Category: Finance Companies

Posted on

EXCLUSIVE Dutch bank ING ends financing for new oil and gas projects

EXCLUSIVE Dutch bank ING ends financing for new oil and gas projects

The symbol of ING financial institution is pictured at the entrance of the group’s most important business office in Brussels, Belgium September 5, 2017. REUTERS/Francois Lenoir

Sign up now for Totally free limitless access to Reuters.com

  • IEA phone calls to stop funding for new fossil gas projects
  • ING’s transfer puts strain on other worldwide gamers to act
  • Dutch financial institution will nevertheless fund current oil and fuel initiatives

LONDON, March 23 (Reuters) – ING Groep NV (INGA.AS) will no more time finance new oil and gas tasks, its energy chief said, turning into the most significant lender nonetheless to dedicate to these types of a move in the battle against weather transform.

The move by the Dutch monetary solutions firm raises strain on friends to heed a connect with by the Global Energy Agency (IEA) for a halt to funding for new fossil fuel projects to assist cap world-wide warming at no far more than 1.5 degrees Celsius. study far more

Michiel de Haan told Reuters that ING would not finance initiatives accredited right after Dec. 31, 2021 but would nevertheless fund electrical power firms, even though ING is previously phasing down funding to the oil and gasoline marketplace and scaling up lending for renewables.

Register now for Totally free limitless access to Reuters.com

De Haan reported the bank would focus on a 50{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} raise in lending for renewable vitality by 2025, building on sturdy advancement in 2021, when funding grew 26{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to 7.3 billion euros ($8.05 billion).

ING’s strategy to lower funding for current oil and gasoline clients and jobs is extra gradual, with a goal to cut it by 12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to about 3.5 billion euros by 2025.

“Decarbonisation of the energy technique … is of just about existential significance, but so is reasonably priced energy and dependable provide of energy,” de Haan mentioned.

“We can make the conclusion to discontinue our involvement in new greenfields, but we (will) keep on our existing involvement in oil and gasoline throughout the entire world since we require to fulfill individuals other two targets.”

Lucie Pinson, government director at NGO Reclaim Finance, explained ING was the greatest lender right after Crédit Mutuel to introduce such a coverage on venture finance, but while it was a “terrific signal” to the sector, it did not go considerably plenty of.

Specifically, banks needed to rein in all other finance to the sector much more swiftly and be well prepared to drop companies preparing to broaden production, a thing so much only French public loan company Banque Postale has fully commited to. examine a lot more

“ING’s commitment to lower its funding to the all round sector without having committing to promptly exclude corporations opening new oil and gasoline fields does not augur perfectly for our weather,” she claimed.

Trader stress on banking institutions to act speedier on weather modify has enhanced in the 12 months because the IEA revealed its report on ending fossil gas funding.

But several banking companies have only promised to cease lending in slim conditions, such as for drilling in the Arctic. The Ukraine disaster may further more hamper the shift, as Europe seeks choices to Russian oil and gas. go through additional

“It truly is significant to recognise that the IEA also indicates that in the foreseeable future, oil and fuel will be required,” de Haan claimed, introducing that the bank was looking for to support clients decarbonise their businesses.

ShareAction, an organisation pushing for dependable financial commitment, reported in a February report that 25 of Europe’s foremost financial institutions had presented $55 billion in funding in 2021 for electricity providers organizing to broaden oil and gas manufacturing.

It mentioned HSBC (HSBA.L), Barclays and BNP Paribas (BNPP.PA) ended up between the major funders of oil and gasoline assignments in 2021. read more

($1 = .9069 euros)

Sign-up now for Cost-free limitless entry to Reuters.com

Enhancing by Edmund Blair and Jason Neely

Our Standards: The Thomson Reuters Believe in Concepts.

Posted on

Portman Ridge Finance Corporation Resumes Share Repurchase

Portman Ridge Finance Corporation Resumes Share Repurchase

NEW YORK, March 21, 2022 (Globe NEWSWIRE) — Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company”) currently introduced that it has entered into a new Rule 10b5-1 stock trading strategy to facilitate the repurchase of its typical stock in accordance with its recently re-authorized $10 million share repurchase system.

Repurchases might be designed in the open up current market at prevailing marketplace costs from time to time as industry disorders warrant. All repurchases will be carried out in accordance with the applicable necessities of Guidelines 10b5-1 and 10b-18 underneath the U.S. Securities Trade Act of 1934.

An unbiased U.S. broker-seller is performing as the Company’s agent to purchase its shares on pre-arranged conditions pursuant to the Rule 10b5-1 Stock Investing Plan.

Of note, on March 8, 2022, the Company’s Board of Directors re-approved its share repurchase program, whereby the Organization may well repurchase up to an aggregate of $10 million of its shares in the open up marketplace until March 31, 2023, which include pursuant to the previously mentioned-described new Rule 10b5-1 stock buying and selling approach.

About Portman Ridge Finance Company

Portman Ridge Finance Corporation (Nasdaq: PTMN) is a publicly traded, externally managed financial commitment organization that has elected to be controlled as a small business development corporation underneath the Expense Organization Act of 1940. Portman Ridge’s middle sector investment decision small business originates, buildings, funds and manages a portfolio of phrase financial loans, mezzanine investments and chosen equity securities in center industry organizations. Portman Ridge’s investment routines are managed by its investment adviser, Sierra Crest Expense Management LLC, an affiliate of BC Associates Advisors, LP.

Portman Ridge’s filings with the Securities and Trade Fee (the “SEC”), earnings releases, push releases and other fiscal, operational and governance details are accessible on the Company’s web page at www.portmanridge.com.

