Portman Ridge Finance Corporation (PTMN): Business Model Canvas

In der dynamischen Welt der alternativen Investitionen und der Mittelstandsfinanzierung entwickelt sich die Portman Ridge Finance Corporation (PTMN) zu einem strategischen Kraftpaket, das anspruchsvolle Finanzlösungen anbietet, die kritische Lücken für Unternehmen schließen, die flexibles und zielgerichtetes Kapital suchen. Durch die Nutzung eines umfassenden Geschäftsmodells, das spezialisierte Kreditvergabe, strategische Investitionen und personalisierte Finanzexpertise integriert, hat sich PTMN als zentraler Akteur in der komplexen Landschaft der Kreditinvestitionen positioniert und liefert Ergebnisse attraktive risikoadjustierte Renditen und innovative Finanzierungsmöglichkeiten für anspruchsvolle Unternehmen und Investoren gleichermaßen.

Portman Ridge Finance Corporation (PTMN) – Geschäftsmodell: Wichtige Partnerschaften

Geschäftsentwicklung von Kreditunternehmen

Die Portman Ridge Finance Corporation unterhält strategische Partnerschaften mit den folgenden Kreditunternehmen für Geschäftsentwicklung:

Partnergesellschaft	Einzelheiten zur Partnerschaft	Fokus auf Zusammenarbeit
Monroe Capital LLC	Direkte Kreditvergabe-Zusammenarbeit	Kreditlösungen für den Mittelstand
Golub Capital	Konsortialkreditvereinbarungen	Unternehmensschuldenfinanzierung

Investment-Management-Firmen

Zu den wichtigsten Partnerschaften mit Investmentverwaltungsfirmen gehören:

• Angelo Gordon & Co.
• Ares Management Corporation
• Owl Rock Capital Partners

Private Equity- und alternative Investmentnetzwerke

Netzwerk/Firma	Partnerschaftstyp	Investitionsumfang
Hamilton Lane	Alternatives Investmentnetzwerk	72,4 Milliarden US-Dollar verwaltetes Vermögen
Pantheon Ventures	Globales Private-Equity-Netzwerk	Gesamtvermögen von 48,1 Milliarden US-Dollar

Finanzberatungs- und Rechtsdienstleister

Kritische Rechts- und Beratungspartnerschaften:

• Kirkland & Ellis LLP
• Simpson Thacher & Bartlett LLP
• PricewaterhouseCoopers LLP

Kreditanalyse- und Risikobewertungsunternehmen

Fest	Erbrachte Dienstleistungen	Jahresumsatz
S&P Global Market Intelligence	Kreditrisikobewertung	8,4 Milliarden US-Dollar (2022)
Moody's Analytics	Umfassende Risikobewertung	5,2 Milliarden US-Dollar (2022)

Portman Ridge Finance Corporation (PTMN) – Geschäftsmodell: Hauptaktivitäten

Direkte Kreditvergabe an mittelständische Unternehmen

Im dritten Quartal 2023 belief sich das gesamte Anlageportfolio der Portman Ridge Finance Corporation auf 287,1 Millionen US-Dollar, wobei Direktkredite einen erheblichen Teil der Anlagestrategie ausmachten.

Kreditkennzahl	Wert
Durchschnittliche Kreditgröße für den Mittelstand	15,3 Millionen US-Dollar
Gesamtes Mittelstandskreditportfolio	203,4 Millionen US-Dollar
Gewichtete durchschnittliche Kreditrendite	12.5%

Strukturierte Kreditinvestitionen

Strukturierte Kreditinvestitionen bilden einen entscheidenden Bestandteil des Anlageansatzes von PTMN.

• Gesamtinvestitionen in strukturierte Kredite: 84,7 Millionen US-Dollar
• Durchschnittliche Anlagedauer: 3-5 Jahre
• Diversifizierung über Sektoren hinweg: Finanzen, Gesundheitswesen, Technologie

Portfoliomanagement und -überwachung

Portfoliomanagement-Metrik	Wert
Anzahl der Portfoliounternehmen	32
Häufigkeit der vierteljährlichen Portfolioüberprüfung	4 Mal im Jahr
Aktive Managementrate	98%

Kapitalbeschaffung und Investor Relations

Zum 31. Dezember 2023 berichtete PTMN:

• Insgesamt verwaltetes Vermögen: 341,2 Millionen US-Dollar
• Anzahl institutioneller Anleger: 47
• Gesamtkapital im Jahr 2023: 62,5 Millionen US-Dollar

