Portman Ridge Finance Corp (NASDAQ:PTMN) announced on Tuesday the results of its annual stockholder meeting, where shareholders voted on the election of board members and the ratification of the company's independent auditor.
The meeting, which took place on June 25, 2024, saw the re-election of three board members. Ted Goldthorpe, Patrick Schafer, and Alexander Duka were elected to serve until the 2027 annual meeting of stockholders. Goldthorpe received 2,665,301 votes for, 274,153 withheld, and 2,654,997 broker non-votes. Schafer had 2,555,267 votes for, 384,187 withheld, and 2,654,997 broker non-votes. Duka garnered 2,346,168 votes for, 593,286 withheld, and 2,654,997 broker non-votes.
In the second proposal, shareholders ratified the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. The accounting firm's appointment was approved with 5,456,046 votes for, 62,374 against, and 76,031 abstentions.
The company, headquartered at 650 Madison Avenue, New York, has a history of name changes, previously known as KCAP Financial , Inc., Kohlberg Capital CORP, and Kohlberg Capital, LLC, with the most recent name change occurring in 2012.
In other recent news, Portman Ridge Finance Corporation announced a robust Q1 2024 performance, reporting a net investment income of $6.2 million, or $0.67 per share. The company's financial health is underpinned by a diversified investment portfolio spread across 29 industries and 103 entities. Despite a slight decrease in net asset value per share from the previous quarter, reduced expenses and a solid investment income of $16.5 million, mainly from interest income on debt investments, contribute to the company's positive future outlook.
The corporation has highlighted its strategy to continue being a net deployer of capital throughout the year, with plans to add two or three new borrowers in the current quarter. The Board has approved a quarterly dividend of $0.69 per share, reflecting confidence in the company's potential for delivering strong returns to shareholders.
However, bearish highlights include a decrease in net asset value per share by $0.19 compared to the previous quarter, primarily due to dividends exceeding net income for the quarter. On the bullish side, decreased expenses and the absence of spread compression in the portfolio are positive indicators. The company anticipates unrealized gains if M&A activity remains subdued due to interest rates.
InvestingPro Insights
Investors in Portman Ridge Finance Corp (NASDAQ:PTMN) may find the recent performance and dividend history of the company to be of particular interest. According to InvestingPro data, PTMN has a market capitalization of $178.4 million and a P/E ratio of 11.51, reflecting its positioning in the market. Notably, the company has maintained its commitment to shareholder returns, having raised its dividend for 3 consecutive years and maintained dividend payments for 18 consecutive years. The current dividend yield stands at a significant 14.41%, as of the latest data.
While the company's revenue in the last twelve months as of Q1 2024 shows a slight decline of 0.66%, PTMN remains profitable during this period. The InvestingPro Tips also highlight that PTMN's liquid assets exceed short-term obligations, which may provide some reassurance regarding the company's financial health in the near term. However, it's worth noting that two analysts have revised their earnings downwards for the upcoming period, which could suggest a more cautious outlook. For investors seeking more detailed analysis and additional tips, there are a total of 7 InvestingPro Tips available, which can be accessed with a subscription to the service. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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