0000950170-23-020503 | 10-Q | XBRL Viewer

Probable direct losses to litigation contingencies

203,337,000

^{[1],[2],[3],[4],[5]}

203,592,000

^{[6],[7],[8],[9],[10]}

$ 0

Minimum RIC income distribution requirement

90.00%

Minimum ordinary income distribution percentage

98.00%

Minimum capital gains distribution percentage

98.20%

Percentage of payment of excise tax on taxable income

4.00%

Income tax examination, interest expense

$ 0

Income tax examination. penalties

Net deferred tax asset

Tax provision

Valuation allowance on deferred tax asset

4,000,000.0

Increase/change in valuation allowance

$ 0

Uncertain tax positions

$ 0

Debt

Summary Of Significant Accounting Policies [Line Items]

Number of portfolio companies on non-accrual status | Portfolio

Percentage of investments in non-accrual status at amortized cost

6.40%

5.40%

Percentage of investments in non-accrual status at fair value

4.90%

4.80%

Investment Owned Non-accrual Status | Debt

Summary Of Significant Accounting Policies [Line Items]

Amortized cost

$ 14,200,000

$ 11,900,000

Summary Of Significant Accounting Policies [Line Items]

$ 10,000,000.0

9,700,000

U.S.

Percentage of nondeductible federal excise tax on undistributed income

4.00%

Aggregate net unrealized depreciation for federal income tax purposes

$ (18,100,000)

(18,300,000)

Gross unrealized appreciation for federal income tax purposes

12,700,000

13,100,000

Gross unrealized depreciation for federal income tax purposes

30,800,000

31,400,000

Aggregate cost of securities for federal income tax purposes

$ 221,400,000

$ 221,900,000

Minimum

Summary Of Significant Accounting Policies [Line Items]

Percentage of cash dividend on aggregate declared distribution

20.00%

Control Investments

Summary Of Significant Accounting Policies [Line Items]

Percentage of outstanding voting securities owned

50.00%

Control Investments | Minimum

Summary Of Significant Accounting Policies [Line Items]

Percentage of outstanding voting securities owned

25.00%

Non-controlled Affiliated Investments | Minimum

Summary Of Significant Accounting Policies [Line Items]

Percentage of outstanding voting securities owned

5.00%

[1]	All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.
[2]	All investments valued using unobservable inputs (Level 3), unless otherwise noted.
[3]	Percentages are based on net assets as of March 31, 2023.
[4]	The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.
[5]	The fair value of each of the Company’s investments is determined in good faith using significant unobservable inputs by the Investment Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).
[6]	All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.
[7]	All investments valued using unobservable inputs (Level 3), unless otherwise noted.
[8]	Percentages are based on net assets as of December 31, 2022.
[9]	The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.
[10]	The fair value of each of the Company’s investments is determined in good faith using significant unobservable inputs by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).

Investments and Fair Value Measurements - Summary of Fair Value of Investments by Major Class Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	$ 203,337	$ 203,592
Level 3
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	202,881	203,189
NAV
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	456	403
First Lien Debt
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	137,563	136,896
First Lien Debt \| Level 3
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	137,563	136,896
Second Lien Debt
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	6,775	6,464
Second Lien Debt \| Level 3
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	6,775	6,464
Subordinated Debt
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	24,696	25,851
Subordinated Debt \| Level 3
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	24,696	25,851
Collateralized Loan Obligations
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	4,207	4,972
Collateralized Loan Obligations \| Level 3
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	4,207	4,972
Joint Venture
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	456	403
Joint Venture \| NAV
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	456	403
Equity
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	29,640	29,006
Equity \| Level 3
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	$ 29,640	$ 29,006

Investments and Fair Value Measurements - Summary of Investments at Amortized Cost and Fair Value (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

$ 220,478

^{[1],[2],[3],[4],[5]}

$ 220,516

^{[6],[7],[8],[9],[10]}

Investment Type Concentration Risk | Investment Owned at Cost

$ 203,337

^{[1],[2],[3],[4],[5]}

$ 203,592

^{[6],[7],[8],[9],[10]}

Investment Type Concentration Risk | Investment Owned at Fair Value

100.00%

100.00%

First Lien Debt

$ 144,304

$ 143,047

First Lien Debt | Investment Type Concentration Risk | Investment Owned at Cost

$ 137,563

$ 136,896

First Lien Debt | Investment Type Concentration Risk | Investment Owned at Fair Value

65.40%

64.90%

67.70%

67.30%

Second Lien Debt

$ 8,444

$ 8,283

Second Lien Debt | Investment Type Concentration Risk | Investment Owned at Cost

$ 6,775

$ 6,464

Second Lien Debt | Investment Type Concentration Risk | Investment Owned at Fair Value

3.80%

3.30%

3.20%

Subordinated Debt

$ 26,573

$ 26,571

Subordinated Debt | Investment Type Concentration Risk | Investment Owned at Cost

$ 24,696

$ 25,851

Subordinated Debt | Investment Type Concentration Risk | Investment Owned at Fair Value

12.10%

12.00%

Collateralized Loan Obligations

12.10%

12.70%

$ 4,622

$ 6,185

Collateralized Loan Obligations | Investment Type Concentration Risk | Investment Owned at Cost

$ 4,207

$ 4,972

Collateralized Loan Obligations | Investment Type Concentration Risk | Investment Owned at Fair Value

2.10%

2.80%

2.10%

2.40%

Joint Venture

$ 470

$ 414

Joint Venture | Investment Type Concentration Risk | Investment Owned at Cost

$ 456

$ 403

Joint Venture | Investment Type Concentration Risk | Investment Owned at Fair Value

0.20%

0.20%

Equity

$ 36,065

$ 36,016

Equity | Investment Type Concentration Risk | Investment Owned at Cost

$ 29,640

$ 29,006

Equity | Investment Type Concentration Risk | Investment Owned at Fair Value

16.40%

16.30%

Investments In And Advances To Affiliates [Abstract]

14.60%

14.20%

[1]	All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.
[2]	All investments valued using unobservable inputs (Level 3), unless otherwise noted.
[3]	Percentages are based on net assets as of March 31, 2023.
[4]	The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.
[5]	The fair value of each of the Company’s investments is determined in good faith using significant unobservable inputs by the Investment Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).
[6]	All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.
[7]	All investments valued using unobservable inputs (Level 3), unless otherwise noted.
[8]	Percentages are based on net assets as of December 31, 2022.
[9]	The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.
[10]	The fair value of each of the Company’s investments is determined in good faith using significant unobservable inputs by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).

Transactions With Affiliated Companies (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Transactions with Affiliates

During the three months ended March 31, 2023, the Company had investments in portfolio companies designated as affiliates under the 1940 Act. Transactions with affiliates were as follows (dollars in thousands):


Company(4)	Type of Investment	Principal Amount		Amount of Interest, Fees or Dividends Credited to Income(1)		December 31, 2022 Fair Value		Gross Additions(2)		Gross Reductions(3)			Realized Gain/(Loss)		Unrealized Appreciation (Depreciation)			March 31, 2023 Fair Value
Affiliate investments
Burgaflex Holdings, LLC	Common Stock Class B (1,085,073 shares)	$	—	$	—	$	2,190	$	—	$	—		$	—	$	(17	)	$	2,173
Burgaflex Holdings, LLC	Common Stock Class A (1,253,198 shares)		—		—		2,802		—		—			—		(54	)		2,748
					—		4,992		—		—			—		(71	)		4,921
GA Communications, Inc.	Series A-1 Preferred Stock (1,998 shares)		—		—		3,562		—		—			—		376			3,938
GA Communications, Inc.	Series B-1 Common Stock (200,000 shares)		—		—		—		—		—			—		—			—
					—		3,562		—		—			—		376			3,938
Great Lakes Funding II LLC	Series A		—		14		403		56		(1	)		—		(2	)		456
					14		403		56		(1	)		—		(2	)		456
GreenPark Infrastructure, LLC	Series A (400 Units)		—		—		200		—		—			—		—			200
GreenPark Infrastructure, LLC	Series M-1 (200 Units)		—		—		69		—		—			—		—			69
					—		269		—		—			—		—			269
MMI Holdings, LLC	First Lien Debt (12.00% Cash, Due 4/1/22)		2,600		79		2,600		—		—			—		—			2,600
MMI Holdings, LLC	Second Lien Debt (6.00% Cash, Due 4/1/22)		400		18		400		12		—			—		(12	)		400
MMI Holdings, LLC(5)	Preferred Units (1,000 units, 8.00% PIK Dividend)		—		31		1,360		31		—			—		(31	)		1,360
MMI Holdings, LLC	Common Membership Units (45 units)		—		—		—		—		—			—		—			—
					128		4,360		43		—			—		(43	)		4,360
Nth Degree Investment Group, LLC	Membership Units (6,088,000 units)		—		—		5,320		—		—			—		1,020			6,340
					—		5,320		—		—			—		1,020			6,340
RAM Payment, LLC	First Lien Debt (9.66% Cash (1 month LIBOR + 5.00%), 1.50% Floor), Due 1/4/24)		679		7		939		—		(260	)		—		—			679
RAM Payment, LLC	First Lien Debt (13.00% Cash, Due 1/4/24)		1,840		60		2,547		—		(707	)		—		—			1,840
RAM Payment, LLC(5)	Preferred Units (86,000 units, 6.00% PIK Dividend)		—		17		3,165		17		—			—		(430	)		2,752
					84		6,651		17		(967	)		—		(430	)		5,271
Sierra Hamilton Holdings Corporation	Second Lien Debt (15.00% PIK, Due 9/12/23)		4		—		4		—		—			—		—			4
Sierra Hamilton Holdings Corporation	Common Stock (27,396,364 shares)		—		—		254		—		—			—		183			437
					—		258		—		—			—		183			441
V12 Holdings, Inc.	Second Lien Debt		509		—		509		—		—			—		—			509
					—		509		—		—			—		—			509
Total Affiliate investments				$	226	$	26,324	$	116	$	(968	)	$	—	$	1,033		$	26,505

(1)

Represents the total amount of interest, original issue discount, fees and dividends credited to income for the portion of the year an investment was included in Affiliate or Control categories, respectively.

(2)

Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK and accretion of original issue discount. Gross additions also include transfers into Affiliate or Control classification.

(3)

Gross reductions include decreases in the cost basis of investments resulting from principal repayments and sales. Gross reductions also include transfers out of Affiliate or Control classification.

(4)

All debt investments are income producing. Equity and warrant investments are non-income producing, unless otherwise noted.

(5)

The equity investment is income producing, based on rate disclosed.

During the year ended December 31, 2022, the Company had investments in portfolio companies designated as affiliates under the 1940 Act. Transactions with affiliates were as follows (dollars in thousands):


Company(4)	Type of Investment	Principal Amount		Amount of Interest, Fees or Dividends Credited to Income(1)		December 31, 2021 Fair Value		Gross Additions(2)		Gross Reductions(3)			Realized Gain/(Loss)			Unrealized Appreciation (Depreciation)			December 31, 2022 Fair Value
Affiliate investments(6)
Burgaflex Holdings, LLC	Common Stock Class B (1,085,073 shares)	$	—	$	—	$	1,528	$	—	$	—		$	—		$	662		$	2,190
Burgaflex Holdings, LLC	Common Stock Class A (1,253,198 shares)		—		—		1,193		—		—			—			1,609			2,802
					—		2,721		—		—			—			2,271			4,992
GA Communications, Inc.	Series A-1 Preferred Stock (1,998 shares)		—		—		4,394		—		—			—			(832	)		3,562
GA Communications, Inc.	Series B-1 Common Stock (200,000 shares)		—		—		185		—		—			—			(185	)		—
					—		4,579		—		—			—			(1,017	)		3,562
Great Lakes Funding II LLC	Series A		—		14		—		517		(103	)		—			(11	)		403
					14		—		517		(103	)		—			(11	)		403
GreenPark Infrastructure, LLC	Series A (400 Units)		—		—		—		200		—			—			—			200
GreenPark Infrastructure, LLC	Series M-1 (200 Units)		—		—		—		69		—			—			—			69
					—		—		269		—			—			—			269
LJS Partners, LLC	Preferred Units (202,336 units)		—		—		843		—		(979	)		542			(406	)		—
LJS Partners, LLC	Common Membership Units (2,593,234 units)		—		—		7,164		—		(2,354	)		1,130			(5,940	)		—
					—		8,007		—		(3,333	)		1,672			(6,346	)		—
MMI Holdings, LLC	First Lien Debt (12.0% Cash, Due 4/1/22)		2,600		308		2,600		—		—			—			—			2,600
MMI Holdings, LLC	Second Lien Debt (6.0% Cash, Due 4/1/22)		400		24		400		—		—			—			—			400
MMI Holdings, LLC(5)	Preferred Units (1,000 units, 8.0% PIK Dividend)		—		118		1,898		118		—			—			(656	)		1,360
MMI Holdings, LLC	Common Membership Units (45 units)		—		—		63		—		—			—			(63	)		—
					450		4,961		118		—			—			(719	)		4,360
Nth Degree Investment Group, LLC	Membership Units (6,088,000 units)		—		—		—		—		—			—			5,320			5,320
					—		—		—		—			—			5,320			5,320
RAM Payment, LLC	First Lien Debt (6.5% Cash (1 month LIBOR + 5.0%), 1.5% Floor), Due 1/4/24)		939		82		998		—		(59	)		—			—			939
RAM Payment, LLC	First Lien Debt (12.45% Cash, Due 1/4/24)		2,547		291		2,706		—		(159	)		—			—			2,547
RAM Payment, LLC (5)	Preferred Units (86,000 units, 6.0% PIK Dividend)		—		69		3,726		69		—			—			(630	)		3,165
					442		7,430		69		(218	)		—			(630	)		6,651
Sierra Hamilton Holdings Corporation	Second Lien Debt (15.0% PIK, Due 9/12/23)		3		1		3		1		—			—			—			4
Sierra Hamilton Holdings Corporation	Common Stock (15,068,000 shares)		—		—		330		—		—			—			(76	)		254
					1		333		1		—			—			(76	)		258
V12 Holdings, Inc.	Second Lien Debt		509		—		509		—		—			—			—			509
					—		509		—		—			—			—			509
Total Affiliate investments				$	907	$	28,540	$	974	$	(3,654	)	$	1,672		$	(1,208	)	$	26,324
Control investments
Vology, Inc.	First Lien Debt (10.5% Cash (1 month LIBOR + 8.5%, 2.0% Floor), Due 3/31/22)	$	—	$	228	$	3,635	$	—	$	(3,635	)	$	—		$	—		$	—
Vology, Inc.	Class A Preferred Units (9,041,810 Units)		—		—		3,204		—		—			(5,215	)		2,011			—
Vology, Inc.	Membership Units (5,363,982 Units)		—		—		—		—		—			—			—			—
Total Control investments				$	228	$	6,839	$	—	$	(3,635	)	$	(5,215	)	$	2,011		$	—

(1)

(2)

(3)

Gross reductions include decreases in the cost basis of investments resulting from principal repayments and sales. Gross reductions also include transfers out of Affiliate or Control classification.

