On September 18, 2020, David Moffitt resigned as a member of the Board of Directors of Portman Ridge Finance Corporation. Mr. Moffitt's decision to resign from the Board was not due to any dispute or disagreement with the Company, or on any matter relating to the Company's operations, policies or practices. In connection with Mr. Moffitt's resignation, the Board reduced the number of directors that constitutes the full Board to seven directors from eight directors, effective as of September 18, 2020, in accordance with its bylaws.