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Mar 31, 2022
Portman Ridge Q1 2022 Earnings Report
Reported relatively flat NAV, reduced non-accruals, and maintained dividend.
Key Takeaways
Portman Ridge Finance Corporation announced its financial results for the first quarter ended March 31, 2022. The company reported a relatively unchanged NAV per share, reduced non-accruals, and maintained its dividend of $0.63 per share.
Net asset value remained relatively flat at $278.3 million ($28.76 per share).
Total investment income was $16.9 million, with $13.0 million from debt securities.
Net investment income was $7.9 million ($0.82 per share).
The company refinanced its Revolving Credit Facility with JPMorgan Chase Bank, reducing the applicable margin.
Portman Ridge
Portman Ridge
Forward Guidance
The company is well-positioned to further improve portfolio performance and increase investment income in 2022.
Positive Outlook
- Deployed approximately $35 million of available cash in new investments subsequent to quarter end.
- Pipeline of an additional $20 million to $30 million expected to be deployed before the end of the second quarter.
- Added two new seasoned members to the board.
- Restructured agreement with JPMorgan Chase and lowered the interest rate.
- Shifted from LIBOR to SOFR and extended the maturity date by 2 1⁄2 years.