PTMN - Earnings call transcript Q1 2021 | Portman Ridge Finance Corporation

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Portman Ridge Finance First Quarter 2021 Financial Results Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions] Thank you. It is now my pleasure to turn the call over to Ms. Jeehae Linford. yours. is floor The

Jeehae Linford

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

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

Ted Goldthorpe

afternoon, it M&A calls and its we’ve the early, our Yesterday Patrick joined our doing quarter our results. Officer, Jason Great. so and Financial got an we’ve but begin Investment in results. our heading on update near-term of made provide Portman today on transaction. everyone, call. level XXXX, as goals joining first priorities for Ridge I’ll overview space quarter to by fiscal Chief will Officer, and first I and other reporting I’m Good four the significant financial as relates with thanks, Harvest with pipeline Chief morning, sorry, morning update our first it’s finish Roos; announced well. discussion our activity, Schafer. our high our earnings a XXXX guys this quarter a into towards of an strategic year including progress I’m

previously gross order end. achieve to give are long-term X.Xx a range X.Xx proactively quarter results. leverage, of valuation a compared on year and an first and net a XXXX. this a on X.Xx to relatively will in basis we merger earnings. compromising the pleased stated fair as notes, X.Xx net after of million in was on This $XX secured at merger. activity portfolio of a in approximately XXXX, principal repay the quarter Jason priority financial execute basis X.Xx portfolio roughly details our An immediate and $XX.X of was utilize an and to in were provide proceeds monetized Ridge $XXX the continue of million million in $XX a will leverage update was completed the assumed strategic fourth of first on Patrick Garrison end as level on the quarter which net In we’ve following range at additional status, at Having X.Xx, our of reduce to basis short as the the or ours to repositioning merger, part that, Following net the price on on X.XXx our plan leverage gross leverage October and or which gross to aggregate with Portman basis Accordingly, quarter value our above combined at and close. XXXX result was million the Garrison of we the without repayment

an the additional value. quarter sold originated with by assets in first of sales above in engage to million continue $XX.X We Garrison fair

of at not legacy the which plan assess XXXX, while in do the proactive pace quarter our portfolio, to with the first at lien our continue are loans continue we emphasis is in focused an we opportunistic sales XXXX the time. portfolio. this pleased Garrison shift investments. fourth of we Looking composition quarter overall sold of Portman as on and to We’ve in portfolio we asset Ridge the secured of assets the state ahead, drive on with also the first to continued

be lien Harvest to September to at for similarly the year transaction, lien securities. debt first portfolio now investments compared forma we First and at comprise expect portfolio XX% the Pro XX% securities of XX. XX% our end will weighted

higher Garrison we time at previously rotating our directly over our legacy those Harvest strategy originated discussed, into yielding, loans to continue per Partners. As and by we existing lending including originated expect assets, BC

performance financial which of expenses share quarter. one-time a of generate per $X.XX. $X.XX for and income to impacted net share quarter, share loss and debt, resulted earnings earnings We our investment per $X.X this of the Non-recurring realized impact. Turning negative on including $X.XX extinguishment million per in

and due activities We M&A tax audit were to that legal during from to $X.XX also our impact. increased experienced that expenses share fees the fee per quarter typical professional higher and higher than equated expenses nearly

and notes. actions now going secured the benefit transaction the generate We credit cost savings savings in completed an will we X.XXX% in are $XX of multiple – remain levels expense and will that we senior from pleased On during senior forward. time. April XX, second closed this a quarter substantially million a were cost-focused time opportune emerge to interest have of and taking offering beyond, debt on ahead passage fully we unsecured markets placement Looking private notes expect in with the will

as continue over related our fixed announced broader program benefit to asset on the shareholders. the to spread interest expect other In base the by $XX will stock previously to approved renewal cost costs significantly XXXX these Directors. that will We rates which corporate flow we other news, savings of XX, March a and rise we manage to efficiencies Board was repurchase of of million M&A that

