A cameraman sits in entrance of a screen displaying COP26 logo during a information convention at the UN Local weather Adjust Meeting (COP26), in Glasgow, Scotland, Britain, November 5, 2021. REUTERS/Phil Noble
BOSTON/GLASGOW, Nov 8 (Reuters) – A week into the United Nations’ substantial-profile climate conference in Glasgow, executives and economical analysts claimed they are optimistic the talks will lead to changes necessary for business enterprise to play a larger function in tackling local weather alter.
The small business observers pointed to many actions by earth leaders they said could increase sustainable small business and investing attempts to mobilize the broad sums of dollars essential to wean the planet off fossil fuels.
These include a pledge by monetary companies with a mixed $130 trillion in property to concentration on weather alter, the creation of a world specifications body to scrutinize corporate climate claims, and pledges to reduce methane emissions and to help save forests. read through much more
Jefferies running director Aniket Shah explained even though lots of of the techniques lacked distinct guarantees, they showed a world wide consensus forming to deal with local climate transform that will make it a lot easier to for non-public investors and governments to put in funds and exertion.
“You can find a certain electric power of signaling of intentions that are not able to be dismissed right here,” Shah reported. He pointed to the target set by India’s primary minister, Narenda Modi, on Nov. 1 for his place to access web-zero carbon emissions by 2070. read through more
Though two a long time later on than what scientists say is needed to avert catastrophic local climate impacts, the pledge was however more than India had available in the earlier and could be accelerated with fiscal enable from created nations, Shah explained.
Peter Lacy, Accenture’s worldwide sustainability solutions direct, mentioned that for traders and organizations, the most substantial action at the convention was the creation on Nov. 3 of the Global Sustainability Criteria Board, intended to develop a baseline for businesses to explain their local climate influence. go through more
Lacy termed it a seismic second for small business and in line with the hopes of CEOs Accenture surveyed ahead of the meeting.
The new board, Lacy explained, “will give traders and stakeholders a significantly far better comprehension of linked risks and options and assist guidebook the allocation of the massive amount of money of capital needed as the earth transitions to internet zero,” he claimed by way of e-mail.
Absence OF Detail
Critics say quite a few of the conference’s crucial announcements deficiency specifics and give providers wiggle room. browse a lot more For instance, banking companies, insurers and buyers pledged to do the job to reduce emissions to web zero by 2050, but just about every entity has built its personal net zero commitments “with likely overlap across initiatives, establishments and assets,” according to the group’s press statement.
Leslie Samuelrich, media of Eco-friendly Century Funds Management in Boston, which does not spend in fossil fuel stocks, reported she concerns bigger expenditure corporations signed on so promptly to carbon-reduction pledges marketed at Glasgow since their conditions may be far too easy to meet.
“The speed with which some have adopted this would make me cautious,” Samuelrich stated.
But other finance executives say it is inevitable organizations will transfer to lower emissions less than tension from prospects and to chase profits. Mark Haefele, chief expenditure officer for UBS Worldwide Prosperity Management, reported promising places incorporate renewable energy, transportation and batteries.
Diplomats now ought to hash out procedures on places like constructing marketplaces to aid organizations price tag carbon and how considerably formulated nations will aid poorer kinds.[nL8N2RY0GS]
On a contact with journalists on Friday, David Waskow, a director of the nonprofit World Resources Institute, claimed he was additional optimistic than a 7 days back that the attendees would strike meaningful agreements.
“I consider the starting of the 7 days essentially did lay fantastic groundwork. Not to say every little thing is all rosy,” he claimed.
Reporting by Ross Kerber in Boston and by Simon Jessop in Glasgow. Modifying by Gerry Doyle
If corporations want to catch the attention of the expertise they need to have to fulfill resurgent need from the depths of the COVID-19 pandemic, they really should think about dealing with workers superior. And that would not always signify providing them a handful of additional dollars an hour, argues former Obama-era economy advisor Betsey Stevenson.
“To solve the crisis, firms need to have to identify that personnel are people today and they want you to treat them kindly. I imagine that is the actual solution sauce,” stated Stevenson, now professor of general public plan and economics at the University of Michigan, on Yahoo Finance Dwell.
