<SEC-DOCUMENT>0001193125-25-020908.txt : 20250312
<SEC-HEADER>0001193125-25-020908.hdr.sgml : 20250312
<ACCEPTANCE-DATETIME>20250205172657
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-25-020908
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250205

FILER:

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

	FILING VALUES:
		FORM TYPE:		CORRESP

	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
</SEC-HEADER>
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<TYPE>CORRESP
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<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">1900 K Street, NW <BR>Washington, DC 20006-1110</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">+1 202 261 3300 Main</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">+1 202 261 3333 Fax</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">www.dechert.com</P> <P STYLE="margin-top:0pt;margin-bottom:1pt;border-bottom:1px solid #000000">&nbsp;</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>ALEXANDER C. KARAMPATSOS</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">alexander.karampatsos@dechert.com</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">+1 202 261 3402 Direct</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;5, 2025 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;David Manion </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment Management </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-0504 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Portman Ridge Finance Corporation </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Registration Statement of Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-283443)</FONT>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Manion: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Portman
Ridge Finance Corporation, a Delaware corporation (the &#147;<U>Company</U>&#148;), we hereby respond to the comments you provided to me and Brendan Powell of Dechert LLP during a telephonic discussion on December&nbsp;13, 2024 with respect to your
review of the Company&#146;s registration statement of Form <FONT STYLE="white-space:nowrap">N-2</FONT> (the &#147;<U><FONT STYLE="white-space:nowrap">N-2</FONT> Registration </U><U>Statement</U>&#148;), filed with the U.S. Securities and Exchange
Commission (the &#147;<U>SEC</U>&#148;) on November&nbsp;25, 2024. The Company has considered your comments and has authorized us, on its behalf, to make the responses discussed below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below are the comments of the SEC staff (the &#147;<U>Staff</U>&#148;) along with our responses to, or any supplemental explanations
of, such comments, as requested. To the extent not otherwise defined herein, capitalized terms have the meanings attributed to such terms in the <FONT STYLE="white-space:nowrap">N-2</FONT> Registration Statement. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Comment: </B>In &#147;Prospectus Summary&#148; section of the <FONT STYLE="white-space:nowrap">N-2</FONT>
Registration Statement, the disclosure indicates that the Company is <FONT STYLE="white-space:nowrap">&#147;non-diversified.&#148;</FONT> Pursuant to comments by the Staff and acknowledged by the Fund in a response letter dated October&nbsp;21,
2024, please revise to indicate that the Company is operating as a diversified fund. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The Company
confirms that it has received approval to operate as a <FONT STYLE="white-space:nowrap">non-diversified</FONT> company, as defined by the 1940 Act. Accordingly, the Company respectfully declines to make any changes in response to this comment. </P>

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<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;5, 2025</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Page 2</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Comment: </B>For any information that is incorporated by reference into the
<FONT STYLE="white-space:nowrap">N-2</FONT> Registration Statement from another filing on EDGAR, please include an active hyperlink to the EDGAR filing in accordance with Rule 411 under the Securities Act of 1933. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company will revise the disclosure accordingly. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Comment</B>: In fee table in the &#147;Fees and Expenses&#148; section of the
<FONT STYLE="white-space:nowrap">N-2</FONT> Registration Statement, the interest expense ratio Fee Table (11.5%) is higher than the expense in the Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended September&nbsp;30, 2024
(10.71%). Please supplementally explain this difference and confirm that the difference is not material or include an updated fee table. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The Company has revised the disclosure to include an updated fee table. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Comment: </B>On Page 29 of the <FONT STYLE="white-space:nowrap">N-2</FONT> Registration Statement, Footnote
4 under &#147;Portfolio Companies&#148; states the following: &#147;The aggregate cost of investments for federal income tax purposes is approximately $514.2&nbsp;million. The aggregate gross unrealized appreciation is approximately
$32.2&nbsp;million, the aggregate gross unrealized depreciation is approximately $2.8&nbsp;million, and the net unrealized depreciation is approximately $29.4&nbsp;million.&#148; Please revise disclose to indicate there is a net unrealized
appreciation. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company will revise the disclosure accordingly. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">*&#8195;&#8195;*&#8195;&#8195;*&#8195;&#8195;*&#8195;&#8195;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Should you have any questions regarding this letter, please contact me at (202) <FONT STYLE="white-space:nowrap">261-3402.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:66%; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:66%; font-size:10pt; font-family:Times New Roman"><U>/s/ Alexander
C. Karampatsos</U> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:66%; font-size:10pt; font-family:Times New Roman">Alexander C. Karampatsos </P>
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