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, 2025

 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 Incorporation or organization)	(I.R.S. Employer Identification Number)

650 Madison Avenue, 3rd Floor

New York, New York 10022

(Address of principal executive offices)

(212) 891-2880

(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 exchange on which registered
Common Stock, par value $0.01 per share	PTMN	The NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
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 7(a)(2)(B) of the Securities Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes  No 

The number of outstanding shares of common stock of the registrant as of August 1, 2025 was 13,191,929.

TABLE OF CONTENTS

		Page
	Part I. Financial Information
Item 1.	Financial Statements	4
	Consolidated Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and December 31, 2024	4
	Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (unaudited)	5
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024 (unaudited)	6
	Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (unaudited)	7
	Consolidated Schedules of Investments as of June 30, 2025 (unaudited) and December 31, 2024	8
	Consolidated Financial Highlights for the six months ended June 30, 2025 and 2024 (unaudited)	16
	Notes to Consolidated Financial Statements as of and for the period ended June 30, 2025 (unaudited)	17
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	54
Item 4.	Controls and Procedures	55
	Part II. Other Information
Item 1.	Legal Proceedings	56
Item 1A.	Risk Factors	56
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	57
Item 3.	Defaults Upon Senior Securities	57
Item 4.	Mine Safety Disclosures	57
Item 5.	Other Information	57
Item 6.	Exhibits	57
Signatures		58

2

NOTE ABOUT REFERENCES TO PORTMAN RIDGE FINANCE CORPORATION

In this Quarterly Report on Form 10-Q, the “Company”, “Portman Ridge”, “we”, “us” and “our” refer to Portman Ridge Finance Corporation and its wholly-owned subsidiaries, unless the context otherwise requires.

NOTE ABOUT FORWARD-LOOKING STATEMENTS

The information contained in this item should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report and in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission (the “Commission” or the “SEC”). In addition, some of the statements in this report constitute forward-looking statements. The matters discussed in this Quarterly Report, 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. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “outlook, ”believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Important assumptions include our ability to originate new investments, 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 Quarterly Report should not be regarded as a representation by us that our plans or objectives will be achieved. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•our future operating results;

•our business prospects and the prospects of our existing and prospective portfolio companies;

•the return or impact of current and future investments;

•our contractual arrangements and other relationships with third parties;

•the dependence of our future success on the general economy and its impact on the industries in which we invest;

•the financial condition and ability of our existing and prospective portfolio companies to achieve their objectives;

•our expected financings and investments;

•our ability to operate as a business development company (“BDC”) under the Investment Company Act of 1940 and a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, including the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies;

•the adequacy of our available liquidity, cash resources and working capital;

•the timing of cash flows, if any, from the operations of our portfolio companies;

•the ability of Sierra Crest Investment Management LLC (the “Adviser”) to locate suitable investments for us to monitor and administer our investments;

•the ability of the Adviser to attract and retain highly talented professionals;

•actual and potential conflicts of interest with the Adviser and its affiliates;

•the effect of legal, tax, and regulatory changes on us and our portfolio companies;

•the impact of a protracted decline in the liquidity of credit markets on our business;

•the impact of fluctuations in interest rates on our business;

•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

•our ability to recover unrealized losses;

•market conditions and our ability to access additional capital;

•an economic downturn could have a material adverse effect on our portfolio companies’ results of operations and financial condition, which could lead to a loss on some or all of our investments in such portfolio companies and have a material adverse effect on our results of operations and financial condition;

•the timing, form and amount of any dividend distributions; and

•risks related to certain mergers diverting management’s attention from ongoing business operations.

For a more detailed discussion of factors that could cause our actual results to differ from forward-looking statements contained in this Quarterly Report, please see the discussion in Part II, “Item 1A. Risk Factors” of this Quarterly Report, and in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. You should not place undue reliance on these forward-looking statements. The forward-looking statements made in this Quarterly Report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date this Quarterly Report is filed with the SEC.

3

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except share and per share amounts)

	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 (NOTE 8)
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

See accompanying notes to unaudited consolidated financial statements.

4

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(Unaudited)

	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:
Non-controlled/non-affiliated investments(1)		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 million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item.

See accompanying notes to unaudited consolidated financial statements.

5

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS(1)

(in thousands, except share and per share amounts)

(Unaudited)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
Operations:
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 realized gain (loss) from extinguishment of debt		—			(39	)		—			(252	)
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 increase (decrease) in net assets resulting from operations	$	(4,518	)	$	(6,372	)	$	(4,600	)	$	(1,887	)
Stockholder distributions:
Distributions declared	$	(4,325	)	$	(6,411	)	$	(9,292	)	$	(12,854	)
Net decrease in net assets resulting from stockholder distributions	$	(4,325	)	$	(6,411	)	$	(9,292	)	$	(12,854	)
Capital share transactions:
Issuance of common stock for:
Stock issued under dividend reinvestment plan	$	61		$	158		$	128		$	158
Stock repurchases		—			(1,553	)		—			(2,506	)
Net increase (decrease) in net assets resulting from capital share transactions	$	61		$	(1,395	)	$	128		$	(2,348	)
Net assets at beginning of period	$	173,511		$	210,607		$	178,493		$	213,518
Net assets at end of period	$	164,729		$	196,429		$	164,729		$	196,429
Net asset value per common share	$	17.89		$	21.21		$	17.89		$	21.21
Common shares outstanding at end of period		9,207,851			9,260,495			9,207,851			9,260,495

(1)Refer to Note 9 “Stockholders' Equity” for additional information on changes in components of Stockholders' Equity.

See accompanying notes to unaudited consolidated financial statements.

6

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except share and per share amounts)

(Unaudited)

	For the Six Months Ended June 30,
	2025			2024
OPERATING ACTIVITIES:
Net increase (decrease) in net assets resulting from operations	$	(4,600	)	$	(1,887	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operations:
Net realized (gain) loss on investments		16,013			8,979
Net change in unrealized (appreciation) depreciation on investments		(2,725	)		5,895
Tax provision (benefit) on realized and unrealized gains (losses) on investments		209			(537	)
Purchases of investments		(28,432	)		(51,093	)
Proceeds from sales and redemptions of investments		32,709			67,576
Net accretion of investments		(1,600	)		(2,657	)
Amortization of debt issuance costs		621			595
Net realized (gain) loss on extinguishment of debt		—			252
Payment-in-kind income		(5,577	)		(4,207	)
Change in operating assets and liabilities:
(Increase) decrease in receivable for unsettled trades		—			573
(Increase) decrease in interest receivable		1,184			503
(Increase) decrease in dividend receivable		472			(10	)
(Increase) decrease in other assets		(1,778	)		(268	)
Increase (decrease) in payable for unsettled trades		—			(483	)
Increase (decrease) in accrued interest payable		(325	)		(391	)
Increase (decrease) in management and incentive fees payable		(301	)		(1,099	)
Increase (decrease) in due to affiliates		(635	)		(47	)
Increase (decrease) in accounts payable and accrued expenses		655			(805	)
Net cash provided by (used in) operating activities	$	5,890		$	20,889
FINANCING ACTIVITIES:
Stock repurchase program	$	—			(2,506	)
Distributions to stockholders		(9,164	)		(12,696	)
Repayment of 2018-2 Secured Notes		—			(40,612	)
Repayment of Revolving Credit Facilities		(12,100	)		—
Net cash provided by (used in) financing activities	$	(21,264	)	$	(55,814	)
CHANGE IN CASH AND RESTRICTED CASH	$	(15,374	)	$	(34,925	)
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD		39,953			71,564
CASH AND RESTRICTED CASH, END OF PERIOD	$	24,579		$	36,639
Amounts per consolidated statements of assets and liabilities:
Cash and cash equivalents	$	11,222		$	9,813
Restricted cash		13,357			26,826
Total Cash and Restricted cash	$	24,579		$	36,639
Supplemental Information and non-cash activities:
Cash paid for interest during the period	$	8,234		$	10,887
Reinvestment of distributions	$	128		$	158

See accompanying notes to unaudited consolidated financial statements.

7

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(in thousands, except share and per share amounts)

(Unaudited)

