<SEC-DOCUMENT>0001193125-19-101757.txt : 20190508
<SEC-HEADER>0001193125-19-101757.hdr.sgml : 20190508
<ACCEPTANCE-DATETIME>20190409165656
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-101757
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190409

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CM Finance Inc
		CENTRAL INDEX KEY:			0001578348
		IRS NUMBER:				462883380
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		66 EAST 55TH STREET
		STREET 2:		15TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-388-5813

	MAIL ADDRESS:	
		STREET 1:		66 EAST 55TH STREET
		STREET 2:		15TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL"><B>Eversheds Sutherland (US) LLP</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">700 Sixth Street, NW, Suite
700</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">Washington, DC 20001-3980</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">D: +1 202.383.0845</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">F: +1 202.637.3593</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL">stephanihildebrandt@eversheds-sutherland.com</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:60pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">April 9, 2019</P>
<P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>VIA EDGAR</U></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:12pt; font-family:Times New Roman">Karen L. Rossotto, Esq.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Christina DiAngelo Fettig</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Division of Investment Management</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">U.S. Securities and Exchange Commission</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">100 F Street, N.E.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Washington, DC 20549</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5.50em; text-indent:-2.50em; font-size:12pt; font-family:Times New Roman">Re:&#8195;&#8202;CM Finance Inc</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5.50em; font-size:12pt; font-family:Times New Roman">Post-Effective Amendment No.&nbsp;3 to Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5.50em; font-size:12pt; font-family:Times New Roman">(File <FONT STYLE="white-space:nowrap">No.&nbsp;333-223999)</FONT></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Dear Ms.&nbsp;Rossotto and Ms.&nbsp;Fettig:</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:3.00em; font-size:12pt; font-family:Times New Roman">On behalf of CM Finance Inc (the
&#147;<B><I>Company</I></B>&#148;), set forth below are the Company&#146;s responses to the comments of the staff of the Division of Investment Management (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the
&#147;<B><I>SEC</I></B>&#148;) that we received orally on February&nbsp;7, 2019 and April 5, 2019 regarding the Company&#146;s Post-Effective Amendment No.&nbsp;2 to the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT>
(File <FONT STYLE="white-space:nowrap">No.&nbsp;333-223999)</FONT> (the &#147;<B><I>Registration Statement</I></B>&#148;) filed on December&nbsp;19, 2018. The Staff&#146;s comments are set forth below and are followed by the Company&#146;s
responses. References to the &#147;<B><I>Prospectus</I></B>&#148; contained herein are to the preliminary prospectus contained in the Company&#146;s Post-Effective Amendment No.&nbsp;3 to the Registration Statement on Form <FONT
STYLE="white-space:nowrap">N-2</FONT> filed with the SEC concurrently with this letter. Terms used but not defined herein have the meaning ascribed to them in the Registration Statement. The Company confirms that no securities have been offered,
issued or sold under the Registration Statement since the financial statements included therein went stale on March&nbsp;1, 2019, and no securities will be offered, issued or sold before the Post-Effective Amendment No.&nbsp;3 to the Registration
Statement is declared effective.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>Accounting
Comments</U></B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>General</U></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-3.00em; font-size:10pt; font-family:Times New Roman">1.&#8195;&#8195;&#8201;<U>Comment</U>: Please
provide updated auditors&#146; consents with the next filing of the</P></TD></TR></TABLE>
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<TD VALIGN="top" COLSPAN="3">Eversheds Sutherland (US) LLP is part of a global legal practice, operating through various separate and distinct legal entities, under Eversheds Sutherland. For a full description of the structure and a list of offices,
please visit www.eversheds-sutherland.com.</TD></TR></TABLE>


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">U.S. Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">April 9, 2019</P>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:60pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman">Registration Statement and update the
Registration Statement to include the Company&#146;s unaudited financial statements for the quarter ended December&nbsp;31, 2018.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company confirms that it has filed updated auditors&#146; consents and that it has updated the Registration
Statement with financial statements for the quarter ended December&nbsp;31, 2018 as requested.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Registration Statement</U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:12pt; font-family:Times New Roman">2.&#8195;&#8201;<U>Comment</U>: Please disclose the weighted average yield on the Company&#146;s entire portfolio as
opposed to only the weighted average yield on the Company&#146;s debt and income producing securities. Please update the relevant disclosure on pages 2, 21, 69 and 79.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company respectfully advises the Staff that it has updated and revised the disclosure related to the weighted
