Portman Ridge completes merger with Logan Ridge, plans rebranding

NEW YORK - Portman Ridge Finance Corporation (NASDAQ:PTMN), currently trading at $12.85 with a market capitalization of $119 million, announced Tuesday it has completed its previously announced merger with Logan Ridge Finance Corporation (NASDAQ:LRFC), with Portman Ridge remaining as the surviving company.

The combined entity has total assets exceeding $600 million based on July 11 financial data. Logan Ridge shareholders will receive approximately 4.0 million shares of Portman Ridge common stock in aggregate, representing 1.5 shares of PTMN for each LRFC share. According to InvestingPro, PTMN maintains a strong dividend yield of 15% and has maintained dividend payments for 19 consecutive years. Discover more insights about PTMN’s financial health and growth potential with InvestingPro’s comprehensive analysis tools.

Ted Goldthorpe, President and CEO of Portman Ridge, said the company plans to rebrand as BCP Investment Corporation later this summer, which will "better reflect our affiliation with the broader BC Partners Credit Platform."

Following the merger, Portman Ridge outlined several initiatives including changing its ticker symbol to BCIC, transitioning to monthly base distributions beginning in 2026 while maintaining potential quarterly supplemental distributions, and implementing a share purchase program.

The company, along with its management, adviser and affiliates, intends to purchase up to 20% of outstanding common stock over the next 24 months if shares continue trading below 80% of net asset value. Portman Ridge’s board previously authorized a $10 million open market stock repurchase program running through March 31, 2026.

Keefe, Bruyette & Woods served as financial advisor to Portman Ridge’s Special Committee, while Houlihan Lokey advised Logan Ridge’s Special Committee on the transaction.

Portman Ridge is a publicly traded business development company that invests in middle market companies, with investment activities managed by Sierra Crest Investment Management LLC, an affiliate of BC Partners.

The information in this article is based on a company press release statement.

In other recent news, Portman Ridge Finance Corporation reported its Q1 2025 earnings, revealing a significant miss in both earnings per share (EPS) and revenue. The company’s EPS was -$0.01, falling short of the forecasted $0.62, while revenue came in at $12.1 million, below the expected $14.04 million. Additionally, Portman Ridge shareholders approved a merger with Logan Ridge Finance Corporation, with Logan Ridge stockholders having previously approved the merger. Under the merger terms, Logan Ridge shareholders will receive 1.50 newly issued shares of Portman Ridge common stock for each share they hold. The merger is anticipated to close around July 15, 2025, and Portman Ridge will rebrand as BCP Investment Corporation, trading under the ticker "BCIC." The company plans to shift from quarterly to monthly base distributions starting in 2026. Portman Ridge’s board has also authorized a $10 million open market stock repurchase program. These developments reflect the company’s strategic initiatives aimed at enhancing growth and operational efficiency.

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