PTMN - Earnings call transcript Q4 2020 | Portman Ridge Finance Corporation

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Portman Ridge Finance Corporation Fourth Quarter and Full Year 2020 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference to your speaker today, Jeehae Linford. ma'am. ahead, go Please

Jeehae Linford

after morning, and to conference full release March earnings Good the copy in an reviewed www.portmanridge.com in Corporation's call. Ridge filed the Form Investor along conjunction website with fourth on yesterday press Company's XX, yesterday, and XX-K distributed SEC. quarter presentation with year earnings release, Relations with was closed. available and section is the you. A Portman of welcome Finance An market at Thank XXXX the be the should earnings Company's

this filings risks a for performance which future reminder, conference uncertainties. result differ may and as are note those Finance the update Officer Ted. number the that, Ridge. in to a of call conference SEC. purposes. Portman today's of of Company's law. guarantees turn or by now As forward-looking obligation Actual the I of call results Goldthorpe, Chief to Ted ahead, the over results is of including recorded that forward-looking Please no With would Ridge from like statements, statements not materially those factors, any replay go unless and required assumes to being may with call Portman involve a in forward-looking contain number statements such Executive Please described a Corporation

Ted Goldthorpe

this well. Roos; Officer, joined joining and Jason we today, Chief I'm Investment us by hope Financial and for healthy Thank Patrick you Welcome, is and Thank our you. doing morning. good our and everyone Schafer. Officer, morning Chief

secured on investment new direct Ridge, the middle focus market. strategy to you debt of For to who our are Portman investments those origination of senior is to

quarter by history of three with outlook and today $XX the quarter fiscal February of across successful are Ridge We made afternoon, a across sourcing our full U.S. leveraging to market our with first, and the Partners on XXXX, operating asset in progress and and year by alternative was of and under very over credit Yesterday a fourth in finally, XXXX, BC attractive of M&A XX second, of opportunities any more an results. affiliated year in BC had made its active in XXXX pleased we available first assets and focus financial overview identifying and year Portman I'll leading growing managing pursued conditions, in year global are sectors Portman on and management launched and remarks an my update for has with activity We full infrastructure current we've announced Ridge. in the on sectors than general; XXXX. perspective years an our of results; environment billion general Partners, us the our market partners. strategy focused BC areas: including deal quarterly and manager

merger we've Following our financial Capital. merger on will -- that, portfolio. Patrick On date, investment at compared essentially executed doubled at XX, our Accordingly, will to Jason Ridge provide has do it total previous This discussed as our in portfolio as was our result year-end, million been calls, XX, with in the same assets number September which Portman results, additional shareholders. XXXX. benefits asset the of we've $XXX conference the base detail largest closed transaction, Garrison to total of October on is a million we on assets $XXX expected to to and

or close. our within an and assets million assets begin net leverage We risk leverage two a leverage ahead when proactively which merger year-end, heading to As we reducing by of Garrison net value fair compared of $XX.X range. immediately the at guidance. portfolio By Garrison to selling aggregate stated before, the full opportunistic of leverage we did combined immediately basis ratio the is our was ratio levels. into We assets, acquired monetized targeted and delever of our the portfolio originated X.Xx this closing acquired approach after a X.XX ended quarters the of proceeds cash of above used on year of the with a the we to through the

addition percentage Our kind valuations of top level, with take secured getting portfolio, line resulted which ratio and loans the did Garrison of first-lien investment in primarily risk. able a on leverage and long-term and a of priority focus timing debt to our Portman without the to this portfolio our to we're first-lien senior assets being speaking, any have was investments. in of combined Broadly with our target overall of accomplish not the substantial the increase comprised strategy having our and in senior is particularly senior Ridge secured sacrificing loans

of from $XXX $XXX investment increased And Our was addition September year-end. portfolio at million from at $XXX senior loans XX and change Garrison. million the million largest secured the component to of the far, by

First-lien portfolio percentage companies investments comprised at reported this overall of assets XXX different XX across improved XX, industries. XX%. addition and also year-end, the at diversification. XX% securities September Garrison our at And portfolio of The we debt was year-end,

at On and diversify had our the sources. balance liability which sheet side, $XXX assumed a serves principal we outstanding million funding balance year-end of CLO, to

in terms for same progress of merge In we've Portman our to plan noted we've transaction platform, ahead the share, December, pleased originated accretive the on income we announced spreading expect we the larger of much far Capital our assets, stated, per continue Harvest makes Harvest to legacy Corporation. well many plan remain of by In Portman previously those in Credit including originated previous terms driven and Ridge Over the the sense Garrison into Garrison we across merger higher-yielding made into reasons Ridge's expect near-term be time, to costs to rotating net execution. in AUM fixed we're by of loans. we a directly base. of with our The of with the investment very for As summary, integration so mergers.

