# EDGAR Filing Document

**Accession Number:** 0001372807
**File Stem:** 0001628280-25-035078
**Filing Date:** 2025-7
**Character Count:** 37546
**Document Hash:** be027117d8bdcf2f25a529b47e11fff4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-035078.hdr.sgml**: 20250716

**ACCESSION NUMBER**: 0001628280-25-035078

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250715

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250716

**DATE AS OF CHANGE**: 20250716

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Portman Ridge Finance Corp
- **CENTRAL INDEX KEY:** 0001372807

**ORGANIZATION NAME:**
- **EIN:** 205951150
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00735
- **FILM NUMBER:** 251127729

**BUSINESS ADDRESS:**
- **STREET 1:** 650 MADISON AVNUE
- **STREET 2:** 3RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212.891.2880

**MAIL ADDRESS:**
- **STREET 1:** 650 MADISON AVNUE
- **STREET 2:** 3RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KCAP Financial, Inc.
- **DATE OF NAME CHANGE:** 20120710

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Kohlberg Capital CORP
- **DATE OF NAME CHANGE:** 20061211

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Kohlberg Capital, LLC
- **DATE OF NAME CHANGE:** 20060815

?xml version='1.0' encoding='ASCII'? ptmn-20250715

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): July 15, 2025**

**Portman Ridge Finance Corporation**

**(Exact name of Registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **814-00735** | **20-5951150** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission**<br>**File Number)** | **(I.R.S. Employer**<br>**Identification No.)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **650 Madison Avenue, 3rd Floor** | **650 Madison Avenue, 3rd Floor** | **650 Madison Avenue, 3rd Floor** | |
| **New York** | **,** | **New York** | **10022** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

---

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

**None**

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

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

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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

---

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

Emerging growth company ☐

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

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**Item 2.01.&nbsp;&nbsp;&nbsp;&nbsp;Completion of Acquisition or Disposition of Assets.**

On July 15, 2025, Portman Ridge Finance Corporation, a Delaware corporation (the "Company"), completed its previously announced acquisition of Logan Ridge Finance Corporation, a Maryland corporation ("LRFC"), pursuant to that certain Agreement and Plan of Merger (the "Merger Agreement"), dated as of January 29, 2025, by and among the Company, LRFC, Portman Ridge Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company ("Merger Sub"), solely for the limited purposes set forth therein, Sierra Crest Investment Management LLC, a Delaware limited liability company and investment adviser to the Company (the "Company Adviser"), and, solely for the limited purposes set forth therein, Mount Logan Management LLC, a Delaware limited liability company and investment adviser to LRFC (the "LRFC Adviser"). Pursuant to the Merger Agreement, Merger Sub was first merged with and into LRFC, with LRFC continuing as the surviving company (the "First Merger"), and, following the effectiveness of the First Merger, LRFC was then merged with and into the Company, with the Company continuing as the surviving company (together with the First Merger, the "Mergers").

In accordance with the terms of the Merger Agreement, at the effective time of the First Merger, each outstanding share of common stock, par value $0.01 per share, of LRFC was converted into the right to receive 1.5 shares of common stock, par value $0.01 per share, of the Company. As a result, the Company issued an aggregate of approximately 4.0 million shares of its common stock to LRFC's former stockholders.

The foregoing description of the Merger Agreement is a summary only and is qualified in its entirety by reference to the full text of the Merger Agreement, a copy of which was filed by the Company as Exhibit 2.1 to its Current Report on Form 8-K, filed on February 4, 2025.

**Item 2.03.&nbsp;&nbsp;&nbsp;&nbsp;Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

*Fifth Supplemental Indenture for the 2026 Senior Notes*

On July 15, 2025, the Company entered into a fifth supplemental indenture (the "Fifth Supplemental Indenture") by and among the Company, LRFC and U.S. Bank Trust Company, National Association (the "Trustee"), effective as of the closing of the Mergers. The Fifth Supplemental Indenture relates to the Company's assumption of $50,000,000 million in aggregate principal amount of LRFC's 6.00% Notes due 2026 (the "2026 Notes").

