8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 7, 2025

Portman Ridge Finance Corporation

(Exact name of registrant as specified in its charter)

Delaware	814-00735	20-5951150
(State or other jurisdiction<br> <br>of incorporation)	(Commission<br> <br>File Number)	(IRS Employer<br> <br>Identification No.)
650 Madison Avenue, 3rd Floor<br> <br>New York, New York	10022
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(Address of principal executive offices)	(Zip Code)

(Registrant’s telephone number, including area code): (212) 891-2880

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading<br> <br>Symbol(s)	Name of each exchange<br> <br>on which registered
Common Stock, par value $0.01 per share	PTMN	The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02	Results of Operations and Financial Condition.

On August 7, 2025, Portman Ridge Finance Corporation (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended June 30, 2025. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. Additionally, on August 8, 2025, the Company made available on its website, http://www.portmanridge.com/home, a supplemental investor presentation with respect to the earnings release. A copy of the investor presentation is being furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

The information disclosed under this Item 2.02, including Exhibits 99.1 and 99.2 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01.	Financial Statements and Exhibits.

(d) Exhibits:

Exhibit<br>Number	Description
99.1	Press Release, dated August 7, 2025
99.2	Investor Presentation, dated August 8, 2025
104	Cover Page Interactive Data File (embedded within the Inline XBRL Document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PORTMAN RIDGE FINANCE CORPORATION
By:	/s/ Brandon Satoren
Name:	Brandon Satoren
Title:	Chief Financial Officer

Date: August 11, 2025

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Portman Ridge Finance Corporation Announces Second Quarter 2025 Financial Results

August 7, 2025

Completed Merger withLogan Ridge Finance Corporation

Reports Net Investment Income of $4.6 Million, or $0.50 Per Share for the Second Quarter

Announces Third Quarter 2025 Quarterly Base Distribution of $0.47 Per Share and Supplemental Distribution of $0.02 per share

NEW YORK, August 7, 2025 (GLOBE NEWSWIRE) – Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the second quarter ended June 30, 2025.

Transformational Milestone

•	On July 15, 2025, Portman Ridge closed the previously announced merger of Logan Ridge Finance Corporation<br>(“Logan Ridge”) with and into Portman Ridge, with Portman Ridge remaining as the surviving company.
•	We believe the combined company’s enhanced scale with total assets in excess of $600 million (as of<br>July 11, 2025), its further diversified portfolio, cost savings due to lower overall operating expenses, and improved stock trading liquidity will deliver compelling risk-adjusted returns for our shareholders.
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•	In the following weeks, Portman Ridge will rebrand and begin operating under the name BCP Investment Corporation.<br>In connection with the rebranding, the Company will continue to trade on the Nasdaq under the new ticker symbol “BCIC”.
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Second Quarter 2025 Highlights

•	Total investment income for the second quarter of 2025 was $12.6 million, up from $12.1 million<br>in the first quarter of 2025.
•	Core investment income^1^, excluding the impact of<br>purchase price accounting, for the second quarter of 2025 was $12.6 million, as compared to $12.1 million for the first quarter of 2025.
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•	Net investment income (“NII”) for the second quarter of 2025 was $4.6 million ($0.50 per<br>share), as compared to $4.3 million ($0.47 per share) in the first quarter of 2025.
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^1^	Core investment income represents reported total investment income as determined in accordance with U.S.<br>generally accepted accounting principles, or U.S. GAAP, less the impact of purchase discount accretion in connection with the Garrison Capital Inc. (“GARS”) and Harvest Capital Credit Corporation (“HCAP”) mergers. Portman Ridge<br>believes presenting core investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment.<br>However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead,<br>core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial performance.
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•	Net asset value (“NAV”), as of June 30, 2025, was $164.7 million ($17.89 per share),<br>as compared to NAV of $173.5 million ($18.85 per share) as of March 31, 2025.
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•	Deployments of approximately $10.9 million and sales and repayments of approximately<br>$17.0 million, resulting in net repayments and sales of approximately $6.1 million.
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Subsequent Events

•	On August 7, 2025, the Company declared a regular quarterly base distribution of $0.47 per share of common<br>stock and a supplemental cash distribution of $0.02 per share of common stock. The distribution is payable on August 29, 2025 to stockholders of record at the close of business on August 18, 2025.
•	On July 15, 2025, the Company announced the completion of its acquisition of Logan Ridge Finance<br>Corporation, a Maryland corporation (“LRFC”, and such transaction, the “LRFC Acquisition”), pursuant to the terms of the merger agreement, dated January 29, 2025 (the “LRFC Merger Agreement”). To effect the<br>acquisition, a wholly owned merger subsidiary of the Company merged with and into LRFC, with LRFC surviving the merger as the Company’s wholly owned subsidiary. Immediately thereafter and as a single integrated transaction, LRFC consummated a<br>second merger, whereby LRFC merged with and into the Company, with the Company surviving the merger. Based on July 11, 2025 financial data, the combined company had total assets in excess of $600 million. Under the terms of the LRFC Merger<br>Agreement, each share of LRFC common stock issued and outstanding was converted into the right to receive 1.500 newly-issued shares of common stock of the Company with cash to be paid (without interest) in lieu of fractional shares. As additional<br>consideration funded by LRFC’s investment adviser, LRFC shareholders of record as of May 6, 2025 received a cash payment of $0.47 per share. In addition, LRFC shareholders of record as of July 14, 2025 received a tax distribution of<br>$0.38 per share from LRFC. The Company will seek to leverage the combined company’s enhanced scale, further diversified portfolio, cost savings due to lower overall operating expenses, and improved stock trading liquidity to deliver compelling<br>risk-adjusted returns for its shareholders. Please see the Company’s Current Report on Form 8-K filed on July 16, 2025 for more information.
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Management Commentary

Ted Goldthorpe, Chief Executive Officer of Portman Ridge, **** stated, “We continued to advance our strategic priorities in the second quarter, generating net investment income of $4.6 million, or $0.50 per share, compared to $4.3 million, or $0.47 per share, in the prior quarter. Our focus remains on maintaining a high-quality portfolio and delivering long-term value to our shareholders.

The recent completion of our merger with Logan Ridge marks a transformational milestone for the Company. We’re proud to have successfully closed this transaction and expect it to provide increased scale, broader portfolio diversification, enhanced financial flexibility, and earnings accretion generated by cost synergies under the Company’s new name and ticker. We believe the combined platform will support stronger operating efficiency and improved shareholder outcomes over time.

