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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.

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Vaccines and Omicron mean Covid now less deadly than flu in England

Vaccines and Omicron mean Covid now less deadly than flu in England

A blend of high concentrations of immunity and the reduced severity of the Omicron variant has rendered Covid-19 much less deadly than influenza for the wide greater part of people today in England, according to a Fiscal Occasions evaluation of formal facts.

But the speed with which Omicron infects people today still pushed the whole range of deaths this wintertime whose fundamental result in was a principal respiratory condition to 9,641 due to the fact the first week of January, 50 for every cent bigger than in a normal flu year even with reduced stages of social mixing, the Business for National Figures figures disclosed.

The significant degree of immune protection from vaccination and former an infection among the England’s population formed the basis of the government’s conclusions to stop lawfully enforced self-isolation very last month and scale back again no cost tests from April 1 as aspect of its “living with Covid” strategy.

Even so, industry experts stated a latest raise in hospital admissions — maybe pushed by reduced behavioural caution soon after the dropping of limits or protection from the booster waning for older age teams — highlighted the chance of the government’s strategy.

“Is Omicron the similar as flu? No. But the vaccines have created the dangers to the person really related,” explained Dr Raghib Ali, senior scientific study affiliate in epidemiology at Cambridge college, who included that this manufactured a “large spike” in clinic admissions or fatalities “unlikely” though Omicron remained the dominant pressure.

Chart showing that in England, Covid has grown gradually less lethal over the pandemic, mainly due to immunity, and is now slightly less lethal than flu on average

The proportion of people today infected with Covid-19 in England who go on to die has dipped beneath that of seasonal flu, which has an infection fatality rate of .04 per cent, for the to start with time for the duration of the pandemic, in accordance to the FT calculations.

The infection fatality amount from Covid-19 fell additional than 10-fold from a very little far more than 1 per cent in January 2021 to .1 for each cent in July as the UK’s vaccination campaign was rolled out, and the emergence of Omicron introduced about a more three-fold reduction.

For each 100,000 Omicron infections, 35 will consequence in demise, although the equal amount of flu infections will lead to 40 fatalities, the facts confirmed. Even among the in excess of-80s, where about one particular-in-200 Omicron bacterial infections nonetheless final results in death, this figure is now reduced than the equal for flu.

Animated chart showing that when we were first exposed to Covid, it was almost 20 times as lethal as flu for the most vulnerable, but since then immunity, improved treatments and a less virulent variant have reduced its severity, meaning it is now slightly less deadly than flu even for older people in England

Peter Openshaw, professor of experimental medication at Imperial Faculty London, reported the government’s tactic of managing Covid-19 similarly to flu by relying on public overall health messaging and focused screening, as an alternative of even bigger interventions, was “risky” but so much “had long gone according to plan”.

“If our immunity stays significant, the an infection fatality charge will keep very low,” said Openshaw. But he included that, if waning immunity or a new variant result in challenges, “we now have delays constructed into the system”. He included: “Winding screening down means it will get time to wind it back again up.”

Downing Road said on Wednesday: “We still carry on to see the usefulness of vaccinations, and Omicron seems to be a lot more gentle for most people.”

Right after slipping for the earlier two months because the peak of the Omicron wave, Covid-19-relevant clinic admissions are on the rise again across the British isles. There ended up 8,153 admissions recorded in England in the 7 days to March 7, up 21 for every cent from the week prior to.

Chart showing that the number of new Covid cases in English hospitals is rising again among all age groups

Nonetheless, much more than two-fifths of Covid-19 people in England’s hospitals are being dealt with largely for something else, possessing by the way analyzed beneficial on admission.

Unvaccinated individuals accounted for 15 for every cent of adult admissions throughout England involving late January and late February, in accordance to United kingdom Overall health Protection Company info, in spite of producing up just 9 for every cent of the adult populace at the commence of the period of time.

