PTMN - Earnings call transcript Q2 2024 | Portman Ridge Finance Corporation

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Operator

Good morning, ladies and gentlemen, and welcome to Portman Ridge Finance Corporation's Second Quarter 2024 Earnings Conference Call. An earnings press release was distributed yesterday, August 8, after market close. A copy of the release, along with an earnings presentation is available on the company's website at www. portmanridge.com in the Investor Relations section and should be reviewed in conjunction with the company's Form 10-Q filed yesterday with the SEC.

As a reminder, this conference call is being recorded for replay purposes.

uncertainties. conference of contain and future number risks today's are statements involve that of guarantees not performance and note call forward-looking may which a Please or results in Actual the of results number including filings the factors, described of materially with may from the a forward-looking as SEC. a differ statements result in company's those those required update any such -- Ridge Corporation by Portman law. forward Finance assumes any no statements obligation unless to forward-looking

and Goldthorpe, on and Portman Director today's Officer. President call Executive Speaking Satoren, Patrick Officer; Investment of Ted Finance Financial Chief Brandon be Chief Corporation; Ridge Officer, will Chief Schafer,

With Executive would like Officer call the Chief Ridge. that, Portman I to to turn of Goldthorpe, now Ted over

Edward Goldthorpe

by Chief to Satoren; and Good Thank our second Investment you. Financial today welcome our and Schafer. Officer, Officer, Brandon XXXX earnings Patrick our quarter morning, Chief call. joined I'm

Following during remarks and on markets, activities operating discuss company's the provide performance investment our second and portfolio my and commentary on greater detail. will our condition in and will our Patrick opening the Brandon financial quarter, results

of par that XXXX. entity share This portfolio with with $X.X industries $XXX,XXX as quarter announced million. conditions, balance prior average the remains its pleased XX market XX And exposure $X.XX industries A finished operating of I'm XX, share, as an results. with despite second $X.XX of of of portfolio increase companies XXXX unique one and we average share the highest well-diversified million and to per quarter companies challenging per an of Ridge million XX and XX Portman our to investment a Ridge or par reported under an $X.X compared net March portfolio, compares we unique for to Portman income $X.X portfolio to or quarter. Yesterday, priorities balance

million quarter X.X% year facility Bank. end, to extended our to $XX and increased size per the the we with the Chase to terms by Under senior and XX applicable reduced JPMorgan secured per amendment, from X.X% the credit we points by revolving amended margin facility $XXX Further, million of existing subsequent basis year.

extended matching. period terming was by liability and reinvestment company's upside facility. of out refinanced the secured of remaining asset period the credit will million XXXX, improving $XX the be X to Additionally, XX, The April years from our XXXX, notes August revolving with the XX,

sheet our to We long-term JPMorgan, grow a with as value to origination amended capitalize relationship financial look meaningful facility well balance flexibility as have world-class future with institution. lenders we a we investment on provide will the and as commitment credit us and The liquidity company's the and opportunities.

believe as We share continue continue we remains our repurchase and our under to to program. stock repurchase shares undervalued such,

for to second share asset shares During per a quarter, net These aggregate the during repurchases cost million. Portman's we the $X.X total $X.XX of were an purchased accretive by value quarter. XX,XXX of

Additionally, per third the for which distribution the net XXXX, asset on amongst in of Board Directors represents the share BDC XX% quarter approved return a a highest space. value annualized the $X.XX of

primary in conditions market. our to Turning

quarter. continued The trends seen first quarter in of XXXX macro the second the

of meaningful continued syndicated pace activity in borrowers certainty market. certain combination they the tailwinds said industry. heavily up raising market spread parts continued given for capital of and picked competitive a for syndicated activity and in resulting the have remain the open, Having M&A though deal providers more has our compression to credit alternative New private have private markets provide, capital that, continued to credit led to credit private on rely

million $XX for have $XXX approximately less points spread in That of private little DLD private million points compared credit EBITDA. million is spreads than just declined beginning million for $XX a greater KBRA data, in by since basis million those the of than borrowers $XXX XX both EBITDA points $XX EBITDA over between with compression borrowers bit to of XX and and and According of approximately basis year. XX between million to for and the basis $XX borrowers EBITDA

is by BC at Partners regarding leveraging increasing strategy through new be our scale to while robust size. of opportunities the of platform investment our Portman the selective and pipeline, [Indiscernible] deal diversification a investment always, portfolio As also this

additions an million existing in capital investment Patrick the on of portfolio a whole. maintain form made acquisitions. were compared one we investment example, of $X.X relatively will As spreads to investments to has while new other our companies, a provide million us during shortly. consistent the origination to as a add-on X portfolio their incremental $X.X the a the to only quarter, and allowed portfolio remainder support comprising details our companies This as in

back enter credit our our robust the we to are we our of we with XXXX, delivering As shareholders. well in business for facility, remain our strong strategy half balance confident returns and executing we positioned strong believe pipeline, amended continue sheet,