proxy under to one reverse shares greater to for a other enact X to shareholders, of M&A Furthermore, stock a around continue reverse most we for stock XX with We but stockholder June filed into prices take provide sense and on often from recent to that buying per on shareholders approval. particularly investors undergo our we XX, constrained and on range year with parameters. note, stock who within to share X account restrictions periods within believe Meeting believe makes split X raised blackout shareholders, our April X of voting we as the are continue activities. our a to respect matter institutional split that Annual feedback by and among our operate intention other to may our back our shares flexibility restrictions for We having

capability basis. to transaction to immediately, on also while improving for X.X We’ve also tune Portman the platform, we size in Harvest for merge liquidity, in to net the existing portfolio discussed calls, of visibility our as to gross first to deals and expect XXXX, makes that and announced to Finally, in transaction the previous public plan reasons same with noted we turns of of company sense our will harvest longer-term. flexibility trading LIEN including continue of the the Corporation. be for both leveraging the harvest diversification and and The for December Capital Harvest we larger adding deleveraging our portfolio increasing noted composition assets. mergers, many Ridge, the the that shift previous Credit expenses speak to

on track in to are for to year. of mid-June early this occur closing We expecting an

start off We’re to a XXXX. in strong

we now based composition position of is current in to trend platform we And the ratio portfolio conditions. range, this continue of Non-accruals Our in continuing value percentage expect BC increase originated to the well. to on through good downwards are trend performing rebuild the continue we may fair and to end BC are of Partners as Partners achieved total our portfolio target the leverage Having a debt the investment near-term a activity shift assets. portfolio. lower the as at

the to I Investment Schafer, maximize transaction anticipate review We savings will for the de-leveraging of And investment focused remain closes, greater our expected we Patrick in once from benefit generating to that, all Chief a on we our the for company of with which event. in turn Officer order cost call further areas very Harvest flexibility will be value activity. Internally, over will even our shareholders. a

Patrick Schafer

Ted. Thanks

first Turning conditions. current to market

call you market at know, strong last really our and this the year continuing many this year. primary starting has end into on of quarter been very of As of first the

low remained backdrop has of stimulus. fiscal led Given rates, extremely active. vaccine market interest reopening ongoing the and overall credit distribution The

activity, on quarter down the on also M&A the Transaction still investment syndicated average the past to quarters quarter, typical in XXXX, markets. in benchmarks refinancing If wider couple with quarter you grind higher fourth were was The middle loan as in of look Repayments, as middle broadly tandem than the we average new in benchmarks, quarter, market through spreads in which activity. the continue including than to appear at opportunities well but those both tighter for market the be where operate. actually liquid were during first slowing QX particularly are in of the XXXX. than strong second volume lower

of note that transactions to risk and the of the should higher, and the market. our generate liquid excess to our returns market remain wider As origination ability credit attractive broader the breadth loan direct spreads before, we use market, adjusted structure to in in relative platform consistent, lead

Looking XXXX. ahead to the full year

during this to period on leveraging be focus of remain increased will Our pipeline repayments. a asset well-invested robust

new our to debt our generate excess in-place as yields later, originations of a we continue As debt whole. highlight in portfolio

in believe So of Partners. Garrison Slide rotate presentation. lead Turn out as activity we KCAP by into increased of increase the originated returns BC will legacy, assets repayment to and further shareholders the assets, investor and long-term, we for to X

short-term Garrison considering first active that delever. fairly the was The merger goal after was to primary our quarter

borrowers, six all XX eight new the three XX% XX% were the value, were venture Great final excluding prior transactions X% new on add-on Lakes and short-term second lien other joint we fair the was that investments of were venture, borrowers. In to first entities. which these Lakes investments, XXX In which the points. lien XX% completed Lakes totaled million Great alongside which quarter. which Partners investments made but investments joint were BC end BCP weighted of the of existing joint of of total, During which of into the were the quarter, spread XX net was and basis $XX sold the The were aggregate, including XX securities, securities, the venture were approximately of borrowers, of brand to Great