(4)

All debt investments are income producing. Equity and warrant investments are non-income producing, unless otherwise noted.

(5)

The equity investment is income producing, based on rate disclosed.

(6)

During the second quarter of 2022, Eastport Holdings, LLC completed a refinancing and recapitalization transaction. Logan Ridge received $16.5 million in cash and $19.3 million in principal of a new debt security in exchange for all of its previous debt and equity securities, which resulted in a realized gain of approximately $16.0 million on the Company's equity interest. As a result of this transaction, Eastport Holdings, LLC is no longer an affiliate of the Company.

Borrowings - 2032 Convertible Notes - Additional Information (Details) - 2032 Convertible Notes		3 Months Ended
	Apr. 01, 2022 USD ($) shares	Mar. 31, 2023 USD ($) Days	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Average stated interest rate	5.25%	5.25%
Maturity date		Apr. 01, 2032
Debt instrument, interest rate terms		The 2032 Convertible Notes have a fixed interest rate of 5.25% per annum payable semi-annually on March 31 and September 30 of each year, commencing on September 30, 2022, subject to a step up of 0.75% per annum to the extent that the 2032 Convertible Notes are downgraded below Investment Grade by an NRSRO or the 2032 Convertible Notes no longer maintain a rating from an NRSRO. The Company will also be required to pay an additional interest rate of 2.0% per annum (x) on any overdue payment of interest and (y) during the continuance of an “Event of Default.
Interest rate payable commencement date		Sep. 30, 2022
Step up interest rate per annum to extend that convertible notes downgraded below investment grade or no longer maintain rating from an NRSRO	0.75%
Additional interest rate percentage per annum on overdue payment of interest and during continuance of an event of default	2.00%
Debt instrument, repurchase price percentage	100.00%
Sinking fund description		No “sinking fund” is provided for the 2032 Convertible Notes
Convertible notes outstanding		$ 15,000,000.0	$ 15,000,000.0
Purchase Agreement
Debt Instrument [Line Items]
Conversion description		The 2032 Convertible Notes are convertible, at the holder’s option and at any time on or prior to the close of business on the business day immediately preceding the maturity date, into such number of shares of the Company’s common stock as is equal to the principal balance of the notes being converted on such date divided by the “Conversion Price,” as described below. The Company will not issue more than 539,503 shares of common stock in the aggregate under the purchase agreement governing the 2032 Convertible Notes (the “Purchase Agreement”); however, such number of shares may be adjusted from time to time to give effect to any forward or reverse stock splits with respect to the common stock as well as any further adjustments described in the purchase agreement. The “Conversion Price” will be equal to the average “Closing Sale Price” for the five “Trading Days” immediately prior to the relevant “Conversion Date,” as those terms are defined in the Purchase Agreement, subject to certain anti-dilutive provisions, as further described in the Purchase Agreement. No holder of a 2032 Convertible Note will be entitled to convert any such note or portion thereof if such conversion would result in more than $7,500,000 in principal amount of 2032 Convertible Notes being converted in any such calendar quarter. The Company has determined that the embedded conversion option in the 2032 Convertible Notes is not required to be separately accounted for as a derivative under U.S. GAAP.
Maximum number of shares issuable under purchase agreement \| shares	539,503
Number of trading days \| Days		5
Principal amount basis	$ 7,500,000
5.25% Fixed-rate Convertible Notes Due April 1, 2032
Debt Instrument [Line Items]
Debt instrument, issuance date		Apr. 01, 2022
Aggregate principal amount	$ 15,000,000.0
Average stated interest rate	5.25%

Organization - Additional Information (Details) - USD ($)		3 Months Ended
	Sep. 24, 2013	Mar. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Company incorporated date		Feb. 21, 2013
Percentage of limited partnership interests acquired	100.00%
Shares issued	8,974,420
SBA-guaranteed Debentures
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
SBA-guaranteed debentures outstanding		$ 0	$ 0
IPO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of shares of common stock	4,000,000
Sale of shares of common stock, price per share	$ 20.00
Net proceeds from sale of shares of common stock	$ 74,250,000
Underwriting fees and commissions	4,000,000.0
Offering expenses	$ 1,750,000

Borrowings - 2022 Notes - Additional Information (Details) - 2022 Notes - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Nov. 01, 2021	May 25, 2017	May 16, 2017
Debt Instrument [Line Items]
Aggregate principal amount	$ 25.00			$ 50,000,000.0	$ 5,000,000.0
Interest rate			6.00%
Debt instrument, issuance date	May 25, 2017
Debt instrument, redemption start date	Nov. 01, 2021
Debt instrument, redemption end date	Dec. 06, 2021
Maturity date	May 31, 2022
Notes outstanding	$ 0	$ 0
Percentage of outstanding principal amount	100.00%
Redemption Period
Debt Instrument [Line Items]
Debt instrument, redemption end date	May 31, 2019
6.0% Fixed-rate Notes Due May 31, 2022
Debt Instrument [Line Items]
Aggregate principal amount						$ 70,000,000.0
Interest rate						6.00%
Debt instrument, issuance date	May 16, 2017

Investments and Fair Value Measurements - Summary of Valuation Techniques and Significant Unobservable Inputs used in Recurring Level 3 Fair Value Measurements of Assets (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value of investments	$ 203,337	$ 203,592
Equity
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value of investments	29,640	29,006
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value of investments	202,881	203,189
Level 3 \| Equity
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value of investments	29,640	29,006
Level 3 \| Equity \| Asset Approach \| EBITDA Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value of investments	$ 1,000	$ 1,000

Earnings (Losses) Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note 9. Earnings Per Share

In accordance with the provisions of ASC Topic 260 - Earnings per Share (“ASC 260”), basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding during the period. Other potentially dilutive shares of the Company’s common stock, and the related impact to earnings, are considered when calculating diluted earnings per share. For the three months ended March 31, 2023

and 2022, zero and 0.6 million, respectively, in convertible shares related to the 2022 Convertible Notes were considered anti-dilutive. For the three months ended March 31, 2023 and 2022, 0.5 million and zero, respectively, in convertible shares related to the 2032 Convertible Notes were considered anti-dilutive.

The following information sets forth the computation of the weighted average basic and diluted net increase (decrease) in net assets per share resulting from operations for the three months ended March 31, 2023 and 2022 (dollars in thousands, except share and per share data):


	For the Three Months Ended March 31,
	2023(1)			2022(2)
Net decrease in net assets resulting from operations - basic and diluted	$	(650	)	$	(858	)
Weighted average common stock outstanding – basic and diluted		2,710,990			2,711,068
Net decrease in net assets per share from operations - basic and diluted	$	(0.24	)	$	(0.32	)

(1)

In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended March 31, 2023, conversion of the 2032 Convertible Notes into 0.5 million shares was not assumed as the effect on diluted earnings per share would be anti-dilutive.

In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended March 31, 2022, conversion of the 0.6 million related to the 2022 Convertible Notes was not assumed as the effect on diluted earnings per share would be anti-dilutive

Consolidated Statements of Assets and Liabilities - USD ($)
$ in Thousands

Mar. 31, 2023

Dec. 31, 2022

Investments at fair value:

Cash and cash equivalents

$ 203,337

^{[1],[2],[3],[4],[5]}

$ 203,592

^{[6],[7],[8],[9],[10]}

9,347

6,793

Interest and dividend receivable

1,209

1,578

Prepaid expenses

2,514

2,682

Other assets

Total assets

216,469

214,710

LIABILITIES

2026 Notes (net of deferred financing costs and original issue discount of $1,333 and $1,421, respectively)

48,667

48,579

2032 Convertible Notes (net of deferred financing costs and original issue discount of $1,088 and $1,117, respectively)

13,912

13,883

KeyBank Credit Facility (net of deferred financing costs of $1,238 and $1,322, respectively)

57,140

54,615

Management and incentive fees payable

932

933

Interest and financing fees payable

1,469

973

Accounts payable and accrued expenses

516

722

Total liabilities

122,636

119,705

Commitments and contingencies (Note 2)

NET ASSETS

Common stock, par value $0.01, 100,000,000 common shares authorized, 2,709,583 and 2,711,068 common shares issued and outstanding, respectively

Additional paid in capital

191,007

191,038

Total distributable loss

(97,201)

(96,060)

Total net assets

93,833

95,005

Total liabilities and net assets

$ 216,469

$ 214,710

Net asset value per share

$ 34.63

$ 35.04

[1]	All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.
[2]	All investments valued using unobservable inputs (Level 3), unless otherwise noted.
[3]	Percentages are based on net assets as of March 31, 2023.
[4]	The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.
[5]	The fair value of each of the Company’s investments is determined in good faith using significant unobservable inputs by the Investment Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).
[6]	All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.
[7]	All investments valued using unobservable inputs (Level 3), unless otherwise noted.
[8]	Percentages are based on net assets as of December 31, 2022.
[9]	The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.
[10]	The fair value of each of the Company’s investments is determined in good faith using significant unobservable inputs by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).

Earnings (Losses) Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Summary of Computation of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets Per Share


	For the Three Months Ended March 31,
	2023(1)			2022(2)
Net decrease in net assets resulting from operations - basic and diluted	$	(650	)	$	(858	)
Weighted average common stock outstanding – basic and diluted		2,710,990			2,711,068
Net decrease in net assets per share from operations - basic and diluted	$	(0.24	)	$	(0.32	)

(1)

In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended March 31, 2022, conversion of the 0.6 million related to the 2022 Convertible Notes was not assumed as the effect on diluted earnings per share would be anti-dilutive

Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Beginning Balance	$ 95,005	$ 107,029
Beginning Balance, shares	2,711,068
Net investment income (loss)	$ 1,073	(1,051)
Net realized loss on investments	(1,506)	(36)
Net change in unrealized (depreciation) appreciation on investments	(217)	229
Repurchase of common stock	$ (34)
Stock issued under dividend reinvestment plan, shares	140
Stock issued under dividend reinvestment plan	$ 3
Distributions declared	(491)
Ending Balance	$ 93,833	$ 106,171
Ending Balance, shares	2,709,583	2,711,068
Common Stock
Beginning Balance	$ 27	$ 27
Beginning Balance, shares	2,711,068	2,711,068
Repurchase of common stock, shares	1,625
Stock issued under dividend reinvestment plan, shares	140
Ending Balance	$ 27	$ 27
Ending Balance, shares	2,709,583	2,711,068
Additional Paid in Capital
Beginning Balance	$ 191,038	$ 188,846
Repurchase of common stock	(34)
Stock issued under dividend reinvestment plan	3
Ending Balance	191,007	188,846
Total Distributable Loss
Beginning Balance	(96,060)	(81,844)
Net investment income (loss)	1,073	(1,051)
Net realized loss on investments	(1,506)	(36)
Net change in unrealized (depreciation) appreciation on investments	(217)	229
Distributions declared	(491)
Ending Balance	$ (97,201)	$ (82,702)

