FORM 4
☐ Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
 OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response... 0.5
                      
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Repertoire Master Fund LP		 2. Issuer Name and Ticker or Trading Symbol

Portman Ridge Finance Corp [ PTMN ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                    __X__ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(Last)          (First)          (Middle)

345 CALIFORNIA STREET, SUITE 600		 3. Date of Earliest Transaction (MM/DD/YYYY)

1/12/2023
(Street)

SAN FRANCISCO, CA 94104		 4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
 6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)        (State)        (Zip)
Rule 10b5-1(c) Transaction Indication
☐ Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 1/12/2023  P  72 A$22.35 1174663 D  
Common Stock 1/12/2023  P  429 A$22.35 1175092 D  
Common Stock 1/12/2023  P  145 A$22.35 1175237 D  
Common Stock 1/17/2023  S  21 D$22.9 1175216 D  
Common Stock 1/17/2023  S  125 D$22.9 1175091 D  
Common Stock 1/17/2023  S  42 D$22.9 1175049 D  
Common Stock 1/18/2023  S  11 D$22.78 1175038 D  
Common Stock 1/18/2023  S  67 D$22.78 1174971 D  
Common Stock 1/18/2023  S  22 D$22.78 1174949 D  
Common Stock 1/20/2023  S  2721 D$22.6614 1172228 D  
Common Stock 1/20/2023  P  1397 A$22.5 1173625 D  
Common Stock 1/25/2023  S  101 D$22.8034 1173524 D  
Common Stock 1/25/2023  S  600 D$22.8034 1172924 D  
Common Stock 1/25/2023  S  204 D$22.8034 1172720 D  
Common Stock 1/26/2023  S  340 D$22.8 1172380 D  
Common Stock 1/27/2023  S  45 D$22.855 1172335 D  
Common Stock 1/27/2023  S  265 D$22.855 1172070 D  
Common Stock 1/27/2023  S  90 D$22.855 1171980 D  
Common Stock 1/27/2023  P  186 A$22.75 1172166 D  
Common Stock 1/27/2023  P  1099 A$22.75 1173265 D  
Common Stock 1/27/2023  P  373 A$22.75 1173638 D  
Common Stock 2/6/2023  S  100 D$22.7 1173538 D  
Common Stock 2/7/2023  S  800 D$22.7025 1172738 D  
Common Stock 2/8/2023  S  10144 D$22.6453 1162594 D  
Common Stock 2/9/2023  S  259 D$22.79 1162335 D  

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)		2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)		8. Price of Derivative Security
(Instr. 5)		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Equity Swap (Obligation to Buy) $22.67 (1)2/7/2023  J/K (1)  1     (1) (1)Common Stock 100  (1)1 D  
Equity Swap (Obligation to Buy) $22.65 (1)2/8/2023  J/K (1)  1     (1) (1)Common Stock 7327  (1)1 D  
Equity Swap (Obligation to Buy) $23.1084 (1)2/28/2023  J/K (1)  1     (1) (1)Common Stock 2744  (1)1 D  
Equity Swap (Obligation to Buy) $22.9805 (1)3/3/2023  J/K (1)  1     (1) (1)Common Stock 5107  (1)1 D  
Equity Swap (Obligation to Sell) $23.3111 (2)3/8/2023  J/K (2)  1     (2) (2)Common Stock 7960  (2)1 D  
Equity Swap (Obligation to Sell) $22.6950 (2)3/10/2023  J/K (2)  1     (2) (2)Common Stock 200  (2)1 D  
Equity Swap (Obligation to Buy) $22.0259 (1)3/10/2023  J/K (1)  1     (1) (1)Common Stock 1233  (1)1 D  
Equity Swap (Obligation to Buy) $21.0692 (1)3/13/2023  J/K (1)  1     (1) (1)Common Stock 6440  (1)1 D  
Equity Swap (Obligation to Sell) $21.5026 (2)3/14/2023  J/K (2)  1     (2) (2)Common Stock 2979  (2)1 D  
Equity Swap (Obligation to Sell) $20.9413 (2)3/27/2023  J/K (2)  1     (2) (2)Common Stock 3923  (2)1 D  
Equity Swap (Obligation to Sell) $20.9001 (2)3/28/2023  J/K (2)  1     (2) (2)Common Stock 5209  (2)1 D  
Equity Swap (Obligation to Sell) $20.7358 (2)4/3/2023  J/K (2)  1     (2) (2)Common Stock 4555  (2)1 D  
Equity Swap (Obligation to Sell) $20.5500 (2)4/4/2023  J/K (2)  1     (2) (2)Common Stock 243  (2)1 D  
Equity Swap (Obligation to Sell) $20.6000 (2)4/11/2023  J/K (2)  1     (2) (2)Common Stock 2797  (2)1 D  
Equity Swap (Obligation to Sell) $20.5751 (2)4/13/2023  J/K (2)  1     (2) (2)Common Stock 722  (2)1 D  
Equity Swap (Obligation to Sell) $20.6002 (2)4/14/2023  J/K (2)  1     (2) (2)Common Stock 2363  (2)1 D  
Equity Swap (Obligation to Sell) $20.6223 (2)4/17/2023  J/K (2)  1     (2) (2)Common Stock 2567  (2)1 D  
Equity Swap (Obligation to Sell) $20.5034 (2)4/18/2023  J/K (2)  1     (2) (2)Common Stock 984  (2)1 D  
Explanation of Responses:
(1) The reporting person entered into an equity swap agreement with a counterparty under which, upon expiration of the 3-year term of the agreement, (i) the reporting person will be obligated to pay to the counterparty the price per share set forth in Column 2 for the notional number of shares of PTMN common stock set forth in Column 7, and (ii) the counterparty will be obligated to pay to the reporting person the market value of the notional number shares of PTMN common stock set forth in Column 7 as of the end of that period. The reporting peron will pay to the counterparty monthly interest on the purchase price of the notional shares, at a rate tied to a market index, and the counterparty will pay to the reporting person all dividends and similar distributions paid on an equivalent number of shares of PTMN common stock during the term.
(2) The reporting person entered into an equity swap agreement with a counterparty under which, upon expiration of the 3-year term of the agreement, (i) the counterparty will be obligated to pay to the reporting person the price per share set forth in Column 2 for the notional number of shares of PTMN common stock set forth in Column 7, and (ii) the reporting person will be obligated to pay to the counterparty the market value of the notional number shares of PTMN common stock set forth in Column 7 as of the end of that period. The counterparty will pay to the reporting person monthly interest on the purchase price of the notional shares, at a rate tied to a market index, and the reporting person will pay to the counterparty all dividends and similar distributions paid on an equivalent number of shares of PTMN common stock during the term.

Remarks:
The transactions in the Issuer's common stock reported herein and in additional Form 4's being filed by the reporting person on this date were matchable under Section 16(b) of the Securities Exchange Act of 1934. Repertoire Master Fund LP has agreed to pay to the Issuer the aggregate profit in the amount of $302,114.78 realized in connection with these transactions.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Repertoire Master Fund LP
345 CALIFORNIA STREET, SUITE 600
SAN FRANCISCO, CA 94104
X
Signatures
/s/ Deepak Sarpangal, Managing Member of the General Partner of Repertoire Master Fund LP5/2/2023
**Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
Portman Ridge Finance (NASDAQ:PTMN)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Portman Ridge Finance Charts.
Portman Ridge Finance (NASDAQ:PTMN)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Portman Ridge Finance Charts.