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PORTMAN RIDGE Portman Ridge Finance Corporation Reports Third Quarter 2021 Earnings Results ; Declares Quarterly Distribution of $ 0.62 Per Share November 4 , 2021 NEW YORK , Nov. 04 , 2021 ( GLOBE NEWSWIRE ) -- Portman Ridge Finance Corporation ( Nasdaq : PTMN ) ( the “ Company ” or “ Portman Ridge " ) announced today its financial results for the third quarter ended September 30 , 2021 and declared a quarterly stockholder distribution of $ 0.62 per share for the fourth quarter of 2021 , payable on November 30 , 2021 to stockholders of record at the close of business on November 15 , 2021. This is an increase of $ 0.02 per share from $ 0.60 per share last quarter . Third Quarter 2021 Highlights • Completed a 1 - for - 10 reverse stock split of the Company's common stock effective August 26 , 2021 . • Net investment income for the quarter was $ 1.50 per share , or $ 13.7 million . • Net asset value ( " NAV " ) per share increased to improvements in the debt portfolio and joint ventures . $ 29.71 from $ 29.28 ( 2 ) quarter - to - quarter , reflecting broad - based • As of September 30 , 2021 , the fair value of the Company's investments excluding derivatives totaled $ 562 million , of which the Company's debt securities portfolio totaled $ 455 million and was comprised of investments in 145 portfolio companies . • During the quarter , the Company acquired approximately $ 62.0million par value of investment portfolio assets . Also , during the quarter , the Company received approximately $ 37.1 million in sale and repayment proceeds , which includes a $ 0.5 million increase relative to the carrying value of those assets sold . • Net leverage ( 1 ) was 1.1x as of September 30 , 2021 , compared to 0.9x as of June 30 , 2021 , driven primarily by the timing of investments in the pipeline . During the quarter , the Company redeemed in full the aggregate amount outstanding of $ 28.75 million of the HCAP 6.125 % Notes due 2022 . • Under its share buyback program , the Company repurchased approximately $ 1.4 million of its shares during the quarter . • The quarterly distribution for the third quarter was $ 0.60 per share and was paid on August 31 , 2021 . • Subsequent to quarter - end , on October 22 , 2021 , the Company entered into a purchase and sale agreement to purchase $ 18.1 million of portfolio assets from two wholly - owned subsidiaries of JMP Group LLC in exchange for $ 1.4 million in cash and 556,852 shares of its common stock issued at NAV . The closing of the transaction occurred in the fourth quarter of 2021 . Management Commentary Ted Goldthorpe , Chief Executive Officer of Portman Ridge commented , " Our third quarter results reflect continued strong earnings , distribution coverage , and robust origination . Net assets per share increased to $ 29.71 and represents the sixth straight quarter - to - quarter increase . We also continued to maintain expenses at a stable level relative to our asset base , which has grown significantly over the past year , and we expect further leveraging of operating expenses over time . Our solid performance has allowed us to increase our quarterly distribution this by $ 0.02 to $ 0.62 per share . Overall , our objective is to deliver consistently strong performance each quarter for shareholders , and we believe we are well positioned to continue executing on this goal . " Selected Financial Highlights ( unaudited ) ( in $ millions , except per share data ) Investment Income : Interest from investments in debt securities Investment income on CLO Fund Securities Investment income - Joint Ventures $ Three Months Ended September 30 , 2021 Three Months Ended June 30 , 2021 18.7 $ 0.7 2.4 18.0 0.8 2.5