<SEC-DOCUMENT>0001193125-25-020905.txt : 20250312
<SEC-HEADER>0001193125-25-020905.hdr.sgml : 20250312
<ACCEPTANCE-DATETIME>20250205172526
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ACCESSION NUMBER:		0001193125-25-020905
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
<SEQUENCE>1
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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="bottom"> <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"><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">Ms.&nbsp;Soo <FONT STYLE="white-space:nowrap">Im-Tang</FONT> </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 <FONT STYLE="white-space:nowrap">Ms.&nbsp;Im-Tang:</FONT> </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 Jessica Warshaw of Dechert LLP during a telephonic discussion on December&nbsp;23, 2024 with respect to your review of the Company&#146;s registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (the &#147;<U><FONT
STYLE="white-space:nowrap">N-2</FONT> </U><U>Registration 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">1.</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>Please note that when a takedown from the Company&#146;s
<FONT STYLE="white-space:nowrap">N-2</FONT> Registration Statement occurs, the Company must file a legality opinion as an exhibit. Accordingly, please confirm supplementally that the Company will file an unqualified opinion with each takedown of the
Company&#146;s securities. </P></TD></TR></TABLE>

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<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>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The Company undertakes to file an unqualified opinion in accordance with
Staff Legal Bulletin No.&nbsp;19 issued by the SEC&#146;s Division of Corporation Finance when a takedown of the Company&#146;s securities occurs. </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">2.</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>Please supplementally confirm that the Company will notify the Staff as soon as any prospectus
supplement under Rule&nbsp;424 is filed for a takedown of either the Company&#146;s convertible preferred or convertible debt securities. </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 respectfully submits that advance notification of any prospectus supplement relating to any convertible preferred
or convertible debt offering by the Company prior to the commencement of any such offering is not required under rules of the SEC or existing Staff guidance and would strip away any benefit from reliance on Rule 415. </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">3.</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>Under &#147;Our Adviser&#148; in the &#147;Prospectus Summary&#148; of the <FONT
STYLE="white-space:nowrap">N-2</FONT> Registration Statement, please restate &#147;&#128;40bn in assets under management&#148; in U.S. dollars. </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">4.</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>Please update the information under footnote 2 of the dollar range of equity securities table
on Page 38 of the <FONT STYLE="white-space:nowrap">N-2</FONT> Registration Statement to the extent as practicable as possible. </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">5.</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>Please advise whether the Company intends to offer preferred shares within 12 months of
effectiveness of the <FONT STYLE="white-space:nowrap">N-2</FONT> Registration Statement. If yes, please include disclosure about the consequences to a common stockholder and provide appropriate fee disclosures. </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 does not intend to offer preferred shares within 12 months of effectiveness of 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">6.</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>Please provide us with a pro forma copy of a supplement that will be used in connection with
the Company&#146;s offerings of &#147;debt securities&#148; or provide us with a </P></TD></TR></TABLE>

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<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
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representation that the Company will not file a prospectus supplement for a takedown of &#147;debt securities&#148; unless the specific terms of the offering are first disclosed in a
post-effective amendment or a new registration statement that has been accelerated by the Staff. In this regard, please note that the prospectus supplement should, as applicable: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(A) Disclose that none of the Company&#146;s indebtedness is currently subordinated to the debt securities. It should also be disclosed whether
there is a current intention to issue indebtedness that expressly provides that it is subordinated to the debt securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(B) Disclose
that the debt securities are &#147;structurally subordinated&#148; and are &#147;effectively subordinated&#148; to all existing and future indebtedness of the Company and other obligations of its subsidiaries, financing vehicles, and similar
facilities. The significance of the debt securities being structurally subordinated and effectively subordinated should be explained in plain English, specifically highlighting how such subordination affects the rights and priorities of the holders
of the debt securities. Also, disclose the approximate total dollar amount of all liabilities and obligations to which the debt securities being offered obligations are structurally subordinated and effectively subordinated. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(C) Refrain from using the word &#147;senior&#148; in the title of any debt securities issued by the Company or when describing/identifying
their ranking, if the debt securities are not contractually senior in right of repayment to the other outstanding obligations of the Company. Even where the Company&#146;s debt securities are contractually senior in right of repayment to the other
outstanding obligations of the Company, consider the appropriateness of referring to the debt securities as &#147;senior&#148; when they are also structurally subordinated to the obligations of the Company&#146;s subsidiaries, financing vehicles and
similar facilities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(D) Disclose that the debt securities will not be subject to any sinking fund and explain the significance thereof.
For example, state that no amounts will be set aside for the express purpose of repayment of principal and any unpaid interest on the debt securities, and that repayment of the debt securities will depend on the financial condition of the Company
and its subsidiaries as they exist as of the maturity date of the debt securities. </P>

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<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
4</P></TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The Company respectfully submits that advance notification and/or further
Staff review of any preliminary prospectus supplement relating to any debt offering by the Company prior to the commencement of any such debt offering is not required under rules of the SEC or existing Staff guidance and would strip away any benefit
from reliance on Rule 415. Furthermore, given the potential need to access the capital markets in a timely manner (in the manner contemplated by Rule 415) as and when market conditions permit, it would be impracticable for the Company to provide
advance notice to the Staff regarding an offering of debt securities under the <FONT STYLE="white-space:nowrap">N-2</FONT> Registration Statement. In addition, the Company undertakes to include the applicable requested disclosure in any debt
offering undertaken by the Company pursuant to 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">7.</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>Within the &#147;Plan of Distribution&#148; section of the
<FONT STYLE="white-space:nowrap">N-2</FONT> Registration Statement, please explain any difference in price between the price available to individual and group investors and that available to officers, employees, directors, adviser, and the
underwriter. Please disclose how the Company&#146;s price is determined or include a cross-reference to the section in the prospectus that explains how net asset value is calculated. </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 the price available to individual and group investors is the same as that available to officers,
employees, directors, adviser, and the underwriter, and respectfully declines to make any changes in response to this comment. The Company has revised the disclose to include a cross-reference to the section in the prospectus that explains how net
asset value is calculated. </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">8.</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>Please confirm to the Staff that the legality opinion will be consistent with Staff Legal
Bulletin No.&nbsp;19. </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 to the Staff that the legality opinion will be consistent
with Staff Legal Bulletin No.&nbsp;19. </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">9.</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 part 3 of &#147;Item 34. Undertakings&#148;, please update the <FONT
STYLE="white-space:nowrap">sub-parts</FONT> so that they correspond appropriately to Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </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>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</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 part 6 of &#147;Item 34. Undertakings&#148;, please disclose the items that are required
under Item 34.6 <FONT STYLE="white-space:nowrap">sub-parts</FONT> a and b, if applicable. </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
respectfully confirms that the required disclosure was included in part 6 of &#147;Item 34. Undertakings&#148; of its <FONT STYLE="white-space:nowrap">N-2</FONT> Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&#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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