PTMN Portman Ridge Finance Corporation

Exhibit 99.2 Q2 2024 Earnings Presentation August 9, 2024

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, including with respect to the impact of the COVID-19 pandemic and its effects on the Company and its portfolio companies’ results of operations and financial condition. 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

First Quarter Highlights Second Quarter 2024 Highlights ▪ Total investment income for the quarter ended June 30, 2024, was $16.3 million, of which 13.9 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. This compares to total investment income of $19.6 million for the quarter ended June 30, 2023, of which $15.5 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. (1) ▪ Core investment income for the second quarter, excluding the impact of purchase price accounting, was $16.2 million, a decrease of $3.0 million as compared to core investment income of $19.2 million for the second quarter of 2023. ▪ Net investment income ( NII ) for the second quarter of 2024 was $6.5 million ($0.70 per share) as compared to $7.9 million ($0.83 per share) for the same period the prior year, and $6.2 million, or $0.67 per share for the quarter ended March 31, 2024. ▪ Net asset value (“NAV”) as of June 30, 2024, was $196.4 million ($21.21 per share) as compared to $210.6 million ($22.57 per share) as of March 31, 2024. ▪ Total shares repurchased in open market transactions under the Renewed Stock Repurchase Program during the quarter ended June 30, 2024, were 79,722 at an aggregate cost of approximately $1.6 million, which was accretive to NAV by $0.03 per share. ▪ Total investments at fair value as of June 30, 2024, was $444.4 million; the debt investment portfolio at fair value as of June 30, 2024 was $358.9 million, which excludes CLO Funds and Joint Ventures, and was comprised of 75 different portfolio companies across 28 different industries with an average par balance per entity of approximately $2.6 million. This compares to total investments of $471.3 million at fair value as of March 31, 2024 and consisted of investments in 94 portfolio companies. The debt investment portfolio at fair value as of March 31, 2024 was $386.1 million, which excludes CLO Funds and Joint Ventures, and was comprised of 79 different portfolio companies across 27 different industries with an average par balance per entity of approximately $3.1 million. ▪ Weighted average contractual interest rate on our interest earning Debt Securities Portfolio for the quarter ended June 30, 2024, was approximately 12.4%. ▪ Non-accruals on debt investments, as of June 30, 2024, were nine debt investments as compared to seven debt investments on non-accrual status as of March 31, 2024. As of June 30, 2024, debt investments on non-accrual status represented 0.5% and 4.5% of the Company’s investment portfolio at fair value and amortized cost, respectively. This compares to debt investments on non-accrual status representing 0.5% and 3.2% of the Company’s investment portfolio at fair value and amortized cost, respectively, as of March 31, 2024. ▪ Par value of outstanding borrowings, as of June 30, 2024, was $285.1 million compared to $291.7 million as of March 31,2024, with an asset coverage ratio of total assets to total (2) (2) borrowings of 169% and 171% respectively. On a net basis, leverage as of June 30, 2024, was 1.3x compared to net leverage of 1.2x as of March 31, 2024. ▪ Amended and extended Senior Secured Credit Facility with JPMorgan Chase Bank, National Association (“JMP”). Under the terms of the amendment, commitments to the aggregate principal amount of the Credit Facility increased by $85.0 million, to a total of $200.0 million and the applicable margin was reduced from 2.80% per annum to 2.50% per annum. Additionally, the reinvestment period was extended from April 29, 2025, to August 29, 2026, and the maturity date was extended from April 29, 2026, to August 29, 2027. Furthermore, the Company’s existing 2018-2 Secured Notes will be refinanced under the terms of this amendment. ▪ Declared stockholder distribution of $0.69 per share for the third quarter of 2024, payable on August 30, 2024, to stockholders of record at the close of business on August 22, 2024. (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 $36.6 million and $39.6 million of cash and cash equivalents and restricted cash as of June 30, 2024 and March 31, 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.