N-2 - USD ($) $ in Millions								3 Months Ended
N-2 - USD ($) $ in Millions	Mar. 31, 2023	Apr. 01, 2022	Oct. 29, 2021	Jun. 26, 2017	May 26, 2017	May 25, 2017	May 16, 2017	Mar. 31, 2023
Cover [Abstract]
Entity Central Index Key								0001571329
Amendment Flag								false
Securities Act File Number								814-01022
Document Type								10-Q
Entity Registrant Name								Logan Ridge Finance Corporation
Entity Address, Address Line One								650 Madison Avenue
Entity Address, Address Line Two								23rd Floor
Entity Address, City or Town								New York
Entity Address, State or Province								NY
Entity Address, Postal Zip Code								10022
City Area Code								212
Local Phone Number								891-2880
Entity Emerging Growth Company								false
General Description of Registrant [Abstract]
Investment Objectives and Practices [Text Block]	The Company’s investment objective is to generate both current income and capital appreciation through debt and equity investments. The Company offers customized financing to business owners, management teams, and financial sponsors for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion, and other growth initiatives. The Company invests in first lien loans, and, to a lesser extent, second lien loans and equity securities issued by lower middle-market and traditional middle-market companies.							Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We provide capital to lower and traditional middle-market companies in the United States (“U.S.”), with a non-exclusive emphasis on the Southeast, Southwest, and Mid-Atlantic regions. We invest primarily in companies with a history of earnings growth and positive cash flow, proven management teams, products or services with competitive advantages, and industry-appropriate margins. We primarily invest in companies with between $5.0 million and $50.0 million in trailing twelve-month earnings before interest, tax, depreciation, and amortization (“EBITDA”). We invest in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market and traditional middle-market companies.
Risk Factors [Table Text Block]								Item 1A. Risk Factors In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “Annual Report on Form 10-K”), which could materially affect our business, financial condition and/or operating results. The risks described in the Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties that are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. There have been no material changes from the risk factors set forth in the Annual Report on Form 10-K.
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Long Term Debt [Table Text Block]								We use and intend to use existing cash primarily to originate investments in new and existing portfolio companies, pay distributions to our stockholders, and repay indebtedness. Since our IPO, we have raised approximately $136.0 million in net proceeds from equity offerings through March 31, 2023. KeyBank Credit Facility On October 30, 2020, Capitala Business Lending, LLC (“CBL”), a direct, wholly owned, consolidated subsidiary of the Company, entered into a senior secured revolving credit agreement (“the KeyBank Credit Facility”) with the investment adviser at the time, as collateral manager, the lenders from time to time parties thereto (each, a “Lender”), KeyBank National Association, as administrative agent, and U.S. Bank National Association, as custodian. The KeyBank Credit Facility was amended on May 10, 2022 and October 20, 2022. Under the KeyBank Credit Facility, the Lenders have agreed to extend credit to CBL in an aggregate principal amount of up to $75.0 million as of May 10, 2022, with an uncommitted accordion feature that allows the Company to borrow up to an additional $125.0 million. The KeyBank Credit Facility matures on May 10, 2027, unless there is an earlier termination or event of default. The period during which the Lenders may make loans to CBL under the KeyBank Credit Facility commenced on October 30, 2020 and will continue through May 10, 2025, unless there is an earlier termination or event of default. Borrowings under the KeyBank Credit Facility bear interest at 1M Term SOFR plus 2.90% during the 3-year revolving period and 3.25% thereafter, with a 0.40% 1M Term SOFR floor. CBL will also pay an unused commitment fee at a rate of (1) 1.00% if utilization is less than or equal to 30.0%, (2) 0.65% if utilization is greater than 30.0% but less than or equal to 60.0%, or (3) 0.35% if utilization is greater than 60.0%, per annum on the unutilized portion of the aggregate commitments under the KeyBank Credit Facility. As of March 31, 2023 , there were draws of $58.4 million on the KeyBank Credit Facility. The KeyBank Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of March 31, 2023, assets pledged to secure the KeyBank Credit Facility had a fair value of $125.5 million. 2032 Convertible Notes On April 1, 2022, the Company issued $15.0 million in aggregate principal amount of 5.25% fixed-rate convertible notes due April 1, 2032 (the “2032 Convertible Notes”). The 2032 Convertible Notes are convertible, at the holder’s option and at any time on or prior to the close of business on the business day immediately preceding the maturity date, into such number of shares of the Company’s common stock as is equal to the principal balance of the notes being converted on such date divided by the “Conversion Price,” as described below. The Company will not issue more than 539,503 shares of common stock in the aggregate under the purchase agreement governing the 2032 Convertible Notes (the “Purchase Agreement”); however, such number of shares may be adjusted from time to time to give effect to any forward or reverse stock splits with respect to the common stock as well as any further adjustments described in the purchase agreement. The “Conversion Price” will be equal to the average “Closing Sale Price” for the five “Trading Days” immediately prior to the relevant “Conversion Date,” as those terms are defined in the Purchase Agreement, subject to certain anti-dilutive provisions, as further described in the Purchase Agreement. No holder of a 2032 Convertible Note will be entitled to convert any such note or portion thereof if such conversion would result in more than $7,500,000 in principal amount of 2032 Convertible Notes being converted in any such calendar quarter. The Company has determined that the embedded conversion option in the 2032 Convertible Notes is not required to be separately accounted for as a derivative under U.S. GAAP. The Company obtained an Investment Grade rating from a Nationally Recognized Statistical Rating Organization (“NRSRO”) with respect to the 2032 Convertible Notes. The 2032 Convertible Notes have a fixed interest rate of 5.25% per annum payable semi-annually on March 31 and September 30 of each year, commencing on September 30, 2022, subject to a step up of 0.75% per annum to the extent that the 2032 Convertible Notes are downgraded below Investment Grade by an NRSRO or the 2032 Convertible Notes no longer maintain a rating from an NRSRO. The Company will also be required to pay an additional interest rate of 2.0% per annum (x) on any overdue payment of interest and (y) during the continuance of an “Event of Default.” The Company intends to use the net proceeds from the offering of the 2032 Convertible Notes for general corporate purposes, which may include repaying outstanding indebtedness, making opportunistic investments and paying corporate expenses. In addition, on the occurrence of a “Change in Control Repurchase Event” or “Delisting Event,” as defined in the Purchase Agreement, the Company will generally be required to make an offer to purchase the outstanding 2032 Convertible Notes at a price equal to 100% of the principal amount of such 2032 Convertible Notes plus accrued and unpaid interest to the repurchase date. The 2032 Convertible Notes are redeemable prior to maturity. No “sinking fund” is provided for the 2032 Convertible Notes. As of March 31, 2023, the Company had $15.0 million in 2032 Convertible Notes outstanding. 2026 Notes On October 29, 2021, we issued $50.0 million in aggregate principal amount of 5.25% fixed rate notes due October 30, 2026 (the “2026 Notes”) pursuant to a supplemental indenture with U.S. Bank National Association (the “Trustee”), which supplements that certain base indenture, dated as of June 16, 2014. The 2026 Notes were issued in a private placement exempt from registration under the Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The net proceeds to the Company were approximately $48.8 million, after deducting estimated offering expenses. The Notes will mature on October 30, 2026 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the Indenture. The Notes bear interest at a rate of 5.25% per year payable semi-annually on April 30 and October 30 of each year, commencing on April 30, 2022. The Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities. In connection with the offering, the Company entered into a Registration Rights Agreement, dated as of October 29, 2021 (the “Registration Rights Agreement”), with the purchasers of the 2026 Notes. Pursuant to the Registration Rights Agreement, the Company is obligated to file with the Securities and Exchange Commission a registration statement relating to an offer to exchange the 2026 Notes for new notes issued by the Company that are registered under the Securities Act and otherwise have terms substantially identical to those of the 2026 Notes, and to use its commercially reasonable efforts to cause such registration statement to be declared effective. As of March 31, 2023, the Company had approximately $50.0 million in aggregate principal amount of 2026 Notes outstanding. 2022 Notes On May 16, 2017, we issued $70.0 million in aggregate principal amount of 6.0% fixed-rate notes due May 31, 2022 (the “2022 Notes”). On May 25, 2017, we issued an additional $5.0 million in aggregate principal amount of the 2022 Notes pursuant to a partial exercise of the underwriters’ overallotment option. On November 1, 2021, we notified the Trustee for the 2022 Notes of the Company's election to redeem $50.0 million aggregate principal amount of the 2022 Notes outstanding. The redemption was completed on December 6, 2021. On May 31, 2022, the 2022 Notes reached maturity, and the entire outstanding principal of the 2022 Notes became payable and was paid by the Company. Accordingly, as of March 31, 2023, there were no 2022 Notes outstanding. The 2022 Notes were subject to redemption in whole or in part at any time or from time to time at our option on or after May 31, 2019 at a redemption price equal to 100% of the outstanding principal, plus accrued and unpaid interest. Interest on the 2022 Notes was payable quarterly. The 2022 Notes were listed on the NASDAQ Global Select Market under the trading symbol “CPTAL” with a par value of $25.00 per share. 2022 Convertible Notes On May 26, 2017, we issued $50.0 million in aggregate principal amount of 5.75% fixed-rate convertible notes due May 31, 2022 (the “2022 Convertible Notes”). On June 26, 2017, we issued an additional $2.1 million in aggregate principal amount of the 2022 Convertible Notes pursuant to a partial exercise of the underwriters’ overallotment option. On May 31, 2022, the 2022 Convertible Notes reached maturity, and the entire outstanding principal of the 2022 Convertible Notes became payable, and was paid by the Company. Accordingly, as of March 31, 2023, there were no 2022 Convertible Notes outstanding. Interest on the 2022 Convertible Notes was payable quarterly. The 2022 Convertible Notes were listed on the NASDAQ Capital Market under the trading symbol “CPTAG” with a par value of $25.00 per share.
KeyBank Credit Facility
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Long Term Debt, Title [Text Block]								KeyBank Credit Facility On October 30, 2020, Capitala Business Lending, LLC (“CBL”), a direct, wholly owned, consolidated subsidiary of the Company, entered into a senior secured revolving credit agreement (“the KeyBank Credit Facility”) with the investment adviser at the time, as collateral manager, the lenders from time to time parties thereto (each, a “Lender”), KeyBank National Association, as administrative agent, and U.S. Bank National Association, as custodian. The KeyBank Credit Facility was amended on May 10, 2022 and October 20, 2022. Under the KeyBank Credit Facility, the Lenders have agreed to extend credit to CBL in an aggregate principal amount of up to $75.0 million as of May 10, 2022, with an uncommitted accordion feature that allows the Company to borrow up to an additional $125.0 million. The KeyBank Credit Facility matures on May 10, 2027, unless there is an earlier termination or event of default. The period during which the Lenders may make loans to CBL under the KeyBank Credit Facility commenced on October 30, 2020 and will continue through May 10, 2025, unless there is an earlier termination or event of default. Borrowings under the KeyBank Credit Facility bear interest at 1M Term SOFR plus 2.90% during the 3-year revolving period and 3.25% thereafter, with a 0.40% 1M Term SOFR floor. CBL will also pay an unused commitment fee at a rate of (1) 1.00% if utilization is less than or equal to 30.0%, (2) 0.65% if utilization is greater than 30.0% but less than or equal to 60.0%, or (3) 0.35% if utilization is greater than 60.0%, per annum on the unutilized portion of the aggregate commitments under the KeyBank Credit Facility. As of March 31, 2023 , there were draws of $58.4 million on the KeyBank Credit Facility. The KeyBank Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of March 31, 2023, assets pledged to secure the KeyBank Credit Facility had a fair value of $125.5 million.
Long Term Debt, Principal								$ 58.4
Long Term Debt, Structuring [Text Block]								The KeyBank Credit Facility was amended on May 10, 2022 and October 20, 2022. Under the KeyBank Credit Facility, the Lenders have agreed to extend credit to CBL in an aggregate principal amount of up to $75.0 million as of May 10, 2022, with an uncommitted accordion feature that allows the Company to borrow up to an additional $125.0 million. The KeyBank Credit Facility matures on May 10, 2027, unless there is an earlier termination or event of default. The period during which the Lenders may make loans to CBL under the KeyBank Credit Facility commenced on October 30, 2020 and will continue through May 10, 2025, unless there is an earlier termination or event of default. Borrowings under the KeyBank Credit Facility bear interest at 1M Term SOFR plus 2.90% during the 3-year revolving period and 3.25% thereafter, with a 0.40% 1M Term SOFR floor. CBL will also pay an unused commitment fee at a rate of (1) 1.00% if utilization is less than or equal to 30.0%, (2) 0.65% if utilization is greater than 30.0% but less than or equal to 60.0%, or (3) 0.35% if utilization is greater than 60.0%, per annum on the unutilized portion of the aggregate commitments under the KeyBank Credit Facility.
2032 Convertible Notes
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Long Term Debt, Title [Text Block]								2032 Convertible Notes On April 1, 2022, the Company issued $15.0 million in aggregate principal amount of 5.25% fixed-rate convertible notes due April 1, 2032 (the “2032 Convertible Notes”). The 2032 Convertible Notes are convertible, at the holder’s option and at any time on or prior to the close of business on the business day immediately preceding the maturity date, into such number of shares of the Company’s common stock as is equal to the principal balance of the notes being converted on such date divided by the “Conversion Price,” as described below. The Company will not issue more than 539,503 shares of common stock in the aggregate under the purchase agreement governing the 2032 Convertible Notes (the “Purchase Agreement”); however, such number of shares may be adjusted from time to time to give effect to any forward or reverse stock splits with respect to the common stock as well as any further adjustments described in the purchase agreement. The “Conversion Price” will be equal to the average “Closing Sale Price” for the five “Trading Days” immediately prior to the relevant “Conversion Date,” as those terms are defined in the Purchase Agreement, subject to certain anti-dilutive provisions, as further described in the Purchase Agreement. No holder of a 2032 Convertible Note will be entitled to convert any such note or portion thereof if such conversion would result in more than $7,500,000 in principal amount of 2032 Convertible Notes being converted in any such calendar quarter. The Company has determined that the embedded conversion option in the 2032 Convertible Notes is not required to be separately accounted for as a derivative under U.S. GAAP. The Company obtained an Investment Grade rating from a Nationally Recognized Statistical Rating Organization (“NRSRO”) with respect to the 2032 Convertible Notes. The 2032 Convertible Notes have a fixed interest rate of 5.25% per annum payable semi-annually on March 31 and September 30 of each year, commencing on September 30, 2022, subject to a step up of 0.75% per annum to the extent that the 2032 Convertible Notes are downgraded below Investment Grade by an NRSRO or the 2032 Convertible Notes no longer maintain a rating from an NRSRO. The Company will also be required to pay an additional interest rate of 2.0% per annum (x) on any overdue payment of interest and (y) during the continuance of an “Event of Default.” The Company intends to use the net proceeds from the offering of the 2032 Convertible Notes for general corporate purposes, which may include repaying outstanding indebtedness, making opportunistic investments and paying corporate expenses. In addition, on the occurrence of a “Change in Control Repurchase Event” or “Delisting Event,” as defined in the Purchase Agreement, the Company will generally be required to make an offer to purchase the outstanding 2032 Convertible Notes at a price equal to 100% of the principal amount of such 2032 Convertible Notes plus accrued and unpaid interest to the repurchase date. The 2032 Convertible Notes are redeemable prior to maturity. No “sinking fund” is provided for the 2032 Convertible Notes. As of March 31, 2023, the Company had $15.0 million in 2032 Convertible Notes outstanding.
Long Term Debt, Principal		$ 15.0						$ 15.0
Long Term Debt, Structuring [Text Block]								due April 1, 2032The 2032 Convertible Notes have a fixed interest rate of 5.25% per annum payable semi-annually on March 31 and September 30 of each year, commencing on September 30, 2022, subject to a step up of 0.75% per annum to the extent that the 2032 Convertible Notes are downgraded below Investment Grade by an NRSRO or the 2032 Convertible Notes no longer maintain a rating from an NRSRO. The Company will also be required to pay an additional interest rate of 2.0% per annum (x) on any overdue payment of interest and (y) during the continuance of an “Event of Default.” The Company intends to use the net proceeds from the offering of the 2032 Convertible Notes for general corporate purposes, which may include repaying outstanding indebtedness, making opportunistic investments and paying corporate expenses. In addition, on the occurrence of a “Change in Control Repurchase Event” or “Delisting Event,” as defined in the Purchase Agreement, the Company will generally be required to make an offer to purchase the outstanding 2032 Convertible Notes at a price equal to 100% of the principal amount of such 2032 Convertible Notes plus accrued and unpaid interest to the repurchase date. The 2032 Convertible Notes are redeemable prior to maturity. No “sinking fund” is provided for the 2032 Convertible Notes.
Long Term Debt, Issuance and Substitution [Text Block]								The Company will not issue more than 539,503 shares of common stock in the aggregate under the purchase agreement governing the 2032 Convertible Notes (the “Purchase Agreement”); however, such number of shares may be adjusted from time to time to give effect to any forward or reverse stock splits with respect to the common stock as well as any further adjustments described in the purchase agreement.
2026 Notes [Member]
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Long Term Debt, Title [Text Block]								2026 Notes On October 29, 2021, we issued $50.0 million in aggregate principal amount of 5.25% fixed rate notes due October 30, 2026 (the “2026 Notes”) pursuant to a supplemental indenture with U.S. Bank National Association (the “Trustee”), which supplements that certain base indenture, dated as of June 16, 2014. The 2026 Notes were issued in a private placement exempt from registration under the Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The net proceeds to the Company were approximately $48.8 million, after deducting estimated offering expenses. The Notes will mature on October 30, 2026 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the Indenture. The Notes bear interest at a rate of 5.25% per year payable semi-annually on April 30 and October 30 of each year, commencing on April 30, 2022. The Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities. In connection with the offering, the Company entered into a Registration Rights Agreement, dated as of October 29, 2021 (the “Registration Rights Agreement”), with the purchasers of the 2026 Notes. Pursuant to the Registration Rights Agreement, the Company is obligated to file with the Securities and Exchange Commission a registration statement relating to an offer to exchange the 2026 Notes for new notes issued by the Company that are registered under the Securities Act and otherwise have terms substantially identical to those of the 2026 Notes, and to use its commercially reasonable efforts to cause such registration statement to be declared effective. As of March 31, 2023, the Company had approximately $50.0 million in aggregate principal amount of 2026 Notes outstanding.
Long Term Debt, Principal			$ 50.0					$ 50.0
Long Term Debt, Structuring [Text Block]								5.25% fixed rate notes due October 30, 2026 (the “2026 Notes”) pursuant to a supplemental indenture with U.S. Bank National Association (the “Trustee”), which supplements that certain base indenture, dated as of June 16, 2014. The 2026 Notes were issued in a private placement exempt from registration under the Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The net proceeds to the Company were approximately $48.8 million, after deducting estimated offering expenses. The Notes will mature on October 30, 2026 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the Indenture. The Notes bear interest at a rate of 5.25% per year payable semi-annually on April 30 and October 30 of each year, commencing on April 30, 2022. The Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.
Long Term Debt, Rights Limited by Other Securities [Text Block]								The Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.
2022 Notes [Member]
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Long Term Debt, Title [Text Block]								2022 Notes On May 16, 2017, we issued $70.0 million in aggregate principal amount of 6.0% fixed-rate notes due May 31, 2022 (the “2022 Notes”). On May 25, 2017, we issued an additional $5.0 million in aggregate principal amount of the 2022 Notes pursuant to a partial exercise of the underwriters’ overallotment option. On November 1, 2021, we notified the Trustee for the 2022 Notes of the Company's election to redeem $50.0 million aggregate principal amount of the 2022 Notes outstanding. The redemption was completed on December 6, 2021. On May 31, 2022, the 2022 Notes reached maturity, and the entire outstanding principal of the 2022 Notes became payable and was paid by the Company. Accordingly, as of March 31, 2023, there were no 2022 Notes outstanding. The 2022 Notes were subject to redemption in whole or in part at any time or from time to time at our option on or after May 31, 2019 at a redemption price equal to 100% of the outstanding principal, plus accrued and unpaid interest. Interest on the 2022 Notes was payable quarterly. The 2022 Notes were listed on the NASDAQ Global Select Market under the trading symbol “CPTAL” with a par value of $25.00 per share.
Long Term Debt, Principal						$ 5.0	$ 70.0
Long Term Debt, Structuring [Text Block]								due May 31, 2022The 2022 Notes were subject to redemption in whole or in part at any time or from time to time at our option on or after May 31, 2019 at a redemption price equal to 100% of the outstanding principal, plus accrued and unpaid interest. Interest on the 2022 Notes was payable quarterly.
2022 Convertible Notes [Member]
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Long Term Debt, Title [Text Block]								2022 Convertible Notes On May 26, 2017, we issued $50.0 million in aggregate principal amount of 5.75% fixed-rate convertible notes due May 31, 2022 (the “2022 Convertible Notes”). On June 26, 2017, we issued an additional $2.1 million in aggregate principal amount of the 2022 Convertible Notes pursuant to a partial exercise of the underwriters’ overallotment option. On May 31, 2022, the 2022 Convertible Notes reached maturity, and the entire outstanding principal of the 2022 Convertible Notes became payable, and was paid by the Company. Accordingly, as of March 31, 2023, there were no 2022 Convertible Notes outstanding. Interest on the 2022 Convertible Notes was payable quarterly. The 2022 Convertible Notes were listed on the NASDAQ Capital Market under the trading symbol “CPTAG” with a par value of $25.00 per share.
Long Term Debt, Principal				$ 2.1	$ 50.0
Long Term Debt, Structuring [Text Block]								5.75% fixed-ratedue May 31, 2022Interest on the 2022 Convertible Notes was payable quarterly.

