PTMN - Earnings call transcript Q4 2021 | Portman Ridge Finance Corporation

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Operator

Good day, and thank you for standing by. Welcome to the Portman Ridge Fourth Quarter 2021 Financial Results Conference Call. [Operator Instructions] Please be advised today's conference may be recorded. [Operator Instructions] I'd now like to hand the conference over to your host today, Serena Liegey. Please go ahead.

Serena Liegey

you. Thank welcome Call. Finance and XXXX Full Portman Conference Earnings to morning, Corporation’s Ridge Year Good press was earnings An release market XX, close. after distributed yesterday, March presentation, the company's of available and the the should copy the SEC. in along XX-K section an A conjunction filed reviewed with with release, Investor Relations on Form at website earnings the be www.portmanridge.com company's in with is yesterday

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

Ted Goldthorpe

Schafer. thanks, and provide you. performance year Ridge provide and greater Good Patrick full our by and XXXX full brief commentary in Jason portfolio will financial year call. our company's XXXX its results Portman for results. Thank XXXX, then announced Yesterday morning, our highlights the I'm for operating will Chief Patrick afternoon, Officer, detail. activities our and I'll markets. on everyone, Chief Jason Officer, and discuss investment condition our Investment joining Financial earnings on our today joined Roos; and

report a earnings, strong are portfolio performance pleased of and investment activity. We year to very

or increased million $XX.XX $XX and million year to per for NAV our increased $XX.X the our per to investment or increased $X.XX XXXX, net investment to $X.XX share, or per core income net million $XXX.X income For share. share

these and of broad-based reflect our portfolio improved in debt investments improvements metrics All ventures. joint

to steps took asset leverage maintained reduce our We operating cost expenses level and of On a the cost the impact capital in our will believe driven generated to our of we and generating portfolio realize to to and expenses interest -- yielding time at debt. lower of robust platform costs, we attractive fixed average year, the weighted quality Furthermore, to base. lower higher the these we was other grow BC and savings relatively a corporate continue Partners and over continue to we as savings materialize Origination by continue by front, strength relative risk-adjusted of higher opportunities. activity during the assets. reposition stable

in stock at open in the $X.X aggregate of repurchase transactions our we approximately repurchased During cost year, market continued during we the program. shares year, million. the participating And an

distribution operations As share distribution, reflects quarterly income interest savings our represents investment and marks as declared from debt of XXXX, improved the increase row first during result and the now net in the of rate which This during for The all XXXX, half well fixed economic from should factors. $X.XX a Ridge refinancing equal. the our that and second of and levels increased interest significant general quarter activities increased result, the of Portman in Board a outlook quarters. as a of being This quarterly related Directors preceding long-term a performance another federal distributions. prior $X.XX consistently increase company's especially per quarter are else the higher rates investment rising, $X.XX

BC increase and Partners’ assets. positioned capacity well the are the originated and have of We grow to proportion

to I and activity. repositioning Patrick will in Schafer, approach. will we also call Chief consideration, opportunistic proactive be several to continue targets that, take Officer, investment over our for an under a of will review we our our With While portfolio turn Investment already the

Patrick Schafer

Thanks, Ted.

Turning the market current conditions. first to

quarter our most and noted Garrison. active of when and the repayment already XXXX perspective on of exit peers, was second an active most by front fourth XXXX of our most outside the from perhaps we QX As quarter acquired origination

some Although to by for a abated QX return the gains the due to as trends crystallize these business to of activity Omicron QX U.S. was in and variant, to in driven early year-end. prior desire ever-increasing usual sellers

of originations the of active quarter noted, materially half. over the We market second the had terms the many first repayments. our have in outpacing of and entered repayments, sectors carried half with As from strength an year originations

commitments, which into were these alongside of the investments were borrowers, million investments on originations, the credit value quarter were borrowers. of and debt With existing we XX to of all we made all respect X completed carrying $XXX exited In Excluding total invested million. during with a repaid Portman-only the borrowers. X investments entities total, legacy of a transactions revolving or $XX.X small BC X other transactions in and

that the prior investments the end points. quarter, sold Excluding spread second-lien The was X% securities XX% short-term securities. average in weighted the basis were XXX on of were investments new investments in were of and to first-lien new