Investment (2), (4), (12), (14), (23), (24)	Industry	Interest Rate (1)	Reference Rate and Spread (1)	Floor (1)	Maturity	Par/Shares (++)		Cost			Fair Value			Footnotes
Investments in Non-Control, Non-Affiliate Portfolio Companies - 200.4%
First Lien/Senior Secured Debt - 172.2%
Accordion Partners LLC	Finance	9.55%	SOFR + 5.25%	0.75%	11/17/31		4,599	$	4,574		$	4,581		(13)(20)
Accordion Partners LLC (Revolver)	Finance	—	SOFR + 5.25%	0.75%	11/17/31		—		(8	)		(5	)	(15)(20)
Accurate Background, LLC	Services: Business	10.56%	SOFR + 6.00%	1.00%	03/26/29		4,345		4,177			4,345		(13)
Advantage Capital Holdings LLC	Banking, Finance, Insurance & Real Estate	13.00%	13.00%, 5.00% PIK	—	04/14/27		15,127		15,126			14,427		(13)
AIDC IntermediateCo 2, LLC (Peak Technologies)	Services: Business	9.83%	SOFR + 5.50%	1.00%	07/22/27		975		968			966		(13)
AMCP Pet Holdings, Inc.	Beverage, Food and Tobacco	11.43%	SOFR + 4.00%, 3.00% PIK	1.00%	10/06/26		4,705		4,680			4,643		(13)
AMCP Pet Holdings, Inc. (Revolver)	Beverage, Food and Tobacco	11.43%	SOFR + 4.00%, 3.00% PIK	1.00%	10/06/26		1,025		1,021			1,011
American Academy Holdings, LLC	Healthcare & Pharmaceuticals	14.19%	SOFR + 9.75%, 5.25% PIK	3.25%	06/30/27		3,996		3,991			4,226		(13)
Ancile Solutions, Inc.	High Tech Industries	14.57%	SOFR + 10.00%	1.00%	06/11/26		5,804		5,773			5,804		(13)
Anthem Sports & Entertainment Inc. (2025 Delayed Draw Term Loan)	Media: Broadcasting & Subscription	10.06%	SOFR + 5.50%, 10.06% PIK	1.00%	11/15/27		975		975			975		(20)
Anthem Sports & Entertainment Inc. (Hollywood Suits Delayed Draw Term Loan)	Media: Broadcasting & Subscription	10.06%	SOFR + 5.50%, 10.06% PIK	1.00%	11/15/27		4,147		4,147			4,147
Anthem Sports & Entertainment Inc. (Term Loan B)	Media: Broadcasting & Subscription	10.00%	10.00% PIK	1.00%	11/15/27		8,729		8,729			8,729
Anthem Sports & Entertainment Inc. (Term Loan C)	Media: Broadcasting & Subscription	—	—	1.00%	11/15/27		8,729		935			935		(5)
Appfire Technologies, LLC	High Tech Industries	9.30%	SOFR + 5.00%	1.00%	03/09/28		5,802		5,798			5,789		(13)
BetaNXT, Inc.	Banking, Finance, Insurance & Real Estate	10.05%	SOFR + 5.75%	—	07/01/29		12,417		11,954			11,961		(13)
BetaNXT, Inc. (Revolver)	Banking, Finance, Insurance & Real Estate	8.80%	SOFR + 4.50%	—	07/01/27		966		966			878		(20)
Bradshaw International Parent Corp.	Consumer goods: Durable	10.18%	SOFR + 5.75%	1.00%	10/21/27		488		483			485		(13)
Bradshaw International Parent Corp. (Revolver)	Consumer goods: Durable	—	SOFR + 5.75%	1.00%	10/21/26		—		(23	)		(7	)	(15)(20)
C.P. Converters, Inc.	Chemicals, Plastics and Rubber	12.08%	SOFR + 7.75%, 12.08% PIK	—	12/13/25		11,426		11,426			10,855		(13)
CB MIDCO, LLC	Consumer goods: Durable	10.18%	SOFR + 5.75%	1.00%	09/27/27		3,816		3,801			2,715		(13)
CCMG Buyer, LLC (Care Connectors Medical Group)	Healthcare & Pharmaceuticals	9.83%	SOFR + 5.50%	1.00%	05/08/30		3,135		3,103			3,135		(13)
CCMG Buyer, LLC (Care Connectors Medical Group) (Revolver)	Healthcare & Pharmaceuticals	—	SOFR + 5.50%	1.00%	05/08/30		—		(5	)		—		(15)(20)
Centric Brands Inc.	Machinery (Non-Agrclt/Constr/Electr)	9.76%	SOFR + 5.50%	1.00%	08/06/29		3,689		3,689			3,689		(13)
Centric Brands Inc. (Term Loan A1)	Machinery (Non-Agrclt/Constr/Electr)	10.76%	SOFR + 6.50%	1.00%	02/06/31		3,115		3,115			3,115		(13)
Centric Brands Inc. (Term Loan A2)	Machinery (Non-Agrclt/Constr/Electr)	12.26%	SOFR + 8.00%, 12.26% PIK	1.00%	02/06/31		3,683		3,683			3,683
Colonnade Intermediate, LLC	Services: Business	—	—	1.00%	09/30/26		8,382		7,708			5,816		(5)
Colonnade Intermediate, LLC (Revolver)	Services: Business	—	—	1.00%	09/30/26		685		685			476		(5)
Datalink, LLC	Healthcare & Pharmaceuticals	13.68%	SOFR + 9.25%	1.00%	11/23/26		2,640		2,623			1,868		(13)
Dentive, LLC	Healthcare & Pharmaceuticals	11.05%	SOFR + 6.75%	0.75%	12/26/28		2,726		2,687			2,647		(13)(20)
Dentive, LLC (Revolver)	Healthcare & Pharmaceuticals	11.04%	SOFR + 6.75%	0.75%	12/26/28		206		202			200		(20)
Dodge Data & Analytics LLC	Construction & Building	10.71%	SOFR + 6.25%	0.50%	01/31/29		656		649			655		(13)
Dodge Data & Analytics LLC (Second Out)	Construction & Building	9.21%	SOFR + 4.75%	0.50%	02/28/29		910		793			754		(13)
Florida Food Products, LLC	Beverage, Food and Tobacco	9.48%	SOFR + 5.00%	0.75%	10/18/28		6,788		6,697			4,616		(13)
Fulcrum US Holdings, Inc. (Revolver)	IT Consulting & Other Services	13.50%	P + 6.00%	—	07/15/25		2,000		2,000			2,000
Fusion Buyer, LLC (fka Franchise Group Inc.)	Consumer Services	12.40%	SOFR + 8.00%	—	06/06/30		1,384		1,383			1,383		(13)
Global Integrated Flooring Systems Inc.	Consumer goods: Durable	13.66%	SOFR + 8.36%, 1.00% PIK	—	12/31/26		6,317		5,617			3,487
Global Integrated Flooring Systems Inc. (Revolver)	Consumer goods: Durable	7.47%	SOFR + 3.00%, 6.25% PIK	—	12/31/26		51		45			29
H.W. Lochner, Inc.	Services: Business	10.68%	SOFR + 6.25%	1.00%	07/02/27		17,430		17,284			17,429		(13)
HDC/HW Intermediate Holdings, LLC - Term Loan A	High Tech Industries	13.56%	SOFR + 9.00%	5.25%	06/21/26		5,798		5,375			4,608		(20)
HDC/HW Intermediate Holdings, LLC - Term Loan B	High Tech Industries	—	—	—	06/21/26		3,950		940			—		(5)
Help Systems Holdings, Inc.	High Tech Industries	8.38%	SOFR + 4.00%	0.75%	11/19/26		1,944		1,884			1,857		(13)
IDC Infusion Services LLC	Healthcare & Pharmaceuticals	10.80%	SOFR + 6.50%	1.00%	07/07/28		3,814		3,765			3,831		(13)(20)
Ivanti Software, Inc.	High Tech Industries	9.02%	SOFR + 4.75%	0.75%	06/01/29		999		890			833		(13)
Ivanti Software, Inc. - NewCo	High Tech Industries	10.02%	SOFR + 5.75%	2.00%	06/01/29		516		491			532		(13)
Keg Logistics LLC	Services: Business	11.23%	SOFR + 6.75%	1.00%	11/23/27		11,845		11,774			11,637		(13)
Keg Logistics LLC (Revolver)	Services: Business	11.21%	SOFR + 6.75%	1.00%	11/23/27		872		859			857
Lifescan Global Corporation	Healthcare & Pharmaceuticals	10.92%	SOFR + 6.50%	1.00%	12/31/26		2,001		1,950			1,325		(13)
Live Comfortably Inc.	Consumer goods: Durable	7.44%	SOFR + 3.00%	2.00%	09/20/27		6,239		6,053			5,750		(13)
MAG DS Corp.	Aerospace and Defense	9.90%	SOFR + 5.50%	1.00%	04/01/27		3,604		3,435			3,486		(13)
Middle West Spirits, LLC	Beverage, Food and Tobacco	10.53%	SOFR + 6.25%	2.00%	04/23/30		3,072		3,012			3,010		(13)
Middle West Spirits, LLC (Revolver)	Beverage, Food and Tobacco	—	SOFR + 6.25%	2.00%	04/23/30		—		(17	)		(18	)	(15)(20)
Money Transfer Acquisition Inc.	Finance	12.68%	SOFR + 8.25%	1.00%	12/14/27		8,466		8,376			8,293
Morae Global Corporation (Term Loan A)	IT Consulting & Other Services	12.43%	SOFR + 8.00%	2.00%	10/31/28		2,099		1,989			2,044		(13)
Morae Global Corporation (Term Loan B)	IT Consulting & Other Services	12.45%	SOFR + 8.00%	2.00%	10/31/28		1,133		1,072			1,111		(13)
Morae Global Corporation (Revolver)	IT Consulting & Other Services	12.42%	SOFR + 8.00%	2.00%	10/31/28		167		161			163		(20)
MSM Acquisitions, Inc.	Services: Business	10.33%	SOFR + 3.50%, 2.50% PIK	1.00%	12/09/26		9,989		9,970			9,104		(13)
Neptune Bidco US Inc.	Media: Broadcasting & Subscription	9.33%	SOFR + 5.00%	0.50%	04/11/29		4,445		4,093			4,216		(13)
Neptune Bidco US Inc. (Term Loan A)	Media: Broadcasting & Subscription	9.08%	SOFR + 4.75%	0.50%	10/11/28		2,992		2,699			2,826		(13)
Netwrix Corporation	High Tech Industries	9.08%	SOFR + 4.75%	0.75%	06/09/29		4,227		4,213			4,193		(13)
Netwrix Corporation (Revolver)	High Tech Industries	—	SOFR + 5.00%	0.75%	06/09/29		—		(6	)		(9	)	(15)(20)
Newbury Franklin Industrials, LLC	Consumer goods: Durable	11.18%	SOFR + 7.00%	2.00%	12/11/29		3,993		3,892			3,892		(13)(20)
One Stop Mailing LLC	Transportation: Consumer	10.69%	SOFR + 6.25%	1.00%	04/29/27		7,415		7,368			7,415		(13)
PMA Parent Holdings LLC	Finance	9.80%	SOFR + 5.50%	0.75%	01/31/31		1,398		1,378			1,380		(13)
PMA Parent Holdings LLC (Revolver)	Finance	—	SOFR + 5.50%	0.75%	01/31/31		—		(1	)		(1	)	(15)(20)
PhyNet Dermatology LLC	Healthcare & Pharmaceuticals	10.77%	SOFR + 6.50%	1.00%	10/20/29		1,287		1,264			1,268		(13)(20)
Pomeroy Technologies, LLC (Super Senior A)	High Tech Industries	6.00% PIK	—	—	11/30/27		1,409		1,409			1,409

See accompanying notes to unaudited consolidated financial statements.