Subsequent Events - Additional Information (Details) - $ / shares		3 Months Ended
	May 09, 2023	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Distributions, per share		$ 0.18	$ 0
Distribution payable, date of record		Mar. 20, 2023
Subsequent Event
Subsequent Event [Line Items]
Distributions, per share	$ 0.22
Distribution payable, date declared	May 09, 2023
Distribution payable, date of record	May 22, 2023
Distribution payable, date to be paid	May 31, 2023

Financial Highlights - Schedule of Financial Highlights (Details) - USD ($)

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Dec. 31, 2022

Dec. 31, 2021

Investment Company Financial Highlights Roll Forward

Par Value

$ 35.04

$ 39.48

Net investment income

^[1]

0.40

(0.39)

Net realized loss on investments

^[1]

(0.56)

(0.01)

Net change in unrealized (depreciation) appreciation on investments

^[1]

(0.08)

0.08

Net decrease in net assets resulting from operations

^[1]

(0.24)

(0.32)

Distributions

0.18

Accretive effect of common stock repurchases

^[1]

0.01

Par Value

$ 34.63

$ 39.16

Net assets at end of period

$ 93,833,000

$ 106,171,000

$ 95,005,000

$ 107,029,000

Shares outstanding at end of period

2,709,583

2,711,068

Per share market value at end of period

$ 20.80

$ 22.57

Total return based on market value

^[2]

(6.13%)

(1.83%)

Ratio of net investment income (loss) to average net assets

^[3]

4.61%

(4.00%)

Ratio of interest and financing expenses to average net assets

^[3]

8.89%

8.32%

Ratio of other operating expenses to average net assets

^[3]

9.08%

8.37%

Ratio of total expenses to average net assets

^[3]

17.97%

16.69%

Portfolio turnover rate

^[4]

3.30%

4.15%

Average debt outstanding

^[5]

$ 118,219,000

$ 124,921,000

Average debt outstanding per common share

^[1]

$ 43.61

$ 46.08

Asset coverage ratio per unit

^[6]

$ 1,747

$ 1,843

[1]	Based on daily weighted average balance of shares of the Company’s common stock outstanding during the period.
[2]	Total investment return is calculated assuming a purchase of shares of the Company's common stock at the current market value on the first day and a sale at the current market value on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company’s DRIP. Total investment return does not reflect brokerage commissions. Total investment returns covering less than a full period are not annualized.
[3]	Ratio is annualized.
[4]	Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value. Portfolio turnover rates that cover less than a full period are not annualized.
[5]	Based on the daily weighted average balance of debt outstanding during the period.
[6]	Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

Transactions With Affiliated Companies - Schedule of Transactions with Affiliates (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Schedule Of Investments [Line Items]

Principal Amount

^[1]

$ 509

^[2]

Amount of Interest, Fees or Dividends Credited to Income

^[1],[3]

226

228

Fair value, beginning balance

^[1]

26,324

^[2]

6,839

Gross Additions

^[1],[4]

116

974

^[2]

Gross Reductions

^[1],[5]

(968)

(3,635)

Realized Gain/(Loss)

^[1]

(5,215)

Unrealized Appreciation (Depreciation)

^[1]

1,033

2,011

Fair value, ending balance

^[1]

$ 26,505

$ 26,324

^[2]

[1]	All debt investments are income producing. Equity and warrant investments are non-income producing, unless otherwise noted.
[2]	During the second quarter of 2022, Eastport Holdings, LLC completed a refinancing and recapitalization transaction. Logan Ridge received $16.5 million in cash and $19.3 million in principal of a new debt security in exchange for all of its previous debt and equity securities, which resulted in a realized gain of approximately $16.0 million on the Company's equity interest. As a result of this transaction, Eastport Holdings, LLC is no longer an affiliate of the Company.
[3]	Represents the total amount of interest, original issue discount, fees and dividends credited to income for the portion of the year an investment was included in Affiliate or Control categories, respectively.
[4]	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK and accretion of original issue discount. Gross additions also include transfers into Affiliate or Control classification.
[5]	Gross reductions include decreases in the cost basis of investments resulting from principal repayments and sales. Gross reductions also include transfers out of Affiliate or Control classification.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 08, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Trading Symbol	LRFC
Entity Registrant Name	Logan Ridge Finance Corporation
Entity Central Index Key	0001571329
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,705,232
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation State Country Code	MD
Entity Tax Identification Number	90-0945675
Entity Address, Address Line One	650 Madison Avenue
Entity Address, Address Line Two	23rd Floor
Entity Address City Or Town	New York
Entity Address State Or Province	NY
Entity Address Postal Zip Code	10022
City Area Code	212
Local Phone Number	891-2880
Security12b Title	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity File Number	814-01022

Borrowings - Schedule of Outstanding Principal and Fair Value of Financial liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding Principal	$ 123,378	$ 120,937
Fair Value	123,378	120,937
2026 Notes
Debt Instrument [Line Items]
Outstanding Principal	50,000	50,000
Fair Value	50,000	50,000
2032 Convertible Notes
Debt Instrument [Line Items]
Outstanding Principal	15,000	15,000
Fair Value	15,000	15,000
Level 3
Debt Instrument [Line Items]
Fair Value	123,378	120,937
Level 3 \| 2026 Notes
Debt Instrument [Line Items]
Fair Value	50,000	50,000
Level 3 \| 2032 Convertible Notes
Debt Instrument [Line Items]
Fair Value	15,000	15,000
KeyBank Credit Facility
Debt Instrument [Line Items]
Outstanding Principal	58,378	55,937
Fair Value	58,378	55,937
KeyBank Credit Facility \| Level 3
Debt Instrument [Line Items]
Fair Value	$ 58,378	$ 55,937

Borrowings

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Borrowings

Note 6. Borrowings

2022 Notes

On May 16, 2017, the Company issued $70.0 million in aggregate principal amount of 6.0% fixed-rate notes due May 31, 2022 (the “2022 Notes”). On May 25, 2017, the Company issued an additional $5.0 million in aggregate principal amount of the 2022 Notes pursuant to a partial exercise of the underwriters’ overallotment option. On November 1, 2021, the Company notified the Trustee for the Company's 2022 Notes, of the Company's election to redeem $50.0 million aggregate principal amount of the 2022 Notes outstanding. The redemption was completed on December 6, 2021. On May 31, 2022, the remaining 2022 Notes reached maturity, and the

entire outstanding principal of the 2022 Notes became payable and was paid by the Company. Accordingly, as of March 31, 2023 and December 31, 2022, there were no 2022 Notes outstanding.

The 2022 Notes were scheduled to mature on May 31, 2022 and could be redeemed in whole or in part at any time or from time to time at the Company’s option on or after May 31, 2019 at a redemption price equal to 100% of the outstanding principal, plus accrued and unpaid interest. Interest on the 2022 Notes was payable quarterly. The 2022 Notes were listed on the NASDAQ Global Select Market under the trading symbol “CPTAL” with a par value of $25.00 per share.

The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 2022 Notes for the three months ended March 31, 2023 and 2022 (dollars in thousands):


	For the Three Months Ended March 31,
	2023	2022
Interest expense	N/A	$	392
Deferred financing costs	N/A		27
Total interest and financing expenses	N/A	$	419
Average outstanding balance	N/A	$	22,833
Average stated interest rate	N/A		6.00	%

2022 Convertible Notes

On May 26, 2017, the Company issued $50.0 million in aggregate principal amount of 5.75% fixed-rate convertible notes due May 31, 2022 (the “2022 Convertible Notes”). On June 26, 2017, the Company issued an additional $2.1 million in aggregate principal amount of the 2022 Convertible Notes pursuant to a partial exercise of the underwriters’ overallotment option. On May 31, 2022, the 2022 Convertible Notes reached maturity, and the entire outstanding principal of the 2022 Convertible Notes became payable, and was paid by the Company. Accordingly, as of March 31, 2023 and December 31, 2022, there were no 2022 Convertible Notes outstanding.

The 2022 Convertible Notes were convertible, at the holder’s option, into shares of the Company’s common stock at any time on or prior to the close of business on the business day immediately preceding the maturity date. The conversion rate for the 2022 Convertible Notes was initially 1.5913 shares per $25.00 principal amount of 2022 Convertible Notes (equivalent to an initial conversion price of approximately $15.71 per share of common stock). The initial conversion premium was approximately 14.0%. As a result of the reverse stock split, the conversion rate for the 2022 Convertible Notes was 0.2652 shares per $25.00 principal amount of 2022 Convertible Notes (equivalent to a conversion price of approximately $94.26), effective August 21, 2020. Upon conversion, the Company was obligated to deliver shares of its common stock (and cash in lieu of fractional shares). The conversion rate was subject to adjustment if certain events occurred as outlined in the supplemental indenture relating to the 2022 Convertible Notes. The Company determined that the embedded conversion option in the 2022 Convertible Notes was not required to be separately accounted for as a derivative under U.S. GAAP.

In addition, pursuant to a “fundamental change”, as defined in the supplemental indenture relating to the 2022 Convertible Notes, holders of the 2022 Convertible Notes could require the Company to repurchase for cash all or part of their 2022 Convertible Notes at a repurchase price equal to 100.0% of the principal amount of the 2022 Convertible Notes to be repurchased, plus accrued and unpaid interest through, but excluding, the repurchase date. The 2022 Convertible Notes were not redeemable prior to maturity and no “sinking fund” was provided for the 2022 Convertible Notes.

The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 2022 Convertible Notes for the three months ended March 31, 2023 and 2022 (dollars in thousands):


	For the Three Months Ended March 31,
	2023	2022
Interest expense	N/A	$	749
Deferred financing costs	N/A		100
Total interest and financing expenses	N/A	$	849
Average outstanding balance	N/A	$	52,088
Average stated interest rate	N/A		5.75	%

2026 Notes

On October 29, 2021, the Company issued $50.0 million in aggregate principal amount of 5.25% fixed-rate notes due October 30, 2026 (the “2026 Notes”) pursuant to a supplemental indenture with U.S. Bank National Association (the “Trustee”), which supplements that certain base indenture, dated as of June 16, 2014. The 2026 Notes were issued in a private placement exempt from registration under the Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The net proceeds to the Company were approximately $48.8 million, after deducting estimated offering expenses. The Notes will mature on October 30, 2026 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the Indenture. The Notes bear interest at a rate of 5.25% per year payable semi-annually on April 30 and October 30 of each year, commencing on April 30, 2022. The Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

In connection with the offering, the Company entered into a Registration Rights Agreement, dated as of October 29, 2021 (the “Registration Rights Agreement”), with the purchasers of the 2026 Notes. Pursuant to the Registration Rights Agreement, the Company is obligated to file with the Securities and Exchange Commission a registration statement relating to an offer to exchange the 2026 Notes for new notes issued by the Company that are registered under the Securities Act and otherwise have terms substantially identical to those of the 2026 Notes, and to use its commercially reasonable efforts to cause such registration statement to be declared effective.

