Bcp Investment Corporation · NASDAQ:BCIC
Bcp Investment — Portman Ridge Finance — Q2 2025 Earnings Presentation
19 slides from Bcp Investment's earnings presentation, Aug 8, 2025
Slide 1: Q2 2025 Earnings Presentation
Q2 2025 Earnings Presentation August 8, 2025
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 Q2 2025 Selected Highlights ▪ Total investment income for the quarter ended June 30, 2025, was $12.6 million, of which $10.9 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. This compares to total investment in
Slide 4: Quarterly Highlights: Recent Milestones
Quarterly Highlights Recent Milestones ▪ On July 15, 2025, the Company announced the closing of the previously announced merger with Logan Ridge Finance Corporation (“Logan Ridge”). – Logan Ridge merged with and into PTMN, with PTMN remaining as the surviving company. – Based on July 11, 2025, finan
Slide 5: Financial Highlights
Financial Highlights ($ in thousands, except per share amounts) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Interest income, excluding CLO income and purchase discount accretion $11,589 $11,434 $10,038 $7,522 $8,573 Purchase discount accounting 112 25 25 16 — PIK Investment Income 2,201 1,552 2,427 3,06
Slide 6: Impact of Benchmark Rates
Impact of Benchmark Rates(1) ▪ As of June 30, 2025, substantially all of our floating rate assets were on SOFR contract. ▪ If all floating rate assets as of 6/30/25 were reset to current 3-month benchmark rates of 4.3%, we would expect a minimal impact to quarterly income. (1) (1) 3-month SOFR per B
Slide 7: Limited Repayment Activity
Limited Repayment Activity ▪ Over the last three years, Portman has experienced an average of ~$0.4 million in income related to repayment / prepayment activity. 7
Slide 8: Core Earning Analysis
Core Earning Analysis ($ in ‘000s except per share) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Interest Income: Non-controlled/non-affiliated investments 11,913 11,357 9,145 7,300 8,463 Non-controlled affiliated investments 312 356 1,096 316 324 Total interest income 12,225 11,713 10,241 7,616 8,787 Pa
Slide 9: Net Asset Value Rollforward
Net Asset Value Rollforward ($ in ‘000s) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 NAV, Beginning of Period $210,607 $196,429 $187,982 $178,493 $173,511 Net investment income 6,477 5,802 5,539 4,340 4,557 Net realized gains (loss) on investments (6,922) (11,419) (10,785) (173) (15,840) Net change in u
Slide 10: Current Portfolio Profile
(1) Current Portfolio Profile Diversified Portfolio of Assets Diversification by Borrower(2) Borrower 1, 5.0% Borrower 2, 4.5% Top 5 Borrowers, 21.4% 96 Debt + Equity Portfolio Investee Companies Borrower 3, 4.3% Borrower 4, 4.0% $2.6mm / 1% Average Debt Position Size Borrower 5, 3.7% Remainder, 36.
Slide 11: Portfolio Trends
(1)(2) Portfolio Trends ($ in ‘000s) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Portfolio Sourcing (at Fair Value): BC Partners $348,856 $339,747 $317,588 $326,614 $322,989 Legacy KCAP $23,333 $20,788 $20,291 $18,917 $16,814 Legacy OHAI $0 $0 $0 $0 $0 Legacy GARS $60,790 $57,683 $58,123 $52,744 $48,831
Slide 12: Credit Quality
Credit Quality ▪ As of June 30, 2025, six of the Company’s debt investments were on non-accrual status and represented 2.1% and 4.8% of the Company’s investment portfolio at fair value and amortized cost, respectively. For a subset of the non-accrual population, the Company continues to recognize in
Slide 13: Portfolio Composition
(1) Portfolio Composition Investment Portfolio ($ in ‘000s) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 First Lien Debt $320,815 $316,444 $289,957 $294,379 $291,071 Second Lien Debt 36,386 28,885 28,996 28,724 30,276 Subordinated Debt 1,693 1,696 1,740 1,740 1,750 Equity Securities 23,830 22,879 24,762
Slide 14: M&A Value Realization
M&A Value Realization ▪ M&A Value Realization as of June 30, 2025: OHAI GARS HCAP 14
Slide 15: Appendix
RIDGE Appendix
Slide 16: Consolidated Statements of Assets and Liabilities
Consolidated Statements of Assets and Liabilities June 30, 2025 December 31, 2024 (Unaudited) ASSETS Investments at fair value: Non-controlled/non-affiliated investments (amortized cost of $358,576 and $358,153, respectively) $ 329,911 $ 327,622 Non-controlled affiliated investments (amortized cost
Slide 17: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 INVESTMENT INCOME Interest income: Non-controlled/non-affiliated investments $ 8,463 $ 11,913 $ 15,763 $ 24,534 Non-controlled affiliated investments 324 312 640 407 Total
Slide 18: Corporate Leverage & Liquidity
Corporate Leverage & Liquidity Cash and Cash Equivalents ▪ Unrestricted cash and cash equivalents totaled $11.2 million as of June 30, 2025. ▪ Restricted cash totaled $13.4 million as of June 30, 2025. Debt Summary ▪ As of June 30, 2025, par value of outstanding borrowings was $255.4 million with a
Slide 19: Regular Distribution Information
Regular Distribution Information(1) Supplemental Date Declared Record Date Payment Date Distribution per Share Distribution per Share Change in Dividend Policy introduced in March 2025: 8/7/2025 8/18/2025 8/29/2025 $0.47 $0.02 • The Company’s Board of Directors modified the 5/8/2025 5/19/2025 5/29/2
Portman Ridge Finance — Q2 2025 Earnings Presentation on 6ix