PTMN - Earnings call transcript Q3 2019 | Portman Ridge Finance Corporation

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Operator

Good morning, ladies and gentlemen and welcome to the Portland Ridge Finance Corporation Conference Call. An earnings press release was distributed yesterday afternoon.

If you did not receive a copy the release is available on the company's website at www.portmanridge.com in the Investor Relations section.

As a reminder, this conference call is being recorded today Friday, November 8, 2019. This call is also being hosted on a live webcast, which can be accessed at our company's website at www.portmanridge.com in the Investor Relations section under Events.

that forward-looking to projections filings these Portman SEC important includes that we with projections. call results for refer actual you Ridge's factors conference statements materially and and ask the to Today's differ cause from would most recent required Portman unless does forward-looking Corporation Finance undertake to law. Ridge its update not statements, by

you would like to Ridge conference Chief Goldthorpe, Ted of now introduce Portman today's I Executive Corporation. Finance may Goldthorpe Mr. Mr. your host begin. Officer for

Ted Goldthorpe

morning, good our Portman announced financial and Thank you for its Thank XXXX you, joining us everyone. earnings for quarter call. Ridge results. Today, third

As transaction year. definitive announced to that agreement remains quarter shareholder vote, subject you into the will Portman a OHA X, fourth of which this and into Corporation to approved track Investment OHAI entered know on on to is still under merge close and August The Ridge extent the Ridge. we in with has Portman

please For release merger, more and the August call Ridge of Portman on the details on hosted which website replay press same the issued about is day. the the shareholder available the refer on to X,

to in continue space. of demonstrate nature the be consolidation it this excited accretive as We opportunity will the about

Chief about I the quarter remarks. CFO and and to with will Ted Officer the some results the activity call for with for a of Investment financial before our the for our a investment additional Gilpin, a over then the market comments Patrick begin and strategy our turn review our few concluding then call brief of Schafer, overview to

in the see to have becoming deterioration last broader more credit several are the Over we of started months, market and cautious. signs

resilient first to existing to add-ons portfolio, and bar quarter during new high-quality businesses capital solutions we pursue continue with excluding competitive economically our Though, high. remains the securities. advantages all result, exceptionally a lien investments junior the As were

the all remains sponsor very terms. deal finance on pricing said and market that, Having competitive

be work to to our sponsors transaction with more on partners attractive. experienced participation thus more XXXX, in selective – a of believe to willing course deals trend more we've the and lending us we be with credits Over each of on partners lending rate allowing increasing

see quarter. investments of believe to to to order less gestation we types in portfolio periods transactions key transactions two the have outsized return during risk-adjusted shareholders. continue value timing and non-traditional predictability, such in These much closed the tend have they We longer sponsored construction to generate and for are but

believe ventures, equity our and We continue we remain investments to our CLO which with it focused on provide replacing unitranche and risk-adjusted exposure attractive returns. reducing joint in senior

it With to financial that, off review quarter's the I will hand Gilpin, to results. Ted third

Ted Gilpin

of and million Good $X.X or for or you, Ted. morning, Net $X.XX approximately basic per million the of $X.X second the basic net the XXXX or investment quarter share $X.XX with with third compared share income was per $X.XX net everyone. of of XXXX per third investment investment income in basic of income approximately compared share XXXX. Thank $X quarter million quarter during approximately

$X.X approximately per approximately XX, share the share in income Investment the last in reported to $X.X per basic which relatively was per compared second total period $X.XX per in remained For the from million securities or approximately of of $X.XX XXXX the and quarter quarter flat XXXX. or approximately million, $X.X $X.X debt quarter $X.XX ended third and year. of compared the million or share with second income quarter or million, months we September XXXX three $X.XX same investment share, the

in or approximately approximately in per $X.X or quarter quarter per and $X.XX $X.XX the in compared or Investment share $X.XX was fund securities million ventures joint of per income on third mostly per in from share second which the CLO income share was the share Investment basic $XXX,XXX quarter XXXX. the was million, of with $X.X $X.XX the $X.XX approximately unchanged quarter approximately quarter XXXX of or third $X.X to XXXX or quarter share and in per in third second the third XXXX. million, million $X.X compared

months For XX, total September $X.X per or million approximately three $X to share were million compared per ended June or XX, three XXXX XXXX. expenses $X.XX for the share approximately ended $X.XX months

quarter recognized in quarter or lease $X.X the Excluding million, were in XXXX total per impairment the charge of the second share. second $X.XX expenses

into our asset quarter remaining value million, the portfolio end, $X.XX its agreement $XXX for a note, at stands fair as the XX, value per side value. approximately As of entered September and XXXX was of terminate to an we share. subsequent approximately to have carrying lease net The our

of side approximately L plus liability X.XX% sheet, as had $XX in $XX.X of the million XXXX X.XXX% and $XXX.X September notes our par million of the credit debt due we balance of XX, under XXXX outstanding facility. million On revolving

