Portman Ridge Finance reports Q2 NII 70c, consensus 69c

Ted Goldthorpe, CEO of Portman Ridge, stated, “We are pleased to report that Portman Ridge delivered net investment income of 70c per share, which is an increase of 4.5% from the previous quarter and exceeded the Company’s quarterly distribution. Additionally, during the three months ended June 30, 2024, we repurchased 79,722 shares for an aggregate cost of approximately $1.6M, which was accretive to NAV by 3c. During the quarter, however, we experienced challenges at certain select inherited portfolio companies, resulting in a decline in NAV and an increase in non-accruals. Despite the challenging quarter, we remain confident in the quality of the portfolio and our ability to generate attractive and sustainable returns for shareholders over the long-term.”