To reflect this next chapter and the strength of our adviser, we will be changing our corporate name to BCP Investment Corporation (Nasdaq: BCIC) in the following weeks. The new name highlights our alignment with BC Partners, a global alternative investment platform with deep credit expertise, and reinforces our commitment to building a leading Business Development Company.

As we move forward, we remain committed to disciplined investment execution, active portfolio management, and thoughtful capital allocation, all with the goal of generating attractive, long-term returns for our shareholders.”

Selected Financial Highlights

•	Total investment income for the quarter ended June 30, 2025, was $12.6 million, of which<br>$10.9 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. This compares to total investment income<br>of $16.3 million for the quarter ended June 30, 2024, of which $13.9 million was attributable to interest income, inclusive of payment-in-kind income,<br>from the Debt Securities Portfolio.
•	Core investment income for the quarter ended June 30, 2025, excluding the impact of purchase discount<br>accretion, was $12.6 million, as compared to core investment income of $16.2 million for the quarter ended June 30, 2024.
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•	Net investment income (“NII”) for the quarter ended June 30, 2025, was $4.6 million<br>($0.50 per share) as compared to $6.5 million ($0.70 per share) for the quarter ended June 30, 2024.
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•	Net asset value (“NAV”) as of June 30, 2025, was $164.7 million ($17.89 per share), as<br>compared to $173.5 million ($18.85 per share) for the first quarter of 2025.
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•	Investment portfolio at fair value as of June 30, 2025, was $395.1 million, comprised of 96<br>different portfolio companies. Our debt investment portfolio, excluding our investments in the CLO Funds, equities and Joint Ventures, totaled $323.1 million at fair value as of June 30, 2025, and was spread across 25 different industries<br>comprised of 69 different portfolio companies with an average par balance per entity of approximately $2.6 million. This compares to a total investment portfolio at fair value as of March 31, 2025, of $406.4 million, comprised of 93<br>different portfolio companies. Our debt investment portfolio, excluding our investments in the CLO Funds, equities and Joint Ventures, totaled $324.8 million at fair value as of March 31, 2025, spread across 24 different industries and<br>comprised of 72 different portfolio companies, with an average par balance per entity of approximately $2.6 million.
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•	Debt investments on non-accrual, as of June 30, 2025, were<br>six, representing 2.1% and 4.8% of the Company’s investment portfolio at fair value and amortized cost, respectively. This compares to six debt investments representing 2.6% and 4.7% of the Company’s investment portfolio at fair value and<br>amortized cost, respectively, as of March 31, 2025.
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•	Weighted average annualized yield was approximately 10.7% (excluding income from non-accruals and collateralized loan obligations) as of June 30, 2025.
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•	Par value of outstanding borrowings, as of June 30, 2025, was $255.4 million, which remained<br>unchanged from March 31, 2025, with an asset coverage ratio of total assets to total borrowings of 165% as compared to 168% as of March 31, 2025. On a net basis, leverage as of June 30, 2025, was 1.4x^2^ compared to 1.3x^2^ as of March 31, 2025.<br>
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^2^	Net leverage is calculated as the ratio between (A) debt, excluding unamortized debt issuance costs, less<br>available cash and cash equivalents, and restricted cash and (B) NAV. Portman Ridge believes presenting a net leverage ratio is useful and appropriate supplemental disclosure because it reflects the Company’s financial condition net of<br>$24.6 million and $23.5 million of cash and cash equivalents and restricted cash as of June 30, 2025, and March 31, 2025, respectively. However, the net leverage ratio is a non-U.S. GAAP<br>measure and should not be considered as a replacement for the regulatory asset coverage ratio and other similar information presented in accordance with U.S. GAAP. Instead, the net leverage ratio should be reviewed only in connection with such U.S.<br>GAAP measures in analyzing Portman Ridge’s financial condition.
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Results of Operations

Operating results for the three and six months ended June 30, 2025, and June 30, 2024, were as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
($ in thousands, except share and per share amounts)	2025			2024			2025			2024
Total investment income	$	12,630		$	16,337		$	24,748		$	32,863
Total expenses		8,073			9,860			15,851			20,161
Net Investment Income		4,557			6,477			8,897			12,702
Net realized gain (loss) on investments		(15,840	)		(6,922	)		(16,013	)		(8,979	)
Net change in unrealized gain (loss) on investments		6,628			(5,966	)		2,725			(5,895	)
Tax (provision) benefit on realized and unrealized gains (losses) on investments		137			78			(209	)		537
Net realized and unrealized appreciation (depreciation) on investments, net of taxes		(9,075	)		(12,810	)		(13,497	)		(14,337	)
Net realized gain (loss) on extinguishment of debt		—			(39	)		—			(252	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,518	)		(6,372	)		(4,600	)		(1,887	)
Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share:
Basic and Diluted:	$	(0.49	)	$	(0.69	)	$	(0.50	)	$	(0.20	)
Net Investment Income Per Common Share:
Basic and Diluted:	$	0.50		$	0.70		$	0.97		$	1.36
Weighted Average Shares of Common Stock Outstanding — Basic and Diluted		9,204,657			9,293,687			9,201,451			9,319,272

Investment Income

The composition of our investment income for the three and six months ended June 30, 2025, and June 30, 2024, was as follows:

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
($ in thousands)	2025		2024			2025			2024
Interest income, excluding CLO income and purchase discount accretion	$	8,573	$	11,589		$	16,095		$	23,675
Purchase discount accretion		—		112			16			185
PIK income		2,449		2,201			5,510			4,207
CLO income		214		524			292			1,081
JV income		1,213		1,800			2,630			3,453
Fees and other income		181		111			205			262
Investment Income	$	12,630	$	16,337		$	24,748		$	32,863
Less: Purchase discount accretion	$	—	$	(112	)	$	(16	)	$	(185	)
Core Investment Income	$	12,630	$	16,225		$	24,732		$	32,678

Fair Value of Investments

The composition of our investment portfolio as of June 30, 2025, and December 31, 2024, at cost and fair value was as follows:

($ in thousands)	June 30, 2025							December 31, 2024
Security Type	Cost/AmortizedCost		Fair Value		Fair ValuePercentage ofTotal Portfolio			Cost/AmortizedCost		Fair Value		Fair ValuePercentage ofTotal Portfolio
First Lien Debt	$	312,114	$	291,071		73.7	%	$	311,673	$	289,957		71.6	%
Second Lien Debt		35,576		30,276		7.7	%		34,892		28,996		7.2	%
Subordinated Debt		6,103		1,750		0.4	%		8,059		1,740		0.4	%
Collateralized Loan Obligations		2,527		3,263		0.8	%		5,318		5,193		1.3	%
Joint Ventures		60,709		44,634		11.3	%		66,747		54,153		13.4	%
Equity		28,944		23,919		6.1	%		31,921		24,762		6.1	%
Asset Manager Affiliates^(1)^		17,791		—		—			17,791		—		—
Derivatives		31		196		0.0	%		31		220		—
Total	$	463,795	$	395,109		100.0	%	$	476,432	$	405,021		100.0	%
^(1)^	Represents the equity investment in the Asset Manager Affiliates.
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Liquidity and Capital Resources

As of June 30, 2025, the Company had approximately $255.4 million (par value) of outstanding borrowings at a current weighted average interest rate of 6.0%, of which $108.0 million par value had a fixed rate of 4.875% (Notes due 2026), and $147.4 million par value had a floating rate under the JPM Credit Facility.