Our ratio XXX%. quarter was asset coverage at end

are increase we new however, restricted in our the future. in ratio to flexibility statutory covenants can publicly The outstanding so leverage the March debt. of of traded coverage the give ratio Portman will ability more As new significantly Ridge currently under do our asset in XXXX, XXX%, us

maintaining in dialogue with strategies. reducing maximum flexibility of the active liability refinance cost are goal capital, to We structure opportunistically for the our of while investment

internal determining of payable under a share distribution be to on distribution, is factors to business has the including a distribution several investment amount company on The on revenue Board its the XX, Board amount to XXXX. evaluated the required of of at code. as approved for cash quarterly per the maintain status distributed company of the the in regulated November Ridge's X. close Portman record stockholders November November of The XX, $X.XX Directors

over With Portland Schaefer, like Ridge. to Officer Patrick Investment that, of now Chief the would I turn call

Patrick Schafer

it Thanks Ted. I'd how the discuss like the externalization. to we of the current since state and reshape now continue to portfolio

$XX.X of remaining equity first investments these of add-ons securities into During the four companies were In venture XX million Great investment. totaled and which investments Lakes existing value, borrowers. were which to existing the investments portfolio of XX% being quarter, and of borrowers lien brand-new into the we the made face joint six were aggregate, and which preferred

lien first these was XXX securities on points. spread basis average weighted The

exit of the course from over as carrying legacy aggregate loss – June relative aggregate to XX which the positions, which KCAP $XXX,XXX exit early their XX. XX The of largest and we a value an for quarter, exited Clarke, loss acquisitions six security of were the carrying $XX.X until Additionally, an deterioration to was Harland from a of the value September. that liquid million, price related June is of our in June had saw of

KCAP this a year, the over Xst whole, had of of points. as With securities on April of portfolio $XXX.X XXX respect Partners LIBOR the to of a a took to of of at par company debt yielding spread basis when price million and XX.X% blended BC management marked

As par XX.X% XX Ridge and XXX of $XXX of of September a Portman of spread LIBOR to basis securities marked has million yielding at debt points.

during were no incremental there Finally, the non-accruals quarter.

turn that, With the I'll call over Goldthorpe. Ted to

Ted Goldthorpe

Patrick. Thanks,

As BC became up reposition aggressively Partners been April investments ventures securities. structured Patrick from excluding completed And of underwritten noted, portfolio. we've to in as BC XX% BC when investments sourced Partners face-value external the and Partners, September the platform. March joint XX, million and the sourced manager. of we XX% continue has through Most $XX.X portfolio XX, X, as of by were products of these the Since proprietarily of

to completed pursuant Partners is with a the broader we – the transactions Additionally, compete during continue order. as to BC co-investment platforms ability to leverage BC capability two broader transactions to going We'll our quarter participants. alongside crucial the forward Partners major entities market the lever other other on this

in reducing and our exposure right to looking and Over the next we trending low-yielding thoughtful to in non-core believe work. structured several portfolio towards direction are exiting the forward we quarters, our manner. is including assets work continue We continuing repositioning a the credit

OHAI OHAI public Last, but the hold approved least out our spreading from not bases share shareholders company more NII completion and If benefit of the will costs of excited over increased AUM. very both per scale we shareholder for sizes increasing through transaction. certainly by are

reposition composition, enhanced as KCAP's income We middle-market space of well the opportunities continue prospectively pro asset assets maximizing legacy as eye seek the to Portman/OHAI to investment through in towards net the forma lending an

expect we've will assets subsequent closely growth the and portfolio dividend in power in the rate continue NAV progress NII current Although, of quarters, the stability. stability We reposition more objective significant mirrors two to on long-term made earnings the OHAI in additional we and the based current quarters company including just the the long-term. improve to believe of NAV

like And Thank all to turn to your of you over we'd call the questions. that, with for support.