Cautionary Assertion Concerning Forward-Searching Statements

This push release consists of ahead-looking statements relating to repurchases of shares of the Company’s popular inventory. There is no assurance that repurchases will be made in any specific quantities or that the market place selling price of the Company’s shares, either totally or relative to net asset benefit, will maximize as a consequence of any share repurchases, or that any repurchases will increase stockholder price over the prolonged term. The ahead-on the lookout statements ought to be go through in conjunction with the challenges and uncertainties talked about in the Company’s filings with the SEC, which includes the Company’s most recent Kind 10-K and other SEC filings.

Contacts:
Portman Ridge Finance Company
650 Madison Avenue, 23rd floor
New York, NY 10022
information@portmanridge.com

Jason Roos
Jason.Roos@bcpartners.com
(212) 891-2880

The Equity Team Inc.
Lena Cati
lcati@equityny.com  
(212) 836-9611

Serena Liegey
sliegey@equityny.com
(212) 836-9630

Posted on

Texas comptroller threatens to boycott 19 investment companies unless they promise to support oil and gas

Texas comptroller threatens to boycott 19 investment companies unless they promise to support oil and gas

Texas Comptroller Glenn Hegar advised 19 investment decision corporations to reveal their stance on fossil fuels or deal with divestment.

AUSTIN, Texas — The Texas Comptroller of Public Accounts, Glenn Hegar, despatched a letter to 19 investment corporations inquiring about their loyalty to fossil fuels.

Three firms are based mostly in the U.S.: BlackRock Inc., Invesco Ltd., and JPMorgan Chase & Co. The relaxation span the globe.

Read the letter to the 19 organizations right here.

Senate Monthly bill 13 demands all Texas retirement courses to move funds absent from organizations that boycott oil and gasoline. The bill was signed into legislation previous 12 months.

The investments affect Teachers Retirement Technique of Texas (TRS) and the Worker Retirement Technique of Texas (ERS).

Hegar questioned the 19 businesses to explain their policies and treatments.

“We know some of these corporations keep investments in oil and gas right now, but what about the foreseeable future? Are they providing the hope of a ‘green’ tomorrow with promises to divest or reduce their fossil gas publicity? A handful of organizations are echoing claims by the Biden administration about a ‘transition’ to eco-friendly electrical power. They’ve managed to influence folks that electrical cars and wind and photo voltaic power generation can meet our energy requirements, and if we just quit investing in oil and fuel, the changeover will be swift and painless. Any one who has compensated any focus to the latest situations appreciates that just isn’t correct,” Hegar explained in a press release to KVUE Information.

Read through the full launch from Hegar right here.

Hegar requested the providers to also list any mutual cash and exchange-traded funds (ETFs) which boycott or limit financial investment in fossil fuels.

“Our exploration therefore significantly displays that some companies are telling us and other energy-generating states 1 factor, and then turning all over and telling their liberal consumers in other states another point,” Hegar reported in the launch.

Previous January, the KVUE Defenders reported on how strengthening the State’s electric powered grid could impression retirement bucks.

Texas law demands the electrical power grid supervisor to use pure gasoline for extra than half of its energy era.

Dollars invested to boycott fossil fuel investments would threaten the grid’s most significant power useful resource except the Point out transformed its strength combine.

Related: How the Texas energy grid could be impacting your retirement system

The corporations have 60 times to reply.

Hegar expects to ship yet another round of letters, making contact with 100 extra publicly traded financial commitment businesses.

Hegar will afterwards publish the listing of corporations on the comptroller’s web page.

The comptroller’s site exhibits the State’s current divestment checklist consists of:

KVUE on social media: Fb | Twitter | Instagram | YouTube

Men and women ARE ALSO Examining: 

Elon Musk’s renowned ex Grimes reportedly living in Austin with notorious whistleblower

The College of the Southwest confirms fatal accident involving van carrying golf groups

Austin company invites SXSW-goers to expertise earth-well-known road artist Banksy

Posted on

Willis Lease Finance Corporation Reports Annual Pre-tax

Willis Lease Finance Corporation Reports Annual Pre-tax

COCONUT CREEK, Fla., March 14, 2022 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) today reported annual total revenues of $274.2 million and pre-tax profit of $9.1 million. For the year ended December 31, 2021, aggregate lease rent and maintenance reserve revenues were $208.8 million and spare parts and equipment sales were $17.4 million. The Company reported increased total revenues in the fourth quarter when compared to the prior year period, primarily due to both an increase in lease rent revenue and gain on sale of leased equipment and financial assets, partially offset by a reduction in long-term maintenance revenue.

“We continued to see a slow recovery during the second half of 2021 as travel began to open on a global basis only to be dampened again near year-end by COVID-19 variants,” said Charles F. Willis, Chairman and CEO. “COVID-related travel prohibitions have been relaxed more recently, but now the industry faces new stresses associated with geo-political issues that are tragic on every level. As always, we continue to focus on the things we can control, and we believe the Company is well positioned to help our customers provide an essential product: air travel.”