Financial Highlights ($ in thousands) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Interest from investments in debt excluding accretion $14,156 $13,174 $13,196 $12,088 $11,589 Purchase discount accounting 427 238 67 73 112 PIK Investment Income 966 2,421 2,081 2,006 2,201 CLO Income 829 502 119 555 524 JV Income 2,329 2,073 2,087 1,653 1,800 Service Fees 919 166 238 151 111 Investment Income $19,626 $18,574 $17,788 $16,526 $16,337 Less: Purchase discount accounting ($427) ($238) ($67) ($73) ($112) (1) $19,199 $18,336 $17,721 $16,453 $16,225 Core investment income Expenses: Management fees $1,869 $1,844 $1,786 $1,729 $1,680 Performance-based incentive fees 1,680 1,519 2,367 1,234 1,374 Interest and amortization of debt issuance costs 6,372 6,343 6,259 5,725 5,365 Professional fees 699 640 687 766 631 Administrative services expense 659 617 430 356 361 Other general and administrative expenses 432 445 405 490 449 Total expenses $11,711 $11,408 $11,934 $10,300 $9,860 Less: Expense reimbursement - - (5,309) - - Net Expenses $11,711 $11,408 $6,625 $10,300 $9,860 Net investment income $7,915 $7,166 $11,163 $6,226 $6,477 Excluding impact of expense reimbursement — — 4,371 — — (2) $7,563 $6,928 $6,792 $6,153 $6,384 Core net investment income Net realized gain (loss) on investments (6,471) (1,636) (15,574) (2,057) (6,922) Net change in unrealized gain (loss) on investments ( 4,176) 1 ,708 1 1,750 71 (5,966) Tax (provision) benefit on realized and unrealized gains (losses) on investments (164) 264 (257) 459 78 Net realized gain (loss) on extinguishment of debt (218) (57) ( 87) ( 213) (39) Net increase/(decrease) in Core net assets resulting from operations ($3,466) $7,207 $2,611 $4,413 ($6,465) Per Share Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Core Net Investment Income $0.79 $0.73 $0.72 $0.66 $0.69 Net Realized and Unrealized Gain / (Loss) on Investments ($1.12) $0.01 ($0.41) ($0.21) ($1.39) Net Core Earnings ($0.36) $0.76 $0.28 $0.47 ($0.70) Distributions Declared $0.69 $0.69 $0.69 $0.69 $0.69 Net Asset Value $22.54 $22.65 $22.76 $22.57 $21.21 (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. (2) 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, such as incentive fees. Portman Ridge believes presenting core net 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 and the reimbursement. However, core net investment income is a non-U.S. GAAP 4 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. See slide 7 for a presentation of Reported net investment income in comparison to Core net investment income and a reconciliation thereof.

Rising Rates ▪ As of June 30, 2024, substantially all of our floating rate assets were on SOFR contract. ▪ If all floating rate assets as of 6/30/24 were reset to current 3-month benchmark rates (5.28%), we would expect to generate an incremental ~$103k of quarterly income. Blended Contracted SOFR at Month End 6.00% 5.50% 5.28% 5.25% 5.23% 5.18% 5.16% 5.17% 4.86% 5.00% 4.70% 4.55% 4.36% 4.50% 3.99% 4.00% 3.44% 3.50% 3.03% 3.00% 2.50% 2.15% 1.94% 1.92% 2.00% 1.50% 1.00% 0.50% 0.00% 6/30 7/31 8/31 9/30 10/31 11/30 12/31 1/31 2/28 3/31 6/30 9/30 12/31 3/31 6/30 3m (1) SOFR (7/24/24) (1) 3-month SOFR per Bloomberg as of July 24, 2024. 5

Limited Repayment Activity ▪ Over the last three years, Portman has experienced an average of $1.1 million in income related to repayment / prepayment activity as compared to the current quarter of $0.3 million. Paydown Income by Quarter ($ in 000s) 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 Quarterly Average: $1,135 1,000 50% of Average: $567 500 281 -- Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 6