further occur and and sometime of in X/X flexibility briefly acquired XX, and commentary. and the second assumed to in year. adding longer second April and quarter diversification of want two our on picture portfolio M&A Ridge's expecting leveraging to to Taking the quarter comment investment trading Company, the activities towards working The larger big this immediately, speak year. portfolios to the platform, step also we Since an integrated for public existing the capability are expenses We're be closed hopefully this of assets. we've I shift company closing when management composition portfolio the the of back, to term. size We deals Harvest Portman will to with to liquidity, provide some in a while improving first-lien increasing continue visibility

each each made way, Garrison and percentage a also of we've composition as a as the occurred and instance, immediately namely of the to equity transaction both worked senior assets, As take portfolio CLO asset to wind also result we Along -- we shift which these embarked in order second-lien to clear action non-core portfolio gradually opportunistically towards to and and both downs. objectives sales investments. reduce investments, in proactive our acquired the also of on as derisk we've such naturally set debt secured rotate transactions high-quality assets the

reposition we've to economy we a to able we to to is and when ability performed have the target overall within the Very believe we approximately believe of we assumed transaction, late been but an largely a of The made throughout now Garrison, above at close, Shifting our testament portfolio beginning with and to transaction note. in size tangible we to discuss time, ratio. And in strengthening a In to -- second-lien the necessary has the quickly or benefited above XXXX that close investments. acquired monetized are compared shortly and fourth underwriting our more in ability expectations transactions book our Certainly, underwriting as million synergies. to I of record closed now performance we quickly capture XXXX our to of or despite work quarter announced the our mentioned remaining close the assumptions OHAI summary, our reduce track liquid demonstrate managing demonstrate $XXX is in shortly a passage full after terms. market able and our gears immediately these we're With begin book. we and now been accurate. portfolios before, record transactions, of of to XX% portfolio We and after to date work fair the respect track Garrison I when value to is for COVID, the close We monetized this portfolio. which to each leverage assets to important as year. at immediately the from financial

generated we income XXXX, of of For share the fourth quarter investment per net $X.XX.

June improving throughout $X.XX adjusted of net $X.XX the Excluding per was in net due share. continuing share the connection this realized XX, to quarter performance, increase detail, net company investment $X.XX to compares with portfolio the merger, tighten offset but the investment as into will per income Jason of income gains $X.XX was by of This per costs where per in adjusted share the $X.XX spreads the quarter. at $X.XX impact our at at also income share, Garrison of share $X.XX share the were September investment $X.XX the distributions, transaction portfolio the broad-based associated share strengthening XX NAV as per our continued net of third go value asset XX. merger. quarter the primary in asset Garrison per at reflects share middle with March quarterly which per quarter drivers and per compared well Net of to market further coverage and partially of in year-end to our fourth fourth

share very portfolio -- from and our to with costs, we Overall, both September an financial position. where per transaction perspective, net XX. compared pleased increased investment Garrison asset the as Excluding comfortable we're are share X.X% per we by value stand

continue discussed, this exposure one we at our class. to composition first-lien to positions will previously for continues shift our year-end, towards to and reducing Subsequent to assets. CLO portfolio the investments so do asset further value, pro equity exited Harvest of fair forma As our

we to structure Portman total percentage before, I've comprise securities pro total commented than investment XX% on transaction. want is less portfolio, KCAP our this when liability for CLO a the flexible. down Ridge's of the execute I X% portfolio, now that forma reiterate extremely As but our from sale, of

million a or flexed in We down. $XX and can that unsecured secured that are facility bonds revolving have credit be up callable

down, of rating With also with minus with BBB X, a November, investment Ridge we during the value stable connection a February, of received become notes merger, $XX of made $XXX notes in million an from These initial Garrison investment-grade the thesis. Portman consistent million outlook XXXX, On Egan-Jones. March pay with corporate in now have callable and Garrison the par we subordinated CLO.

