Bcp Investment Corporation · NASDAQ:BCIC
Bcp Investment — Portman Ridge Finance — FY2024 Earnings Presentation
18 slides from Bcp Investment's earnings presentation, Mar 18, 2025
Slide 1: Q4 and Full Year 2024 Earnings Presentation
[Graphic Appears Here] Q4 and Full Year 2024 Earnings Presentation March 14, 2025 Important Information
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
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 Ridge” or the “Company”),
Slide 3: Quarterly Highlights
Quarterly Highlights Q4 2024 Highlights ? Total investment income for the quarter ended December 31, 2024, was $14.4 million, of which $12.2 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. This compares to $15.2 million of total i
Slide 4: Financial Highlights
Financial Highlights ($ in thousands, except per share amounts) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Interest income, excluding CLO income and purchase discount accretion $13,196 $12,088 $11,587 $11,434 $10,040 Purchase discount accounting 67 73 112 25 25 PIK Investment Income 2,081 2,006 2,201 1
Slide 5: Impact of Benchmark Rates
Impact of Benchmark Rates ? As of December 31, 2024, substantially all of our floating rate assets were on SOFR contract. ? If all floating rate assets as of 12/31/24 were reset to current 3-month benchmark rates 4.32%, we would expect to experience an incremental reduction in quarterly income of ~$
Slide 6: Limited Repayment Activity
Limited Repayment Activity ? Over the last three years, Portman has experienced an average of ~$1.1 million in income related to repayment / prepayment activity as compared to the current quarter of $0.4 million. Paydown Income by Quarter ($ in 000s) 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 Q
Slide 7: Core Earning Analysis
Core Earning Analysis ($ in ‘000s except per share) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Interest Income: Non-controlled/non-affiliated investments 12,760 12,621 11,913 11,357 9,145 Non-controlled affiliated investments 622 95 312 356 1,096 Total interest income 13,382 12,716 12,225 11,713 10,241
Slide 8: Net Asset Value Rollforward
Net Asset Value Rollforward ($ in ‘000s) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 NAV, Beginning of Period $214,755 $213,518 $210,607 $196,429 $187,982 Net Investment Income 11,163 6,226 6,477 5,802 5,539 Realized Gains (Losses) from Investment transactions (15,574) (2,057) (6,922) (11,419) (10,785)
Slide 9: Current Portfolio Profile
(1) Current Portfolio Profile Diversified Portfolio of Assets 93 Debt + Equity Portfolio Investee Companies $2.5mm / 1% Average Debt Position Size U.S Centric Investments: Nearly 100% US-Based Companies Focus on Non-Cyclical Industries with High FCF Generation Credit quality has been stable during t
Slide 10: Portfolio Trends
(1)(2) Portfolio Trends ($ in ‘000s) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 P o rtfo lio So urcing (at F air Value): BC Partners $357,645 $365,041 $348,856 $339,747 $317,588 Legacy KCAP $26,274 $23,865 $23,333 $20,788 $20,291 Legacy OHAI $1,188 $0 $0 $0 $0 Legacy GARS $69,488 $68,895 $60,790 $57,68
Slide 11: Credit Quality
Credit Quality ? As of December 31, 2024, six of the Company’s debt investments were on non-accrual status and represented 1.7% and 3.4% of the Company’s investment portfolio at fair value and amortized cost, respectively ($ in ‘000s) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Investments Credit Qualit
Slide 12: Portfolio Composition
(1) Portfolio Composition Investment Portfolio ($ in ‘000s) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 First Lien Debt $336,599 $345,978 $320,815 $316,444 $289,957 Second Lien Debt 41,254 38,925 36,386 28,885 28,996 Subordinated Debt 1,224 1211 1,693 1,696 1,740 Equity Securities 20,533 23,428 23,830 2
Slide 13: M&A Value Realization
M&A Value Realization ? M&A Value Realization as of December 31, 2024: [Graphic Appears Here] 13
Slide 14: Appendix
Appendix
Slide 15: Consolidated Statements of Assets and Liabilities
Consolidated Statements of Assets and Liabilities December 31, 2024 December 31, 2023 ASSETS Investments at fair value: Non-controlled/non-affiliated investments (amortized cost of $358,153 and $426,630, respectively) $ 327,622 $ 398,325 Non-controlled affiliated investments (amortized cost of $68,8
Slide 16: Consolidated Statements of Operations
Consolidated Statements of Operations For the Year Ended December 31, 2024 2023 2022 INVESTMENT INCOME Interest income: Non-controlled/non-affiliated investments $ 45,036 $ 55,675 $ 51,090 Non-controlled affiliated investments 1,859 2,728 3,150 Total interest income 46,895 58,403 54,240 Payment-in-k
Slide 17: Corporate Leverage & Liquidity
Corporate Leverage & Liquidity Cash and Cash Equivalents ? Unrestricted cash and cash equivalents totaled $17.5 million as of December 31, 2024 ? Restricted cash of $22.4 million as of December 31, 2024 Debt Summary ? As of December 31, 2024, par value of outstanding borrowings was $267.5 million; t
Slide 18: Regular Distribution Information
Regular Distribution Information(1) Date Declared Record Date Payment Date Distribution per Share 3/13/2025 3/24/2025 3/31/2025 $0.54(2) 11/7/2024 11/19/2024 11/29/2024 $0.69 8/8/2024 8/22/2024 8/30/2024 $0.69 5/8/2024 5/21/2024 5/31/2024 $0.69 3/11/2024 3/20/2024 3/31/2024 $0.69 11/9/2023 11/22/202