As of June 30, 2025, and December 31, 2024, the fair value of investments and cash were as follows:

( in thousands)
Security Type		December 31, 2024
Cash and Cash Equivalents	11,222	$	17,532
Restricted Cash	13,357		22,421
First Lien Debt	291,071		289,957
Second Lien Debt	30,276		28,996
Subordinated Debt	1,750		1,740
Equity	23,919		24,762
Collateralized Loan Obligations	3,263		5,193
Asset Manager Affiliates	—		—
Joint Ventures	44,634		54,153
Derivatives	196		220
Total	419,688	$	444,974

All values are in US Dollars.

As of June 30, 2025, the Company had unrestricted cash of $11.2 million and restricted cash of $13.4 million. This compares to unrestricted cash of $9.2 million and restricted cash of $14.3 million as of March 31, 2025. As of June 30, 2025, the Company had $52.6 million of available borrowing capacity under the JPM Credit Facility.

Interest Rate Risk

The Company’s investment income is affected by fluctuations in various interest rates, including SOFR and prime rates.

As of June 30, 2025, approximately 86.9% of our Debt Securities Portfolio at par value were either floating rate with a spread to an interest rate index such as SOFR or the PRIME rate. 86.5% of these floating rate loans contain floors ranging between 0.50% and 5.25%. We generally expect that future portfolio investments will predominately be floating rate investments.

In periods of rising or lowering interest rates, the cost of the portion of debt associated with the 4.875% Notes Due 2026 would remain the same, given that this debt is at a fixed rate, while the interest rate on borrowings under the JPM Credit Facility would fluctuate with changes in interest rates.

Generally, the Company would expect that an increase in the base rate index for floating rate investment assets would increase gross investment income and a decrease in the base rate index for such assets would decrease gross investment income (in either case, such increase/decrease may be limited by interest rate floors/minimums for certain investment assets).

	Impact on net investment income froma change in interest rates at:
($ in thousands)	1%			2%			3%
Increase in interest rate	$	1,477		$	2,955		$	4,432
Decrease in interest rate	$	(1,477	)	$	(2,912	)	$	(4,105	)

Conference Call and Webcast

We will hold a conference call on Friday, August 8, 2025, at 10:00 am Eastern Time to discuss our second quarter 2025 financial results. To access the call, stockholders, prospective stockholders and analysts should dial (646) 307-1963 approximately 10 minutes prior to the start of the conference call and use the conference ID 1430967.

A replay of this conference call will be available shortly after the live call through August 15, 2025.

A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis on the Company’s website www.portmanridge.com in the Investor Relations section under Events and Presentations. The webcast can also be accessed by clicking the following link: https://edge.media-server.com/mmc/p/aty7k6qp. The online archive of the webcast will be available on the Company’s website shortly after the call.

About Portman Ridge Finance Corporation

Portman Ridge Finance Corporation (Nasdaq: PTMN) is a publicly traded, externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Portman Ridge’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. Portman Ridge’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P.

Portman Ridge’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on the Company’s website at www.portmanridge.com.

About BC Partners Advisors L.P. and BC Partners Credit

BC Partners is a leading international investment firm in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades.

Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. For more information, please visit https://www.bcpartners.com/.

BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements. The matters discussed in this press release, as well as in future oral and written statements by management of Portman Ridge Finance Corporation, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance and include, but are not limited to, projected financial performance, expected development of the business, plans and expectations about future investments and the future liquidity of the Company. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “outlook”, “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.

Important assumptions include our ability to originate new investments, and achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this press release should not be regarded as a representation that such plans, estimates, expectations or objectives will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) uncertainty of the expected financial performance of the Company; (2) expected synergies and savings associated with merger transactions effectuated by the Company; (3) the ability of the Company and/or its adviser to implement its business strategy; (4) evolving legal, regulatory and tax regimes; (5) changes in general economic and/or industry specific

conditions, including but not limited to the impact of inflation; (6) the impact of increased competition; (7) business prospects and the prospects of the Company’s portfolio companies; (8) contractual arrangements with third parties; (9) any future financings by the Company; (10) the ability of Sierra Crest Investment Management LLC to attract and retain highly talented professionals; (11) the Company’s ability to fund any unfunded commitments; (12) any future distributions by the Company; (13) changes in regional or national economic conditions and their impact on the industries in which we invest; and (14) other changes in the conditions of the industries in which we invest and other factors enumerated in our filings with the SEC. The forward-looking statements should be read in conjunction with the risks and uncertainties discussed in the Company’s filings with the SEC, including the Company’s most recent Form 10-K and other SEC filings. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required to be reported under the rules and regulations of the SEC. Although the Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that the Company in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Contacts:

Portman Ridge Finance Corporation

650 Madison Avenue, 3rd floor

New York, NY 10022

info@portmanridge.com

Brandon Satoren

Chief Financial Officer

Brandon.Satoren@bcpartners.com

(212) 891-2880

The Equity Group Inc.