Pursuant to the Fifth Supplemental Indenture, the Company expressly assumed the obligations of LRFC for the due and punctual payment of the principal of, and premium, if any, and interest on all the 2026 Notes, and the due and punctual performance and observance of all of the covenants and conditions of the Base Indenture, dated as of June 16, 2014, by and between LRFC and the Trustee (as may be amended, supplemented or otherwise modified from time to time, the "2026 Base Indenture").

The foregoing description of the 2026 Notes and the Fifth Supplemental Indenture does not purport to be complete and is qualified in its entirety by reference to the 2026 Base Indenture and the Fifth Supplemental Indenture, copies of which are attached or incorporated by reference as Exhibits 4.1 and 4.2 to this Current Report on Form 8-K, respectively, and are incorporated into this Current Report on Form 8-K by reference.

*Assignment and Assumption Agreement for the 2032 Convertible Notes*

On July 15, 2025, the Company entered into an assignment and assumption agreement (the "Assignment and Assumption Agreement") for the benefit of the Noteholders (as defined in the 2032 Note Purchase Agreement (as defined below)). The Assignment and Assumption Agreement relates to the Company's assumption of $2.5 million in aggregate principal amount of 6.00% 2032 Convertible Notes, due April 1, 2032 (the "2032 Notes"), and other obligations of LRFC under a note purchase agreement, dated as of April 1, 2022 (as further amended, supplemented or otherwise modified from time to time, the "2032 Note Purchase Agreement"), among LRFC and certain institutional investors specified therein.

Pursuant to the Assignment and Assumption Agreement, the Company unconditionally and expressly assumed, confirmed and agreed to perform and observe each and every one of the covenants, rights, promises, agreements, terms, conditions, obligations, duties and liabilities of LRFC under the 2032 Note Purchase Agreement, under the 2032 Notes and under any documents, instruments or agreements executed and delivered or furnished by

------

LRFC in connection therewith, and to be bound by all waivers made by LRFC with respect to any matter set forth therein.

The description above is only a summary of certain of the material provisions of the Assignment and Assumption Agreement and the 2032 Note Purchase Agreement and is qualified in its entirety by reference to the text of the Assignment and Assumption Agreement and the 2032 Note Purchase Agreement, are attached as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K, respectively, and are incorporated into this Current Report on Form 8-K by reference.

**Item 7.01.&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

On July 15, 2025, the Company issued a press release announcing the completion of the Mergers. A copy of the press release is furnished herewith as Exhibit 99.1.

The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being "furnished" and is not deemed "filed" by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor is it deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(a)*Financial Statements of Fund Acquired*

The information required by Item 9.01(a) of Form 8-K, including the financial statements required pursuant to Rule 6-11 of Regulation S-X, was previously included or incorporated by reference in the Company's Joint Proxy Statement/Prospectus, and, pursuant to General Instruction B.3 of Form 8-K, is not included herein.

(d)Exhibits.

