Portman Ridge Finance Corporation (PTMN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la inversión alternativa y el financiamiento del mercado medio, Portman Ridge Finance Corporation (PTMN) emerge como una potencia estratégica, que ofrece soluciones financieras sofisticadas que unen brechas críticas para las empresas que buscan capital flexible y dirigido. Al aprovechar un modelo de negocio integral que integra préstamos especializados, inversiones estratégicas y experiencia financiera personalizada, PTMN se ha posicionado como un jugador fundamental en el complejo panorama de las inversiones crediticias, entregando Atractivos retornos ajustados al riesgo y opciones de financiamiento innovadoras para empresas exigentes e inversores por igual.

Portman Ridge Finance Corporation (PTMN) - Modelo de negocios: asociaciones clave

Corporaciones de crédito de desarrollo empresarial

Portman Ridge Finance Corporation mantiene asociaciones estratégicas con las siguientes corporaciones de crédito de desarrollo empresarial:

Corporación asociada	Detalles de la asociación	Enfoque de colaboración
Monroe Capital LLC	Colaboración de préstamos directos	Soluciones de crédito del mercado medio
Capital golub	Arreglos de préstamos sindicados	Financiación de la deuda corporativa

Empresas de gestión de inversiones

Las asociaciones clave de la empresa de gestión de inversiones incluyen:

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

Redes de inversión de capital privado y alternativo

Red/empresa	Tipo de asociación	Alcance de la inversión
Lane Hamilton	Red de inversión alternativa	$ 72.4 mil millones de activos bajo administración
Pantheon Ventures	Red de capital privado global	$ 48.1 mil millones de activos totales

Proveedores de asesoramiento financiero y servicios legales

Asociaciones críticas legales y de asesoramiento:

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

Análisis de crédito y empresas de evaluación de riesgos

Firme	Servicios proporcionados	Ingresos anuales
S&P Global Market Intelligence	Evaluación del riesgo de crédito	$ 8.4 mil millones (2022)
Análisis de Moody's	Evaluación integral de riesgos	$ 5.2 mil millones (2022)

Portman Ridge Finance Corporation (PTMN) - Modelo de negocio: actividades clave

Préstamos directos a compañías de mercado medio

A partir del tercer trimestre de 2023, la cartera de inversiones totales de Portman Ridge Finance Corporation fue de $ 287.1 millones, con préstamos directos que representan una porción significativa de su estrategia de inversión.

Métrico de préstamo	Valor
Tamaño promedio del préstamo del mercado medio	$ 15.3 millones
Cartera total de préstamos de mercado medio	$ 203.4 millones
Rendimiento promedio ponderado en préstamos	12.5%

Inversiones crediticias estructuradas

Las inversiones crediticias estructuradas forman un componente crítico del enfoque de inversión de PTMN.

• Inversiones crediticias estructuradas totales: $ 84.7 millones
• Duración promedio de la inversión: 3-5 años
• Diversificación en todos los sectores: financiero, salud, tecnología

Gestión y monitoreo de la cartera

Métrica de gestión de cartera	Valor
Número de compañías de cartera	32
Frecuencia de revisión de cartera trimestral	4 veces al año
Tasa de gestión activa	98%

Crianza de capital y relaciones con los inversores

Al 31 de diciembre de 2023, PTMN informó:

• Activos totales bajo administración: $ 341.2 millones
• Número de inversores institucionales: 47
• Total Capital recaudado en 2023: $ 62.5 millones

Evaluación y evaluación del riesgo de crédito

Métrica de evaluación de riesgos	Valor
Relación de préstamos sin rendimiento	3.2%
Calificación crediticia promedio de la cartera	B+
Frecuencia anual de reevaluación de riesgos	Continuo

Portman Ridge Finance Corporation (PTMN) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

A partir de 2024, Portman Ridge Finance Corporation mantiene un equipo de liderazgo con la siguiente composición:

Posición	Nombre	Años de experiencia
Presidente & CEO	Ted Goldthorpe	Más de 20 años
Director financiero	Raj Vig	Más de 15 años