Lena Cati

lcati@equityny.com

(212) 836-9611

Val Ferraro

vferraro@equityny.com

(212) 836-9633

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except share and per share amounts)

			December 31, 2024
ASSETS
Investments at fair value:
Non-controlled/non-affiliated<br>investments (amortized cost of 358,576 and 358,153, respectively)	329,911		$	327,622
Non-controlled affiliated investments (amortized cost of<br>62,544 and 68,858, respectively)	53,916			64,384
Controlled affiliated investments (amortized cost of 42,675 and 49,421, respectively)	11,282			13,015
Total Investments at fair value (amortized cost of 463,795 and 476,432, respectively)	395,109		$	405,021
Cash and cash equivalents	11,222			17,532
Restricted cash	13,357			22,421
Interest receivable	4,429			6,088
Dividend receivable	895			1,367
Other assets	2,983			1,205
Total Assets	427,995		$	453,634
LIABILITIES
4.875% Notes Due 2026 (net of deferred financing costs and original issue discount of 644 and<br>1,017, respectively)	107,356		$	106,983
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs<br>of 1,073 and 1,322, respectively)	146,306			158,157
Accounts payable, accrued expenses and other liabilities	3,871			3,007
Accrued interest payable	3,321			3,646
Due to affiliates	—			635
Management and incentive fees payable	2,412			2,713
Total Liabilities	263,266		$	275,141
COMMITMENTS AND CONTINGENCIES
NET ASSETS
Common stock, par value 0.01 per share, 20,000,000 common shares authorized; 9,970,461 issued,<br>and 9,207,851 outstanding at June 30, 2025, and 9,960,785 issued, and 9,198,175 outstanding at December 31, 2024	92		$	92
Capital in excess of par value	714,459			714,331
Total distributable (loss) earnings	(549,822	)		(535,930	)
Total Net Assets	164,729		$	178,493
Total Liabilities and Net Assets	427,995		$	453,634
Net Asset Value Per Common Share	17.89		$	19.41

All values are in US Dollars.

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
INVESTMENT INCOME
Interest income:
Non-controlled/non-affiliated<br>investments	$	8,463		$	11,913		$	15,763		$	24,534
Non-controlled affiliated investments		324			312			640			407
Total interest income		8,787			12,225			16,403			24,941
Payment-in-kind income:
Non-controlled/non-affiliated<br>investments^(1)^		2,354			2,018			5,207			3,912
Non-controlled affiliated investments		95			183			303			295
Total<br>payment-in-kind income		2,449			2,201			5,510			4,207
Dividend income:
Non-controlled affiliated investments		1,213			1,800			2,630			3,453
Total dividend income		1,213			1,800			2,630			3,453
Fees and other income:
Non-controlled/non-affiliated<br>investments		98			111			122			262
Non-controlled affiliated investments		83			—			83			—
Total fees and other income		181			111			205			262
Total investment income		12,630			16,337			24,748			32,863
EXPENSES
Management fees		1,445			1,680			2,911			3,409
Performance-based incentive fees		967			1,374			1,887			2,608
Interest and amortization of debt issuance costs		4,230			5,365			8,528			11,091
Professional fees		403			469			855			1,074
Administrative services expense		450			361			861			717
Directors’ expense		142			162			286			323
Other general and administrative expenses		436			449			523			939
Total expenses		8,073			9,860			15,851			20,161
NET INVESTMENT INCOME		4,557			6,477			8,897			12,702
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) from investment transactions:
Non-controlled/non-affiliated<br>investments		(9,648	)		(694	)		(9,729	)		(2,335	)
Non-controlled affiliated investments		—			—			(92	)		—
Controlled affiliated investments		(6,192	)		(6,228	)		(6,192	)		(6,644	)
Net realized gain (loss) on investments		(15,840	)		(6,922	)		(16,013	)		(8,979	)
Net change in unrealized appreciation (depreciation) on:
Non-controlled/non-affiliated<br>investments		3,390			(10,163	)		1,889			(10,822	)
Non-controlled affiliated investments		(3,014	)		(2,055	)		(4,154	)		(1,915	)
Controlled affiliated investments		6,287			6,252			5,013			6,842
Derivatives		(35	)		—			(23	)		—
Net change in unrealized appreciation (depreciation) on investments		6,628			(5,966	)		2,725			(5,895	)
Tax (provision) benefit on realized and unrealized gains (losses) on investments		137			78			(209	)		537
Net realized and unrealized appreciation (depreciation) on investments, net of taxes		(9,075	)		(12,810	)		(13,497	)		(14,337	)
Net realized gain (loss) on extinguishment of debt		—			(39	)		—			(252	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,518	)	$	(6,372	)	$	(4,600	)	$	(1,887	)
Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share:
Basic and Diluted:	$	(0.49	)	$	(0.69	)	$	(0.50	)	$	(0.20	)
Net Investment Income Per Common Share:
Basic and Diluted:	$	0.50		$	0.70		$	0.97		$	1.36
Weighted Average Shares of Common Stock Outstanding — Basic and Diluted		9,204,657			9,293,687			9,201,451			9,319,272
(1)	During the three months ended June 30, 2025 and 2024, the Company received $0.1 million and<br>$0.1 million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item. During the six months ended<br>June 30, 2025 and 2024, the Company received $0.3 million and $0.1 million, respectively, of non-recurring fee income that was paid in-kind and included<br>in this financial statement line item.
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EX-99.2

Exhibit 99.2 Q2 2025 Earnings Presentation August 8, 2025

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 could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance and include, but are not limited to, projected financial performance, expected development of the business, plans and expectations about future investments, our contractual arrangements and relationships with third parties, the ability of our portfolio companies to achieve their objectives, the ability of the Company’s investment adviser to attract and retain highly talented professionals, our ability to maintain our qualification as a regulated investment company and as a business development company, our compliance with covenants under our borrowing arrangements, and the future liquidity of the Company. We generally identify forward-looking statements by terminology such as may, will, should, expects, plans, anticipates, could, intends, target, projects, “outlook”, contemplates, believes, estimates, predicts, potential or continue or the negative of these terms or other similar words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Forward-looking statements are subject to change at any time based upon economic, market or other conditions. More information on these risks and other potential factors that could affect the Company’s financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein, is included in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including in the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed quarterly report on Form 10-Q and annual report on Form 10-K, as well as in subsequent filings. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this presentation should not be regarded as a representation by us that our plans and objectives will be achieved. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required to be reported under the rules and regulations of the SEC. 2

