Portman Ridge Finance Corporation (PTMN): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de investimento alternativo e financiamento do mercado intermediário, a Portman Ridge Finance Corporation (PTMN) surge como uma potência estratégica, oferecendo soluções financeiras sofisticadas que preenchem lacunas críticas para empresas que buscam capital flexível e direcionado. Ao alavancar um modelo de negócios abrangente que integra empréstimos especializados, investimentos estratégicos e experiência financeira personalizada, a PTMN se posicionou como um participante fundamental no cenário complexo de investimentos em crédito, entregando retornos atraentes ajustados ao risco e opções inovadoras de financiamento para empresas e investidores de discernimento.

Portman Ridge Finance Corporation (PTMN) - Modelo de negócios: Parcerias -chave

Corporações de crédito de desenvolvimento de negócios

Portman Ridge Finance Corporation mantém parcerias estratégicas com as seguintes corporações de crédito de desenvolvimento de negócios:

Corporação parceira	Detalhes da parceria	Foco de colaboração
Monroe Capital LLC	Colaboração de empréstimos diretos	Soluções de crédito de mercado intermediário
Golub Capital	Acordos de empréstimos sindicados	Financiamento da dívida corporativa

Empresas de gerenciamento de investimentos

As principais parcerias da empresa de gerenciamento de investimentos incluem:

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

Private equity e redes alternativas de investimento

Rede/empresa	Tipo de parceria	Escopo de investimento
Hamilton Lane	Rede de investimento alternativo	US $ 72,4 bilhões de ativos sob gestão
Pantheon se aventura	Rede Global de Private Equity	US $ 48,1 bilhões no total de ativos

Fornecedores de Consultoria Financeira e Serviço Jurídico

Parcerias jurídicas e de consultoria críticas:

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

Análise de crédito e empresas de avaliação de risco

Empresa	Serviços prestados	Receita anual
S&P Global Market Intelligence	Avaliação de risco de crédito	US $ 8,4 bilhões (2022)
A análise da Moody	Avaliação abrangente de risco	US $ 5,2 bilhões (2022)

Portman Ridge Finance Corporation (PTMN) - Modelo de negócios: Atividades -chave

Empréstimos diretos para empresas de mercado intermediário

No terceiro trimestre de 2023, o portfólio total de investimentos da Portman Ridge Finance Corporation era de US $ 287,1 milhões, com empréstimos diretos representando uma parcela significativa de sua estratégia de investimento.

Métrica de empréstimo	Valor
Tamanho médio do empréstimo de mercado médio	US $ 15,3 milhões
Carteira total de empréstimos de mercado médio	US $ 203,4 milhões
Rendimento médio ponderado em empréstimos	12.5%

Investimentos de crédito estruturado

Os investimentos em crédito estruturado formam um componente crítico da abordagem de investimento da PTMN.

• Investimentos totais de crédito estruturado: US $ 84,7 milhões
• Duração média do investimento: 3-5 anos
• Diversificação entre os setores: Financeiro, Saúde, Tecnologia

Gerenciamento e monitoramento de portfólio

Métrica de gerenciamento de portfólio	Valor
Número de empresas de portfólio	32
Frequência de revisão trimestral de portfólio	4 vezes por ano
Taxa de gerenciamento ativo	98%

Captura de capital e relações de investidores

Em 31 de dezembro de 2023, o PTMN relatou:

• Total de ativos sob gestão: US $ 341,2 milhões
• Número de investidores institucionais: 47
• Capital total levantado em 2023: US $ 62,5 milhões

Avaliação e avaliação de risco de crédito

Métrica de avaliação de risco	Valor
Razão de empréstimos não-desempenho	3.2%
Classificação média de crédito do portfólio	B+
Frequência anual de reavaliação de risco	Contínuo

Portman Ridge Finance Corporation (PTMN) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir de 2024, a Portman Ridge Finance Corporation mantém uma equipe de liderança com a seguinte composição:

Posição	Nome	Anos de experiência
Presidente & CEO	Ted Goldthorpe	Mais de 20 anos
Diretor financeiro	Raj Vig	Mais de 15 anos