Stevenson’s opinions appear as the likes of John Deere and Kellogg fight striking personnel demanding superior employment circumstances.
In the meantime, the October employment report — whilst superior than analyst estimates — showed that companies continue on to struggle to attract the proper expertise to fulfill their wants.
U.S. companies additional 531,000 careers in October, forward of analyst estimates for 450,000. The unemployment rate ticked down to 4.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from 4.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. Normal hourly earnings rose 4.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} yr-around-calendar year as companies from Amazon to Focus on keep on to shell out far more cash for employees.
Career progress for the previous two months was also upwardly revised.
The Labor Department claimed that September payrolls greater by 312,000, up from the lackluster 194,000 formerly claimed. And businesses in August brought again 483,000 careers, versus the 366,000 posted in the prior print.
“A aspect that may aid to attract a lot more staff to assistance fill the considerable amount of open up jobs is bigger wages,” explained Rick Rieder, BlackRock’s main expense officer of world wide preset cash flow.
Better wages and a realization by employers that jobs have transformed for the duration of the pandemic, and a lot more compassion towards employees are essential.
“The career has undeniably gotten even worse if you do the job in any sort of client provider part. Persons are impolite. They are suggest. You have to offer with telling them to place their masks on. They could truly bodily assault you,” discussed Stevenson. “If you want to set persons in those people ailments, they are going to demand from customers higher wages. And I imagine we are going to have to reckon with that.”
Musk, the firm’s founder and CEO and posted a Twitter poll Saturday afternoon which claimed, “Considerably is produced these days of unrealized gains remaining a suggests of tax avoidance, so I suggest providing 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of my Tesla inventory. Do you guidance this?”
He extra he will comply with the poll’s final result whichever way it goes. A few several hours after the poll was staying posted a lot more than a million people had voted, with 54.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} voting sure and 45.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} voting no.
Musk receives no income from Tesla. His 170.5 million shares of Telsa ended up worth $208.3 billion as of the close of buying and selling on Friday. At the price tag of $1,222.09 for each share, 10 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of them would be valued at $20.8 billion. With a extensive-phrase capital gains tax amount of 20{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} for an individual in Musk’s earnings bracket, a tax monthly bill from the sale would approach $4.2 billion.
He has owned 80{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of all those 170.5 million Tesla shares given that the firm’s preliminary community providing in 2010. In addition to the shares he owns currently, he has the alternative to buy a further 73.5 million shares. It really is not apparent if those shares would be counted in his holdings if the Twitterverse convinces him to offer 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of his stake in the corporation.
“Take note, I do not get a funds wage or bonus from wherever. I only have stock, consequently the only way for me to shell out taxes individually is to market inventory,” Musk tweeted on Saturday.
Before in the week, Musk supplied to market Tesla stock ‘right now’ if the United Nations could show $6 billion would fix earth hunger.
His comments Monday arrived following UN World Food items Programme (WFP) director David Beasley challenged the ultra-wealthy, and in certain the world’s two richest guys — Amazon founder Jeff Bezos and Musk — to “action up now, on a a person-time basis” to aid resolve earth hunger in an job interview with CNN very last week.
“Six billion pounds to assist 42 million men and women that are virtually likely to die if we don’t get to them. It’s not complex,” Beasley mentioned on CNN’s Join the Globe system with Becky Anderson. The sum would equate to approximately 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of Musk’s net prosperity.
Prince William has also criticized billionaires who are centered on place tourism, which could involve Musk, who also founded SpaceX. The business sent the 1st all-vacationer crew to place in September, although most of the company’s profits arrives from business launches and NASA contracts.
As of Saturday, Musk is the richest person on earth with a overall web truly worth of $338 billion, in accordance to the Bloomberg Billionaires Index.
CNN’s Chris Isidore and Walé Azeez contributed to this story.
Problem: I have an difficulty of inadequate money administration, and I am trying to get some assistance if that is probable. I am searching forward to your reaction.
– Shawn
Money ADVISER: You have taken two really crucial measures in the procedure of setting up financial steadiness in your lifestyle: acknowledging that there is an problem of inadequate fiscal management and searching for tips on how to correct the dilemma.