“The world has been, and continues to be, an unsettled place, but the dedication of our employees is constant,” said Brian R. Hole, President. “Their efforts allow us to deliver the novel programs, financing products and services our customers need more and more as they realize that ‘same again’ will not be an adequate strategy in the current times”

2021 Highlights (at or for the quarter and year ended December 31, 2021, as compared to at or for the quarter and year ended December 31, 2020):

  • Total revenue was $274.2 million in 2021, a 5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} decrease when compared to $288.7 million in the prior year. Revenue for the three months ended December 31, 2021 was $75.8 million, up 23.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from the comparative period in 2020.
  • Lease rent revenue was $134.8 million in 2021, off 5.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from 2020.
  • Maintenance reserve revenue was $74.0 million in 2021, a decrease of 29.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} compared to $105.4 million in the prior year.
    • The decline in maintenance revenue was primarily influenced by lower long-term maintenance revenue associated with engines returning from long-term lease.
    • Short-term maintenance revenue, driven by engine usage, was flat at $17.7 million year over year.
  • Spare parts and equipment sales decreased to $17.4 million in 2021, compared to $18.6 million in 2020, primarily due to no equipment sales during 2021 compared to $0.9 million for the sale of one engine in 2020.
  • Gain on sale of leased equipment increased 76.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $6.0 million in 2021 reflecting the sale of 12 engines and one airframe, compared to $3.4 million in 2020 reflecting the sale of 11 engines and two airframes.
  • Gain on sale of financial assets, effectively the sale of leased equipment, was $10.9 million in 2021 reflecting the sale of two notes receivable.
  • The Company recognized a $6.3 million asset transition fee in 2021 as a result of the close out of an engine transition program. This fee was part of a program the Company provided to a large operator as it transitions its fleet to next generation technologies.
  • Other revenue increased by $6.5 million to $24.9 million in 2021, compared to $18.4 million in 2020, primarily reflecting interest income from our notes receivable and other service-related fees.
  • Income before income taxes was $9.1 million in 2021, compared to $17.3 million in 2020.
  • Our aggregate lease assets, inclusive of our equipment held for operating lease and notes receivable, at December 31, 2021 and 2020 was $2,106.8 million and $2,045.3 million, respectively, a 3.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} year-over-year increase.
  • The book value of lease assets we own directly or through our joint ventures, inclusive of our notes receivable, was $2,448.4 million at December 31, 2021. As of December 31, 2021, the Company also managed 475 engines, aircraft and related equipment on behalf of other parties.
  • The Company maintained $410 million of undrawn revolver capacity at December 31, 2021.
  • During 2021, the Company repurchased 268,408 shares of common stock for approximately $10.1 million at a weighted average price of $37.57 per share.
  • Diluted weighted average earnings per common share were $0.00 for 2021, compared to $1.05 in 2020.
  • Book value per diluted weighted average common share outstanding decreased to $59.23 at December 31, 2021, compared to $59.40 at December 31, 2020.

Balance Sheet

As of December 31, 2021, the Company’s $1.991 billion equipment held for operating lease portfolio and $115.5 million notes receivable represented 304 engines, 12 aircraft, one marine vessel and other leased parts and equipment. As of December 31, 2020, the Company’s $1.887 billion equipment held for operating lease portfolio and $158.7 million notes receivable represented 291 engines, eight aircraft, one marine vessel and other leased parts and equipment.

Willis Lease Finance Corporation

Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 120 countries. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services supported by cutting edge technology through its subsidiary, Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through its subsidiary, Willis Aeronautical Services, Inc.

Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as terrorist activity and the COVID-19 pandemic; changes in oil prices and other disruptions to the world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission. 

CONTACT: Scott B. Flaherty
  Chief Financial Officer
  (561) 349-9989

Unaudited Consolidated Statements of Income
(In thousands, except per share data) 

  Three Months Ended December 31,       Years Ended December 31,    
    2021     2020     {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Change     2021     2020   {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Change
REVENUE                      
Lease rent revenue $ 37,972   $ 28,021     35.5 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}   $ 134,831   $ 142,895   (5.6) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Maintenance reserve revenue   13,212     22,549     (41.4) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     73,961     105,365   (29.8) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Spare parts and equipment sales   4,191     3,777     11.0 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     17,417     18,625   (6.5) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Gain on sale of leased equipment   3,535     2,024     74.7 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     5,975     3,391   76.2 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Gain on sale of financial assets   10,874     —     100.0 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     10,874     —   100.0 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Asset transition fee   —     —     — {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     6,256     —   100.0 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Other revenue   6,030     5,116     17.9 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     24,888     18,416   35.1 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Total revenue   75,814     61,487     23.3 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     274,202     288,692   (5.0) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
                       
EXPENSES                      
Depreciation and amortization expense   21,749     23,365     (6.9) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     90,504     94,541   (4.3) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Cost of spare parts and equipment sales   3,919     3,301     18.7 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     14,927     16,762   (10.9) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Write-down of equipment   3,602     6,169     (41.6) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     7,715     20,540   (62.4) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
General and administrative   21,038     16,654     26.3 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     75,350     67,910   11.0 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Technical expense   3,251     3,111     4.5 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     9,381     6,533   43.6 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Net finance costs:                      
Interest expense   17,654     15,888     11.1 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     67,985     63,024   7.9 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Loss on debt extinguishment   —     —     — {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     —     4,688   (100.0) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Total net finance costs   17,654     15,888     11.1 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     67,985     67,712   0.4 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Total expenses   71,213     68,488     4.0 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     265,862     273,998   (3.0) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
                       
Earnings (loss) from operations   4,601     (7,001 )   (165.7) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     8,340     14,694   (43.2) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Earnings from joint ventures   1,983     30     6,510.0 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     800     2,642   (69.7) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Income (loss) before income taxes   6,584     (6,971 )   (194.4) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     9,140     17,336   (47.3) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Income tax expense (benefit)   4,842     (4,077 )   (218.8) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     5,788     7,588   (23.7) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Net income (loss)   1,742     (2,894 )   (160.2) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     3,352     9,748   (65.6) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Preferred stock dividends   821     819     0.2 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     3,251     3,259   (0.2) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Accretion of preferred stock issuance costs   20     21     (4.8) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     83     84   (1.2) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Net income (loss) attributable to common shareholders $ 901   $ (3,734 )   (124.1) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}   $ 18   $ 6,405   (99.7) {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
                       