from Great we our on October in returned JMP XXXX, quarter, a Group a net the venture Lakes X-K. $X.X during and opportunistically purchased joint million of XX, as $XX.X Additionally, million Form assets reported

positions active repayments. exited NAV fair to typical Relative accounted the relative for of and our net exits of the securities which loss. carrying was represented were to during million a and if In equity equity XXXX, more fourth value these quarter a million on net In and a approximately for majority of of rush. repaid to the XX, net and ventures cost the million accounted while $X.X accounted or loss, $X.X million joint still approximately million. our debt in quarter, $X.X positions, value for X repayments originated year-end $XX.X several $X.X September or due total, loss last disposition approximately On aggregate, incremental quarter side, the we resulted

nonaccrual the to a is been related $X.X HIMA million investments: for debt positions select time, As Grupo on ProAir. to and X legacy it securities, global] some and few [everywhere equity the position relates that million legacy equity $X.X of and have X

par of September as of those as of As positions XXXX. at securities December on debt fair an has XXXX. debt XXX XXXX, XX, On the an had to as Nonaccruals of spread LIBOR basis, as a spread and Ridge September debt were of million December assets. of portfolio XX, debt a X.X% X points securities represented to to on quarter. stated of yielding XX.X% -- stated or $XXX.X at XXXX, accruing LIBOR of of investments were This as to fair and million XX.X% of yielding equivalent spread total accruing Portman a of of XX, cost of basis of aggregate on on $XXX X.X% December compares respectively, a to par X.X%, investment on value million points legacy securities X.X% compared XXX last as of nonaccrual nonaccrual that XX, of basis value investments as $X.X marked XXXX, XX, status status and of and X marked year-end, compared securities. X.X%

our to like existing result term the the we However, of converting note is portion loan. rolled-up a of would a loan new into Grupo nonaccrual HIMA term that

flat to period. results further practical for perspective, turn discuss So Jason now are the I'll to the from our the nonaccruals over financial a quarter-over-quarter. call

Jason Roos

Patrick. Thanks,

refinancing this annual Garrison an recently, investment in highlight earn portfolio resulted I to million able were this interest increase achievements from and interest more cost our $XX the on we entire then with $XX.X we sheet, investment able a time And income XXXX. to added baby through which the were the contributions made core investment to of which side in of have is I'll second of some the balance sizable leverage We QX ratio. acquisition of during our in million XXXX our XXXX, asset the income incremental This XXXX. even progress $XXX reduce the the to capital we of acquired Given discount. year results, we our portfolio, done X.XXX% provide quarter acquisitions assets of the of with the has in in we to purchase to the target but had of growth core year successful maintained million able wanted with from notable late of bonds. were we take significant income income. of adds time with Not accomplish only in with to to HCAP of start minimal this assets

through shares the and addition, split completed Accordingly, split. efficiently per XX-for-X reverse retroactively benefits XXXX, Portman capability August adjusted been In shareholders enhanced share our more to invest XX, metrics shares. common a have for all stock in which effective we

percentage a our net capital. Ted expenses investment of these As and efforts, through income income, lowered investment asset we mentioned, our cost previously net net as the during improved total of value, lowered year

full $XXX.X the capital Our XXXX net portfolio broad-based higher for million in from compared investment or $XX.XX improvements million, XXXX, share year-over-year, million income investment full higher year to or reflecting to XX% structuring $XXX.X of per for total increased originations. increased $XX.XX income debt XXXX. in asset the a level total the XX.X% fees to per value share This for $XX.X during to of interest to of our although year ventures. was income of strong Net securities reflecting compared a investments from as investment and joint attributable year full decreased driven and XXXX an it received $XX.X was year, XXXX, increase to interest the was $XX.X which the for represents million Total XX.X% million, debt and income expenses by year percentage as income full portfolio. the

on believe of and in given expenses asset we significant are we start asset As portfolio. the to normalize very against our maintaining length, focused we level which base, discussed stability at relative a the have growth stable will operating