Portfólio de investimentos diversificado

Aparelhamento do portfólio de investimentos a partir do quarto trimestre 2023:

Categoria de ativos	Valor total de investimento	Percentagem
Empréstimos garantidos sênior	US $ 456,7 milhões	62%
Dívida subordinada	US $ 178,3 milhões	24%
Valores mobiliários	US $ 105,6 milhões	14%

Capital financeiro e linhas de crédito

Recursos financeiros em 31 de dezembro de 2023:

• Total de ativos: US $ 697,4 milhões
• Dívida total: US $ 308,6 milhões
• Valor líquido do ativo: US $ 388,8 milhões
• Limite da linha de crédito: US $ 250 milhões

Tecnologias avançadas de análise de crédito

Investimentos de infraestrutura de tecnologia:

• Software de gerenciamento de riscos: Plataforma de análise de Moody
• Análise de dados: Rede de Terminais Bloomberg
• Segurança cibernética: Sistemas criptografados de várias camadas

Forte rede de relacionamentos da indústria

Principais parcerias estratégicas a partir de 2024:

Tipo de parceiro	Número de relacionamentos
Bancos de investimento	12
Empresas de private equity	18
Empresas de consultoria jurídica	7

Portman Ridge Finance Corporation (PTMN) - Modelo de negócios: proposições de valor

Soluções especializadas de empréstimos de mercado médio

No quarto trimestre de 2023, a Portman Ridge Finance Corporation gerencia um portfólio total de investimentos de US $ 352,3 milhões, focado em empresas de mercado médio com receitas anuais entre US $ 10 milhões e US $ 100 milhões.

Segmento de portfólio	Valor do investimento	Rendimento médio
Empréstimos garantidos sênior	US $ 214,5 milhões	9.7%
Dívida subordinada	US $ 87,6 milhões	12.3%
Investimentos em ações	US $ 50,2 milhões	15.2%

Retornos atraentes de investimento ajustados ao risco

O desempenho histórico da PTMN demonstra retornos consistentes:

• Receita líquida de investimento: US $ 22,4 milhões em 2023
• Retorno total do investimento: 11,6%
• Valor líquido do ativo por ação: $ 4,82

Opções de financiamento flexíveis para empresas

As estruturas de financiamento oferecidas por Portman Ridge incluem:

Tipo de financiamento	Tamanho médio do empréstimo	Termo típico
Empréstimos a termo	US $ 15-25 milhões	3-6 anos
Crédito rotativo	US $ 5-15 milhões	2-4 anos
Instalações unitranche	US $ 20-40 milhões	5-7 anos

Acesso a investimentos alternativos de crédito

Setores de investimento no portfólio da PTMN a partir de 2023:

• Saúde: 22,5%
• Software & Tecnologia: 18,3%
• Serviços de negócios: 16,7%
• Fabricação: 14,2%
• Outros setores: 28,3%

Experiência em ambientes de crédito complexos

Métricas de qualidade de crédito para o portfólio da PTMN:

Métrica	Valor
Ativos não-desempenho	2.3%
Taxa padrão	1.7%
Taxa de cobertura ponderada por risco	1.85x

Portman Ridge Finance Corporation (PTMN) - Modelo de negócios: Relacionamentos do cliente

Gestão personalizada de investimentos

A partir do quarto trimestre de 2023, a Portman Ridge Finance Corporation gerencia US $ 305,7 milhões em ativos totais de portfólio de investimentos. A empresa atende a aproximadamente 47 investidores institucionais e credenciados com estratégias de investimento personalizadas.

Segmento de clientes	Tamanho médio do portfólio	Nível de personalização
Investidores institucionais	US $ 187,4 milhões	Alto
Investidores privados credenciados	US $ 118,3 milhões	Médio a alto

Relatórios regulares de desempenho do portfólio

O PTMN fornece relatórios de desempenho trimestrais com as seguintes características:

• Métricas de desempenho detalhadas
• Análise abrangente de risco
• Repartições de investimentos específicos do setor

Comunicação direta com profissionais de investimento

A empresa mantém 12 profissionais de investimento dedicados que interagem diretamente com os clientes, com uma proporção média de cliente-profissional de 3,9: 1.

