<SEC-DOCUMENT>0001628280-25-022666.txt : 20250819
<SEC-HEADER>0001628280-25-022666.hdr.sgml : 20250819
<ACCEPTANCE-DATETIME>20250506160409
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001628280-25-022666
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250506

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:		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>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<title>Document</title></head><body><div id="i7e5afa44600942b1a14248fcd6345c36_78"></div><div style="min-height:72pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.839%"><tr><td style="width:1.0%"></td><td style="width:43.522%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.654%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:43.524%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-top:3pt;padding-left:1.56pt;padding-right:1.56pt;text-align:center"><font style="color:#493728;font-family:'Georgia',serif;font-size:16.5pt;font-weight:400;letter-spacing:0.036000000000000004em;line-height:139%">Simpson Thacher &#38; Bartlett </font><font style="color:#493728;font-family:'Georgia',serif;font-size:14pt;font-weight:400;letter-spacing:0.036000000000000004em;line-height:139%">LLP</font></div></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:1.56pt;padding-right:1.56pt;text-align:center"><font style="color:#493728;font-family:'Georgia',serif;font-size:7.5pt;font-weight:400;letter-spacing:0.106em;line-height:145%">900 G STREET NW</font></div><div style="padding-left:1.56pt;padding-right:1.56pt;text-align:center"><font style="color:#493728;font-family:'Georgia',serif;font-size:7.5pt;font-weight:400;letter-spacing:0.106em;line-height:145%">WASHINGTON, DC 20001</font></div></td></tr><tr style="height:8pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:8pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:1.56pt;padding-right:1.56pt;text-align:center"><font style="color:#65656a;font-family:'Georgia',serif;font-size:7.5pt;font-weight:400;letter-spacing:0.106em;line-height:145%">TELEPHONE&#58; +1-202-636-5500</font></div><div style="padding-left:1.56pt;padding-right:1.56pt;text-align:center"><font style="color:#65656a;font-family:'Georgia',serif;font-size:7.5pt;font-weight:400;letter-spacing:0.106em;line-height:145%">FACSIMILE&#58; +1-202-636-5502</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-right:3.12pt"><font style="color:#493728;font-family:'Georgia',serif;font-size:7pt;font-weight:400;letter-spacing:0.092em;line-height:11.00pt">Direct Dial Number</font></div><div style="padding-right:3.12pt"><font style="color:#493728;font-family:'Georgia',serif;font-size:7pt;font-weight:400;letter-spacing:0.092em;line-height:11.00pt">202-440-2526</font></div></td><td colspan="3" style="padding:0 1pt"><div style="padding-left:3.12pt;padding-right:3.12pt;text-align:center"><font><br></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-right:3.12pt;text-align:right"><font style="color:#493728;font-family:'Georgia',serif;font-size:7pt;font-weight:400;letter-spacing:0.092em;line-height:11.00pt">E-mail Address</font></div><div style="padding-right:3.12pt;text-align:right"><font style="color:#493728;font-family:'Georgia',serif;font-size:7pt;font-weight:400;letter-spacing:0.092em;line-height:11.00pt">jonathan.corsico&#64;stblaw.com</font></div></td></tr></table></div></div><div style="margin-bottom:75pt"><font><br></font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">May 6, 2025</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">VIA EDGAR</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Securities and Exchange Commission </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Division of Investment Management</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">100 F Street, N.E.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Washington, D.C. 20549</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Attn&#58; David Manion and Soo Im-Tang</font></div><div style="margin-bottom:12pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:66.987%"><tr><td style="width:1.0%"></td><td style="width:10.144%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:87.656%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Re&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Portman Ridge Finance Corporation</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Registration Statement on Form N-14 (File No. 333-285230)</font></div></td></tr></table></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Dear Mr. Manion and Ms. Im-Tang&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">On behalf of Portman Ridge Finance Corporation (the &#8220;Fund&#8221;), we hereby transmit to the staff (the &#8220;Staff&#8221;) of the Securities and Exchange Commission (the &#8220;SEC&#8221;) the Pre-Effective Amendment No. 2 (&#8220;Amendment No. 2&#8221;) to the above referenced registration statement on Form N-14 initially filed by the Fund with the SEC on February 25, 2025 (the &#8220;Initial Filing&#8221;) and as amended by the Pre-Effective Amendment No. 1 filed with the SEC on April 18, 2025 (&#8220;Amendment No. 1&#8221; and, together with the Initial Filing and Amendment No. 2, the &#8220;Registration Statement&#8221;) and are providing the following responses to the comments received by telephone from the Staff on April 24, 2025.  The responses and information described below are based upon information provided to us by the Fund.  Please note that all page numbers in our responses are references to the page numbers of Amendment No. 2, and all capitalized terms used but not defined in this letter have the meanings given to them in Amendment No. 2. </font></div><div style="margin-bottom:12pt;padding-left:27pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:9.75pt;text-decoration:underline">Comment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#58; Please ensure that an applicable hyperlink is included wherever the Registration Statement incorporates another filing by reference (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">, the reference to PTMN&#8217;s Form 10-K for its fiscal year ended December 31, 2024 in the section entitled &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Financial Highlights of PTMN</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-bottom:12pt;padding-left:27pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Response</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#58; In response to the Staff&#8217;s comment, the Fund has included applicable hyperlinks wherever the Registration Statement incorporates another filing by reference, including on pages 26, 35, 62, 114, 132, 133, 134, 135, 150, 151, 152, 153, 172, 184, 188 and 189 of Amendment No. 2.