I am not certain what brought you to the place of recognising the difficulty as there are many purple flags you could have noticed. I remember being questioned some time back by an employer to support some employees to strengthen their economic administration.
Management arrived to the summary that the workforce had been not managing their funds well due to the fact they had been inquiring often for income improvements, shelling out a sizeable portion of their earnings by income deduction to assistance loans or the two.
There are numerous other signs that show that you have a fiscal-administration dilemma. In this article are some illustrations:
• You are using an growing total of your money to repay personal debt
• You are depending on overdraft services to pay back recurring bills
• You are utilizing hard cash developments on your credit score card to pay back other charges
• You are likely to make only the minimum amount payments on your credit rating card
• You are borrowing to shell out fundamental expenses – utility costs, for instance
• You are shelling out payments late or not at all
• You are borrowing from Peter to fork out Paul
• You have regular dollars flow difficulties
• The personal debt collectors are contacting you
• Your surplus cash are not currently being applied efficiently to generate and
• You are taking too substantially possibility with your cash.
Some may perhaps argue that personalized economical problems are because of to individuals not earning enough – even that they are underpaid. The truth of the matter, nevertheless, is that there has to be a harmony concerning money and expenditure irrespective of the circumstance. If there is a deficit, in particular if it retains recurring, there is a dollars-management challenge.
If there is this sort of a difficulty, priority issues like saving, investing, and the schooling of the small children may possibly be neglected. The constant worrying that this scenario often leads to could lead to overall health issues, bad overall performance at do the job, poor inter-particular relationships and severe household pressure, possibly even the split-up of people.
I can only be normal in my response to you, not figuring out the exact nature of your problem and what has brought on it, but hope that the options you seek out will emerge from my reaction.
The traditional reaction is to say make a price range – a realistic one particular that aligns shelling out with present-day earnings. This is important, for a lot of make a finances, but it does not replicate meaningfully how they receive and commit dollars.
Others make a budget but do not adhere to it. It is just a meaningless work out due to the fact they do not keep track of their shelling out, they do not create their priorities, they invest in impulsively, and they borrow over and above their capacity to pay out, for illustration.
A spending budget is a expending system that need to demonstrate how revenue is attained and used, having into account expenses that are periodic, not just common, and it can make it less difficult to workout regulate.
The finances need to stability from the starting, that is, when it is designed. Or else, it is a squander of time. Hold it in line by monitoring your spending, and be individual. Steer clear of rushing to acquire much too a lot way too quickly. What you can afford to pay for is what you can afford to pay for.
In some cases there is the argument that revenue complications occur thanks to emergencies. Each and every effort must be manufactured to build up a fund for emergencies, and this can be hard for some offered the degree of their cash flow.
If you are in personal debt, achieve out to your lenders and see if they are eager to access an lodging with you about how you can honour your debt. Investigate the likelihood of debt consolidation, which might allow for you to have just one personal debt above a longer time.
Place away your credit rating card if you have just one and it is contributing to your dilemma. As credit card credit card debt is extremely highly-priced, make it your precedence to do away with it. If you have to make severe adjustments to how you live, so be it.
If you have an asset, such as a vehicle, which you can’t afford, promote it. In actuality, it could make feeling to sell belongings to lower personal debt if need to have be.
Very good monetary administration involves that you use your money resources sensibly. So, set your money in risk-free establishments, use your surplus cash to generate, commit properly, diversify, get assets that are of great quality and keep them well.
Your initially workout is this: document your money, all your fees, your money owed and commitments. Set up your priorities and develop a prepared prepare to repair service your economical problem step-by-move, and adhere to it slavishly.
All the very best.
– Oran A. Corridor, writer of ‘Understanding Investments’ and principal creator of ‘The Handbook of Particular Monetary Planning’, delivers own economical organizing assistance and counsel.finviser.jm@gmail.com
NEW YORK, Nov. 04, 2021 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the third quarter ended September 30, 2021 and declared a quarterly stockholder distribution of $0.62 per share for the fourth quarter of 2021, payable on November 30, 2021 to stockholders of record at the close of business on November 15, 2021. This is an increase of $0.02 per share from $0.60 per share last quarter.
