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Midas Edge

Portman Ridge Finance Corp

For the period ended Jun 30, 2025. Filed Aug 7, 2025.

View on SEC.gov

About this filing

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.

Jun 30, 2025 · Filed Aug 7, 2025

BCIC$6.17+3.0%Stored close · as of Nov 6, 2026
See the whole filing, with its images and exhibits
Contents

Item 1. Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (unaudited)

For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
INVESTMENT INCOME
Interest income:
Non-controlled/non-affiliated investments$8,463$11,913$15,763$24,534
Non-controlled affiliated investments324312640407
Total interest income8,78712,22516,40324,941
Payment-in-kind income:
Non-controlled/non-affiliated investments(1)2,3542,0185,2073,912
Non-controlled affiliated investments95183303295
Total payment-in-kind income2,4492,2015,5104,207
Dividend income:
Non-controlled affiliated investments1,2131,8002,6303,453
Total dividend income1,2131,8002,6303,453
Fees and other income:
Non-controlled/non-affiliated investments98111122262
Non-controlled affiliated investments83—83—
Total fees and other income181111205262
Total investment income12,63016,33724,74832,863
EXPENSES
Management fees1,4451,6802,9113,409
Performance-based incentive fees9671,3741,8872,608
Interest and amortization of debt issuance costs4,2305,3658,52811,091
Professional fees4034698551,074
Administrative services expense450361861717
Directors' expense142162286323
Other general and administrative expenses436449523939
Total expenses8,0739,86015,85120,161
NET INVESTMENT INCOME4,5576,4778,89712,702
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) from investment transactions:
Non-controlled/non-affiliated investments(9,648)(694)(9,729)(2,335)
Non-controlled affiliated investments——(92)—
Controlled affiliated investments(6,192)(6,228)(6,192)(6,644)
Net realized gain (loss) on investments(15,840)(6,922)(16,013)(8,979)
Net change in unrealized appreciation (depreciation) on:
Non-controlled/non-affiliated investments3,390(10,163)1,889(10,822)
Non-controlled affiliated investments(3,014)(2,055)(4,154)(1,915)
Controlled affiliated investments6,2876,2525,0136,842
Derivatives(35)—(23)—
Net change in unrealized appreciation (depreciation) on investments6,628(5,966)2,725(5,895)
Tax (provision) benefit on realized and unrealized gains (losses) on investments13778(209)537
Net realized and unrealized appreciation (depreciation) on investments, net of taxes(9,075)(12,810)(13,497)(14,337)
Net realized gain (loss) on extinguishment of debt—(39)—(252)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS$(4,518)$(6,372)$(4,600)$(1,887)
Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share:
Basic and Diluted:$(0.49)$(0.69)$(0.50)$(0.20)
Net Investment Income Per Common Share:
Basic and Diluted:$0.50$0.70$0.97$1.36
Weighted Average Shares of Common Stock Outstanding — Basic and Diluted9,204,6579,293,6879,201,4519,319,272

(1)

During thethree months ended June 30, 2025 and 2024, the Company received $0.1 million and $0.1 million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item. During thesix months ended June 30, 2025 and 2024, the Company received $0.3 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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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.