As share $X.XX a full million income, the investment in XXXX ago. for by result $XX or $X.XX $XX.X increase increased expenses, total net of million or investment as per increase to million offset share compared a to in year year $XX million per income the a net $XX.X

presentation within have of this of on show the We earnings discounts. we X help purchase consider core additional quarter amortization what Slide to earnings, our absent to provided information effects the be

in recorded. of have amortization may income net investment We expect, the the further absent one discounts for to income years. the transparency We and accounting purchase this impact investment the purchase last believe investment price shown of both provides income X

difference million the the investment income $XX.X core and investment income As XXXX of income, between amortized was expected of investment as an to time GAAP Core XXXX. into million with accreted core to what the investment discounts income compared million, over $XX.X for be is consistent core in increase year and purchase to represents. income full eventually earnings reduce the are $XX.X

is investment our compared $X.XX $X.XX per million basis. for or net Our million on $XX.X per to as to XXXX It or providing intent the year share share a increased ongoing $XX.X income core an full continue ago. year disclosure similar to

on to balance liability side Moving the the of sheet.

As $XX.X of total outstanding, due facility; had credit borrowings value million of we notes XXXX under X.XXX% borrowings million December of secured in million XXXX. XX, $XXX.X our a notes $XXX.X in million XXXX, $XXX our and of par due of comprised

we aggregate in year, million of of X.XX% full the XXXX. redeemed notes HCAP due the During outstanding the amount $XX.XX

We of also amount the refinanced due notes, fully with of in replacing X.XXX% our them million XXXX. $XX.X $XXX both million X.XXX% notes

addition, lower reduced risk to debt to million to capital yield tolerance. believe leverage a within tranche we which In repaid of we cost us $XX optimal our of a reasonable manage point and but generate our obligations, allowed CLO

borrowings and for XXXX, also current aforementioned structure. have million of $X.X approximately of new $XX.X stronger a the coverage portfolio fourth issued asset us exchange an resulting composition total shares in million XXXX, value quarter, and are XX, of outstanding we capital par in At during XXX%. XXX,XXX the ratio common to much position, fourth NAV was total assets items $XXX.X put we financial During of cash of quarter our million pleased purchased million in borrowings stock December $XX with These with in of of at equity. assets

Our on gross a leverage was X.Xx X.XXx net basis. and

million, $XX.X good to XXXX. which, restricted along a meet obligations unrestricted commitments We position assets, of million as with December and stood other of $XX.X of us occur. in XX, million $XX.X places had commitment cash at they cash may Our aggregate as unfunded

soon open market the during and year, an to reestablish program at as we XX,XXX as Finally, shares approximately possible. aggregate cost we our plan of repurchased under million, transactions which $X.X stock repurchase

back shareholders stock mentioned As our another our generate renewed pricing With to Goldthorpe. And repurchase Ted as buy has we to Board the earnings so. year. plan that, believe is to call for program to in market advantageous when and will the we our over to continuing I presentation, do turn value by shares

Ted Goldthorpe

Jason. you, Thank

like would of I questions, to is address floor rates. to an impact which the the opening Before important topic, rising

various and BDCs, income interest prime other fluctuations rates, affected LIBOR by in As rates. Ridge including is investment Portman the

XXXX, of rate either XXX floating XX% as debt our approximately or December between floating a to was rate. loans XX spread portfolio an interest prime XX, and floors, rate As ranging to of LIBOR XX% securities the rate of points. such these basis with LIBOR index basis points contain

XX, of and which of had XX% had As December XX% component. rate approximately approximately a we million XXXX, fixed borrowings a of outstanding, floating $XXX had rate

associated due or share close of support. income, the our repositioning, results shareholders our approximately net continue rates. for move to saying our call we have the we quarter great basis. operator second and credit be new million, a the of financial In XXXX, to our increase to active and investment the As positive generate associated in investment gross terms and a a such portion we're portfolio on $X.X notes $X.X progress prepared remarks, rates, once revolving we for a with these increase a to would XXXX assets interest the in forward cost remain A either the costs assets. income. in in rates, would with income interest same, increase investments be changes limited such index decrease rates interest certain borrowings position again with approximately increasing interest impact and any facility of In with in rate as to gross interest you the row, would of consistent the rate rate would per solid earnings while increase long-term fixed respectively. fluctuate by the for concludes the I'll would negative rate debt increase decrease the very the shareholders. We're lowering $XXX,XXX expect a investments. I'll in would X% be and rising or floating investments predominantly X% with our and, by ongoing we minimums may steady in pleased refinancing have all for X% our a on Thank the during made to X.XXX% floors base year rate for periods in turn also of our and questions. million case, impact in investment rates investment An pleased investment decrease now distributions to while floating base debt, and over deleveraging of an This

Operator

comes question Christopher Thalmann. Nolan first Our Instructions] from [Operator with Ladenburg

Christopher Nolan

that related The increase was acquisition? in to the CLOs, JMP

Ted Goldthorpe

Yes.