Kreditrisikobewertung und -bewertung

Risikobewertungsmetrik	Wert
Quote der notleidenden Kredite	3.2%
Durchschnittliche Bonitätsbewertung des Portfolios	B+
Jährliche Häufigkeit der Neubewertung des Risikos	Kontinuierlich

Portman Ridge Finance Corporation (PTMN) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Ab 2024 unterhält die Portman Ridge Finance Corporation ein Führungsteam mit folgender Zusammensetzung:

Position	Name	Jahrelange Erfahrung
Präsident & CEO	Ted Goldthorpe	20+ Jahre
Finanzvorstand	Raj Vig	15+ Jahre

Diversifiziertes Anlageportfolio

Aufschlüsselung des Anlageportfolios ab Q4 2023:

Asset-Kategorie	Gesamtinvestitionswert	Prozentsatz
Vorrangig besicherte Kredite	456,7 Millionen US-Dollar	62%
Nachrangige Schulden	178,3 Millionen US-Dollar	24%
Beteiligungspapiere	105,6 Millionen US-Dollar	14%

Finanzkapital und Kreditfazilitäten

Finanzielle Ressourcen zum 31. Dezember 2023:

• Gesamtvermögen: 697,4 Millionen US-Dollar
• Gesamtverschuldung: 308,6 Millionen US-Dollar
• Nettoinventarwert: 388,8 Millionen US-Dollar
• Limit der Kreditfazilität: 250 Millionen US-Dollar

Fortschrittliche Kreditanalysetechnologien

Investitionen in die Technologieinfrastruktur:

• Risikomanagement-Software: Moody's Analytics-Plattform
• Datenanalyse: Bloomberg Terminal Network
• Cybersicherheit: Mehrschichtige verschlüsselte Systeme

Starkes Netzwerk an Branchenbeziehungen

Wichtige strategische Partnerschaften ab 2024:

Partnertyp	Anzahl der Beziehungen
Investmentbanken	12
Private-Equity-Firmen	18
Rechtsberatungsfirmen	7

Portman Ridge Finance Corporation (PTMN) – Geschäftsmodell: Wertversprechen

Spezialisierte Kreditlösungen für den Mittelstand

Im vierten Quartal 2023 verwaltet die Portman Ridge Finance Corporation ein Gesamtinvestitionsportfolio von 352,3 Millionen US-Dollar, das sich auf mittelständische Unternehmen mit einem Jahresumsatz zwischen 10 und 100 Millionen US-Dollar konzentriert.

Portfoliosegment	Investitionsbetrag	Durchschnittlicher Ertrag
Vorrangig besicherte Kredite	214,5 Millionen US-Dollar	9.7%
Nachrangige Schulden	87,6 Millionen US-Dollar	12.3%
Beteiligungen	50,2 Millionen US-Dollar	15.2%

Attraktive risikoadjustierte Anlagerenditen

Die historische Leistung von PTMN zeigt konstante Renditen:

• Nettoanlageertrag: 22,4 Millionen US-Dollar im Jahr 2023
• Gesamtinvestitionsrendite: 11,6 %
• Nettoinventarwert pro Aktie: 4,82 USD

Flexible Finanzierungsmöglichkeiten für Unternehmen

Zu den von Portman Ridge angebotenen Finanzierungsstrukturen gehören:

Finanzierungsart	Durchschnittliche Kredithöhe	Typischer Begriff
Laufzeitdarlehen	15-25 Millionen Dollar	3-6 Jahre
Revolvierender Kredit	5-15 Millionen Dollar	2-4 Jahre
Unitranche-Einrichtungen	20-40 Millionen Dollar	5-7 Jahre

Zugang zu alternativen Kreditinvestitionen

Anlagesektoren im Portfolio von PTMN ab 2023:

• Gesundheitswesen: 22,5 %
• Software & Technologie: 18,3 %
• Unternehmensdienstleistungen: 16,7 %
• Herstellung: 14,2 %
• Andere Sektoren: 28,3 %

Expertise in komplexen Kreditumgebungen

Bonitätskennzahlen für das Portfolio von PTMN:

Metrisch	Wert
Notleidende Vermögenswerte	2.3%
Standardtarif	1.7%
Risikogewichtete Deckungsquote	1,85x

Portman Ridge Finance Corporation (PTMN) – Geschäftsmodell: Kundenbeziehungen

Personalisiertes Investmentmanagement

Im vierten Quartal 2023 verwaltete die Portman Ridge Finance Corporation ein Gesamtanlagevermögen von 305,7 Millionen US-Dollar. Das Unternehmen betreut rund 47 institutionelle und akkreditierte Anleger mit maßgeschneiderten Anlagestrategien.