8

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - CONTINUED

As of June 30, 2025

(in thousands, except share and per share amounts)

(Unaudited)

Investment (2), (4), (12), (14), (23), (24)	Industry	Interest Rate (1)	Reference Rate and Spread (1)	Floor (1)	Maturity	Par/Shares (++)		Cost			Fair Value		Footnotes
Premier Imaging, LLC	Healthcare & Pharmaceuticals	10.56%	SOFR + 6.00%	1.00%	03/31/26		2,943	$	2,943		$	2,583
Project Castle, Inc.	Transportation: Cargo	9.72%	SOFR + 5.50%	0.50%	06/08/29		3,004		2,825			2,383	(13)
Project Leopard Holdings, Inc.	High Tech Industries	9.63%	SOFR + 5.25%	0.50%	07/20/29		5,666		5,437			5,163	(13)
PVHC Holding Corp	Containers, Packaging and Glass	10.70%	SOFR + 5.50%, 0.75% PIK	2.50%	02/17/27		2,726		2,725			2,705	(13)
Radius Aerospace, Inc.	Aerospace and Defense	10.45%	SOFR + 6.00%, 0.25% PIK	1.00%	03/29/27		5,496		5,489			5,465	(13)
STG Distribution, LLC (STG Logistics) (Second Out)	Transportation: Cargo	11.92%	SOFR + 7.60%, 6.50% PIK	1.50%	10/03/29		1,837		1,159			620	(13)
STG Distribution, LLC (STG Logistics) (Third Out)	Transportation: Cargo	11.42%	SOFR + 7.10%, 6.00% PIK	1.50%	10/03/29		1,373		521			170
Riskonnect Parent LLC	Application Software	9.22%	SOFR + 5.00%	0.75%	12/07/28		1,210		1,165			1,163	(13)(20)
Red Range Intermediate Inc.	Capital Equipment	12.42%	SOFR + 8.00%	1.00%	10/01/29		324		324			324
South Street Securities Holdings, Inc	Banking, Finance, Insurance & Real Estate	9.00%	—	—	09/20/27		3,150		2,917			2,811
Sundance Holdings Group, LLC	Retail	—	—	—	06/30/25		6,561		6,511			—	(5)
Sundance Holdings Group, LLC (Priority PIK Term Loan)	Retail	9.50% PIK	SOFR + 9.50%, 9.50% PIK	—	06/30/25		162		162			162
Symplr Software, Inc.	Healthcare & Pharmaceuticals	8.88%	SOFR + 4.50%	0.75%	12/22/27		1,644		1,643			1,504	(13)
Synamedia Americas Holdings, Inc.	Interactive Media & Services	10.80%	SOFR + 6.50%	1.00%	12/05/28		7,110		7,092			7,089	(13)
TA/WEG Holdings, LLC	Banking, Finance, Insurance & Real Estate	9.29%	SOFR + 5.00%	1.00%	10/02/28		5,006		5,001			5,006	(13)
TA/WEG Holdings, LLC (Revolver)	Banking, Finance, Insurance & Real Estate	—	SOFR + 5.00%	1.00%	10/02/28		—		(2	)		—	(15)(20)
Tactical Air Support, Inc.	Aerospace and Defense	12.91%	SOFR + 8.50%	1.00%	12/22/28		1,925		1,896			1,912	(13)
Taoglas USA Holdings Inc.	High Tech Industries	11.55%	SOFR + 7.25%	1.00%	02/28/29		1,639		1,616			1,616	(13)
TLE Holdings, LLC	Healthcare, Education and Childcare	9.93%	SOFR + 5.50%	1.00%	06/29/26		6,082		6,081			6,082	(13)
VBC Spine Opco LLC (DxTx Pain and Spine LLC)	Healthcare & Pharmaceuticals	12.46%	SOFR + 8.00%	2.00%	06/14/28		4,007		3,959			4,007	(13)
VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver)	Healthcare & Pharmaceuticals	12.46%	SOFR + 8.00%	2.00%	06/14/28		258		253			258	(15)(20)
VTX Intermediate Holdings, Inc.	High Tech Industries	11.58%	SOFR + 7.00%, 1.00% PIK	2.00%	12/12/29		5,148		5,106			5,110	(13)
Total First Lien/Senior Secured Debt									304,562			283,587
Second Lien/Senior Secured Debt - 16.0%
American Academy Holdings, LLC	Healthcare & Pharmaceuticals	14.50% PIK	14.50%, 14.50% PIK	—	03/01/28		7,312		7,252			7,202
Confluence Technologies, Inc.	Services: Business	10.97%	SOFR + 6.50%, 6.50% PIK	0.50%	07/23/29		4,064		4,048			3,494	(13)
Dcert Buyer, Inc.	High Tech Industries	11.32%	SOFR + 7.00%	—	02/16/29		5,400		5,394			4,745	(13)
Idera, Inc.	High Tech Industries	11.19%	SOFR + 6.75%	0.75%	02/04/29		2,024		2,015			1,986	(13)
Ivanti Software, Inc.	High Tech Industries	11.82%	SOFR + 7.25%	0.50%	06/01/29		6,060		6,036			3,490	(13)
Project Leopard Holdings, Inc.	High Tech Industries	12.04%	SOFR + 7.75%	0.50%	07/20/30		5,000		4,935			4,525	(13)
VTX Intermediate Holdings, Inc.	High Tech Industries	12.50% PIK	—	—	12/12/30		912		896			888
Total Second Lien/Senior Secured Debt									30,576			26,330
Subordinated Debt - 1.1%
DeltaDx Limited, LP (Money Transfer Acquisition Inc.)	Finance	15.00% PIK	—	—	06/14/28		538		538			538
Lucky Bucks Holdings LLC	Hotel, Gaming & Leisure	—	—	—	05/29/28		6,258		5,565			1,212	(5)
Total Subordinated Debt									6,103			1,750
Collateralized Loan Obligations - 1.1%
Catamaran CLO 2014-1 Ltd.	CLO Fund Securities	—	—	—	04/20/30		15,161		—			—	(3)(7)(10)
Catamaran CLO 2018-1 Ltd	CLO Fund Securities	17.26%	—	—	10/27/31		10,000		1,807			1,807	(3)(7)(10)
Dryden 30 Senior Loan Fund	CLO Fund Securities	—	—	—	11/01/28		3,250		—			—	(3)(7)(10)
Total Collateralized Loan Obligations									1,807			1,807
Preferred Stock and Units - 3.6%
4L Ultimate Topco Corporation	Services: Business	—	—	—	—		321		29			—
AAPC Holdings, LLC	Healthcare & Pharmaceuticals	18.00% PIK	—	—	—		146,214		4			263	(22)(25)
Aperture Dodge 18 LLC	Banking, Finance, Insurance & Real Estate	—	—	—	—		3,082,035		3,082			2,486
Epilog Partners SPV III, LLC (Care Connectors Medical Group)	Healthcare & Pharmaceuticals	—	—	—	—		1,179,466		1,179			1,476	(20)(22)
Middle West Spirits, LLC	Beverage, Food and Tobacco	10.00% PIK					350,000		344			344
Phoenix Aviation Capital, LLC	Aerospace and Defense	7.00% PIK	—	—	—		1,220,390		1,025			1,025	(22)(25)
Prosper Marketplace	Consumer goods: Durable	—	—	—	—		912,865		279			324	(6)
Total Preferred Stock and Units									5,942			5,918
Common Stock and Membership Units - 6.3%
AAPC Holdings, LLC	Healthcare & Pharmaceuticals	—	—	—	—		0.07		—			429	(22)
Advantage Capital Holdings LLC - Class A Units	Banking, Finance, Insurance & Real Estate	—	—	—	—		822		500			1,238	(22)
AIP Capital, LLC	Diversified Financial Services	—	—	—	—		85		35			35	(22)
Anthem Sports & Entertainment Inc. - Class A Warrant	Media: Broadcasting & Subscription	—	—	—	—		510		46			—
Anthem Sports & Entertainment Inc. - Class B Warrant	Media: Broadcasting & Subscription	—	—	—	—		88		—			—
Anthem Sports & Entertainment Inc. - Warrant for CS	Media: Broadcasting & Subscription	—	—	—	—		1,644		—			—
ATP Oil & Gas Corporation	Energy: Oil & Gas	—	—	—	—		0.1		—			—	(11)
Carestream Health Holdings, Inc.	Healthcare & Pharmaceuticals	—	—	—	—		4,099		53			130
Centric Brands, L.P.	Machinery (Non-Agrclt/Constr/Electr)	—	—	—	—		81,770		746			3,224
DxTx Pain and Spine LLC	Healthcare & Pharmaceuticals	—	—	—	—		158,166		258			371	(22)
Everyware Global, Inc.	Consumer goods: Durable	—	—	—	—		1,085,565		346			553	(16)
FP WRCA Coinvestment Fund VII, Ltd. - Class A	Capital Equipment	—	—	—	—		100		1,500			509	(3)(7)
Fusion Connect, Inc.	Telecommunications	—	—	—	—		14		866			—	(13)
Fusion Connect, Inc. - Warrant	Telecommunications	—	—	—	—		811,572		—			—
Fusion Parent, LLC (fka Franchise Group Inc.)	Consumer Services	—	—	—	—		31,189		1,550			1,550
HDC/HW Holdings, LLC	High Tech Industries	—	—	—	—		148,826		—			—
LB NewHoldCo LLC	Hotel, Gaming & Leisure	—	—	—	—		96,523		1,441			621	(13)
Live Comfortably Inc.	Consumer goods: Durable	—	—	—	—		2,846		—			—	(13)
Middle West Spirits, LLC	Beverage, Food and Tobacco	—	—	—	—		34		5			5
Morae Global Holdings Inc. - Warrant	IT Consulting & Other Services	—	—	—	—		669		139			189
Ohene Holdings B.V. - Warrant	High Tech Industries	—	—	—	—		4		—			—	(3)(7)
Phoenix Aviation Capital, LLC	Aerospace and Defense	—	—	—	—		4		387			387	(22)

See accompanying notes to unaudited consolidated financial statements.

