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PORTMAN RIDGE Portman Ridge Finance Corporation Reports Second Quarter 2021 Earnings Results ; Declares Quarterly Distribution of $ 0.06 Per Share and Announces 1 - for - 10 Reverse Stock Split August 5 , 2021 NEW YORK , Aug. 05 , 2021 ( GLOBE NEWSWIRE ) -- Portman Ridge Finance Corporation ( NASDAQ : PTMN ) ( the " Company " or " Portman Ridge " ) announced today its financial results for the second quarter ended June 30 , 2021 and declared a quarterly stockholder distribution of $ 0.06 per share , payable on August 31 , 2021 to stockholders of record at the close of business on August 17 , 2021. The Company also announced that its Board of Directors has approved a 1 - for - 10 reverse stock split of the Company's then outstanding common stock , which is expected to be completed in the third quarter of 2021 . Second Quarter 2021 Highlights • Net investment income for the quarter was $ 0.15 per share , or $ 11.7 million . • Net asset value ( " NAV " ) per share increased to $ 2.93 from $ 2.92 quarter - to - quarter , reflecting continued favorable market conditions including ongoing tightening of credit spreads offset partially by approximately $ 0.02 per share of one - time HCAP merger transaction costs . • The fair value of the Company's investments excluding derivatives totaled $ 520 million , of which the Company's debt securities portfolio totaled $ 420 million and was comprised of investments in 144 investee companies . • During the second quarter , the Company acquired approximately $ 62 million par value of investment portfolio assets . Also , during the quarter , the Company received approximately $ 70 million in sale and repayment proceeds , which includes a $ 1.5 million increase relative to the carrying value of those assets sold . • Net leverage ( 1 ) was 1.0x as of June 30 , 2021 , down from 1.1x as of March 31 , 2021 , driven primarily by the HCAP merger transaction and timing of certain investments in the pipeline . • The quarterly distribution for the second quarter was $ 0.06 per share and was paid on June 1 , 2021 . • During the quarter , the Company issued $ 108.0 million in aggregate principal amount of unsecured 4.875 % Notes due 2026 ( the " 4.875 % Notes due 2026 " ) in two separate private placement offerings . On April 30 , 2021 , the Company issued $ 80.0 million in the 4.875 % Notes due 2026. Also , on April 30 , 2021 , the Company notified the trustee for the unsecured 6.125 % Notes due 2022 of its election to redeem in full the aggregate amount outstanding of $ 76.7 million . This redemption was completed on May 30 , 2021. On June 24 , 2021 , the Company issued an additional $ 28.0 million in the 4.875 % Notes due 2026 , on identical terms to the 4.875 % Notes due 2026 that were issued on April 30 , 2021. Also , on June 24 , 2021 , the Company notified the trustee for HCAP's 6.125 % Notes due 2022 of its election to redeem in full the aggregate amount outstanding of $ 28.75 million . This redemption was completed , subsequent to quarter - end , on July 23 , 2021 . • During the quarter , several affiliates of the Company's Advisor and an affiliate of LibreMax Intermediate Holdings , LP purchased 1,381,305 shares of the Company's common stock for total consideration of approximately $ 4.0 million in a private placement . These purchases were made in accordance with the terms of the 2019 Externalization Agreement and represent the re - investment of incentive fees paid by the Company to its Advisor prior to the second anniversary of the Externalization . The shares were purchased at the net asset value per share of the Company's common stock . • As previously announced , following the lifting of the suspension of repurchases due to the Harvest Capital Credit Corporation ( " HCAP " ) merger transaction , the Company has been actively repurchasing its shares under its existing share buyback program . Through the end of the second quarter , the Company repurchased approximately $ 380 thousand of its shares . Subsequent to quarter - end and to date , the Company has repurchased an additional approximately $ 1.2 million of its shares . Closing of Previously Announced Merger • On June 9 , 2021 , the Company completed its previously announced HCAP merger transaction . Stockholders voted