Bcp Investment Corporation · NASDAQ:BCIC
Bcp Investment — Portman Ridge Finance — Q3 2022 Earnings Presentation
19 slides from Bcp Investment's earnings presentation, Nov 9, 2022
Slide 1: 2022 Q3 Earnings Presentation
2022 Q3 Earnings Presentation November 9, 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: Q3 2022 Highlights
Core investment income represents reported total 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”) and Harvest Capital Credit Corp
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: Rising Rates
October 23, 2022 was the most recent practical date used to complete the information presented in this table. 3 month LIBOR per Bloomberg as of November 4, 2022. As of September 30, 2022, approximately 71% of our floating rate assets were on LIBOR contract. Shown below, those contracts have taken a
Slide 6: Limited Repayment Activity
Over the last two years, Portman has experienced an average of $1.6mm in income related to repayment / prepayment activity as compared to the current quarter of $0.7mm. Limited Repayment Activity
Slide 7: NII Per Share Bridge
All per share information assumes the ending 9/30/2022 share count, including Q3 2022. The below analysis begins with Q3 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 8: 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 9: Net Asset Value Rollforward; Leverage and Asset Coverage
PORTMAN nice Net Asset Value Rollforward {Sin0005) 2022 22022 32022 NAV, Beginning of Period $280,122 $278,301 $261,666 Realized Gains (Losses) from Investments (5,553) (13,991) (9,087), Unrealized Gains (Los 2,143 1 (2,968) Net Investment Income 7 55 8,392 Net Decrease in Assets Resulting from Dist
Slide 10: Current Portfolio Profile
As of September 30, 2022. Figures shown do not include short term investments, CLO holdings, F3C JV or Series A-Great Lakes Funding II LLC, and derivatives. Shown as % of debt and equity investments at fair market value. Current Portfolio Profile(1) Diversified Portfolio of Assets Diversification by
Slide 11: 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 12: Credit Quality
Based on FMV. As of September 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
Slide 13: Portfolio Composition
At Fair Value. Does not include activity in short-term investments and derivatives. Portfolio Composition (1)
Slide 14: 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 remain in the early stages of implementing the same strategy with the acquired and fully redeemed HCAP assets but
Slide 15: Appendix
PORTMAN RIDGE Appendix
Slide 16: 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
Slide 17: Income Statement (Unaudited)
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)
Slide 18: Cash and Cash Equivalents; Debt Summary; Corporate Leverage & Liquidity
Cash and Cash Equivalents Unrestricted cash and cash equivalents totaled $16.9 million as of September 30, 2022 Restricted cash of $22.2 million as of September 30, 2022 Debt Summary As of September 30, 2022, par value of outstanding borrowings was $368.9 million; there was $17.9 million of availabl
Slide 19: 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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