9

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - CONTINUED

As of June 30, 2025

(in thousands, except share and per share amounts)

(Unaudited)

Investment (2), (4), (12), (14), (23), (24)	Industry	Interest Rate (1)	Reference Rate and Spread (1)	Floor (1)	Maturity	Par/Shares (++)		Cost			Fair Value			Footnotes
Roscoe Investors, LLC - Class A	Healthcare & Pharmaceuticals	—	—	—	—		10,000	$	1,000		$	381
South Street Securities Holdings, Inc - Warrant	Banking, Finance, Insurance & Real Estate	—	—	—	—		3,966		455			466
Sundance Holdings Group, LLC	Retail	—	—	—	—		14,603		—			—
VTX Holdings LLC - Series C	High Tech Industries	—	—	—	—		441,252		—			11
Workplace Holdings LLC (Pomeroy Technologies, LLC)	High Tech Industries	—	—	—	—		950		228			224
World Business Lenders, LLC	Banking, Finance, Insurance & Real Estate	—	—	—	—		49,209		—			—		(7)
Total Common Stock and Membership Units									9,555			10,323
Derivatives - 0.1%(19)
Advantage Capital Holdings LLC	Banking, Finance, Insurance & Real Estate	—	—	—	—		164		—			196		(7)(22)
Epilog Partners LP (Care Connectors Medical Group)	Healthcare & Pharmaceuticals	—	—	—	—		1,166,667		—			—		(7)(22)
HDNet Holdco LLC (Anthem)	Media: Broadcasting & Subscription	—	—	—	—		0.2		31			—		(7)
Total Derivatives									31			196
Total Investments in Non-Control, Non-Affiliate Portfolio Companies									358,576			329,911
Investments in Affiliate Portfolio Companies - 32.7%(17)
First Lien/Senior Secured Debt - 4.5%
PMP OPCO, LLC (Princeton Medspa Partners, LLC)	Services: Consumer	12.83%	SOFR + 8.50%	2.00%	05/31/29		1,671		1,633			1,517		(13)(20)
PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver)	Services: Consumer	—	SOFR + 8.50%	2.00%	05/31/29		—		(3	)		(10	)	(15)(20)
Riddell, Inc.	Consumer goods: Durable	10.31%	SOFR + 6.00%	1.00%	03/29/29		6,002		5,922			5,977		(13)(20)
Total First Lien/Senior Secured Debt									7,552			7,484
Second Lien/Senior Secured Debt- 2.4%
Northeast Metal Works LLC	Metals & Mining	8.00%	8.00%	—	04/05/28		4,500		4,500			3,446
Northeast Metal Works LLC	Metals & Mining	8.00%	8.00%	—	01/01/25		500		500			500
Total Second Lien/Senior Secured Debt									5,000			3,946
Collateralized Loan Obligations - 0.9%
JMP Credit Advisors CLO IV LTD	CLO Fund Securities	—	—	—	07/17/29		18,407		1			607		(3)(7)(10)
JMP Credit Advisors CLO V LTD	CLO Fund Securities	—	—	—	07/17/30		17,074		719			849		(3)(7)(10)
Total Collateralized Loan Obligations									720			1,456
Joint Ventures- 20.2%
Series A-Great Lakes Funding II LLC	Joint Venture	—	—	—	—		35,824		35,825			33,352		(7)(20)(26)
Total Joint Ventures									35,825			33,352
Preferred Stock and Units - 3.2%
BMP Slappey Holdco, LLC	Telecommunications	—	—	—	—		200,000		467			576		(21)
BMP Slappey Investment II	Telecommunications	—	—	—	—		88,946		208			256		(21)
EBSC Holdings LLC (Riddell, Inc.)	Consumer goods: Durable	10.00% PIK	10.00% PIK	—	—		2,262		2,236			2,584		(25)
GreenPark Infrastructure, LLC - Series A	Energy: Electricity	—	—	—	—		1,000		500			500		(22)
Northeast Metal Works LLC - Preferred	Metals & Mining	—	—	—	—		2,368		—			—		(21)
Northeast Metal Works LLC - Class O Preferred	Metals & Mining	—	—	—	—		5,445		5,445			491
Princeton Medspa Partners, LLC	Services: Consumer	12.50% PIK	12.50% PIK	—	—		1,131		1,131			807		(22)(25)
Total Preferred Stock and Units									9,987			5,214
Common Stock and Membership Units - 1.5%
GreenPark Infrastructure, LLC - Series M-1	Energy: Electricity	—	—	—	—		6,412		2,196			2,196		(22)
Kleen-Tech Acquisition, LLC	Services: Business	—	—	—	—		250,000		1,264			250		(21)
Princeton Medspa Partners, LLC - Warrant	Services: Consumer	—	—	—	—		0.03		—			18		(22)
Total Common Stock and Membership Units									3,460			2,464
Derivatives - 0.0%(19)
Princeton Medspa Partners, LLC	Services: Consumer	—	—	—	—		1,000,000		—			—		(7)(22)
Total Derivatives									—			—
Total Investments in Affiliate Portfolio Companies									62,544			53,916
Investments in Controlled Afilliated Portfolio Companies - 6.8%(8)
Joint Ventures - 6.8%
KCAP Freedom 3 LLC	Joint Venture	—	—	—	—		27,220		24,884			11,282		(7)
Total Joint Ventures									24,884			11,282
Asset Manager Affiliates - 0.0%
Asset Management Company	Asset Management Company	—	—	—	—		—		17,791					(7)
Total Asset Manager Affiliates									17,791			—
Total Investments in Controlled Affiliated Portfolio Companies									42,675			11,282
Total Investments - 239.9%								$	463,795		$	395,109

See accompanying notes to unaudited consolidated financial statements.

10

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - CONTINUED

As of June 30, 2025

(in thousands, except share and per share amounts)

(Unaudited)

(1)A majority of the variable rate loans in the Company’s investment portfolio bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR”) or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate (“P”)), which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The Borrower may also elect to have multiple interest reset periods for each June 30, 2025 loan. SOFR loans are typically indexed to 12 month, 6 month, 3 month, 2 month or 1 month SOFR rates. For each such loan, the Company has provided the weighted average annual stated interest rate in effect at June 30, 2025. As noted in the table above, 86.5% (based on par) of debt securities with floating rates contain floors which range between 0.50% and 5.25%.

(2)Reflects the fair market value of all investments as of June 30, 2025 as determined in good faith using significant unobservable inputs by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).

(3)Non-U.S. company or principal place of business outside the U.S.

(4)The aggregate cost of investments for federal income tax purposes is approximately $446.3 million. The aggregate gross unrealized appreciation is approximately $51.6 million, the aggregate gross unrealized depreciation is approximately $102.8 million, and the net unrealized depreciation is approximately $51.2 million.

(5)Loan or debt security is on non-accrual status and therefore is considered non-income producing. Beginning during the quarter ended June 30, 2025, the Company recognized interest income to the extent that it is received in cash on its loans to Colonnade Intermediate, LLC (cash basis income recognition).

(6)Held through Garrison Capital Equity Holdings II LLC and net of non-controlling member’s interest of 17.5% pursuant to the Amended and Restated Limited Liability Company Agreement of Garrison Capital Equity Holdings II LLC.

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of June 30, 2025, qualifying assets represent 88.6% of the Company's total assets and non-qualifying assets represent 11.4% of the Company's total assets.

(8)As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.

(9)Not used.

(10)CLO Subordinated Investments are entitled to periodic distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s investments less contractual payments to debt holders and fund expenses. The estimated annualized effective yield indicated is based upon a current projection of the amount and timing of these distributions. Such projections are updated on a quarterly basis and the estimated effective yield is adjusted prospectively.

(11)This investment receives a 5% royalty interest on oil being produced on certain fields. All production payments received are being applied to the cost basis and are considered return of capital.

(12)All investments valued using unobservable inputs (Level III), unless otherwise noted.

(13)As of June 30, 2025, this investment is pledged to secure the Company’s debt obligations.

(14)The Company's investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, are generally subject to limitations on resale, and may be deemed to be “restricted securities” under the Securities Act of 1933.

(15)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

(16)This investment is held by the Company's wholly-owned subsidiary Garrison Capital Equity Holdings XI LLC.

(17)Under the 1940 Act, the Company is deemed to be an “Affiliated Person” of, as defined in the 1940 Act, this portfolio company as the Company owns at least 5% of the portfolio company’s outstanding voting securities or is under common control with such portfolio company.

(18)Not used.

(19)Information related to the Company’s derivatives is presented below as of June 30, 2025:

($ in thousands)
Description	Counterparty	Number of shares		Notional amount		Exercise price		Expiration date	Value
Call option	HDNet Holdco LLC	0.2		$	8		0.01	N/A	$	—
Description	Counterparty	Number of shares		Notional amount		Exercise price		Expiration date	Value
Put option	Advantage Capital Holdings LLC		164	$	563		20	N/A	$	196
Put option	Epilog Partners LP (Care Connectors Medical Group)		1,166,667	$	—		—	N/A		—
Put option	Princeton Medspa Partners, LLC		1,000,000	$	1,000		2	N/A		—

(20)Debt security has an unfunded commitment in addition to the amounts shown in the Consolidated Schedule of Investments. See Note 8 for additional information on the Company’s commitments and contingencies.

(21)This investment is owned by HCAP Equity Holdings, LLC, one of the Company’s taxable blocker subsidiaries.

(22)This investment is held by PTMN Sub Holdings LLC, one of the Company's taxable blocker subsidiaries.

(23)All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.

(24)Percentages are based on net assets as of June 30, 2025.

(25)The equity investment is income producing.

(26)The investment is valued at the NAV of the underlying fund.

(++) Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments.

See accompanying notes to unaudited consolidated financial statements.