Core Earning Analysis ($ in ‘000s except per share) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Interest Income: Non-controlled/non-affiliated investments 14,786 13,283 12,760 12,621 11,913 Non-controlled affiliated investments 626 631 622 95 312 Total interest income 15,412 13,914 13,382 12,716 12,225 Payment-in-kind income: Non-controlled/non-affiliated investments 859 2,308 1,968 1,894 2,018 Non-controlled affiliated investments 107 113 113 112 183 Controlled affiliated investments - - - - - Total payment-in-kind income 966 2,421 2,081 2,006 2,201 Dividend income: Non-controlled affiliated investments 1,864 1,429 2,087 1,653 1,800 Controlled affiliated investments 465 644 - - - Total dividend income 2,329 2,073 2,087 1,653 1,800 Fees and other income: Non-controlled/non-affiliated investments 905 166 238 151 111 Non-controlled affiliated investments 14 - - - - Total fees and other income 919 166 238 151 111 Reported Investment Income $19,626 $18,574 $17,788 $16,526 $16,337 Less: Purchase discount accouting (427) (238) (67) (73) (112) Core Investment Income $19,199 $18,336 $17,721 $16,453 $16,225 Reported Net Investment Income $7,915 $7,166 $11,163 $6,226 $6,477 NII Per Share $0.83 $0.75 $1.17 $0.67 $0.70 Core (1) Net Investment Income $7,563 $6,928 $6,779 $6,162 $6,384 NII Per Share $0.79 $0.73 $0.71 $0.64 $0.69 (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 7 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 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 NAV, Beginning of Period $225,106 $215,013 $214,755 $213,518 $210,607 (1) Net realized gains (losses) from investment transactions (6,471) (1,636) (15,574) (2,057) (6,922) (1) Net change in unrealized appreciation (depreciation) on investments (4,176) 1,708 11,750 71 (5,966) Net Investment Income 7,915 7,166 11,163 6,226 6,477 Net decrease in net assets resulting from stockholder distributions (6,579) (6,554) (6,518) (6,444) (6,411) Realized gains (losses) on extinguishments of debt (218) (57) (87) (213) (39) Tax (provision) benefit on realized and unrealized gains (losses) on investments (164) 264 (257) 459 78 Stock repurchases (553) (1,222) (1,789) (953) (1,553) Distribution reinvestment plan 153 73 75 — 158 NAV, End of Period $215,013 $214,755 $213,518 $210,607 $196,429 Leverage and Asset Coverage Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Gross Leverage 1.6x 1.5x 1.5x 1.4x 1.5x (2) 1.4x 1.3x 1.2x 1.2x 1.3x Net Leverage Asset Coverage 163% 166% 165% 171% 169% (1) Excluding gains from merger activity. (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 $36.6 million, $39.6 million, $71.2 million $33.7 million, and $35.4 million, of cash and cash equivalents and restricted cash as of June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023, 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 8 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.

(1) Current Portfolio Profile (2) Diversified Portfolio of Assets Diversification by Borrower 5.8% Top 5 Borrowers, 18.7% 4.9% 75 Debt + Equity Portfolio Investee Companies 3.4% 3.3% $2.6mm / 1% Average Debt Position Size Remainder 3.1% 38.2% U.S Centric Investments: Nearly 100% US-Based Companies Focus on Non-Cyclical Industries with High FCF Generation Next 6-10 Investments 13.6% Credit quality has been stable to improving during the rotation period Next 11-25 Investments 27.7% (2) (2) Industry Diversification Asset Mix Other, 20.6% High Tech Industries, 15.9% Aerospace and Defense, 3.0% Second Lien Debt 9.5% Beverage, Food and Tobacco, 3.1% Services: Business, First Lien Debt Equity Securities 13.8% 83.9% Machinery (Non- 6.2% Agrclt/Constr/Electr), 3.2% Subordinated Healthcare & Debt Pharmaceuticals, Media: Broadcasting 0.4% 13.4% & Subscription, 3.5% Finance, 5.0% Consumer goods: Banking, Finance, Insurance & Real Estate, 12.9% Durable, 5.8% (1) As of June 30, 2024. Figures shown do not include, CLO Funds, F3C JV or Series A-Great Lakes Funding II LLC, and derivatives. 9 (2) Shown as % of debt and equity investments at fair market value.

