Bcp Investment Corporation · NASDAQ:BCIC

Bcp Investment — Portman Ridge Finance — Q1 2025 Earnings Presentation

18 slides from Bcp Investment's earnings presentation, May 9, 2025

  1. Slide 1: Q1 2025 Earnings Presentation

    Q1 2025 Earnings Presentation May 9, 2025

  2. 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

  3. Slide 3: Quarterly Highlights

    Quarterly Highlights Q1 2025 Selected Highlights  Total investment income for the quarter ended March 31, 2025, was $12.1 million, of which $10.3 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. This compares to total investment i

  4. Slide 4: Financial Highlights

    Financial Highlights ($ in thousands, except per share amounts) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Interest income, excluding CLO income and purchase discount accretion $12,088 $11,587 $11,434 $10,040 $7,522 Purchase discount accounting 73 112 25 25 16 PIK Investment Income 2,006 2,201 1,552 2,

  5. Slide 5: Impact of Benchmark Rates

    Impact of Benchmark Rates  As of March 31, 2025, substantially all of our floating rate assets were on SOFR contract.  If all floating rate assets as of 3/31/25 were reset to current 3-month benchmark rates 4.28%, we would expect to experience an incremental reduction in quarterly income of ~$35k.

  6. Slide 6: Limited Repayment Activity

    Limited Repayment Activity  Over the last three years, Portman has experienced an average of ~$1.0 million in income related to repayment / prepayment activity as compared to the current quarter of $0.1 million. 6

  7. Slide 7: Core Earning Analysis

    Core Earning Analysis ($ in ‘000s except per share) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Interest Income: Non-controlled/non-affiliated investments 12,621 11,913 11,357 9,145 7,300 Non-controlled affiliated investments 95 312 356 1,096 316 Total interest income 12,716 12,225 11,713 10,241 7,616 P

  8. Slide 8: Net Asset Value Rollforward

    Net Asset Value Rollforward ($ in ‘000s) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 NAV, Beginning of Period $213,518 $210,607 $196,429 $187,982 $178,493 Net investment income 6,226 6,477 5,802 5,539 4,340 Net realized gains (loss) on investments (2,057) (6,922) (11,419) (10,785) (173) Net change in un

  9. Slide 9: Current Portfolio Profile

    Current Portfolio Profile(1) (2) Diversified Portfolio of Assets Diversification by Borrower Borrower 1, 5.1% 93 Debt + Equity Portfolio Investee Companies Borrower 2, 5.0% Top 5 Borrowers, 21.5% Borrower 3, 4.1% $2.6mm / 1% Average Debt Position Size Borrower 4, 3.8% Borrower 5, 3.6% Remainder, 37.

  10. Slide 10: Portfolio Trends

    Portfolio Trends(1)(2) ($ in ‘000s) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Portfolio Sourcing (at Fair Value): BC Pa rtners $365,041 $348,856 $339,747 $317,588 $326,614 Lega cy KCAP $23,865 $23,333 $20,788 $20,291 $18,917 Lega cy OHAI $0 $0 $0 $0 $0 Lega cy GARS $68,895 $60,790 $57,683 $58,123 $52,

  11. Slide 11: Credit Quality

    Credit Quality  As of March 31, 2025, six of the Company’s debt investments were on non-accrual status and represented 2.6% and 4.7% of the Company’s investment portfolio at fair value and amortized cost, respectively ($ in ‘000s) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Investments Credit Quality –

  12. Slide 12: Portfolio Composition

    Portfolio Composition(1) Investment Portfolio ($ in ‘000s) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 First Lien Debt $345,978 $320,815 $316,444 $289,957 $294,379 Second Lien Debt 38,925 36,386 28,885 28,996 28,724 Subordinated Debt 1,211 1,693 1,696 1,740 1,740 Equity Securities 23,428 23,830 22,879 2

  13. Slide 13: M&A Value Realization

    M&A Value Realization  M&A Value Realization as of March 31, 2025: OHAI GARS HCAP $57,827 $52,685 87% of Portfolio FMV at transaction has been $45,871 realized $6,814 At Closing 3/31/25 Still Held Realized 13

  14. Slide 14: Appendix

    RIDGE Appendix

  15. Slide 15: Consolidated Statements of Assets and Liabilities

    Consolidated Statements of Assets and Liabilities March 31, 2025 (Unaudited) December 31, 2024 (in thousands, except share and per share amounts) ASSETS Investments at fair value: Non-controlled/non-affiliated investments (amortized cost of $365,539 and $358,153, respectively) $ 333,519 $ 327,622 No

  16. Slide 16: Consolidated Statements of Operations

    Consolidated Statements of Operations (in thousands, except share and per share amounts) For the Three Months Ended March 31, 2025 2024 INVESTMENT INCOME Interest income: Non-controlled/non-affiliated investments $ 7,300 $ 12,621 Non-controlled affiliated investments 316 95 Total interest income $ 7

  17. Slide 17: Corporate Leverage & Liquidity

    Corporate Leverage & Liquidity Cash and Cash Equivalents  Unrestricted cash and cash equivalents totaled $9.2 million as of March 31, 2025  Restricted cash of $14.3 million as of March 31, 2025 Debt Summary  As of March 31, 2025, par value of outstanding borrowings was $255.4 million with a curre

  18. Slide 18: Regular Distribution Information

    Regular Distribution Information(1) Date Declared Record Date Payment Date Distribution per Share 5/8/2025 5/19/2025 5/29/2025 $0.47 Change in Dividend Policy introduced in March 2025: 3/13/2025 3/24/2025 3/31/2025 $0.54(2) • The Company’s Board of Directors modified the Company’s dividend 11/7/2024

Portman Ridge Finance — Q1 2025 Earnings Presentation on 6ix