Quarterly Highlights Q2 2025 Selected Highlights ▪ Total investment income for the quarter ended June 30, 2025, was $12.6 million, of which $10.9 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. This compares to total investment income of $12.1 million for the quarter ended March 31, 2025, of which $10.3 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio and $16.3 million for the quarter ended June 30, 2024, of which $13.9 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. ▪ Core investment income for the quarter ended June 30, 2025, excluding the impact of purchase discount accretion, was $12.6 million, as compared to core investment income of $12.1 million for the quarter ended March 31, 2025, and $16.2 million for the quarter ended June 30, 2024. ▪ Net investment income (“NII”) for the quarter ended June 30, 2025, was $4.6 million ($0.50 per share) as compared to $4.3 million ($0.47 per share) for the quarter ended March 31, 2025, and $6.5 million ($0.70 per share) for the quarter ended June 30, 2024. ▪ Net asset value (“NAV”) as of June 30, 2025, was $164.7 million ($17.89 per share), as compared to $173.5 million ($18.85 per share) for the first quarter of 2025. ▪ Deployments of approximately $10.9 million and repayments and sales of approximately $17.0 million, resulting in net repayments and sales of approximately $6.1 million. ▪ Investment portfolio at fair value as of June 30, 2025, was $395.1 million, comprised of 96 different portfolio companies. Our debt investment portfolio, excluding our investments in the CLO Funds, equities and Joint Ventures, totaled $323.1 million at fair value as of June 30, 2025, and was spread across 25 different industries comprised of 69 different portfolio companies with an average par balance per entity of approximately $2.6 million. This compares to a total investment portfolio at fair value as of March 31, 2025, of $406.4 million, comprised of 93 different portfolio companies. Our debt investment portfolio, excluding our investments in the CLO Funds, equities and Joint Ventures, totaled $324.8 million at fair value as of March 31, 2025, and was spread across 24 different industries and comprised of 72 different portfolio companies, with an average par balance per entity of approximately $2.6 million. ▪ Debt investments on non-accrual, as of June 30, 2025, were six, representing 2.1% and 4.8% of the Company’s investment portfolio at fair value and amortized cost, respectively. This compares to six debt investments representing 2.6% and 4.7% of the Company’s investment portfolio at fair value and amortized cost, respectively, as of March 31, 2025. ▪ Weighted average annualized yield, excluding income from non-accruals and collateralized loan obligations, was approximately 10.7% as of June 30, 2025. ▪ Par value of outstanding borrowings, as of June 30, 2025, was $255.4 million, which remained unchanged from March 31, 2025, with an asset coverage ratio of (2) (2) total assets to total borrowings of 165% as compared to 168% as of March 31, 2025. On a net basis, leverage as of June 30, 2025, was 1.4x compared to 1.3x as of March 31, 2025. ▪ Distribution: Declared a regular quarterly base distribution of $0.47 per share of common stock, and a supplemental cash distribution of $0.02 per share of common stock. The distributions are payable on August 29, 2025, to stockholders of record at the close of business on August 18, 2025. (1) Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase price discount accounting in connection with the Garrison Capital Inc. (“GARS”) and Harvest Capital Credit Corporation (“HCAP”) mergers. Portman Ridge believes presenting core investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection 3 with such U.S. GAAP measures in analyzing Portman Ridge’s financial performance. (2) Net leverage is calculated as the ratio between (A) debt, excluding unamortized debt issuance costs, less available cash and cash equivalents, and restricted cash and (B) NAV. Portman Ridge believes presenting a net leverage ratio is useful and appropriate supplemental disclosure because it reflects the Company’s financial condition net of $24.6 million and $23.5 million of cash and cash equivalents and restricted cash as of June 30, 2025, and March 31, 2025, respectively. However, the net leverage ratio is a non-U.S. GAAP measure and should not be considered as a replacement for the regulatory asset coverage ratio and other similar information presented in accordance with U.S. GAAP. Instead, the net leverage ratio should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial condition.

Quarterly Highlights Recent Milestones ▪ On July 15, 2025, the Company announced the closing of the previously announced merger with Logan Ridge Finance Corporation (“Logan Ridge”). – Logan Ridge merged with and into PTMN, with PTMN remaining as the surviving company. – Based on July 11, 2025, financial data, the combined company had total assets in excess of $600 million. – In connection with the closing of the merger, Logan Ridge shareholders are receiving approximately 4.0 million shares of PTMN common stock in the aggregate, or 1.5 shares of PTMN common stock for each common share of LRFC, based on the applicable exchange ratio and payment of cash in lieu of fractional shares. ▪ In the following weeks, Portman Ridge will rebrand and begin operating under the name BCP Investment Corporation. – Will continue to trade on the Nasdaq under the new ticker symbol “BCIC”. ▪ Share Repurchase Program: – As previously announced, PTMN’s Board of Directors has authorized an open market stock repurchase program of up to $10 million for the period from March 12, 2025, to March 31, 2026. – The Company intends to purchase up to 20% of the Company’s outstanding common stock to the extent the Company’s shares continue to trade below 80% of NAV. – These purchases will begin no earlier than 60 calendar days following the date of the closing of the Logan Ridge merger and may occur through various methods, including open market purchases and privately negotiated transactions, and may be conducted pursuant to Rule 10b5-1 and Rule 10b-18 trading plans. – The Company, its management and its adviser also reserve the right to conduct tender offers as part of the Company’s broader value creation initiatives. ▪ Beginning in 2026: The Company will transition to paying its currently quarterly base distribution on a monthly basis, while retaining the potential for quarterly supplemental distributions. 4

Financial Highlights ($ in thousands, except per share amounts) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Interest income, excluding CLO income and purchase discount accretion $11,589 $11,434 $10,038 $7,522 $8,573 Purchase discount accounting 112 25 25 16 — PIK Investment Income 2,201 1,552 2,427 3,061 2,449 CLO Income 524 254 178 78 214 JV Income 1,800 1,669 1,454 1,417 1,213 Fees and other income 111 243 $270 $24 $181 Investment Income $16,337 $15,177 $14,392 $12,118 $12,630 Less: Purchase discount accounting ($112) ($25) ($25) ($16) — (1) $16,225 $15,152 $14,367 $12,102 $12,630 Core investment income Expenses: Management fees 1,680 1,611 1,539 1,466 1,445 Performance-based incentive fees 1,374 1,230 1,174 920 967 Interest and amortization of debt issuance costs 5,365 5,120 4,572 4,298 4,230 Professional fees 470 283 516 452 403 Administrative services expense 361 596 458 411 450 Directors' expense 161 143 144 144 142 Other general and administrative expenses 449 392 450 87 436 Total expenses $9,860 $9,375 $8,853 $7,778 $8,073 Net Investment Income $6,477 $5,802 $5,539 $4,340 $4,557 Core net investment income $6,384 $5,781 $5,518 $4,327 $4,557 Net realized gain (loss) on investments (6,922) (11,419) (10,785) ( 173) (15,840) Net change in unrealized appreciation (depreciation) on investments (5,966) 4,511 2,390 (3,903) 6,628 Tax (provision) benefit on realized and unrealized gains (losses) on investments 78 — 316 (346) 137 Net realized gain (losse) on extinguishment of debt (39) (403) — — — Net increase/(decrease) in Core net assets resulting from operations ($6,465) ($1,530) ($2,561) ($95) ($4,518) Per Share Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Core Net Investment Income $0.69 $0.63 $0.60 $0.47 $0.50 Net Realized and Unrealized Gain / (Loss) on Investments ($1.39) ($0.75) ($0.90) ($0.44) ($1.01) Net Core Earnings ($0.70) ($0.17) ($0.28) ($0.01) ($0.49) Distributions declared $0.69 $0.69 $0.69 $0.54 $0.47 Net Asset Value $21.21 $20.36 $19.41 $18.85 $17.89 (1) Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase price discount accounting in connection with the GARS and HCAP mergers. Portman Ridge believes presenting core investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial performance. 5

