Portman Ridge Finance Corp
For the period ended Mar 31, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
BCIC$6.17+3.0%Stored close · as of Nov 6, 2026
Contents
Item 1. Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (unaudited)
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| INVESTMENT INCOME | ||
| Interest income: | ||
| Non-controlled/non-affiliated investments | $7,300 | $12,621 |
| Non-controlled affiliated investments | 316 | 95 |
| Total interest income | 7,616 | 12,716 |
| Payment-in-kind income: | ||
| Non-controlled/non-affiliated investments(1) | 2,853 | 1,894 |
| Non-controlled affiliated investments | 208 | 112 |
| Total payment-in-kind income | 3,061 | 2,006 |
| Dividend income: | ||
| Non-controlled affiliated investments | 1,417 | 1,653 |
| Total dividend income | 1,417 | 1,653 |
| Fees and other income: | ||
| Non-controlled/non-affiliated investments | 24 | 151 |
| Total fees and other income | 24 | 151 |
| Total investment income | 12,118 | 16,526 |
| EXPENSES | ||
| Management fees | 1,466 | 1,729 |
| Performance-based incentive fees | 920 | 1,234 |
| Interest and amortization of debt issuance costs | 4,298 | 5,725 |
| Professional fees | 452 | 604 |
| Administrative services expense | 411 | 356 |
| Directors' expense | 144 | 162 |
| Other general and administrative expenses | 87 | 490 |
| Total expenses | 7,778 | 10,300 |
| NET INVESTMENT INCOME | 4,340 | 6,226 |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | ||
| Net realized gains (losses) from investment transactions: | ||
| Non-controlled/non-affiliated investments | (81) | (1,641) |
| Non-controlled affiliated investments | (92) | — |
| Controlled affiliated investments | — | (416) |
| Net realized gain (loss) on investments | (173) | (2,057) |
| Net change in unrealized appreciation (depreciation) on: | ||
| Non-controlled/non-affiliated investments | (1,501) | (659) |
| Non-controlled affiliated investments | (1,140) | 140 |
| Controlled affiliated investments | (1,274) | 590 |
| Derivatives | 12 | — |
| Net change in unrealized gain (loss) on investments | (3,903) | 71 |
| Tax (provision) benefit on realized and unrealized gains (losses) on investments | (346) | 459 |
| Net realized and unrealized appreciation (depreciation) on investments, net of taxes | (4,422) | (1,527) |
| Net realized gain (loss) on extinguishment of debt | — | (213) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(82) | $4,486 |
| Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share: | ||
| Basic and Diluted: | $(0.01) | $0.48 |
| Net Investment Income Per Common Share: | ||
| Basic and Diluted: | $0.47 | $0.67 |
| Weighted Average Shares of Common Stock Outstanding — Basic and Diluted | 9,198,223 | 9,344,994 |
(1)
During thethree months ended March 31, 2025 and 2024, the Company received $0.2 million and $0.1 million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS(1)
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