As of March 31, 2023 and December 31, 2022, the Company had $50.0 million and $50.0 million, respectively in 2026 Notes outstanding.

The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 2026 Notes for the three months ended March 31, 2023 and 2022 (dollars in thousands):


	For the Three Months Ended March 31,
	2023			2022
Interest expense	$	706		$	705
Deferred financing costs		38			29
Total interest and financing expenses	$	744		$	734
Average outstanding balance	$	50,000		$	50,000
Average stated interest rate		5.25	%		5.25	%

2032 Convertible Notes

On April 1, 2022, the Company issued $15.0 million in aggregate principal amount of 5.25% fixed-rate convertible notes due April 1, 2032 (the “2032 Convertible Notes”).

The 2032 Convertible Notes are convertible, at the holder’s option and at any time on or prior to the close of business on the business day immediately preceding the maturity date, into such number of shares of the Company’s common stock as is equal to the principal balance of the notes being converted on such date divided by the “Conversion Price,” as described below. The Company will not issue more than 539,503 shares of common stock in the aggregate under the purchase agreement governing the 2032 Convertible Notes (the “Purchase Agreement”); however, such number of shares may be adjusted from time to time to give effect to any forward or reverse stock splits with respect to the common stock as well as any further adjustments described in the purchase agreement. The “Conversion Price” will be equal to the average “Closing Sale Price” for the five “Trading Days” immediately prior to the relevant “Conversion Date,” as those terms are defined in the Purchase Agreement, subject to certain anti-dilutive provisions, as further described in the Purchase Agreement. No holder of a 2032 Convertible Note will be entitled to convert any such note or portion thereof if such conversion would result in more than $7,500,000 in principal amount of 2032 Convertible Notes being converted in any such calendar quarter. The Company has determined that the embedded conversion option in the 2032 Convertible Notes is not required to be separately accounted for as a derivative under U.S. GAAP.

The Company obtained an Investment Grade rating from a Nationally Recognized Statistical Rating Organization (“NRSRO”) with respect to the 2032 Convertible Notes. The 2032 Convertible Notes have a fixed interest rate of 5.25% per annum payable semi-annually on March 31 and September 30 of each year, commencing on September 30, 2022, subject to a step up of 0.75% per annum to the extent that the 2032 Convertible Notes are downgraded below Investment Grade by an NRSRO or the 2032 Convertible Notes no longer maintain a rating from an NRSRO. The Company will also be required to pay an additional interest rate of 2.0% per annum (x) on any overdue payment of interest and (y) during the continuance of an “Event of Default.” The Company intends to use the net proceeds from the offering of the 2032 Convertible Notes for general corporate purposes, which may include repaying outstanding indebtedness, making opportunistic investments and paying corporate expenses. In addition, on the occurrence of a “Change in Control Repurchase Event” or “Delisting Event,” as defined in the Purchase Agreement, the Company will generally be required to make an offer to purchase the outstanding 2032 Convertible Notes at a price equal to 100% of the principal amount of such 2032 Convertible Notes plus accrued and unpaid interest to the repurchase date. The 2032 Convertible Notes are redeemable prior to maturity. No “sinking fund” is provided for the 2032 Convertible Notes.

As of March 31, 2023 and December 31, 2022, the Company had $15.0 million and $15.0 million, respectively, in 2032 Convertible Notes outstanding.

The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 2032 Convertible Notes for the three months ended March 31, 2023 and 2022 (dollars in thousands):


	For the Three Months Ended March 31,
	2023			2022
Interest expense	$	223		$	—
Deferred financing costs		3			—
Total interest and financing expenses	$	226		$	—
Average outstanding balance	$	15,000		$	—
Average stated interest rate		5.25	%	N/A

KeyBank Credit Facility

On October 30, 2020, Capitala Business Lending, LLC (“CBL”), a direct, wholly owned, consolidated subsidiary of the Company, entered into a senior secured revolving credit agreement (“the KeyBank Credit Facility”), with the investment adviser at the time, as collateral manager, the lenders from time to time parties thereto (each a “Lender”), KeyBank National Association, as administrative agent, and U.S. Bank National Association, as custodian. The KeyBank Credit Facility was amended on May 10, 2022 and October 20, 2022. Under the KeyBank Credit Facility, the Lenders have agreed to extend credit to CBL in an aggregate principal amount of up to $75.0 million as of May 10, 2022, with an uncommitted accordion feature that allows the Company to borrow up to an additional $125.0 million. The KeyBank Credit Facility matures on May 10, 2027, unless there is an earlier termination or event of default. The period during which the Lenders may make loans to CBL under the KeyBank Credit Facility commenced on October 30, 2020 and will continue through May 10, 2025, unless there is an earlier termination or event of default. Borrowings under the KeyBank Credit Facility bear interest at 1M Term SOFR plus 2.90% during the 3-year revolving period and 3.25% thereafter, with a 0.40% 1M Term SOFR floor. CBL will also pay an unused commitment fee at a rate of (1) 1.00% if utilization is less than or equal to 30.0%, (2) 0.65% if utilization is greater than 30.0% but less than or equal to 60.0%, or (3) 0.35% if utilization is greater than 60.0%, per annum on the unutilized portion of the aggregate commitments under the KeyBank Credit Facility. As of March 31, 2023 and December 31, 2022, there were draws of $58.4 million and $55.9 million, respectively, on the KeyBank Credit Facility. The KeyBank Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as

usual and customary events of default for revolving credit facilities of this nature. As of March 31, 2023 and December 31, 2022, assets pledged to secure the KeyBank Credit Facility had a fair value of $125.5 million and $111.3 million, respectively.

The following table summarizes the interest expense, deferred financing costs, unused commitment fees, average outstanding balance, and average stated interest rate on the KeyBank Credit Facility for the three months ended March 31, 2023 and 2022 (dollars in thousands):


	For the Three Months Ended March 31,
	2023			2022
Interest expense	$	996		$	28
Deferred financing costs		84			48
Unused commitment fees		19			110
Total interest and financing expenses	$	1,099		$	186
Average outstanding balance	$	53,219		$	—
Average stated interest rate		7.42	%	N/A

Financial Instruments Disclosed, But Not Carried, At Fair Value

The following table presents the outstanding principal and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of March 31, 2023, and the level of each financial liability within the fair value hierarchy (dollars in thousands):


	Outstanding Principal		Fair Value		Level 1		Level 2		Level 3
2026 Notes	$	50,000	$	50,000	$	—	$	—	$	50,000
2032 Convertible Notes		15,000		15,000		—		—		15,000
KeyBank Credit Facility		58,378		58,378		—		—		58,378
Total	$	123,378	$	123,378	$	—	$	—	$	123,378

The following table presents the outstanding principal and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2022, and the level of each financial liability within the fair value hierarchy (dollars in thousands):


	Outstanding Principal		Fair Value		Level 1		Level 2		Level 3
2026 Notes	$	50,000	$	50,000	$	—	$	—	$	50,000
2032 Convertible Notes		15,000		15,000		—		—		15,000
KeyBank Credit Facility		55,937		55,937		—		—		55,937
Total	$	120,937	$	120,937	$	—	$	—	$	120,937

The estimated fair value of the 2026 Notes, the 2032 Convertible Notes and the KeyBank Credit Facility approximates the principal value.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Common Stock, Shares Authorized

Directors’ Fees

3 Months Ended

Mar. 31, 2023

Directors Fees [Abstract]

Directors’ Fees

Note 7. Directors’ Fees

Our Independent Directors receive an annual fee of $50,000. They also receive $5,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each Board meeting and $5,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each committee meeting. In addition, the chairman of the audit committee receives an annual fee of $10,000 and each chairman of any other committee receives an annual fee of $5,000 for their additional services, if any, in these capacities. For the three months ended March 31, 2023, the Company recognized directors’ expense of $0.1 million. For the three months ended March 31, 2022, the Company recognized directors’ expense of $0.1 million. No compensation is expected to be paid to directors who are “interested persons” of the Company, as such term is defined in Section 2(a)(19) of the 1940 Act.

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)
$ in Thousands

Mar. 31, 2023

Dec. 31, 2022

Amortized cost

$ 220,478

^{[1],[2],[3],[4],[5]}

$ 220,516

^{[6],[7],[8],[9],[10]}

Common Stock, Par value

$ 0.01

100,000,000

Common Stock, Shares, Issued

2,709,583

2,711,068

Common Stock, Shares, Outstanding

2,709,583

2,711,068

2026 Notes

Net of deferred financing costs and original issue discount

$ 1,333

$ 1,421

2032 Convertible Notes

Net of deferred financing costs and original issue discount

1,088

1,117

KeyBank Credit Facility

Net of deferred financing costs

$ 1,238

$ 1,322

[1]	All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.
[2]	All investments valued using unobservable inputs (Level 3), unless otherwise noted.
[3]	Percentages are based on net assets as of March 31, 2023.
[4]	The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.
[5]	The fair value of each of the Company’s investments is determined in good faith using significant unobservable inputs by the Investment Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).
[6]	All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.
[7]	All investments valued using unobservable inputs (Level 3), unless otherwise noted.
[8]	Percentages are based on net assets as of December 31, 2022.
[9]	The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.
[10]	The fair value of each of the Company’s investments is determined in good faith using significant unobservable inputs by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates in the Preparation of Financial Statements

Consolidation

Cash and Cash Equivalents

Investment Classification

Valuation of Investments

The Investment Adviser undertakes a multi-step valuation process, which includes, among other procedures, the following:

•

Preliminary valuations are reviewed and discussed with management of the Investment Adviser and investment professionals; and

•

The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible to the Company.

Level 3: Significant inputs that are unobservable for an asset or liability.

Enterprise Value Waterfall Approach

Income Approach

Asset Approach

The asset approach values an investment based on the value of the underlying collateral securing the investment.

Revenue Recognition

The Company’s revenue recognition policies are as follows:

Gains and losses on investment sales: Realized gains and losses on investments are recognized using the specific identification method.

General and Administrative Expenses

Deferred Financing Fees

Earnings per share

Commitments and Contingencies

As of March 31, 2023 and December 31, 2022, the Company had the following unfunded commitments to existing portfolio companies (dollars in thousands):


Portfolio Company	Investment	March 31, 2023		December 31, 2022
Accordion Partners LLC(1)	First Lien/Senior Secured Debt	$	498	$	897
Accordion Partners LLC (Revolver)	First Lien/Senior Secured Debt		1,148		1,531
BetaNXT, Inc. (Revolver)	First Lien/Senior Secured Debt		316		453
Bradshaw International, Inc. (Revolver)	First Lien/Senior Secured Debt		922		922
Critical Nurse Staffing, LLC(1)	First Lien/Senior Secured Debt		2,063		2,063
Critical Nurse Staffing, LLC (Revolver)	First Lien/Senior Secured Debt		240		700
Dentive, LLC(1)	First Lien/Senior Secured Debt		598		598
Dentive, LLC (Revolver)	First Lien/Senior Secured Debt		187		187
Epic Staffing Group(1)	First Lien/Senior Secured Debt		872		872
Great Lakes Funding II LLC - Series A	Joint Venture		25		80
GreenPark Infrastructure, LLC - Series M-1	Common Stock and Membership Units		732		732
Keg Logistics LLC (Revolver)	First Lien/Senior Secured Debt		—		436
Marble Point Credit Management LLC (Revolver)	First Lien/Senior Secured Debt	N/A			2,500
Premier Imaging, LLC(1)	First Lien/Senior Secured Debt		1,378		1,378
Taoglas Group Holdings Limited (Revolver)	First Lien/Senior Secured Debt		645	N/A
Wealth Enhancement Group, LLC (Revolver)	First Lien/Senior Secured Debt		438		438
Total Unfunded Commitments		$	10,062	$	13,787

(1) Delayed-draw term loan.

Income Taxes

Distributions

Company Investment Risk, Concentration of Credit Risk and Liquidity Risk

The Investment Adviser may attempt to minimize this risk by maintaining low debt-to-liquidation values with each debt investment and the collateral underlying the debt investment.

Agreements and Related Party Transactions

3 Months Ended

Mar. 31, 2023

Agreements and Related Party Transactions

Note 5. Agreements and Related Party Transactions

Investment Advisory Agreement

On July 1, 2021, the Company entered into an investment advisory agreement (the “Investment Advisory Agreement”) with the Investment Adviser, which was approved by the Company’s stockholders on May 27, 2021. Unless earlier terminated in accordance with its terms, the Investment Advisory Agreement will remain in effect until July 1, 2023, a period of two years from the date it first became effective and will remain in effect from year-to-year thereafter if approved annually by the Board or by a majority of our outstanding voting securities, including, in either case, by a majority of our directors who are not “interested persons” as such term is defined in Section 2(a)(19) of the 1940 Act (“Independent Directors”). Subject to the overall supervision of the Board, the Investment Adviser manages our day-to-day operations and provides investment advisory and management services to us. Under the terms of the Investment Advisory Agreement, the Investment Adviser:

• determines the composition of our portfolio, the nature and timing of the changes to our portfolio, and the manner of implementing such changes;

• identifies, evaluates, and negotiates the structure of the investments we make (including performing due diligence on our prospective portfolio companies);

• closes and monitors the investments we make; and

• provides us with other investment advisory, research, and related services as we may from time to time require.

The Investment Adviser’s services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to us are not impaired.

The Investment Advisory Agreement provides that, absent willful misfeasance, bad faith, or negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Investment Adviser and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with it are entitled to indemnification from the Company for any damages, liabilities, costs, and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of our Investment Adviser’s services under the Investment Advisory Agreement or otherwise as Investment Adviser for the Company.

Pursuant to the Investment Advisory Agreement, the Company has agreed to pay the Investment Adviser a fee for investment advisory and management services consisting of two components — a base management fee and an incentive fee.

