PTMN - Portman Ridge: High-Quality New Asset Manager And Still Trading At A 40% Discount

Portman Ridge Finance Corporation (PTMN) was created on 4/1/2019 when BC Partners acquired the management rights to struggling and internally managed KCAP. PTMN got off to a great start as shareholders received a generous 67 cent special dividend on the very first day of trading. Best of all, the special dividend did not reduce the net asset value of PTMN. It was fully funded by BC Partners as part of the externalization transaction.

Unfortunately, its been all downhill from there. PTMN closed at $3.29 on 4/3/2019 and has since lost about 1/3