Portman Ridge Finance's Transformation Is Nearly Complete, So It's Time To Reconsider This 14.5% Yielding BDC [Seeking Alpha]
Portman Ridge Finance Corporation - Closed End Fund (PTMN)
Company Research
Source: Seeking Alpha
The Portfolio Optimization Process is almost completed, with Legacy investments only making up 27% of its investments. The process hasn't come without pain. PTMN incurred realized and unrealized losses of $4.39/share and $2.76/share over the last 2 years. Most of the losses were related to its Legacy investments. PTMN trades with an 18% discount to NAV and has a sustainable dividend yield of 14.5%. If its originated Core MM Loans continue to perform well, PTMN represents a great opportunity to buy a top-tier BDC at a significantly reduced price. Summary: BC Partners ("BCP") created Portman Ridge Finance Corporation ("PTMN") by purchasing several underperforming BDCs to sell off the Legacy investments and replace them with Core MM Loans to borrowers with EBITA between $25m - $50m (“Portfolio Optimization Process”); The Portfolio Optimization Process is almost completed with Legacy investment only making up 27% of its investments. The process hasn't come without pain – over t
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PTMN
News
- Portman Ridge Finance Corporation Schedules First Quarter 2024 Earnings Release and Conference Call [Yahoo! Finance]Yahoo! Finance
- Portman Ridge Finance Corporation Schedules First Quarter 2024 Earnings Release and Conference CallGlobeNewswire
- Portman Ridge Finance Co. (NASDAQ: PTMN) had its price target lowered by analysts at Keefe, Bruyette & Woods from $20.50 to $20.00. They now have a "market perform" rating on the stock.MarketBeat
- Portman Ridge Finance Corporation (NASDAQ:PTMN) Q4 2023 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Portman Ridge Finance Corporation Announces Fourth Quarter and Full Year 2023 Financial Results [Yahoo! Finance]Yahoo! Finance
PTMN
Earnings
- 11/8/23 - Miss
PTMN
Sec Filings
- 4/1/24 - Form 3
- 3/20/24 - Form 40-17G
- 3/15/24 - Form 8-K
- PTMN's page on the SEC website