Repertoire Master Fund LP - Jan 12, 2023 Form 4 Insider Report for Portman Ridge Finance Corp (PTMN)

Role: 10%+ Owner
Signature: /s/ Deepak Sarpangal, Managing Member of the General Partner of Repertoire Master Fund LP
Stock symbol: PTMN
Transactions as of: Jan 12, 2023
Transactions value $: -$278,234
Form type: 4
Date filed: 5/2/2023, 06:48 PM
Previous filing: May 2, 2023
Next filing: Sep 29, 2023

This filing has been restated, see here for the amended filing

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership
transaction	PTMN	Common Stock	Purchase	$1.61K	+72	+0.01%	$22.35	1.17M	Jan 12, 2023	Direct
transaction	PTMN	Common Stock	Purchase	$9.59K	+429	+0.04%	$22.35	1.18M	Jan 12, 2023	Direct
transaction	PTMN	Common Stock	Purchase	$3.24K	+145	+0.01%	$22.35	1.18M	Jan 12, 2023	Direct
transaction	PTMN	Common Stock	Sale	-$481	-21	0%	$22.90	1.18M	Jan 17, 2023	Direct
transaction	PTMN	Common Stock	Sale	-$2.86K	-125	-0.01%	$22.90	1.18M	Jan 17, 2023	Direct
transaction	PTMN	Common Stock	Sale	-$962	-42	0%	$22.90	1.18M	Jan 17, 2023	Direct
transaction	PTMN	Common Stock	Sale	-$251	-11	0%	$22.78	1.18M	Jan 18, 2023	Direct
transaction	PTMN	Common Stock	Sale	-$1.53K	-67	-0.01%	$22.78	1.17M	Jan 18, 2023	Direct
transaction	PTMN	Common Stock	Sale	-$501	-22	0%	$22.78	1.17M	Jan 18, 2023	Direct
transaction	PTMN	Common Stock	Sale	-$61.7K	-2.72K	-0.23%	$22.66	1.17M	Jan 20, 2023	Direct
transaction	PTMN	Common Stock	Purchase	$31.4K	+1.4K	+0.12%	$22.50	1.17M	Jan 20, 2023	Direct
transaction	PTMN	Common Stock	Sale	-$2.3K	-101	-0.01%	$22.80	1.17M	Jan 25, 2023	Direct
transaction	PTMN	Common Stock	Sale	-$13.7K	-600	-0.05%	$22.80	1.17M	Jan 25, 2023	Direct
transaction	PTMN	Common Stock	Sale	-$4.65K	-204	-0.02%	$22.80	1.17M	Jan 25, 2023	Direct
transaction	PTMN	Common Stock	Sale	-$7.75K	-340	-0.03%	$22.80	1.17M	Jan 26, 2023	Direct
transaction	PTMN	Common Stock	Sale	-$1.03K	-45	0%	$22.86	1.17M	Jan 27, 2023	Direct
transaction	PTMN	Common Stock	Sale	-$6.06K	-265	-0.02%	$22.86	1.17M	Jan 27, 2023	Direct
transaction	PTMN	Common Stock	Sale	-$2.06K	-90	-0.01%	$22.86	1.17M	Jan 27, 2023	Direct
transaction	PTMN	Common Stock	Purchase	$4.23K	+186	+0.02%	$22.75	1.17M	Jan 27, 2023	Direct
transaction	PTMN	Common Stock	Purchase	$25K	+1.1K	+0.09%	$22.75	1.17M	Jan 27, 2023	Direct
transaction	PTMN	Common Stock	Purchase	$8.49K	+373	+0.03%	$22.75	1.17M	Jan 27, 2023	Direct
transaction	PTMN	Common Stock	Sale	-$2.27K	-100	-0.01%	$22.70	1.17M	Feb 6, 2023	Direct
transaction	PTMN	Common Stock	Sale	-$18.2K	-800	-0.07%	$22.70	1.17M	Feb 7, 2023	Direct
transaction	PTMN	Common Stock	Sale	-$230K	-10.1K	-0.86%	$22.65	1.16M	Feb 8, 2023	Direct
transaction	PTMN	Common Stock	Sale	-$5.9K	-259	-0.02%	$22.79	1.16M	Feb 9, 2023	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Shares	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PTMN	Equity Swap (Obligation to Buy)	Other	+1	1	Feb 7, 2023	Common Stock	100	$22.67	Direct	F1
transaction	PTMN	Equity Swap (Obligation to Buy)	Other	+1	1	Feb 8, 2023	Common Stock	7.33K	$22.65	Direct	F1
transaction	PTMN	Equity Swap (Obligation to Buy)	Other	+1	1	Feb 28, 2023	Common Stock	2.74K	$23.11	Direct	F1
transaction	PTMN	Equity Swap (Obligation to Buy)	Other	+1	1	Mar 3, 2023	Common Stock	5.11K	$22.98	Direct	F1
transaction	PTMN	Equity Swap (Obligation to Sell)	Other	+1	1	Mar 8, 2023	Common Stock	7.96K	$23.31	Direct	F2
transaction	PTMN	Equity Swap (Obligation to Sell)	Other	+1	1	Mar 10, 2023	Common Stock	200	$22.70	Direct	F2
transaction	PTMN	Equity Swap (Obligation to Buy)	Other	+1	1	Mar 10, 2023	Common Stock	1.23K	$22.03	Direct	F1
transaction	PTMN	Equity Swap (Obligation to Buy)	Other	+1	1	Mar 13, 2023	Common Stock	6.44K	$21.07	Direct	F1
transaction	PTMN	Equity Swap (Obligation to Sell)	Other	+1	1	Mar 14, 2023	Common Stock	2.98K	$21.50	Direct	F2
transaction	PTMN	Equity Swap (Obligation to Sell)	Other	+1	1	Mar 27, 2023	Common Stock	3.92K	$20.94	Direct	F2
transaction	PTMN	Equity Swap (Obligation to Sell)	Other	+1	1	Mar 28, 2023	Common Stock	5.21K	$20.90	Direct	F2
transaction	PTMN	Equity Swap (Obligation to Sell)	Other	+1	1	Apr 3, 2023	Common Stock	4.56K	$20.74	Direct	F2
transaction	PTMN	Equity Swap (Obligation to Sell)	Other	+1	1	Apr 4, 2023	Common Stock	243	$20.55	Direct	F2
transaction	PTMN	Equity Swap (Obligation to Sell)	Other	+1	1	Apr 11, 2023	Common Stock	2.8K	$20.60	Direct	F2
transaction	PTMN	Equity Swap (Obligation to Sell)	Other	+1	1	Apr 13, 2023	Common Stock	722	$20.58	Direct	F2
transaction	PTMN	Equity Swap (Obligation to Sell)	Other	+1	1	Apr 14, 2023	Common Stock	2.36K	$20.60	Direct	F2
transaction	PTMN	Equity Swap (Obligation to Sell)	Other	+1	1	Apr 17, 2023	Common Stock	2.57K	$20.62	Direct	F2
transaction	PTMN	Equity Swap (Obligation to Sell)	Other	+1	1	Apr 18, 2023	Common Stock	984	$20.50	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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.
F2	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.

Content

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.

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.