Third Quarter 2021 Highlights
Completed a 1-for-10 reverse stock split of the Company’s common stock effective August 26, 2021.
Net investment income for the quarter was $1.50 per share, or $13.7 million.
Net asset value (“NAV”) per share increased to $29.71 from $29.28(2) quarter-to-quarter, reflecting broad-based improvements in the debt portfolio and joint ventures.
As of September 30, 2021, the fair value of the Company’s investments excluding derivatives totaled $562 million, of which the Company’s debt securities portfolio totaled $455 million and was comprised of investments in 145 portfolio companies.
During the quarter, the Company acquired approximately $62.0million par value of investment portfolio assets. Also, during the quarter, the Company received approximately $37.1 million in sale and repayment proceeds, which includes a $0.5 million increase relative to the carrying value of those assets sold.
Net leverage(1) was 1.1x as of September 30, 2021, compared to 0.9x as of June 30, 2021, driven primarily by the timing of investments in the pipeline. During the quarter, the Company redeemed in full the aggregate amount outstanding of $28.75 million of the HCAP 6.125{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Notes due 2022.
Under its share buyback program, the Company repurchased approximately $1.4 million of its shares during the quarter.
The quarterly distribution for the third quarter was $0.60 per share and was paid on August 31, 2021.
Subsequent to quarter-end, on October 22, 2021, the Company entered into a purchase and sale agreement to purchase $18.1 million of portfolio assets from two wholly-owned subsidiaries of JMP Group LLC in exchange for $1.4 million in cash and 556,852 shares of its common stock issued at NAV. The closing of the transaction occurred in the fourth quarter of 2021.
Management Commentary
Ted Goldthorpe, Chief Executive Officer of Portman Ridge commented, “Our third quarter results reflect continued strong earnings, distribution coverage, and robust origination. Net assets per share increased to $29.71 and represents the sixth straight quarter-to-quarter increase. We also continued to maintain expenses at a stable level relative to our asset base, which has grown significantly over the past year, and we expect further leveraging of operating expenses over time. Our solid performance has allowed us to increase our quarterly distribution this by $0.02 to $0.62 per share. Overall, our objective is to deliver consistently strong performance each quarter for shareholders, and we believe we are well positioned to continue executing on this goal.”
Selected Financial Highlights (unaudited)
Three Months Ended
Three Months Ended
(in $ millions, except per share data)
September 30, 2021
June 30, 2021
Investment Income:
Interest from investments in debt securities
$
18.7
$
18.0
Investment income on CLO Fund Securities
0.7
0.8
Investment income – Joint Ventures
2.4
2.5
Capital structuring service fees
1.0
0.2
Total investment income
22.9
21.5
Net expenses
9.2
9.8
Net Investment Income
$
13.7
$
11.7
Net realized and unrealized gains (losses)
(4.6
)
(0.9
)
Realized losses on debt extinguishment
‒
‒
Net increase in net assets resulting from operations
$
9.1
$
10.8
Net increase in net assets resulting from operations per share (basic and diluted)(2)
$
1.00
$
1.40
Net investment income per share (basic and diluted)(2)
$
1.50
$
1.51
Weighted average shares outstanding (in millions)(2)
9.1
7.7
Distribution per share
$
0.60
$
0.60
Total investment income for the three months ended September 30, 2021 and June 30, 2021 was $22.9 million and $21.5 million, respectively. Investment income increased quarter-to-quarter primarily due to higher interest income on debt securities and higher capital structuring fees.
Total expenses for the three months ended September 30, 2021 and June 30, 2021 were $9.2 million and $9.8 million, respectively. The decrease quarter-to-quarter was driven primarily by lower incentive fees, lower professional fees, and lower general and administrative expenses. Interest expense and amortization of debt issuance costs decreased slightly quarter-to-quarter, from $3.5 million to $3.4 million due to the impact of a lower weighted average cost of debt.
Net investment income for the three months ended September 30, 2021 and June 30, 2021 was $13.7 million or $1.50 per share, and $11.7 million or $1.51(2) per share, respectively.
Net realized and unrealized depreciation on investments for the three months ended September 30, 2021 was $(4.6) million, as compared to net realized and unrealized appreciation of $(0.9) million for the three months ended June 30, 2021.