Basic weighted average earnings (loss) per common share $ 0.15   $ (0.62 )       $ —   $ 1.07    
Diluted weighted average earnings (loss) per common share $ 0.14   $ (0.62 )       $ —   $ 1.05    
                       
Basic weighted average common shares outstanding   6,044     5,988           6,112     5,963    
Diluted weighted average common shares outstanding   6,304     5,988           6,346     6,128    

Unaudited Consolidated Balance Sheets
(In thousands, except per share data)

    December 31, 2021   December 31, 2020
ASSETS        
Cash and cash equivalents   $ 14,329   $ 42,540  
Restricted cash     81,312     36,385  
Equipment held for operating lease, less accumulated depreciation     1,991,368     1,886,613  
Maintenance rights     22,511     20,097  
Equipment held for sale     6,952     2,850  
Receivables, net of allowances     39,623     28,269  
Spare parts inventory     50,959     59,434  
Investments     55,927     53,275  
Property, equipment & furnishings, less accumulated depreciation     31,327     31,753  
Intangible assets, net     1,188     1,246  
Notes receivable     115,456     158,708  
Other assets     51,975     43,778  
Total assets   $ 2,462,927   $ 2,364,948  
         
LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY        
Liabilities:        
Accounts payable and accrued expenses   $ 26,858   $ 26,977  
Deferred income taxes     124,332     116,838  
Debt obligations     1,790,264     1,693,753  
Maintenance reserves     65,976     82,484  
Security deposits     19,349     19,522  
Unearned revenue     10,458     11,637  
Total liabilities     2,037,237     1,951,211  
         
Redeemable preferred stock ($0.01 par value)     49,805     49,722  
         
Shareholders’ equity:        
Common stock ($0.01 par value)     65     66  
Paid-in capital in excess of par     15,401     13,696  
Retained earnings     355,388     355,370  
Accumulated other comprehensive income (loss), net of tax     5,031     (5,117 )
Total shareholders’ equity     375,885     364,015  
Total liabilities, redeemable preferred stock and shareholders’ equity   $ 2,462,927   $ 2,364,948  

Posted on

These Companies Have Left Russia: The List Across Tech, Entertainment, Finance

These Companies Have Left Russia: The List Across Tech, Entertainment, Finance
gettyimages-1238862139

Tech companies across the globe are pulling out of Russia.


Jakub Porzycki/Getty Images

This story is part of War in Ukraine, CNET’s coverage of events there and of the wider effects on the world.

As the Russia’s war on Ukraine continues, a growing number of companies have said they are stopping sales of products and services in Russia. This will make items, including video games, iPhones and the PS5, harder to get in Russia. 

Apple and Microsoft both said they’ll stop selling products in Russia. Game maker EA said it will stop the sale of games and other digital items while the conflict continues. Online services, such as Airbnb, are suspending operations in Russia.

Companies have also responded in other ways, including cracking down on misinformation and reducing the online presence of Russian state-owned media outlets like RT News and Sputnik News. Google and Twitter have suspended advertising in Russia. 

Russia invaded Ukraine on Feb. 24 after months of growing tension, marked by a buildup of Russian forces along Ukraine’s borders. The US, the EU and the UK have all imposed economic sanctions on Russia, including ones aimed directly at Russian President Vladimir Putin.

Ukraine, which was part of the Soviet Union for much of the 20th century, declared its independence in 1991. Since then, the country has been establishing closer ties with Western Europe and the US.

Here’s a look at tech, entertainment and finance companies that have stopped sales or other services in Russia:

Adobe: The maker of Photoshop and other software stopped all new sales and services in Russia, including its software for creative pros and its website analytics tools, citing “our civic and moral responsibility to support democracy and humanity” and government sanctions. In addition, the company cut off access to its cloud services for Russia’s government-controlled media outlets.

Airbnb: The room-rental service has suspended all operations in Russia and Belarus and has said its nonprofit subsidiary will offer free temporary housing to 100,000 Ukrainian refugees. It’s also waived host and guest fees for bookings in Ukraine, as people worldwide use Airbnb as a way to provide income directly to Ukrainians by, as The Guardian put it, “paying but not staying.”

Amazon: The online giant suspended shipments of all retail products to customers in Russia and Belarus, and suspended access to Prime Video for users in Russia.

Apple: The tech giant stopped selling its products in Russia and is halting online transactions, including limiting Apple Pay in the country. Additionally, it has disabled some Apple Maps features in Ukraine to protect civilians. 

AWS: Though AWS doesn’t have data centers or offices in Russia, it’s stopped allowing new sign-ups for the service in Russia and Belarus, saying it’ll suspend accounts where customers are “using AWS services to threaten, incite, promote or actively encourage violence, terrorism or other serious harm.” Customers using AWS in Russia include companies that are headquartered elsewhere but have development teams in Russia.

BMW, Ford, GM, Honda: Several automakers have scaled back their operations in Russia. BMW will stop local production in Kaliningrad and halt exports to Russia. Ford is suspending its operations in Russia “effective immediately, until further notice.” GM is suspending business in Russia. Honda has suspended exports there.

Bumble: The dating app is discontinuing operations in Russia and removing its apps from the App Store and Google Play Store in Russia and Belarus.