Operator

[Operator Craig Stuver Instructions] first from [ph]. question Our comes

Your line is open.

Unidentified Analyst

morning. Good Hi.

Ted Gilpin

morning. Good

Unidentified Analyst

BC quarters? a paid And personal investor. incentive in been a have I'm I Partners question, fees how to the past two much had

Ted Gilpin

the paid to no currently quarters. have So, been the last in two incentive manager fees

Unidentified Analyst

Okay. None.

Okay.

Ted Gilpin

Right.

Unidentified Analyst

value You investment? why mean, you assets list exactly of is -- Asset it. for question Affiliates. I What that? And it million other your no What that was is Manager The value? list $XX.X zero of show is what

Ted Gilpin

Yeah.

So KCAP sold There's the sitting its December on it's original what's a sold December three -- of They -- Managers own fair Manager in two value. That's and it XXXX, called or December that's Asset XX, to Asset sold used business. was were the -- different on cost there. XX, Affiliates. the so at

So, value. no carrying

Unidentified Analyst

asset? do Why it we list an as still

Ted Gilpin

finally so it liquidated. -- still more We'll, at There's doesn't of -- the the down is wind those holdco old end the still it any -- hasn't that It's but probably it business been held open. year. do

Unidentified Analyst

Okay.

So the cost. original listing still you're

Okay. All right. That's Thank all you. questions. my

Ted Gilpin

Yeah.

Operator

comes question next Careno from Our Angelo [ph].

line open. Your is

Unidentified Analyst

taking morning my Thanks Good Hi. everybody. questions. for

Partners. number since -- the the Partners externalization? assets percentage that mentioned with portfolio. you've BC acquired drop-downs is the assets since the you that were Or Was the or statement is that a characterizing in that XX% that's a you've that just XX% affiliated used of BC new current the assets -- So of

Ted Goldthorpe

assets Partners newly platform. the by BC Yes. They are originated were that originated

Ted Gilpin

amount as in September cumulative current actually represents what's September as the XX. XX the current SOI number not value But -- of of a of

Unidentified Analyst

Right.

have -- That's of the a deal. XX% so from you current to one connection some holdings of… come Partner way BC So

Ted Gilpin

Yes, XX%.

Unidentified Analyst

Okay.

Ted Gilpin

Sourced through yes. sourced BC from BC XX%, platform Partners our --

Unidentified Analyst

qualifying been new of portfolio out stands? since externalization you've current Right. XX% that where that's have deals the that of the done Right. It's not them

Ted Gilpin

That's Yes. correct.

Unidentified Analyst

of pretty how CLO, when the KCAP the Or Okay. lot mold? OHAI, the necessary. well? there how spend we're a when that can think that Managers. much like? already -- will see to obviously you happen and fitting were you talking as We lot be And there does to And time OHAI a do about fit mold. transition of Is some had had at turn much Affiliate OHAI that is rid mean, there portfolio things we what get not looking had holdings we Great. I of about look their the has already --

Ted Goldthorpe

question. good a It's Yeah.

a OHAI and about taking feel high-quality is very So the portfolio we're portfolio, good we what we on. think very

time, over assets -- assets portfolio think some acquiring. will that very good I because it of feel a certain there be will But straightforward I we we're be liquid. the more more about than and think of repositioning little very, the are

rush So know us I reposition if you again, any strategy don't our if for it, of… there's at look to but

Unidentified Analyst

think like OHAI? you rough the year Can approximately you percentage of still just that half? quarters little you mean would give OHAI after of like would or hold a a still much three of a -- the I transaction how after

Ted Goldthorpe

Yeah. mean, a is I the listen years. -- duration I our about X.X average of mean, good assets

most refinancings to or So, come due whatever. or out assets sales

a So in off year. going of third churn a have just portfolio naturally to you're the

a So reasonable. the and a half I seems between XX-month period of portfolio think over somewhere third

Unidentified Analyst

deals. going you just and you're better facilitate And reasons: reduced covenants; -- at a call get Partners financing How talked of what one facilitates BC conference this we've bit -- relieve the to -- can had yourself mentioned or a better costs two qualify be to refinancing, that in you about maybe terms? two is and much in for how may benefit BC Partners little to previous looking

