Financial Data and Key Metrics Changes - The net asset value (NAV) for Q1 2022 remained relatively flat at $278 million or $28.76 per share, compared to $280 million or $28.88 per share in Q4 2021, with a decline of less than 0.3% when excluding a one-time tax impact [5][13] - Net investment income for Q1 2022 was reported at $7.9 million or $0.82 per share, while core net investment income was $6.1 million or $0.63 per share [5][13] - Total investment income for Q1 was $16.9 million, with $13 million attributed to interest income from the debt securities portfolio [13] Business Line Data and Key Metrics Changes - Approximately $43 million of investments were made during the quarter, with 50% occurring in the last two weeks of March, resulting in minimal impact on the income statement [9] - The weighted average spread on new investments was 811 basis points, with 67% of new investments being first lien securities and 26% being second lien or unsecured securities [9][10] - The debt securities portfolio was marked at 94.4% of par, yielding a stated spread to LIBOR of 727 basis points on accruing debt securities [10] Market Data and Key Metrics Changes - The first quarter of 2022 experienced low activity in originations and investments due to geopolitical disruptions and market volatility [9] - Investments on non-accrual status decreased to 0.21% and 1.9% of the company's investment portfolio at fair value and amortized costs, respectively, compared to 0.52% and 2.8% as of December 31, 2021 [11] Company Strategy and Development Direction - The company has shifted its revolving credit facility agreement from LIBOR to a three-month SOFR benchmark, reducing the applicable margin and extending the reinvestment period [8] - The company aims to maintain a leverage ratio between 1.25 to 1.4 times, with a current debt-to-equity ratio of 1.27 times on a gross basis and 0.97 times on a net basis [17] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future investment income due to rising interest rates, indicating that a 1% increase in interest rates could lead to an annualized increase of approximately $1.5 million in net investment income [19] - The management noted that while trailing earnings are strong, they are preparing for potential economic slowdowns, particularly in consumer discretionary sectors [33][34] Other Important Information - The company repurchased 22,990 shares under its stock repurchase program at an aggregate cost of approximately $545,000 [6] - The company has a pipeline of an additional $20 to $30 million ready for deployment before the end of the second quarter [12] Q&A Session Summary Question: Interest rate sensitivity change - Management confirmed that the company has shifted from being liability sensitive to asset sensitive due to changes in LIBOR rates [21][23] Question: Dividend policy considerations - Management indicated that while they are over-earning their dividend, they are cautious about increasing it further due to market volatility [25][26] Question: Underwriting strategy in changing economic environment - Management stated they are being conservative in underwriting, particularly in sectors showing weakness, and are not expecting to reach the high end of their leverage range soon [34] Question: Spread compression and deal volume - Management noted that they have not seen spread compression in their area, despite a decrease in deal flow during the first quarter [36][39] Question: Co-investments across the broader BC Partners platform - Management confirmed that over 95% of new deals are co-investments across their various funds, targeting a position size of $10 to $15 million [45][49] Question: Legacy exposure to higher rates - Management expressed confidence that rising rates would not materially impact credit quality, as interest coverage is at all-time highs [55][56]