Cartera de inversiones diversificada

Desglose de la cartera de inversiones a partir del cuarto trimestre de 2023:

Categoría de activos	Valor de inversión total	Porcentaje
Préstamos para personas mayores aseguradas	$ 456.7 millones	62%
Deuda subordinada	$ 178.3 millones	24%
Valores de renta variable	$ 105.6 millones	14%

Capital financiero y facilidades de crédito

Recursos financieros al 31 de diciembre de 2023:

• Activos totales: $ 697.4 millones
• Deuda total: $ 308.6 millones
• Valor de activos netos: $ 388.8 millones
• Límite de la línea de crédito: $ 250 millones

Tecnologías avanzadas de análisis de crédito

Inversiones de infraestructura tecnológica:

• Software de gestión de riesgos: Plataforma de análisis de Moody's
• Análisis de datos: Red de terminal de Bloomberg
• Ciberseguridad: Sistemas encriptados de múltiples capas

Fuerte red de relaciones con la industria

Asociaciones estratégicas clave a partir de 2024:

Tipo de socio	Número de relaciones
Bancos de inversión	12
Empresas de capital privado	18
Firmas de asesoramiento legal	7

Portman Ridge Finance Corporation (PTMN) - Modelo de negocio: propuestas de valor

Soluciones de préstamos de mercado medio especializados

A partir del cuarto trimestre de 2023, Portman Ridge Finance Corporation administra una cartera de inversiones total de $ 352.3 millones, centrada en compañías de mercado medio con ingresos anuales entre $ 10 millones y $ 100 millones.

Segmento de cartera	Monto de la inversión	Rendimiento promedio
Préstamos para personas mayores aseguradas	$ 214.5 millones	9.7%
Deuda subordinada	$ 87.6 millones	12.3%
Inversiones de renta variable	$ 50.2 millones	15.2%

Atractivos rendimientos de inversión ajustados al riesgo

El rendimiento histórico de PTMN demuestra rendimientos consistentes:

• Ingresos de inversión netos: $ 22.4 millones en 2023
• Rendimiento total de inversión: 11.6%
• Valor de activo neto por acción: $ 4.82

Opciones de financiamiento flexible para empresas

Las estructuras de financiación ofrecidas por Portman Ridge incluyen:

Tipo de financiamiento	Tamaño promedio del préstamo	Término típico
Préstamos a plazo	$ 15-25 millones	3-6 años
Crédito rotativo	$ 5-15 millones	2-4 años
Instalaciones unitarias	$ 20-40 millones	5-7 años

Acceso a inversiones de crédito alternativas

Sectores de inversión en la cartera de PTMN a partir de 2023:

• Atención médica: 22.5%
• Software & Tecnología: 18.3%
• Servicios comerciales: 16.7%
• Fabricación: 14.2%
• Otros sectores: 28.3%

Experiencia en entornos de crédito complejos

Métricas de calidad crediticia para la cartera de PTMN:

Métrico	Valor
Activos sin rendimiento	2.3%
Tasa de incumplimiento	1.7%
Relación de cobertura ponderada de riesgo	1.85x

Portman Ridge Finance Corporation (PTMN) - Modelo de negocio: relaciones con los clientes

Gestión de inversiones personalizada

A partir del cuarto trimestre de 2023, Portman Ridge Finance Corporation administra $ 305.7 millones en activos de cartera de inversiones totales. La compañía atiende a aproximadamente 47 inversores institucionales y acreditados con estrategias de inversión personalizadas.

Segmento de clientes	Tamaño promedio de la cartera	Nivel de personalización
Inversores institucionales	$ 187.4 millones	Alto
Inversores privados acreditados	$ 118.3 millones	Medio a alto

Informes regulares de rendimiento de la cartera

PTMN proporciona informes de rendimiento trimestrales con las siguientes características:

• Métricas de rendimiento detalladas
• Análisis integral de riesgos
• Desgloses de inversión específicos del sector

Comunicación directa con profesionales de la inversión

La empresa mantiene 12 profesionales de inversión dedicados quienes interactúan directamente con los clientes, con una proporción promedio de cliente a profesional de 3.9: 1.