Christina Pagel, professor of operational research at College University London and a member of the Unbiased Sage group of scientific professionals, stated Omicron’s swift transmissibility meant “the danger of Covid could however not be equated to flu”. This was primarily the circumstance mainly because the BA. 2 sub-variant, which is about 30 for every cent extra infectious than the first Omicron, was dominant in the United kingdom, included Pagel.

Pagel attributed the current rise in hospital admissions to a blend of waning safety from the vaccines, the distribute of BA. 2 and the end of most Covid-19 actions supplying the virus additional likelihood to infect men and women and result in significant illness. “I would be seriously amazed if we have a substantial new wave. I would not be astonished if we finish up getting what we had with Delta where by we get stuck at a superior plateau for months and months on end,” she predicted.

Chart showing that although Covid is much less lethal than a year ago, it still elevated winter respiratory deaths by around 50 per cent compared to a typical flu season

In spite of vaccination blunting Omicron’s lethality, its rapid-spreading mother nature meant the total quantity of deaths whose fundamental bring about was possibly Covid-19, flu or pneumonia has continue to been 50 per cent higher because Omicron took hold in early December than about the very same period throughout a standard flu season. The whole respiratory disease fatalities were being also 30 for each cent bigger than even all through historically bad flu seasons, such as 2014-15 and 2017-18.

This represents a steep reduction compared to the previous winter’s Alpha variant wave, when there had been about 7 moments as many fatalities triggered by any of the 3 respiratory infections, but however demonstrates that coronavirus is even now including to the winter ailment stress.

On the other hand, Cambridge university’s Ali explained that now that the possibility of Covid-19 and flu were being “in the very same ballpark” it was “reasonable” for the government to “strike the right balance between preserving people’s freedoms and preserving all those who are most vulnerable”.

Professor Julian Hiscox, chair of an infection and world wide wellbeing at Liverpool university, cautioned from “complacency” around the minimized risk from Covid, incorporating that the present of an more spring booster really should be widened from just more than-75s and immunosuppressed individuals to all more than-50s.

“We want to avoid dithering with the excess booster now and then having caught on the again foot,” explained Hiscox, who warned that “all of this could be tutorial if a new variant will come along”.

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The centralization and digitization of financial management

The centralization and digitization of financial management

Paying a great number of several hours on Excel sheets, whilst normally considered as a staple component of economical management, normally takes time, energy and means away from other critical tasks and worthwhile human contact points throughout prolonged-phrase and article-acute care. As these types of, numerous senior living and everyday living prepare communities are adopting integrated money management solutions to assist their workers members aim on what matters most — their citizens and total company growth — as opposed to guide managerial responsibilities. In addition to reducing demands on currently overstretched employees, applying a one option to fulfill all fiscal wants permits suppliers to be more assured and secure with their finances, streamline checkpoints and logins, simplify workforce management and aim far more on resident demands.

Whether or not yours is a one facility or a far more intricate organization with many accounts or divisions, automatic monetary options offer a in depth way to manage general ledger, accounts payable, payroll, fiscal reporting and inventory management, as well as lots of other tasks that can maximize earnings and streamline intercompany transactions. Integrated monetary management alternatives include several of these capabilities as modules that can be layered on prime of the core application as important or more than time as a company grows. Acquiring the solution to consolidate all of these obligations into one digital resolution can conserve time, money and friction from logging in and out of several systems even though allowing staff members and assets to be redistributed towards far more value-include pursuits.

This built-in composition is key for corporations these types of as United Methodist Retirement Homes, a North Carolina-based mostly service provider of retirement dwelling and continuing treatment services for additional than 1,000 residents. The company typically pivots from taking care of info these kinds of as fees, credit and money standing in its electronic normal ledger, to taking care of fixed assets, to operating payroll — all in the very same process. For property, the company has crafted distinct modules for each of its services, made up of upwards of 8,000 assets alongside with pictures for easier identification. United Methodist also reduce down the sum of time invested on functioning payroll for its 600 workers across numerous services and organizations to just a number of hours. Payroll applications developed to accommodate several departments, spend charges and shifts can be configured to a variety of staffing environments, eradicating the want for outside payroll companies and streamlining what utilised to consider times.