---

| | |
|:---|:---|
| **Exhibit Number** | **Exhibit** |
| 2.1 | <u>[Agreement and Plan of Merger, dated as of January 29, 2025, among Portman Ridge Finance Corporation, Logan Ridge Finance Corporation, Portman Ridge Merger Sub, Inc., Sierra Crest Investment Management LLC (for the limited purposes set forth therein) and Mount Logan Management LLC (for the limited purposes set forth therein) (incorporated by reference to Exhibit 2.1](https://www.sec.gov/Archives/edgar/data/1372807/000119312525020007/d823270dex21.htm)[to Portman Ridge Finance Corporation](https://www.sec.gov/Archives/edgar/data/1372807/000119312525020007/d823270dex21.htm)['](https://www.sec.gov/Archives/edgar/data/1372807/000119312525020007/d823270dex21.htm)[s](https://www.sec.gov/Archives/edgar/data/1372807/000119312525020007/d823270dex21.htm)[Current Report on Form 8-K](https://www.sec.gov/Archives/edgar/data/1372807/000119312525020007/d823270dex21.htm)[filed](https://www.sec.gov/Archives/edgar/data/1372807/000119312525020007/d823270dex21.htm)[on February 4, 2025).](https://www.sec.gov/Archives/edgar/data/1372807/000119312525020007/d823270dex21.htm)</u> |
| 4.1 | <u>[Form of Base Indenture](https://www.sec.gov/Archives/edgar/data/1571329/000114420414032811/v373541_ex99d2.htm)[(incorporated by reference to Exhibit d.2](https://www.sec.gov/Archives/edgar/data/1571329/000114420414032811/v373541_ex99d2.htm)[filed with](https://www.sec.gov/Archives/edgar/data/1571329/000114420414032811/v373541_ex99d2.htm)[Pre-](https://www.sec.gov/Archives/edgar/data/1571329/000114420414032811/v373541_ex99d2.htm)[Effective Amendment](https://www.sec.gov/Archives/edgar/data/1571329/000114420414032811/v373541_ex99d2.htm)[No. 2](https://www.sec.gov/Archives/edgar/data/1571329/000114420414032811/v373541_ex99d2.htm)[to](https://www.sec.gov/Archives/edgar/data/1571329/000114420414032811/v373541_ex99d2.htm)[Logan Ridge Finance Corporation's](https://www.sec.gov/Archives/edgar/data/1571329/000114420414032811/v373541_ex99d2.htm)[registration statement on Form N-2](https://www.sec.gov/Archives/edgar/data/1571329/000114420414032811/v373541_ex99d2.htm)[on](https://www.sec.gov/Archives/edgar/data/1571329/000114420414032811/v373541_ex99d2.htm)[May 21, 2014).](https://www.sec.gov/Archives/edgar/data/1571329/000114420414032811/v373541_ex99d2.htm)</u> |
| 4.2 | <u>[Fifth Supplemental Indenture, dated as of July 15, 2025, by and between Logan Ridge Finance Corporation and Portman Ridge Finance Corporation (filed herewith).](exhibit42-ptmnclosing8xk.htm)</u> |
| 10.1 | <u>[Assignment and Assumption Agreement, dated as of April 1, 2022, by and between Logan Ridge Finance Corporation and Portman Ridge Finance Corporation (filed herewith).](exhibit101-ptmnclosing8xk.htm)</u> |
| 10.2 | <u>[Note Purchase Agreement, dated as of April 1, 2022, by and between Logan Ridge Finance Corporation and each of the purchasers listed in the purchaser schedule hereto (incorporated by reference to Exhibit 4.1](https://www.sec.gov/Archives/edgar/data/1571329/000119312522097684/d329551dex41.htm)[to](https://www.sec.gov/Archives/edgar/data/1571329/000119312522097684/d329551dex41.htm)[Logan Ridge Finance Corporation's Current Report on Form 8-K](https://www.sec.gov/Archives/edgar/data/1571329/000119312522097684/d329551dex41.htm)[filed](https://www.sec.gov/Archives/edgar/data/1571329/000119312522097684/d329551dex41.htm)[on April](https://www.sec.gov/Archives/edgar/data/1571329/000119312522097684/d329551dex41.htm)[6](https://www.sec.gov/Archives/edgar/data/1571329/000119312522097684/d329551dex41.htm)[, 2022).](https://www.sec.gov/Archives/edgar/data/1571329/000119312522097684/d329551dex41.htm)</u> |
| 99.1 | <u>[Press Release of Portman Ridge Finance Corporation, dated July 15, 2025.](exhibit991-ptmnclosing8xk.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURE** 

