Portman Ridge Finance Corporation (NASDAQ: PTMN) has secured shareholder approval for its merger with Logan Ridge Finance Corporation (NASDAQ: LRFC), with 88% of PTMN shareholders voting in favor. The merger is expected to close around July 15, 2025.
Key terms include: LRFC shareholders will receive 1.50 PTMN shares for each LRFC share; post-merger rebranding to BCP Investment Corporation (BCIC); transition to monthly distributions in 2026; and implementation of a significant share repurchase program targeting up to 20% of outstanding shares when trading below 80% of NAV ($15.08 based on March 31, 2025 NAV).