Corporation Archives - Page 2 of 6

May 11, 2022

Portman Ridge Finance Corporation Announces First Quarter

Well Positioned to Further Improve Portfolio Performance and Increase Investment Income in 2022;
Refinances JPMorgan Chase Bank (“JPM”) Credit Facility and Reduces Cost of Capital

Declares Quarterly Distribution of $0.63 Per Share

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

First Quarter 2022 Highlights

Net asset value (“NAV”) for the first quarter of 2022 remained relatively flat at $278.3 million ($28.76 per share¹) as compared to $280.1 million ($28.88 per share) in the fourth quarter of 2021, despite pervasive market volatility and other macro-economic and political factors.
Total investment income the first quarter of 2022 was $16.9 million, of which $13.0 million was attributable to interest income from the debt securities portfolio.
Excluding the impact of purchase price accounting, core investment income² for the first quarter of 2022 was $15.1 million.
Net investment income (“NII”) for the first quarter of 2022 was $7.9 million ($0.82 per share).
Total investments at fair value as of March 31, 2022 was $568.0 million; when excluding CLO Funds, Joint Ventures and short-term investments, these investments are spread across 30 different industries and 116 entities with an average par balance per entity of approximately $3.3 million.
As of March 31, 2022, six of the Company’s debt investments were on non-accrual status compared to seven as of December 31, 2021.
As of March 31, 2022, par value of outstanding borrowings was $352.4 million with an asset coverage ratio of total assets to total borrowings of 180{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. On a net basis, leverage as of March 31, 2022 was 0.97x.³
During the quarter, the Company restructured its stock buybacks and repurchased 22,990 of shares under its Renewed Stock Repurchase program at an aggregate cost of approximately $545 thousand.

_____________________________¹ NAV per share as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, was decreased 5 cents per share due to the impact of a one-time quarterly tax provision.
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 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 $83.6 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.

Subsequent Events

Declared a stockholder distribution of $0.63 per share for the second quarter of 2022, payable on June 7, 2022 to stockholders of record at the close of business on May 24, 2022.
On April 29, 2022, the Company refinanced its Revolving Credit Facility with JPMorgan Chase Bank as administrative agent. The amended agreement places three-month SOFR as the benchmark interest rate and reduces the applicable margin to 2.80{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} per annum from 2.85{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} per annum. Other amendments include the extension of the reinvestment period and scheduled termination date to April 29, 2025 and April 29, 2026, respectively.

Management Commentary
Ted Goldthorpe, Chief Executive Officer of Portman Ridge, stated, “Despite operating in an environment with rising interest rates, market volatility, and the war in the Ukraine, we reported a relatively unchanged NAV per share for the first quarter, reduced our non-accruals, and maintained our dividend of $0.63 per share. While many of our peers have seen raised interest rates on their lines of credit and outstanding debt, we have been able to restructure our agreement with JPMorgan Chase and lower the interest rate, shift from LIBOR to SOFR, and extend the maturity date by 2 ½ years. Although investment activity and originations were lower in the first quarter of 2022 as compared to the second half of 2021, a sector-wide trend, subsequent to quarter end we have deployed approximately $35 million of our available cash in new investments and have a pipeline of an additional $20 million to $30 million we expect to deploy before the end of the second quarter. We are also pleased to announce that we have added two new seasoned members to our board. Overall, we believe that we are well-positioned to further improve our portfolio performance and increase investment income in 2022.”

Select Financial Highlights

	For the Three Months Ended March 31,
	2022			2021
Total Investment Income		16,944			18,305
Total Expenses		9,036			10,092
Net Investment Income		7,908			8,213

Net realized gain (loss) on investments		(5,553	)		(5,086	)
Net unrealized gain (loss) on investments		2,143			6,745
Tax (provision) benefit on realized and unrealized gains (losses) on investments		(440	)		–
Net realized and unrealized appreciation (depreciation) on investments, net of taxes		(3,850	)		1,659
Realized gains (losses) on extinguishments of debt		–			(1,835	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,058		$	8,037
Net Increase (Decrease) In Stockholders’ Equity Resulting from Operations per Common Share ⁽⁴⁾:
Basic and Diluted:	$	0.42		$	1.07
Net Investment Income Per Common Share⁽⁴⁾:
Basic and Diluted:	$	0.82		$	1.09
Weighted Average Shares of Common Stock Outstanding—Basic and Diluted ⁽⁴⁾		9,698,099			7,517,453

⁴ 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.


