Steven L. Martin's questions to Portman Ridge Finance Corp (PTMN) leadership • Q2 2025
Question
Steven L. Martin questioned what the most significant changes to the pro forma combined portfolio would be after the Logan Ridge merger, whether the number of unique portfolio companies would materially change, and if there were any updates on the remaining equity positions from the Logan Ridge portfolio.
Answer
CIO Patrick Schafer explained that the portfolios are quite similar, so changes won't be dramatic, but from Portman's perspective, the mix of pure debt will likely increase slightly while CLO equity and joint venture percentages will decrease. He noted the number of unique borrowers would increase by about 10-15 names. CFO Brandon Satoren added that while yields are similar, the combined entity will benefit from material operating expense efficiencies.