Portman Ridge Finance completes merger with Logan Ridge Finance

Portman Ridge Finance Corporation (NASDAQ: PTMN) completed its merger with Logan Ridge Finance Corporation (NASDAQ: LRFC) on July 15, with Portman Ridge as the surviving entity. The combined company reports total assets exceeding $600 million based on July 11 financial data.

Logan Ridge shareholders will receive approximately 4.0 million shares of Portman Ridge common stock in aggregate, representing an exchange ratio of 1.5 Portman Ridge shares for each Logan Ridge share. Cash payments will be made in lieu of fractional shares.

Logan Ridge shareholders are entitled to receive two cash distributions: $0.47 per share for shareholders of record as of May 6, expected to be paid around July 25, and a $0.38 per share tax distribution for shareholders of record as of July 14, expected to be paid around July 22.

The company plans to rebrand as BCP Investment Corporation and trade under the ticker symbol "BCIC" on Nasdaq in the coming weeks. Beginning in 2026, the company will transition from quarterly to monthly base distributions while maintaining quarterly supplemental distributions.

Over the next 24 months, the company and its affiliates intend to purchase up to 20% of outstanding common stock if shares trade below 80% of net asset value, which implies a share price of $15.08 based on Portman Ridge's March 31 net asset value per share. These purchases may begin no earlier than 60 days following the merger closing.

Portman Ridge's board previously authorized a $10 million open market stock repurchase program running from March 12, 2025, to March 31, 2026.

The company operates as a business development company focused on middle market investments and is managed by Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P.

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