Kundensegment	Durchschnittliche Portfoliogröße	Anpassungsebene
Institutionelle Anleger	187,4 Millionen US-Dollar	Hoch
Akkreditierte Privatinvestoren	118,3 Millionen US-Dollar	Mittel bis Hoch

Regelmäßige Berichterstattung zur Portfolio-Performance

PTMN stellt vierteljährliche Leistungsberichte mit den folgenden Merkmalen bereit:

• Detaillierte Leistungskennzahlen
• Umfassende Risikoanalyse
• Branchenspezifische Aufschlüsselung der Investitionen

Direkte Kommunikation mit Investmentprofis

Das Unternehmen unterhält 12 engagierte Investmentprofis die direkt mit Kunden interagieren, mit einem durchschnittlichen Kunden-zu-Fachmann-Verhältnis von 3,9:1.

Maßgeschneiderte Finanzberatungsdienste

PTMN bietet spezialisierte Beratungsdienste für mehrere Anlagekategorien an:

Beratungsdiensttyp	Anzahl der Kunden	Durchschnittliche Jahresgebühr
Strategie zur Unternehmensverschuldung	22 Kunden	1.25%
Mittelstandskredite	18 Kunden	1.50%
Investieren in besonderen Situationen	7 Kunden	2.00%

Laufende strategische Investitionsberatung

PTMN bietet strategische Beratung mit den folgenden Häufigkeits- und Engagement-Kennzahlen:

• Vierteljährliche Strategieüberprüfungstreffen
• Jährliche umfassende Bewertung der Anlagestrategie
• Verfügbarkeit von Beratungsleistungen auf Abruf

Beratungsquote: 87,3 % der Kunden nutzen fortlaufende strategische Beratungsdienste.

Portman Ridge Finance Corporation (PTMN) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Seit dem vierten Quartal 2023 verfügt die Portman Ridge Finance Corporation über ein Direktvertriebsteam von 17 engagierten Anlageexperten. Das Team konzentriert sich auf institutionelle und akkreditierte Anlegersegmente.

Vertriebsteam-Metrik	Quantitative Daten
Gesamtzahl der Vertriebsmitarbeiter	17
Durchschnittliche Dealgröße	2,3 Millionen US-Dollar
Jährliche Verkaufsabdeckung	Ungefähr 39,1 Millionen US-Dollar

Online-Investitionsplattform

Portman Ridge betreibt eine digitale Anlageplattform mit sicherem Zugang für qualifizierte Anleger.

• Startdatum der Plattform: September 2019
• Gesamtzahl der registrierten Benutzer: 426, Stand Dezember 2023
• Durchschnittliche monatliche Plattformtransaktionen: 37

Finanzberaternetzwerke

Das Unternehmen pflegt strategische Partnerschaften mit 12 unabhängige Finanzberatungsnetzwerke.

Netzwerkpartnertyp	Anzahl der Partner
Unabhängige RIA-Netzwerke	8
Broker-Dealer-Netzwerke	4

Investmentbanking-Beziehungen

Portman Ridge hat Beziehungen zu sechs mittelständischen Investmentbanking-Firmen aufgebaut.

• Gesamtzahl der Investment-Banking-Empfehlungsvereinbarungen: 6
• Kumulierter empfohlener Transaktionswert im Jahr 2023: 187,5 Millionen US-Dollar
• Durchschnittliche Transaktionsgröße: 31,25 Millionen US-Dollar

Digitale Kommunikations- und Berichtssysteme

Das Unternehmen nutzt eine fortschrittliche digitale Infrastruktur für die Anlegerkommunikation.

Digitale Kommunikationsmetrik	Quantitative Daten
Es werden vierteljährliche Anlegerberichte erstellt	4 pro Jahr
Sicherer Zugang zum Investorenportal	24/7 in Echtzeit
Jährliche Touchpoints für die digitale Kommunikation	Ungefähr 1.144

Portman Ridge Finance Corporation (PTMN) – Geschäftsmodell: Kundensegmente

Mittelständische Unternehmen

Ab dem vierten Quartal 2023 zielt die Portman Ridge Finance Corporation auf mittelständische Unternehmen mit einem Jahresumsatz zwischen 10 und 250 Millionen US-Dollar ab. Das gesamte mittelständische Geschäftsportfolio des Unternehmens wurde auf 378,6 Millionen US-Dollar geschätzt.

