Bcp Investment Corporation · NASDAQ:BCIC
Bcp Investment — Portman Ridge Finance — Q2 2021 Earnings Presentation
17 slides from Bcp Investment's earnings presentation, Aug 6, 2021
Slide 1: 2021 Q2 Earnings Presentation
2021 Q2 Earnings Presentation August 6, 2021
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 Quarter Ended June 30, 2021 Earnings and net investment income per share for the quarter were $0.14 and $0.15, respectively. Net asset value (“NAV”) per share increased to $2.93 from $2.92 quarter-to-quarter, reflecting continued favorable market conditions including ongoing
Slide 4: Quarterly Highlights (cont’d)
Quarterly Highlights (cont’d) Quarter Ended June 30, 2021 (cont’d) Following the closing of the HCAP merger transaction on June 9, 2021, the Company has been actively repurchasing under its share buyback program. Through the end of the second quarter, the Company had repurchased $380 thousand of i
Slide 5: 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 plan to implement the same successful strategy with the acquired HCAP assets and will provide updates in the
Slide 6: Current Portfolio Profile
Current Portfolio Profile(1) (2) Diversified Portfolio of Assets Diversification by Borrower Top 5 1.9% Borrowers, 2.2% Next 5 -10 144 Debt Portfolio Investee Companies Investments, 11.8% 2.4% 9.0% 2.5% Next 11 -25 $2.9mm / 1% Average Debt Position Size 2.8% Investments, 23.3% U.S Centric Investment
Slide 7: Financial Highlights
Financial Highlights ($ in ‘000s) Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Total investment income $7,314 $7,787 $19,909 $18,305 $21,545 Expenses: Management fees 1,008 1,044 1,515 1,793 1,914 Performance-based incentive fees (1) 455 572 3,729 2,094 2,300 Interest and amortization of debt issuance co
Slide 8: Net Asset Value Rollforward
Net Asset Value Rollforward ($ in ‘000s) Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 NAV, Beginning of Period $120,370 $120,714 $125,946 $216,264 $219,855 Realized Gains (Losses) from Investments (882) (1,890) (131)(1) (5,086) (2,356) Unrealized Gains (Losses) 1,565 7,512 (206)(1) 6,745 1,489 Net Invest
Slide 9: Portfolio Composition
Portfolio Composition (1) Investment Portfolio ($ in ‘000s) Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 First Lien Debt $124,884 $121,605 $328,845 $322,363 $351,699 Second Lien Debt 78,366 79,851 75,807 64,640 67,905 Equity Securities 9,538 9,703 13,945 14,651 22,387 CLO Fund Securities 16,892 18,792 19
Slide 10: Portfolio Trends
Portfolio Trends(1) ($ in ‘000s) Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Portfolio Sourcing (at Fair Value): BC Partners $149,246 $148,289 $151,522 $160,533 $184,525 Legacy KCAP $100,653 $104,023 $102,993 $100,867 $92,795 Legacy OHAI $28,757 $26,547 $23,513 $21,889 $17,040 Legacy GARS n/a n/a $209,7
Slide 11: Credit Quality
Credit Quality Investments on non-accrual status were 1.5% and 3.3% of the Company’s investment portfolio at fair value and amortized cost, respectively. The increase was largely due to the addition of one investment on non-accrual status resulting from the HCAP merger transaction. ($ in ‘000s) Q2
Slide 12: Corporate Leverage & Liquidity
Corporate Leverage & Liquidity Cash and Cash Equivalents Unrestricted cash and cash equivalents totaled $65.7 million at June 30, 2021 Restricted cash of $47.6 million at June 30, 2021 Debt Summary During the quarter, the Company issued $108.0 million in aggregate principal of the unsecured 4.
Slide 13: Appendix
RIDGE Appendix
Slide 14: Income Statement
Income Statement ($ in '000s, except per share data) 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 INVESTMENT INCOME Interest from investments in debt securities 4,814 4,517 14,300 14,086 17,259 Payment-in-kind investment income 382 434 2,092 1,132 745 Interest from short-term investments - - - - - Invest
Slide 15: Balance Sheet
Balance Sheet ($ in '000s, except per share data) 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 ASSETS Total Investments at Fair Value $281,295 $290,113 $487,737 $474,447 $520,168 Cash 414 677 6,990 30,844 65,655 Restricted Cash 11,398 4,907 75,913 28,452 47,618 Interest Receivable 1,909 1,927 2,973 2,888
Slide 16: Regular Distribution Information
Regular Distribution Information Date Declared Record Date Payment Date Distribution per Share 8/4/2021 8/17/2021 8/31/2021 $0.06 5/6/2021 5/19/2021 6/1/2021 $0.06 2/12/2021 2/22/2021 3/2/2021 $0.06 10/16/2020 10/26/2020 11/27/2020 $0.06 8/5/2020 8/17/2020 8/28/2020 $0.06 3/17/2020 5/7/2020 5/27/202
Slide 17: BC Partners Credit Platform
BC Partners Credit Platform BC PARTNERS CREDIT: A FULL CREDIT CYCLE INVESTMENT PLATFORM 2017 18 17 c. $4.2bn1 FOUNDED PLATFORM INVESTMENT PROFESSIONALS AVG. YEARS OF EXPERIENCE OF IN AUM ACROSS SENIOR INVESTMENT TEAM CREDIT PLATFORM Yield: $3.3bn in AUM Opportunistic: $950m in AUM Direct lending f
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