Bcp Investment Corporation · NASDAQ:BCIC
Bcp Investment — Portman Ridge Finance — Q1 2022 Earnings Presentation
16 slides from Bcp Investment's earnings presentation, May 11, 2022
Slide 1: 2022 Q1 Earnings Presentation
2022 Q1 Earnings Presentation May 11, 2022
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: Quarterly Highlights
Quarterly Highlights Q1 2022 Highlights ▪ Net asset value (“NAV”) for the first quarter of 2022 remained relatively flat at $278.3 million ($28.76 per share(1)) as compared to $280.1 million ($28.88 per share) in the fourth quarter of 2021, despite pervasive market volatility and other macro-economi
Slide 4: Financial Highlights
Financial Highlights ($ in thousands) Q1 2022 Core investment income $15,132 Expenses: Management fees 2,135 Performance-based incentive fees 1,678 Interest and amortization of debt issuance costs 3,344 Professional fees 845 Administrative services expense 847 Other general and administrative expens
Slide 5: Core Earning Analysis
Core Earning Analysis ($ in ‘000s except per share) Q1 2022 Interest Income: Non-controlled/non-affiliated investments 12,667 Non-controlled affiliated investments 591 Total interest income 13,258 Payment-in-kind income: Non-controlled/non-affiliated investments 1,126 Non-controlled affiliated inves
Slide 6: Net Asset Value Rollforward
Net Asset Value Rollforward ($ in ‘000s) Q1 2022 NAV, Beginning of Period $280,122 Realized Gains (Losses) from Investments (5,553) Unrealized Gains (Losses) 2,143 Net Investment Income 7,908 Net Decrease in Assets Resulting from Distributions (6,111) Tax (provision) benefit on realized and unrealiz
Slide 7: Corporate Leverage & Liquidity
Corporate Leverage & Liquidity Cash and Cash Equivalents ▪ Unrestricted cash and cash equivalents totaled $20.5 million at March 31, 2022 ▪ Restricted cash of $63.1 million at March 31, 2022 Debt Summary ▪ As of March 31, 2022, par value of outstanding borrowings was $352.4 million; there was $34.4
Slide 8: Portfolio Trends
(1)(2) Portfolio Trends ($ in ‘000s) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 P o rt f o lio S o urc ing ( a t F a ir V a lue ) : B C P artners $ 160,533 $ 184,525 $ 245,112 $ 264,642 $ 303,378 Legacy KCA P $ 100,867 $ 92,795 $ 92,746 $ 78,221 $ 68,378 Legacy OHA I $ 21,889 $ 17,040 $ 16,980 $ 16,163
Slide 9: Credit Quality
Credit Quality ▪ As of March 31, 2022, 6 of the Company’s debt investments were on non-accrual status and represented 0.2% and 1.9% of the Company’s investment portfolio at fair value and amortized cost, respectively ($ in ‘000s) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 (1) Investments Credit Quality
Slide 10: Portfolio Composition
(1) Portfolio Composition Investment Portfolio ($ in ‘000s) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Senior Secured Loan $322,363 $351,699 $380,961 $364,701 $395,062 Junior Secured Loan 64,640 67,905 74,076 70,549 60,976 Senior Unsecured Bond 42 43 43 43 43 Equity Securities 14,651 22,387 22,299 22,5
Slide 11: 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 bu
Slide 12: Appendix
RIDGE Appendix
Slide 13: Current Portfolio Profile
(1) Current Portfolio Profile Diversified Portfolio of Assets Diversification by Borrower(2) 4.1% Top 5 Borrowers, 2.9% 14.7% 116 Debt + Equity Portfolio Investee Companies 2.7% 2.5% 2.5% $3.3mm / 1% Average Debt Position Size Next 5-10 Investments U.S Centric Investments: Nearly 100% US-Based Compa
Slide 14: Balance Sheet
Balance Sheet De ce mbe r 31, March 31, 2022 2021 (in thousands, except share and per share amounts) (Unaudite d) ASSETS Investments at fair value: Non-controlled/non-affiliated investments (amortized cost: 2022 - $490,597; 2021 - $479,153) $ 464,754 $ 452,482 Non-controlled affiliated investments (
Slide 15: Income Statement (Unaudited)
Income Statement (Unaudited) (in thousands, e xce pt share and pe r share amounts) For the Thre e Months Ende d March 31, 2022 2021 INVESTMENT INCO ME Interest income: Non-controlled/non-affiliated investments $ 12,667 $ 14,470 Non-controlled affiliated investments 591 233 T otal interest income 13,
Slide 16: Regular Distribution Information
Regular Distribution Information (1) Date Declared Record Date Payment Date Distribution per Share 5/10/2022 5/24/2022 6/7/2022 $0.63 3/10/2022 3/21/2022 3/30/2022 $0.63 11/3/2021 11/15/2021 11/30/2021 $0.62 8/4/2021 1 for 10 Reverse Stock Split effective 8/26/21 8/4/2021 8/17/2021 8/31/2021 $0.60 5
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