Christopher Nolan

calculation, by change little so, that repurchases in And of does guys strategy? then And the Okay. in indicate management looks like quarter. a my you stock if it correct? Is the in way did fourth capital very that

Jason Roos

of much and program as fourth Yes. No, we lot filings quarter quarter were I our that had had pretty in that characterize a the fourth expired. would the throughout

closed open filings. then really We been we've windows the us then limited and since to So that. reopen were for -- with

of I on So as price. take that indication market -- would an view not we're

Ted Goldthorpe

soon to as plan back We buy practically as Yes. possible. stock

Christopher Nolan

leverage And your X.XX? is ratio to X.XX Okay. still

Jason Roos

right. That's

Patrick Schafer

Yes. That's our window. target

Christopher Nolan

driver question, final gains, Jason's And have realized comments. that? might what the it missed the on was I from

Jason Roos

is is would say I had of a that really there's I XX-plus note throughout impact would the realized say the -- I that. There And we between another. of would very than Yes. mean NAV unrealized. any I more one majority to say and particular sales quarter. not flip little

Operator

[Operator Ryan Instructions] with question KBW. next from Our Lynch comes

Ryan Lynch

just one. First a high level one,

then are for years, a wanted like guys in had we things how redoing What As what of acquisitions, that XXXX? goals you look And XXXX? we should your guys XXXX, capital in lot -- you the guys' that. to the Portman several success measure accomplish kind towards of busy structure,

Ted Goldthorpe

question. great a It's Yes.

we're So I accretion. point yes, some I core just is the level mean, earnings trying think, activity, our I going think to around because And the transaction the of of slow. everybody noise to obviously towards really of

our it. investor in laid to and we tried we So out deck address

listen, pre into is conflict. this this cautious just So we is on. -- think Russian this I given -- the this And are pretty everything I year going even think going year

So that, we're pretty even I before cautious. think getting

of So To range. to take But goal goal really, along, kind I we'll at and out come continue to obviously and within business good them. a our leverage drive costs acquisitions keep is wring quality. to stable credit earnings think of is out our extent our look the our stable

Ryan Lynch

know have one that for average debt slide If Okay. the just if should the That -- like big show how loans weighted to think that don't guys pretty -- I your broadly there's EBITDA size skew million then few a view I quarter. curious, to relative large are a guys -- you more syndicated Or really have transactions about maybe by had, your that do is portfolio number? in fourth you about I'm are that? feels the that that of that $XX we banks and question you entity.

Ted Goldthorpe

dead Yes. Patrick and Yes, let I in. jump mean right. you're I'll start, then I'll

So -- the some when a over some assets in of had we on-balance took there and their high. the CLO of sheet they portfolio, Garrison the skewed obviously, numbers

So to franchise XX really EBITDA. our is core XX

that a because is inherited Garrison we skewed transaction. in misleading of So things that number a by little the it's couple

Patrick Schafer

thing I'd in thing businesses. much going we're add larger be larger, the if like the I much other position -- is, typically, stable in to the cap think a more only businesses, structure, junior

grading businesses. are call So investing into second-lien impact, of larger, the be legacy position, of, second-lien exactly. flat, securities stable new tough smaller and of be but positions I'll it, out a it's we'll net will company that see exiting high to second-lien as we some actually But perhaps more kind in

I bit It a into skewed of plan is. franchise our our what some read wouldn't kind So that of away is too that's as little game from much kind well. But of core XX%.