Portfolio
The fair value of our portfolio was $560 million ($562 million excluding derivatives) as of September 30, 2021. The composition of our investment portfolio at September 30, 2021 and December 31, 2020 at cost and fair value was as follows:
¹ Represents percentage of total portfolio at fair value. ² Represents the equity investment in the Asset Manager Affiliates.
As of September 30, 2021, six of the Company’s debt investments were on non-accrual status. As of June 30, 2021, eight of the Company’s investments were on non-accrual status. Investments on non-accrual status were 0.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the Company’s investment portfolio at fair value and amortized cost as of September 30, 2021, respectively, compared to 1.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 3.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} as of June 30, 2021.
Liquidity and Capital Resources
As of September 30, 2021, we had $340.9 million (par value) of borrowings outstanding ($335.4 million net of capitalized costs) with a combined weighted average interest rate of 3.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. This balance was comprised of $69.1 million of outstanding borrowings under the Senior Secured Revolving Credit Facility, $163.9 million of 2018-2 Secured Notes due 2029, and $108.0 million of 4.875{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Notes due 2026.
As of September 30, 2021, the Company had unrestricted cash of $28.5 million, restricted cash of $21.1 million, $45.9 million of available borrowing capacity under the Senior Secured Revolving Credit Facility, and $25.0 million of borrowing capacity under the 2018-2 Revolving Credit Facility. Total assets and stockholders’ equity at September 30, 2021 were $627 million and $271 million, respectively. Aggregate unfunded commitments stood at $48.7 million as of September 30, 2021. Conference Call and Webcast
We will hold a conference call on Friday November 5, 2021 at 11:00 a.m. Eastern Time to discuss our third quarter 2021 financial results. Stockholders, prospective stockholders and analysts are welcome to listen to the call or attend the webcast.
To access the call please dial (866) 757-5630 approximately 10 minutes prior to the start of the conference call and reference the conference ID 7445538. A replay of the conference call will be available from November 5, 2021 until November 12, 2021. The dial in number for the replay is (855) 859-2056 and the conference ID is 7445538.
A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis on our Company’s website www.portmanridge.com in the Investor Relations section under Events and Presentations. The webcast can also be accessed by clicking the following link: Portman Ridge Third Quarter 2021 Conference Call. The online archive of the webcast will be available on the Company’s website shortly after the call.
About Portman Ridge Finance Corporation
Portman Ridge Finance Corporation (Nasdaq: PTMN) is a publicly traded, externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Portman Ridge’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. Portman Ridge’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors, LP.
Portman Ridge’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on the Company’s website at www.portmanridge.com.
About BC Partners Advisors L.P. and BC Partners Credit
BC Partners is a leading international investment firm with over $40 billion of assets under management in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades. Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. Since inception, BC Partners has completed 117 private equity investments in companies with a total enterprise value of €149 billion and is currently investing its eleventh private equity fund. For more information, please visit www.bcpartners.com.
BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.
This press release contains forward-looking statements. The matters discussed in this press release, as well as in future oral and written statements by management of Portman Ridge Finance Corporation, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements.
Forward-looking statements relate to future events or our future financial performance and include, but are not limited to, projected financial performance, expected development of the business, plans and expectations about future investments and the future liquidity of the Company. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “outlook”, “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.
Important assumptions include our ability to originate new investments, and achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this press release should not be regarded as a representation that such plans, estimates, expectations or objectives will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) uncertainty of the expected financial performance of the Company; (2) expected synergies and savings associated with the transaction in which Garrison Capital Inc. merged with and into the Company; (3) the ability of the Company and/or BC Partners to implement its business strategy; (4) evolving legal, regulatory and tax regimes; (5) changes in general economic and/or industry specific conditions; (6) the impact of increased competition; (7) business prospects and the prospects of the Company’s portfolio companies; (8) contractual arrangements with third parties; (9) any future financings by the Company; (10) the ability of Sierra Crest Investment Management LLC to attract and retain highly talented professionals; (11) the Company ability to fund any unfunded commitments; (12) any future distributions by the Company; (13) changes in regional or national economic conditions, including but not limited to the impact of the COVID-19 pandemic, and their impact on the industries in which we invest; (14) other changes in the conditions of the industries in which we invest and other factors enumerated in our filings with the SEC; and (15) expected synergies and savings associated with the transaction in which HCAP merged with and into the Company. The forward-looking statements should be read in conjunction with the risks and uncertainties discussed in the Company’s filings with the SEC, including the Company’s most recent Form 10-K and other SEC filings. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required to be reported under the rules and regulations of the SEC.