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

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

---

Date: July 16, 2025

## Exhibit 4.2

**Exhibit 4.2**

**FIFTH AMENDMENT TO**

**<u>REVOLVING CREDIT AND SECURITY AGREEMENT</u>**

**THIS FIFTH AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT**, dated as of July 14, 2025 (the "<u>Amendment</u>"), is made pursuant to that certain Revolving Credit and Security Agreement dated as of October 30, 2020 (as amended by that certain (i) First Amendment to Revolving Credit and Security Agreement and Omnibus Amendment to Facility Documents, dated as of July 1, 2021, (ii) Second Amendment to Revolving Credit and Security Agreement, dated as of May 10, 2022, (iii) Third Amendment to Revolving Credit and Security Agreement, dated as of October 20, 2022 and (iv) Fourth Amendment to Revolving Credit and Security Agreement, dated as of August 21, 2024, and as may be further amended, restated, modified or supplemented from time to time, the "<u>Agreement</u>"), among **CAPITALA BUSINESS LENDING, LLC**, a Delaware limited liability company, as borrower (together with its permitted successors and assigns, the "<u>Borrower</u>"); **MOUNT LOGAN MANAGEMENT LLC**, a Delaware limited liability company ("<u>Mount</u> <u>Logan</u>"), as the collateral manager (in such capacity, together with its permitted successors and assigns, the "<u>Collateral Manager</u>"); the **LENDERS** from time to time party hereto; **KEYBANK NATIONAL ASSOCIATION**, as administrative agent for the Secured Parties (as hereinafter defined) (in such capacity, together with its successors and assigns, the "<u>Administrative Agent</u>"); and **U.S. BANK NATIONAL ASSOCIATION**, as custodian (in such capacity, together with its successors and assigns, the "<u>Custodian</u>"). Capitalized terms defined in the Agreement have the same meanings when used herein.

**W I T N E S S E T H :**

WHEREAS, the Borrower, the Collateral Manager, the Lenders, the Administrative Agent and the Custodian have previously entered into and are currently party to the Agreement;

WHEREAS, the Borrower has requested that the Administrative Agent and the Lenders make certain amendments to the Agreement and the Administrative Agent and the Lenders are willing to do so under the terms and conditions set forth in this Amendment;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

*Section 1.&nbsp;&nbsp;&nbsp;&nbsp;Defined Terms.* Unless otherwise amended by the terms of this Amendment, terms used in this Amendment shall have the meanings assigned in the Agreement.

*Section 2.&nbsp;&nbsp;&nbsp;&nbsp;Amendment to the Agreement*. Subject to the satisfaction of the conditions precedent set forth in Section 3 below, the Agreement shall be and hereby is amended as follows:

The defined term "*Change of Control*" appearing in Section 1.01 of the Agreement is hereby amended and restated in its entirety and as so amended and restated shall read as follows:

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"*Change of Control*" means, at any time, the occurrence of one of the following events: (1) until such time that Logan Ridge and Portman Ridge Finance Corporation merge (the "*Merger*"), Logan Ridge shall cease to own, directly or indirectly, at least 100% of the equity interests of the Borrower free and clear of all Liens other than Permitted Liens at any time; (2) following the Merger, Portman Ridge Finance Corporation shall cease to own, directly or indirectly, at least 100% of the equity interests of the Borrower free and clear of all Liens other than Permitted Liens at any time or (3) Mount Logan Management, LLC or an Affiliate thereof fails to direct the management and policies of Logan Ridge, until the Merger, or Portman Ridge Finance Corporation, thereafter.

*Section 3.&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent.* The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent, the Borrower, the Collateral Manager and the Required Lenders shall have executed and delivered this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.&nbsp;&nbsp;&nbsp;&nbsp;Legal matters incident to the execution and delivery of this Amendment shall be satisfactory to the Administrative Agent and its counsel.

*Section 4.&nbsp;&nbsp;&nbsp;&nbsp;Representations of the Borrower and Collateral Manager.* The Borrower hereby represents and warrants to the parties hereto that, after giving effect to this Amendment, each of its representations and warranties contained in Article IV of the Agreement and any other Facility Documents to which it is a party are true and correct in all material respects as of the date hereof (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties are true and correct in all material respects as of such earlier date).

*Section 5.&nbsp;&nbsp;&nbsp;&nbsp;Agreement in Full Force and Effect.* Except as specifically amended herein, the Agreement shall continue in full force and effect in accordance with its original terms and the liens created and provided for by the Facility Documents remain in full force and effect and continue to secure, among other things, the performance of all of the Borrower's Obligations under the Facility Documents and the Agreement as amended hereby. Reference to this specific Amendment need not be made in the Agreement or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Agreement, any reference in any of such items to the Agreement being sufficient to refer to the Agreement as amended hereby.