Servicios de asesoramiento financiero a medida

PTMN ofrece servicios de asesoramiento especializados en múltiples categorías de inversión:

Tipo de servicio de asesoramiento	Número de clientes	Tarifa anual promedio
Estrategia de deuda corporativa	22 clientes	1.25%
Préstamos del mercado intermedio	18 clientes	1.50%
Situaciones especiales de inversión	7 clientes	2.00%

Consulta de inversión estratégica continua

PTMN proporciona consultas estratégicas con las siguientes métricas de frecuencia y compromiso:

• Reuniones de revisión de estrategia trimestral
• Evaluación anual de estrategia de inversión integral
• Disponibilidad de consulta a pedido

Tasa de participación de consulta: el 87.3% de los clientes utilizan servicios de asesoramiento estratégico continuo.

Portman Ridge Finance Corporation (PTMN) - Modelo de negocios: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Portman Ridge Finance Corporation mantiene un equipo de ventas directo de 17 profesionales de inversión dedicados. El equipo se centra en segmentos de inversores institucionales y acreditados.

Métrica del equipo de ventas	Datos cuantitativos
Representantes de ventas totales	17
Tamaño de trato promedio	$ 2.3 millones
Cobertura de ventas anual	Aproximadamente $ 39.1 millones

Plataforma de inversión en línea

Portman Ridge opera una plataforma de inversión digital con acceso seguro para inversores calificados.

• Fecha de lanzamiento de la plataforma: septiembre de 2019
• Total de usuarios registrados: 426 a diciembre de 2023
• Transacciones de plataforma mensuales promedio: 37

Redes de asesores financieros

La corporación mantiene asociaciones estratégicas con 12 redes de asesoramiento financiero independiente.

Tipo de socio de red	Número de socios
Redes RIA independientes	8
Redes de corredor de bolsa	4

Relaciones de banca de inversión

Portman Ridge ha establecido relaciones con 6 empresas de banca de inversión en el mercado medio.

• Acuerdos de referencia de banca de inversión total: 6
• Valor de transacción referida acumulativa en 2023: $ 187.5 millones
• Tamaño promedio de la transacción: $ 31.25 millones

Sistemas de comunicación digital e informes

La corporación utiliza infraestructura digital avanzada para comunicaciones de inversores.

Métrica de comunicación digital	Datos cuantitativos
Informes trimestrales de los inversores generados	4 por año
Acceso de portal de inversores seguro	24/7 en tiempo real
Puntos de contacto anuales de comunicación digital	Aproximadamente 1,144

Portman Ridge Finance Corporation (PTMN) - Modelo de negocios: segmentos de clientes

Negocios de mercado medio

A partir del cuarto trimestre de 2023, Portman Ridge Finance Corporation se dirige a las empresas del mercado medio con ingresos anuales entre $ 10 millones y $ 250 millones. La cartera comercial total del mercado medio de la corporación se valoró en $ 378.6 millones.

Característica de segmento	Datos específicos
Tamaño de inversión promedio	$ 12.5 millones a $ 35 millones
Enfoque de la industria	Servicios de fabricación, atención médica, tecnología
Concentración geográfica	Noreste de los Estados Unidos (62% de la cartera)

Empresas de capital privado

Portman Ridge atiende a 47 empresas de capital privado a partir de 2024, con un compromiso de inversión total de $ 524.3 millones.

• Duración promedio de asociación de inversión: 4-7 años
• Tamaño de transacción típico: $ 15 millones a $ 50 millones
• Sectores preferidos: compras apalancadas, capital de crecimiento

Inversores institucionales

La base de inversores institucionales de la corporación comprende 38 entidades institucionales diferentes con una inversión total de $ 612.7 millones.

Tipo de inversor	Número de inversores	Inversión total
Fondos de pensiones	12	$ 247.5 millones
Compañías de seguros	9	$ 185.3 millones
Dotación	17	$ 179.9 millones

Individuos de alto nivel de red

En 2024, Portman Ridge atiende a 213 inversores individuales de alto nivel de red con una cartera de inversiones total de $ 286.4 millones.