(1)(2) Portfolio Trends ($ in ‘000s) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Portfolio Sourcing (at Fair Value): BC Partners $357,971 $366,509 $357,645 $365,041 $348,856 Legacy KCAP $30,718 $24,719 $26,274 $23,865 $23,333 Legacy OHAI $6,715 $6,289 $1,188 $0 $0 Legacy GARS $91,842 $82,738 $69,488 $68,895 $60,790 (3) $22,854 $20,166 $13,271 $13,454 $11,391 Legacy HCAP Portfolio Summary: Total portfolio, at fair value $510,100 $500,419 $467,865 $471,255 $444,370 (4) 85 / 183 83 / 175 80 / 174 79 / 187 75/196 Total number of debt portfolio companies / Total number of investments Weighted Avg EBITDA of debt portfolio companies $99,545 $107,118 $108,229 $111,355 $104,439 Average size of debt portfolio company investment, at fair value $2,879 $3,294 $3,165 $2,818 $2,602 Weighted avg first lien / total leverage ratio (net) of debt portfolio 4.9x / 5.5x 5.0x / 5.8x 5.0x/5.7x 5.0x/5.7x 5.0x/5.8x Portfolio Yields and Spreads: (5) 11.3% 12.2% 12.3% 12.1% 12.4% Weighted average yield on debt investments at par value Average Spread to SOFR 675 bps 744 bps 750 bps 743 bps 752 bps Portfolio Activity: Beginning balance $539,122 $510,100 $500,419 $467,865 $471,255 Purchases / draws 15,257 18,301 18,061 39,080 16,220 Exits / repayments / amortization (36,296) (29,912) (48,148) (35,440) (32,096) Gains / (losses) / accretion (7,983) 1,930 (2,467) (250) (11,009) Ending Balance $510,100 $500,419 $467,865 $471,255 $444,370 (1) For comparability purposes, portfolio trends metrics exclude short-term investments and derivatives. (2) Excludes select investments where the metric is not applicable, appropriate, data is unavailable for the underlying statistic analyzed 10 (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 non-accrual and partial non-accrual investments and excluding CLO holdings and Joint Ventures.

Credit Quality ▪ As of June 30, 2024, nine of the Company’s debt investments were on non-accrual status and represented 0.5% and 4.5% of the Company’s investment portfolio at fair value and amortized cost, respectively ($ in ‘000s) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 (1) Investments Credit Quality – Internal Rating Performing 95.1% 93.5% 93.7% 93.7% 96.4% Underperforming 4.9% 6.5% 6.3% 6.3% 3.6% Investments on Non-Accrual Status Number of Non-Accrual Investments 7 8 7 7 9 Non-Accrual Investments at Cost $15,618 $21,318 $17,260 $17,130 $23,333 Non-Accrual Investments as a % of Total Cost 2.6% 3.6% 3.2% 3.2% 4.5% Non-Accrual Investments at Fair Value $3,904 $8,212 $6,106 $2,152 $2,024 Non-Accrual Investments as a % of Total Fair Value 0.8% 1.6% 1.3% 0.5% 0.5% (1) Based on fair market value as of the end of the respective period. 11

(1) Portfolio Composition Investment Portfolio ($ in ‘000s) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 First Lien Debt $368,186 $357,451 $336,599 $345,978 $320,815 Second Lien Debt 44,863 49,825 41,254 38,925 36,386 Subordinated Debt 1,495 1,298 1,224 1,211 1,693 Equity Securities 20,013 19,189 20,533 23,428 23,830 Collateralized Loan Obligations 12,996 10,425 8,968 8,549 7,354 Joint Ventures 62,547 62,231 59,287 53,164 54,292 Ending Balance $510,100 $500,419 $467,865 $471,255 $444,370 Investment Portfolio (% of total) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 First Lien Debt 72.2% 71.4% 71.9% 73.3% 72.1% Second Lien Debt 8.8% 10.0% 8.8% 8.3% 8.2% Subordinated Debt 0.3% 0.3% 0.3% 0.3% 0.4% Equity Securities 3.9% 3.8% 4.4% 5.0% 5.4% Collateralized Loan Obligations 2.5% 2.1% 1.9% 1.8% 1.7% Joint Ventures 12.3% 12.4% 12.7% 11.3% 12.2% 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 and derivatives. 12