Disney: The entertainment company has halted all theatrical releases in Russia, including upcoming Pixar film Turning Red. It has also paused content and product licensing, channels, local productions, National Geographic magazine and tours, and Disney Cruise Line activities.

Electronic Arts: The maker of popular video games, including the FIFA franchise, has stopped selling all content in Russia and Belarus. This includes games, add-on content and virtual currency. Additionally, EA has removed Russian national teams from all versions of its soccer and hockey video games.

Epic Games: The maker of Fortnite said it will stop commerce with Russia in its games but wasn’t blocking access to games “for the same reason other communication tools remain online: the free world should keep all lines of dialogue open.”

Goldman Sachs: The American bank is complying with sanctions and closing down its Russian business, it announced March 10. It’s arranging for the departures necessary among its 80 staff in Russia, according to The New York Times.

Google: Though users in Russia can still use Google’s search engine, the company has completely suspended its advertising business in the country. This includes ad revenue from YouTube, search and all other forms of Google-sponsored marketing. Some Google Maps features have also been disabled, though Google provides info on refugee resources for people fleeing Ukraine. Google also suspended billing on Play, its mobile app store, and paused payment-based services for YouTube users in Russia, such as YouTube Premium and Super Chat. Google Cloud on March 10 also stopped accepting new customers in Russia. YouTube on March 11 said it’s removing videos that deny or trivialize the Russian invasion of Ukraine, broadening its ban on Russian state-sponsored media and preventing YouTube users in Russia from monetizing their videos in any way.

IBM: The computer giant has suspended all business in Russia, CEO Arvind Krishna said March 7, and is also offering support for IBM-employed refugees. “A newly developed and deployed IBMer Resource Finder Map connects Ukrainian IBMers and IBM contractors fleeing their country with IBM colleagues in the immediate CEE region who can offer assistance, including lodging, transportation, food and supplies, for them and their families,” Krishna said.

Intel: The tech company has suspended all shipments to customers in Russia and Belarus, including chips.

Microsoft: The maker of Windows has suspended sales of its products and services in Russia, while pledging to beef up its cybersecurity in Ukraine. 

Netflix: The streaming giant has paused all projects and acquisitions in Russia. Additionally, Netflix has refused to add state-run channels to its Russian service. 

Nintendo: The video game company has currently placed its Russian e-shop in maintenance mode, meaning it’s unavailable for Russian users. As of now, Russian gamers are locked out of purchasing new games through the service. 

Nvidia: A spokesman for the chipmaker said Nvidia “isn’t selling into Russia” but declined to comment further. The halt reportedly covers all Nvidia products. 

Paramount: Like the other movie studios on this list, Paramount will halt theatrical releases in Russia. This includes the upcoming Lost City, as well as a sequel to Sonic the Hedgehog. 

PayPal: The online international payments company halted services in Russia over the weekend, with CEO Dan Schulman saying the company “supports the Ukrainian people and stands with the international community in condemning Russia’s violent military aggression in Ukraine.”

Rockstar Games: Take-Two Interactive will cease selling and allowing installations of video games under its Rockstar Games umbrella in Russia and Belarus, a March 7 report said, just ahead of the release of Grand Theft Auto V on PS5 and Xbox Series X/S.

Samsung: Samsung suspended shipments to Russia as of March 4. “Due to the current geopolitical developments, shipments to Russia have been suspended,” a Samsung spokesperson said. “We continue to actively monitor this complex situation to determine our next steps.”

Snapchat: The ephemeral-message app has halted all ad sales to Russian and Belarusian entities, though its app remains live throughout the region as a communication tool.

Sony: The company’s movie studio has stopped upcoming theatrical releases in Russia. Following increasing pressure for the company to cease sales of its PS5 gaming system in the country, Sony Interactive Entertainment on March 9 announced it’s suspended all hardware and software shipments, as well as the launch of Gran Turismo 7 and PlayStation Store operations in Russia. Sony Music has also suspended operations in Russia. 

TikTok: Short-form video app TikTok is suspending livestreaming and new content to its video service in Russia. The company said on March 6 that the decision was based on the newly passed “fake news” law in Russia, saying it needed to review the safety implications of the new legislation, which punishes those who spread “false information” about Russia’s invasion of Ukraine with sentences of up to 15 years in prison.

Twitch: The game-streaming platform told Russian users it will cease making payments to them due to sanctions blocking all possible transaction methods.

Ubisoft: The game maker said it has suspended sales in Russia. In a blog post, Ubisoft also said it has taken steps to help employees based in Ukraine, including setting up alternative housing in neighboring countries and setting up an emergency hotline to provide support and aid. 

Universal: The movie studio will also suspend releases in Russia, though it has yet to announce the specific films that will be withheld. 

Warner Bros.: The movie studio won’t release The Batman in Russia as scheduled and will instead pause operations in the country.

Posted on

Portman Ridge Finance Corporation Announces Full Year 2021

Portman Ridge Finance Corporation Announces Full Year 2021

NEW YORK, March 10, 2022 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the full year ended December 31, 2021.

The Company also declared a quarterly stockholder distribution of $0.63 per share for the first quarter of 2022, payable on March 30, 2022 to stockholders of record at the close of business on March 21, 2022. This is an increase of $0.01 per share from $0.62 per share distributed in the fourth quarter of 2021 and $0.60 per share distributed in preceding quarters.