Schafer, will Patrick I Chief a review that, activity. our our for to the call Officer, over turn of With investment Investment

Patrick Schafer

Thanks, Ted.

X Turning our earnings Slide rates. now to interest of presentation and sensitivity of our

XX, our June interest [indiscernible] with to debt these portfolio As primary, securities XXXX, SOFR. spread was XX% rate such index the of the [Indiscernible] of rate as SOFR approximately either floating for

X have consistent As remained chart, from you see for last the quarters. relatively rates SOFR the

current XX, last in below net resulting the levels, [Indiscernible] to quarter million. quarter and and Slide of were the than sales quarter and lower $XX.X approximately were repayments repayments also Skipping down sales

sales liquid reduce rising number prices rotation proactive exit During the a substantial or we of of portion a us. secondary advantage represents repayment the our to took more of quarter, loans. This materially and on net

quarter are investments value, a XX.X% par. and new of the par of approximately cost SOFR on made of points the expected [Indiscernible] XXX to spread basis a at purchase Our to yield during

companies of ended portfolio with XX unique at portfolio the compared debt million. at of highly spread more second investment industries, remained par Our average X quarter second end an of as balance to investment the the with quarter quarter portfolio a across the different diversified. the first end XX We $X.X

list on investments value and on X of second for investments investment end and of the In fair compares nonaccrual at This receiving XXXX, X.X% and the driver of we a status purchase due and end, price additional nonaccrual. security of company's quarter after changes than the perspective. par, the that XX. our resulted increase X.X% number company's placing during The company exit investments X.X% have of to for therefore, was of March the made of quarter. at cost the status shortly the of in a value it to the this to representing fair nonaccrual representing the on able described. cost quarter at XXXX, of portfolio Slide quarter, an security [indiscernible] XX, nonaccrual our main less and investment QualTek X.X% portfolio buyer to the the We're to also for position entire included Turning as aggregate, X but course on

impact portfolio loans an million XX% of a we exited into results. ultimate and we $XXX.X which securities, aggregate our have lien nonaccrual investment been XX% value. at and XX, NAV of has par have represents completely June value, As QualTek the XX financial fair investments, par first the blended comprised all is today, at of debt of value factored On Slide excluding price of

rate, illustrative part a NAV would $X.XX XX% of $XX.X value to X.X% a rotates recovery, default our net a potential recovery debt our million incremental XXXX generate incremental values XX% increase applying of or rate increase or as maturity. NAV. Assuming an fair and share per June an portfolio XX.X% reflect XX, When it of to

turning XX. to Finally, Slide

realized $XXX X combined we of million value the you aggregate realized the have unrealized and have XXX% purchased over at a of as last closing of If the purchase. combined the of years, time acquired approximately of mark XX% X respective positions portfolios investment, fair these

portfolio our the fully [Indiscernible] acquired initial XXXX, combined Oak acquired and Hill KCAP QX portfolios. exited and HCAP of $XX.X As the of the we have million

the I'll financial now further over call our the for to Brandon period. discuss to turn results

Brandon Satoren

Patrick. Thanks,

XXXX generated investment For investment income $XX.X interest the XXXX, of income, Portman This was attributable debt from inclusive quarter portfolio. of income, which attributable to for income inclusive quarter investment the the $XX.X income of fixed second from income $XX.X million was debt to investment million first to $XX.X which million compares fixed total million of interest of portfolio. of of of the

and by higher interest loan as The per interest reversal during on million decrease nonaccrual of or the offset accrued venture. $X.X lower from on Lakes dividend was a net the by sales the well the $X.XX during as income quarter partially repayments to placed due unpaid share driven Great status joint of previously quarter, income