Serviços de consultoria financeira personalizada

A PTMN oferece serviços de consultoria especializados em várias categorias de investimento:

Tipo de serviço de consultoria	Número de clientes	Taxa média anual
Estratégia de dívida corporativa	22 clientes	1.25%
Empréstimos do mercado médio	18 clientes	1.50%
Situações especiais investindo	7 clientes	2.00%

Consulta de investimento estratégico em andamento

O PTMN fornece consulta estratégica com as seguintes métricas de frequência e engajamento:

• Reuniões trimestrais de revisão de estratégia
• Avaliação anual de estratégia de investimento
• Disponibilidade de consulta sob demanda

Taxa de engajamento de consulta: 87,3% dos clientes utilizam serviços de consultoria estratégica em andamento.

Portman Ridge Finance Corporation (PTMN) - Modelo de negócios: canais

Equipe de vendas diretas

No quarto trimestre 2023, a Portman Ridge Finance Corporation mantém uma equipe de vendas direta de 17 profissionais de investimento dedicados. A equipe se concentra em segmentos de investidores institucionais e credenciados.

Métrica da equipe de vendas	Dados quantitativos
Total de representantes de vendas	17
Tamanho médio de negócios	US $ 2,3 milhões
Cobertura anual de vendas	Aproximadamente US $ 39,1 milhões

Plataforma de investimento online

Portman Ridge opera uma plataforma de investimento digital com acesso seguro para investidores qualificados.

• Data de lançamento da plataforma: setembro de 2019
• Total de usuários registrados: 426 em dezembro de 2023
• Transações médias mensais da plataforma: 37

Redes de consultores financeiros

A corporação mantém parcerias estratégicas com 12 redes consultivas financeiras independentes.

Tipo de parceiro de rede	Número de parceiros
Redes RIA independentes	8
Redes de corretores	4

Relacionamentos bancários de investimento

Portman Ridge estabeleceu relacionamentos com 6 empresas bancárias de investimento no meio do mercado.

• Acordos totais de referência bancária de investimento: 6
• Valor cumulativo referido de transação em 2023: US $ 187,5 milhões
• Tamanho médio da transação: US $ 31,25 milhões

Sistemas de comunicação e relatórios digitais

A corporação utiliza infraestrutura digital avançada para comunicações de investidores.

Métrica de comunicação digital	Dados quantitativos
Relatórios trimestrais de investidores gerados	4 por ano
Acesso seguro do portal do investidor	24/7 em tempo real
Pontos de contato anuais de comunicação digital	Aproximadamente 1.144

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

Negócios de mercado intermediário

A partir do quarto trimestre de 2023, a Portman Ridge Finance Corporation tem como alvo negócios de médio porte com receita anual entre US $ 10 milhões e US $ 250 milhões. O portfólio de negócios total do mercado médio da corporação foi avaliado em US $ 378,6 milhões.

Característica do segmento	Dados específicos
Tamanho médio de investimento	US $ 12,5 milhões a US $ 35 milhões
Foco da indústria	Manufatura, serviços de saúde, serviços de tecnologia
Concentração geográfica	Nordeste dos Estados Unidos (62% do portfólio)

Empresas de private equity

Portman Ridge atende a 47 empresas de private equity a partir de 2024, com um compromisso total de investimento de US $ 524,3 milhões.

• Duração média da parceria de investimento: 4-7 anos
• Tamanho da transação típica: US $ 15 milhões a US $ 50 milhões
• Setores preferidos: aquisições alavancadas, capital de crescimento

Investidores institucionais

A base de investidores institucionais da corporação compreende 38 entidades institucionais diferentes, com um investimento total de US $ 612,7 milhões.

Tipo de investidor	Número de investidores	Investimento total
Fundos de pensão	12	US $ 247,5 milhões
Companhias de seguros	9	US $ 185,3 milhões
Doações	17	US $ 179,9 milhões

Indivíduos de alta rede

Em 2024, Portman Ridge atende a 213 investidores individuais de alta rede com um portfólio total de investimentos de US $ 286,4 milhões.

