Portman Ridge Q4 NII $0.60; NAV $19.41; Merges with Logan Ridge (1.5:1)

BCP Investment Corp

Q4 NII $5.5M ($0.60/sh) vs $11.2M ($1.19) YoY; full-year NII $24.0M ($2.59) vs $34.8M ($3.66).
NAV $178.5M ($19.41/sh) at Dec 31, down from $188.0M ($20.36) Sep 30 and $213.5M ($22.76) Dec 31, 2023.
Merger with Logan Ridge (LRFC) at 1.5 PTMN shares per LRFC share; adviser waives up to $1.5M incentive fees for 8 quarters.
New dividend: $0.47 base + $0.07 supplemental quarterly, payable Mar 31; base sustainable across cycles.
Board authorized $10M stock repurchase program through Mar 2026; 202,357 shares repurchased in 2024 for ~$3.8M.

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