$XX.X expense the of quarter prior the $X.X our paydown investment largely a the secured well million million compared expenses $XX.X core half $X.X in prior quarter. driven impact for to the quarter $X.X pay the quarter quarter. to XXXX, larger during in as the of to XXXX-X as million $XX.X compared by acquisition income as a result income notes notes decreased of prior decrease the This Excluding core million of decrease for XX, quarter. Total operating investment million the the million the $XX.X as a on by was in million in June economy, on as ended the was down XXXX-X second secured interest asset

per increased was share. lower the quarter prior expense million quarter. during income for primarily $X.XX to share increase to in million or to $X.XX for due per investment NII or This net Our The compares $X.X the the interest $X.X quarter.

and realized in net debt in on $X.X unrealized $XX.X ended and quarter. million. to quarter realized of This debt on June the and investment net was in the For prior and losses investments XXXX, compares change unrealized losses change XX, million

value As asset net $X.XX a of to or of of $XX.X net per prior per June company's asset per the share, $XXX.X or XXXX, share. the XX, $XXX.X million $XX.XX million compared share was quarter million decrease value $XX.XX or

our XX gross ratios XX, June X.Xx As and of respectively. XXXX, were X.Xx March and leverage

period, X.Xx leverage respectively. net of the and our same X.Xx ratio cash was For

of current $XXX.X interest the Specifically, X.X%. XXXX, weighted contractual outstanding with a compares to million the of borrowings of weighted interest contractual well. of of as million average rate current a of rate total average prior as of we borrowings XX, This outstanding then X.X% quarter $XXX.X June with had as

$XX the reinvestment the under with quarter with the the remaining has and senior borrowing period consistent capacity quarter, Additionally, the borrowing no ended. revolving as secured facility available prior secured finished notes capacity of the XXXX-X million credit under company

of the quarter subsequent a for facility our total mentioned, amended Under and capacity amendment, senior facility by the the was JPMorgan. $XXX existing to terms Ted revolving million we of $XX secured credit credit revolving As million. upsized with extended end,

extended the was with proceeds margin our reduced period secured to outstanding years the to from XXXX. XX, debt from X.X% reduced This X was remaining million the $XX Further, notes upsized capital duration structure. credit XXXX-X the the capital of the we facility. refinance intend our and and JPMorgan on cost has overall X.X% applicable of debt reinvestment extended by amendment approximately Additionally, August to

of XXXX, Finally, distribution Board payable to on of record on business stockholders XX, approved at the August a of quarterly XX, per $X.XX XXXX. August close share the

the that, With over will Ted. to turn call I back

Edward Goldthorpe

Brandon. you, our prudent the that questions, the like of to of our to support. shareholders deliver like believe investment be reemphasize first would we current shown of shareholders Through strategy, the in half we we I year. our Ahead of once are believe as the market to for to half environment XXXX. ongoing to advantage returns I'd all well take strong we'll thank in Thank of positioned able back again

the our and turn questions. concludes over This call remarks, any for I'll prepared

Operator

question And [Operator comes Nolan your line first Thalmann. with Christopher from Ladenburg the of Instructions]

Christopher Nolan

loss driver the please? the What and realized for the unrealized was depreciation,

Patrick Schafer

in the Brandon for of unrealized remarks. that bit the investments to sort Yes. realized. I a the exited ultimately over on talked front, little the about which I'll But is is quarter QX, But was primary there my exit But price in we it QualTek driver and turn had end a from portion just after our of unrealized to we'll loss. for around and flip it that, take in write-down QX. unrealized to unrealized right an significant realized again, the

Brandon Satoren

that's Patrick. right, Yes,

realized the had investment called mark front, it the On it an We've last Chris, was we realized quarter. at Tank.

So that's already embedded in [indiscernible]. from a [indiscernible] flip which is

Christopher Nolan

[old in Capitala] that [indiscernible] is correct? I'm If the investments, correct,

Patrick Schafer

left $XX,XXX a an portfolio. [indiscernible]. like It state old or finally the was something on This resolved. like from liquidation We've -- over a had like No. was states some receivable got like KCAP that nonapproval

So no almost it's now. not value running several it our SOI on for like several, years

Christopher Nolan

No. Yes.

portfolio XQ loss your a or terms me, expect we BDC's for confused. QualTek company what your getting of I'm in Okay. excuse on... realized -- should

Patrick Schafer

quantum realized is to answer be NAV don't flip as for it I short exact The know impact Chris. the unrealized we should QX, from that. all have of

follow exact you will to for but up quantum, We realized. be it will with complete with unrealized a the flip

like X So in -- we in again, something closed that. baked unlike and it July or

the up the in bakes X/XX can amount exact we of but as exit price the price, [indiscernible]. So follow

Christopher Nolan

No need. That's fine.