11

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(in thousands, except share and per share amounts)

Investment (2), (4), (12), (14), (23), (24)	Industry	Interest Rate (1)	Reference Rate and Spread (1)	Floor (1)	Maturity	Par/Shares (++)		Cost			Fair Value			Footnotes
Investments in Non-Control, Non-Affiliate Portfolio Companies - 183.5%
First Lien/Senior Secured Debt - 158.1%
Accordion Partners LLC	Finance	9.58%	SOFR + 5.25%	0.75%	11/17/31		4,464	$	4,437		$	4,436		(13)(20)
Accordion Partners LLC (Revolver)	Finance	—	SOFR + 5.25%	0.75%	11/17/31		—		(8	)		(8	)	(15)(20)
Accurate Background, LLC	Services: Business	10.59%	SOFR + 6.00%	1.00%	03/26/29		4,367		4,177			4,329		(13)
Advantage Capital Holdings LLC	Banking, Finance, Insurance & Real Estate	13.00%	13.00%, 5.00% PIK	—	04/14/27		14,754		14,752			13,649		(13)
AIDC IntermediateCo 2, LLC (Peak Technologies)	Services: Business	9.59%	SOFR + 5.25%	1.00%	07/22/27		980		971			979		(13)
AMCP Pet Holdings, Inc.	Beverage, Food and Tobacco	11.74%	SOFR + 7.00%, 3.00% PIK	1.00%	10/06/26		4,875		4,838			4,785		(13)
AMCP Pet Holdings, Inc. (Revolver)	Beverage, Food and Tobacco	11.80%	SOFR + 7.00%, 3.00% PIK	1.00%	10/06/26		1,012		1,006			994
American Academy Holdings, LLC	Healthcare & Pharmaceuticals	14.22%	SOFR + 9.75%, 5.25% PIK	1.00%	06/30/27		3,934		3,928			3,954		(13)
Ancile Solutions, Inc.	High Tech Industries	14.62%	SOFR + 10.00%	1.00%	06/11/26		6,034		5,985			6,035		(13)
Anthem Sports & Entertainment Inc.	Media: Broadcasting & Subscription	13.99%	SOFR + 9.40%, 13.99% PIK	1.00%	11/15/26		15,070		14,966			9,668		(13)(20)
Anthem Sports & Entertainment Inc. (Revolver)	Media: Broadcasting & Subscription	14.09%	SOFR + 9.50%, 3.00% PIK	1.00%	11/15/26		1,222		1,212			734		(20)
Anthem Sports & Entertainment Inc. (Revolver 2022)	Media: Broadcasting & Subscription	14.09%	SOFR + 9.50%, 3.00% PIK	1.00%	06/30/24		563		563			353
Appfire Technologies, LLC	High Tech Industries	9.33%	SOFR + 5.00%	1.00%	03/09/28		5,832		5,827			5,817		(13)
BetaNXT, Inc.	Banking, Finance, Insurance & Real Estate	10.08%	SOFR + 5.75%	—	07/01/29		12,480		11,958			11,997		(13)
BetaNXT, Inc. (Revolver)	Banking, Finance, Insurance & Real Estate	8.86%	SOFR + 4.50%	—	07/01/27		1,014		1,014			963		(20)
Bradshaw International Parent Corp.	Consumer goods: Durable	10.21%	SOFR + 5.75%	1.00%	10/21/27		491		485			487		(13)
Bradshaw International Parent Corp. (Revolver)	Consumer goods: Durable	—	SOFR + 5.75%	1.00%	10/21/26		—		(23	)		(8	)	(15)(20)
C.P. Converters, Inc.	Chemicals, Plastics and Rubber	13.16%	SOFR + 8.49%, 1.00% PIK	1.00%	12/13/25		10,135		10,135			9,628		(13)
CB MIDCO, LLC	Consumer goods: Durable	10.21%	SOFR + 5.75%	1.00%	09/27/27		3,762		3,745			3,414		(13)
CCMG Buyer, LLC (Care Connectors Medical Group)	Healthcare & Pharmaceuticals	9.90%	SOFR + 5.50%	1.00%	05/08/30		3,151		3,116			3,151		(13)
CCMG Buyer, LLC (Care Connectors Medical Group) (Revolver)	Healthcare & Pharmaceuticals	—	SOFR + 5.50%	1.00%	05/08/30		—		(6	)		—		(15)(20)
Cenexel Clinical Research, Inc.	Healthcare & Pharmaceuticals	10.47%	SOFR + 5.75%	1.00%	11/08/28		5,773		5,758			5,765		(13)
Centric Brands Inc.	Machinery (Non-Agrclt/Constr/Electr)	10.03%	SOFR + 5.50%	1.00%	08/06/29		3,689		3,689			3,689		(13)
Centric Brands Inc. (Term Loan A1)	Machinery (Non-Agrclt/Constr/Electr)	11.03%	SOFR + 6.50%	1.00%	02/06/31		3,807		3,807			3,807
Centric Brands Inc. (Term Loan A2)	Machinery (Non-Agrclt/Constr/Electr)	12.53%	SOFR + 8.00%, 12.53% PIK	1.00%	02/06/31		3,463		3,463			3,463
Colonnade Intermediate, LLC	Services: Business	—	—	1.00%	04/27/24		7,167		7,167			5,164		(5)
Colonnade Intermediate, LLC (Revolver)	Services: Business	—	—	1.00%	04/27/24		685		685			494		(5)
Datalink, LLC	Healthcare & Pharmaceuticals	11.49%	SOFR + 6.75%	1.00%	11/23/26		2,640		2,617			2,218		(13)
Dentive, LLC	Healthcare & Pharmaceuticals	11.08%	SOFR + 6.75%	0.75%	12/26/28		2,740		2,695			2,696		(13)(20)
Dentive, LLC (Revolver)	Healthcare & Pharmaceuticals	11.08%	SOFR + 6.75%	0.75%	12/23/28		117		112			114
Dodge Data & Analytics LLC	Construction & Building	10.92%	SOFR + 6.25%	0.50%	01/31/29		657		649			651		(13)
Dodge Data & Analytics LLC (Second Out)	Construction & Building	9.42%	SOFR + 4.75%	0.50%	02/28/29		917		783			779
Florida Food Products, LLC	Beverage, Food and Tobacco	9.52%	SOFR + 5.00%	0.75%	10/18/28		6,823		6,719			5,833		(13)
Fortis Payment Systems, LLC	Diversified Financial Services	9.68%	SOFR + 5.25%	1.00%	02/13/26		3,092		3,058			3,074		(13)(20)
Franchise Group, Inc.	Retail	10.39%	SOFR + 5.45%	0.75%	03/10/26		3,003		2,998			1,783		(13)
Franchise Group, Inc. (DIP)	Retail	13.55%	SOFR + 9.00%	1.00%	05/06/25		594		582			582		(13)
Global Integrated Flooring Systems Inc.	Consumer goods: Durable	13.96%	SOFR + 9.36%, 1.00% PIK	—	06/30/25		6,284		5,588			3,479
Global Integrated Flooring Systems Inc. (Revolver)	Consumer goods: Durable	13.72%	SOFR + 9.36%, 1.00% PIK	—	06/30/25		51		45			28
H.W. Lochner, Inc.	Services: Business	10.99%	SOFR + 6.25%	1.00%	07/02/27		14,513		14,391			14,513		(13)
H-CA II, LLC	Banking, Finance, Insurance & Real Estate	16.00%	—	—	09/01/25		1,724		1,724			1,560
HDC/HW Intermediate Holdings, LLC - Term Loan A	High Tech Industries	8.75%	SOFR + 3.50%, 2.50% PIK	5.25%	06/21/26		5,597		4,958			4,527
HDC/HW Intermediate Holdings, LLC - Term Loan B	High Tech Industries	—	—	—	06/21/26		3,876		940			—		(5)
Help Systems Holdings, Inc.	High Tech Industries	8.69%	SOFR + 4.00%	0.75%	11/19/26		1,954		1,873			1,728		(13)
Hollander Intermediate LLC	Consumer goods: Durable	13.22%	SOFR + 8.75%, 10.58% PIK	2.00%	09/19/26		6,330		5,852			6,235		(13)
IDC Infusion Services LLC	Healthcare & Pharmaceuticals	10.83%	SOFR + 6.50%	1.00%	07/07/28		3,833		3,776			3,853		(13)(20)
Ivanti Software, Inc.	High Tech Industries	9.12%	SOFR + 4.25%	0.75%	12/01/27		977		848			678		(13)
Keg Logistics LLC	Services: Business	10.67%	SOFR + 6.00%	1.00%	11/23/27		11,877		11,791			11,817		(13)
Keg Logistics LLC (Revolver)	Services: Business	10.68%	SOFR + 6.00%	1.00%	11/23/27		872		859			868
Lifescan Global Corporation	Healthcare & Pharmaceuticals	11.12%	SOFR + 6.50%	1.00%	12/31/26		2,165		2,090			758		(13)
Luminii LLC	Construction & Building	11.94%	SOFR + 7.35%	1.00%	04/11/25		5,873		5,873			5,827		(13)
Luminii LLC (Revolver)	Construction & Building	11.94%	SOFR + 7.35%	1.00%	04/11/25		343		343			339		(13)(20)
MAG DS Corp.	Aerospace and Defense	9.93%	SOFR + 5.50%	1.00%	04/01/27		3,624		3,406			3,406		(13)
Money Transfer Acquisition Inc.	Finance	12.71%	SOFR + 8.25%	1.00%	12/14/27		8,574		8,470			8,392		(13)
Morae Global Corporation	IT Consulting & Other Services	12.77%	SOFR + 8.00%	2.00%	10/26/26		2,163		2,077			2,129		(13)
Morae Global Corporation (Revolver)	IT Consulting & Other Services	—	SOFR + 8.00%	2.00%	10/26/26		—		(7	)		(3	)	(15)(20)
MSM Acquisitions, Inc.	Services: Business	10.51%	SOFR + 6.00%	1.00%	12/09/26		9,852		9,826			8,891		(13)
Neptune Bidco US Inc.	Media: Broadcasting & Subscription	9.76%	SOFR + 5.00%	0.50%	04/11/29		2,463		2,277			2,217		(13)
Netwrix Corporation	High Tech Industries	9.26%	SOFR + 4.75%	0.75%	06/09/29		4,248		4,233			4,212		(13)
Netwrix Corporation (Revolver)	High Tech Industries	—	SOFR + 5.00%	0.75%	06/09/29		—		(7	)		(10	)	(15)(20)
Newbury Franklin Industrials, LLC	Consumer goods: Durable	11.40%	SOFR + 7.00%	2.00%	12/11/29		4,013		3,899			3,898		(20)
One Stop Mailing LLC	Transportation: Consumer	10.72%	SOFR + 6.25%	1.00%	04/29/27		7,470		7,410			7,470		(13)
PMA Parent Holdings LLC (Revolver)	Finance	—	SOFR + 5.25%	0.75%	01/31/31		—		(2	)		(2	)	(15)
PMA Parent Holdings LLC	Finance	9.58%	SOFR + 5.25%	0.75%	01/31/31		1,401		1,380			1,379		(20)
PhyNet Dermatology LLC	Healthcare & Pharmaceuticals	11.12%	SOFR + 6.50%	1.00%	10/20/29		1,294		1,267			1,279		(20)
Pomeroy Technologies, LLC (Super Senior A)	High Tech Industries	6.00% PIK	—	—	11/30/27		1,367		1,367			1,367

See accompanying notes to unaudited consolidated financial statements.

