Bcp Investment Corporation · NASDAQ:BCIC
Bcp Investment — Portman Ridge Finance — Q2 2022 Earnings Presentation
20 slides from Bcp Investment's earnings presentation, Aug 11, 2022
Slide 1: 2022 Q2 Earnings Presentation
2022 Q2 Earnings Presentation August 10, 2022 Exhibit 99.2
Slide 2: Important Information: Cautionary Statement Regarding Forward-Looking Statements
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: Quarterly Highlights: Q2 2022 Highlights
NAV per share as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, was decreased 1 cent and 5 cents per share for the quarters ended June 30, 2022 and March 31, 2022, respectively, due to the impact of quarterly tax provisions. Core investment income represen
Slide 4: Financial Highlights
Financial Highlights Core net investment income represents reported total net investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase price discount accounting in connection with the Garrison Capital Inc. (“GARS”) an
Slide 5: Core Earning Analysis
Core Earning Analysis Core net investment income represents reported total net investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase price discount accounting in connection with the Garrison Capital Inc. (“GARS”) a
Slide 6: Delayed Closings
As discussed on the prior earnings call, Portman Ridge had a healthy and active pipeline to invest cash on the balance sheet as of March 31, 2022. However, given the volatility in the markets, a number of transactions took significantly longer to close than usual. Delayed Closings
Slide 7: Rising Rates
July 19, 2022 was the most recent practical date used to complete the information presented in this table. 3 month LIBOR per Bloomberg as of August 1, 2022. As of June 30, 2022, approximately 93% of our floating rate assets were on LIBOR contract. Shown below, those contracts have taken a significan
Slide 8: Limited Repayment Activity
Over the last two years, Portman has experienced an average of $1.8mm in income related to repayment / prepayment activity as compared to the current quarter of $0.4mm. Limited Repayment Activity
Slide 9: NII Per Share Bridge
All per share information assumes the ending 6/30/2022 share count, including Q2 2022. The below analysis begins with Q2 2022 net investment income and assumes no other changes to the portfolio (including accrual status of each portfolio company), investment income, professional expenses or administ
Slide 10: Net Asset Value Rollforward; Leverage and Asset Coverage
Net Asset Value Rollforward Please update chart to remove Q1'21 / add Q2'22; only updated Q2'22, unless otherwise noted Leverage and Asset Coverage Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Debt / Equity 1.4x 1.3x 1.3x 1.3x 1.4x leverage calc: total outstnading borrowings / Net asset value ($352.4M/$2
Slide 11: Current Portfolio Profile
As of June 30, 2022. Figures shown do not include short term investments, CLO holdings, F3C JV or Great Lakes JV portfolio companies, and derivatives. Shown as % of debt and equity investments at fair market value. Current Portfolio Profile(1) Diversified Portfolio of Assets Diversification by Borro
Slide 12: Portfolio Trends
For comparability purposes, portfolio trends metrics exclude short-term investments and derivatives. Excludes select investments where the metric is not applicable, appropriate, data is unavailable for the underlying statistic analyzed Includes assets purchased from affiliate of HCAP’s former manage
Slide 13: Credit Quality
Based on FMV. As of June 30, 2022, three of the Company’s debt investments were on non-accrual status and represented 0.0% and 0.3% of the Company’s investment portfolio at fair value and amortized cost, respectively Credit Quality ($ in ‘000s) Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Investments Cre
Slide 14: Portfolio Composition
At Fair Value. Does not include activity in short-term investments and derivatives. Portfolio Composition (1)
Slide 15: M&A Value Realization
M&A Value Realization Our track record demonstrates BC Partners’ ability to efficiently realize the value of legacy portfolios acquired while rotating into BC Partners’ sourced assets We are in the early stages of implementing the same strategy with the acquired and fully redeemed HCAP assets but we
Slide 16: Appendix
PORTMAN RIDGE Appendix
Slide 17: Balance Sheet
The Company completed a Reverse Stock Split of 10 to 1 effective August 26, 2021, the common shares and net asset value per common share have been adjusted retroactively to reflect the split for all periods presented. Balance Sheet June 30, 2022 December 31, 2021 (in thousands, except share and per
Slide 18: Income Statement
The Company completed a Reverse Stock Split of 10 to 1 effective August 26, 2021, the weighted average shares outstanding and per share values have been adjusted retroactively to reflect the split for all periods presented. Income Statement (Unaudited) (in thousands, except share and per share amoun
Slide 19: Corporate Leverage & Liquidity
Cash and Cash Equivalents Unrestricted cash and cash equivalents totaled $22.0 million as of June 30, 2022 Restricted cash of $22.0 million as of June 30, 2022 Debt Summary As of June 30, 2022, par value of outstanding borrowings was $364.9 million; there was $21.9 million of available borrowing cap
Slide 20: Regular Distribution Information
The Company completed a Reverse Stock Split of 10 to 1 effective August 26, 2021, the distribution per share amounts have been adjusted retroactively to reflect the split for all periods presented. Regular Distribution Information (1)
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