*Section 6.&nbsp;&nbsp;&nbsp;&nbsp;Execution in Counterparts.* This Amendment may be executed and delivered in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file or any electronic signature complying with the U.S. federal ESIGN Act of 2000, including Orbit, Adobe Sign, DocuSign, or any other similar platform identified by Borrower or Collateral Manager and reasonably available at no undue burden or expense to the Administrative Agent)), each of which shall be deemed an original, and all of which together constitute one and the same agreement. Delivery of an executed counterpart signature page of this Amendment by facsimile or any such electronic transmission shall be effective as delivery of

------

a manually executed counterpart of this Amendment and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person. The Administrative Agent shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.

*Section 7.&nbsp;&nbsp;&nbsp;&nbsp;Governing Law.* THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO CONFLICT OF LAW PRINCIPLES, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK.

[SIGNATURE PAGES TO FOLLOW]

------

IN WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment to Revolving Credit and Security Agreement to be executed and delivered by their duly authorized officers as of the date hereof.

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| | | | |
|:---|:---|:---|:---|
| **CAPITALA BUSINESS LENDING, LLC**, as Borrower | **CAPITALA BUSINESS LENDING, LLC**, as Borrower | **CAPITALA BUSINESS LENDING, LLC**, as Borrower | **CAPITALA BUSINESS LENDING, LLC**, as Borrower |
| By: | /s/ Brandon Satoren | /s/ Brandon Satoren | /s/ Brandon Satoren |
|  | Name: | Name: | Brandon Satoren |
|  | Title: | Authorized Signatory | Authorized Signatory |
| **MOUNT LOGAN MANAGEMENT, LLC**, as Collateral Manager | **MOUNT LOGAN MANAGEMENT, LLC**, as Collateral Manager | **MOUNT LOGAN MANAGEMENT, LLC**, as Collateral Manager | **MOUNT LOGAN MANAGEMENT, LLC**, as Collateral Manager |
| By: | /s/ Brandon Satoren | /s/ Brandon Satoren | /s/ Brandon Satoren |
|  | Name: | Name: | Brandon Satoren |
|  | Title: | Authorized Signatory | Authorized Signatory |

---

[Signature Page to Fifth Amendment to Revolving Credit and Security Agreement]

------

---

| | | | |
|:---|:---|:---|:---|
| **KEYBANK NATIONAL ASSOCIATION**, as Administrative Agent and as a Lender | **KEYBANK NATIONAL ASSOCIATION**, as Administrative Agent and as a Lender | **KEYBANK NATIONAL ASSOCIATION**, as Administrative Agent and as a Lender | **KEYBANK NATIONAL ASSOCIATION**, as Administrative Agent and as a Lender |
| By: | /s/ Richard Andersen | /s/ Richard Andersen | /s/ Richard Andersen |
|  | Name: | Name: | Richard Andersen |
|  | Title: | Senior Vice President | Senior Vice President |

---

[Signature Page to Fifth Amendment to Revolving Credit and Security Agreement]

## Exhibit 10.1

**Exhibit 10.1**

**ASSIGNMENT AND ASSUMPTION AGREEMENT**

This Assignment and Assumption Agreement (this "<u>Agreement</u>") is made and entered into as of July 15, 2025 by and between Logan Ridge Finance Corporation, a Maryland corporation (the "<u>Assignor</u>") and Portman Ridge Finance Corporation, a Delaware corporation (the "<u>Assignee</u>"). The Assignor and the Assignee are sometimes referred to individually herein as a "<u>Party</u>" and, collectively, as the "<u>Parties</u>."