($ in thousands)	For the Three Months Ended March 31, 2022
Interest from investments in debt excluding accretion	$	9,812
Purchase discount accounting		1,812
PIK Investment Income		1,382
CLO Income		1,634
JV Income		2,108
Service Fees		196
Total Investment Income		16,944
Less: Purchase discount accounting		(1,812	)
Core Investment Income		15,132

Total investment income for the three months ended March 31, 2022 and March 31, 2021 was $16.9 million and $18.3 million, respectively. Total expenses for the three months ended March 31, 2022 and March 31, 2021 were $9.0 million and $10.1 million, respectively.

At both March 31, 2022 and December 31, 2021, the weighted average contractual interest rate on our interest earning debt securities portfolio was approximately 8.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Investment Portfolio Activity
The composition of our investment portfolio as of March 31, 2022 and December 31, 2021 at cost and fair value was as follows:


($ in thousands)	March 31, 2022 (unaudited)							December 31, 2021
Security Type	Cost/Amortized Cost		Fair Value		{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}⁽⁵⁾			Cost/Amortized Cost		Fair Value			{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}^(¹)
Senior Secured Loan	$	394,552	$	395,062		69		$	361,556	$	364,701			66
Junior Secured Loan		69,795		60,976		11			82,996		70,549			13
Senior Unsecured Bond		416		43		0			416		43			0
Equity Securities		24,637		22,633		4			26,680		22,586			4
CLO Fund Securities		51,163		29,057		5			51,561		31,632			6
Asset Manager Affiliates⁽⁶⁾		17,791		—		—			17,791		—			—
Joint Ventures		65,305		60,217		11			64,365		60,474			11
Derivatives		31		23		—			31		(2,412	)		—
Total	$	623,690	$	568,011		100	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}	$	605,396	$	547,573			100	{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

⁵Represents percentage of total portfolio at fair value.
⁶Represents the equity investment in the Asset Manager Affiliates.

As of March 31, 2022, six of the Company’s debt investments were on non-accrual status compared to seven investments on a non-accrual status as of December 31, 2021. Investments on non-accrual status as of March 31, 2022 decreased to 0.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 1.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the Company’s investment portfolio at fair value and amortized cost, respectively, compared to 0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 2.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} as of December 31, 2021.

Liquidity and Capital Resources
As of March 31, 2022, we had $352.4 million (par value) of borrowings outstanding with a weighted average interest rate of 3.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, of which $108.0 million par value had a fixed rate and $244.4 million par value had a floating rate. Portman Ridge expects future portfolio investments to predominately be floating rate investments.

As of March 31, 2022, the Company had unrestricted cash of $20.5 million and restricted cash of $63.1 million. This compares to unrestricted cash of $28.9 million and restricted cash of $39.4 million as of December 31, 2021. As of March 31, 2022, we had $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 shareholder’s equity as of March 31, 2022 were $660.9 million and $278.3 million respectively, as compared to $648.3 million and $280.1 million, respectively as of December 31, 2021.

As of March 31, 2022 and December 31, 2021, the fair value of investments and cash were as follows:

($ in thousands)
Security Type	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	20,524	$	28,919
Restricted Cash		63,094		39,421
Senior Secured Loan		395,062		364,701
Junior Secured Loan		60,976		70,549
Senior Unsecured Bond		43		43
Equity Securities		22,633		22,586
CLO Fund Securities		29,057		31,632
Joint Ventures		60,217		60,474
Derivatives		23		(2,412	)
Total	$	651,629	$	615,913

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

As of March 31, 2022, approximately 87{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. 76.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of these floating rate loans contain LIBOR floors ranging between 0.50{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 2.00{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

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 same, 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	$	1,523	$	3,167	$	4,814
Decrease in interest rate	$	746	$	746	$	746

Net investment income assuming a 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} increase in interest rates would increase by approximately $1.5 million on an annualized basis. If the increase in rates was more significant, such as 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} or 3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, the net effect on net investment income would be an increase of approximately $3.2 million and $4.8 million, respectively.

On an annualized basis, a decrease in interest rates of 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} or 3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} would result in an increase in net investment income of approximately $746 thousand. The effect on net investment income from declines in interest rates is impacted by interest rate floors on certain of our floating rate investments, as there is no floor on our floating rate debt facility and the 2018-2 Secured Notes.

Conference Call and Webcast
We will hold a conference call on Wednesday, May 11, 2022 at 9:00 am Eastern Time to discuss our first quarter 2022 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 5981065.

A replay of this conference call will be available from approximately 12:00 p.m. ET on May 11 through May 18. The dial in number for the replay is (855) 859-2056 and the conference ID is 5981065.