quarter approximately repaid gain of $XXX,XXX. side resulted On were $XX these the the in repayments exits a value was repayments. In and total, aggregate, represented we carrying exited In and seven also the of million or on positions, were XX active. disposition of approximately which

approximately these resulted represent $XXX,XXX. to in of an related aggregate million gain $XX XX Specifically carrying and – the asset value positions of the proactive sales, approximately approximately

approximately compared securities of on LIBOR an On points value December and $X.X call to a our as BIBOR a on XX, to of basis XX, while of as X.X% marked our for Jason debt par million marked equivalent accounted securities $X.X of million XXXX. XXX of on Portman positions debt Turn and Sierra points I’ll December XX.X% LIBOR and XXXX. portfolio of million when Crest accounted gain on to over the discuss basis XXX million and points represented Ridge equity net investments of net to stated cost XXXX of of equity March XXXX the accruing non-accrual at debt of turn of securities, on fair securities and status took of non-accruals X.X% $XXX.X compares million of yielding accounted for portfolio gain, for par further spread securities March XXX an of Seven debt March debt accruing the as ventures yielding for and now debt to to April were respectively basis X, financial at gain. management a million and a par results as marked $X.X XX, as blended joint $XXX.X net at to a Portman This our of spread XX.X% quarter, has XX.X% X.X% XX, investment quarter. of of as Slide stated of Ridge X.X% the securities. $XXX.X the spread During XX, CLO price remaining and over XX. to basis two stated

Jason Roos

Thanks, Patrick.

legal purchase closing in accounting. XXXX in $X.X investment of X% originated after that part close Garrison end As expenses lower period. assets portfolio. and share period income the between increased incentive net adjusted fees by The combined decreased I October, tax quarter. to comparisons merger during nature due fourth quick these million professional primarily first $X.XX income the which which merger, of of otherwise of given Garrison the timing to part noted. in impact income and by performance-based per million to quarter or QX as $XX and million XXXX from compares the due of occurred income the of our by results, to $XX.X investment transformational XXXX, to quarter incurred down to for quarter merger $XX.X sales goal of against Total all share, million offset assets first incremental for deleverage present adjusted Garrison primarily year of in Management the the the fees and occurred driven closed merger QX per this note, fees eventual investment closer the a higher net which prior $XX.X Total unless to fees million bulk the QX increased in fourth to quarter million after activities $X.X was sales, was will fees. XXXX. The adjusting $X.XX expenses and related management fees impact the of the of due for investment Garrison full higher in or Garrison the for October decrease generated to was GAAP professional

Going at to for would them and stay anticipate do this level forward, fees closer not elevated normalize expect fourth to levels. to XXXX quarter we professional

quarter increased of issued notes the Interest quarter-to-quarter note issuance incentive during amortization from lower costs the this are half. $X.X in secured offset also the to all new to of and by reinvested quarter fees $X.X quarter, the the end earned slightly million impact Garrison due We debt first and that as quarter. due full million company of repaid the balances through expense merger million shares primarily debt XXXX of at $XX

benefit due end, X.XXX% of $XXX share total during investments in we amount of in on NAV general growth assets million. and the periods $XXX an XX. of and a environment $X.XX in of economic quarter of in X.XXX% We May overall we the tightening NAV excluding assets resulted million from approximately investments debt million $X.XX. quarter net the this Valuations XXXX. extinguishment compared we expect the NAV investment costs of substantial future by per before was and and expense derivatives net quarter, and continued paid per equity Net This dividend on marks unsecured resulting loss per on senior for per straight to have of fourth a increased net issuance to driven completed XX offset value notes share mainly the of savings the of that $XXX and million $X.X and one-time quarter increase the The $X.X investments $XXX excluding share. the million net interest redemption or which of notes expect attributable million $X.X be will share pending of $X.X of share our or income to per of in million million improvement. had April derivatives fourth by the our the or quarter yield of $X.XX capital At in of XXXX, appreciation stockholders’