(1) Impact of Benchmark Rates ▪ As of June 30, 2025, substantially all of our floating rate assets were on SOFR contract. ▪ If all floating rate assets as of 6/30/25 were reset to current 3-month benchmark rates of 4.3%, we would expect a minimal impact to quarterly income. (1) (1) 3-month SOFR per Bloomberg as of July 31, 2025. 6

Limited Repayment Activity ▪ Over the last three years, Portman has experienced an average of ~$0.4 million in income related to repayment / prepayment activity. 7

Core Earning Analysis ($ in ‘000s except per share) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Interest Income: Non-controlled/non-affiliated investments 11,913 11,357 9,145 7,300 8,463 Non-controlled affiliated investments 312 356 1,096 316 324 Total interest income 12,225 11,713 10,241 7,616 8,787 Payment-in-kind income: Non-controlled/non-affiliated investments 2,018 1,343 2,217 2,853 2,354 Non-controlled affiliated investments 183 209 210 208 95 Total payment-in-kind income 2,201 1,552 2,427 3,061 2,449 Dividend income: Non-controlled affiliated investments 1,800 1,669 1,454 1,417 1,213 Total dividend income 1,800 1,669 1,454 1,417 1,213 Fees and other income: Non-controlled/non-affiliated investments 111 243 270 24 98 Non-controlled affiliated investments 83 — — — — Total fees and other income 111 243 270 24 181 Reported Investment Income $16,337 $15,177 $14,392 $12,118 $12,630 Less: Purchase discount accouting (112) (25) (25) (16) — Core Investment Income $16,225 $15,152 $14,367 $12,102 $12,630 Report ed Net Investment Income $6,477 $5,802 $5,539 $4,340 $4,557 NII Per Share $0.70 $0.63 $0.59 $0.47 $0.50 Core (1) Net Investment Income $6,384 $5,777 $5,514 $4,324 $4,557 NII Per Share $0.69 $0.63 $0.60 $0.47 $0.50 (1) Core net investment income represents reported total net investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase price discount accounting in connection with the GARS and HCAP mergers, while also considering the impact of accretion from these mergers on expenses. Portman Ridge believes presenting core net investment income and the related per share amount is useful and appropriate supplemental 8 disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core net investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total net investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core net investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial performance.

Net Asset Value Rollforward ($ in ‘000s) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 NAV, Beginning of Period $210,607 $196,429 $187,982 $178,493 $173,511 Net investment income 6,477 5,802 5,539 4,340 4,557 Net realized gains (loss) on investments (6,922) (11,419) (10,785) (173) (15,840) Net change in unrealized appreciation (depreciation) on investments (5,966) 4,511 2,390 (3,903) 6,628 Tax (provision) benefit on realized and unrealized gains (losses) on investments 78 — 316 (346) 137 Net realized gain (loss) from extinguishments of debt (39) (403) — — — Net decrease in net assets resulting from stockholder distributions (6,411) (6,382) (6,345) (4,967) (4,325) Stock repurchases (1,553) (638) (688) — — Stock issued under dividend reinvestment plan 158 82 84 67 61 NAV, End of Period $196,429 $187,982 $178,493 $173,511 $164,729 Leverage and Asset Coverage Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Gross Leverage 1.5x 1.4x 1.5x 1.5x 1.6x (1) Net Leverage 1.3x 1.3x 1.3x 1.3x 1.4x Asset Coverage 169% 170% 167% 168% 165% (1) Net leverage is calculated as the ratio between (A) debt, excluding unamortized debt issuance costs, less available cash and cash equivalents, and restricted cash and (B) NAV. Portman Ridge believes presenting a net leverage ratio is useful and appropriate supplemental disclosure because it reflects the Company’s financial condition net of $24.6 million, $23.5 million, $40.0 million, $26.8 million, and $36.6 million of cash and cash equivalents and restricted cash as of June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively. However, the net leverage ratio is a non-U.S. GAAP measure and should not be considered as a replacement for the regulatory asset coverage ratio and other similar information presented in accordance with U.S. GAAP. Instead, the net leverage ratio should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial condition. 9

(1) Current Portfolio Profile (2) Diversified Portfolio of Assets Diversification by Borrower Borrower 1, 5.0% Borrower 2, 4.5% Top 5 Borrowers, 21.4% 96 Debt + Equity Portfolio Investee Companies Borrower 3, 4.3% Borrower 4, 4.0% $2.6mm / 1% Average Debt Position Size Borrower 5, 3.7% Remainder, 36.5% U.S Centric Investments: Nearly 100% US-Based Companies Next 6-10 Focus on Non-Cyclical Industries with High FCF Generation Investment, 15.4% Next 11-25 Investments, 26.7% Credit quality has been stable during the rotation period (2) (2) Industry Diversification Asset Mix Other, 17.7% Services: Business, 15.7% Aerospace and Second Lien Debt, Defense, 3.5% 8.7% Beverage, Food and Tobacco, 3.9% High Tech Industries, Equity Securities, 15.2% First Lien Debt, 6.9% Machinery (Non- 83.9% Agrclt/Constr/Electr), 4.0% Subordinated Debt, 0.5% Finance, 4.3% Banking, Finance, Insurance & Real Estate, 11.3% Media: Broadcasting & Subscription, 6.3% Consumer goods: Healthcare & Pharmaceuticals, 10.7% Durable, 7.4% (1) As of June 30, 2025. Figures shown do not include, CLO Funds, KCAP Freedom 3 LLC or Series A-Great Lakes Funding II LLC, and derivatives. 10 (2) Shown as % of debt and equity investments at fair market value.