In standard, in depth economic management answers allow for senior residing and lifestyle system neighborhood organizations to easily navigate and arrange what could appear to be like limitless documentation, doing away with the bulkiness of excessive spreadsheets and journal entries. Applying digital equipment created for the exclusive requires of lengthy-time period care amenities usually means that companies are ready to manage the greatest stage of compliance with organizational, federal, point out and/or local mandates and have audit-appropriate documentation at the prepared. Those applications also supply insights into ongoing fiscal wellness of an corporation, with experiences that emphasize vital metrics impacting income and cash flow, these as accounts receivable remarkable and resident transfer-ins and go-outs.

The extensive volume of money facts gathered, used and organized in very long-term treatment extends throughout quite a few departments, countless hrs and extensive Excel sheets, building automation all the extra significant, specifically in today’s atmosphere in which methods are limited. Utilizing built-in financial administration options created for very long-expression treatment permits workers associates to reallocate their time to resident-directed contact details, advancing the promise of productive, high-quality care.

Ingrid Svensson is main item officer for MatrixCare. She brings much more than 25 years of expertise to the part. She joined MatrixCare in 2021 soon after performing with the two innovation-extreme commence-ups and mature international organizations such as Wolters Kluwer, Infor and Optum. She has focused generally on health care and led product or service management teams in equally the United States and the United Kingdom that designed and released choices for payer and provider marketplaces combining content material with technological innovation for point-of-treatment efficiencies. She retains a Learn of Small business Administration degree in international advertising from Marquette University and degrees in small business administration and labor relations from the University of Wisconsin.

The views expressed in each McKnight’s Senior Dwelling marketplace column are individuals of the writer and are not automatically all those of McKnight’s Senior Living.

Have a column strategy? See our submission guidelines here.

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Horizon Technology Finance Corporation Announces Offering of Common Stock

Horizon Technology Finance Corporation Announces Offering of Common Stock

FARMINGTON, Conn., March 9, 2022 /PRNewswire/ — Horizon Technological know-how Finance Corporation (Nasdaq: HRZN) (the “Enterprise” or “Horizon”) declared right now a proposed underwritten most important providing of 2,500,000 shares of its common inventory. In connection with the proposed featuring, the Business intends to grant the underwriters for the featuring a 30-day alternative to order up to an further 375,000 shares of the Company’s prevalent stock.

The joint-guide e-book-managing supervisors for the presenting are Morgan Stanley & Co. LLC and UBS Securities LLC, and the joint book-managing supervisor is Oppenheimer & Co. LLC.

The Corporation intends to use the web proceeds of this giving to repay its excellent debt borrowed below its revolving credit score facility delivered by KeyBank National Affiliation (the “Essential Facility”). Even so, via re-borrowing of the preliminary repayments less than its Crucial Facility, the Business intends to use the internet proceeds from this featuring to make investments in accordance with its investment decision aim and strategies explained in the prospectus nutritional supplement and the accompanying prospectus, to spend the Firm’s working expenditures and other dollars obligations, and for normal corporate reasons.

Traders are suggested to meticulously look at the financial investment goal, hazards, fees and expenses of the Business in advance of investing. The preliminary prospectus dietary supplement dated March 9, 2022 and the accompanying base prospectus dated July 21, 2021 contains this and other data about the Organization and ought to be read through diligently ahead of investing. The information in the preliminary prospectus dietary supplement, the accompanying prospectus and this push release is not complete and might be improved.

The offering may perhaps be made only by implies of a preliminary prospectus health supplement and an accompanying prospectus, copies of which may well be acquired from (1) Morgan Stanley Co. LLC, Attn: Prospectus Division, 180 Varick Street, 2nd Floor, New York, NY 10014, or (2) UBS Securities LLC, Attention: Prospectus Office, 1285 Avenue of the Americas, New York, New York 10019, Phone: 888-827-7275, or by email at ol-prospectusrequest@ubs.com.