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 First Quarter 2022 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 transactions 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’s 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
Chief Financial Officer
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
(in thousands, except share and per share amounts)

	March 31, 2022			December 31, 2021
	(Unaudited)
ASSETS
Investments at fair value:
Non-controlled/non-affiliated investments (amortized cost: 2022 – $490,597; 2021 – $479,153)	$	464,754		$	452,482
Non-controlled affiliated investments (amortized cost: 2022 – $74,951; 2021 – $74,082)		75,129			74,142
Controlled affiliated investments (cost: 2022 – $58,142; 2021 – $52,130)		28,128			23,361
Total Investments at Fair Value (cost: 2022 – $623,690; 2021 – $605,365)		568,011			549,985
Cash and cash equivalents		20,524			28,919
Restricted cash		63,094			39,421
Interest receivable		3,119			5,514
Receivable for unsettled trades		2,153			20,193
Due from affiliates		592			507
Other assets		3,365			3,762
Total Assets	$	660,858		$	648,301
LIABILITIES
2018-2 Secured Notes (net of discount of: 2022 – $1,358; 2021 – $1,403)		162,504			162,460
4.875{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Notes Due 2026 (net of discount of: 2022 – $2,046; 2021 – $2,157; net of deferred financing costs of: 2022 – $977; 2021 – $951)		104,977			104,892
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of: 2022 – $640; 2021 – $732)		79,930			79,839
Derivative liabilities (cost: 2021 – $31)		–			2,412
Payable for unsettled trades		21,622			5,397
Accounts payable, accrued expenses and other liabilities		5,101			4,819
Accrued interest payable		3,325			2,020
Due to affiliates		1,286			1,799
Management and incentive fees payable		3,812			4,541
Total Liabilities		382,557			368,179
COMMITMENTS AND CONTINGENCIES
NET ASSETS
Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 9,867,998 issued, and 9,676,705 outstanding at March 31, 2022, and 9,867,998 issued, and 9,699,695 outstanding at December 31, 2021		97			97
Capital in excess of par value		733,327			733,095
Total distributable (loss) earnings		(455,123	)		(453,070	)
Total Net Assets		278,301			280,122
Total Liabilities and Stockholders’ Equity	$	660,858		$	648,301
NET ASSET VALUE PER COMMON SHARE ⁽⁴⁾	$	28.76		$	28.88

(4) 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
(in thousands, except share and per share amounts)
(Unaudited)

	For the Three Months Ended March 31,
	2022			2021
INVESTMENT INCOME
Interest income:
Non-controlled/non-affiliated investments	$	12,667		$	14,470
Non-controlled affiliated investments		591			233
Total interest income		13,258			14,703
Payment-in-kind income:
Non-controlled/non-affiliated investments		1,126			1,132
Non-controlled affiliated investments		256			–
Total payment-in-kind income		1,382			1,132
Dividend income:
Non-controlled affiliated investments		945			814
Controlled affiliated investments		1,163			1,226
Total dividend income		2,108			2,040
Fees and other income		196			430
Total investment income		16,944			18,305
EXPENSES
Management fees		2,135			1,793
Performance-based incentive fees		1,678			2,094
Interest and amortization of debt issuance costs		3,344			3,380
Professional fees		845			1,494
Administrative services expense		847			613
Other general and administrative expenses		187			718
Total expenses		9,036			10,092
NET INVESTMENT INCOME		7,908			8,213
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) from investment transactions:
Non-controlled/non-affiliated investments		(3,670	)		(5,195	)
Non-controlled affiliated investments		212			109
Derivatives		(2,095	)		–
Net realized gain (loss) on investments		(5,553	)		(5,086	)
Net change in unrealized appreciation (depreciation) on:
Non-controlled/non-affiliated investments		829			6,263
Non-controlled affiliated investments		117			331
Controlled affiliated investments		(1,245	)		625
Derivatives		2,442			(474	)
Net unrealized gain (loss) on investments		2,143			6,745
Tax (provision) benefit on realized and unrealized gains (losses) on investments		(440	)		–
Net realized and unrealized appreciation (depreciation) on investments, net of taxes		(3,850	)		1,659
Realized gains (losses) on extinguishments of debt		–			(1,835	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,058		$	8,037
Net Increase (Decrease) In Stockholders’ Equity Resulting from Operations per Common Share ⁽⁴⁾:
Basic and Diluted:	$	0.42		$	1.07
Net Investment Income Per Common Share⁽⁴⁾:
Basic and Diluted:	$	0.82		$	1.09
Weighted Average Shares of Common Stock Outstanding—Basic and Diluted ⁽¹⁾		9,698,099			7,517,453

March 26, 2022

Congress should support a ‘fix’ to the Development Finance Corporation

Fantastic electricity competition with China and Russia is staying played out in multilateral institutions and — more and more — in developing nations around the world trying to get investments in vitality, infrastructure, and digital connectivity to boost the lives of their citizens. Quite a few of these investment demands will possibly be achieved by China (and in some cases Russia) or “someone else.” The United States and our allies in Europe and Asia have the potential to enable that “someone else.” — but that will involve imagining far more creatively on each individual development finance resource at their disposal.

