Portman Ridge Finance Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 09, 2022 at 02:36 am IST
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Portman Ridge Finance Corporation reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported revenue was USD 19.01 million compared to USD 22.91 million a year ago. Net loss was USD 4.21 million compared to net income of USD 9.15 million a year ago. Basic loss per share from continuing operations was USD 0.44 compared to basic earnings per share from continuing operations of USD 1 a year ago.
For the nine months, revenue was USD 51 million compared to USD 62.76 million a year ago. Net loss was USD 8.58 million compared to net income of USD 28.03 million a year ago. Basic loss per share from continuing operations was USD 0.89 compared to basic earnings per share from continuing operations of USD 3.41 a year ago.
Portman Ridge Finance Corporation (the Fund) is a non-diversified closed-end investment company. The Fundâs investment objective is to generate current income and, to a lesser extent, capital appreciation from the investments in senior secured term loans, mezzanine debt and selected equity investments in privately held middle market companies. The Fund primarily invests in first and second lien term loans. The Fund originates, structures and invests in secured term loans, bonds or notes and mezzanine debt primarily in privately held middle market companies but may also invest in other investments, such as loans to publicly traded companies, high-yield bonds and distressed debt securities (collectively, the Debt Securities Portfolio). The Fund also invests in debt and subordinated securities issued by collateralized loan obligation funds (CLO Fund Securities). The Fund's investment advisor is Sierra Crest Investment Management LLC and is an affiliate of BC Partners LLP.