Ted Goldthorpe

asset we're an banks. I mean, are with assets of billion and $XX manager work a of very we big -- lot listen Yeah. obviously of affiliated the clients with

we've financing drive so we than feel had what And better like able to be we terms at historically. should preliminarily, least

just It's I vehicle. of that drops -- of cost a the bottom to all all as capital that So, line. said

direct benefit. shareholders' So rate in we expect to any to go reduction interest

said, also also we're some have thing fixed being that on something at is, So we're the obviously assessing thinking the rate other liabilities. liability about And looking we that's side. obviously,

Unidentified Analyst

Thanks All Okay. right. my question. taking for

Ted Goldthorpe

you. Thank

Ted Gilpin

Thanks.

Operator

Lynch question of comes Ryan Our next KBW. from

open. is line Your

Ryan Lynch

you subsequent for the in morning, do that payment? sure payment you accelerated taken? the was Or $X.X guys an saw quarter. in there additional you good thanks second quarter in charges third quarter Hey, a $XXX,XXX a what this taking wasn't $X.X questions. I you my guys of $XXX,XXX if true-up $X.X fourth end was any expect million million I kind or I charge know made to thing charge guys took One million to quarter regarding leased. and

Ted Gilpin

Yeah.

our There in is I million moving bit $X.X closing little of it the carrying So but be be essentially noise up, it. left on a value will what it will don't of think is and terms material.

So then it'll noise I little see to be gone lease related completely. we'll very fourth quarter, think and the

Ryan Lynch

Okay.

Ted Goldthorpe

thing basis about Ryan is a And one on $XXX,XXX add go-forward to obviously save we a quarter.

So benefit NII. that to will go

Ryan Lynch

potentially then market your some in your CLO you some broadly. you quarter comments the some you've due or portfolio prepared some time in frame structured guys your to that product this is that to talked those positions? structured about probably headwinds And But a your the Obviously, of there's mentioned exit or does past reduce change this lot guys when are that in think looking process thought of markdowns and also to and the and weakness. know I market delay products. looking Okay. quarter, just given weakness market in markdowns took been I you this of

Ted Gilpin

they It's directions. Yeah. good although, go question a different in actually,

your related as you most mean, highlighted of yesterday in to credit movement NAV spread I of So our note opposed -- NAV related. our was most I think

very Our debt be stable. portfolio very, continues to

Again, of of equity in moving like the the obviously terms they're embedded CLO in very very, -- volatile around. leverage because CLO

changed So, market They're illiquid it's these I and ready long-term obviously don't a of know a not reducing there's lot these. of positions securities. for very our goal

looking value. always we're fair think exit I at these So to

changed se. obviously, per But really our for maximizing on not strategy so And returns focused we're sure it's shareholders. I'm

prices hold on foreseeable for the So then if appropriate them to don't continue these, get we we'll to for future.

reinvestment of news the the I mean, good is of out most are these period.

of organically the – principal CLO lot just a pay our to So is portfolio downs. just shrinking due

CLO natural just will reduction our downs. in quarter, be pay every just there through a So, book

pull book so OHAI X able our to not portfolio structured months we're of own way structured able transaction transaction down. completed the forward they done get if if kind obviously, to get XX roll So we – be obviously, percentage do a percentage their as we of we're months smaller. if to then of nothing book substantially do in that will And the goes that products if products,

Ryan Lynch

facilities of if of Can what makes what the your structure would maybe you with moving pieces liability an guys That you longer what is – your over composition to guys the as envision as of are optimized the be of – guys think – Okay. about liability the at do just how And do structure structure far you that those – sense. liability some I'm about debt just you longer credit different talked components and term? then optimizing that. not you talk looking unsecured sort sure, term

Ted Gilpin

about fixed good move a have as what's talking and we question. revolver rate now – the It's we size Yeah. forward. been each we've of We obviously, in a appropriate debt

whether in the both have we'll sure will balance future. I'm – that. still be The the on – think what I question is

rate – now financing. bond I said, we attractive. I we've fixed market pretty get But the side, can right the is revolver on better as think think both

depends have ultimate side on of terms are still toward but but how you'd fixed. see it the than structures the and mix think flexible So those a revolver we'll are, shift probably I the more component fixed, what

