<SEC-DOCUMENT>0000935836-23-000646.txt : 20231005
<SEC-HEADER>0000935836-23-000646.hdr.sgml : 20231005
<ACCEPTANCE-DATETIME>20231005175856
ACCESSION NUMBER:		0000935836-23-000646
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20231002
FILED AS OF DATE:		20231005
DATE AS OF CHANGE:		20231005

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Repertoire Master Fund LP
		CENTRAL INDEX KEY:			0001878549
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00735
		FILM NUMBER:		231312317

	BUSINESS ADDRESS:	
		STREET 1:		345 CALIFORNIA STREET, SUITE 600
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
		BUSINESS PHONE:		415-677-7050

	MAIL ADDRESS:	
		STREET 1:		345 CALIFORNIA STREET, SUITE 600
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Repertoire Partners LP
		CENTRAL INDEX KEY:			0001909393
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00735
		FILM NUMBER:		231312318

	BUSINESS ADDRESS:	
		STREET 1:		31 HUDSON YARDS
		STREET 2:		11TH FLOOR SUITE #43
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10001
		BUSINESS PHONE:		415-677-7050

	MAIL ADDRESS:	
		STREET 1:		31 HUDSON YARDS
		STREET 2:		11TH FLOOR SUITE #43
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10001

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Portman Ridge Finance Corp
		CENTRAL INDEX KEY:			0001372807
		IRS NUMBER:				205951150
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		650 MADISON AVNUE
		STREET 2:		23RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212.891.2880

	MAIL ADDRESS:	
		STREET 1:		650 MADISON AVNUE
		STREET 2:		23RD 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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2023-10-02</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001372807</issuerCik>
        <issuerName>Portman Ridge Finance Corp</issuerName>
        <issuerTradingSymbol>PTMN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001909393</rptOwnerCik>
            <rptOwnerName>Repertoire Partners LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>31 HUDSON YARDS</rptOwnerStreet1>
            <rptOwnerStreet2>11TH FLOOR SUITE #43</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10001</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001878549</rptOwnerCik>
            <rptOwnerName>Repertoire Master Fund LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>345 CALIFORNIA STREET, SUITE 600</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94104</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2023-10-02</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>451411</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>632414</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See note</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2023-10-02</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>451411</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>451411</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See note</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Repertoire Master Fund LP (the &quot;Master Fund&quot;) distributed these shares in kind to Repertoire Supplement Z LP, a liquidating fund formed for certain investors withdrawing from the Master Fund (the &quot;Liquidating Fund&quot;). Following this distribution, the Master Fund beneficially owns less than 10% of the outstanding shares of the issuer.</footnote>
        <footnote id="F2">These securities are held directly by the Master Fund.</footnote>
        <footnote id="F3">These securities are held directly by the Liquidating Fund.</footnote>
        <footnote id="F4">Repertoire Partners LP (&quot;Repertoire&quot;) is the investment adviser to the Master Fund and the Liquidating Fund (the &quot;Funds&quot;). Repertoire Holdings LLC (&quot;Holdings&quot;) is the general partner of the Funds. Deepak Sarpangal is the control person of Repertoire and Holdings. The securities may be deemed to be beneficially owned by Repertoire as the investment adviser to the Funds, by Holdings as the general partner of the Funds and by Mr. Sarpangal as the control person of Repertoire and Holdings. Each of Repertoire, Holdings and Mr. Sarpangal disclaims beneficial ownership of such securities except to the extent of that person's pecuniary interest therein.</footnote>
    </footnotes>

    <remarks>Repertoire is filing this Form 4 on behalf of itself, Holdings and Mr. Sarpangal. The filers are filing this Form jointly, but not as a group, and each expressly disclaims membership in a group.</remarks>

    <ownerSignature>
        <signatureName>/s/ Deepak Sarpangal, Managing Member of the general partner of Repertoire Master Fund LP</signatureName>
        <signatureDate>2023-10-05</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Deepak Sarpangal, Managing Member of the general partner of Repertoire Partners LP</signatureName>
        <signatureDate>2023-10-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