The base management fee is calculated at an annual rate of 1.75% of the gross assets, which are the total assets reflected on the consolidated statements of assets and liabilities and includes any borrowings for investment purposes. Although the Company does not anticipate making significant investments in derivative financial instruments, the fair value of any such investments, which will not necessarily equal their notional value, will be included in the calculation of gross assets. For services rendered under the Investment Advisory Agreement, the base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of the gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter.

The incentive fee consists of the following two parts:

The first part of the incentive fee is calculated and payable quarterly in arrears based on the pre-incentive fee net investment income for the immediately preceding calendar quarter. For this purpose, pre-incentive fee net investment income means interest income, dividend income, and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, diligence, and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus our operating expenses for the quarter (including the base management fee, expenses payable under the Administration Agreement to our Administrator, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, computed net of all realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding calendar quarter, is compared to a hurdle of 2.0% per quarter (8.0% annualized). The Company pays the Investment Adviser an incentive fee with respect to the pre-incentive fee net investment income in each calendar quarter as follows:

• no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the hurdle of 2.0%;

• 100% of the pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle but is less than 2.5% in any calendar quarter (10.0% annualized). The Company refers to this portion of the pre-incentive fee net investment income (which exceeds the hurdle but is less than 2.5%) as the “catch-up.” The “catch-up” is meant to provide the Investment Adviser with 20% of the pre-incentive fee net investment income as if a hurdle did not apply if this net investment income exceeds 2.5% in any calendar quarter; and

• 20% of the amount of the pre-incentive fee net investment income, if any, that exceeds 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser (once the hurdle is reached and the catch-up is achieved, 20% of all pre-incentive fee investment income thereafter is allocated to the Investment Adviser).

The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year, commencing on December 31, 2021, and equals 20.0% of the Company’s realized capital gains, if any, on a cumulative basis with respect to each of the investments in the Company’s portfolio from the fiscal quarter ending on or immediately prior to July 1, 2021 through the end of each calendar year beginning with the calendar year ending December 31, 2021, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from September 30, 2021 through the end of each calendar year beginning with the calendar year ending December 31, 2021, less the aggregate amount of any previously paid capital gain fees under the Investment Advisory Agreement. Any realized capital gains, realized capital losses and unrealized capital depreciation with respect to the Company’s portfolio as of the end of the fiscal quarter ending on or immediately prior to July 1, 2021 are excluded from the calculations of the capital gains fee. In the event that the Investment Advisory Agreement terminates as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a capital gains fee.

The Company will defer cash payment of the portion of any incentive fee otherwise earned by the Investment Adviser that would, when taken together with all other incentive fees paid to the Investment Adviser during the most recent 12 full calendar month period ending on or prior to the date such payment is to be made, exceed 20% of the sum of (a) the pre-incentive fee net investment income during such period, (b) the net unrealized appreciation or depreciation during such period and

(c) the net realized capital gains or losses during such period. Any deferred incentive fees will be carried over for payment in subsequent calculation periods to the extent such payment is payable under the Investment Advisory Agreement. As of March 31, 2023 and December 31, 2022, the Company did not have incentive fees payable to the Investment Adviser related to fees earned in prior years but deferred under the incentive fee deferral mechanism.

As part of the Transaction, the Investment Adviser entered into a two-year contractual fee waiver (the “Fee Waiver”) with the Company to waive, to the extent necessary, any capital gains fee under the Investment Advisory Agreement that exceeds what would have been paid to Capitala in the aggregate over such two-year period under the prior advisory agreement.

For the three months ended March 31, 2023 and 2022, the Company incurred $0.9 million and $1.0 million in base management fees, respectively. The Company did not an earn incentive fee related to pre-incentive fee net investment income or capital gains for the three months ended March 31, 2023 and 2022.

As of March 31, 2023 and December 31, 2022, the Company had $0.9 million and $0.9 million, respectively, of management and incentive fees payable to the Investment Adviser. These amounts are reflected in the accompanying consolidated statements of assets and liabilities under the caption “Management and incentive fees payable.”

Administration Agreement

On July 1, 2021, the Company entered into the Administration Agreement, pursuant to which the Administrator has agreed to furnish the Company with office facilities, equipment and clerical, bookkeeping, and record keeping services at such facilities. The Administrator also performs or oversees the performance of the required administrative services, which include, among other things, being responsible for the financial records that the Company is required to maintain and preparing reports to our stockholders. In addition, the Administrator assists in determining and publishing the net asset value, oversees the preparation and filing of the tax returns and the printing and dissemination of reports to the stockholders, and generally oversees the payment of the expenses and the performance of administrative and professional services rendered to the Company by others.

Payments under the Administration Agreement are equal to an amount based upon the allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions, and the allocable portion of the compensation of the chief financial officer, the chief compliance officer, and their respective administrative support staff. Under the Administration Agreement, the Administrator will also provide, on the Company’s behalf, managerial assistance to those portfolio companies that request such assistance. Unless terminated earlier in accordance with its terms, the Administration Agreement was renewed on May 9, 2023 for a period of one year effective July 1, 2023 and will remain in effect until July 1, 2024. It will remain in effect from year-to-year thereafter if approved annually by the Board. To the extent that the Administrator outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without any incremental profit to our Administrator. Stockholder approval is not required to amend the Administration Agreement.

For the three months ended March 31, 2023 and 2022, the Company accrued $0.3 million and $0.1 million, respectively, for the Company’s allocable portion of the Administrator’s overhead.

The Administration Agreement provides that, absent willful misfeasance, bad faith, or negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, our Administrator and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with it are entitled to indemnification from the Company for any damages, liabilities, costs, and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of our Administrator’s services under the Administration Agreement or otherwise as Administrator for the Company.

Co-investment Exemptive Relief

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. On April 10, 2023, superseding a prior exemptive order granted on October 23, 2018, the SEC issued an order granting an application for exemptive relief to us and certain of our affiliates that allows BDCs managed by the Investment Adviser, including Logan Ridge, to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions, with other funds managed by the Investment Adviser or its affiliates, certain proprietary accounts of the Investment Adviser or its affiliates and any future funds that are advised by the Investment Adviser or its affiliated investment advisers.

Under the terms of the exemptive order, in order for the Company to participate in a co-investment transaction a “required majority” (as defined in Section 57(0) of the 1940 Act) of the Company's independent directors must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching with respect of the Company or its stockholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Company's stockholders and is consistent with the Company's investment objectives and strategies and certain criteria established by the Board.

Potential Conflicts of Interest

The members of the senior management and investment teams of the Investment Adviser serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company does, or of investment vehicles managed by the same personnel. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may or may not be in the Company's best interests or in the best interest of the Company's stockholders. The Company's investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles.

Borrowings - 2026 Notes - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended
	Oct. 29, 2021	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Debt Instrument, Frequency of Periodic Payment		semi-annually
2026 Notes
Debt Instrument [Line Items]
Interest rate	5.25%	5.25%		5.25%
Debt Instrument, Payment Terms		April 30 and October 30 of each year
Maturity date		Oct. 30, 2026
Debt Instrument Interest Rate Terms		The Notes will mature on October 30, 2026 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the Indenture. The Notes bear interest at a rate of 5.25% per year payable semi-annually on April 30 and October 30 of each year, commencing on April 30, 2022.
Debt instrument, indenture date		Jun. 16, 2014
Proceeds from issuance of debt	$ 48.8
Debt instrument, Maturity start date	Apr. 30, 2022
Notes outstanding		$ 50.0	$ 50.0
2026 Notes \| 5.25% Fixed-rate Notes Due October 30, 2026
Debt Instrument [Line Items]
Aggregate principal amount	$ 50.0
Interest rate	5.25%
Debt instrument, issuance date		Oct. 29, 2021

Earnings Per Share - Additional Information (Details) - Convertible Notes - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
2022 Convertible Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	0.0	0.6
2032 Convertible Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	0.5	0.0

Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2022 USD ($)
Investment Company Financial Highlights [Abstract]
Asset coverage per unit measure per dollar	$ 1,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net decrease in net assets resulting from operations	$ (650)	$ (858)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash (used in) provided by operating activities:
Purchase of investments	(7,444)	(16,393)
Repayments and sales of investments	6,714	8,401
Net realized (gain) loss on investments	1,506	36
Net change in unrealized depreciation (appreciation) on investments	217	(229)
Payment-in-kind interest and dividends	(464)	(132)
Accretion of original issue discount on investments	(274)	(399)
Amortization of deferred financing fees and original issue discount	200	254
Changes in assets and liabilities:
Interest and dividend receivable	369	(96)
Prepaid expenses	168	221
Receivable for unsettled trades		(6,401)
Other assets	3
Management and incentive fees payable	(1)	(38)
Interest and financing fees payable	496	684
Payable for unsettled trades		(7,787)
Accounts payable and accrued expenses	(206)	(414)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	634	(23,151)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under KeyBank Credit Facility	10,000
Repayments under KeyBank Credit Facility	(7,558)
Distributions paid to shareholders	(488)
Repurchase of common stock	(34)
Deferred financing fees paid		(67)
NET CASH USED IN FINANCING ACTIVITIES	1,920	(67)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	2,554	(23,218)
CASH AND CASH EQUIVALENTS, beginning of period	6,793	39,056
CASH AND CASH EQUIVALENTS, end of period	9,347	15,838
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	1,354	$ 1,091
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING TRANSACTIONS
Distributions paid through dividend reinvestment plan share issuances	$ 3

Agreements and Related Party Transactions (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Base management fee	$ 930,000	$ 1,027,000
Advisory Agreement
Related Party Transaction [Line Items]
Management Fee, Description	The base management fee is calculated at an annual rate of 1.75% of the gross assets, which are the total assets reflected on the consolidated statements of assets and liabilities and includes any borrowings for investment purposes. Although the Company does not anticipate making significant investments in derivative financial instruments, the fair value of any such investments, which will not necessarily equal their notional value, will be included in the calculation of gross assets. For services rendered under the Investment Advisory Agreement, the base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of the gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter.
Base management fee annual rate percentage	1.75%
Percentage of quarterly hurdle rate	2.00%
Percentage of annual hurdle rate	8.00%
Investment Advisory Agreement
Related Party Transaction [Line Items]
Percentage of cumulative realized capital gains	20.00%
Incentive fees payable	$ 0		$ 0
Fee waiver terms	Investment Adviser entered into a two-year contractual fee waiver (the “Fee Waiver”) with the Company to waive, to the extent necessary, any capital gains fee under the Investment Advisory Agreement that exceeds what would have been paid to Capitala in the aggregate over such two-year period under the prior advisory agreement.
Base management fee	$ 900,000	1,000,000.0
Incentive fee	0	0
Management and incentive fee payable	$ 900,000		$ 900,000
Investment Advisory Agreement \| Minimum
Related Party Transaction [Line Items]
Percentage of defer cash payment of incentive fee	20.00%
Investment Advisory Agreement \| Condition One
Related Party Transaction [Line Items]
Percentage of pre-incentive fee net investment income	100.00%
Annual threshold percentage	10.00%
Catch-up percentage	20.00%
Investment Advisory Agreement \| Condition One \| Maximum
Related Party Transaction [Line Items]
Quarterly threshold percentage	2.50%
Quarterly catch-up threshold percentage	2.50%
Investment Advisory Agreement \| Condition One \| Minimum
Related Party Transaction [Line Items]
Quarterly catch-up threshold percentage	2.50%
Investment Advisory Agreement \| Condition Two
Related Party Transaction [Line Items]
Percentage of pre-incentive fee net investment income	20.00%
Investment Advisory Agreement \| Condition Two \| Minimum
Related Party Transaction [Line Items]
Quarterly threshold percentage	2.50%
Annual threshold percentage	10.00%
Administration Agreement
Related Party Transaction [Line Items]
Accrued administrative overhead	$ 300,000	$ 100,000

Transactions With Affiliated Companies

3 Months Ended

Mar. 31, 2023

Investments In And Advances To Affiliates [Abstract]

Transactions With Affiliated Companies

Note 4. Transactions With Affiliated Companies


Company(4)	Type of Investment	Principal Amount		Amount of Interest, Fees or Dividends Credited to Income(1)		December 31, 2022 Fair Value		Gross Additions(2)		Gross Reductions(3)			Realized Gain/(Loss)		Unrealized Appreciation (Depreciation)			March 31, 2023 Fair Value
Affiliate investments
Burgaflex Holdings, LLC	Common Stock Class B (1,085,073 shares)	$	—	$	—	$	2,190	$	—	$	—		$	—	$	(17	)	$	2,173
Burgaflex Holdings, LLC	Common Stock Class A (1,253,198 shares)		—		—		2,802		—		—			—		(54	)		2,748
					—		4,992		—		—			—		(71	)		4,921
GA Communications, Inc.	Series A-1 Preferred Stock (1,998 shares)		—		—		3,562		—		—			—		376			3,938
GA Communications, Inc.	Series B-1 Common Stock (200,000 shares)		—		—		—		—		—			—		—			—
					—		3,562		—		—			—		376			3,938
Great Lakes Funding II LLC	Series A		—		14		403		56		(1	)		—		(2	)		456
					14		403		56		(1	)		—		(2	)		456
GreenPark Infrastructure, LLC	Series A (400 Units)		—		—		200		—		—			—		—			200
GreenPark Infrastructure, LLC	Series M-1 (200 Units)		—		—		69		—		—			—		—			69
					—		269		—		—			—		—			269
MMI Holdings, LLC	First Lien Debt (12.00% Cash, Due 4/1/22)		2,600		79		2,600		—		—			—		—			2,600
MMI Holdings, LLC	Second Lien Debt (6.00% Cash, Due 4/1/22)		400		18		400		12		—			—		(12	)		400
MMI Holdings, LLC(5)	Preferred Units (1,000 units, 8.00% PIK Dividend)		—		31		1,360		31		—			—		(31	)		1,360
MMI Holdings, LLC	Common Membership Units (45 units)		—		—		—		—		—			—		—			—
					128		4,360		43		—			—		(43	)		4,360
Nth Degree Investment Group, LLC	Membership Units (6,088,000 units)		—		—		5,320		—		—			—		1,020			6,340
					—		5,320		—		—			—		1,020			6,340
RAM Payment, LLC	First Lien Debt (9.66% Cash (1 month LIBOR + 5.00%), 1.50% Floor), Due 1/4/24)		679		7		939		—		(260	)		—		—			679
RAM Payment, LLC	First Lien Debt (13.00% Cash, Due 1/4/24)		1,840		60		2,547		—		(707	)		—		—			1,840
RAM Payment, LLC(5)	Preferred Units (86,000 units, 6.00% PIK Dividend)		—		17		3,165		17		—			—		(430	)		2,752
					84		6,651		17		(967	)		—		(430	)		5,271
Sierra Hamilton Holdings Corporation	Second Lien Debt (15.00% PIK, Due 9/12/23)		4		—		4		—		—			—		—			4
Sierra Hamilton Holdings Corporation	Common Stock (27,396,364 shares)		—		—		254		—		—			—		183			437
					—		258		—		—			—		183			441
V12 Holdings, Inc.	Second Lien Debt		509		—		509		—		—			—		—			509
					—		509		—		—			—		—			509
Total Affiliate investments				$	226	$	26,324	$	116	$	(968	)	$	—	$	1,033		$	26,505

(1)

(2)

(3)

Gross reductions include decreases in the cost basis of investments resulting from principal repayments and sales. Gross reductions also include transfers out of Affiliate or Control classification.