Ryan Lynch

much component I held you investments talk sheet on if at – ones balance just PHI, some investments those those Partners' quarter guys of look the platform. respect platform one of on as this was your out did the a Ridge, maybe of much can to some hold deals, entire Portman larger Partners broader me, then across And sheet the about BC held of obviously in one deals? for talk about Syndigo balance last maybe Okay. for can your And you some debt how how the BC of Anthem, new those you your tranche

Patrick Schafer

specific kind in giving is of the of smallest account Ryan. question, Portman in the Good platform. that say held all referenced amount, our you other hold accounts What that I'd say particular in comparable – size as – in or are ones I'd three This those without is hold Portman those what the the of each Yeah. is vehicles size amounts Patrick.

Ryan Lynch

Okay.

Now BC tranches? a great. guys far combined you and color then – are would just commitments those percentage are and as on as leading that transactions? Are where you Portland club Partners they of Are you these debt as of participant? Any Or are any deals? be small

Ted Goldthorpe

Yeah.

those think of kind actually think three of we're – I are deals what pretty doing. So I emblematic

sourced a partner. a we So and It's company our Syndigo is deal. venture through sponsor-backed that joint larger

our very, large about. worked partner closely we joint we've that very one strategic talked with that So venture

The non-sponsor. are deals other two

led we Anthem, the deal. So

whole So we co-investors and negotiated us. the sourced alongside in some deal we of it, we brought

So interesting broader we is interesting. deal that we multiple that PHI think we feel And like a financing non-sponsor. one, times an And exit again our by it's it low-levered I that's expertise outstanding what high-returning think backed very is control. then collateral really off levers It's loan have an the is because is.

so largest BC it. believe I – holder the in are -- lenders are largest And is we largest the owns group in the the who of the

of drove we again, led terms. lenders there's the but We other So us. alongside transaction, the

Ryan Lynch

That's there. of if saw I you on said I know non-sponsored the one to was a good going And you deals point, color. that you some of component can. that guys do more kind value be is

percentage Just non-sponsored been quarter deals have taken maybe you maybe, the in rough the and done this of you've since approximately what ballpark over have area?

Ted Goldthorpe

Yeah.

So XX-XX out sponsor. joint for that we're are mostly roughly our ventures. and ventures joint The strips aim to about looking

on worked we've Anthem our XX-XX. we've but in closed like The couple XXXX time So for we're weeks yield, on targeting just joint XX FXC balance working that Lakes and led stuff but Outside the the are lower-levered is one non-sponsor months. in ventures. deals, another sponsor takes been on we're the of last that doing of for sheet those Great months. the mostly kind long We a deal of higher are

Like, these bps but So a shareholders. covenants number Anthem's getting on different full additional most like we're this of covenants anywhere getting to lot multiple we're and our of it. got getting from takes XX a good bps it's we for think longer, in we're of covenants XXX deals return

we We So – it. it. lead and control

our And feel risk good reward like, so we a it's shareholders. for

Ryan Lynch

questions. for my all are discussions Those commentary. helpful That's I the appreciate Okay. that.

Ted Goldthorpe

Great. Thanks, Ryan.

Operator

Our of next question Clayton. from comes Stan Jason

open. is line Your

Jason Stan

Good morning, guys.

Ted Goldthorpe

morning. Good

Jason Stan

costs questions to the Can kind where A lot possibility think -- stability in you'll of asked. dividend? – talking you of might the dividend? to recast you obviously be kind look as forward of fine-tune guys you've been reducing dividend the you level? talk have this get been about conservative there And you my is to what and over-earning the is financing allowed was earn do this to like where the and that there and to things onetime Or that stay sort need of you it this Do earned looks on a the you base? quarter. at in the optimize you in pretty you we the a Just solid of to future? thoughts like feel quarter how that dividend the are back that things just reset you and does Or

Ted Goldthorpe

Yes.

the than previously there's some off what start higher this I we much earnings. guys tailwinds can in. kick is and mean the it's quality been and to quarter of then our expect the I'll So NII it

coming a spreads done at And you're booking see as to you've assets seen. two, We quarter little just so quarter, into was as Number fourth in our FXC was in we're of it of normalize. timing that and higher that kind that the So lot quarter, -- going a third so quarter joint to recognize number comes earnings. largely a slower due is benefit the should throughout was one bit is of income our venture. it issues,

is And joint then still our ventures Great Lakes ramping.