Okay.

if a On what's says I to release that's the Am of index? And the spread so. text credit sort of facility, the of over presume some or margin the press a index? X.X% so,

Patrick Schafer

over Yes, SOFR. [$XXX] a It's SOFR.

Christopher Nolan

you perspective BDCs Great. like starting quality be sort deterioration in give question the And this might asset final market what of be, any M&A can are would as given BDC to evolving to many quarter? see

Edward Goldthorpe

Yes, still space. that activity And is I it's pretty front. would asset think of are we there strategic a broader the lot in quiet say I on -- happening

X you've big So happen M&A up management quarter. have seen And past deals a broader space. lot pick this our the activities in we asset

The broader theme I So that and seeing matters. I'm And in the XXx space," space. applies not is in in scale definitely seen wouldn't say but space, institutional the -- we theme we've sure is that the seeing same. we're the "BDC the are

the pressure fees. going So on up, I costs think keep

having expenditure. think of in terms into lot put money lot I to are firms a So of of distribution a

think more becoming pronounced. the I themes are So

I So more I XXXX with issues some now had it's people think scale. have people think in issues credit, of much

think lot [indiscernible]. I you in management So to the around opposed next a around over XX will months. XX that's broadly asset But see more XXX of comment M&A to as a

Operator

from Instructions] line Partners. Repertoire [Operator Deepak of with Sarpangal, the question next your comes And

Deepak Sarpangal

So a few questions.

to something it portfolio. seeing? looked the know that's did of come your has obviously, we'd like has down that of -- the recent now, the I high-tech Is time, seem the but But else, in Curious, that's quarter, of the you're it lot with good. any other like which primarily there impossible. broader lot X On at respect that QualTek like markdowns of were given is big there see that? that, them anything weakness was I a like all that... It essentially parts been know drivers. of one industry there size Because of a a was to is context any few

Edward Goldthorpe

tech speaking, portfolio, say Yes. again, That's is with new QualTek sales for generally recurring are enterprise very tech a sales. legacy will say company. longer really factors is across it's actually a that I a not say perceptive One I position seen so question. definitely long-term I them. would [indiscernible]. our cycles which X they've that which will software, coming impact cash flow, And is

our this in software, like, AI has happening quarter that We a was couple this we that investment of company-specific budgets our I is little is, it they are bit mean X CrowdStrike existing theme that's there obviously, I I just But the temporary -- their then that the looking fine. portfolio companies. And space. turning happened business of smaller have totally we issue taking is really mean, it is at So base what and example still company in the is are before. X is that [Indiscernible] our the feels we've along. in in example, a some think situations. a number specific the events there the haven't very some for number like CrowdStrike other a But that some -- think traditional seen we of had of in company a been AI, actually but scale. on is think away seen some it's call we tech a companies a impacted mark, company broader public of idiosyncratic totally cyber events very, had

Deepak Sarpangal

then then company-specific said, Is be that a anything it just makes Okay. like -- there there's like of business maybe there's being kind tougher of the most? market quarter like to or also, a maybe like there I anything kind factors happened to contributes overall just tougher happened last like sense. -- it there was seasonal, so That quarter, that just of like -- was Is this you there a in position. it reverted. -- maybe terms where particular And anything your that is just but of kind than maybe in like know also QX but isn't is year, timing

Edward Goldthorpe

Yes.

I the say really question. good closed were really thematically, Another in banks would XXXX.

you risk, lot and take banking have really a of banks crisis. to the reticent then were Twitter, post on obviously So investment the regional

Look, last had we So in really like as impacted there issuance year-to-date lot issue. has a more had X not the the of we've we've really market. years the we're combined. us, wasn't loan smaller felt It than in

down that new of until the LBO slowed into our pipeline seen we've lot not June, busy So a great. -- is activity. the of again. refis some there's were not have And larger just our incredibly portfolio seen. Coming peers year, up theme our and there is our this pipeline that We

banks broadly, not private you're we're seeing So the sponsor investment the on on up seeing equity when and you're level. pick M&A., it comment seeing M&A

So hard. are costs come Prices economy higher that slowing and haven't down exits down. the are Financing is much.

activity I like LDOs M&A new anemic. we're is pretty for pipeline our So seeing think in

I So a today, of the very that up. look are supposed pick sale in you we'll quarter. fourth portfolio go think large if for them to Like percentage at our

again, was middle doesn't but years. companies Now next large sold the X, mean thing last of going over a That pipeline same in X, that there actually very market they're to the year. transact, that very, to need X the is be

I So should some revert to, at this mean point.

