PORTMAI 2020 Q4 Earnings Presentation March 12, 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) Q4 2020 Results Conference Call March 12, 2021 9:00 AM ET Company Participants Jeehae Linford - The Equity Group Ted Goldthorpe - CEO Jason Roos - CFO Patrick Schafer - CIO Conference Call Participants Ryan Lynch - KBW Christopher Nolan - Ladenburg Thalmann Operator Ladies and gentlemen, thank you for standing by, and welcome to the Portman Ridge Finance Corporation Fourth Quarter and Full Year 2020 Financial Results Conference Call. At this time, all particip ...

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, 2020 ☐ 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 inc ...

Portman Ridge Finance Corporation (NASDAQ:PTMN) Q3 2020 Earnings Conference Call November 10, 2020 9:00 AM ET Company Participants Ted Goldthorpe - CEO Ted Gilpin - CFO Patrick Schafer - CIO Conference Call Participants Christopher Nolan - Ladenburg Thalmann Paul Johnson - KBW Steven Martin - Slater Operator Good afternoon, ladies and gentlemen, and welcome to the Portman Ridge Finance Corporation Conference Call. An earnings press release was distributed Monday evening, November 9. If you did not receive a ...

Portman Ridge Finance Corporation (NASDAQ:PTMN) Q2 2020 Results Earnings Conference Call August 10, 2020 4:00 PM ET Company Participants Ted Goldthorpe - CEO Ted Gilpin - CFO Patrick Schafer - Chief Investment Officer Conference Call Participants Ryan Lynch - KBW Christopher Nolan - Ladenburg Thalmann Operator Good afternoon, ladies and gentlemen, and welcome to the Portman Ridge Finance Corporation Conference Call. An earnings press release was distributed Thursday morning, August 6. If you did not receive ...

PORTMAN 2020 Q2 Earnings Presentation August 10, 2020 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 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 ...

Financial Data and Key Metrics Changes - As of December 31, 2019, the company's NAV was $152.2 million or $3.40 per diluted share, down from $158 million or $4.23 per share at the end of 2018, representing a decline of approximately $5.8 million [13] - Net investment income (NII) for the full year 2019 was $3.1 million or $0.08 per share, compared to $10 million or $0.27 per share in the previous year, adversely impacted by approximately $4.8 million of non-recurring transaction costs [14] - The asset coverage ratio was 195% as of December 31, 2019, above the statutory requirement for BDCs of 150% but below the required 200% coverage ratio of existing notes [16] Business Line Data and Key Metrics Changes - During the quarter, excluding the OHAI merger, the company made investments totaling $7.1 million, with 76% in first lien securities [20] - The company exited 23 positions during the quarter, resulting in a loss of $118,000 relative to the carrying value [21] - The legacy CLO positions accounted for approximately 95% of the unrealized loss in the investment portfolio during the quarter [22] Market Data and Key Metrics Changes - The liquid credit markets were experiencing significant volatility, the most since the energy downturn in 2015 and 2016, exacerbated by COVID-19 headlines [9] - The company has not seen recent rate cuts trickle down to widening spreads, but deal activity has picked up due to the need for certainty [10] - The company anticipates that if volatility continues, widening spreads may occur as a response [10] Company Strategy and Development Direction - The company plans to continue reducing non-core and low-yielding assets from both the OHAI and legacy KCAP portfolios [28] - The company is looking at both traditional and non-traditional acquisition and merger candidates, considering these opportunistic rather than essential for generating stable returns [28] - The company aims to enhance earnings power through a combination of new asset origination, the OHAI merger, and improving spreads on existing portfolios [29] Management's Comments on Operating Environment and Future Outlook - Management is cautiously monitoring the impact of COVID-19 on the economy and supply chains, indicating a cautious approach to underwriting new loans [10] - The company feels good about its dividend and earnings power, despite recent LIBOR declines, which are expected to be offset by tailwinds from cheaper liabilities and higher spread asset origination [41] - Management does not foresee under-earning the dividend and is committed to maintaining it, with a focus on over-earning throughout the year [43] Other Important Information - The company announced a stock buyback program to repurchase up to $10 million of stock over the next year [8] - The company has reduced CLO equity positions from 19% to under 12% of the portfolio, indicating a strategic shift in asset allocation [26] Q&A Session Summary Question: Guidance on CLO portfolio percentage - Management expects the CLO portfolio to remain around the same level, with a slight decrease anticipated [32] Question: Clarification on OHAI payback - The payback is related to embedded transaction costs and earnings contribution, expected to be recouped over the next few quarters [33] Question: Status of share repurchase - Management intends to buy back stock, considering market conditions and existing restrictions [35] Question: Dividend outlook - Management feels good about the dividend, with expectations of earnings growth despite recent LIBOR declines [41] Question: Plans for portfolio management and debt refinancing - Management is considering refinancing options depending on market conditions and has flexibility within the current structure [45]

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]