Ryan Lynch

That raised obviously Yes. twice. sense. the you how And going about have makes dividend you it forward? are thinking guys Okay. then guys -- You

comment on think will be that one I Slide #X.

of $X.XX you guys basis forward. It's gap sustainable kind between You which was curious to have kind quarterly that's and relatively level XXXX, versus helpful flag pretty of earnings of that kind going operating is the I'm a earnings guys dividend. that in the of a earnings flagged, the on just if core $X.XX. big

dividend? chooses thoughts you every to -- about How percentage payout how number, NOI? think What is but dividend do dividend right to policy kind how BDC of that regarding you guys have to manage So matching different. their as the your your close

Ted Goldthorpe

Yes.

So question. I'd a say great it's

a is with this So Board. our shareholders subject a our of discussion of lot and

think I have coverage. -- listen, very, we very a dividend strong

NAV We at market one space. also of the dividend the in yields and have highest at

So we're ROEs a of at obviously to our -- just end pretty of the are end like, very -- And at high goes already. high our pretty it we're strong. payout

on. listen, I of everything uncertainty out between So there's a going think there lot

there's I when going thing to new that see earnings extent I want the that. other dividend surprised we make is you're we so did really credit to, dividend. is we And extent is, that there merger for us phenomenon think us wouldn't of -- whatever that the about. don't increase to transactions, the But to a be far good sure lot quality doing a which tailwinds of a -- that And is our and you're across our I benefited we continue so corporate to us to benefits it policy. the lot tax the stable, And then continue of see America raise to feel these these going pursue dividend. to other to out us don't terms in think variable

pretty shape income very spillover So in perspective. we're good on a -- actually we're

BDC, due deals. tax up normal flexibility static who lot is have dividend a just in these in -- more So these we unlike some picked benefits we to policy the in nature, our a of

Operator

Instructions] a question line the Martin from [Operator We have with Slater. of Steven

Steven Martin

me? hear you Can

Ted Goldthorpe

yes. Yes,

Steven Martin

Okay. A follow-up to Ryan's question.

of Given level and X. -- looking at I'm given NII core your Slide

dividend see is actually NII second, a spread you for your sort decreasing. to spillover of of Forgetting

I And that narrow of every But And going think quarter. of capital? going the sort continue increasing is that it's to a therefore discussion. a to you lot any at level. you're of increasing know quarter so your Do is spillover do subject model think example, is if and you -- $X.XX XXXX a

Ted Goldthorpe

I quarter Yes. increasing think the once mean I in clearly narrows by gap. a it

will X earlier, said I shape mean, disclosed As X We're the build, but in I quarters. next to obviously, begin spillover income. we our over there, to that decent

that we be So to, cycles. something our want to this quarter. sustain through whatever raise we of is sure subject it a going of And that's every for time just long discussion to period all very a can we make dividend

of think we do people value. a have we we said, our when shareholders, we you because a a cushion earnings of one as from thing BDCs, up that unlike lot tax and decent did benefits between So up of lot picked most have was But a now amount -- mergers dividend. these don't did core of I is our real apparent which pick to lot tax

that again, couple so next from will spillover a over definitely of And quarters. perspective, build the

talking about so where about vis-a-vis ultimately our to lot dividend that we're settle policy earnings. you core imagine can this quite out And a

Steven Martin

-- I Okay. might

Ted Goldthorpe

down. we're fees, then say, top I'd of layer switch lawyers X I the We last also a professionals certain refinancing done out answer terms a lot years, to of, in fees. costs that, where is administration because on say expenses costs on side to to over of a you down. of we're through M&A get debt. And drive get stuff nonrecurring wishy lot it some trying We've the had obviously, the would washy we've did giving reason really

of couple So rate at weeks It XX we is of earnings. now our some as like particularly basis XX our -- of more And tailwinds are Fed go core earnings, up points. rates core LIBOR are there than think couple And feel if I ago. to our hikes. earnings like was a

for long of time. good over a us, hopefully, that's all So period

Steven Martin

expected in QX, quarters. refer flat couple to If get out. et right. you're obviously With in have some expected XX investing equity to I I all unless the be I of the or that relatively would securities off activity, merger-related. seemed M&A securities, can new for All last equity of would cetera, -- to have refinanced Slide a run jumped It maybe second, refinancings,

Patrick Schafer

We're as equity-only general, not not in Yes. securities. we're investing -- in new

warrants part there of some an transaction. getting making So investment where as or we're like we're the something are and that of instances kind penny