(1) Net leverage is calculated as the ratio between (A) debt, excluding unamortized debt issuance costs, less available cash and cash equivalents, and restricted cash and (B) NAV. (2) The Company completed a Reverse Stock Split of 10 to 1 effective August 26, 2021, share and per share amounts have been adjusted retroactively to reflect the split for all periods presented.
Contacts: Portman Ridge Finance Corporation 650 Madison Avenue, 23rd floor New York, NY 10022 info@portmanridge.com
Jason Roos Jason.Roos@bcpartners.com (212) 891-2880
Jeehae Linford The Equity Group Inc. jlinford@equityny.com (212) 836-9615
Accounts payable, accrued expenses and other liabilities
3,961,666
1,788,908
Accrued interest payable
3,345,558
1,089,531
Due to affiliates
760,112
1,374,739
Management and incentive fees payable
5,654,814
5,243,869
Total Liabilities
356,056,136
383,914,558
COMMITMENTS AND CONTINGENCIES (NOTE 8)
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 9,291,578 issued, and 9,123,275 outstanding at September 30, 2021, and 7,609,349 issued, and 7,516,423 outstanding at December 31, 2020
91,233
75,164
Capital in excess of par value
680,451,474
639,136,026
Total distributable (loss) earnings
(409,494,432
)
(422,947,327
)
Total Stockholders’ Equity
271,048,275
216,263,863
Total Liabilities and Stockholders’ Equity
$
627,104,411
$
600,178,421
NET ASSET VALUE PER COMMON SHARE (1)
$
29.71
$
28.77
(1) The Company completed a Reverse Stock Split of 10 to 1 effective August 26, 2021, the common shares and net asset value per common share have been adjusted retroactively to reflect the split for all periods presented.
PORTMAN RIDGE FINANCE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2021
2020
2021
2020
Investment income:
Interest from investments in debt securities
$
17,391,146
$
4,517,268
$
48,736,532
$
13,910,567
Payment-in-kind investment income
1,296,496
434,446
3,172,910
1,125,343
Interest from cash and time deposits
–
–
–
15,279
Investment income on CLO Fund Securities managed by affiliates
–
587,239
–
2,493,600
Investment income on CLO Fund Securities managed by non-affiliates
748,449
42,341
2,211,092
247,302
Investment income – Joint Ventures
2,442,703
2,182,466
7,012,167
4,760,485
Capital structuring service fees
1,032,346
23,602
1,628,155
302,887
Total investment income
22,911,140
7,787,362
62,760,856
22,855,463
Expenses:
Management fees
2,064,733
1,043,645
5,771,636
3,063,719
Performance-based incentive fees
1,939,170
571,846
6,332,646
1,128,726
Interest and amortization of debt issuance costs
3,408,445
2,239,911
10,315,528
6,984,852
Professional fees
490,284
439,503
2,680,458
1,810,450
Insurance
198,011
177,154
574,973
478,058
Administrative services expense
760,112
470,435
2,091,769
1,361,700
Other general and administrative expenses
332,534
147,818
1,352,737
522,091
Total expenses
9,193,289
5,090,312
29,119,747
15,349,596
Management and performance-based incentive fees waived
—
(556,880
)
Net Expenses
9,193,289
5,090,312
29,119,747
14,792,716
Net Investment Income
13,717,851
2,697,050
33,641,109
8,062,747
Realized And Unrealized Gains (Losses) On Investments:
Net realized (losses) gains from investment transactions
(3,931,280
)
(1,890,090
)
(11,372,803
)
(3,819,851
)
Net change in unrealized appreciation (depreciation) on:
Debt securities
(4,447,878
)
4,553,027
(7,448,405
)
(3,945,277
)
Equity securities
1,215,013
337,258
3,905,834
411,276
CLO Fund Securities managed by affiliates
—
1,573,272
—
(12,168,189
)
CLO Fund Securities managed by non-affiliates
706,935
363,430
9,354,655
(491,863
)
Joint Venture Investments
2,063,261
1,146,355
2,654,032
(4,654,363
)
Derivatives
(179,416
)
(461,629
)
(873,473
)
(999,612
)
Total net change in unrealized appreciation (depreciation)
(642,085
)
7,511,713
7,592,643
(21,848,028
)
Net realized and unrealized appreciation (depreciation) on investments
(4,573,365
)