(4)

All debt investments are income producing. Equity and warrant investments are non-income producing, unless otherwise noted.

(5)

The equity investment is income producing, based on rate disclosed.


Company(4)	Type of Investment	Principal Amount		Amount of Interest, Fees or Dividends Credited to Income(1)		December 31, 2021 Fair Value		Gross Additions(2)		Gross Reductions(3)			Realized Gain/(Loss)			Unrealized Appreciation (Depreciation)			December 31, 2022 Fair Value
Affiliate investments(6)
Burgaflex Holdings, LLC	Common Stock Class B (1,085,073 shares)	$	—	$	—	$	1,528	$	—	$	—		$	—		$	662		$	2,190
Burgaflex Holdings, LLC	Common Stock Class A (1,253,198 shares)		—		—		1,193		—		—			—			1,609			2,802
					—		2,721		—		—			—			2,271			4,992
GA Communications, Inc.	Series A-1 Preferred Stock (1,998 shares)		—		—		4,394		—		—			—			(832	)		3,562
GA Communications, Inc.	Series B-1 Common Stock (200,000 shares)		—		—		185		—		—			—			(185	)		—
					—		4,579		—		—			—			(1,017	)		3,562
Great Lakes Funding II LLC	Series A		—		14		—		517		(103	)		—			(11	)		403
					14		—		517		(103	)		—			(11	)		403
GreenPark Infrastructure, LLC	Series A (400 Units)		—		—		—		200		—			—			—			200
GreenPark Infrastructure, LLC	Series M-1 (200 Units)		—		—		—		69		—			—			—			69
					—		—		269		—			—			—			269
LJS Partners, LLC	Preferred Units (202,336 units)		—		—		843		—		(979	)		542			(406	)		—
LJS Partners, LLC	Common Membership Units (2,593,234 units)		—		—		7,164		—		(2,354	)		1,130			(5,940	)		—
					—		8,007		—		(3,333	)		1,672			(6,346	)		—
MMI Holdings, LLC	First Lien Debt (12.0% Cash, Due 4/1/22)		2,600		308		2,600		—		—			—			—			2,600
MMI Holdings, LLC	Second Lien Debt (6.0% Cash, Due 4/1/22)		400		24		400		—		—			—			—			400
MMI Holdings, LLC(5)	Preferred Units (1,000 units, 8.0% PIK Dividend)		—		118		1,898		118		—			—			(656	)		1,360
MMI Holdings, LLC	Common Membership Units (45 units)		—		—		63		—		—			—			(63	)		—
					450		4,961		118		—			—			(719	)		4,360
Nth Degree Investment Group, LLC	Membership Units (6,088,000 units)		—		—		—		—		—			—			5,320			5,320
					—		—		—		—			—			5,320			5,320
RAM Payment, LLC	First Lien Debt (6.5% Cash (1 month LIBOR + 5.0%), 1.5% Floor), Due 1/4/24)		939		82		998		—		(59	)		—			—			939
RAM Payment, LLC	First Lien Debt (12.45% Cash, Due 1/4/24)		2,547		291		2,706		—		(159	)		—			—			2,547
RAM Payment, LLC (5)	Preferred Units (86,000 units, 6.0% PIK Dividend)		—		69		3,726		69		—			—			(630	)		3,165
					442		7,430		69		(218	)		—			(630	)		6,651
Sierra Hamilton Holdings Corporation	Second Lien Debt (15.0% PIK, Due 9/12/23)		3		1		3		1		—			—			—			4
Sierra Hamilton Holdings Corporation	Common Stock (15,068,000 shares)		—		—		330		—		—			—			(76	)		254
					1		333		1		—			—			(76	)		258
V12 Holdings, Inc.	Second Lien Debt		509		—		509		—		—			—			—			509
					—		509		—		—			—			—			509
Total Affiliate investments				$	907	$	28,540	$	974	$	(3,654	)	$	1,672		$	(1,208	)	$	26,324
Control investments
Vology, Inc.	First Lien Debt (10.5% Cash (1 month LIBOR + 8.5%, 2.0% Floor), Due 3/31/22)	$	—	$	228	$	3,635	$	—	$	(3,635	)	$	—		$	—		$	—
Vology, Inc.	Class A Preferred Units (9,041,810 Units)		—		—		3,204		—		—			(5,215	)		2,011			—
Vology, Inc.	Membership Units (5,363,982 Units)		—		—		—		—		—			—			—			—
Total Control investments				$	228	$	6,839	$	—	$	(3,635	)	$	(5,215	)	$	2,011		$	—

(1)

(2)

(3)

Gross reductions include decreases in the cost basis of investments resulting from principal repayments and sales. Gross reductions also include transfers out of Affiliate or Control classification.

(4)

All debt investments are income producing. Equity and warrant investments are non-income producing, unless otherwise noted.

(5)

The equity investment is income producing, based on rate disclosed.

(6)

Earnings Per Share - Summary of Computation of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Earnings Per Share [Abstract]

Net decrease in net assets resulting from operations - basic and diluted

$ (650)

^[1]

$ (858)

^[2]

Weighted average common stock outstanding - basic

2,710,990

^[1]

2,711,068

^[2]

Weighted average common stock outstanding - diluted

2,710,990

^[1]

2,711,068

^[2]

Net decrease in net assets per share from operations - basic

$ (0.24)

^[1]

$ (0.32)

^[2]

Net decrease in net assets per share from operations - diluted

$ (0.24)

$ (0.32)

[1]	In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended March 31, 2023, conversion of the 2032 Convertible Notes into 0.5 million shares was not assumed as the effect on diluted earnings per share would be anti-dilutive.
[2]	In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended March 31, 2022, conversion of the 0.6 million related to the 2022 Convertible Notes was not assumed as the effect on diluted earnings per share would be anti-dilutive

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Borrowings (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Outstanding Principal and Fair Value of Financial liabilities


	For the Three Months Ended March 31,
	2023	2022
Interest expense	N/A	$	749
Deferred financing costs	N/A		100
Total interest and financing expenses	N/A	$	849
Average outstanding balance	N/A	$	52,088
Average stated interest rate	N/A		5.75	%


	Outstanding Principal		Fair Value		Level 1		Level 2		Level 3
2026 Notes	$	50,000	$	50,000	$	—	$	—	$	50,000
2032 Convertible Notes		15,000		15,000		—		—		15,000
KeyBank Credit Facility		58,378		58,378		—		—		58,378
Total	$	123,378	$	123,378	$	—	$	—	$	123,378


	Outstanding Principal		Fair Value		Level 1		Level 2		Level 3
2026 Notes	$	50,000	$	50,000	$	—	$	—	$	50,000
2032 Convertible Notes		15,000		15,000		—		—		15,000
KeyBank Credit Facility		55,937		55,937		—		—		55,937
Total	$	120,937	$	120,937	$	—	$	—	$	120,937

KeyBank Credit Facility


	For the Three Months Ended March 31,
	2023			2022
Interest expense	$	996		$	28
Deferred financing costs		84			48
Unused commitment fees		19			110
Total interest and financing expenses	$	1,099		$	186
Average outstanding balance	$	53,219		$	—
Average stated interest rate		7.42	%	N/A

2022 Notes


	For the Three Months Ended March 31,
	2023	2022
Interest expense	N/A	$	392
Deferred financing costs	N/A		27
Total interest and financing expenses	N/A	$	419
Average outstanding balance	N/A	$	22,833
Average stated interest rate	N/A		6.00	%

2026 Notes


	For the Three Months Ended March 31,
	2023			2022
Interest expense	$	706		$	705
Deferred financing costs		38			29
Total interest and financing expenses	$	744		$	734
Average outstanding balance	$	50,000		$	50,000
Average stated interest rate		5.25	%		5.25	%

2032 Convertible Notes

Schedule Of Investments [Line Items]


	For the Three Months Ended March 31,
	2023			2022
Interest expense	$	223		$	—
Deferred financing costs		3			—
Total interest and financing expenses	$	226		$	—
Average outstanding balance	$	15,000		$	—
Average stated interest rate		5.25	%	N/A

Directors' Fees - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Directors Fees [Line Items]
Directors' expense	$ 135,000	$ 103,000
Compensation expected to be paid to directors who are interested persons	0
Independent Directors
Directors Fees [Line Items]
Annual fees	50,000
Amount received plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending board meeting	5,000
Amount received plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each committee meeting	5,000
Chairman
Directors Fees [Line Items]
Annual fees	10,000
Chairman of Any Other Committee
Directors Fees [Line Items]
Annual fees	$ 5,000

Transactions With Affiliated Companies - Schedule of Transactions with Affiliates (Parenthetical) (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Investments in affiliates, shares/units

^[1]

27,396,364

5,363,982

Basis for effective rate

^[1]

(1 month LIBOR + 5.00%), 1.50% Floor

1 month LIBOR + 8.5%, 2.0% Floor

Maturity

^[1]

Sep. 12, 2023

Mar. 31, 2022

Cash proceeds from refinancing and recapitalization transaction

$ 16.5

Debt principal proceeds from refinancing and recapitalization transaction

19.3

Realized gain (loss) from refinancing and recapitalization transaction

$ 16.0

[1]	All debt investments are income producing. Equity and warrant investments are non-income producing, unless otherwise noted.

Consolidated Statements of Operations - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Interest income:

Total interest income

$ 4,768

$ 3,197

Payment-in-kind interest and dividend income:

Total payment-in-kind interest and dividend income

464

132

Dividend income:

Total dividend income

Other income:

Total other income

Total investment income

5,256

3,337

EXPENSES

Interest and financing expenses

2,069

2,188

Base management fee

930

1,027

Directors' expense

135

103

Administrative service fees

257

120

General and administrative expenses

792

950

Total expenses

4,183

4,388

NET INVESTMENT INCOME (LOSS)

$ 1,073

$ (1,051)

NET DECREASE IN NET ASSETS PER SHARE RESULTING FROM OPERATIONS – BASIC & DILUTED (SEE NOTE 9)

^[1]

$ (0.24)

$ (0.32)

NET DECREASE IN NET ASSETS PER SHARE RESULTING FROM OPERATIONS -BASIC (SEE NOTE 9)

(0.24)

^[2]

(0.32)

^[3]

NET DECREASE IN NET ASSETS PER SHARE RESULTING FROM OPERATIONS - DILUTED (SEE NOTE 9)

$ (0.24)

$ (0.32)

WEIGHTED AVERAGE COMMON STOCK OUTSTANDING – BASIC (SEE NOTE 9)

2,710,990

^[2]

2,711,068

^[3]

WEIGHTED AVERAGE COMMON STOCK OUTSTANDING – DILUTED (SEE NOTE 9)

2,710,990

^[2]

2,711,068

^[3]

DISTRIBUTIONS PAID PER SHARE

$ 0.18

[1]	Based on daily weighted average balance of shares of the Company’s common stock outstanding during the period.
[2]	In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended March 31, 2023, conversion of the 2032 Convertible Notes into 0.5 million shares was not assumed as the effect on diluted earnings per share would be anti-dilutive.
[3]	In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended March 31, 2022, conversion of the 0.6 million related to the 2022 Convertible Notes was not assumed as the effect on diluted earnings per share would be anti-dilutive

Distributions - Additional Information (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Distributions [Abstract]
Distributions, per share	$ 0.18	$ 0
Distribution payable, date of record	Mar. 20, 2023

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Unfunded Commitments to Existing Portfolio Companies

As of March 31, 2023 and December 31, 2022, the Company had the following unfunded commitments to existing portfolio companies (dollars in thousands):


Portfolio Company	Investment	March 31, 2023		December 31, 2022
Accordion Partners LLC(1)	First Lien/Senior Secured Debt	$	498	$	897
Accordion Partners LLC (Revolver)	First Lien/Senior Secured Debt		1,148		1,531
BetaNXT, Inc. (Revolver)	First Lien/Senior Secured Debt		316		453
Bradshaw International, Inc. (Revolver)	First Lien/Senior Secured Debt		922		922
Critical Nurse Staffing, LLC(1)	First Lien/Senior Secured Debt		2,063		2,063
Critical Nurse Staffing, LLC (Revolver)	First Lien/Senior Secured Debt		240		700
Dentive, LLC(1)	First Lien/Senior Secured Debt		598		598
Dentive, LLC (Revolver)	First Lien/Senior Secured Debt		187		187
Epic Staffing Group(1)	First Lien/Senior Secured Debt		872		872
Great Lakes Funding II LLC - Series A	Joint Venture		25		80
GreenPark Infrastructure, LLC - Series M-1	Common Stock and Membership Units		732		732
Keg Logistics LLC (Revolver)	First Lien/Senior Secured Debt		—		436
Marble Point Credit Management LLC (Revolver)	First Lien/Senior Secured Debt	N/A			2,500
Premier Imaging, LLC(1)	First Lien/Senior Secured Debt		1,378		1,378
Taoglas Group Holdings Limited (Revolver)	First Lien/Senior Secured Debt		645	N/A
Wealth Enhancement Group, LLC (Revolver)	First Lien/Senior Secured Debt		438		438
Total Unfunded Commitments		$	10,062	$	13,787

(1) Delayed-draw term loan.