reduction As a of perspective, at quarter gross was in the $XX X.Xx secured XXXX, debt of [indiscernible] driven during primarily XXX%. quarter. asset March The repayment regulatory of was our on a end equity from the XX, ratio notes to by ratio the coverage our million was leverage

million range in under X.Xx. leverage the secured end facility, due notes $XXX and notes quarter to of in $XX of million Our million was debt. $XX $XXX our debt continue Total comprised and X.XXx XXXX, in credit total has borrowings to X.XXX% overall and on for objective million will due focused XXXX maintaining to be been a at a of

XXXX, additional notes to equivalents $XX to our cash As With unsecured stood million discussed, and and placement credit unfunded X.XXX% and the commitments, reported unfunded of XXXX notes at million the a subsequent borrowing unrestricted an of the $XX cash to full. are quarter capacity at issued with facility. notified million X.XXX% private $XX.X respect in end, election commitments available trustee in liquidity and March under at we million them senior offering, aggregate subsequently redeem $XX we XX, and due

a consistent turn by XX, distribution per that, approved on announced close XXXX. was share I record and As will levels May back the quarter of yesterday with to and call prior on $X.XX quarterly of payable declared Ted XXXX X, business Goldthorpe. the With the of Board over to June stockholders at

Ted Goldthorpe

Thank Jason. you,

Ridge. of We’re pleased another quarter at Portman with progress

position the solid see to our on generate come. to record are financial we’ve the prepared and close stable, Thank of over for shareholders taken We’re our now Annual some long-term necessary begun to prepared we’ve like it I’ll for we confident operator support. we fruition your Ridge shareholders and to to believe the and vote. certainly concludes the our earnings to steps for of June again you and our more all to date that remarks shape, and there’s that of by Portman participate X to to questions. that ongoing work consistent note any believe in and encouraging our remarks, to I’d turn This Meeting

Operator

comes Your the Landenburg from Nolan Instructions] first line from of Christopher Thalmann. [Operator question

Christopher Nolan

was guys. please? Can bit, a management. I saw $X.XX to you an million of Hi, in share little that it press explain the release, affiliate the sale

Ted Goldthorpe

Yes. Jason, ahead. go

Jason Roos

Yes, sure.

equity of that of the $X.XX Portman like and issued was placement. we tune million to So a kind issuance an private equity to of affiliate and

Patrick Schafer

being this in incentive fees Chris, the – stock. is It’s paid

Christopher Nolan

quarter first a quarter thought NAV, And I event that at – or thought I Yes. Okay. just so. second a was and event? I times X

Patrick Schafer

be event. second will quarter It

in yesterday be done was part financials issued upcoming days. the and will the it as So of

Christopher Nolan

Great. And then…

Ted Goldthorpe

Chris.

think normal. our offered with stock did we who as our in shareholders. that this because cash, and we fees people message to we original when thought ourselves for just to And agreed in some NAV the opposite align shareholders to this. send recall, we all did mean, of a I incentive would when versus great we it But these that rise – we don’t take mergers, about was versus at – kind the just So shareholders or we of gave to

our So NAV. at just incentive taking us fees this in is stock

Christopher Nolan

how And are your And Yes. on agree. starting going affecting to totally forward? structure inflation how are guys in inflation economic capital you No, front, capital companies? prospect thinking about your structure you portfolio of the see the

Ted Goldthorpe

Yes.

So think portfolio companies is I last in side. on job the done seen XX what our cost amazing we’ve the an months have

despite of So That lot over supply trailing that it inflation. just the haven’t basis, not are costs worries going we’ve and now, being something about – inflation, trailing all up right focused place the basis, a on. chain a on lot a said, a seen of on we’re is we seen and

was year last so all – about anemic controls expense revenue revenue So growth. and

Now question to And you’ve growth. your big is expense the got do. strong revenue what’s going is

So a are definitely on. question underwriting, I is for good new it’s think definitely on we that some – focused actually, focused something sure, on our And we’re we’re it that it.

