Bcp Investment Corporation · NASDAQ:BCIC
Bcp Investment — Portman Ridge Finance — Q2 2020 Earnings Presentation
11 slides from Bcp Investment's earnings presentation, Aug 10, 2020
Slide 1: 2020 Q2 Earnings Presentation
2020 Q2 Earnings Presentation August 10, 2020
Slide 2: Important Information
Important Information Cautionary Statement Regarding Forward-Looking Statements This presentation contains forward-looking statements. The matters discussed in this presentation, as well as in future oral and written statements by management of Portman Ridge Finance Corporation (“PTMN”, “Portman Rid
Slide 3: Earnings Summary
Earnings Summary Earnings Highlights ▪ As of June 30, 2020, our NAV stood at $120.7 million or $2.71 per share ▪ The NAV increase from March 31, 2020 was mainly attributable to unrealized gains, including $2.3 million on our debt securities portfolio and $2.3 million on our investment in the KCAP Fr
Slide 4: Net Asset Value Rollforward
Net Asset Value Rollforward ($ in ‘000s) Q3 2019 Q4 2019 Q1 2020 Q2 2020 NAV, Beginning of Period $139,178 $132,723 $152,199 $120,370 (1) Realized Gains (Losses) from Investments (1,176) (1,326) (1,048) (882) (1) Unrealized Gains (Losses) (5,317) (2,649) (30,924) 1,565 Net Investment Income 2,242 2,
Slide 5: Portfolio Activity
(1) Portfolio Activity ($ in ‘000s) Q3 2019 Q4 2019 Q1 2020 Q2 2020 Beginning Balance $259,561 $264,211 $273,690 $269,859 Purchases / Draws 54,874 73,612 44,959 37,920 Exits / Repayments / Amortization (43,731) (60,155) (16,818) (29,807) Gains / (Losses) (6,493) (3,977) (31,973) 683 Ending Balance $
Slide 6: Credit Quality
Credit Quality As shown below, the percentage of non-accrual assets (both on a cost and fair value basis) as a percentage of total has been decreasing on a quarter over quarter basis ($ in ‘000s) Q4 2019 Q1 2020 Q2 2020 Investments on Non-Accrual Status Non-Accrual Investments at Cost $25,685 $27,38
Slide 7: Reduction in Legacy Assets
Reduction in Legacy Assets Legacy Assets Reduction ($ in ‘000s)(1) $227,013 60,550 50% 52% 45,605 $113,236 63% 29,277 16,892 120,858 45% 67,067 At Entry 6/30/2020 KCAP Debt & Equity KCAP CLO OHAI A full year after the externalization of PTMN, the legacy PTMN book represents only 30% of current inves
Slide 8: Asset Rotation Over the Last Four Quarters
Asset Rotation Over the Last Four Quarters BC Partners has been actively rotating the Portman Ridge portfolio out of its CLO investments into BC sourced and underwritten investments, both directly as a debt investment on balance sheet as well as through its managed JVs September 30, 2019(1) December
Slide 9: Portfolio Diversification
(1) Portfolio Diversification (2) Diversified Portfolio of Assets Diversification by Borrower Top 5 5.1% Borrowers, 73 Portfolio Companies and 108 Separate Securities 3.5% 18.8% 3.5% 3.4% $2.0mm / 0.9% Average Position Size 3.3% Remaining Investments, 34.6% U.S Centric Investments: ~97% US Based Com
Slide 10: Appendix
RIDGE Appendix
Slide 11: BC Partners Credit Platform
BC Partners Credit Platform BC PARTNERS CREDIT: A FULL CREDIT CYCLE INVESTMENT PLATFORM 2017 16 17 c. $4.1bn1 FOUNDED PLATFORM INVESTMENT PROFESSIONALS AVG. YEARS OF EXPERIENCE OF IN AUM ACROSS SENIOR INVESTMENT TEAM CREDIT PLATFORM Yield: $3.3bn in AUM Opportunistic: $826m in AUM ▪ Direct lending f
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