正在積極應對，以增強股東價值。</p>
</div><h2>Completion of Merger with Logan Ridge</h2>
<div class="lb-trans"><h2>與 Logan Ridge 合併的完成</h2>
</div><p>The merger with Logan Ridge, finalized on July 15, 2025, has been a pivotal development for Portman Ridge Finance. This strategic move has not only expanded the company’s scale but also diversified its portfolio, thereby improving operating efficiency. The merger is expected to provide a solid foundation for future growth and profitability.</p>
<div class="lb-trans"><p>與 Logan Ridge 的合併於 2025 年 7 月 15 日完成，這對 Portman Ridge Finance 來説是一個關鍵的發展。這一戰略舉措不僅擴大了公司的規模，還多樣化了其投資組合，從而提高了運營效率。合併預計將為未來的增長和盈利能力提供堅實的基礎。</p>
</div><h2>Strong Net Investment Income Growth</h2>
<div class="lb-trans"><h2>強勁的淨投資收入增長</h2>
</div><p>Portman Ridge Finance reported a robust increase in net investment income for the third quarter, reaching $8.8 million or $0.71 per share. This marks a significant rise from the previous quarter’s $4.6 million or $0.50 per share, largely attributed to the benefits reaped from the Logan Ridge acquisition.</p>
<div class="lb-trans"><p>Portman Ridge Finance 報告稱第三季度淨投資收入強勁增長，達到 880 萬美元或每股 0.71 美元。這一數字較上季度的 460 萬美元或每股 0.50 美元顯著上升，主要歸功於 Logan Ridge 收購帶來的好處。</p>
</div><h2>Increase in Investment Income</h2>
<div class="lb-trans"><h2>投資收入的增加</h2>
</div><p>Investment income surged to $18.9 million, reflecting a $6.3 million increase from the prior quarter. This growth was primarily driven by the acquisition of Logan Ridge, which has positively impacted the company’s revenue streams.</p>
<div class="lb-trans"><p>投資收入激增至 1890 萬美元，比上季度增加了 630 萬美元。這一增長主要是由於 Logan Ridge 的收購，對公司的收入來源產生了積極影響。</p>
</div><h2>Shareholder Value Initiatives</h2>
<div class="lb-trans"><h2>股東價值倡議</h2>
</div><p>In a bid to enhance shareholder value, Portman Ridge Finance announced a modified Dutch auction tender worth approximately $9 million and daily share repurchases. The company aims to achieve around 10% ownership by the end of the year, demonstrating its commitment to returning value to shareholders.</p>
<div class="lb-trans"><p>為了提升股東價值，Portman Ridge Finance 宣佈了一項約 900 萬美元的修改荷蘭拍賣要約和每日股票回購計劃。公司計劃在年底前實現約 10% 的股份回購，展示其對回饋股東價值的承諾。</p>
</div><h2>Proactive Debt Management</h2>
<div class="lb-trans"><h2>積極的債務管理</h2>
</div><p>The company has been proactive in managing its debt, issuing $75 million and $35 million notes due in 2030 and 2028, respectively. Additionally, it has initiated the redemption of 4.875% notes due in 2026, reflecting a strategic approach to debt management.</p>
<div class="lb-trans"><p>公司在債務管理方面採取了積極措施，發行了 7500 萬美元和 3500 萬美元的債券，分別到期於 2030 年和 2028 年。此外，公司已啓動贖回 2026 年到期的 4.875% 債券，反映出其在債務管理上的戰略性做法。</p>
</div><h2>Increase in Nonaccrual Investments</h2>
<div class="lb-trans"><h2>非應計投資的增加</h2>
</div><p>There has been an increase in nonaccrual investments, now totaling 10, which represents 3.8% and 6.3% of the portfolio at fair value and cost, respectively. This rise from the previous quarter’s six investments indicates a challenge that the company is addressing.</p>
<div class="lb-trans"><p>非應計投資有所增加，目前總數為 10 個，分別佔投資組合公允價值和成本的 3.8% 和 6.3%。這一數字較上季度的六項投資有所上升，表明公司正在應對的挑戰。</p>
</div><h2>Decline in NAV Per Share</h2>
<div class="lb-trans"><h2>每股淨資產值的下降</h2>
</div><p>The net asset value (NAV) per share experienced a slight decline to $17.55, down from $17.89 in the previous quarter. This decrease is primarily due to core net investment income not fully covering the dividend and mark-to-market losses.</p>
<div class="lb-trans"><p>每股淨資產值 (NAV) 輕微下降至 17.55 美元，低於上季度的 17.89 美元。這一下降主要是由於核心淨投資收入未能完全覆蓋股息和公允價值損失。</p>
</div><h2>Rising Expenses</h2>
<div class="lb-trans"><h2>費用上升</h2>
</div><p>Post-merger, the company’s gross expenses rose to $10.3 million from $8.1 million in the prior quarter. This increase reflects the larger scale of the combined company and the associated operational costs.</p>
<div class="lb-trans"><p>合併後，公司總費用從上季度的 810 萬美元上升至 1030 萬美元。這一增加反映了合併後公司規模的擴大及相關的運營成本。</p>
</div><h2>High PIK Income Percentage</h2>
<div class="lb-trans"><h2>高比例的 PIK 收入</h2>
</div><p>Despite a reduction from the prior quarter, PIK income remains a significant 14.3% of total income. This indicates a continued reliance on non-cash earnings, which the company may need to address moving forward.</p>
<div class="lb-trans"><p>儘管較上季度有所減少，PIK 收入仍佔總收入的 14.3%，這表明公司對非現金收益的持續依賴，未來可能需要對此進行調整。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</h2>
</div><p>Looking ahead, Portman Ridge Finance remains focused on disciplined capital allocation and generating attractive risk-adjusted returns for shareholders. The company plans to commence a $9 million modified Dutch auction tender and aims to repurchase approximately 10% of its outstanding stock by year-end. With a net asset value increase to $231.3 million, the company is well-positioned to navigate future challenges while maintaining a strong leverage ratio.</p>
<div class="lb-trans"><p>展望未來，Portman Ridge Finance 仍專注於嚴格的資本配置和為股東創造有吸引力的風險調整回報。公司計劃啓動一項 900 萬美元的修改荷蘭拍賣要約，並計劃在年底前回購約 10% 的流通股。隨着淨資產值增加至 2.313 億美元，公司在應對未來挑戰的同時，保持了強勁的槓桿比率。</p>
</div><p>In conclusion, Portman Ridge Finance’s earnings call highlighted a balanced outlook with significant positive developments, such as the successful merger with Logan Ridge and increased net investment income. While challenges like rising expenses and increased nonaccrual investments persist, the company is taking proactive steps to enhance shareholder value and sustain growth.</p>
<div class="lb-trans"><p>總之，Portman Ridge Finance 的財報電話會議突顯了一個平衡的前景，具有顯著的積極發展，如與 Logan Ridge 的成功合併和淨投資收入的增加。儘管費用上升和非應計投資增加等挑戰依然存在，公司正在採取積極措施以提升股東價值並維持增長。</p>
</div>

Portman Ridge Finance 的收益電話會議：合併的成功與未來展望