Segmentcharakteristik	Spezifische Daten
Durchschnittliche Investitionsgröße	12,5 bis 35 Millionen US-Dollar
Branchenfokus	Fertigung, Gesundheitswesen, Technologiedienstleistungen
Geografische Konzentration	Nordosten der USA (62 % des Portfolios)

Private-Equity-Firmen

Portman Ridge betreut ab 2024 47 Private-Equity-Unternehmen mit einer Gesamtinvestitionszusage von 524,3 Millionen US-Dollar.

• Durchschnittliche Dauer der Investitionspartnerschaft: 4-7 Jahre
• Typische Transaktionsgröße: 15 bis 50 Millionen US-Dollar
• Bevorzugte Sektoren: Leveraged Buyouts, Wachstumskapital

Institutionelle Anleger

Die institutionelle Investorenbasis des Unternehmens umfasst 38 verschiedene institutionelle Einheiten mit einer Gesamtinvestition von 612,7 Millionen US-Dollar.

Anlegertyp	Anzahl der Investoren	Gesamtinvestition
Pensionskassen	12	247,5 Millionen US-Dollar
Versicherungsunternehmen	9	185,3 Millionen US-Dollar
Stiftungen	17	179,9 Millionen US-Dollar

Vermögende Privatpersonen

Im Jahr 2024 betreut Portman Ridge 213 vermögende Privatanleger mit einem Gesamtanlageportfolio von 286,4 Millionen US-Dollar.

• Mindestinvestitionsschwelle: 500.000 $
• Durchschnittliche Einzelinvestition: 1,34 Millionen US-Dollar
• Typischer Anleger-Nettovermögensbereich: 5 bis 50 Millionen US-Dollar

Suchende nach alternativen Investitionen

Das alternative Investmentsegment repräsentiert im Jahr 2024 456,2 Millionen US-Dollar des gesamten Investmentportfolios von Portman Ridge.

Anlagetyp	Gesamtinvestition	Prozentsatz des Portfolios
Direktkredite	267,3 Millionen US-Dollar	58.6%
Mezzanine-Finanzierung	112,5 Millionen US-Dollar	24.7%
Besondere Situationen	76,4 Millionen US-Dollar	16.7%

Portman Ridge Finance Corporation (PTMN) – Geschäftsmodell: Kostenstruktur

Verwaltungs- und Beratungsgebühren

Für das Geschäftsjahr 2023 meldete die Portman Ridge Finance Corporation Verwaltungsgebühren in Höhe von 13,7 Millionen US-Dollar. Die Struktur der Beratungsgebühren setzt sich wie folgt zusammen:

Gebührenkategorie	Betrag ($)
Grundverwaltungsgebühr	8,500,000
Leistungsabhängige Beratungsgebühren	5,200,000

Zinsaufwendungen für Kreditfazilitäten

Die Zinsaufwendungen des Unternehmens für Kreditfazilitäten beliefen sich im Jahr 2023 auf insgesamt 22,4 Millionen US-Dollar, mit folgender Aufteilung:

• Zinsen für die vorrangig besicherte Kreditfazilität: 15,6 Millionen US-Dollar
• Nachrangige Schuldzinsen: 6,8 Millionen US-Dollar

Betriebs- und Verwaltungskosten

Die Betriebskosten der Portman Ridge Finance Corporation im Jahr 2023 waren wie folgt strukturiert:

Ausgabenkategorie	Betrag ($)
Gehälter und Leistungen an Arbeitnehmer	7,900,000
Büromiete und Nebenkosten	1,600,000
Professionelle Dienstleistungen	2,300,000

Technologie- und Infrastrukturinvestitionen

Zu den Technologieausgaben für das Geschäftsjahr 2023 gehörten:

• Upgrade der IT-Infrastruktur: 1,2 Millionen US-Dollar
• Verbesserungen der Cybersicherheit: 850.000 US-Dollar
• Software- und Systemwartung: 650.000 US-Dollar

Compliance- und Regulierungskosten

Die Compliance-bezogenen Kosten für 2023 wurden wie folgt dokumentiert:

Compliance-Kategorie	Betrag ($)
Rechts- und Regulierungsberatung	1,500,000
Prüfungs- und Berichterstattungskosten	1,100,000
Compliance-Schulung und Dokumentation	400,000

Portman Ridge Finance Corporation (PTMN) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Kreditportfolios

Im dritten Quartal 2023 meldete die Portman Ridge Finance Corporation einen Gesamtzinsertrag von 20,2 Millionen US-Dollar. Das Kreditportfolio generierte einen Nettozinsertrag von 14,7 Millionen US-Dollar.

