Bcp Investment Corporation · NASDAQ:BCIC
Bcp Investment — Portman Ridge Finance — Q1 2020 Earnings Presentation
12 slides from Bcp Investment's earnings presentation, May 7, 2020
Slide 1: 2020 Q1 Earnings Presentation
2020 Q1 Earnings Presentation May 7, 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 March 31, 2020, our NAV stood at $120.4 million or $2.69 per share ▪ The NAV decrease of $31.8 million from December 31, 2020 was mainly attributable to unrealized losses, including $11.7 million on our CLO equity positions and $7.3 million on our investm
Slide 4: Net Asset Value Rollforward
Net Asset Value Rollforward(1) ($ in ‘000s) Q2 2019 Q3 2019 Q4 2019 Q1 2020 NAV, Beginning of Period $143,686 $139,178 $132,723 $152,199 Realized Gains (Losses) from Investments (2,271) (1,176) (1,326)(2) (1,048) Unrealized Gains (Losses) 543 (5,317) (2,649) (2) (30,924) Net Investment Income 2,311
Slide 5: Portfolio Activity
Portfolio Activity(1)(2) ($ in ‘000s) Q2 2019 Q3 2019 Q4 2019 Q1 2020 Beginning Balance $238,345 $259,561 $264,211 $273,690 Purchases / Draws 38,596 54,874 73,612 44,959 Exits / Repayments / Amortization (15,651) (43,731) (60,155) (16,818) Gains / (Losses) (1,728) (6,493) (3,977) (31,973) Ending Bal
Slide 6: Reduction in Legacy Assets
Reduction in Legacy Assets Legacy Assets Reduction ($ in ‘000s)(1) $227,013 46% 60,550 49% 45,605 $122,968 57% 30,745 19,671 120,858 40% 72,552 At Entry 3/31/2020 KCAP Debt & Equity KCAP CLO OHAI A full year after the externalization of PTMN, the legacy book represents only 33% of current investment
Slide 7: 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 (1) (1) June 30, 2019 Septembe
Slide 8: Portfolio Diversification
Portfolio Diversification(1) (2) Diversified Portfolio of Assets Diversification by Borrower Top 5 5.6% 71 Portfolio Companies and 102 Separate Securities 3.7% Borrowers, 19.6% 3.6% 3.5% $2.0mm / 1.0% Average Position Size Remaining 3.2% Investments, 31.0% U.S Centric Investments: ~100% US Based Com
Slide 9: Appendix
RIDGE Appendix
Slide 10: BC Partners Differentiators
BC Partners Differentiators ▪ While the increasing popularity of direct lending has gathered many headlines as of late, we believe the BC Partners Credit platform is differentiated in five key areas from other direct lenders Ability to serve as a strategic lender by sharing best practices from Stand
Slide 11: BC Partners Advantages
BC Partners Advantages BC PLATFORM EXPERIENCED INVESTMENT TEAM ▪ Access to deal flow and sourcing through fully integrated model ▪ Ted Goldthorpe served as President of Apollo Investment Corporation (one of the largest publicly traded U.S. BDCs) and CIO of the sub-advisor to CION ▪ BCP Operations te
Slide 12: Integration with BC Partners Platform
Integration with BC Partners Platform Full integration with the BC Partners platform provides an edge at every stage of the investment process Benefits of BC Partners Platform Resources include: ▪ Operating advisor and external network Deal Sourcing ▪ Industry and company insight from ✓ 150+ employe
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