12

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - CONTINUED

As of December 31, 2024

(in thousands, except share and per share amounts)

Investment (2), (4), (12), (14), (23), (24)	Industry	Interest Rate (1)	Reference Rate and Spread (1)	Floor (1)	Maturity	Par/Shares (++)		Cost			Fair Value		Footnotes
Premier Imaging, LLC	Healthcare & Pharmaceuticals	10.59%	SOFR + 6.00%, 10.59% PIK	1.00%	03/31/26		2,869	$	2,869		$	2,524	(13)
Project Castle, Inc.	Transportation: Cargo	9.76%	SOFR + 5.50%	0.50%	06/08/29		3,020		2,817			2,649	(13)
Project Leopard Holdings, Inc.	High Tech Industries	9.94%	SOFR + 5.25%	0.50%	07/20/29		5,695		5,436			5,126	(13)
PVHC Holding Corp	Containers, Packaging and Glass	11.18%	SOFR + 6.75%, 0.75% PIK	2.50%	02/17/27		2,729		2,728			2,702	(13)
Radius Aerospace, Inc.	Aerospace and Defense	10.48%	SOFR + 6.00%, 10.48% PIK	1.00%	03/29/27		6,066		6,056			6,026	(13)
STG Distribution, LLC (STG Logistics) (Second Out)	Transportation: Cargo	12.12%	SOFR + 7.60%, 6.50% PIK	1.50%	10/03/29		1,777		1,020			997	(13)
STG Distribution, LLC (STG Logistics) (Third Out)	Transportation: Cargo	11.62%	SOFR + 7.10%, 6.00% PIK	1.50%	10/03/29		1,332		386			136	(13)
Riskonnect Parent LLC	Application Software	9.48%	SOFR + 5.00%	—	12/07/28		1,216		1,165			1,166	(20)
Red Range Intermediate Inc.	Capital Equipment	12.69%	SOFR + 8.00%	1.00%	10/01/29		324		324			324	(13)(20)
South Street Securities Holdings, Inc	Banking, Finance, Insurance & Real Estate	9.00%	—	—	09/20/27		3,150		2,865			2,685
Sundance Holdings Group, LLC	Retail	14.23%	SOFR + 9.50%, 1.50% PIK	—	06/30/25		6,667		6,666			4,488
Symplr Software, Inc.	Healthcare & Pharmaceuticals	9.19%	SOFR + 4.50%	0.75%	12/22/27		1,653		1,651			1,517	(13)
Synamedia Americas Holdings, Inc.	Interactive Media & Services	12.11%	SOFR + 7.75%	1.00%	12/05/28		2,610		2,539			2,559	(13)
TA/WEG Holdings, LLC	Banking, Finance, Insurance & Real Estate	9.55%	SOFR + 5.00%	1.00%	10/02/28		5,032		5,053			5,032	(13)
TA/WEG Holdings, LLC (Revolver)	Banking, Finance, Insurance & Real Estate	—	SOFR + 5.00%	1.00%	10/02/28		—		(2	)		—	(15)(20)
Tactical Air Support, Inc.	Aerospace and Defense	13.25%	SOFR + 8.50%	1.00%	12/22/28		1,975		1,941			1,958	(13)(20)
TLE Holdings, LLC	Healthcare, Education and Childcare	9.96%	SOFR + 5.50%	1.00%	06/29/26		6,115		6,114			6,115	(13)
VBC Spine Opco LLC (DxTx Pain and Spine LLC)	Healthcare & Pharmaceuticals	12.79%	SOFR + 8.00%	2.00%	06/14/28		4,600		4,526			4,558	(20)
VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver)	Healthcare & Pharmaceuticals	12.69%	SOFR + 8.00%	2.00%	06/14/28		258		253			255	(20)
VTX Intermediate Holdings, Inc.	High Tech Industries	11.65%	SOFR + 7.00%, 1.00% PIK	2.00%	12/12/29		5,122		5,075			5,074
Total First Lien/Senior Secured Debt									303,889			282,195
Second Lien/Senior Secured Debt - 14.0%
American Academy Holdings, LLC	Healthcare & Pharmaceuticals	14.50% PIK	—	—	03/01/28		6,813		6,742			6,396
Confluence Technologies, Inc.	Services: Business	10.98%	SOFR + 6.50%	0.50%	07/23/29		4,000		3,981			3,301	(13)
Dcert Buyer, Inc.	High Tech Industries	11.36%	SOFR + 7.00%	—	02/16/29		5,400		5,393			4,558	(13)
Idera, Inc.	High Tech Industries	11.47%	SOFR + 6.75%	0.75%	02/04/29		2,024		2,014			1,992	(13)
Ivanti Software, Inc.	High Tech Industries	12.12%	SOFR + 7.25%	0.50%	12/01/28		6,000		5,972			3,458	(13)
Project Leopard Holdings, Inc.	High Tech Industries	12.34%	SOFR + 7.75%	0.50%	07/20/30		5,000		4,929			4,488
VTX Intermediate Holdings, Inc.	High Tech Industries	12.50% PIK	—	2.00%	12/12/30		878		861			860
Total Second Lien/Senior Secured Debt									29,892			25,053
Subordinated Debt - 1.0%
DeltaDx Limited, LP (Money Transfer Acquisition Inc.)	Finance	15.00% PIK	—	—	06/30/28		538		538			528
Lucky Bucks Holdings LLC	Hotel, Gaming & Leisure	—	—	—	05/29/28		6,258		5,565			1,212	(5)
TRSO II, Inc.	Energy: Oil & Gas	—	—	—	01/24/25		26		25			—	(5)
Total Subordinated Debt									6,128			1,740
Collateralized Loan Obligations - 1.7%
Catamaran CLO 2014-1 Ltd.	CLO Fund Securities	136.55%	—	—	04/20/30		15,161		126			261	(3)(7)(10)
Catamaran CLO 2018-1 Ltd	CLO Fund Securities	3.86%	—	—	10/27/31		10,000		3,063			2,600	(3)(7)(10)
Dryden 30 Senior Loan Fund	CLO Fund Securities	17.98%	—	—	11/01/28		3,250		141			140	(3)(7)(10)
Total Collateralized Loan Obligations									3,330			3,001
Preferred Stock and Units - 4.1%
4L Ultimate Topco Corporation	Services: Business	—	—	—	—		321		29			—
AAPC Holdings, LLC	Healthcare & Pharmaceuticals	18.00% PIK	—	—	—		146,214		4			243	(22)(25)
Advantage Capital Holdings LLC	Banking, Finance, Insurance & Real Estate	12.50% PIK	—	—	—		2,794,692		2,795			2,795	(22)(25)
Aperture Dodge 18 LLC	Banking, Finance, Insurance & Real Estate	—	—	—	—		3,077,360		3,077			2,662
Epilog Partners SPV III, LLC (Care Connectors Medical Group)	Healthcare & Pharmaceuticals	—	—	—	—		1,173,118		1,173			1,283	(20)(22)
Prosper Marketplace	Consumer goods: Durable	—	—	—	—		912,865		279			324	(6)
Total Preferred Stock and Units									7,357			7,307
Common Stock and Membership Units - 4.5%
AAPC Holdings, LLC	Healthcare & Pharmaceuticals	—	—	—	—		0.07		—			444	(22)
Advantage Capital Holdings LLC - Class A Units	Banking, Finance, Insurance & Real Estate	—	—	—	—		822		500			842	(22)
Anthem Sports & Entertainment Inc. - Class A Warrant	Media: Broadcasting & Subscription	—	—	—	—		510		46			—
Anthem Sports & Entertainment Inc. - Class B Warrant	Media: Broadcasting & Subscription	—	—	—	—		88		—			—
Anthem Sports & Entertainment Inc. - Warrant for CS	Media: Broadcasting & Subscription	—	—	—	—		1,644		—			—
ATP Oil & Gas Corporation	Energy: Oil & Gas	—	—	—	—		0.1		—			—	(11)
Carestream Health Holdings, Inc.	Healthcare & Pharmaceuticals	—	—	—	—		4,099		53			130
Centric Brands, L.P.	Machinery (Non-Agrclt/Constr/Electr)	—	—	—	—		81,770		746			2,649	(13)
DxTx Pain and Spine LLC	Healthcare & Pharmaceuticals	—	—	—	—		158,166		258			258	(22)
Everyware Global, Inc.	Consumer goods: Durable	—	—	—	—		1,085,565		346			553	(16)
FP WRCA Coinvestment Fund VII, Ltd. - Class A	Capital Equipment	—	—	—	—		100		1,500			967	(3)(7)
Fusion Connect, Inc.	Telecommunications	—	—	—	—		14		866			—	(13)
Fusion Connect, Inc. - Warrant	Telecommunications	—	—	—	—		811,572		—			—
HDC/HW Holdings, LLC	High Tech Industries	—	—	—	—		148,826		—			—
LB NewHoldCo LLC	Hotel, Gaming & Leisure	—	—	—	—		96,523		1,441			993	(13)
Morae Global Holdings Inc. - Warrant	IT Consulting & Other Services	—	—	—	—		1		87			117
Ohene Holdings B.V. - Warrant	High Tech Industries	—	—	—	—		4		—			—	(3)(7)

See accompanying notes to unaudited consolidated financial statements.