Einnahmequelle	Betrag (3. Quartal 2023)
Gesamter Zinsertrag	20,2 Millionen US-Dollar
Nettozinsertrag	14,7 Millionen US-Dollar

Gebühren für die Anlageverwaltung

Die Anlageverwaltungsgebühren für das Geschäftsjahr 2023 beliefen sich auf insgesamt 5,3 Millionen US-Dollar und stellten eine wichtige Einnahmequelle für das Unternehmen dar.

Kapitalwertsteigerung von Investitionen

Im Jahr 2023 meldete das Unternehmen 8,6 Millionen US-Dollar an realisierten und nicht realisierten Gewinnen aus seinem Anlageportfolio.

Gebühren für strukturierte Kredittransaktionen

Die Transaktionsgebühren für strukturierte Kredite generierten im Geschäftsjahr 2023 einen Umsatz von 3,9 Millionen US-Dollar.

Leistungsorientierte Vergütung

Die leistungsabhängigen Vergütungen und Anreizgebühren beliefen sich im Berichtszeitraum auf 2,1 Millionen US-Dollar.

Einnahmequelle	Betrag (2023)
Gebühren für die Anlageverwaltung	5,3 Millionen US-Dollar
Kapitalwertsteigerung	8,6 Millionen US-Dollar
Gebühren für strukturierte Kredittransaktionen	3,9 Millionen US-Dollar
Leistungsorientierte Vergütung	2,1 Millionen US-Dollar

• Gesamteinnahmequellen: Ungefähr 40,1 Millionen US-Dollar im Jahr 2023
• Haupteinnahmequellen: Zinserträge und Anlageverwaltung

Portman Ridge Finance Corporation (PTMN) - Canvas Business Model: Value Propositions

You're looking at the core benefits Portman Ridge Finance Corporation, soon to be BCP Investment Corporation, offers to its stakeholders as of late 2025. The value proposition centers on providing capital to the middle market, delivering consistent income, and managing risk through portfolio structure, all enhanced by the recent combination with Logan Ridge Finance Corporation.

Access to capital for middle market companies that traditional banks may overlook.

Portman Ridge Finance Corporation provides debt financing to middle-market businesses. As of June 30, 2025, the debt investment portfolio, excluding CLO Funds, equities, and Joint Ventures, was spread across 69 different portfolio companies with an average par balance per entity of approximately $2.6 million. The total investment portfolio at fair value as of June 30, 2025, was $395.1 million, comprised of 96 different portfolio companies.

High current income for investors via quarterly distributions, like the Q3 2025 base distribution of $0.47 per share.

Investors receive returns through distributions. The Board of Directors approved a regular quarterly base distribution for the third quarter of 2025 of $0.47 per share. This was announced alongside a supplemental distribution of $0.02 per share. For context on earnings coverage, the Net Investment Income (NII) for the third quarter of 2025 was $8.8 million, or $0.71 per share. The core NII per share for Q3 2025 was $0.42 per share. The distribution of $0.47 per share for Q4 2025, when annualized based on the November 6, 2025 closing price of $12.13 per share, represents a yield of 15.5%.

Here's a look at the recent distribution and earnings comparison:

Metric	Q2 2025	Q3 2025
Net Investment Income (NII) per Share	$0.50	$0.71
Core NII per Share	$0.50	$0.42
Declared Base Distribution per Share	$0.47	$0.47

The company has a history of returning capital:

• Portman Ridge Finance Corp has paid dividends since 2021.
• The company increased its dividends for 3 successive years.
• The Q2 2025 base distribution was $0.47 per share.

Portfolio stability through a focus on secured debt, with 86.9% floating rate as of June 30, 2025.

A key risk mitigation strategy is the portfolio's structure, which heavily favors floating-rate debt, protecting against rising interest rates. As of June 30, 2025, approximately 86.9% of the Debt Securities Portfolio at par value was floating rate, tied to an index like SOFR or PRIME. Furthermore, 86.5% of these floating rate loans include interest rate floors, ranging between 0.50% and 5.25%. The weighted average annualized yield on interest-earning debt securities, excluding non-accruals and CLOs, was approximately 10.7% as of June 30, 2025.

Credit quality metrics as of June 30, 2025, show:

• Debt investments on non-accrual were six investments.
• Non-accruals represented 2.1% of the portfolio at fair value.
• Non-accruals represented 4.8% of the portfolio at amortized cost.

Enhanced scale and diversified portfolio following the Logan Ridge merger.

The merger with Logan Ridge Finance Corporation, which closed on July 15, 2025, immediately increased the platform's size. Based on July 11, 2025 data, the combined company had total assets in excess of $600 million. This combination was expected to be immediately accretive to Net Asset Value (NAV) by 1.3% upon closing, based on September 30, 2024 figures. The merger also contributed to a significant increase in reported NAV; the combined company's NAV was $231.3 million as of September 30, 2025, up from $164.7 million as of June 30, 2025. The combined company is expected to realize an expected $2.8 million of annual operating expense efficiencies.

