NASDAQ$BCIC
BCP Investment Corp · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Reported a decrease in net investment income and net asset value, while proactively managing its balance sheet and capital structure.
Portman Ridge Finance Corporation reported a net investment income of $0.63 per share and a net asset value of $20.36 per share for Q3 2024. The company continued its share repurchase program, buying back 33,429 shares, which was accretive to NAV by $0.01 per share. A fourth-quarter distribution of $0.69 per share was announced.
- Total investment income was $15.2 million.
- Net investment income was $5.8 million, or $0.63 per share.
- Net asset value was $188.0 million, or $20.36 per share.
- 33,429 shares were repurchased at an aggregate cost of approximately $0.6 million.
Headline financials
Revenue & EPS history
Portman Ridge · Revenue · Quarterly
-$20.8M
Forward guidance
Portman Ridge anticipates being active in the market and net deployers of capital, expecting to restore net investment income to normalized levels, supported by a fortified balance sheet from the amended JPM Credit Facility.
Tailwinds
- Company upsized and termed out the JPM Credit Facility.
- Spread reduced by a full 30 basis points on the JPM Credit Facility.
- Refinanced the remaining $85.0 million of 2018-2 Secured Notes, resulting in further net spread savings of approximately 28 basis points.
- Share repurchases during the third quarter of 2024 under Rule 10b-5 stock repurchase program.
- Expects to be active in the market and net deployers of the Company’s capital which we believe will restore net investment income back in line with more normalized levels.
Headwinds
- Third quarter earnings were temporarily impacted by prudent cash and portfolio management initiatives.
- Current economic uncertainty.
- Dynamic interest rate environment.
- Non-accruals on debt investments, as of September 30, 2024, were nine debt investments representing 1.6% and 4.5% of the Company’s investment portfolio at fair value and amortized cost, respectively.
- Decrease in total investment income compared to the same quarter last year.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2024
-1.1%
Avg return
Earnings day
-1.0%
Avg return
5 days after
-6.0%
Avg return
30 days after
43%
10 / 23 earnings
Positive
+7.4%
Q4 2020
Best reaction
-15.3%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.5% | +1.8% | -7.6% | |
| Q4 2025 | -13.1% | -21.5% | -33.1% | |
| Q3 2025 | +0.4% | +7.5% | +8.4% | |
| Q1 2025 | +1.0% | +2.1% | -3.8% | |
| Q4 2024 | -4.0% | -5.7% | -28.1% | |
| Q3 2024 | -3.5% | -3.1% | -10.5% | |
| Q2 2024 | -2.5% | -1.9% | -3.4% | |
| Q1 2024 | +1.6% | +1.7% | -0.1% | |
| Q4 2023 | -1.3% | +1.4% | +2.1% | |
| Q3 2023 | +0.0% | -0.1% | +0.3% | |
| Q2 2023 | -1.6% | +0.0% | -5.8% | |
| Q1 2023 | +2.3% | +4.9% | -1.2% | |
| Q4 2022 | -6.2% | -7.4% | -12.9% | |
| Q3 2022 | +2.7% | +4.0% | +3.2% | |
| Q2 2022 | +0.0% | +0.3% | -7.5% | |
| Q1 2022 | +0.0% | -0.4% | +0.0% | |
| Q4 2021 | +0.4% | +0.2% | -2.5% | |
| Q3 2021 | +4.6% | +5.7% | +1.4% | |
| Q2 2021 | +1.7% | +2.9% | +1.6% | |
| Q1 2021 | +3.4% | +3.0% | +5.6% | |
| Q4 2020 | +7.4% | +5.0% | +16.3% | |
| Q4 2019 | -15.3% | -21.4% | -60.9% | |
| Q4 2018 | -2.2% | -3.0% | +0.3% |
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