We portfolio it seen broadly haven’t seen our speaking through now. but companies we haven’t it, roll

Patrick Schafer

much pretty activity. investment about Yes. through it’s because I something it’s the trying are it, pandemic much each investment we new for to a handle more on feel activity, obviously ascertain inflated. saw new was on them of and have a We better but of on how are add, good far quarter our we laser-focused focus just going portfolio the earnings companies of to

Christopher Nolan

$XX going? just to excuse that you. are debt, once Or any you then, think leverage HCAP, it keep absorb planning plans you in – me, ratios and on guess, million I they $XX Got your can shut debt? have million And

Patrick Schafer

Yes.

being a unsecured we at address which just – stage, how be bonds those perspective, new to Portman senior about anticipate to issued, I $XX decide anticipating the the to the bonds, carried pro the but think will forma only that carry Harvest at I their we’re relative that from we’ll unsecured unsecured notes. the only that believe over we is debt to to over And point, those $XX company. million, current existing million

Ted Goldthorpe

Yes.

we have recent and think I opportunities So money that ability simplistically, I have just if would take on, deal, look ratios you bond to it the at for on take say, execution the our there’s to our debt. save we of leverage our to we our for think shareholders. we us do

Operator

the next Guarino Angelo from line [ph]. question comes of Your

Unidentified Analyst

Good all that. morning. of lifespan a the regards from reinvestment been back of the doing Good – like had is of to transition that function the KCAP What Congratulations. currently? fees, What performance. there’s the way bunch the the original you’re a what’s there In And management parts is that? bring speed that new – KCAP just was original and already and promise to assuming when – up And when expires? now operating this could – is it reinvest expired. a on, what that the under we’re just me initiated? we which what you’re if I’m one you moving to under

Patrick Schafer

[ph], Angelo is Thanks for this the Yes. question. Patrick.

is So the of original actually part transaction. this

would as first fees agreed the that of years, we incentive two $XX up take for externalization KCAP So at of form stock we in of part NAV. original million of the to the

here so this X/XX/XXXX, the X-year And anniversary that that will agreement. of be ended quarter

be or the under take of form incentive obligation the the take in last stock. stock where the of will quarter we form this are to – fees the or this last affirmative – was in So

Unidentified Analyst

overlapping? there Were Okay. other any

Patrick Schafer

No.

Unidentified Analyst

Similar? Okay.

Patrick Schafer

the program Oak We had in not. activity. Hill similar construct stock and other there of but has gone. No, the acquisition We any as a of were part didn’t separate, M&A buyback come that the have unrelated

buyback program was is year And this ongoing new decision an have stock the choice, to a that our so our proactive that program. buyback earlier initiated

Unidentified Analyst

– And great. okay, Thanks.

is size, you and do of concern Second reverse of How concept, number shares but I’m float obviously, available. think about regarding question split. is that? the in favor the stock my

Ted Goldthorpe

Yes.

that’s balance. a a think I It’s great question.

of it a And Garrison. do stock we’ve about for lot we’re Garrison to about price us for Yes, that were lot probably a less But of asked trading of now and we this that us. margin stocks share think kind and free the concern this. of done a investors now I Harvest, it’s I worried institutions level. have our at are mean reality our I think is

– it’s there’s balance. vis-a-vis do no So we’re sure the right I going to this conscious it making flow. a between how balance something reverse much just a you not that question, just – we’re of. It’s of you’re do answer to know of but think split is it’s I a aware

Unidentified Analyst

in But shoot to stable it? that you’re of XX. thinking guess, a I general, for trying above a about Is way

Ted Goldthorpe

likely at surprised mean Yes. range, think I middle be range, the to the I if you of that most look coming range. we’ve in be provided the to somewhere in

So like a XX:X flow split.

Unidentified Analyst

have. all That’s I Okay. Again, congratulation.

Operator

next the from Your of from Instructions] line [Operator Martin comes question Steve Slater.