assessing the are to options sheet debt. to hold our would and assets We We our with our mix currently going like to respect on investment of balance ideal forward. relative strategy

conditions, this spreads market the as we remarked pre-COVID throughout on remains conditions to were market nearly to improved briefly know, call gradually last people Turning unchanged. which seeing year. levels, quarter, many We tighten

seeing direct has to that remain our this spreads note the situation wider of a also pattern but business. market, were strong credit also the year, is which for normal the We we Transaction in since relatively and was market we liquid volume origination quarter relative slowed continued. down beginning noted loan in fourth has

quarter M&A activity, markets refinancing typical, of most spurred transactions by for during the were Repayments to capital is than XXXX. largely pent-up addition robust. In higher activity

each occur quarter first ensure conditions, very performance, Looking that to on continuing current to to the our ahead will focused of remain of shortly we current continue will portfolio at quarter. expect given cover XXXX, market and this stable exhibit end we we which dividend point, our the

million leverage news, discussed we previously March by terms Given repurchase we're that other target have million the and corporate avoid In continuing in new making been level, have COVID-XX. very stock directly March the we program. stock $XX at we X, of of XXXX to XXbX-X as program that a the our discerning and investments in sectors prior the substantially This approved being XX, program March announced Board And impacted XXXX, that of we purchase on on same terms new program entered into the summer. with subsequently Directors XXXX, plan expired $XX during the

makes sense We continue to stock shareholders. believe back that our for buying

to that will our be but needs joining have Portman leadership to the to brings With our investment blackout of to new by to do the Pricewaterhousecoopers. after by legally continue and us Jason help years brief joined introduction. that, Roos. our the today our Jason call Securities now expertise We're drive experience a we Financial we I'd we overview XX so. with I restrictions a We're have windows when And continue to financial of grow. then will Company Chief as some positions, make at an equity of Officer, like turn M&A periods additional for Officer; Jason's process nearly over technical Jason to Ridge Wells We our and results; Chief including we Investment impacted someone within done, fortunate experience have Jason the review buy Fargo joins and the financial organization of and call team. Patrick of activity background wealth controllership some will for with a concluding remarks. and before and Schafer, around

Jason Roos

now with in team, full will Company's the of have financial position and the happy development. XXXX. the Ted, very morning, Thanks, results to and better our soon. dynamic forward acquainted Great. you time during joined the to recap I look year and good a everyone. I quarter for financial fourth I'm all especially such getting

net investment and is will our compared in such share QX. was $XXX for I at part debt share. assets we an fourth consideration excluding a of $XXX the upon realization have $X.XX investment which the consideration quarter that basis the of share per Ridge the is a full approximately This merger, the discount not to merger unrealized an of ventures. had Garrison on event, million allocated will million GAAP acquired consideration of the be equity positions impact only to The share, gains adjusted share. paid the amount quarter that assets put based in discount investments onetime total to The This income the net value The in financial value million per remaining legacy as in we $XXX NAV lives equity $XX fourth net acquired any million was described, will Under asset. or the this asset date total $XX value QX accounting to as each is of assets take paid discount for share. purchase share share. and per $X.X straight allocating our sales closing a million in investment per in on event. acquisition, price our a of moment to At accelerated just downs through the fair NAV total date quarter in value $X.X the sale our in setting per or of unrealized securities will to may XXXX. net net Adjusting investment and income price transaction. NAV set assets $X.XX of of of investments, have including the discount transaction. This This per million a cost across whereby to for compares and immediately instruments of accounting investment Garrison GAAP, paid and attributable asset value accounted on their by to our marks noncash of the close, The in million upon quarter of $XXX This upon third relative the be portfolio, $X.XX acquired marked portfolio, that gain $X.XX on year million or price year-end, to net the a $X.XX our joint discount purchase investments investment gains share the our This the net at which quarter. income assets increase that per the the for debt a $X.XX the on was Garrison our statements over Given of income income the CLO fair those based contributing wanted occur. accrete of describe of investment for components the new resulted pay derivatives, per included unrealized million. income acquired Garrison the I net quarter the to increased in $X.X closing purchase impact was per or to the for values used assets recognized primary total third the were as million the accounting acquisition. merger share of resulted $XX and in function Portman instruments mainly

we the As Ted strengthening continue improvement which mentioned, to conditions, market observe in our in valuations. resulted continued

the a change the assumed as side the was liability there we from merger. of quarter On the connection substantial CLO the balance Garrison in prior with sheet,

the notes million are recognized a in at end value secured par that of $XXX of we As due result, XXXX. senior

at these notes, respect under and borrowings due in our stood and we reported capacity million $X With credit unrestricted In to commitments, in $XXX our a the had commitment and unfunded for credit available and million unfunded XXXX total million debt. borrowing an aggregate addition December and notes million with under million of million liquidity $XX additional $XX at to XXX% also cash $XX.X $XX of we equivalents facility. cash in XX, facility the XXXX,