(1)(2) Portfolio Trends ($ in ‘000s) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Portfolio Sourcing (at Fair Value): BC Partners $348,856 $339,747 $317,588 $326,614 $322,989 Legacy KCAP $23,333 $20,788 $20,291 $18,917 $16,814 Legacy OHAI $0 $0 $0 $0 $0 Legacy GARS $60,790 $57,683 $58,123 $52,744 $48,831 (3) $11,391 $10,760 $9,019 $8,148 $6,475 Legacy HCAP Portfolio Summary: Total portfolio, at fair value $444,370 $428,978 $405,021 $406,423 $395,109 Total number of debt portfolio companies / Total number of 75/196 72/194 71/180 72/180 69/185 (4) investments Weighted Avg EBITDA of debt portfolio companies $104,439 $111,503 $112,400 $129,902 $134,507 Average size of debt portfolio company investment, at fair value $2,602 $2,662 $2,508 $2,648 $2,646 Weighted avg first lien / total leverage ratio (net) of debt portfolio 5.0x/5.8x 5.0x/5.8x 5.0x/5.8x 5.1x/5.8x 5.1x/5.9x Portfolio Yields and Spreads: (5) 12.4% 11.9% 11.3% 11.0% 10.7% Weighted average yield on debt investments at par value Average Spread to LIBOR 752 bps 718 bps 739 bps 735 bps 714 bps Portfolio Activity: Beginning balance $471,255 $444,370 $428,978 $405,021 $406,423 Purchases / draws / PIK 16,220 4,543 26,764 20,361 14,191 Exits / repayments / amortization (32,096) (14,670) (43,489) (15,660) (17,049) Gains / (losses) / accretion (11,009) (5,265) (7,232) (3,299) (8,456) Ending Balance $444,370 $428,978 $405,021 $406,423 $395,109 (1) For comparability purposes, portfolio trends metrics exclude short-term investments and derivatives. (2) Excludes select investments where the metric is not applicable, appropriate or data is unavailable for the underlying statistic analyzed. 11 (3) Includes assets purchased from affiliate of HCAP’s former manager in a separate transaction. (4) CLO holdings and Joint Ventures are excluded from investment count. (5) Excluding income from non-accruals and collateralized loan obligations.

Credit Quality ▪ As of June 30, 2025, six of the Company’s debt investments were on non-accrual status and represented 2.1% and 4.8% of the Company’s investment portfolio at fair value and amortized cost, respectively. For a subset of the non-accrual population, the Company continues to recognize interest income on a cash basis, i.e., only when cash payments are received. ($ in ‘000s) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 (1) Investments Credit Quality – Internal Rating Performing 96.4% 92.3% 92.4% 92.1% 93.8% Underperforming 3.6% 7.7% 7.6% 7.9% 6.2% Investments on Non-Accrual Status Number of Non-Accrual Investments 9 9 6 6 6 Non-Accrual Investments at Cost $23,333 $22,532 $16,313 $22,799 $22,344 Non-Accrual Investments as a % of Total Cost 4.5% 4.5% 3.4% 4.7% 4.8% Non-Accrual Investments at Fair Value $2,024 $6,921 $6,869 $10,740 $8,439 Non-Accrual Investments as a % of Total Fair Value 0.5% 1.6% 1.7% 2.6% 2.1% (1) Based on fair market value as of the end of the respective period. 12

(1) Portfolio Composition Investment Portfolio ($ in ‘000s) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 First Lien Debt $320,815 $316,444 $289,957 $294,379 $291,071 Second Lien Debt 36,386 28,885 28,996 28,724 30,276 Subordinated Debt 1,693 1,696 1,740 1,740 1,750 Equity Securities 23,830 22,879 24,762 26,218 23,919 Collateralized Loan Obligations 7,354 6,786 5,193 4,639 3,263 Joint Ventures 54,292 52,288 54,153 50,491 44,634 Derivatives — — 220 232 196 Ending Balance $444,370 $428,978 $405,021 $406,423 $395,109 Investment Portfolio (% of total) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 First Lien Debt 72.1% 73.8% 71.6% 72.4% 73.7% Second Lien Debt 8.2% 6.7% 7.2% 7.1% 7.7% Subordinated Debt 0.4% 0.4% 0.4% 0.4% 0.4% Equity Securities 5.4% 5.3% 6.1% 6.5% 6.1% Collateralized Loan Obligations 1.7% 1.6% 1.3% 1.1% 0.8% Joint Ventures 12.2% 12.2% 13.4% 12.4% 11.3% Derivatives — — 0.0% 0.1% 0.0% Total 100.0% 100.0% 100.0% 100.0% 100.0% (1) At Fair Value at the end of the respective period. Does not include activity in short-term investments. 13

M&A Value Realization ▪ M&A Value Realization as of June 30, 2025: OHAI GARS HCAP 14

Appendix

Consolidated Statements of Assets and Liabilities June 30, 2025 December 31, 2024 (Unaudited) ASSETS Investments at fair value: Non-controlled/non-affiliated investments (amortized cost of $358,576 and $358,153, respectively) $ 329,911 $ 327,622 Non-controlled affiliated investments (amortized cost of $62,544 and $68,858, respectively) 53,916 64,384 Controlled affiliated investments (amortized cost of $42,675 and $49,421, respectively) 11,282 13,015 Total Investments at fair value (amortized cost of $463,795 and $476,432, respectively) $ 395,109 $ 405,021 Cash and cash equivalents 11,222 17,532 Restricted cash 13,357 22,421 Interest receivable 4,429 6,088 Dividend receivable 895 1,367 Other assets 2,983 1,205 Total Assets $ 427,995 $ 453,634 LIABILITIES 4.875% Notes Due 2026 (net of deferred financing costs and original issue discount of $644 and $1,017, respectively) $ 107,356 $ 106,983 Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $1,073 and $1,322, respectively) 146,306 158,157 Accounts payable, accrued expenses and other liabilities 3,871 3,007 Accrued interest payable 3,321 3,646 Due to affiliates — 635 Management and incentive fees payable 2,412 2,713 Total Liabilities $ 263,266 $ 275,141 COMMITMENTS AND CONTINGENCIES NET ASSETS Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 9,970,461 issued, and 9,207,851 outstanding at June 30, 2025, and 9,960,785 issued, and 9,198,175 outstanding at December 31, 2024 $ 92 $ 92 Capital in excess of par value 714,459 714,331 Total distributable (loss) earnings (549,822 ) (535,930 ) Total Net Assets $ 164,729 $ 178,493 Total Liabilities and Net Assets $ 427,995 $ 453,634 Net Asset Value Per Common Share $ 17.89 $ 19.41 16