Full Year 2021 Highlights1

  • Net asset value (“NAV”) for full year 2021 increased to $280.1 million ($28.88 per share) from $216.3 million ($28.77 per share) year-over-year, reflecting broad-based improvements in the debt portfolio investments and joint ventures.
  • Total investment income for full year 2021 increased to $80.1 million, of which $63.8 million was attributable to interest income from the debt securities portfolio. This compares to total investment income of $42.8 million in 2020, of which $31.4 million was attributable to interest income from the debt securities portfolio.
  • Excluding the impact of purchase price accounting, core investment income2 for the full year 2021 was $63.4 million, an increase of $24.3 million as compared to core investment income of $39.1 million in 2020
  • Net investment income (“NII”) for full year 2021 increased to $42.0 million ($4.92 per share) as compared to $17.0 million ($3.40 per share) a year ago.
  • Core NII3 for full year 2021 increased to $25.4 million ($2.97 per share) as compared to $13.3 million ($2.67 per share)1 a year ago.
  • Total investments at fair value (excluding derivatives) at December 31, 2021 was $550.0 million; when excluding CLO funds and Joint Ventures, these investments are spread across 30 different industries and 113 different entities, with an average par balance per investment of approximately $3.3 million. This compares to $487.7 million as of December 31, 2020, comprised of investments in 121 entities.
  • As of December 31, 2021, par value of outstanding borrowings was $352.4 million with an asset coverage ratio of total assets to total borrowings of 178{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. On a net basis, leverage as of December 31, 2021 was 1.01x.4
  • During the year, the Company redeemed in full the aggregate $77.4 million in principal outstanding of the 6.125{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Notes due 2022 on May 30, 2021; the aggregate principal amount outstanding of $28.75 million of HCAP’s 6.125{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Notes due 2022 were redeemed in full on July 23, 2021.
  • In the fourth quarter of 2021, the Company’s previously announced purchase of $18.1 million of portfolio of CLO assets in exchange for $1.4 million in cash and 556,852 shares of common stock issued at NAV closed in the fourth quarter of 2021.
  • During the year, the Company repurchased 75,377 shares, under its $10 million Stock Repurchase Program in open market transactions at an aggregate cost of approximately $1.8 million.
  • A 1-for-10 reverse stock split of the Company’s common stock was completed effective August 26, 2021.

Management Commentary

Ted Goldthorpe, Chief Executive Officer of Portman Ridge, stated, “We are pleased with our year end results and believe we are well-positioned as we look ahead to the new year. The year-over-year increase in net assets per share is a reflection of the strength of our portfolio. Our solid performance has allowed us to increase our quarterly distribution for a second quarter in a row to $0.63 per share. Overall, we have had a successful year and our goal is to continue to improve our portfolio performance, lower our cost of capital, and reduce expenses relative to our asset base. Furthermore, the expected speed and extent in the rise of interest rates should improve our gross investment income in the coming quarters, as the majority of our portfolio has a floating rate. We also expect future portfolio investments to predominately be floating rate investments.”

Select Financial Highlights

    For the Year Ended December 31,   For the Year Ended December 31,
($ in thousands)     2021       2020  
Total investment income     80,086       42,764  
Net Expenses     38,082       25,764  
Net Investment Income     42,004       17,000  
           
Net realized and unrealized (loss) gain on investments     (12,701 )     14,418  
Tax (provision) benefit on realized and unrealized (gains) losses on investments     (1,442 )     —  
Realized (losses) gains on extinguishments of Debt     (1,835 )     155  
Net Increase (Decrease) In Net Assets Resulting From Operations   $ 26,026     $ 31,573  
Net Increase (Decrease) In Stockholders’ Equity Resulting from Operations per Common Share—Basic and Diluted(1)   $ 3.05     $ 6.32  
Net Investment Income Per Common Share—Basic and Diluted(1)   $ 4.92     $ 3.40  
Weighted Average Shares of Common Stock Outstanding—Basic and Diluted(1)     8,536,079       4,998,759  
Distribution per share(1)   $ 0.63     $ 0.60  
           

(1)   The Company completed a Reverse Stock Split of 10 to 1 effective August 26, 2021. As a result, common shares and net asset value per common share information has been adjusted retroactively to reflect the split for periods prior to August 26, 2021.

       
    For the Year Ended
December 31, 2021		  
($ in thousands)    
Interest from investments in debt excluding accretion   $ 42,787    
Purchase discount accounting     16,644    
PIK Investment Income     4,345    
CLO Income     4,754    
JV Income     9,178    
Service Fees     2,378    
Total Investment Income     80,086    
Less: Purchase discount accounting     (16,644 )  
Core Investment Income     63,442    

Investment income for the years ended December 31, 2021 increased to $80.1 million, as compared to $42.8 million in 2020.

Interest income from investments in debt securities for the year ended December 31, 2021 increased to $63.8 million as compared to $31.4 million in the prior year. The increase in interest income was primarily driven by additions to the Debt Securities Portfolio through merger transactions, as well as an increase in the contractual interest rates on loans.

At December 31, 2021 and December 31, 2020, the weighted average contractual interest rate on our interest earning debt securities was approximately 8.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 7.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, respectively.

Investment Portfolio Activity

The composition of our investment portfolio at December 31, 2021 and December 31, 2020 at cost and fair value was as follows:

($ in thousands)   December 31, 2021   December 31, 2020
Security Type   Cost/Amortized
Cost		   Fair Value   {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}(¹)   Cost/Amortized
Cost		   Fair Value   {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}(¹)
Senior Secured Loan   $361,556   $364,701     66     $304,539   $328,846     68  
Junior Secured Loan     82,996     70,549     13       87,977     75,807     16  
Senior Unsecured Bond     416     43     0       416     208     0  
CLO Fund Securities     51,561     31,632     6       45,728     19,583     4  
Equity Securities     26,680     22,586     4       24,594     13,945     3  
Asset Manager Affiliates(2)   17,791     —     —       17,791     —     —  
Joint Ventures     64,365     60,474     11       54,932     49,349     10  
Derivatives     31     (2,412 )   —       31     (1,109 )   —  
Total   $605,396   $547,573     100 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}   $536,008   $486,629     100 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

¹        Represents percentage of total portfolio at fair value.
²        Represents the equity investment in the Asset Manager Affiliates.

