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NEW YORK - Portman Ridge Finance Corporation (NASDAQ: PTMN), a business development company with a market capitalization of $107 million and a notable 16.32% dividend yield according to InvestingPro, announced Tuesday it will rebrand as BCP Investment Corporation and change its ticker symbol to BCIC following the closing of its merger with Logan Ridge Finance Corporation.
The business development company also plans to transition from quarterly to monthly base distributions beginning in 2026, while maintaining the potential for quarterly supplemental distributions that would represent approximately 50% of incremental net investment income exceeding the base monthly payments. InvestingPro data reveals the company has maintained dividend payments for 19 consecutive years, with a strong track record of raising dividends for the past 4 years.
In addition, the company disclosed that it, along with its management, adviser and affiliates, intends to acquire up to 20% of outstanding common stock over the next 24 months if shares continue trading below 80% of net asset value. Based on the March 31 NAV per share, this represents a price threshold of $15.08, a 31% premium to Monday’s closing price. The stock is currently trading near its 52-week low of $11.48, with a healthy current ratio of 2.48x indicating strong short-term liquidity. Discover more detailed financial metrics and analysis with a comprehensive Pro Research Report, available exclusively on InvestingPro.
These stock purchases will commence no earlier than 60 days after the Logan Ridge merger closes and may occur through open market transactions or privately negotiated deals. The company’s board previously authorized a $10 million stock repurchase program running from March 12, 2025, to March 31, 2026.
Ted Goldthorpe, President and CEO of Portman Ridge, said the rebranding "reflects the Company’s affiliation with the broader BC Partners Credit Platform" and demonstrates the platform’s commitment to the company’s success.
The special meeting of Portman Ridge shareholders to vote on the merger is scheduled for June 20, 2025, at 10:00 am ET.
This information is based on a press release statement from Portman Ridge Finance Corporation.
In other recent news, Portman Ridge Finance Corporation reported its first-quarter 2025 earnings, missing analysts’ expectations. The company posted an earnings per share (EPS) of -$0.01, significantly below the forecasted $0.62, while revenue fell short at $12.1 million compared to the projected $14.04 million. In addition to these financial results, Portman Ridge announced a proposed merger with Logan Ridge Finance Corporation, which is anticipated to bring synergies and cost savings. This merger is part of Portman Ridge’s strategic initiatives to enhance operational efficiency and shareholder value.
The company is also navigating an economic environment marked by uncertainty, focusing on disciplined credit selection and potential supplemental dividends in future quarters. Despite the earnings miss, analysts noted that the anticipated merger could position Portman Ridge for future growth. The company’s CEO, Ted Goulthorpe, emphasized a strategic focus on service-related businesses, healthcare, and software sectors, which are less impacted by direct consumer market fluctuations.
Portman Ridge’s financial highlights for the quarter include a decrease in investment income to $12.1 million from $14.4 million in the previous quarter and a reduction in net asset value by $5 million. Analysts from firms such as Lucid Capital Markets and Ladenburg Thalmann have been actively engaging with the company, inquiring about non-accrual investments and the potential impacts of tariffs on the portfolio. The company remains cautious but optimistic about leveraging its robust pipeline and prudent investment strategy to deliver strong returns.
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