WHEREAS, the Assignor entered into that certain Note Purchase Agreement, dated as of April 1, 2022 (as amended, the "<u>Note Purchase Agreement</u>") with each Purchaser identified therein;

WHEREAS, the Assignor has entered into that certain Agreement and Plan of Merger (as amended, the "<u>Merger Agreement</u>"), dated as of January 29, 2025, by and among the Assignor, the Assignee, Portman Ridge Merger Sub, Inc., a Maryland corporation and direct wholly-owned subsidiary of the Assignee, Sierra Crest Investment Management LLC, a Delaware limited liability company and the investment adviser to the Assignee (for the limited purposes set forth therein), and Mount Logan Management LLC, a Delaware limited liability company and the investment adviser to the Assignor (for the limited purposes set forth therein), pursuant to which, effective as of the Effective Time (as defined in the Merger Agreement), the Assignor will merge with and into the Assignee, with the Assignee continuing as the surviving corporation;

WHEREAS, the Assignor desires to transfer and assign, and the Assignee desires to accept and assume, all the rights and obligations of Assignor under the Note Purchase Agreement, effective as of the Effective Time;

WHEREAS, Section 10.2 of the Note Purchase Agreement requires, among other things, that the Assignee, as the successor corporation, execute and deliver to each holder of any Notes (as defined in the Note Purchase Agreement) its assumption of the due and punctual performance and observance of each covenant and condition of the Note Purchase Agreement and the Notes to effect an assignment of the Note Purchase Agreement; and

WHEREAS, the Assignee desires to consent to and execute its assumption of the Note Purchase Agreement.

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;As of the Effective Time, the Assignor hereby assigns and transfers to the Assignee, and the Assignee hereby accepts such assignment and transfer and assumes, all of the Assignor's rights, obligations and liabilities under the Note Purchase Agreement. The Assignee agrees that it will be bound by the terms of, and perform all of the obligations under, the Note Purchase Agreement, and the Assignee will be entitled to all of the benefits of, and burdens under, the Note Purchase Agreement in all respects.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be binding upon the successors, legal representatives and assigns of the Parties. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to any of the conflict of law rules thereof to the extent such rules would require or permit the application of the laws of another jurisdiction to this Agreement. This Agreement may be executed in counterparts, each of which shall be deemed to original, but all of which together shall constitute one and the same instrument. PDF or other electronic copies of signatures on this Agreement shall be deemed to be original signatures.

[*Signature Page Follows*]

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IN WITNESS WHEREOF, each Party has duly executed this Agreement as of the date first written above.

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| | |
|:---|:---|
| PORTMAN RIDGE FINANCE CORPORATION | PORTMAN RIDGE FINANCE CORPORATION |
| By: | /s/ Brandon Satoren |
| Name: | Brandon Satoren |
| Title: | Chief Financial Officer, Secretary and Treasurer |
| LOGAN RIDGE FINANCE CORPORATION | LOGAN RIDGE FINANCE CORPORATION |
| By: | /s/ Brandon Satoren |
| Name: | Brandon Satoren |
| Title: | Chief Financial Officer, Secretary and Treasurer |

---

[*Signature Page to Assignment and Assumption Agreement (Note Purchase Agreement)*]

## Exhibit 99.1

**Exhibit 99.1**

![portman.jpg](portman.jpg)

**FOR IMMEDIATE RELEASE**

**Portman Ridge Finance Corporation Closes Merger with Logan Ridge Finance Corporation**

**NEW YORK, July 15, 2025** – Portman Ridge Finance Corporation (NASDAQ: PTMN) ("Portman Ridge" or "PTMN") today announced the closing of the previously announced merger of Logan Ridge Finance Corporation (NASDAQ: LRFC) ("Logan Ridge" or "LRFC") with and into PTMN, with PTMN remaining as the surviving company. Based on July 11, 2025 financial data, the combined company had total assets in excess of $600 million.

Ted Goldthorpe, President and Chief Executive Officer of PTMN and Head of the BC Partners Credit Platform, stated, "We would like to thank the shareholders and independent directors of both companies for their strong support throughout the merger process. With the merger now complete, we look forward to rebranding PTMN as BCP Investment Corporation later this summer, which will better reflect our affiliation with the broader BC Partners Credit Platform.

Looking forward, we are excited about the opportunities ahead. We will seek to leverage the combined company's enhanced scale, further diversified portfolio, cost savings due to lower overall operating expenses, and improved stock trading liquidity to deliver compelling risk-adjusted returns for our shareholders."

