PORTMAN -RIDGE GARRISON CAPITAL Investor Presentation June 25, 2020 Important Information Forward-Looking Statements This Presentation may contain forward-looking statements that involve substantial risks and uncertainties, including statements regarding the completion of the transaction between Garrison Capital Inc. ("Garrison" or "GARS") and Portman Ridge Finance Corporation ("Portman Ridge" or "PTMN"). The use of words such as "anticipates," "believes," "intends," "plans," "expects," "projects," "estimat ...

Portman Ridge Finance Corporation (NASDAQ:PTMN) Q1 2020 Results Earnings Conference Call May 7, 2020 9:00 AM ET Company Participants Ted Goldthorpe - CEO Ted Gilpin - CFO Patrick Schafer - Chief Investment Officer Conference Call Participants Operator Good morning, ladies and gentlemen, and welcome to the Portman Ridge Finance Corporation Conference Call. An earnings press release was distributed Wednesday evening. If you did not receive a copy, the release is available on the CompanyÂ's website at www.port ...

Portman Ridge Finance Corporation (NASDAQ:PTMN) Q4 2019 Results Conference Call March 9, 2020 2:30 PM ET Company Participants Ted Goldthorpe - CEO Ted Gilpin - CFO Patrick Schafer - Chief Investment Officer Conference Call Participants Christopher Nolan - Ladenburg Thalman Paul Johnson - KBW Operator Good morning, ladies and gentlemen, and welcome to the Portman Ridge Finance Corporation Conference Call. An earnings press release was distributed Friday afternoon. If you did not receive a copy, the release i ...

Financial Data and Key Metrics Changes - Net investment income for Q3 2019 was approximately $2.2 million or $0.06 per basic share, compared to $0.9 million or $0.02 per basic share in Q2 2019 and $3 million or $0.08 per basic share in Q3 2018 [12] - Total investment income for Q3 2019 was approximately $7.1 million, remaining relatively flat compared to Q2 2019 and Q3 2018 [13] - Total expenses for Q3 2019 were approximately $4.8 million or $0.13 per share, down from approximately $6 million or $0.16 per share in Q2 2019 [15] Business Line Data and Key Metrics Changes - Investment income from debt securities in Q3 2019 was approximately $4.2 million or $0.11 per basic share, compared to $3.9 million or $0.10 per share in Q2 2019 and $4.8 million or $0.13 per share in Q3 2018 [13] - Investment income on CLO fund securities was approximately $1.6 million or $0.04 per basic share in Q3 2019, down from $1.7 million or $0.05 per share in Q2 2019 [14] - Investment income from joint ventures was approximately $1.3 million or $0.03 per share, mostly unchanged from Q2 2019 and up from $800,000 or $0.02 per share in Q3 2018 [14] Market Data and Key Metrics Changes - The fair value of the portfolio was approximately $287 million as of September 30, 2019, with a net asset value of $3.55 per share [16] - The asset coverage ratio at quarter end was 204%, with approximately $125.4 million of par debt outstanding [17] Company Strategy and Development Direction - The company is focused on reducing CLO equity exposure and replacing it with investments in senior and unitranche joint ventures, which are believed to provide attractive risk-adjusted returns [10] - The company aims to continue pursuing junior capital solutions and high-quality economically resilient businesses with competitive advantages [7] - The merger with OHA Investment Corporation is expected to enhance scale and increase net investment income per share by spreading public company costs over a larger asset base [4][28] Management's Comments on Operating Environment and Future Outlook - Management has noted signs of credit deterioration in the broader market and is becoming more cautious, focusing on first lien securities for new investments [7] - The company expects to reposition the portfolio, including OHAI assets, with a long-term objective of net investment income growth and net asset value stability [29] - Management expressed confidence in the quality of earnings and sustainability of the dividend, citing higher spreads on booked assets and expected benefits from joint ventures [86] Other Important Information - The Board of Directors approved a cash distribution of $0.06 per share, payable on November 29, 2019 [18] - The company has entered into an agreement to terminate a lease for approximately its remaining carrying value, which will save about $100,000 per quarter going forward [16][62] Q&A Session Summary Question: Incentive fees paid to BC Partners - No incentive fees have been paid to the manager in the last two quarters [35] Question: Asset Manager Affiliates - The $17.8 million of Asset Manager Affiliates was sold at fair value, and the original cost remains listed as there is still an open holdco [38][39] Question: Percentage of assets from BC Partners - 58% of the current holdings have been sourced through the BC Partners platform [46][48] Question: OHAI portfolio transition - The OHAI portfolio is considered high-quality, with some repositioning expected over time, but no rush to do so [51] Question: Lease payment and charges - The $1.6 million payment reflects the remaining carrying value, with minimal noise expected in Q4 related to the lease [60] Question: Reducing structured products - The strategy to exit structured products remains unchanged, with natural paydowns expected to reduce the CLO portfolio over time [66] Question: Liability structure optimization - The company envisions a mix of fixed and revolving debt, with a potential shift towards more revolver financing [70] Question: New investments and industries - The company is focusing on recession-resilient industries, avoiding heavily cyclical sectors like energy and mining [95]

Portman Ridge Finance Corporation (NASDAQ:PTMN) Q2 2019 Earnings Conference Call August 7, 2019 9:00 AM ET Company Participants Ted Goldthorpe - CEO Edward Gilpin - CFO, Secretary, and Treasurer Patrick Schafer - CIO Dan Gilligan - Head of Structured Credit Conference Call Participants Paul Johnson - KBW Christopher Nolan - Ladenburg Thalmann Chris York - JMP Securities Operator Hello ladies and gentlemen and welcome to the Portman Ridge Second Quarter 2019 Financial Results Conference Call. At this time al ...

Portman Ridge Finance Corporation (NASDAQ:PTMN) Q1 2019 Results Earnings Conference Call May 10, 2019 9:00 AM ET Company Participants Ted Goldthorpe - CEO Ted Gilpin - CFO Patrick Schafer - CIO Dan Gilligan - Head of Structured Credit Conference Call Participants Christopher Nolan - Ladenburg Thalmann Ryan Lynch - KBW Operator Good morning, ladies and gentlemen, and welcome to the Portman Ridge First Quarter 2019 Earnings Call. An earnings press release was distributed this morning. If you did not receive a ...