Deepak Sarpangal

is... this then And Okay.

Edward Goldthorpe

wouldn't I say. thematic, it's it's would say more I seasonal, Deepak,

Deepak Sarpangal

a how how to I with explain I'm more up you and this come on In and of that I smaller weighted does a portfolios fair of Can that? disclosures CLO makes kind about little bit sense. about and assumptions, that XX% ventures high like is parts Okay. do think it smaller. the noticed seem bit joint like little average. discount And question to are that's It a like your more rates your one random, Yes, looks that you again, value a continuing of but and thing value get conservative. you that discount rate. maybe over more those glad with

Patrick Schafer

Yes, is Deepak, this Patrick.

third So the valuations, valued. answer send for parties those to is we out to be short all those

are up generally Great of reality is but and with a CLOs. CLO nearly Lakes very have coming now, discount much come market came joint come equity, that's little and as discount spreads from, so rates as are parties third kind down. much really the right but opaque where bit, of So kind But the more other liabilities are rates. not the as it's spreads not down where a venture, [Indiscernible]

been to rate. at has kind return equity need relatively discount much higher a of which you CLO land the like to So in means price compressed,

and -- like the but to CLO So get buyers transact you very obvious like market that it's need have not in a the potential of the again, [Indiscernible] most to spread of to liability on BSLs. answers, of healthy asset in rate just to back end because order discount is really where

Deepak Sarpangal

then that... And I Okay. know

Patrick Schafer

[indiscernible], portion and book our will smaller. get very it's small a obviously of

a Our individual XX% Great that valued not which rate, is loan their Lakes joint biggest discount of at joint within the venture are valued all individual piece their venture, is at the own rates lower up kind the those of exact joint the than are I numbers of And discount valuation. substantially into but know head, don't XX%. all that rolls venture my off top a

Deepak Sarpangal

is example, more in I thing, Ares, your like or investments. the again, are I far ask multiples, necessarily think, that by you know of I valuing where like multiple -- think. is lower but reason apples-to-apples, it's far And like like like I look the EBITDA why does versus a better XXx, what Yes. businesses are businesses like that cases which to But terms And those the -- not the these are EBITDA one the look the XXx using multiples -- -- lowest the multiples. it relatively just priced maybe smaller good in for BDCs, if larger that just at you're extent like, of you're again, by

Now or curious, those just could be that. that anything I is like know there something businesses else for software like that? like I'm But accounts

Patrick Schafer

question. good No, another

referencing, I'd pretty volatile. things, on I can generally equity tend conservative be our like you're particularly on is which again, just valuations, of trying [indiscernible] So say is a think, to one, be couple securities, what because, which to

the side. on So safer to we be need

there I tended little other themselves be are bit -- either the some think nuance like acquired is, where or of KCAP equity little positions generally from even or a our are bit portfolios of Garrison probably the speaking, smaller. a bars the a to Harvest

terms to we and tend like the set" "peer And relative in so we think company discount to of of a bit size do where of multiples and should portfolio factor a little try trade. size of in valuation a

to I and conserve are much So companies. have think multiple example to they're like out if larger again, the portfolio combination using being you [Indiscernible] able the going of

tend guess, that in peers similar peers. as more discount a valuation of, to trade, able peer probably we companies like from kind smaller they're to to or can perspective to where multiple ours So and the the apply I to a opposed actual look they're fact the just set the to meaningful factor

Deepak Sarpangal

Great.

the think demonstrates to all I undervalued and savvy your that not my capital in that's that glad continuing it's you're see And especially every of company questions. stock. space. advantage am that I kind to take BDC allocation of

and thanks, ahead. forward to look So more

Operator

your question Steven Management. Martin from [Operator Instructions]. the next with line Capital of Slater And comes

Steven Martin

of You've amendments, addressed in Can on what extensions, a the my cetera? trend you is et current comment waivers, questions. lot

Edward Goldthorpe

a activity. Yes. and think seen we've amendment in pickup I waiver don't material

years. not levered extensions for a fully not who are the of but So of trouble, -- were last asking trouble they having couple lot companies for again, were

normalized. Now the market's kind of

And there have we're it. some willing is do to repricing activity. to the do to extent, who it. lenders not And so other There's

