Debt Capital Structure Improvements
Portman Ridge extended the maturity of the JPM credit facility while reducing the spread by 30 basis points. They refinanced $85 million of 2018-2 secured notes, resulting in further net spread savings of approximately 28 basis points.
Share Repurchase Program
The company repurchased 33,429 shares in the open market for an aggregate cost of approximately $600,000, which is accretive to NAV by $0.01 a share.
High Annualized Return
The Board of Directors approved a $0.69 per share distribution for the fourth quarter of 2024, representing a 13.6% annualized return on net asset value.
Diversified Investment Portfolio
The investment portfolio includes 72 unique portfolio companies across 28 industries, with 92.9% comprised of first lien loans at par value.