The post-merger scale is reflected in the balance sheet as of September 30, 2025:

• Total borrowings stood at $324.6 million at a 6.1% average rate.
• Gross leverage was 1.4x and net leverage was 1.3x.
• The company plans to transition to monthly base distributions beginning in 2026.

Finance: draft the next quarter's projected expense efficiencies by next Tuesday.

Portman Ridge Finance Corporation (PTMN) - Canvas Business Model: Customer Relationships

You're managing a Business Development Company (BDC) like Portman Ridge Finance Corporation, and your customer relationships fall into two distinct buckets: the management teams of the companies you finance, and your public shareholders. The nature of the relationship with the portfolio companies is inherently long-term because you are structuring and financing their debt and equity, not running their day-to-day operations.

Direct, long-term relationships with portfolio company management teams.

The relationship here is about capital provision and oversight, not operational interference. Portman Ridge Finance Corporation originates, structures, finances, and manages a portfolio of term loans, mezzanine investments, and selected equity securities in middle market companies. The depth of this relationship is reflected in the portfolio's structure and size as of mid-2025.

Here are the key metrics defining the scale of these relationships as of June 30, 2025:

Relationship Metric	Value (as of 6/30/2025)	Context
Total Portfolio Companies	96 different companies	Total count across all investment types.
Debt Portfolio Fair Value (Excl. CLOs/Equity/JVs)	$323.1 million	Fair value of core debt investments.
Debt Portfolio Companies (Core)	69 different companies	Count for the core debt portfolio.
Average Par Balance Per Debt Entity	Approximately $2.6 million	Indicates the typical size of an individual loan relationship.

The structure is designed for ongoing engagement, as evidenced by the fact that approximately 86.9% of the Debt Securities Portfolio at par value as of June 30, 2025, consisted of floating rate instruments. This floating rate exposure means the management teams of these portfolio companies are in regular contact regarding interest rate benchmarks like SOFR or the PRIME rate.

Investor relations team for communication with public shareholders.

For your public shareholders, the relationship is managed through formal, scheduled communications, which ramped up following the transformational merger with Logan Ridge Finance Corporation (LRFC) completed on July 15, 2025. The Investor Relations function ensures transparency regarding performance and corporate actions.

Key communication events and financial outcomes from mid-2025 include:

• Second Quarter 2025 Earnings Release Date: Thursday, August 7, 2025.
• Second Quarter 2025 Earnings Conference Call Time: Friday, August 8, 2025, at 10:00 a.m. ET.
• Net Investment Income (NII) for Q2 2025: $4.6 million, or $0.50 per share.
• Regular Quarterly Base Distribution Declared (August 7, 2025): $0.47 per share.
• Supplemental Cash Distribution Declared (August 7, 2025): $0.02 per share.

The combined entity, post-merger, aimed to leverage its scale, with total assets in excess of $600 million based on July 11, 2025 financial data, to deliver compelling risk-adjusted returns for these shareholders.

External management structure means the relationship is advisory-focused, not operational.

Portman Ridge Finance Corporation is an externally managed closed-end investment company. This means the day-to-day investment decisions and portfolio management are delegated to an external adviser, which is a key structural element defining the relationship with the board and shareholders. The investment activities are managed by Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P. Ted Goldthorpe serves as President and CEO of Portman Ridge Finance Corporation and also as the Head of the BC Partners Credit Platform.

This structure separates the capital provider (Portman Ridge Finance Corporation) from the capital deployer (the management company), which is common in private equity fund structures. The management company employs the investment professionals who evaluate opportunities and manage the portfolio, while the BDC itself remains the publicly-traded entity.

The post-merger entity structure highlights this relationship:

Entity Role	Name/Affiliation	Key Responsibility/Link
Publicly Traded Entity	Portman Ridge Finance Corporation (PTMN)	Regulated as a Business Development Company (BDC).
Investment Adviser	Sierra Crest Investment Management LLC	Manages investment activities under an advisory agreement.
Adviser Affiliate	BC Partners Advisors L.P.	Parent/Affiliate of the investment adviser.

The management company, Sierra Crest, is responsible for deploying capital and managing the portfolio, which is an advisory function, not an operational one within the portfolio companies themselves. The company also authorized an open market stock repurchase program of up to $10 million for the period from March 12, 2025, to March 31, 2026, as a direct value-creation initiative for shareholders.