13

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - CONTINUED

As of December 31, 2024

(in thousands, except share and per share amounts)

Investment (2), (4), (12), (14), (23), (24)	Industry	Interest Rate (1)	Reference Rate and Spread (1)	Floor (1)	Maturity	Par/Shares (++)		Cost			Fair Value			Footnotes
Roscoe Investors, LLC - Class A	Healthcare & Pharmaceuticals	—	—	—	—		10,000	$	1,000		$	476
South Street Securities Holdings, Inc - Warrant	Banking, Finance, Insurance & Real Estate	—	—	—	—		3,966		455			449
Sundance Holdings Group, LLC	Retail	—	—	—	—		14,603		—			—
VTX Holdings LLC - Series C	High Tech Industries	—	—	—	—		441,252		—			—
Workplace Holdings LLC (Pomeroy Technologies, LLC)	High Tech Industries	—	—	—	—		950		228			228
World Business Lenders, LLC	Banking, Finance, Insurance & Real Estate	—	—	—	—		49,209		—			—		(7)
Total Common Stock and Membership Units									7,526			8,106
Derivatives - 0.0%(19)
Advantage Capital Holdings LLC	Banking, Finance, Insurance & Real Estate	—	—	—	—		164		—			220		(7)(22)
Epilog Partners LP (Care Connectors Medical Group)	Healthcare & Pharmaceuticals	—	—	—	—		1,166,667		—			—		(7)(22)
HDNet Holdco LLC (Anthem)	Media: Broadcasting & Subscription	—	—	—	—		0.2		31			—		(7)
Total Derivatives									31			220
Total Investments in Non-Control, Non-Affiliate Portfolio Companies									358,153			327,622
Investments in Affiliate Portfolio Companies - 36.1%(17)
First Lien/Senior Secured Debt - 4.3%
PMP OPCO, LLC (Princeton Medspa Partners, LLC)	Services: Consumer	12.86%	SOFR + 8.50%	2.00%	05/31/29		1,679		1,638			1,529		(13)(20)
PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver)	Services: Consumer	—	SOFR + 8.50%	2.00%	05/31/29		—		(3	)		(10	)	(15)(20)
Riddell, Inc.	Consumer goods: Durable	10.48%	SOFR + 6.00%	1.00%	03/29/29		6,244		6,149			6,243		(13)(20)
Total First Lien/Senior Secured Debt									7,784			7,762
Second Lien/Senior Secured Debt- 2.2%
Northeast Metal Works LLC	Metals & Mining	8.00%	—	—	04/05/28		4,500		4,500			3,443
Northeast Metal Works LLC	Metals & Mining	8.00%	—	—	01/01/25		500		500			500
Total Second Lien/Senior Secured Debt									5,000			3,943
Collateralized Loan Obligations - 1.2%
JMP Credit Advisors CLO IV LTD	CLO Fund Securities	—	—	—	07/17/29		18,407		521			725		(3)(7)(10)
JMP Credit Advisors CLO V LTD	CLO Fund Securities	—	—	—	07/17/30		17,074		1,467			1,467		(3)(7)(10)
Total Collateralized Loan Obligations									1,988			2,192
Joint Ventures- 23.0%
Series A-Great Lakes Funding II LLC	Joint Venture	—	—	—	—		41,309		41,309			41,138		(7)(20)(26)
Total Joint Ventures									41,309			41,138
Preferred Stock and Units - 3.2%
BMP Slappey Holdco, LLC	Telecommunications	—	—	—	—		200,000		467			557		(21)
BMP Slappey Investment II	Telecommunications	—	—	—	—		88,946		208			248		(21)
EBSC Holdings LLC (Riddell, Inc.)	Consumer goods: Durable	10.00% PIK	—	—	—		2,154		2,128			2,375		(25)
GreenPark Infrastructure, LLC - Series A	Energy: Electricity	—	—	—	—		1,000		500			500		(22)
Northeast Metal Works LLC - Preferred	Metals & Mining	—	—	—	—		2,368		—			—		(21)
Northeast Metal Works LLC - Class O Preferred	Metals & Mining	10.00% PIK	—	—	—		4,950,000		4,950			1,160		(21)(25)
Princeton Medspa Partners, LLC	Services: Consumer	12.50% PIK	—	—	—		1,064		1,064			859		(22)(25)
Total Preferred Stock and Units									9,317			5,699
Common Stock and Membership Units - 2.0%
GreenPark Infrastructure, LLC - Series M-1	Energy: Electricity	—	—	—	—		6,412		2,196			2,202		(20)(22)
Kleen-Tech Acquisition, LLC	Services: Business	—	—	—	—		250,000		1,264			1,420		(21)
Princeton Medspa Partners, LLC - Warrant	Services: Consumer	—	—	—	—		0.03		—			28		(22)
Total Common Stock and Membership Units									3,460			3,650
Derivatives - 0.0%(19)
Princeton Medspa Partners, LLC	Services: Consumer	—	—	—	—		1,000,000		—			—		(7)(22)
Total Derivatives									—			—
Total Investments in Affiliate Portfolio Companies									68,858			64,384
Investments in Controlled Afilliated Portfolio Companies - 7.3%(8)
Subordinated Debt - 0.0%
ProAir, LLC	Capital Equipment	—	—	—	01/31/23		2,020		1,931			—		(5)
Total Subordinated Debt									1,931			—
Common Stock and Membership Units - 0.0%
ProAir HoldCo, LLC	Capital Equipment	—	—	—	—		2,749,997		4,261			—
Total Common Stock and Membership Units									4,261			—
Joint Ventures - 7.3%
KCAP Freedom 3 LLC	Joint Venture	—	—	—	—		27,220		25,438			13,015		(7)
Total Joint Ventures									25,438			13,015
Asset Manager Affiliates - 0.0%
Asset Management Company	Asset Management Company	—	—	—	—		—		17,791			—		(7)
Total Asset Manager Affiliates									17,791			—
Total Investments in Controlled Affiliated Portfolio Companies									49,421			13,015
Total Investments - 226.9%								$	476,432		$	405,021

See accompanying notes to unaudited consolidated financial statements.

14

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - CONTINUED

As of December 31, 2024

(in thousands, except share and per share amounts)

(1)A majority of the variable rate loans in the Company’s investment portfolio bear interest at a rate that may be determined by reference to either SOFR or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The Borrower may also elect to have multiple interest reset periods for each December 31, 2024 loan. SOFR loans are typically indexed to 12 month, 6 month, 3 month, 2 month or 1 month SOFR rates. For each such loan, the Company has provided the weighted average annual stated interest rate in effect at December 31, 2024. As noted in the table above, 89.8% (based on par) of debt securities contain floors which range between 0.50% and 5.25%.

(2)Reflects the fair market value of all investments as of December 31, 2024 as determined in good faith using significant unobservable inputs by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).

(3)Non-U.S. company or principal place of business outside the U.S.

(4)The aggregate cost of investments for federal income tax purposes is approximately $458.4 million. The aggregate gross unrealized appreciation is approximately $50.0 million, the aggregate gross unrealized depreciation is approximately $103.3 million, and the net unrealized depreciation is approximately $53.3 million.

(5)Loan or debt security is on non-accrual status and therefore is considered non-income producing.

(6)Held through Garrison Capital Equity Holdings II LLC and net of non-controlling member’s interest of 17.5% pursuant to the Amended and Restated Limited Liability Company Agreement of Garrison Capital Equity Holdings II LLC.

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of December 31, 2024, qualifying assets represent 86.6% of the Company's total assets and non-qualifying assets represent 13.4% of the Company's total assets.

(8)As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.

(9)Not used.

(10)CLO Fund Securities are entitled to periodic distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s investments less contractual payments to debt holders and fund expenses. The estimated annualized effective yield indicated is based upon a current projection of the amount and timing of these distributions. Such projections are updated on a quarterly basis and the estimated effective yield is adjusted prospectively.

(11)This investment receives a 5% royalty interest on oil being produced on certain fields. All production payments received are being applied to the cost basis and are considered return of capital.

(12)All investments valued using unobservable inputs (Level III), unless otherwise noted.

(13)As of December 31, 2024, this investment is pledged to secure the Company’s debt obligations.

(14)The Company's investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, are generally subject to limitations on resale, and may be deemed to be “restricted securities'' under the Securities Act of 1933.

(15)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

(16)This investment is held by the Company's wholly-owned subsidiary Garrison Capital Equity Holdings XI LLC.

(17)Under the 1940 Act, the Company is deemed to be an “Affiliated Person” of, as defined in the 1940 Act, this portfolio company as the Company owns at least 5% of the portfolio company’s outstanding voting securities or is under common control with such portfolio company.

(18)Not used.

(19)Information related to the Company’s derivatives is presented below as of December 31, 2024:

($ in thousands)
Description	Counterparty	Number of shares		Notional amount		Exercise price		Expiration date	Value
Call option	HDNet Holdco LLC	0.2		$	8		0.01	N/A	$	—
Description	Counterparty	Number of shares		Notional amount		Exercise price		Expiration date	Value
Put option	Advantage Capital Holdings LLC		164	$	563		20	N/A	$	220
Put option	Epilog Partners LP (Care Connectors Medical Group)		1,166,667	$	—		—	N/A		—
Put option	Princeton Medspa Partners, LLC		1,000,000	$	1,000		2	N/A		—

(20)Security has an unfunded commitment in addition to the amounts shown in the Consolidated Schedule of Investments. See Note 8 for additional information on the Company’s commitments and contingencies.

(21)This investment is owned by HCAP Equity Holdings, LLC, one of the Company’s taxable blocker subsidiaries.

(22)This investment is owned by PTMN Sub Holdings LLC, one of the Company’s taxable blocker subsidiaries.

(23)All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.

(24)Percentages are based on net assets as of December 31, 2024.

(25)The equity investment is income producing, based on rate disclosed.

(26)The investment is held at the NAV of the underlying fund.

(++) Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments.

See accompanying notes to unaudited consolidated financial statements.

