PTMN - Portman Ridge: Can This 14.7% Yielder Grow Its Way To Stronger Dividend Coverage?

• PTMN trades at a stunning 43% discount to NAV and yields 14.7%.
• PTMN reported a strong Q3 earnings report with higher NAV and improvements in credit quality.
• The 6 cent quarterly dividend has been just barely covered by net investment income.
• Dividend coverage will improve due to economies of scale from the GARS merger and a transition towards higher margin loans.
• Buyers today could receive a 2-year total return of about 69% including dividends and a return to a more normalized valuation.

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