Debt Securities and Investment Portfolio - The company has a Debt Securities Portfolio focused on generating current income and capital appreciation from investments in senior secured term loans, mezzanine debt, and selected equity investments in privately-held middle market companies [282]. - The middle market is defined as companies with EBITDA between $10 million and $50 million and/or total debt between $25 million and $150 million [282]. - The company's investments may include "covenant-lite" loans, which carry a higher risk of loss compared to loans with financial maintenance covenants [284]. - Total portfolio fair value as of March 31, 2022, was $568,011,000, an increase from $547,573,000 as of December 31, 2021 [302]. - The investment portfolio was diversified across 30 different industries and 116 different entities, with an average par balance per entity of approximately $3.3 million [309]. - The fair value of Senior Secured Loans increased to $395,062,000 as of March 31, 2022, from $364,701,000 as of December 31, 2021 [303]. - The company’s investment in Joint Ventures was valued at $60,217,000 as of March 31, 2022, consistent with the previous period [303]. - The healthcare and pharmaceuticals sector accounted for 8% of the total portfolio fair value as of March 31, 2022, down from 11% as of December 31, 2021 [306]. - As of March 31, 2022, six investments were on non-accrual status, a decrease from seven as of December 31, 2021 [309]. - The company had approximately $29.1 million invested in CLO Fund Securities as of March 31, 2022, down from $31.6 million as of December 31, 2021 [312]. Acquisitions and Corporate Actions - The company completed the acquisition of Garrison Capital Inc. (GARS) on October 28, 2020, with GARS stockholders receiving approximately $1.19 in cash and 1.917 shares of the company's common stock for each share of GARS [290]. - The company acquired Harvest Capital Credit Corporation (HCAP) on June 9, 2021, with HCAP stockholders receiving $18.54 million in cash and 15,252,453 shares of the company's common stock [292]. - The company assumed $28.75 million in aggregate principal amount of HCAP's 6.125% Notes due September 15, 2022, as part of the HCAP acquisition [294]. - A reverse stock split of 1-for-10 was executed on August 26, 2021, reducing the number of authorized shares from 100 million to 20 million [299]. Financial Performance and Income - The investment income for the three months ended March 31, 2022, was approximately $16.944 million, a decrease from $18.305 million in the same period of 2021 [335]. - The net investment income for KCAP Freedom 3 LLC for the three months ended March 31, 2022, was $1.740 million, compared to $1.519 million in 2021 [323]. - The total equity of KCAP Freedom 3 LLC decreased to $34.177 million as of March 31, 2022, from $35.677 million as of December 31, 2021 [321]. - The net income for KCAP Freedom 3 LLC for the three months ended March 31, 2022, was $217,000, a significant decrease from $3.285 million in the same period of 2021 [323]. - The investment income attributable to interest income on the Debt Securities Portfolio was approximately $13.0 million for the three months ended March 31, 2022, down from $15.2 million in 2021 [337]. - For the three months ended March 31, 2022, core investment income was approximately $15.1 million, an increase of 12.5% from $13.5 million in the same period of 2021 [340]. - Investment income from CLO Fund Securities was approximately $1.6 million for Q1 2022, compared to $617 thousand in Q1 2021, reflecting a significant increase of 158% [341]. Expenses and Liabilities - Total expenses for the three months ended March 31, 2022, were approximately $9.0 million, a decrease of 10.5% from $10.1 million in the same period of 2021 [349]. - Net investment income for Q1 2022 was approximately $2.4 million, or $0.24 per share, down from $3.1 million, or $0.41 per share in Q1 2021 [352]. - The company had approximately $352.4 million of outstanding borrowings with an asset coverage ratio of 180%, exceeding the minimum requirement of 150% under the 1940 Act [358]. - The company declared a total dividend of $0.63 in 2022, compared to $2.42 in 2021 [1]. - The company’s long-term debt obligations total $352.4 million, with $80.6 million due within one year [382]. Valuation and Investment Methodologies - The company's investments are primarily classified as Level III, indicating significant management judgment in valuation [389]. - Fair value of investments is determined based on market conditions, financial performance, and comparable transactions [394]. - The company utilizes a discounted cash flow model for valuing its wholly-owned Asset Manager Affiliates [392]. - The company’s valuation methodologies may involve significant management judgment and assumptions about market conditions [397]. - An independent valuation firm is engaged to provide third-party valuation consulting services, reviewing material investments in illiquid securities at least once every 12 months [416]. Strategic Intent and Future Outlook - The company intends to distribute substantially all of its net ordinary taxable income to stockholders to maintain its status as a regulated investment company (RIC) [285]. - The company may evaluate strategic opportunities including mergers, divestitures, and joint ventures depending on market conditions [286]. - The company intends to continue making quarterly distributions to stockholders, aiming to distribute at least 98% of ordinary net taxable income to avoid excise taxes [371][375]. - The company is required to maintain adequate liquidity to cover normal cyclical swings in funding availability and unexpected funding requirements [357]. - The company may borrow amounts up to 5% of total assets for temporary purposes, in addition to the leverage limits set by the 1940 Act [358]. - The company is prohibited from declaring dividends if its asset coverage is below the required threshold, ensuring compliance with the 1940 Act [374].

Portman Ridge Finance Corporation (NASDAQ:PTMN) Q4 2021 Results Conference Call March 11, 2022 9:00 AM ET Company Participants Serena Liegey - The Equity Group Inc. Ted Goldthorpe - Chief Executive Officer Jason Roos - Chief Financial Officer Patrick Schafer - Chief Investment Officer Conference Call Participants Christopher Nolan - Ladenburg Thalmann Ryan Lynch - KBW Steven Martin - Slater Operator Good day, and thank you for standing by. Welcome to the Portman Ridge Fourth Quarter 2021 Financial Results C ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 814-00735 Portman Ridge Finance Corporation (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organi ...

PORTMAN | --- | --- | --- | --- | |--------------------------------------------------------|-------|-------|-------| | Investor Presentation | | | | | SidotiVirtual Small Cap Conference January 19-20, 2022 | | | | | NASDAQ: PTMN | | | | Important Information Cautionary Statement Regarding Forward-Looking Statements This presentation contains forward-looking statements. The matters discussed in this presentation, as well as in future oral and written statements by management of Portman Ridge Finance Corporat ...

Portman Ridge Finance Corporation (NASDAQ:PTMN) Q3 2021 Earnings Conference Call November 5, 2021 11:00 AM ET Company Participants Jeehae Linford – The Equity Group Inc. Ted Goldthorpe – Chief Executive Officer Jason Roos – Chief Financial Officer Patrick Schafer – Chief Investment Officer Conference Call Participants Christopher Nolan – Ladenburg Thalmann Ryan Lynch – KBW Steve Martin – Slater Angelo Guarino – Private Investor Operator Good day and thank you for standing by. Welcome to the Portman Ridge Th ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol(s) | Name of each ...

PORTMAN 2021 Q2 Earnings Presentation August 6, 2021 Important Information Cautionary Statement Regarding Forward-Looking Statements This presentation contains forward-looking statements. The matters discussed in this presentation, as well as in future oral and written statements by management of Portman Ridge Finance Corporation ("PTMN", "Portman Ridge" or the "Company"), that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which ...

Portman Ridge Finance Corporation (NASDAQ:PTMN) Q2 2021 Earnings Conference Call August 6, 2021 11:00 AM ET Company Participants Jeehae Linford - Investor Relations Ted Goldthorpe - Chief Executive Officer Jason Roos - Chief Financial Officer Patrick Schafer - Chief Investment Officer Conference Call Participants Christopher Nolan - Ladenburg Thalmann Ryan Lynch - KBW Kelly Rushing - U.S. Capital Operator Good day and thank you for standing by and welcome to the Second Quarter 2021 Financial Results Confere ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 814-00735 Portman Ridge Finance Corporation (Exact name of Registrant as specified in its charter) Delaware 20-5951150 (State or other jurisdiction of ...