average yield in the Registration Statement as requested.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:12pt; font-family:Times New Roman">3.&#8195;&#8201;<U>Comment</U>: On page 10, consider whether any updates are needed to the disclosure regarding the
Company&#146;s status as an &#147;emerging growth company&#148; if, for example, the Registration Statement will continue to be effective after the Company is no longer an emerging growth company.</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company has considered the comment and
has added additional risk factors related to the pending expiration of the Company&#146;s &#147;emerging growth company&#148; status.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:12pt; font-family:Times New Roman">4.&#8195;&#8201;<U>Comment</U>: Please confirm that the Fees and Expenses table on page 18 includes an estimate for
tax expense.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>:<I> </I>The Company
respectfully advises the Staff that it has updated the disclosure in the Fees and Expenses table based on the Company&#146;s financial statements for the quarter ended December&nbsp;31, 2018 and various assumptions as described in the footnotes to
the table. The Company does not expect to have a tax expense going forward and, therefore, the table does not include assumptions related to a tax expense.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-2.00em; font-size:12pt; font-family:Times New Roman">5.&#8195;&#8201;<U>Comment</U>: The Staff notes that the Company&#146;s board of directors approved the modified asset
coverage requirements set forth in Section&nbsp;61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act, such that the Company&#146;s asset coverage requirements for senior securities will be changed from 200% to 150%,
effective as of May&nbsp;2, 2019. Please consider assuming increased leverage for purposes of the fee table estimate.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">U.S. Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">April 9, 2019</P>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:60pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company
has considered the comment and has assumed increased leverage for purposes of the fee table estimate.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:12pt; font-family:Times New Roman">6.&#8195;&#8201;<U>Comment</U>: In the hypothetical expense example on page 19, the narrative following the example
states that the Company assumes a 5% annual return generated entirely through the realization of capital gains, however, the example, as calculated, appears to use the Company&#146;s actual expenses as of 9/30 rather than assuming the 5% annual
return. Please update the hypothetical expense example or the related disclosure to be consistent.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>:<I> </I>The Company respectfully advises the Staff that it has updated the example in the Registration Statement as
requested.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:12pt; font-family:Times New Roman">7.&#8195;&#8201;<U>Comment</U>:
In the Selected Financial and Other Data table on page 21, please check the amounts in the table. Note that the &#147;Total return based on market value&#148; for the year ended 6/30/18 appears to be a repeat of the percentage for the year ended
6/30/17.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company respectfully
advises the Staff that it has updated the Selected Financial and Other Data table to include financial data for the period ended December&nbsp;31, 2018.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:12pt; font-family:Times New Roman">8.&#8195;&#8201;<U>Comment</U>: In the Senior Securities table on page 78, consider including a &#147;total&#148; line
under each different type of coverage.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>:
The Company respectfully advises the Staff that it has considered the Staff&#146;s comment and decided to refrain from adding a &#147;total&#148; line within the Senior Securities table.</P></TD></TR>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:12pt; font-family:Times New Roman">9.&#8195;&#8201;<U>Comment</U>: Footnote 2 to the Portfolio Companies table on page 94 states that all investments <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">are&nbsp;non-controlled&nbsp;and&nbsp;non-affiliated&nbsp;issuers.</FONT></FONT> The Staff notes that the Company held a 19.8% equity interest in 1888 Industrial Services, LLC as of
9/30/18. Please update footnote 2 as necessary.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company respectfully advises the Staff that it has revised the footnotes to the Portfolio Companies table to
reflect that the Company is deemed to be an &#147;Affiliated Person&#148; of 1888 Industrial Services, LLC.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Financial Statements</U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-2.00em; font-size:12pt; font-family:Times New Roman">10.&#8194;&#8201;<U>Comment</U>: On page <FONT STYLE="white-space:nowrap">F-20</FONT> in note 3, please confirm that
Accounting Standards Update <FONT STYLE="white-space:nowrap">2016-18,</FONT><I>&nbsp;Statement of Cash Flows</I>&nbsp;(Topic 230):<I>&nbsp;Restricted Cash</I> discussed</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">U.S. Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">April 9, 2019</P>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:60pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman">in the second paragraph under
&#147;Recent Accounting Pronouncements&#148; would have been required had the Company not been an emerging growth company.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company respectfully advises the Staff that, as of December&nbsp;31, 2018, it is in compliance with Accounting
Standards Update <FONT STYLE="white-space:nowrap">2016-18.</FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:12pt; font-family:Times New Roman">11.&#8194;&#8201;<U>Comment</U>: On page <FONT STYLE="white-space:nowrap">F-46</FONT> in the Statement of Operations