Steve Martin

go applaud I don’t want you far. split. And And I the too reverse agree, to

to that yourself too particular a just it terms requirements lot doesn’t on in but a whole of lot reason? that. You much, to flow timing, timing but of want get reduce of the left satisfies you a level Any

Ted Goldthorpe

when put with I No. the reality the is the behind proxy all everything we’re our it. and there’s we seeing activities, mean refinancings I merger real of no corporate the doing I mean and think science else. that out

it at Meeting, there’s in just flexibility, soon intention relatively we – intention think get the just symmetric. I science. – – again, it’s real put our Annual relatively vote the our the to for we we I no think vote it is it’s but after I mean, there there’s no get if do

Steve Martin

of solid number a wait so You’ll sort deal have till shares? H-CAP of the closes, you

Ted Goldthorpe

at Harvest. well mean pretty closing look we’re up you Yes. with it when lines our Meeting, I Annual if

at happening same time. the of kind both they’re So

but So do happen to in I they’ve makes think post-Harvest for because and July. Annual all Harvest’s time, June happened to close just it our same probably at the or expected are sense us Meeting

Steve Martin

it end of are or All in can – would June, sort second to and sort you so you’re always And put of that all – the formula – since guess, some your Yes. do the make have The for you if trigger that of plan share of all intention done, could I in quarter and once form – with periods? it. don’t everything after then right. quiet don’t you merger some so done? you the counts June Got you if place before that numbers buy is your buyback

Ted Goldthorpe

look have a if we with at you proxy that, issue have back Garrison, obviously did can’t outstanding. Yes. if what The a we is, I during issue. mean, this place, blackout avoids – a buy XXbX had if you which that you stock in had you we

shareholder – we got on a we’ve to So Harvest. going right vote now still obviously,

think buy be meaning so as if anything do because to restricted us going that told back stock, all don’t stock. we – the to I blind that, we And do can to surprised to time. we do are again we And buy back just want shareholders buyback opposed a like being

this lot think of a makes I sense.

Steve Martin

status a and detail, Can you’re they I them. two subjects more accruals, you book CLO you’ve of the agree non the with in recording? the job reducing little that. about done a And the great the talk where stand, what income prognosis and is,

Jason Roos

Steve. Yes,

on first, non-accrual. So the

quarter a liquidation. just two X on down of non-accrual this which that last from candidly, a of we’re we And list, couple of have to names kind So quarter. are in

that quarter or then two, at there’s a The those stack, and again, And they’re all small the in some in purchases stack supposed amounts, third next quarter. be up cleaned get is is by purchased hopefully, relatively is public point, information. this so closing but sometime to

And come off too. there, would list so that the

number on side So through and on kind that then you of trustees one. liquidation some the near-term on go to but in it’s we a for you’re decreasing, another kind think to of kind the relative because visibility have exact that some of timing waiting air just up have the low we of SPAC

downward. through. kind is when just The is trend rolls the question of think generally we So that timing-wise

Steve Martin

of sort them getting the them off you go fair of think when SPAC, getting this thing. or the some do to one the by are recover is some a If because of fair market of some value? that went of I – if one of So ones funds bankrupt company bought the expect sort value

Jason Roos

high and wrong, marked receive little expect out which XXs, the a have listed No, we We we it we – the from the absolutely. It’s very but expect to. going I’m to been stack. value the which is somewhere agreed number Yes. receive bit to to where get and all – is in

the assuming the not number, closes it recovery in quant is So doubt.

liquidating. So be because fair they’ll they’ll liquidating, similar to that’s just that quarter kind of receiving to baked they’ve as the into value And we are our asset. value been from ones off some receive non-accruals longer values point, – of no of our expect end. at them been and do flip actually have as It’s an

Steve Martin

Okay. And the CLO book?