As of December 31, 2021, seven of the Company’s debt investments were on non-accrual status. As of September 30, 2021, six of the Company’s investments were on non-accrual status. Investments on non-accrual status were 0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 2.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the Company’s investment portfolio at fair value and amortized cost as of December 31, 2021, respectively, compared to 0.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} as of September 30, 2021.

Liquidity and Capital Resources

As of December 31, 2021, we had $352.4 million (par value) of borrowings outstanding ($347.2 million net of capitalized costs) with a weighted average interest rate of 3.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. This balance was comprised of $79.8 million of outstanding borrowings under the Senior Secured Revolving Credit Facility, $162.5 million of 2018-2 Secured Notes due 2029, and $104.9 million of 4.875{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Notes due 2026.

As of December 31, 2021, the Company had unrestricted cash of $28.9 million, restricted cash of $39.4 million, $34.4 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 December 31, 2021 were $648.3 million and $280.1 million, respectively. Aggregate unfunded commitments stood at $47.9 million as of December 31, 2021.

As of December 31, 2021 and December 31, 2020 the fair value of investments and cash were as follows:

Security Type   December 31, 2021   December 31, 2020
Cash and cash equivalents   $ 28,919     $ 6,990  
Restricted Cash     39,421       75,913  
Senior Secured Loan     364,701       328,846  
Junior Secured Loan     70,549       75,807  
Senior Unsecured Bond     43       208  
CLO Fund Securities     31,632       19,583  
Equity Securities     22,586       13,945  
Joint Ventures     60,474       49,349  
Derivatives     (2,412 )     (1,109 )
Total   $ 615,914     $ 569,532  

Interest Rate Volatility

The Company’s investment income is affected by fluctuations in various interest rates, including LIBOR and prime rates.

As of December 31, 2021, approximately 84{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the Company’s Debt Securities Portfolio were either floating rate with a spread to an interest rate index such as LIBOR or the prime rate. 75{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of these floating rate loans contain LIBOR floors ranging between 0.50{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 2.00{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

As of December 31, 2021, Portman Ridge had approximately $352.4 million (par value) of borrowings outstanding, of which approximately 31{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} had a fixed rate and 69{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} had a floating rate. Portman Ridge expects future portfolio investments to predominately be floating rate investments.

In periods of rising or lowering interest rates, the cost of the portion of debt associated with the 4.875{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Notes Due 2026 would remain the same5, given that this debt is at a fixed rate, while the interest rate on borrowings under the Revolving Credit Facility would fluctuate with changes in interest rates.

Generally, an increase in the base rate index for floating rate investment assets would increase gross investment income and a decrease in the base rate index for such assets would decrease gross investment income (in either case, such increase/decrease may be limited by interest rate floors/minimums for certain investment assets).

    Impact on net investment income from
a change in interest rates at:		  
    ($ in thousands)  
    1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}       2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}       3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}    
Increase in interest rate     $ (1,153 )       $ 217         $ 1,671    
Decrease in interest rate     $ 256         $ 256         $ 256    

Conference Call and Webcast

We will hold a conference call on Friday March 11, 2022 at 9:00 am Eastern Time to discuss our fourth quarter and full year 2021 financial results. To access the call, stockholders, prospective stockholders and analysts should dial (866) 757-5630 approximately 10 minutes prior to the start of the conference call and use the conference ID 1949597.

A replay of this conference call will be available from approximately 12:00 p.m. Eastern Time on March 11 through March 18. The dial in number for the replay is (855) 859-2056 and the conference ID is 1949597.

A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis on the 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 Fourth Quarter and Full Year 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.

Cautionary Statement Regarding Forward-Looking Statements

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 . merger transaction effectuated by  the Company; (3) the ability of the Company and/or its adviser 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; and (14) other changes in the conditions of the industries in which we invest and other factors enumerated in our filings with the SEC. 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.