This press release does not represent an offer to provide or the solicitation of an offer you to buy the securities in this featuring or any other securities nor will there be any sale of these securities or any other securities referred to in this push release in any condition or jurisdiction in which these kinds of give, solicitation or sale would be unlawful prior to the registration or qualification under the securities legislation of this sort of point out or jurisdiction.

About Horizon Technology Finance

Horizon Technological know-how Finance Company (NASDAQ: HRZN) is a leading specialty finance organization that offers cash in the type of secured loans to undertaking capital backed corporations in the technological know-how, life science, healthcare information and expert services, and sustainability industries. The investment objective of Horizon is to optimize its expenditure portfolio’s return by making recent cash flow from the credit card debt investments it would make and cash appreciation from the warrants it receives when producing these types of personal debt investments. Headquartered in Farmington, Connecticut, Horizon also has regional places of work in Pleasanton, California, and expense pros located in Portland, Maine, Austin, Texas and Reston, Virginia.

Forward-Hunting Statements

Statements provided herein may constitute “forward-hunting statements” inside of the meaning of the Non-public Securities Litigation Reform Act of 1995. Statements other than statements of historic info provided in this press release may constitute ahead-searching statements and are not guarantees of long term overall performance, situation or results and involve a selection of pitfalls and uncertainties. Genuine final results may perhaps differ materially from those people in the ahead-searching statements as a consequence of a amount of things, which include people explained from time to time in the Firm’s filings with the Securities and Trade Fee. Horizon undertakes no responsibility to update any forward-seeking assertion made herein. All forward-hunting statements talk only as of the date of this press release.

Cision

Cision

Perspective authentic written content:https://www.prnewswire.com/information-releases/horizon-engineering-finance-corporation-announces-providing-of-frequent-stock-301499540.html

Source Horizon Technological innovation Finance Company

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National Bank Financial Equities Analysts Raise Earnings Estimates for Cargojet Inc. (TSE:CJT)

National Bank Financial Equities Analysts Raise Earnings Estimates for Cargojet Inc. (TSE:CJT)

Cargojet Inc. (TSE:CJT – Get Ranking) – Equities researchers at Nationwide Lender Economic enhanced their FY2022 earnings per share (EPS) estimates for shares of Cargojet in a notice issued to buyers on Monday, March 7th. Countrywide Bank Economical analyst C. Doerksen now forecasts that the company will article earnings of $7.25 for each share for the 12 months, up from their past estimate of $6.81. Nationwide Lender Money also issued estimates for Cargojet’s FY2023 earnings at $8.03 EPS.

A quantity of other investigation companies also a short while ago weighed in on CJT. Royal Lender of Canada raised their focus on rate on shares of Cargojet from C$295.00 to C$311.00 and gave the organization an “outperform” ranking in a exploration report on Tuesday. CIBC reduced their cost objective on shares of Cargojet from C$245.00 to C$217.00 and set an “outperform” ranking for the corporation in a research report on Tuesday. Cormark lessened their cost objective on shares of Cargojet from C$275.00 to C$210.00 and set a “na” ranking for the company in a exploration report on Tuesday. Nationwide Bankshares lessened their cost goal on shares of Cargojet from C$203.00 to C$199.00 and established a “sector execute” ranking for the organization in a study report on Tuesday. Last but not least, Atb Cap Markets reissued an “outperform” score on shares of Cargojet in a study report on Monday. Four equities analysis analysts have rated the inventory with a keep ranking and six have assigned a buy ranking to the company’s stock. According to information from MarketBeat, the stock has a consensus score of “Acquire” and an typical price target of C$222.18.

Cargojet stock opened at C$149.32 on Wednesday. The business has a industry cap of C$2.59 billion and a P/E ratio of 56.58. Cargojet has a 1-yr reduced of C$144.14 and a 1-yr significant of C$214.50. The business has a fifty day straightforward relocating regular of C$175.13 and a 200 working day uncomplicated shifting normal of C$183.57. The corporation has a present-day ratio of 1.83, a fast ratio of 1.53 and a credit card debt-to-fairness ratio of 72.90.