XX, which ratio December a ratio, statutory of XXX%. XXXX, December our above of was requirement for asset debt-to-equity coverage the XXXX, BDCs perspective, X.Xx. as of As From our XXX%, is was XX, regulatory

of of CLO the first we during debt. million $XX quarter XXXX, repaid mentioned, the Ted As Garrison

be X.XX to focused Our objective range on X.Xx. has been a and will leverage maintaining to continue to overall of

$X.XX XXXX, XX quarterly XX recently for was February consistent we on paid We $X.XX In each paid and terms a X. the share on of in $X.XX year. shareholders in February per the per share of paid distributions announced March on resulting for record quarter, of distribution

expected the second payment in HCAP result transaction with total aggregate the shareholders cash XXXX, at Crest. closing, of extent shares the the total that also $XX relationship our the the current share the a of program, consisting keep and million a NAV excess and shares of noted, basis, total on Portman's mentioned, track Ridge be per will XXXX, This which, our expect the to shares intention to repurchase merge under amount consideration and of newly process our a an consistent HCAP's and receiving million XX, additional stockholders at paid. on transaction for Portman $X.XX XX, price done cover cash approved asset to issued HCAP XX.X% number of Based estimated the value under stable whereby occur receive of Portman of aggregate Also, distribution stock Furthermore, Ridge for stock the with goal Harvest, Credit of our the terms. previously will in share. XXX,XXX remain and this net in stock Garrison. of cash of same transactions stockholders Portman case to as stock equal quarter the million. XX, expired net values This of net was issued OHAI amount, Sierra possible. overarching of be such proposed per repurchased Capital X, outstanding of average year September repurchase to December exceed an that of consideration XXXX, December as XX, advisor, NAV-for-NAV And To will of quarter. on shares during we announced on valued each to new receive the terms continue will on be in on excess Our as XXX% March We pre-transaction closing XXXX, XXX% substantially asset to the shares, $XX.X Under NAV, is We Harvest HCAP program Board investment expenses. as from transaction current Directors Ted with $X.XX value March Corporation. at and approximately is will

our firm, Finally, transitioning will the as effective the I'd note audit like we that to be as of quarter. end of to Deloitte first

to partnership working the We part moving to their with thank had to is us and this Chief would no call our to issues Patrick over Investment Officer. Schafer, audit of change. team the is Deloitte, team, While broader the for forward KPMG, disagreements KPMG that, I look With Deloitte with and the we turn or today. with Portman included like Partners BC organization Ridge as functions

Patrick Schafer

merger quiet intention Thanks, Jason. new investment Garrison The fourth and for closing. is balance quarter activity, relatively given was in us sheet terms following the to our de-risk with the of

XX% venture all made we quarter, BCP investments six Partners the the points. other which remaining value, Great on new which BC brand-new and of aggregate, the of first-lien net was $XX.X investments, average Lakes entities. was During were face Lakes to The Great being joint borrowers, five which and In the XX% completed of these on one Lakes investments weighted of excluding into securities add venture. borrowers, basis spread were were Great six of alongside joint million the which joint totaled venture, XXX the

Garrison $X.X given and In both the XX were with value three overall exits or of positions, million on capital carrying As repaid sales the of in the gain total, quarter a are of to legacy Garrison which improvement we active represented markets, we resulted be approximately expected, were merger these aggregate, dispositions. during In and very in of exited assets. a million. proactive $XXX.X

sales, value the related $XX.X and Specifically $X.X proactive resulted approximately aggregate a million positions of carrying Garrison these in gain represented an of XX to asset million.

as million unrecognized of approximately and a Sierra LIBOR of accounted million XX.X% par to income points million a associated marked on a accounted on million an equity as the XXX took Rasco of accounted and at of debt debt securities LIBOR impact for Garrison $X.X stated of previously Ridge points XXX sale basis par XXX at gains. Portman of spread as purchase over for September debt the and stated Ridge well and unrealized and securities blended of compares price stated spread unrealized accounting accruing of XX, an million $XXX.X equity of gain, XX, two of ventures of the Portman XX.X% $X.X price yielding of par of a Crest spread of points for securities. XXXX, gain securities of remaining when securities on April accruing to basis, and the on yielding December and $XXX.X XXXX. the portfolio This basis our securities our $XXX.X positions unrealized XX.X% equivalent as basis LIBOR joint marked X, reversal On marked debt of $X.X Excluding while merger Medical, management debt to at million to debt had

to as as back portfolio XX. XXXX. December Ted Eight X.X% Slide X.X% Turning X.X% XX. I'll compared With Nonaccruals, as of of represented respectively, and the fair of of on Goldthorpe. cost investment non-accrual call of September and status XX, XX, value over the that, X.X%, as turn XXXX, to investments to were on December

