Portman Ridge Secures Shareholder Approval for Merger with Logan Ridge

Portman Ridge Finance Corporation, a business development company listed on NASDAQ, has announced that it received shareholder approval to issue common stock necessary for merging with Logan Ridge Finance Corporation. Following a special shareholders' meeting on June 27, 2025, the merger was given the green light by approximately 88% of the voting shareholders of PTMN. Logan Ridge stockholders had already approved the merger a week prior, on June 20, 2025. With all necessary approvals in place, the transaction is expected to finalize by July 15, 2025, subject to customary closing conditions. Post-merger, the combined entity will operate under the name BCP Investment Corporation, maintaining its public listing on NASDAQ under a new ticker symbol, BCIC. The merger aims to create a more extensive and efficient platform within the BC Partners Credit Platform, enhancing long-term growth potential. Additionally, a new monthly distribution framework and a robust share repurchase plan have been outlined to bolster shareholder value. In the coming 24 months, the company plans to acquire up to 20% of its common stock if it trades below 80% of NAV. PTMN is managed by Sierra Crest Investment Management, a BC Partners affiliate, notable for their strategic investments in middle market companies. Logan Ridge focuses on similar market investments, working primarily with first lien loans.