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About Cargojet (Get Rating)

Cargojet Inc supplies time delicate overnight air cargo services in Canada. Its air cargo small business routines contain procedure of domestic overnight air cargo solutions between fourteen towns in North America and provision of committed aircraft to shoppers on an plane, crew, routine maintenance, and insurance policies (ACMI) foundation operating in between points in Canada, North and South America, and Europe.

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International Women’s Day: Toronto company teaches kids about financial management through an app

International Women’s Day: Toronto company teaches kids about financial management through an app

A Toronto-dependent company is utilizing an app to instruct youngsters about earning and running money, though easing the load on mothers who commonly manage the home work.

Mydoh is a electronic app involved with a Sensible Money Card that aids children understand about and observe revenue management, though providing moms and dads transparency and oversight. The application can help families in Canada train their young ones how to be economically intelligent. 

Megha Sharma, Co-founder & Head of Technologies at Mydoh

“We’re actually hoping to instill the perception of confidence about revenue fundamentals for little ones, and it’s a way for family members to have extra significant conversations around money,” suggests Megha Sharma, co-founder & head of technological know-how at Mydoh.

Here’s how it functions

Parents assign jobs for their kids to do, these as cleansing their rooms or serving to out with laundry. The app will then send a notification to the children, alerting them to do the chore. Jobs can also be scheduled weekly so it becomes additional of a regime.

At the time the activity is done, the guardian can mail the little one a payment in no matter what total they think is good. The cash is deposited into the kid’s account on a Saturday to educate small children about the strategy of payday, mentioned Sharma. 

Supply: Mydoh

The funds is then loaded on to a prepaid, reloadable Visa card by the application and the young children are able to commit it as they make sure you. Dad and mom are in a position to supervise all actions to be certain protection and to keep track of the kid’s earnings and spending.

Alleviating pressures

The Mydoh application is encouraging reduce the pressure several mothers have seasoned during the pandemic.

In accordance to a 2021 review by the Canadian Women’s Foundation, 46 for each cent of mothers explained they were reaching their breaking point owing to the day-to-day stress of producing the choices on how to care for their small children and families. 

The study also disclosed that 28 for every cent of moms mentioned they ended up struggling to hold up with work calls for. 

“So many females, notably doing the job moms, have experienced to acquire on way far more domestic responsibilities and have picked out to change to component time work or even remove them selves from the workforce wholly. Girls are seeking to have this satisfying job but they are however anticipated to deal with the residence,” Sharma said. 

Mydoh is in a position to aid alleviate some of the house pressures that numerous mothers are dealing with, and enable them instruct their kids about chores as effectively as educating them on cash management. The application also opens discussions about negotiations, allowing for youngsters to negotiate their payment with their dad and mom if they consider the chore is really worth extra than was available. 

“These are techniques that you provide into the workforce with you as you get more mature. And so it is actually about instilling that perception and attaining self esteem all over funds administration.”

Locating stability

It can be exceptionally complicated for females to acquire leadership roles in the place of work. In fact, women of all ages are 30 per cent a lot less most likely than men to get promoted out of an entry degree placement, and 60 for every cent a lot less most likely to move from center management to govt roles.

“I’ve spoken to a whole lot of my female mentors, and generally when I question them about their vocation journeys, there is usually a point at which they say, ‘and then I had kids and I had to take a move back again and choose care of them,’” Sharma additional.

She mentioned that especially in STEM fields, the place you have to dedicate a ton of time to complex teaching to preserve up with the altering marketplace, obtaining a stability among house and do the job life can be tricky and discouraging for lots of females. 

Planning the correct sources and resources so operating moms specially can deal with their life in a way that truly performs for them is very important.

“For doing the job moms, specially, it indicates developing approaches for the household to be a lot more equitable so the mom’s vocation does not normally have to just take a backseat,” she mentioned.