PORTMAN RIDGE FINANCE CORP: Entering into a Material Definitive Agreement, Creating a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (Form 8-K)

Section 1.01 Entering into a Material Definitive Agreement.

On April 29, 2022, Great Lakes Portman Ridge Funding LLC (“SPV”), a wholly owned subsidiary of Portman Ridge Financial Corporation (the “Company”), entered into a first amendment (“First Amendment”) to its senior secured revolving credit facility dated December 18, 2019 (as amended, the “Revolving Credit Facility”) with JPMorgan Chase Bank, National Association (“JMP”). JPM serves as administrative agent, National Association of American Banks acts as collateral agent, securities intermediary and collateral administrator, and the Company acts as portfolio manager under the revolving credit facility.

The First Amendment replaced the LIBOR benchmark provisions under the Revolving Credit Facility with SOFR benchmark provisions and reduced the applicable margin from 2.85% to 2.80%. In addition, the First Amendment extended the reinvestment period, during which non-use fees apply, from December 18, 2021 for April 29, 2024and extended the final maturity date of the revolving credit facility to April 29, 2026. The other material terms of the revolving credit agreement have remained unchanged.

The above description is only a summary of the material provisions of the First Amendment and is qualified in its entirety by reference to a copy of the First Amendment Compliant Revolving Credit Facility, which is filed as Exhibit 10.1 hereof. report on Form 8. -K.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under a

Off-balance sheet arrangement of a registrant.

The information set out in point 1.01 above is incorporated by reference in this point 2.03.

Item 9.01 Financial statements and supporting documents.

Exhibit Number         Description

10.1                     Loan and Security Agreement Conformed Through the First
                       Amendment dated as of April 29, 2022 among Great Lakes
                       Portman Ridge Funding LLC, The Lenders Party Hereto, The
                       Collateral Administrator, Collateral Agent ad Securities
                       Intermediary Party Hereto, JPMorgan Chase Bank, National
                       Association, as Administrative Agent and Portman Ridge
                       Finance Corporation, as Portfolio Manager.

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