for the year ended 6/30/18, with respect to the new provision for tax expense, did the Company consider the disclosure requirements of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> and does it comply with Rules <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-07-5</FONT></FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-07-7</FONT></FONT> thereunder?</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company respectfully advises the Staff
that it has considered the Staff&#146;s comment and believes that its disclosure complies with Rules <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-07-5</FONT></FONT> and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-07-7</FONT></FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:12pt; font-family:Times New Roman">12.&#8194;&#8201;<U>Comment</U>: On page <FONT STYLE="white-space:nowrap">F-72,</FONT> the disclosure states,
&#147;[d]uring the twelve months ended June&nbsp;30, 2018 and June&nbsp;30, 2017, the Company did not transfer any investments among Levels 1 and 2 and 3.&#148; The Staff notes that the chart in the middle of pages
<FONT STYLE="white-space:nowrap">F-71</FONT> and <FONT STYLE="white-space:nowrap">F-72</FONT> indicates that there were transfers in/out of levels. Please update the disclosure as appropriate.</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company respectfully advises the Staff
that it has reviewed the disclosure in response to the Staff&#146;s comment and confirmed that the Company did not transfer any investments among Levels 1 and 2 and 3 during the twelve months ended June&nbsp;30, 2018 and June&nbsp;30, 2017. However,
due to a repayment and subsequent investment in a new security of an existing portfolio company, the table may appear to show a transfer although there was not an actual transfer in and out of any levels.</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:12pt; font-family:Times New Roman">13.&#8194;&#8201;<U>Comment</U>: On page <FONT
STYLE="white-space:nowrap">F-78,</FONT> the disclosure states that, for the twelve months ended June&nbsp;30, 2018, the Company incurred $3,932,710 of incentive fees related to <FONT STYLE="white-space:nowrap">pre-incentive</FONT> fee net investment
income of which $574,492 was voluntarily waived by the Adviser. The Staff notes that the waiver amount included on the Statement of Operations is different (i.e., $527,224). Please describe the difference between the waivers.</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company respectfully advises the Staff
that the waiver amount referenced in the notes to the financial statements on page <FONT STYLE="white-space:nowrap">F-78</FONT> should be $527,224 and the Company will ensure that this waiver amount is correctly referenced in audited financial
statements included in future filings.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">U.S. Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">April 9, 2019</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL">Page 5</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:60pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:12pt; font-family:Times New Roman">14.&#8194;&#8201;<U>Comment</U>: On pages
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">F-83-84,</FONT></FONT> please note in footnote (3)&nbsp;that total investment return does not reflect sales load, as required by Form <FONT STYLE="white-space:nowrap">N-2,</FONT> Item
4, instruction 13(b). The Staff notes that this comment is being reissued as it was provided in connection with a prior review of the Company&#146;s registration statement.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company respectfully advises the Staff that it has included the requested disclosure on page F-41 in footnote
(3)&nbsp;within the notes to the unaudited financial statements as of December 31, 2018 and will continue to do so in future filings.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>Legal Comments</U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:12pt; font-family:Times New Roman">15.&#8194;&#8201;<U>Comment</U>: Please confirm that the management and incentive fees under the Investment Advisory
Agreement have not changed.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company
confirms that the management and incentive fees under the Investment Advisory Agreement have not changed.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:12pt; font-family:Times New Roman">16.&#8194;&#8201;<U>Comment</U>: Please confirm that the Company has timely filed all current reports on Form 8-K
required to be filed during the past twelve calendar months and that the aggregate market value of the voting and non-voting common equity held by non-affiliates of the Company is $75 million or more.</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company confirms that it has timely
filed all current reports on Form&nbsp;8-K required to be filed during the past twelve calendar months and that the aggregate market value of the voting and non-voting common equity held by non-affiliates of the Company is $75 million or more.</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:3.00em; font-size:12pt; font-family:Times New Roman">If you have any questions or additional comments concerning the foregoing, please contact me at (202) <FONT
STYLE="white-space:nowrap">383-0845.</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Sincerely,</P></TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><U>/s/ Stephani M. Hildebrandt&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Stephani M. Hildebrandt</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-3.00em; font-size:12pt; font-family:Times New Roman">cc:&#8195;&#8194;&#8201;&#8202;Michael C. Mauer, CM Finance Inc</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman">Rocco DelGuercio, CM Finance Inc</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; font-size:12pt; font-family:Times New Roman">Steven B. Boehm, Eversheds Sutherland</P></TD>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