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

Lena Cati
The Equity Group Inc.
lcati@equityny.com
(212) 836-9611

Serena Liegey
The Equity Group Inc.
sliegey@equityny.com
(212) 836-9630

PORTMAN RIDGE FINANCE CORPORATION
CONSOLIDATED BALANCE SHEETS

    December 31,
2021		     December 31,
2020		  
($ in thousands, except share and per share amounts)            
ASSETS            
Investments at fair value:            
Non-controlled/non-affiliated investments (amortized cost: 2021 – $479,153; 2020 – $445,901)   $ 452,482     $ 427,277  
Non-controlled affiliated investments (amortized cost: 2021 – $74,082; 2020 – $40,726)     74,142       40,503  
Controlled affiliated investments (cost: 2021 – $52,130; 2020 – $49,350)     23,361       19,957  
Total Investments at Fair Value, excluding derivatives (cost: 2021 – $605,365; 2020 – $535,978)     549,985       487,737  
Cash and cash equivalents     28,919       6,990  
Restricted cash     39,421       75,913  
Interest receivable     5,514       2,973  
Receivable for unsettled trades     20,193       25,108  
Due from affiliates     507       357  
Other assets     3,762       1,100  
Total Assets   $ 648,301     $ 600,178  
LIABILITIES            
2018-2 Secured Notes (net of discount of: 2021 – $1,403; 2020 – $2,445)   $ 162,460     $ 249,418  
4.875{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Notes Due 2026 (net of discount of: 2021 – $2,157; net of deferred financing costs of: 2021 – $951)     104,892       —  
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of: 2021 – $732; 2020 – $1,098)     79,839       48,223  
6.125{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Notes Due 2022 (net of deferred financing costs of: 2020 – $1,058)     —       75,668  
Derivative liabilities (cost: 2021 – $31; 2020 – $31)     2,412       1,109  
Payable for unsettled trades     5,397       —  
Accounts payable, accrued expenses and other liabilities     4,819       1,789  
Accrued interest payable     2,020       1,089  
Due to affiliates     1,799       1,375  
Management and incentive fees payable     4,541       5,244  
Total Liabilities     368,179       383,915  
COMMITMENTS AND CONTINGENCIES            
NET ASSETS            
Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 9,867,998 issued, and 9,699,695 outstanding at December 31, 2021, and 7,609,349 issued, and 7,516,423 outstanding at December 31, 2020     97       75  
Capital in excess of par value     733,095       639,136  
Total distributable (loss) earnings     (453,069 )     (422,947 )
Total Net Assets     280,122       216,264  
Total Liabilities and Stockholders’ Equity   $ 648,301     $ 600,178  
NET ASSET VALUE PER COMMON SHARE (1)   $ 28.88     $ 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

    For the Year Ended December 31,
($ in thousands, except share and per share amounts)      2021       2020       2019  
Investment income:            
Income from non-controlled/non-affiliated investments   $                3,591     $ 27,553     $ 12,205  
Income from non-controlled affiliated investments     8,947       10,065       10,324  
Income from controlled affiliated investments     5,170       4,263       3,750  
Interest from cash and time deposits     —       15       79  
Fees and other income     2,378       868       137  
Total investment income     80,086       42,764       26,495  
Expenses:            
Management fees     7,916       4,579       3,129  
Performance-based incentive fees     7,075       4,858       —  
Interest and amortization of debt issuance costs     13,644       10,284       8,261  
Compensation     —       —       3,689  
Professional fees     3,660       2,836       3,467  
Administrative services expense     3,219       1,941       1,244  
Other general and administrative expenses     2,568       1,823       2,201  
Lease termination costs     —       —       1,431  
Total expenses     38,082       26,321       23,421  
Management and performance-based incentive fees waived     —       (557 )     —  
Net Expenses     38,082       25,764       23,421  
Net Investment Income     42,004       17,000       3,074  
Realized And Unrealized Gains (Losses) On Investments:            
Net realized gains (losses) from investment transactions            
Non-controlled/non-affiliated investments     (4,397 )     7,120       (10,972 )
Non-Controlled affiliated investments     139       485       (12 )
Controlled affiliated investments     —       —       (4,635 )
Net realized gain (loss) on investments     (4,258 )     7,605       (15,619 )
Net change in unrealized appreciation (depreciation) on:            
Non-controlled/non-affiliated investments     (8,047 )     21,366       9,756  
Non-Controlled affiliated investments     282       (11,723 )     (6,208 )
Controlled affiliated investments     625       (1,755 )     (2,363 )
Derivatives     (1,303 )     (1,075 )     (64 )
Net unrealized gain (loss) on investments     (8,443 )     6,813       1,121  
Tax (provision) benefit on realized and unrealized (gains) losses on investments     (1,442 )     —       —  
Net realized and unrealized appreciation (depreciation) on investments, net of taxes     (14,143 )     14,418       (14,498 )
Realized gains (losses) on extinguishments of Debt     (1,835 )     155       (1,076 )
Net Increase (Decrease) In Net Assets Resulting From Operations   $ 26,026     $ 31,573     $ (12,500 )
Net Increase (Decrease) In Stockholders’ Equity Resulting from Operations per Common Share (1):            
Basic:   $                   3.05     $ 6.32     $ (3.32 )
Diluted:   $ 3.05     $ 6.32     $ (3.32 )
Net Investment Income Per Common Share (1):            
Basic:   $ 4.92     $ 3.40     $ 0.82  
Diluted:   $ 4.92     $ 3.40     $ 0.82  
Weighted Average Shares of Common Stock Outstanding—Basic and Diluted (1)     8,536,079       4,998,759       3,764,165  

(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.

_______________________________________

1 The Company completed a Reverse Stock Split of 10 to 1 effective August 26, 2021. As a result, the share and per share amounts have been adjusted retroactively to reflect the split for all periods prior to August 26, 2021.
2 Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase price discount accounting in connection with the Garrison Capital Inc. (“GARS”) and Harvest Capital Credit Corporation (“HCAP”) mergers. Portman Ridge believes presenting core investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial performance.
3 Core NII, or core net investment income, represents reported net investment income in accordance with U.S. GAAP, less the impact of purchase price discount accounting in connection with the GARS and HCAP mergers.  Portman Ridge believes presenting Core NII and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, Core NII is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income and other earnings measures presented in accordance with U.S. GAAP.  Instead, Core NII should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial performance.
4 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. Portman Ridge believes presenting a net leverage ratio is useful and appropriate supplemental disclosure because it reflects the Company’s financial condition net of $68.3 million of cash and cash equivalents. However, the net leverage ratio is a non-U.S. GAAP measure and should not be considered as a replacement for the regulatory asset coverage ratio and other similar information presented in accordance with U.S. GAAP. Instead, the net leverage ratio should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial condition.
5 See comment above about describing the terms and amount of the 4.875{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Notes issuance.