M&A Value Realization ▪ BC Partners Advisors L.P. (“BCPAL”) is an affiliate of Portman’s investment advisor, Sierra Crest Investment Management (“Sierra Crest”), and employees of BCPAL operate Sierra Crest pursuant to a servicing agreement between the entities. Portman’s track record demonstrates BC Partners’ ability to efficiently realize the value of legacy portfolios acquired while rotating into BC Partners’ sourced assets. OHAI GARS HCAP $319,591 $316,452 $67,143 $57,827 81% of $60,550 $53,540 Portfolio FMV at 86% of 100% of transaction Portfolio Portfolio has been FMV at FMV at $260,136 realized transaction transaction $45,871 $67,143 has been has been realized realized $59,456 – $7,669 At Closing 6/30/24 At Closing 6/30/24 At Closing 6/30/24 Still Held Realized Still Held Realized Still Held Realized 13

Appendix

Balance Sheet June 30, 2024 December 31, 2023 (in thousands, except share and per share amounts) (Unaudited) ASSETS Investments at fair value: Non-controlled/non-affiliated investments (amortized cost: 2024 - $409,486; 2023 - $426,630) $ 370,359 $ 398,325 Non-controlled affiliated investments (amortized cost: 2024 - $62,769; 2023 - $55,611) 60,464 55,222 Controlled affiliated investments (cost: 2024 - $50,428; 2023 - $58,041) 13,547 14,318 Total Investments at Fair Value (cost: 2024 - $522,683; 2023 - $540,282) $ 444,370 $ 467,865 Cash and cash equivalents 9,813 26,912 Restricted cash 26,826 44,652 Interest receivable 4,659 5,162 Receivable for unsettled trades — 573 Due from affiliates 1,544 1,534 Other assets 1,599 2,541 Total Assets $ 488,811 $ 549,239 LIABILITIES 2018-2 Secured Notes (net of discount of: 2024 - $414; 2023 - $712) $ 84,656 $ 124,971 4.875% Notes Due 2026 (net of discount of: 2024 - $974; 2023 - $1,225; net of deferred financing costs of: 2024 - $430; 2023 - $561) 106,596 106,214 Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of: 2024 - $609; 2023 - $775) 91,391 91,225 Payable for unsettled trades 37 520 Accounts payable, accrued expenses and other liabilities 2,700 4,252 Accrued interest payable 3,537 3,928 Due to affiliates 411 458 Management and incentive fees payable 3,054 4,153 Total Liabilities $ 292,382 $ 335,721 COMMITMENTS AND CONTINGENCIES NET ASSETS Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 9,951,485 issued, and 9,260,495 outstanding at June 30, 2024, and 9,943,385 issued, and 9,383,132 outstanding at December 31, 2023 $ 93 $ 94 Capital in excess of par value 715,488 717,835 Total distributable (loss) earnings (519,152 ) (504,411 ) Total Net Assets $ 196,429 $ 213,518 Total Liabilities and Net Assets $ 488,811 $ 549,239 Net Asset Value Per Common Share $ 21.21 $ 22.76 15