about, that. is interesting which well. as debt, refinance going So to we're again invested good like our from so get looks preliminarily there some you'll If we're able now, things very, fully to have we some almost that very feel it benefit

as you which surprise any the -- non-accruals, long as we we sitting all we is we throw and the here high have sustainable. things blender not, earnings of those into dividend have don't quality is So and very think today a we think

Ted Gilpin

which we'll And of OHAI a NII transaction expenses be spread over well. help asset if through, also will able as goes course, our also the larger base to

Jason Stan

And good there have vote beginning don't a That's very Great. at I for vote -- OHAI Great. to catch We you the about And a... right? them? is that the think you them. the Did just were It's transaction. when to hear. talking is mention was

Ted Gilpin

proxy for is scheduled They their out. The December XX. Sure. meeting have

So vote. Portman's it's their shareholders need to. that have not to do

Jason Stan

go. said, but you're You to ready

year-end? get green still it you light, If close can by you

Ted Gilpin

meeting Yes. we'll it The at of the to goal by close would set -- try to up in be if vote in then they to year-end. get be December their time

Jason Stan

Great. Okay. Thanks guys.

Ted Gilpin

Thanks.

Operator

question comes next of Martin from Our Steve Slater.

open. Your line is

Steve Martin

A lot. been questions of have a my number Thanks answered well. as

You of they're about are some you made. you're avoiding? industries talk the talked investments industries the about you've in? there new also Can And

Ted Goldthorpe

skew towards we Yes. mean, to tended recession-resilient industries. I

So to if we tech care media. go say I tech doing pretty I heavy lending have like venture tech, through you low-tech not to mean a we're when health weighting

or like aircraft. We done in what energy other I'd mining call cyclical or anything originated sectors, have any not

we've mining. verticals. we're no auto, think And cyclical broad-based industry we energy, like So a industries heavily not have auto, like steel doing no it's pretty we've I or no

Steve Martin

Thanks. Okay.

know when it to -- run don't the -- off will you the talked I -- provide running metrics sort pool Is You there there about to for and it bulk you answer can us will long can how Or some are we'll start how it? the there some Is that? what off. run see off as how CLO duration? period of Or over? of

Ted Gilpin

the some is about down call mean equity XX% when passed paid it vote XX% But was per deal. to reaches the period rule once reinvestment then the it -- sort sort rolled of I its I old year. it the Yes. mass, -- think critical about of then

faster at depending that's or the slower, -- date. would three or but cash are time to be flows rates that four on or call typically other either takes what what interest to it typically years down wind would it that So be

Patrick Schafer

like caveat time. a repricings reset exit to that that's duration, the opportunity us or would the anything that extend And that at or but that assuming allow no there's potentially

Steve Martin

you to obligation related about transaction? Can shares talk your Okay. the to buy OHI

Ted Goldthorpe

stock And remains I have our fees we the transaction. intact. incentive buy in mean the also potential obligation that through we have we buyback put to that

Patrick Schafer

Right. I And we after is of a share extent repurchases. then set still to trades guess it's or the -- a certain certain the way a above in -- up post-closing year below the stock discount engage then would would to we NAV

Ted Goldthorpe

balance believe – we the our book. and and Our obviously, feel in good markets sheet about really share repurchases obviously portfolio in really, we our

flip back stock the is reduces float smaller cost and a side it So but gets incredibly spread obviously is base. of fixed buying amongst accretive,

is it's We I balance. a the volume our already not think stock -- So great. in

it's think So have about we always to something in balance.

Steve Martin

you certain would behoove this However, shares? repurchase to -- it a your discount, at it really massive comfortable with marks, would if behoove level are to you

Ted Goldthorpe

always about Potentially. are we Yes, for I about it's mean talking something to sure. Board and thinking that our

Steve Martin

Thank very much. you Okay.

Ted Goldthorpe

Thank you.

Operator

the There further like remarks. are call Ted back for Goldthorpe turn to questions. any no closing over to I'd

Ted Goldthorpe

Thank to speaking to for we the and look all Thanks. for questions support and again much your you very next forward quarter. you all

Operator

gentlemen, and participating. Ladies for call. this conference Thanks. concludes you today's Thank

disconnect. You may now

Portman Ridge Finance (PTMN) 8 Nov 192019 Q3 Earnings call transcript