I a there's don't this have -- -- force think been activity. honestly, material been quarter on. like obviously, think amendment I mean, pickup relatively don't in it's I amendments has muted. normal pretty we some seen going Actually, So we've

Steven Martin

been relatively Are it's income? little penalty? is What's on it Got PIK of you. flat, Can extra you eventually you Is nature your status? collecting? comment a the it income the

Patrick Schafer

Patrick. -- little answer above. of The a is of answer all Yes. the it's is bit The it's Steve,

have, coming out or concession it you for maturity and that XXX that PIK. of relief something XXX, XXX of have are came you [Indiscernible] PIK is there COVID combination extension for of historically cash your of an a the spread basis extra some more pricing covenant XXX, extra it where in typically of and a this that. get XX% instances where so So a points been is, the get, in form a There's was whatever you basis lot points

as I in last recently, months. X new that done are handful [indiscernible] the the [Retail] XX% QX. this quarter we've that provided, lien of end solution. portfolio XX% a think [indiscernible] where call equity like structured and more this collectively, of which as in secured in we some of then we we done first good examples X and BC effectively business then unitranche companies of senior and X -- security of of at did those form capital company in the was Care the And a and where the Connectors names kind it, capital loan of were there's let's of the Portman new our our form portfolio

we be like in way -- probably itself PIK And at the loan combined themselves aggregate, structured the the both But all a terms PIK but so our XX-XX, type X a split, is equity, bar securities all equity. happen it's and term they're investment on investment from a of in something because those in of XX-XX, investment PIK. equity to component cash preferred is piece so look the the that in and

So the like a PIK both we collective at Steve, in look cash investment. answer, and is

equity but like we've cash that PIK, deals preferred is are all of addition as of PIK where [indiscernible] instances coupon cash bit extra And in so first but recently done borrower, handful the the is some X a to and a strip did or than more deals that's often there it PIK. that it little we for and between all lien not,

that blends you PIK. of kind it in or something like terms sense about makes more wherever more XX-XX think of cash -- a to So again, to, want

Unknown Executive

less of looks point X% little a bit only There's out there's by -- million. increased that it by a down reality $XXX just PIK increased -- like increased quarter-over-quarter. PIK is there. this major effect a little The than PIK I'd

Steven Martin

commenting more was million on been I of last around couple Right. the the it's level. quarters, $X

So I to composition. was as curious the

said they over have the unrealized of you or where see Are losses? were Ted, prior wider. a shouldn't spreads the months. seeing our quarters of or of couple X unrealized, the tightened On have versus recapture spreads tightened If X we some last we

Edward Goldthorpe

Yes, it's of a I question. a good there's lag. mean bit a

I'd starts things. a always top. at the couple say So of compression Spread

cap into spread And that trickle level. market. will our obviously, So time, over we've big seen the compression at

tailwind Patrick that gave be And our So should upside a color book now. again, around valuations. NAV for some right in

And think always should filter through. it There's though. so I lag, a

come a methodology works So the of say lag again, down aggressively valuation is our X the over spreads last, have really way months. And our bit there's pretty a on matrix.

So there the like volatility there. excluded some should in tailwind Obviously, be recent markets.

Steven Martin

rental sizes, couple deals Got -- you. example. of an the With added respect to position you've as last

are You've the taken much very little to added you've sizes a of deal, smaller? be is there -- seem reason why the position

Edward Goldthorpe

our I they be that Steve, on think answer well-diversified portfolio. very is I the specifically think mean, view BDC, Yes. simple should is I

I think perspective, out invest to put we where we perspective, significant sit from need capital amounts capital. leverage I don't a think of

on and, take to portfolio as for diversified focused being lot is smaller been consistency results. able more book impactful either a of again, advantageous shareholders diversified a they're our becomes over more a more individual in, any minus to we've trying less us, more deals positive able our of and invest to deal for bits so run to in or opinion, And continue increase

Operator

for have time. back Goldthorpe Ted this no remarks. we turn to further to at the conference I over Mr. would questions like closing now And

Edward Goldthorpe

hope you a shareholders always, And and call, happy call. November speaking all for all very any our we we're you. summer. questions, please to have good which forward stakeholders conference in for for again us and to attending our to you out Thank reach third Thank look as to discuss. of quarter our We

Operator

concludes call, ladies thank we your you gentlemen, today's and And for and this participation.

now may disconnect. You

Portman Ridge Finance (PTMN) 9 Aug 242024 Q2 Earnings call transcript