Consolidated Statements of Operations For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 INVESTMENT INCOME Interest income: Non-controlled/non-affiliated investments $ 8,463 $ 11,913 $ 15,763 $ 24,534 Non-controlled affiliated investments 324 312 640 407 Total interest income 8,787 12,225 16,403 24,941 Payment-in-kind income: (1) Non-controlled/non-affiliated investments 2,354 2,018 5,207 3,912 Non-controlled affiliated investments 95 183 303 295 Total payment-in-kind income 2,449 2,201 5,510 4,207 Dividend income: Non-controlled affiliated investments 1,213 1,800 2,630 3,453 Total dividend income 1,213 1,800 2,630 3,453 Fees and other income: Non-controlled/non-affiliated investments 98 111 122 262 Non-controlled affiliated investments 83 — 83 — Total fees and other income 181 111 205 262 Total investment income 12,630 16,337 24,748 32,863 EXPENSES Management fees 1,445 1,680 2,911 3,409 Performance-based incentive fees 967 1,374 1,887 2,608 Interest and amortization of debt issuance costs 4,230 5,365 8,528 11,091 Professional fees 403 469 855 1,074 Administrative services expense 450 361 861 717 Directors' expense 142 162 286 323 Other general and administrative expenses 436 449 523 939 Total expenses 8,073 9,860 15,851 20,161 NET INVESTMENT INCOME 4,557 6,477 8,897 12,702 REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS Net realized gains (losses) from investment transactions: Non-controlled/non-affiliated investments (9,648 ) (694 ) (9,729 ) (2,335 ) Non-controlled affiliated investments — — (92 ) — Controlled affiliated investments (6,192 ) (6,228 ) (6,192 ) (6,644 ) Net realized gain (loss) on investments (15,840 ) (6,922 ) (16,013 ) (8,979 ) Net change in unrealized appreciation (depreciation) on: Non-controlled/non-affiliated investments 3,390 (10,163 ) 1,889 (10,822 ) Non-controlled affiliated investments (3,014 ) (2,055 ) (4,154 ) (1,915 ) Controlled affiliated investments 6,287 6,252 5,013 6,842 Derivatives (35 ) — (23 ) — Net change in unrealized appreciation (depreciation) on investments 6,628 (5,966 ) 2,725 (5,895 ) Tax (provision) benefit on realized and unrealized gains (losses) on investments 137 78 (209 ) 537 Net realized and unrealized appreciation (depreciation) on investments, net of taxes (9,075 ) (12,810 ) (13,497 ) (14,337 ) Net realized gain (loss) on extinguishment of debt — (39 ) — (252 ) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (4,518 ) $ (6,372 ) $ (4,600 ) $ (1,887 ) Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share: Basic and Diluted: $ (0.49 ) $ (0.69 ) $ (0.50 ) $ (0.20 ) Net Investment Income Per Common Share: Basic and Diluted: $ 0.50 $ 0.70 $ 0.97 $ 1.36 Weighted Average Shares of Common Stock Outstanding — Basic and Diluted 9,204,657 9,293,687 9,201,451 9,319,272 (1)During the three months ended June 30, 2025, and 2024, the Company received $0.1 million and $0.1 million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item. During the six months ended June 30, 2025 and 2024, the Company received $0.3 million and $0.1 17 million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item.

Corporate Leverage & Liquidity Cash and Cash Equivalents ▪ Unrestricted cash and cash equivalents totaled $11.2 million as of June 30, 2025. ▪ Restricted cash totaled $13.4 million as of June 30, 2025. Debt Summary ▪ As of June 30, 2025, par value of outstanding borrowings was $255.4 million with a current weighted average interest rate of 6.0%. ▪ The $147.4 million of borrowings under the JPM Revolving Credit Facility was bearing a floating rate. ▪ The $108.0 million par value of 4.875% notes due 2026 was bearing a fixed rate ▪ As of June 30, 2025, there was $52.6 million of available borrowing capacity under the JPM Revolving Credit Facility. 18

(1) Regular Distribution Information Supplemental Date Declared Record Date Payment Date Distribution per Share Distribution per Change in Dividend Policy introduced in March 2025: Share 8/7/2025 8/18/2025 8/29/2025 $0.47 $0.02 • The Company’s Board of Directors modified the Company’s dividend policy to introduce a stable base 5/8/2025 5/19/2025 5/29/2025 $0.47 $0.00 distribution, which is anticipated to be sustainable across 3/13/2025 3/24/2025 3/31/2025 $0.47 $0.07 market cycles. 11/7/2024 11/19/2024 11/29/2024 $0.69 • Additionally, the Board intends to declare a quarterly 8/8/2024 8/22/2024 8/30/2024 $0.69 supplemental distribution going forward, which will 5/8/2024 5/21/2024 5/31/2024 $0.69 approximate 50% of net investment income in excess of the quarterly base distribution to account for fluctuations 3/11/2024 3/20/2024 3/31/2024 $0.69 in rates and spreads. 11/9/2023 11/22/2023 11/31/2023 $0.69 8/9/2023 8/22/2023 8/31/2023 $0.69 5/10/2023 5/22/2023 5/31/2023 $0.69 3/9/2023 3/20/2023 3/31/2023 $0.68 11/8/2022 11/24/2022 12/13/2022 $0.67 8/10/2022 8/16/2022 9/2/2022 $0.63 5/10/2022 5/24/2022 6/7/2022 $0.63 3/10/2022 3/21/2022 3/30/2022 $0.63 11/3/2021 11/15/2021 11/30/2021 $0.62 8/4/2021 1 for 10 Reverse Stock Split effective 8/26/21 8/4/2021 8/17/2021 8/31/2021 $0.60 5/6/2021 5/19/2021 6/1/2021 $0.60 2/12/2021 2/22/2021 3/2/2021 $0.60 10/16/2020 10/26/2020 11/27/2020 $0.60 8/5/2020 8/17/2020 8/28/2020 $0.60 3/17/2020 5/7/2020 5/27/2020 $0.60 2/5/2020 2/18/2020 2/28/2020 $0.60 11/5/2019 11/15/2019 11/29/2019 $0.60 8/5/2019 8/12/2019 8/29/2019 $0.60 (1) The Company completed a Reverse Stock Split of 10 to 1 effective August 26, 2021, the distribution per share amounts have been adjusted retroactively to reflect the split for all periods presented. 19