A person critical instrument is the improvement finance establishments (DFIs). These are little recognised federal government-backed institutions that spend in non-public-sector jobs in developing nations around the world. They have the capacity to mobilize non-public capital into assignments that will generate economical returns and also do excellent. Many DFIs set up by Western donors over the previous two a long time have knowledgeable a dramatic expansion in the volume of economical commitments. CSIS investigation finds that the local climate transform monetary commitments from the primary world-wide DFIs for the 2017-2021 period of time, for instance, have totaled extra than $144 billion. DFIs have also enabled essential developments this sort of as the cellular mobile phone revolution in Africa, microfinance and economical inclusion in South Asia, and the transition to renewable strength in the developing planet.

The United States’ DFI is the U.S. Intercontinental Growth Finance Corporation (DFC). It is approved by the 2018 Far better Utilization of Investment Main to Enhancement (Build) Act, which changed the former Abroad Personal Financial commitment Corporation (OPIC). The DFC is obtaining a positive effects in spots of strategic importance for the United States, such as renewables, engineering and infrastructure and health care. Working additional intently with the private sector and allies like the United Kingdom, Japan, France, and Germany on abroad initiatives, the DFC aims to catalyze a whole of $75 billion and arrive at a lot more than 30 million individuals in developing nations around the world by the finish of 2025.

The DFC was granted is the capacity to make investments in private firms — for instance telecoms and strength firms and financial establishments — which was presented the extravagant term “equity authority.” Most other DFIs around the world have the means to make investments into businesses overseas either immediately, by acquiring a percentage of the business, or indirectly, through funds that make investments in people organizations. In the situation of the DFC, this authority was granted in aspect to much better contend with China and partially to perform far more intently with our allies on these initiatives.

Nonetheless, there is a technical issue with the DFC’s ability to spend instantly in companies by getting an “equity” stake in a organization. When the Establish Act was passed in 2018, U.S. legislators did not depth how fairness investments would be “taken care of” or accounted for in the U.S. federal spending budget. The existing guidelines as a result of which the U.S. government’s Place of work of Management and Funds (OMB) treats or “scores” these kinds of investments is on a on a 1:1 funds foundation. This indicates that each dollar that the U.S. governing administration allocates to a renewable electrical power or telecommunications undertaking, is deemed as grant income.

Like any grant, the funds has to be budgeted upfront as a “loss,” but — compared with a grant — there could be a fiscal return from these investments. That income, even so, would move back again to the U.S. Treasury and not the DFC. For that reason, that cash simply cannot be utilised for future equity investments.

Commonly, at most DFIs, it can take five to 10 a long time in advance of the DFI recoups its dollars or earns any profits from equity investments. So, any fairness investments built by the DFC right now will not be recouped for five or much more years. With this style of scoring, the means that the DFC allocates for fairness investments want to be appropriated just about every 12 months, and any funds the DFC tends to make from these investments has to be returned and re-appropriated, without supplying the DFC any advantage for returning funds to the Treasury.

To tackle this concern, there have been proposals to utilize a distinctive calculus for equity investments. The The united states COMPETES Act, for illustration, has complex language to “fix” DFC’s capacity to make fairness investments by employing a “net current value” basis, subsequent the Federal Credit score Reform Act of 1990. The invoice also would boost the “credit card limit” of whole investments that the DFC can make likely ahead from $60 billion to $100 billion.

Congress ought to support this repair for quite a few motives: 1) it will allow the DFC to be a greater companion with our allies on expense projects 2) t will minimize the direct level of competition of the DFC with other pieces of our tender ability architecture for dollars, and 3) it will permit the DFC to spend more monies in critical electricity, infrastructure, and digital jobs.

Every single undertaking we devote in implies a lot less Chinese or Russian affect in a region. It appears that the Biden administration and quite a few associates of Congress — in both equally houses and on equally sides of the aisle — concur with this resolve. Let us make it occur.

Daniel F. Runde is a senior vice president and William A. Schreyer chair in World-wide Evaluation at CSIS. He previously worked for the U.S. Agency for Worldwide Development, the Planet Bank Group, and in investment banking, with knowledge in Africa, Asia, Europe, Latin America and the Middle East.

March 22, 2022

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

March 14, 2022

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

March 11, 2022

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)	For the Year Ended December 31, 2021
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.

	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.

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.

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.

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. 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.

March 10, 2022

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

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