5,621,623
(3,780,160
)
(25,667,879
)
Realized (losses) gains on extinguishments of Debt
—
—
(1,834,963
)
154,571
Net Increase (Decrease) In Stockholders’ Equity Resulting From Operations
$
9,144,486
$
8,318,673
$
28,025,986
$
(17,450,561
)
Net Increase (Decrease) In Stockholders’ Equity Resulting from Operations per Common Share (1):
Basic:
$
1.00
$
1.87
$
3.41
$
(3.91
)
Diluted:
$
1.00
$
1.87
$
3.41
$
(3.91
)
Net Investment Income Per Common Share (1):
Basic:
$
1.50
$
0.61
$
4.10
$
1.81
Diluted:
$
1.50
$
0.61
$
4.10
$
1.81
Weighted Average Shares of Common Stock Outstanding—Basic (1)
9,131,456
4,441,778
8,213,661
4,461,650
Weighted Average Shares of Common Stock Outstanding—Diluted (1)
9,131,456
4,441,778
8,213,661
4,461,650
(1) The Company completed a Reverse Stock Split of 10 to 1 effective August 26, 2021, the weighted average shares outstanding and per share values have been adjusted retroactively to reflect the split for all periods presented.
(Bloomberg) — China’s marketing campaign to tighten regulation throughout swathes of the nation’s industries is demonstrating indicators of abating, making some reduction between world traders. But there continues to be a quantity of unresolved challenges that could still have a broad-ranging effects on industries and economic markets alike.
Most Go through from Bloomberg
The severity of the penalty for Didi Global Inc.’s controversial U.S initial community offering, the end result of a corruption probe into China’s massive financial marketplace, and aspects of a planned growth of residence tax trials are just some of the potential considerations for investors.
China’s scrutiny above everything from know-how to online tutors and serious estate spurred a selloff that at one stage wiped additional than $1 trillion from the benefit of the nation’s shares globally. The MSCI China Index is down 15{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} this year, trailing worldwide shares by the most because 1998. President Xi Jinping is seeking to rework the economy, tackle inequality and lower financial threat without having destabilizing development.
The following are some of the key focus parts for distinct industries as Xi’s crackdowns rumble on:
Technologies:
DIDI PROBE: Investors are awaiting the outcome of China’s regulatory investigations into journey-hailing giant Didi, logistics system Comprehensive Truck Alliance Co. and on-line recruitment business Kanzhun Ltd., pursuing their U.S. listings earlier this calendar year. Regulators are weighing a vary of opportunity punishments on Didi, like a wonderful and the introduction of a state-owned investor, Bloomberg claimed in July. The Cyberspace Administration of China instructed the 3 firms explore promoting shares in Hong Kong, Dow Jones reported past month, introducing that the probes may perhaps conclude as soon as November.
ANT IPO: What will materialize with Ant’s IPO remains an open query, a calendar year following Beijing quashed what would have been the world’s major debut. Bankers say they’ve stopped finding standard conversation from the firm, and some are doubtful that it will return to marketplace right before 2023, Bloomberg News reported past month. On the brighter side, Jack Ma not long ago traveled to Europe, in accordance to Hong Kong media reports, suggesting improving relations with the authorities.
Big Facts: China has created clear that the federal government will enjoy a central function in manage of information and that non-public organizations want to comply with Beijing’s priorities. Xi’s administration has debated a range of proposals, from nationalizing information below a governing administration-controlled enterprise to environment tips for firms to take care of their very own information. The closing determination will have sweeping ramifications for pretty much all technologies providers.
