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Portman Ridge Finance cuts quarterly distribution

Portman Ridge Finance Corp.'s board on Aug. 5 approved a cash distribution of 6 cents per common share.

The distribution will be paid Aug. 29 to stockholders of record at the close of business Aug. 12. It represents a decrease from the previous quarterly distribution of 10 cents per common share.

Portman Ridge Finance reported net investment income of $879,740, or 2 cents per share, for the quarter ended June 30. For the second quarter of 2018, the company's net investment income was approximately $2.5 million, or 7 cents per share.

Net investment income for the most recent quarter included a nonrecurring, noncash, nondeductible impairment charge of about $1.4 million, or 4 cents per share, to write down the lease right-of-use asset for office space previously occupied by the company. Net investment income, excluding the lease impairment charge, was approximately $2.3 million, or 6 cents per share.

Portman Ridge Finance's asset coverage ratio stood at 211% as of June 30.