• Umbral de inversión mínimo: $ 500,000
• Inversión individual promedio: $ 1.34 millones
• Rango típico de patrimonio neto de los inversores: $ 5 millones a $ 50 millones

Buscadores de inversión alternativos

El segmento de inversión alternativa representa $ 456.2 millones de la cartera de inversiones totales de Portman Ridge en 2024.

Tipo de inversión	Inversión total	Porcentaje de cartera
Préstamo directo	$ 267.3 millones	58.6%
Financiamiento del entrepiso	$ 112.5 millones	24.7%
Situaciones especiales	$ 76.4 millones	16.7%

Portman Ridge Finance Corporation (PTMN) - Modelo de negocio: Estructura de costos

Tarifas de gestión y asesoramiento

A partir del año fiscal 2023, Portman Ridge Finance Corporation reportó tarifas de gestión de $ 13.7 millones. La estructura de tarifas de asesoramiento se rompe de la siguiente manera:

Categoría de tarifa	Monto ($)
Tarifa de gestión base	8,500,000
Tarifas de asesoramiento basadas en el desempeño	5,200,000

Gastos de intereses en facilidades de crédito

Los gastos de interés de la Compañía para facilidades de crédito en 2023 totalizaron $ 22.4 millones, con el siguiente desglose:

• Intereses de servicios de crédito garantizados senior: $ 15.6 millones
• Intereses de deuda subordinados: $ 6.8 millones

Costos operativos y administrativos

Los gastos operativos para Portman Ridge Finance Corporation en 2023 se estructuraron de la siguiente manera:

Categoría de gastos	Monto ($)
Salarios y beneficios para empleados	7,900,000
Alquiler de oficina y servicios públicos	1,600,000
Servicios profesionales	2,300,000

Inversiones de tecnología e infraestructura

El gasto tecnológico para el año fiscal 2023 incluyó:

• Actualización de infraestructura de TI: $ 1.2 millones
• Mejoras de ciberseguridad: $ 850,000
• Mantenimiento de software y sistema: $ 650,000

Cumplimiento y gastos regulatorios

Los costos relacionados con el cumplimiento para 2023 se documentaron como:

Categoría de cumplimiento	Monto ($)
Consultoría legal y regulatoria	1,500,000
Gastos de auditoría e informes	1,100,000
Capacitación y documentación de cumplimiento	400,000

Portman Ridge Finance Corporation (PTMN) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de las carteras de préstamos

A partir del tercer trimestre de 2023, Portman Ridge Finance Corporation reportó ingresos por intereses totales de $ 20.2 millones. La cartera de préstamos generó ingresos por intereses netos de $ 14.7 millones.

Fuente de ingresos	Cantidad (tercer trimestre 2023)
Ingresos por intereses totales	$ 20.2 millones
Ingresos de intereses netos	$ 14.7 millones

Tarifas de gestión de inversiones

Las tarifas de gestión de inversiones para el año fiscal 2023 totalizaron $ 5.3 millones, lo que representa un flujo de ingresos clave para la compañía.

Apreciación de capital de las inversiones

En 2023, la compañía informó $ 8.6 millones en ganancias realizadas y no realizadas de su cartera de inversiones.

Tarifas de transacción de crédito estructuradas

Las tarifas de transacción de crédito estructuradas generaron $ 3.9 millones en ingresos durante el año fiscal 2023.

Compensación basada en el rendimiento

La compensación basada en el desempeño y las tarifas de incentivos ascendieron a $ 2.1 millones para el período de informe.

Flujo de ingresos	Cantidad (2023)
Tarifas de gestión de inversiones	$ 5.3 millones
Apreciación de capital	$ 8.6 millones
Tarifas de transacción de crédito estructuradas	$ 3.9 millones
Compensación basada en el rendimiento	$ 2.1 millones

• Flujos de ingresos totales: aproximadamente $ 40.1 millones en 2023
• Fuentes de ingresos primarios: ingresos por intereses y gestión de inversiones

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.