Ted Goldthorpe

We Thank the you, we're we've pleased Patrick. the rest wanted the to start year. a operating more again made we how through In with Ridge. I for to optimistic a XXXX are strong off of with are in closing, normalized Portman and progress state conditions believe

on are and portfolio Looking and our closing merger, ahead, work working we we well. as towards to hopefully with integration expect successful rotation Harvest another continue Capital the

operator ongoing shareholders the of questions. achieving I'd execution to key goal. for believe and all our confidence and transactions to the the to support Portman in ultimate profile have risk-adjusted returns and are In strong terms significant this us, transactions which these run; to months. it portfolio deliver turn capital over of like now however, Our date in any to composition of successful many brought and remains Ridge I'd the these our for sustainable structure your goal over We shareholders. to like about to long to steadfast, changes thank size,

Operator

Lynch Thank Instructions] you. with first from [Operator Our comes KBW. Ryan question

Your line open. now is

Ryan Lynch

related First had Slide one to number I X. was

in all the by those your pace the expect of pace assume some the range, leverage leverage out to part down You guys we the exiting the investments of rotation range would was targeted kind elevated quarter. kind I of meaningfully? but you accelerated, in should that now Garrison assets that today, legacy slow are I that say, of of driven of Garrison of

Ted Goldthorpe

time lot Yes, but would I mean, spent we I'll of over transaction a closes, asset sales. I question. really up say is, it to a what before turn lining these that's great Patrick,

of that as would you the XX% comfortable in we don't we the see so, very just the with were very, but chunk of recall, the with of in and but mean, leverage think expect fourth weeks, the in I like big see And couple saw pace quarter. same about you're OHAI portfolio, to continue. we did Garrison we We going Garrison. and reductions feel proactive I didn't range, monetizing elevated book. repayments nothing a first And to

Patrick Schafer

Yes.

to Just add on that.

right, And I I to even on still portfolio. note bit think more portfolio a that's think our legacy -- Garrison the would the one, than be legacy Ted. tends it liquid is little you

Portman Garrison years. over has we risk-return portfolio, bit a that think the So sales. several as in then about originating than Ridge asset BC portfolio, generally priority terms our partners be Garrison given number optimizing assets higher assets speaking, two, been the is might just last within the the theoretically, And those of a little more mature

anything expect think to would the just don't but I our to greater course, be it it repayments the on in would part. Garrison likely ordinary strategic intentionally So, that subject portfolio be be would

Ryan Lynch

one. be think the then know the I fit down, And debt? of in especially to I which a your Harvest liability ideal a is going little on it of term, the with unsecured probably of what merger terms for know term, is congratulations structure And a currently number for winding may I there guys term, Egan-Jones, you composition rating debt But But your debt look Understood. may And then then that of composition longer you point, securitization, what pieces transitional see little structure? investment-grade coming ideal Okay. just I credit think from bit longer like repayment. have sort the liability is be with do are facility on you do up. the bit longer

Patrick Schafer

Yes.

question, So, great Brian.

by is still this little I think Patrick, sorting -- we're the bit out way. a

long in bonds the term, unsecured part forward, provide. that flexibility think will a very financing I integral going our remain even of they given the strategy,

we as liabilities revolving longer our the think as bigger CLO to term. well consolidate would probably in look I facility ultimately picture, the

reinvestment long fairly on period a have still CLO. we So, that

we look So horizon I there's and there from we the do. area do need consolidate where to probably that on But would imminent or that's think side. the try liability the nothing would to

Ted Goldthorpe

Okay. maturities we the also a and I'd maturities. near-term is do number maturities some only bond thing coming have have the forma the on transaction, there's Harvest pro add also for And up side, of near-term on near-term -- we

the given this something significant days, we these we're debt for So, on our drops is it and think can focused to we is bottom all savings pricing shareholders, line. very unsecured realize where

last last So, months. we've been the XX hurt the LIBOR, in rates in to or obviously by XX reductions