</font></div><div style="margin-bottom:12pt;padding-left:27pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:9.75pt;text-decoration:underline">Comment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#58; With respect to the sections entitled &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Financial Highlights of LRFC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221; and &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Senior Securities of LRFC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;, please ensure that the filings incorporated by reference provide ten years of applicable data in respect of LRFC.</font></div><div style="margin-bottom:12pt;padding-left:27pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Response</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#58; In response to the Staff&#8217;s comment, the Fund has now incorporated by reference LRFC&#8217;s Form 10-K for its fiscal year ended December 31, 2019 in these sections.  Thus, these sections now incorporate by reference filings that, taken together, provide ten years of applicable data in respect </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.980%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.820%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:20.77pt;padding-right:2.77pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Securities and Exchange Commission</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:20.77pt;padding-right:2.77pt;text-align:right;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">May 6, 2025</font></div></td></tr></table></div></div><div style="margin-bottom:12pt;padding-left:27pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">of LRFC, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">, (i) LRFC&#8217;s Form 10-K for its fiscal year ended December 31, 2024, which provides data in respect of LRFC&#8217;s fiscal years ended December 31, 2024, December 31, 2023, December 31, 2022, December 31, 2021 and December 31, 2020, and (ii) LRFC&#8217;s Form 10-K for its fiscal year ended December 31, 2019, which provides data in respect of LRFC&#8217;s fiscal years ended December 31, 2019, December 31, 2018, December 31, 2017, December 31, 2016 and December 31, 2015.</font></div><div style="margin-bottom:12pt;padding-left:27pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:9.75pt;text-decoration:underline">Comment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#58; With respect to the Form 10-K hyperlink used in the section entitled &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Incorporation by Reference for PTMN</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;, please update the hyperlink to direct readers to the Form 10-K filing for PTMN&#8217;s fiscal year ended December 31, 2024.</font></div><div style="margin-bottom:12pt;padding-left:27pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Response</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#58; In response to the Staff&#8217;s comment, the Fund has inserted a revised hyperlink on page 188 of Amendment No. 2.</font></div><div style="margin-bottom:12pt;padding-left:27pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:9.75pt;text-decoration:underline">Comment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#58; With respect to the Form 10-K hyperlink used in the section entitled &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Incorporation by Reference for LRFC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;, please update the hyperlink to direct readers to the Form 10-K filing for LRFC&#8217;s fiscal year ended December 31, 2024.</font></div><div style="margin-bottom:12pt;padding-left:27pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Response</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#58; In response to the Staff&#8217;s comment, the Fund has inserted a revised hyperlink on page 189 of Amendment No. 2.</font></div><div style="margin-bottom:12pt;padding-left:27pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">5.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:9.75pt;text-decoration:underline">Comment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#58; The Staff reminds the Fund that new consents will be required to be filed as Exhibits (14)(a) and (14)(b) to Amendment No. 2 if Amendment No. 2 is filed more than 30 days after the filing date of Amendment No. 1.</font></div><div style="margin-bottom:12pt;padding-left:27pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Response</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#58; In response to the Staff&#8217;s comment, the Fund respectfully notes that, given Amendment No. 2 was filed on May 6, 2025, which is within 30 days after the filing date of Amendment No. 1 on April 18, 2025, new consents will not be required to be filed as Exhibits (14)(a) and (14)(b) to Amendment No. 2.</font></div><div style="margin-bottom:12pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:21.314%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:20pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Please call Rajib Chanda at 202-636-5543, Steven Grigoriou at 202-636-5592 or me at 202-440-2526 with any questions you may have regarding this filing or if you wish to discuss the above responses.</font></div><div style="margin-bottom:30pt;padding-right:72pt;text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:36.538%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:20.77pt;padding-right:2.77pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Very truly yours,</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:20.77pt;padding-right:2.77pt;text-indent:-18pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:20.77pt;padding-right:2.77pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#47;s&#47; Jonathan L. Corsico</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:20.77pt;padding-right:2.77pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Jonathan L. Corsico </font></div></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:57.532%"><tr><td style="width:1.0%"></td><td style="width:11.991%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:85.809%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">cc&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Rajib Chanda, Simpson Thacher &#38; Bartlett LLP</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Steven Grigoriou, Simpson Thacher &#38; Bartlett LLP</font></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">2</font></div></div></div></body></html>
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</DOCUMENT>
</SEC-DOCUMENT>