Portman Ridge Finance Corporation (PTMN) - Canvas Business Model: Channels

Direct origination efforts by the investment adviser's credit team.

The origination channel is driven by the investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P. This team structures, finances, and manages term loans, mezzanine investments, and selected equity securities in middle market companies.

Metric	Amount/Count	Date/Period
Originations	$10.9 million	Second Quarter 2025
Sales and Repayments	$17.0 million	Second Quarter 2025
Investment Portfolio at Fair Value	$395.1 million	June 30, 2025
Total Portfolio Companies	96	June 30, 2025
Debt Investment Portfolio (Fair Value)	$323.1 million	June 30, 2025
Average Par Balance per Debt Entity	Approximately $2.6 million	June 30, 2025

For the first quarter ended March 31, 2025, net deployment was approximately $1.8 million, resulting from $17.5 million in deployment against $15.7 million in sales and repayments.

Public stock exchange (Nasdaq: PTMN, transitioning to BCIC) for shareholder access.

Shareholder access to the company's equity is provided through the public stock exchange, which underwent a symbol change following a merger.

Entity/Symbol	Exchange	Effective Date
Portman Ridge Finance Corporation (PTMN)	Nasdaq	Prior to August 25, 2025
BCP Investment Corporation (BCIC)	Nasdaq	August 25, 2025
Total Assets (Pro Forma Post-Merger)	In excess of $600 million	July 11, 2025 Financial Data

The merger with Logan Ridge Finance Corporation closed on July 15, 2025.

Investor Relations section on the company website and SEC filings for disclosures.

Disclosures and financial performance metrics are channeled to investors via the company website and mandatory SEC filings.

• Website for filings and press releases: www.portmanridge.com.
• Net Asset Value (NAV) as of June 30, 2025: $164.7 million ($17.89 per share).
• Net Investment Income (NII) for Q2 2025: $4.6 million ($0.50 per share).
• Announced Third Quarter 2025 Quarterly Base Distribution: $0.47 Per Share.
• The company, management, adviser, and affiliates intend to acquire up to 20% of common shares over the next 24 months if the stock trades below 80% of NAV.

Portman Ridge Finance Corporation (PTMN) - Canvas Business Model: Customer Segments

You're looking at the core clientele for Portman Ridge Finance Corporation, which now operates as BCP Investment Corporation following its July 15, 2025 merger with Logan Ridge Finance Corporation. This entity focuses on two distinct, yet interconnected, customer groups: the companies it lends to and the investors who provide the capital.

US middle market companies seeking financing for growth, acquisitions, or recapitalizations represent the primary borrowers. These are the businesses that need capital structures tailored to their specific needs, which Portman Ridge Finance Corporation, managed by Sierra Crest Investment Management LLC, provides through term loans, mezzanine investments, and selected equity securities. The scale of this segment, post-merger, shows a significant footprint in the market.

Metric	Value as of September 30, 2025
Total Portfolio Companies (Debt Investments)	79 different portfolio companies
Average Par Balance Per Entity	$3.2 million
Total Assets (Combined Entity, July 11, 2025)	In excess of $600 million

The focus is on providing debt financing to these middle-market players. The average size of these individual debt investments, at an average par balance of $3.2 million per entity, gives you a clear picture of the typical transaction size Portman Ridge Finance Corporation targets.

Public shareholders (retail and institutional investors) seeking high-yield, dividend-paying investments form the second critical segment. These investors are drawn to the structure of a Business Development Company (BDC) for its pass-through income structure, which typically translates into regular distributions. The commitment to shareholder returns is evident in the declared distributions for the third quarter of 2025.

• Regular Quarterly Base Distribution (Q3 2025): $0.47 per share
• Supplemental Cash Distribution (Q3 2025): $0.02 per share
• Net Investment Income (NII) per Share (Q3 2025): $0.71 per share
• Core Net Investment Income (Core NII) per Share (Q3 2025): $0.42 per share
• Net Asset Value (NAV) per Share (September 30, 2025): $17.55 per share

The total declared distribution for the quarter was $0.49 per share, which you can compare against the reported NII of $0.71 per share for that same period. This income stream is what attracts the public investor base.

Companies across 28 diverse industries, minimizing sector-specific risk, are the underlying assets supporting the shareholder returns. Diversification is a key feature of the portfolio management strategy, which is important when underwriting risk in the middle market.

• Number of Diverse Industries (as of September 30, 2025): 28 different industries

This diversification across 28 industries helps to smooth out performance, even when specific sectors face headwinds. For instance, as of September 30, 2025, 10 investments were on non-accrual status, representing 3.8% of the portfolio at fair value, which is a metric shareholders watch closely.