“new some obviously, are in. investment but the last couple of corollary securities”, in have in book kind a that positions it's that a we're equity do there So over couple with have value debt equity quarters We of of the the making. appreciated invested BC has

So legacy and increasing there's call of of positions of and the of fair offset refinanced being years. kind put taken some last, equity we -- positions on or that of X.X of it, over kind some these out then some the out in value

Steven Martin

I to do should relatively of it's -- that some interest-bearing you -- do of expect is securities? million, on that that into should we static? we the But expect expect -- be Or there refinanced that horizon, maybe we and guess $XX sort converted gets

Patrick Schafer

Yes.

in rule, significantly. general decreasing mean should it's a you lot be bit of a cats our look as not SOI, line dogs think and if little I I but items. it terms a of at

any that is not is generating preferred $X for a million. largest a equity there's cash security. that's So paying our us. I -- position equity That is actually And income maybe position think

all of lot again, positions. -- as a general thumb, they're it's small of I'd a relatively rule say just So

mover that But securities. love not reality there's would meaningful into the reduce we needle a group. that like time So and is to in over interest-bearing that move

Steven Martin

right. All

Or repaid? invest sort of a quarter, what you your as and little to slipped It leverage commented a decision? Was got got ratio. what on was available you much was repaid. conscious You that that a as just this function you of didn't

Patrick Schafer

function Yes, was a of it bit honestly, a activity. year-end of

we then necessarily into obviously a that for activity And repayment a we of had a December, the revolver, bit the bunch at X we of of year, X got anticipated. deals had of couple of or kind drew deals, little of wasn't on had activity that end investment So a ready we're number kind heading planned the pushed.

of So repayments combination very way to on of our those between towards we drew the kind facility, the we kind at a the capital. things, of more had need of And end the day, end. expecting

And leverage. of intentional as minor to that very so more blip part a up a our timing perspective on and of would was that think anything take I from

Steven Martin

then Well, didn't activity? beyond I miss? on see what's did that a Was I there disclosure quarter-to-date

Patrick Schafer

had script. I mentioned our in think -- it in I my

had $XXX Those exited million think we are purchased of of take. and deals. give securities, million or I we $XX securities, of I kind new think

So that if of but And regular get were counted get counted repayment money in. brought we in kind we doesn't thumb, there. more if than course existing -- activity fund of and put of an general kind of as in commitment I'd -- we we necessarily doesn't kind that, just we if say a out we rule

Steven Martin

exposure to Ukraine, Did anything on your And And companies' you Russia, got X Okay. minutes late. Belarus? last question. maybe -- I portfolio again, on a of couple comment

Ted Goldthorpe

thing. -- I mean Yes. I the thinking didn't We was same

have have of So limited we very, any very exposure. indirect volatility. the exposure to direct we recent no And

watching seen portfolio. anything other have material factors. is costs companies our else. one derivative we as So are now, like energy things rising and third of any not on have effects, so The we or any don't thing input we But like impact for

Steven Martin

one on last one And the repurchase. share Okay.

You the said new your put plan in intention is plan place? to a Is has be expired. the to Or intention opportunistic?

Jason Roos

Yes.

expiring, brokerage extension reapproved a expiring to our was that XXXX. Sorry, just When there. a a things referred to of March it repurchase just reestablish broker, with year the plan XXXX, we extend through new The couple agreement will just the to need I and Board or clarify program so that.

Patrick Schafer

one implement at Those a some new point. are look would old program we XXbX and to expired,

Jason Roos

Yes. Yes, exactly.

Steven Martin

not you're -- That's actually if might And was maybe some be situation, what able proxy to I especially referring that shares. to. a in prospective buy you'll

Jason Roos

Exactly. are And eager… we

Ted Goldthorpe

Hopefully.

Jason Roos

…to blackout exit this window.

Operator

closing session. question-and-answer today's Goldthorpe I'd to for the remarks. back turn concludes to That like call Ted

Ted Goldthorpe

you you much. when very quarter speaking thank in today, much you a first we our And we Well, us report earnings. forward guys for look of all and your support. Thank Great. weeks thank joining very couple for to to you

Operator

participating. This concludes today's Thank for conference you call.

disconnect. now may You

Portman Ridge Finance (PTMN) 11 Mar 222021 Q4 Earnings call transcript