So, why as shouldn't cheaper as we by there's reason locking in it from no benefit well. liabilities well

Ryan Lynch

one Okay. for for that going companies? last expect several you one that very deploying into was active shut as in active guys quarters now But guys months. just on flow that, the as And there are we deploying in you in far How Obviously, capital front. market on portfolio you M&A the is back you market the have the all background? spring active should picking up. M&A new the as summer How and capital, given as new have guys been Deal far off new me. basically then

Ted Goldthorpe

quarter side. say. we a be investors. But have fourth we a on we year, private seen deal of to on activity There's equity the I Most continue year pressure I as capital businesses primary expect we're saw I Their and never mean, the consistent, of to would firms be return sponsor mean lot robust the that last Yes. the our activity of on our side, of equity sponsor this level to private seeing now -- well. very that lot their non-sponsor activity. to in is

processes. for excited portfolio lot So, a of of sale, lot a companies up

the environment deal fourth year. this quarter, yes, it was of spill so the and very into seen I we've over in kind mean, robust And

lot. you'll I kind we'll surprised picked So, see wouldn't has net is, see our what of it -- it invested perspective, of the in see if and going slowed quarters, very that We happens. massively see to be investment active. down couple us to a activity into think increase activity, I very but think I to the investment of continues our our but you're came be don't lucky. still benefit you're year up this gross From next we're going

weaker lot replace would a them view refinanced would spreads. at with we credits I of what out So, trying as to similar quality and get higher proactively of were our, say, credits

months, portfolio. really the than of out done expected, spreads. maintaining we've So I call probably portfolio risk we last good a would I hydrating our our think three lot job of a think what faster while taken we we've Like

think we going And level to see at up much. within leverage pretty so, to I that go you're mean, but don't we're I I we're at want a we're range, our -- don't now, think elevated

that I it. you're high or? was to going think do way see the loan to to that want So, gross Patrick, you anything add I phrase

Patrick Schafer

No.

a would is remained Partners I thing as BC one add the think I platform active. very has

our muted, been makes the very market, an Portman as which given back active much in has entity it and while easy platform relatively to M&A So still get relatively activity, is in. the involved Portman

like things sponsor and our still that. intermediaries relationships we're and maintaining our dialogues So, within

So that's thing just would the add. one I

Operator

our next And Instructions] [Operator Nolan Ladenburg question Christopher Thalmann. with from you. comes Thank

line now open. Your is

Christopher Nolan

Ted, following improved expect is Portman question -- for be XXXX, Ridge economics mostly Ryan's it up of restructuring you to from that from liabilities? correct the

Ted Goldthorpe

mean, of the see we're do shareholders savings Yes. of the various to to going the things our liability side I over the course next on from quarters. we expect would to couple

Christopher Nolan

Medical, was that's back of And on follow-up Rosco that cured accruing? I Great. and a just guess as

Patrick Schafer

accrued ultimately It capitalized interest. accruing But the of Yes, cash into and from interest There so a in that it's paying of of led a QX. as of started that's cash was got QX paying monthly kind of September is over September month, as a month that October, as timing around interest. yes, renegotiation correct. part cash bit paying mismatch

Christopher Nolan

Any on what give, you of expenses. can operating should terms question in terms expenses? in Jason, quarterly guidance of we run sort rates for operating Final expect of

Jason Roos

Sure. Yes. Yes.

a little part undersized than QX QX. is downgrading see bit was higher upside the you'll across fees. an So with expense profile a given given because of positive the in pricing we some space, professional in as vendor that that normal There negotiations bit in had QX little uptick

of activity that would little as the popping bit forward. Garrison rate The I because on as bit there the uptick color start basis. well would a to in of with because one-time higher little just on part see to off expenses of because a little increase bit, down G&A, expect M&A to associated that XX% M&A other admin say, that. once And of, that, to up of I give I a to a would XX% going about services, a that So of come up run ticked see starts an come number the it's stabilize will you'll expect that But

Operator

Goldthorpe closing I'm turn any this like over I now questions would not at Instructions] showing call back the Ted to for [Operator remarks. to time. further

Ted Goldthorpe

would to Again, you we any morning, if at much. very of member time. we wish dialing for like shareholders healthy questions and their any at call any this everybody safe. remains continuing all, everybody we'd you support. thank for And to have and And our Thank thank management like in

Operator

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

now may You disconnect.

Portman Ridge Finance (PTMN) 12 Mar 212020 Q4 Earnings call transcript