PTMN - Portman's Growing Pains Should Be Over - Increase In Q4 Dividend Expected

• Portman Ridge has completed the integration of the three BDCs that it acquired over the last two years.
• Due to merger accounting rules, PTMN's NII has been "overstated" over the last four quarters, which has caused a divergence between NII and the dividends.
• Based upon my calculations, PTMN's adjusted NII (without the impact of merger accounting) for Q3 2021 was $1.00.
• PTMN should be able to increase its quarterly dividend to around $0.75, an increase of 20%.
• As of Q3 2021, PTMN had undistributed distributable taxable income of $0.67. This should allow PTMN to declare a special 2021 dividend.

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