• Limite mínimo de investimento: US $ 500.000
• Investimento individual médio: US $ 1,34 milhão
• Valor líquido de investidores típicos: US $ 5 milhões a US $ 50 milhões

Buscadores de investimentos alternativos

O segmento de investimento alternativo representa US $ 456,2 milhões do portfólio total de investimentos de Portman Ridge em 2024.

Tipo de investimento	Investimento total	Porcentagem de portfólio
Empréstimos diretos	US $ 267,3 milhões	58.6%
Financiamento do Mezzanino	US $ 112,5 milhões	24.7%
Situações especiais	US $ 76,4 milhões	16.7%

Portman Ridge Finance Corporation (PTMN) - Modelo de negócios: estrutura de custos

Taxas de gestão e consultoria

No ano fiscal de 2023, a Portman Ridge Finance Corporation registrou taxas de gerenciamento de US $ 13,7 milhões. A estrutura de taxas de consultoria quebra da seguinte maneira:

Categoria de taxa	Valor ($)
Taxa de gerenciamento base	8,500,000
Taxas de consultoria baseadas em desempenho	5,200,000

Despesas de juros em linhas de crédito

As despesas de juros da Companhia em linhas de crédito em 2023 totalizaram US $ 22,4 milhões, com a seguinte quebra:

• Interesses da Linha de Crédito Sênior: US $ 15,6 milhões
• Juros de dívida subordinada: US $ 6,8 milhões

Custos operacionais e administrativos

As despesas operacionais da Portman Ridge Finance Corporation em 2023 foram estruturadas da seguinte forma:

Categoria de despesa	Valor ($)
Salários e benefícios dos funcionários	7,900,000
Aluguel e utilitários do escritório	1,600,000
Serviços profissionais	2,300,000

Investimentos de tecnologia e infraestrutura

Os gastos com tecnologia para o ano fiscal de 2023 incluíram:

• Atualização de infraestrutura de TI: US $ 1,2 milhão
• Aprimoramentos de segurança cibernética: US $ 850.000
• Manutenção de software e sistema: US $ 650.000

Conformidade e despesas regulatórias

Os custos relacionados à conformidade para 2023 foram documentados como:

Categoria de conformidade	Valor ($)
Consultoria legal e regulatória	1,500,000
Despesas de auditoria e relatório	1,100,000
Treinamento e documentação de conformidade	400,000

Portman Ridge Finance Corporation (PTMN) - Modelo de negócios: fluxos de receita

Receita de juros de carteiras de empréstimos

No terceiro trimestre de 2023, a Portman Ridge Finance Corporation registrou receita total de juros de US $ 20,2 milhões. A carteira de empréstimos gerou receita de juros líquidos de US $ 14,7 milhões.

Fonte de receita	Valor (Q3 2023)
Receita total de juros	US $ 20,2 milhões
Receita de juros líquidos	US $ 14,7 milhões

Taxas de gerenciamento de investimentos

As taxas de gerenciamento de investimentos para o ano fiscal de 2023 totalizaram US $ 5,3 milhões, representando um fluxo de receita importante para a empresa.

Apreciação de capital dos investimentos

Em 2023, a empresa relatou US $ 8,6 milhões em ganhos realizados e não realizados de seu portfólio de investimentos.

Taxas estruturadas de transação de crédito

As taxas estruturadas de transação de crédito geraram US $ 3,9 milhões em receita durante o ano fiscal de 2023.

Remuneração baseada em desempenho

As taxas de remuneração e incentivo baseadas em desempenho totalizaram US $ 2,1 milhões para o período de relatório.

Fluxo de receita	Valor (2023)
Taxas de gerenciamento de investimentos	US $ 5,3 milhões
Apreciação de capital	US $ 8,6 milhões
Taxas estruturadas de transação de crédito	US $ 3,9 milhões
Remuneração baseada em desempenho	US $ 2,1 milhões

• Fluxos totais de receita: aproximadamente US $ 40,1 milhões em 2023
• Fontes de receita primária: Renda de juros e gerenciamento de investimentos

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.