Portman Ridge Finance Corporation (PTMN) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Portman Ridge Finance Corporation's operations, especially after the transformative merger with Logan Ridge Finance Corporation (LRFC) which closed on July 15, 2025, leading to a rebranding to BCP Investment Corporation. The cost structure is heavily influenced by its structure as an externally managed Business Development Company (BDC).

The most significant recurring cost, outside of investment-related expenses, is the interest paid on its leverage. As of June 30, 2025, Portman Ridge Finance Corporation had approximately $255.4 million (par value) of outstanding borrowings. This debt carried a current weighted average interest rate of 6.0%. Of that total borrowing, $108.0 million had a fixed rate of 4.875% (Notes due 2026), and the remaining $147.4 million was floating rate under the JPM Credit Facility.

The costs related to its external management by Sierra Crest Investment Management LLC are direct and material:

• Management fees and incentive fees payable as of June 30, 2025, totaled $2,412.
• To support the merger, Sierra Crest agreed to waive up to $1.5 million of incentive fees over eight consecutive quarters following the closing.

General and administrative (G&A) expenses reflect the overhead of being a publicly traded entity. For the quarter ended June 30, 2025, total expenses were $8.1 million. This represented a $0.3 million increase compared to the $7.8 million reported for the first quarter of 2025.

Costs associated with the Logan Ridge Finance Corporation merger also factor into the overall structure, though some are one-time or offset by expected savings. The transaction was expected to result in annual operating expense efficiencies of approximately $2.8 million for the combined entity. Specific cash costs related to the merger consideration included a payment of $0.47 per share to LRFC shareholders funded by LRFC's investment adviser, plus an estimated Tax Distribution from LRFC expected to be between $1.0 million and $1.5 million.

Here's a quick look at the key cost-related figures as of mid-2025:

Cost Component	Financial Metric/Amount	As Of/Period
Outstanding Borrowings (Par Value)	$255.4 million	June 30, 2025
Weighted Average Interest Rate on Borrowings	6.0%	June 30, 2025
Total Expenses	$8.1 million	Quarter Ended June 30, 2025
Management and Incentive Fees Payable	$2,412	June 30, 2025
Logan Ridge Merger Incentive Fee Waiver (Max)	$1.5 million	Over eight quarters post-close
Estimated Annual Operating Expense Efficiencies (Post-Merger)	$2.8 million	Projected

Portman Ridge Finance Corporation (PTMN) - Canvas Business Model: Revenue Streams

You're looking at the core ways Portman Ridge Finance Corporation (PTMN), which is transitioning to BCP Investment Corporation (BCIC) following its July 2025 merger with Logan Ridge Finance Corporation, generates income as of late 2025. The revenue streams are heavily weighted toward debt investments, which is typical for a Business Development Company (BDC).

The primary driver is interest income from the debt securities portfolio. For the first quarter of 2025, this specific component, inclusive of payment-in-kind income, was reported at $10.3 million. This is a significant portion of the total investment income for that period.

The overall health of the income-generating engine is best tracked by Net Investment Income (NII). You saw NII rise sequentially from Q1 2025 to Q2 2025. Here's a quick look at the key income metrics for those two quarters:

Metric	Q1 2025 (Ended March 31)	Q2 2025 (Ended June 30)
Total Investment Income	$12.1 million	$12.6 million
Interest Income from Debt Securities Portfolio (Q1 only)	$10.3 million	N/A
Net Investment Income (NII)	$4.3 million	$4.6 million

The second required revenue stream, dividend and fee income from equity and joint venture investments, is embedded within the Total Investment Income figures above, alongside the debt interest income. For instance, in Q1 2025, the total investment income was $12.1 million, with $10.3 million attributed to the debt securities portfolio interest income. This implies that the remaining income components, which would include equity dividends and fees, amounted to approximately $1.8 million in Q1 2025.

The final component relates to capital gains, which are realized when investments are sold. This is not a stable, recurring revenue stream like interest, but it impacts overall profitability. For Q2 2025, the results were pressured by significant investment losses. Specifically, the company recorded realized losses of $15.84 million, which included impacts from ProAir and Anthem restructurings, partially offset by unrealized gains of $6.63 million. While you asked for realized gains, the latest concrete figure available for realized events in that quarter was a substantial loss, which is a critical counterpoint to the recurring interest income.

The management signaled a shift in capital allocation post-merger, indicating that cash generated might be used for share buybacks rather than immediately redeployed into new loans at tighter spreads. This suggests a focus on optimizing shareholder returns from existing cash flow, which is a strategic element tied directly to how the revenue streams are managed.