Portman Ridge Finance reports Q4 EPS $1.19 vs. 74c last year

Total investment income for the fourth quarter of 2023 was $17.8M a decrease of $0.8 M as compared to $18.6 M for the fourth quarter of 2022 and a decrease of $0.8 M as compared to $18.6M for the third quarter of 2023. Ridge, as we saw a 9.6% increase in total investment income and a 16.1% increase in core investment income as compared to the previous year. These milestones are a testament to the continued positive momentum we are seeing across our platform, despite operating under difficult market conditions. Additionally, we believe that our stock remained undervalued throughout the year, thus, during 2023 we repurchased shares for an aggregate of $4.4 million, which had an accretive effect to the company’s net asset value per share, reinforcing our commitment to shareholder value. On March 11, our board of directors authorized a renewed stock repurchase program of up to $10 M for an approximately one-year period. As a result of our strong financial performance during the year, the board of directors was able to approve a dividend of 69 cper share for the first quarter of 2024, an increase of $0.01 per share as compared to the first quarter of 2023. As we step forward into 2024, we believe we have a robust pipeline, and are favorably positioned to take advantage of new investment opportunities that arise, while continuing to be highly selective in our investment and capital deployment process. We remain confident in our strategy and believe it will allow us to continue to deliver strong results and returns for our shareholders.”