15

PORTMAN RIDGE FINANCE CORPORATION

CONSOLIDATED FINANCIAL HIGHLIGHTS

(in thousands, except share and per share amounts)

(Unaudited)

	For the Six Months Ended June 30,
	2025			2024
Per Share Data:
Net asset value, at beginning of period	$	19.41		$	22.76
Net investment income(1)		0.97			1.36
Net realized gain (loss) from investments(1)		(1.75	)		(0.96	)
Net change in unrealized appreciation (depreciation) on investments(1)		0.30			(0.63	)
Tax (provision) benefit on realized and unrealized gains (losses) on investments(1)		(0.02	)		0.06
Realized gain (loss) from extinguishment of debt(1)		—			(0.03	)
Net increase (decrease) in net assets resulting from operations	$	(0.50	)	$	(0.20	)
Net decrease in net assets resulting from distributions		(1.01	)		(1.38	)
Accretive effect of common stock repurchases(1)		—			0.05
Net increase (decrease) in net assets relating to stock-based transactions(6)		(0.01	)		(0.02	)
Net asset value, end of period	$	17.89		$	21.21
Total net asset value return(2)		(0.64	)%		(0.11	)%
Total market return(3)		(17.40	)%		15.61	%
Ratio/Supplemental Data:
Per share market value at beginning of period	$	16.34		$	18.19
Per share market value at end of period	$	12.52		$	19.62
Shares outstanding at end of period		9,207,851			9,260,495
Net assets at end of period	$	164,729		$	196,429
Portfolio turnover rate(5)		7.09	%		11.08	%
Asset coverage ratio		164.50	%		168.91	%
Ratio of net investment income to average net assets (annualized)		10.42	%		12.35	%
Ratio of total expenses to average net assets (annualized)		18.56	%		19.60	%
Ratio of interest expense to average net assets (annualized)		9.98	%		10.78	%
Ratio of non-interest expenses to average net assets (annualized)		8.58	%		8.82	%

(1)Based on weighted average number of common shares outstanding-basic for the period.

(2)Total net asset value return (not annualized) equals the change in the net asset value per share over the period plus distributions (including any return of capital), divided by the beginning net asset value per share.

(3)Total market return (not annualized) equals the change in market price, per share during the period plus distributions, divided by the beginning market price per share.

(4)Not used.

(5)Portfolio turnover rate equals the lesser of year-to-date sales and paydowns over the average of the invested assets at fair value.

(6)Includes the accretive (dilutive) effects of the share issuance (at net asset value or in accordance with the DRIP).

See accompanying notes to unaudited consolidated financial statements.

16

PORTMAN RIDGE FINANCE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2025
(Unaudited)

1. ORGANIZATION

Portman Ridge Finance Corporation (“Portman Ridge” or the “Company”), formerly known as KCAP Financial, Inc., is an externally managed, non-diversified closed-end investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company was formed as a Delaware limited liability company on August 8, 2006 and, prior to the issuance of shares of the Company’s common stock in its initial public offering (“IPO”), converted to a corporation incorporated in Delaware on December 11, 2006.

The Company originates, structures, and invests in secured term loans, bonds or notes and mezzanine debt primarily in privately-held middle market companies but may also invest in other investments such as loans to publicly-traded companies, high-yield bonds, and distressed debt securities (collectively the “Debt Securities Portfolio”). The Company also invests in debt and subordinated securities issued by collateralized loan obligation funds (“CLO Fund Securities”). In addition, from time to time the Company may invest in the equity securities of privately held middle market companies and may also receive warrants or options to purchase common stock in connection with its debt investments.

The Company has elected to be treated and intends to continue to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a RIC, the Company must, among other things, meet certain source-of-income, asset diversification and annual distribution requirements. As a RIC, the Company generally will not have to pay corporate-level U.S. federal income taxes on any income that it distributes in a timely manner to its stockholders.

On March 29, 2018, the Company’s Board of Directors (the “Board”), including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of the Board, approved the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act (“SBCA”). As a result, the Company’s asset coverage requirement for senior securities changed from 200% to 150%, effective as of March 29, 2019.

During the third quarter of 2017, the Company formed a joint venture with Freedom 3 Opportunities LLC (“Freedom 3 Opportunities”), an affiliate of Freedom 3 Capital LLC, to create KCAP Freedom 3 LLC (the “F3C Joint Venture”). The F3C Joint Venture may originate loans from time to time and sell them to the fund capitalized by the F3C Joint Venture.

On November 8, 2018, the Company entered into an agreement with LibreMax Intermediate Holdings, LP (“LibreMax”) under which a wholly-owned subsidiary of the Company sold the Company’s wholly-owned asset manager subsidiaries Katonah Debt Advisors, LLC (“Katonah Debt Advisors”), Trimaran Advisors, L.L.C. (“Trimaran Advisors”), and Trimaran Advisors Management, L.L.C. (“Trimaran Advisors Management” and, together with Katonah Debt Advisors and Trimaran Advisors, the “Disposed Manager Affiliates”), for a cash purchase price of approximately $37.9 million (the “LibreMax Transaction”). The LibreMax Transaction closed on December 31, 2018. As of June 30, 2025, the Company’s remaining wholly-owned asset management subsidiaries (the “Asset Manager Affiliates”) were comprised of Katonah Management Holdings, LLC, and KCAP Management, LLC. Prior to their sale in the LibreMax Transaction, the Disposed Manager Affiliates represented substantially all of the Company’s investment in the Asset Manager Affiliates.

The Externalization Agreement

On December 14, 2018, the Company entered into a stock purchase and transaction agreement (the “Externalization Agreement”) with BC Partners Advisors L.P. (“BCP”), an affiliate of BC Partners LLP, (“BC Partners”), through which Sierra Crest Investment Management LLC (the “Adviser”), an affiliate of BC Partners, became the Company’s investment adviser pursuant to an investment advisory Agreement (the “Advisory Agreement”) with the Company. At a special meeting of the Company’s stockholders (the “Special Meeting”) held on February 19, 2019, the Company’s stockholders approved the Advisory Agreement. The transactions contemplated by the Externalization Agreement closed on April 1, 2019 (the “Closing”), and the Company commenced operations as an externally managed BDC managed by the Adviser on that date.

On the date of the Closing, the Company changed its name from KCAP Financial, Inc. to Portman Ridge Finance Corporation and on April 2, 2019, began trading on the NASDAQ Global Select Market under the symbol “PTMN.”

About the Adviser

The Adviser is an affiliate of BC Partners. Subject to the overall supervision of the Board, the Adviser is responsible for managing the Company’s business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring the Company’s investments, and monitoring the Company’s portfolio companies on an ongoing basis through a team of investment professionals.

The Adviser seeks to invest on behalf of the Company in performing, well-established middle market businesses that operate across a wide range of industries (i.e., no concentration in any one industry). The Adviser employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. The holding size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. The Adviser has experience managing levered vehicles, both public and private, and seeks to enhance the Company’s returns through the use of leverage with a prudent approach that prioritizes capital preservation. The Adviser believes this strategy and approach offers attractive risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles.

During the fourth quarter of 2020, LibreMax Intermediate Holdings, LP (“LibreMax”) sold its minority stake in the Adviser to a wholly-owned subsidiary of Mount Logan Capital Inc. (“Mount Logan”). An affiliate of BC Partners serves as administrator to Mount Logan.

OHAI Transaction

On December 18, 2019, we completed our acquisition of OHA Investment Corporation (“OHAI”). In accordance with the terms of the merger agreement, each share of common stock, par value $0.001 per share, of OHAI (the “OHAI Common Stock”) issued and outstanding was converted into the right to receive (i) an amount in cash, without interest, equal to approximately $0.42, and (ii) 0.3688 shares of common stock, par value $0.01 per share, of the Company (plus any applicable cash in lieu of fractional shares). Each share of OHAI Common Stock issued and outstanding received, as additional consideration funded by the Adviser, an amount in cash, without interest, equal to approximately $0.15.

GARS Transaction

17

PORTMAN RIDGE FINANCE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2025
(Unaudited)

On October 28, 2020, the Company completed its acquisition of Garrison Capital Inc., a publicly traded BDC (“GARS”, and such transaction, the “GARS Acquisition”). To effect the acquisition, our wholly owned merger subsidiary merged with and into GARS, with GARS surviving the merger as our wholly owned subsidiary. Immediately thereafter and as a single integrated transaction, GARS consummated a second merger, whereby GARS merged with and into us, with the Company surviving the merger.

In accordance with the terms of the merger agreement for the GARS Acquisition, dated June 24, 2020 (the “GARS Merger Agreement”), each share of common stock, par value $0.001 per share, of GARS (the “GARS Common Stock”) issued and outstanding was converted into the right to receive (i) an amount in cash, without interest, equal to approximately $1.19 and (ii) approximately 1.917 shares of common stock, par value $0.01 per share, of the Company (plus any applicable cash in lieu of fractional shares). Each share of GARS Common Stock issued and outstanding received, as additional consideration funded by the Adviser, an amount in cash, without interest, equal to approximately $0.31.

HCAP Transaction

On June 9, 2021, we completed our acquisition of Harvest Capital Credit Corporation, a publicly traded BDC (“HCAP”, and such transaction the “HCAP Acquisition”). To effect the acquisition, our wholly owned merger subsidiary (“Acquisition Sub”) merged with and into HCAP, with HCAP surviving the merger as the Company’s wholly owned subsidiary. Immediately thereafter and as a single integrated transaction, HCAP consummated a second merger, whereby HCAP merged with and into the Company, with the Company surviving the merger. As a result of, and as of the effective time of, the second merger, HCAP’s separate corporate existence ceased.

Under the terms of the merger agreement for the HCAP Acquisition, dated December 23, 2020 (the “HCAP Merger Agreement”), HCAP stockholders as of immediately prior to the effective time of the first merger (other than shares held by a subsidiary of HCAP or held, directly or indirectly, by the Company or Acquisition Sub, and all treasury shares (collectively, “Cancelled Shares”)) received a combination of (i) $18.54 million in cash paid by the Company, (ii) 15,252,453 validly issued, fully paid and non-assessable shares of the Company’s common stock, par value $0.01 per share, and (iii) an additional cash payment from the Adviser of $2.15 million in the aggregate.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required for annual consolidated financial statements. The unaudited interim consolidated financial statements (“consolidated financial statements”) and notes thereto should be read in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission (the “Commission” or the “SEC”). The Company is an investment company and follows accounting and reporting guidance in Accounting Standards Codification (“ASC”) topic 946 – Financial Services – Investment Companies. Certain prior year investment related disclosures have been reclassified to conform to the current period presentation.

The consolidated financial statements reflect all adjustments, both normal and recurring which, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition for the periods presented. Furthermore, the preparation of the consolidated financial statements requires the Company to make significant estimates and assumptions including with respect to the fair value of investments that do not have a readily available market value. Actual re