Income Statement For the Six Months Ended For the Three Months Ended June 30, June 30, (in thousands, except share and per share amounts) 2024 2023 2024 2023 INVESTMENT INCOME Interest income: Non-controlled/non-affiliated investments $ 11,913 $ 14,786 $ 24,534 $ 29,632 Non-controlled affiliated investments 312 626 407 1,475 Total interest income $ 12,225 $ 15,412 $ 24,941 $ 31,107 Payment-in-kind income: (1) Non-controlled/non-affiliated investments $ 2,018 $ 859 $ 3,912 $ 2,386 Non-controlled affiliated investments 183 107 295 180 Total payment-in-kind income $ 2,201 $ 966 $ 4,207 $ 2,566 Dividend income: Non-controlled affiliated investments $ 1,800 $ 1,864 $ 3,453 $ 3,248 Controlled affiliated investments — 465 — 1,540 Total dividend income $ 1,800 $ 2,329 $ 3,453 $ 4,788 Fees and other income Non-controlled/non-affiliated investments $ 111 $ 905 $ 262 $ 1,478 Non-controlled affiliated investments — 14 — 14 Total fees and other income $ 111 $ 919 $ 262 $ 1,492 Total investment income $ 16,337 $ 19,626 $ 32,863 $ 39,953 EXPENSES Management fees $ 1,680 $ 1,869 $ 3,409 $ 3,822 Performance-based incentive fees 1,374 1,680 2,608 3,488 Interest and amortization of debt issuance costs 5,365 6,372 11,091 12,704 Professional fees 631 699 1,397 1,302 Administrative services expense 361 659 717 1,330 Other general and administrative expenses 449 432 939 863 Total expenses $ 9,860 $ 11,711 $ 20,161 $ 23,509 NET INVESTMENT INCOME $ 6,477 $ 7,915 $ 12,702 $ 16,444 REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS Net realized gains (losses) from investment transactions: Non-controlled/non-affiliated investments $ (694 ) $ (5,267) $ (2,335) $ (8,352 ) Non-controlled affiliated investments — (1,124 ) — (1,124) Controlled affiliated investments (6,228) (80 ) (6,644) (80) Net realized gain (loss) on investments $ (6,922 ) $ (6,471) $ (8,979) $ (9,556 ) Net change in unrealized appreciation (depreciation) on: Non-controlled/non-affiliated investments $ (10,163 ) $ (5,478) $ (10,822) $ (8,535) Non-controlled affiliated investments (2,055) 766 (1,915 ) 455 Controlled affiliated investments 6,252 536 6,842 (2,056) Net change in unrealized gain (loss) on investments $ (5,966 ) $ (4,176 ) $ (5,895 ) $ (10,136) Tax (provision) benefit on realized and unrealized gains (losses) on investments $ 78 $ (164 ) $ 537 $ 407 Net realized and unrealized appreciation (depreciation) on investments, net of taxes $ (12,810 ) $ (10,811) $ (14,337) $ (19,285 ) Net realized gain (loss) on extinguishment of debt $ (39 ) $ (218 ) $ (252) $ (218 ) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (6,372 ) $ (3,114 ) $ (1,887 ) $ (3,059) Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share: Basic and Diluted: $ (0.69) $ (0.33) $ (0.20) $ (0.32) Net Investment Income Per Common Share: Basic and Diluted: $ 0.70 $ 0.83 $ 1.36 $ 1.72 Weighted Average Shares of Common Stock Outstanding—Basic and Diluted 9,293,687 9,541,722 9,319,272 9,548,424 (1) During the six months ended June 30, 2024, the Company received $0.1 million 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, 16 2023, the Company received $0.3 million 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 $9.8 million as of June 30, 2024 ▪ Restricted cash of $26.8 million as of June 30, 2024 Debt Summary ▪ As of June 30, 2024, par value of outstanding borrowings was $285.1 million; there was $23.0 million of available borrowing capacity under the Senior Secured Revolving Credit Facility and no available borrowing capacity under the 2018-2 Secured Notes. ▪ On July 23, 2024, Great Lakes Portman Ridge Funding LLC, a wholly-owned subsidiary of the Company, entered into a second amendment of its senior secured revolving credit facility (“Revolving Credit Facility”) with JPMorgan Chase Bank, National Association (“JPM”) as administrative agent. The second amendment, among other things, (i) provided for a committed increase to the aggregate principal amount of the Revolving Credit Facility in an amount not to exceed $85,000,000, subject to the satisfaction of certain conditions, (ii) provided for a committed seven-day bridge advance in an aggregate principal amount of $18,250,000, subject to the satisfaction of certain conditions, (iii) reduced the applicable margin on the Revolving Credit Facility to 2.50% per annum, (iv) extended the period in which the Company may request advances under the Revolving Credit Facility to August 29, 2026, (v) extended the stated maturity of the Revolving Credit Facility to August 29, 2027, (vi) extended the non-call period under the Revolving Credit Facility to April 29, 2025, and (vii) provided for certain fees to be paid to the administrative agent and the lenders in connection therewith. 17

(1) Regular Distribution Information (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. 18

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