Jason Roos

quarter advantage to we’ve one the We and look position calls. mention things number that. and – of resets kind proactively on book, during to in Yes, exited a repricings these of like take CLO as we of continued

of of one would payments, here another the on that our around most where kind process mark payments there’s CLO flips. I probably position half probably relatively back you to turned but off of got right hopefully, we little the that think stable positions income we’ll again, get last It’s they’re cash bit in the the could making called still was out. it’s say indications from than But short are, is and term. perspective flow year. I more have Again, QX, a it making the Another And marked. then early of in during a of from now think –

Steve Martin

are carrying Great. value when far trading a you’re us I or at at as discount? a victory Look, as of book is most paid think getting concerned,

Jason Roos

those from it’s actual timing-wise only the kind values it’s table. kind of I have to because kind you able the bit get of an to you’re people a with and applicable the when kind there’s agree. really going little of get events to sure of make to It’s tricky CLO on just

little CLOs it’s – we event, bit and single slower expected But the candidly. were of time, a one of has every monetized. kind that’s an we than So proactive been we

Steve Martin

And Okay. at got prior running have point. their may this, you I deal said the I cut they have Harvest, been assume closing. down portfolio off actual one to

the the portfolio what’s of intention the status their after closing? and So

Ted Goldthorpe

or expected. I better is, portfolio that we line say, would Yes, than trending in

mean, I they’re realizes. again, had last So I of think there’s presented have shareholders at refinancings. – very year, And they – to we’ve end been no like it’s from what real some – the both

transaction portfolio the plan plan kind So better exactly kind post and be – smaller it originally. portfolio portfolios. of to is what in Harvest because to of portfolio. or with is replace of deals. again, in And plan It’s line the prudent probably a wind but we the people close, and that’s yet then we’ve that’s with kind that little than harder told that would what And the done down that will a liquid portfolio companies, BC originated less so with do expect way with look other the that

Steve Martin

those given then they any guys in portfolio sometimes that All risk right. any any of lot – equity at able carefully. their the recognizing gains have refinancings, you securities? have a – et equity like don’t on all I or been the achieve to are there have smaller securities, cetera, companies, of you whole And SPACs, on haven’t some looked

Jason Roos

their as but QX portfolio subsequent a mean they had big I large event realizations, Yes. money couple they was a in multiple relatively small in a of relatively they’re noted We’ve that the positions. QX equity pop. that very seen earnings, deals had that – from Garrison Harvest realization big a

move that some So absolutely, to necessarily our But yes, bit portfolio seeing less so but activity. it point, doesn’t your activity. obvious of we’re bit work But a the financials, is I a a seeing that through smaller, it’s as little equity absolutely we’re little the ton. needle

Steve Martin

one. Okay. last And one

And assets left are they’re it get Going back done? to – portfolio with is just to them? off been X.X that or the ago, you holding Hill, able rid haven’t that Oak or was that years much good you you’re because now pretty anything recognizing

Jason Roos

as the of mean, we we roughly we’re touch now, right I maybe sit credit the a have perspective. a income about where And where It’s it just the that, over I proactively assets. but makes think more X/X kind very a to monetizing sense of feel keep earning good kind to still Yes. we about kind opposed of from comfortable of lot credits them.

Steve Martin

And to guys. that many a quarter lot pieces. a look Thanks moving so is have forward Okay. definitely

Operator

now I’m any turn I closing back Goldthorpe no And Mr. questions this showing time. the further to call remarks. will at for

Ted Goldthorpe

you Thank to call I a much morning. of Again, early you. sorry lot out know us. so we’re of in your reached all have for Thank support. the to you very a very

BDCs reporting X hours. think number a XX are over I last – I think the

And all for guys reach and but your So at questions. we good for support. much, manager please try any you thank your be to to all, you put questions you if or a have you weekend. very the of thank call And all hope any convenient, to have out Thank management. you

Operator

does your conference. for Thank participation. conclude Ladies you and today’s this again gentlemen,

disconnect. all now You may

Portman Ridge Finance (PTMN) 8 May 212021 Q1 Earnings call transcript