Split DOWN SILOS: Attempts by Chinese officials to crack open up closed ecosystems operated by its greatest organizations are getting intently watched. Authorities are thinking of asking corporations from Tencent Holdings Ltd. to ByteDance Ltd. to enable rivals accessibility and display screen their written content in look for success, Bloomberg News described in Oct. These a transfer could additional pull down on line obstacles and shake up web marketing.
Marketplaces:
Abroad LISTINGS: Regulators in Beijing are nevertheless nailing down rule modifications that would enable them to block Chinese organizations from listing overseas even if the unit selling shares is integrated exterior China, working with the Variable Interest Entity design. The move would close a loophole extended used by technological know-how giants to sidestep limitations on foreign expense in sensitive sectors, whilst it is nonetheless unclear what this would imply for VIE firms already listed offshore, particularly in the U.S.
HONG KONG IPOs: Companies arranging to go public in Hong Kong may well be exempted from initial searching for acceptance from China’s cybersecurity watchdog, Bloomberg News noted in July. If confirmed, it would make the listing system for Hong Kong less onerous than for the U.S. The uncertainty about Hong Kong’s remedy is weighing on the city’s IPO industry, which is going by a dry spell.
Finance:
CORRUPTION INVESTIGATION: The top rated anti-graft body in Oct begun a two-month inspection of 25 money institutions together with the central financial institution, the banking and insurance regulator, creditors and undesirable-personal debt supervisors. The probe will seem at no matter if officers and financial institutions were way too shut to personal companies, like China Evergrande Group, Didi and Ant, the Wall Avenue Journal described. The past big investigation into the field was in late 2015 adhering to a stock current market crash, and resulted in the detention of bankers and brokerage executives, amid other people.
CROSS-BORDER BROKERS: The future of Chinese cross-border brokers is in question after a central financial institution formal questioned the legitimacy of their functions, prompting declines in the shares of Futu Holdings Ltd. and Fintech Holding Ltd. The businesses have been operating in a gray space by making it possible for Chinese traders to evade funds controls and trade shares in markets these kinds of as Hong Kong and New York.
Assets
Serious ESTATE TAX: Traders are keenly awaiting information of China’s ideas to expand property-tax trials to far more areas from Shanghai and Chongqing and to begin taxing property entrepreneurs. The plan, noted by Xinhua in late Oct, didn’t say exactly where where by the new trials will be utilized to. Hainan, which is being turned into a totally free trade hub, and Shenzhen are deemed among the possible candidates. While the 5-calendar year program suggests a nationwide levy is unlikely to be rolled out whenever soon, concern more than the possible affect of the trials has weighed on assets shares. 1 index of developers fell for seven straight times following the news.
Luxurious goods:
TAXES/Typical PROSPERITY: Xi’s “common prosperity” marketing campaign poses a probable chance to makers of luxury merchandise these kinds of as Burberry Group Plc and Cie Financiere Richemont SA if it prospects to more robust endeavours to clamp down on conspicuous consumption. China’s tax technique however favors the abundant, this means 1 way to redistribute wealth would be by means of bigger taxes. The nation is also a single of the only big economies that does not levy an inheritance tax. So significantly there has been tiny community indication that tax reforms are in the offing. Chinese individuals are the range just one driver of worldwide gross sales of prime-end products.
Macau casinos:
On line casino Evaluation: Macau’s government is looking at polices to tighten limitations on operators, including appointing authorities reps to “supervise” providers. The proposed adjustments could be made in a revision of the casino regulation, which will be passed in advance of Macau troubles new gambling licenses to operators. The existing licenses expire in June next yr. The sector could keep “nearly uninvestable” right until there is clarity on the new licenses, JPMorgan analysts wrote in an Oct. 1 observe.
Hong Kong:
ANTI-SANCTIONS Legislation: Even though Beijing will reportedly not impose an anti-sanctions legislation on Hong Kong for now, it continues to be a problem hanging around the city’s fiscal markets. The regulation is centered on legislation handed on the mainland in June, which provides the Chinese govt broad powers to seize belongings from entities that carry out U.S. sanctions. In August, China’s prime legislative human body postponed a vote on imposing the law on the former British colony, with just one regional delegate stating it experienced been delayed pending even more examine.
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