In connection with the closing of the merger, LRFC shareholders are entitled to receive approximately 4.0 million shares of PTMN common stock in the aggregate, or 1.5 shares of PTMN common stock for each common share of LRFC, based on the applicable exchange ratio and payment of cash in lieu of fractional shares.

Prior to the closing of the merger, LRFC's investment adviser announced a cash payment of $0.47 per share to LRFC shareholders of record as of May 6, 2025, which is expected to be paid to the applicable legacy LRFC shareholders on or about July 25, 2025. Additionally, on July 14, 2025, LRFC's Board of Directors declared a tax distribution of $0.38 per share to LRFC shareholders of record as of July 14, 2025, which is expected to be paid to the applicable legacy LRFC shareholders on or about July 22, 2025.

**Additional Merger Related Initiatives**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>In the coming weeks</u>: Portman Ridge will rebrand and begin operating under the name BCP Investment Corporation (the "Company" or "BCIC"). In connection with the rebranding, the Company will continue to trade on the Nasdaq under the new ticker symbol "BCIC".

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Beginning in 2026</u>: The Company will transition to paying its currently quarterly base distribution on a monthly basis, while retaining the potential for quarterly supplemental distributions. The quarterly supplemental distributions will continue to approximate 50% of the incremental net investment income earned in excess of the base monthly distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Over the next 24 months</u>: To further align the Company's interests with shareholders and drive additional value creation, the Company, along with its management, its adviser and their affiliates intend to purchase up to 20% of the Company's outstanding common stock to the extent the Company's shares continue to trade below 80% of net asset value ("NAV"), which implies a share price of $15.08 based on Portman Ridge's March 31, 2025 NAV per share, or approximately a 20% premium to PTMN's June 26, 2025 closing market price. These purchases will begin no earlier than 60 calendar days following the date of the closing of the LRFC merger and may occur through various methods, including open market purchases and privately negotiated transactions, and may be conducted pursuant to Rule 10b5-1 and Rule 10b-18 trading plans. In this regard and as previously announced, PTMN's Board of Directors has authorized an open market stock repurchase program of up to $10 million for the period from March 12, 2025, to March 31, 2026. The Company, its management and its adviser also reserve the right to conduct tender offers as part of the Company's broader value creation initiatives.

**Transaction Advisors**

Keefe, Bruyette & Woods, *A Stifel Company*, served as financial advisor to the Special Committee of PTMN in connection with the transaction. Stradley Ronon Stevens & Young, LLP acted as the legal counsel to the Special Committee of PTMN.

Houlihan Lokey served as financial advisor to the Special Committee of LRFC in connection with the transaction. Skadden, Arps, Slate, Meagher & Flom LLP acted as the legal counsel to the Special Committee of LRFC.

Simpson Thacher & Bartlett LLP and Dechert LLP served as legal counsel to PTMN and LRFC with respect to the transaction.

**About Portman Ridge Finance Corporation**

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

PTMN's filings with the Securities and Exchange Commission ("SEC"), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge's website at <u>www.portmanridge.com</u>.

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

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

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

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

**Cautionary Statement Regarding Forward-Looking Statements**

Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results and distribution projections of the Company; business prospects of the Company, and the prospects of its portfolio companies; and the impact of the investments that the Company expects to make. In addition, words such as "anticipate," "believe," "expect," "seek," "plan," "should," "estimate," "project" and "intend" indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this communication involve risks and uncertainties. More information on the risks and other potential factors that could affect these forward-looking statements is included in the Registration Statement (Registration No. 333-285230) filed with the SEC (the "Registration Statement)" that contains a joint proxy statement and prospectus for PTMN and LRFC (the "Joint Proxy Statement").

Although the Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that the Company in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

**Contacts:**

Portman Ridge Finance Corporation

650 Madison Avenue, 3rd floor

New York, NY 10022

Brandon Satoren

Chief Financial Officer

Brandon.Satoren@bcpartners.com

(212) 891-2880

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The Equity Group Inc.

Lena Cati

lcati@equityny.com

(212) 836-9611

Val Ferraro

vferraro@equityny.com

(212) 836-9633

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