Stockholders' Equity - Additional Information (Details) - USD ($)		3 Months Ended
	Mar. 06, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Class Of Stock [Line Items]
Termination date of share repurchase program	Mar. 31, 2024
Stock repurchases, value		$ 34,000
Common stock issued under DRIP		140
Dividends payable			$ 0
Shares outstanding at end of period		2,709,583	2,711,068	2,711,068
New Share Repurchase Program
Class Of Stock [Line Items]
Stock repurchases, shares		1,625	0
Stock repurchases, value		$ 34,000
New Share Repurchase Program \| Maximum [Member]
Class Of Stock [Line Items]
Stock repurchase program, authorized amount	$ 5,000,000.0

Label	Element	Value
Net Realized and Unrealized Appreciation Depreciation on Investments	lrfc_NetRealizedAndUnrealizedAppreciationDepreciationOnInvestments	$ (1,723,000)
Net Realized and Unrealized Appreciation Depreciation on Investments	lrfc_NetRealizedAndUnrealizedAppreciationDepreciationOnInvestments	$ 193,000

Organization

3 Months Ended

Mar. 31, 2023

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

Note 1. Organization

Logan Ridge Finance Corporation (“Logan Ridge”, the “Company”, “we”, “us”, and “our”) is an externally managed non-diversified closed-end management investment company incorporated in Maryland on February 21, 2013. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company commenced operations on May 24, 2013 and completed its initial public offering (“IPO”) on September 30, 2013. The Company is managed by Mount Logan Management LLC (the “Investment Adviser”), an investment adviser that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and BC Partners Management LLC (the “Administrator”) provides the administrative services necessary for the Company to operate. For United States (“U.S.”) federal income tax purposes, the Company has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company was formed for the purpose of: (i) acquiring, through a series of transactions, an investment portfolio from the following entities: CapitalSouth Partners Fund I Limited Partnership (“Fund I”); CapitalSouth Partners Fund II Limited Partnership (“Fund II”); CapitalSouth Partners Fund III, L.P. (“Fund III Parent”); CapitalSouth Fund III, L.P. (f/k/a CapitalSouth Partners SBIC Fund III, L.P.) (“Fund III”); and CapitalSouth Partners Florida Sidecar Fund I, L.P. (“Florida Sidecar” and, collectively with Fund I, Fund II, Fund III, and Fund III Parent, the “Legacy Funds”); (ii) raising capital in the IPO and (iii) continuing and expanding the business of the Legacy Funds by making additional debt and equity investments in lower middle-market and traditional middle-market companies.

On September 24, 2013, the Company acquired 100% of the limited partnership interests in Fund II, Fund III, and Florida Sidecar and each of their respective general partners, as well as certain assets from Fund I and Fund III Parent, in exchange for an aggregate of 8,974,420 shares of the Company’s common stock (the “Formation Transactions”). Fund II, Fund III, and Florida Sidecar became the Company’s wholly owned subsidiaries. Fund II and Fund III retained their small business investment company (“SBIC”) licenses, continued to hold their existing investments at the time of the IPO and have continued to make new investments. The IPO consisted of the sale of 4,000,000 shares of the Company’s common stock at a price of $20.00 per share, resulting in net proceeds to the Company of $74.25 million, after deducting underwriting fees and commissions totaling $4.0 million and offering expenses totaling $1.75 million. The other costs of the IPO were borne by the limited partners of the Legacy Funds. During the fourth quarter of 2017, Florida Sidecar transferred all of its assets to the Company and was legally dissolved as a standalone partnership. On March 1, 2019, Fund II repaid its outstanding debentures guaranteed by the SBA (the “SBA-guaranteed debentures”) and relinquished its SBIC license. On June 10, 2021, Fund III repaid its SBA-guaranteed debentures and relinquished its SBIC license. Accordingly, as of March 31, 2023 and December 31, 2022, there were no SBA-guaranteed debentures outstanding.

The Company has formed, and expects to continue to form, certain consolidated taxable subsidiaries (the “Taxable Subsidiaries”), which are taxed as corporations for U.S. federal income tax purposes. The Taxable Subsidiaries allow the Company to make equity investments in companies organized as pass-through entities while continuing to satisfy the requirements of a RIC under the Code.

Capitala Business Lending, LLC (“CBL”), a wholly-owned subsidiary of the Company, was established on October 30, 2020, for the sole purpose of holding certain investments pledged as collateral under the Company's line of credit with KeyBank National Association (the “KeyBank Credit Facility”). See Note 6 for more details about the KeyBank Credit Facility. The financial statements of CBL are consolidated with those of Logan Ridge Finance Corporation.

Definitive Agreement

On April 20, 2021, Capitala Investment Advisors, LLC (“Capitala”), the Company’s former investment adviser, entered into a definitive agreement (the “Definitive Agreement”) with the Investment Adviser and Mount Logan Capital Inc. (“MLC”), both affiliates of BC Partners Advisors L.P. (“BC Partners”) for U.S. regulatory purposes, whereby Mount Logan acquired certain assets related to Capitala’s business of providing investment management services to the Company (the “Transaction”), through which the Investment Adviser became the Company’s investment adviser pursuant to an investment advisory agreement (the “Investment Advisory Agreement”) with the Company. At a special meeting of the Company’s stockholders (the “Special Meeting”) held on May 27, 2021, the Company’s stockholders approved the Investment Advisory Agreement. The transactions contemplated by the Definitive Agreement closed on July 1, 2021 (the “Closing”).

On the date of the Closing, the Company changed its name from Capitala Finance Corp. to Logan Ridge Finance Corporation and on July 2, 2021, the Company’s common stock began trading on the NASDAQ Global Select Market under the symbol “LRFC.”

On July 1, 2021, in connection with the Closing, the Company’s then-current interested directors and the Company’s then-current independent directors resigned as members of the Board and Ted Goldthorpe, the Chairman and Chief Executive Officer of the Company, along with Alexander Duka, George Grunebaum, and Robert Warshauer, were appointed as members of the Board (the “Directors”). The Directors were appointed by the Board to fill the vacancies created by the resignations described above and the Directors were appointed to the class of directors as determined by the Board in accordance with the Company’s organizational documents. The Company’s stockholders will have the opportunity to vote for each of the Directors when his class of directors is up for reelection.

All of the Company’s then-current officers resigned at the Closing and the Board appointed Ted Goldthorpe as the Company’s Chief Executive Officer and President, Jason Roos as the Company’s Chief Financial Officer, Treasurer and Secretary, Patrick Schafer as the Company’s Chief Investment Officer and David Held as the Company’s Chief Compliance Officer. On November 9, 2021, Jason Roos was replaced as Secretary and Treasurer of the Company by Brandon Satoren, who was also appointed as Chief Accounting Officer. Mr. Roos continues to serve as Chief Financial Officer of the Company.

Distributions

3 Months Ended

Mar. 31, 2023

Distributions [Abstract]

Distributions

Note 10. Distributions

The Company’s distributions are recorded on the record date. Stockholders have the option to receive payment of the distribution in cash, shares of the Company’s common stock, or a combination of cash and shares of common stock. Tax characteristics of all distributions paid are reported to stockholders on Form 1099 after the end of the calendar year. Accordingly, distributions may be subject to reclassification based on future dividends and operating results and will not be determined until the end of the year. For the quarter ended March 31, 2023, the Company made a distribution of $0.18 per share to stockholders of record as of March 20, 2023. The Company's Board determined not to declare a distribution for the quarter ended March 31, 2022.

Investments and Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Investments Debt And Equity Securities [Abstract]

Investments and Fair Value Measurements

Note 3. Investments and Fair Value Measurements

The Company’s investment objective is to generate both current income and capital appreciation through debt and equity investments. The Company offers customized financing to business owners, management teams, and financial sponsors for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion, and other growth initiatives. The Company invests in first lien loans, and, to a lesser extent, second lien loans and equity securities issued by lower middle-market and traditional middle-market companies. As of March 31, 2023, our portfolio consisted of investments in 59 portfolio companies with a fair value of approximately $203.3 million. As of December 31, 2022, our portfolio consisted of investments in 59 portfolio companies with a fair value of approximately $203.6 million.

Most of the Company’s debt investments are structured as first lien loans. First lien loans may contain some minimum amount of principal amortization, excess cash flow sweep feature, prepayment penalties, or any combination of the foregoing. First lien loans are secured by a first priority lien in existing and future assets of the borrower and may take the form of term loans, delayed draw facilities, or revolving credit facilities. Unitranche debt, a form of first lien loan, typically involves issuing one debt security that blends the risk and return profiles of both senior secured and subordinated debt, bifurcating the loan into a first-out tranche and last-out tranche. As of March 31, 2023, 1.3% of the fair value of our first lien loans consisted of last-out loans. As of December 31, 2022, 1.9% of the fair value of our first lien loans consisted of last-out loans. In some cases, first lien loans may be subordinated, solely with respect to the payment of cash interest, to an asset based revolving credit facility.

The Company also invests in debt instruments structured as second lien loans. Second lien loans are loans which have a second priority security interest in all or substantially all of the borrower’s assets, and in some cases, may be subject to the interruption of cash interest payments upon certain events of default, at the discretion of the first lien lender.

During the three months ended March 31, 2023, we made approximately $7.4 million of investments and had approximately $6.7 million in repayments and sales, resulting in net deployment of approximately $0.7 million for the period. During the three months ended March 31, 2022, the Company made $16.4 million of investments and had approximately $8.4 million in repayments and sales, resulting in net deployment of approximately $8.0 million for the period.

As of March 31, 2023, the Company’s Investment Adviser approved the fair value of the Company’s investment portfolio of approximately $203.3 million in good faith in accordance with the Company’s valuation procedures. The Company’s Investment Adviser approved the fair value of the Company’s investment portfolio as of March 31, 2023 with input from third-party valuation firms and the Investment Adviser, as valuation designee, based on information known or knowable as of the valuation date, including trailing and forward looking data.

The composition of our investments as of March 31, 2023, at amortized cost and fair value was as follows (dollars in thousands):


	Investments at Amortized Cost		Amortized Cost Percentage of Total Portfolio			Investments at Fair Value		Fair Value Percentage of Total Portfolio
First Lien Debt	$	144,304		65.4	%	$	137,563		67.7	%
Second Lien Debt		8,444		3.8	%		6,775		3.3	%
Subordinated Debt		26,573		12.1	%		24,696		12.1	%
Collateralized Loan Obligations		4,622		2.1	%		4,207		2.1	%
Joint Venture		470		0.2	%		456		0.2	%
Equity		36,065		16.4	%		29,640		14.6	%
Total	$	220,478		100.0	%	$	203,337		100.0	%

The composition of our investments as of December 31, 2022, at amortized cost and fair value was as follows (dollars in thousands):


	Investments at Amortized Cost		Amortized Cost Percentage of Total Portfolio			Investments at Fair Value		Fair Value Percentage of Total Portfolio
First Lien Debt	$	143,047		64.9	%	$	136,896		67.3	%
Second Lien Debt		8,283		3.8	%		6,464		3.2	%
Subordinated Debt		26,571		12.0	%		25,851		12.7	%
Collateralized Loan Obligations		6,185		2.8	%		4,972		2.4	%
Joint Venture		414		0.2	%		403		0.2	%
Equity		36,016		16.3	%		29,006		14.2	%
Total	$	220,516		100.0	%	$	203,592		100.0	%

As noted above, the Company values all investments in accordance with Rule 2a-5 under the 1940 Act and ASC 820. ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

ASC 820 establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:


	•	Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.


	•	Level 2 — Valuations based on inputs other than quoted prices in active markets, which are either directly or indirectly observable.


	•	Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The Company employs the valuation policy approved by the Board that is consistent with ASC 820 (see Note 2). Consistent with the Company’s valuation policy, the Company evaluates the source of inputs, including any markets in which its investments are trading, in determining fair value.

In estimating the fair value of portfolio investments, the Company starts with the cost basis of the investment, which includes amortized original issue discount and PIK income, if any. The transaction price is typically the best estimate of fair value at inception. When evidence supports a subsequent change to the carrying value from the original transaction price, adjustments are made to reflect the expected fair values.

The following table presents the fair value measurements of investments, by major class, as of March 31, 2023, according to the fair value hierarchy (dollars in thousands):


	Fair Value Measurements
	Level 1		Level 2		Level 3		NAV		Total
First Lien Debt	$	—	$	—	$	137,563	$	—	$	137,563
Second Lien Debt		—		—		6,775		—		6,775
Subordinated Debt		—		—		24,696		—		24,696
Collateralized Loan Obligations		—		—		4,207		—		4,207
Joint Venture		—		—		—		456		456
Equity		—		—		29,640		—		29,640
Total	$	—	$	—	$	202,881	$	456	$	203,337

The following table presents fair value measurements of investments, by major class, as of December 31, 2022, according to the fair value hierarchy (dollars in thousands):


	Fair Value Measurements
	Level 1		Level 2		Level 3		NAV		Total
First Lien Debt	$	—	$	—	$	136,896	$	—	$	136,896
Second Lien Debt		—		—		6,464		—		6,464
Subordinated Debt		—		—		25,851		—		25,851
Collateralized Loan Obligations		—		—		4,972		—		4,972
Joint Venture		—		—		—		403		403
Equity		—		—		29,006		—		29,006
Total	$	—	$	—	$	203,189	$	403	$	203,592

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2023 (dollars in thousands):


	First Lien Debt			Second Lien Debt		Subordinated Debt			Collateralized Loan Obligations			Equity			Total
Balance as of January 1, 2023	$	136,896		$	6,464	$	25,851		$	4,972		$	29,006		$	203,189
Repayments/sales		(6,529	)		—		—			(97	)		(87	)		(6,713	)
Purchases		7,388			—		—			—			—			7,388
Payment-in-kind interest and dividends accrued		268			145		2			—			49			464
Accretion of original issue discount		131			16		—			127			—			274
Net realized (loss) gain on investments		—			—		—			(1,593	)		87			(1,506	)
Net change in unrealized (depreciation) appreciation on investments		(591	)		150		(1,157	)		798			585			(215	)
Balance as of March 31, 2023	$	137,563		$	6,775	$	24,696		$	4,207		$	29,640		$	202,881

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2022 (dollars in thousands):


	First Lien Debt			Second Lien Debt			Subordinated Debt			Collateralized Loan Obligations			Equity			Total
Balance as of January 1, 2022	$	98,251		$	30,190		$	5,050		$	7,717		$	56,981		$	198,189
Repayments/sales		(8,096	)		—			—			(276	)		(29	)		(8,401	)
Purchases		11,285			3,086			2,022			—			—			16,393
Payment-in-kind interest and dividends accrued		—			38			44			—			50			132
Accretion of original issue discount		60			(5	)		1			343			—			399
Net realized (loss) gain on investments		13			—			—			—			(49	)		(36	)
Net unrealized appreciation (depreciation) on investments		(850	)		(89	)		(2	)		(585	)		1,755			229
Balance as of March 31, 2022	$	100,663		$	33,220		$	7,115		$	7,199		$	58,708		$	206,905

The net change in unrealized (depreciation) appreciation on investments held was $(0.1) million and $0.2 million for the three months ended March 31, 2023 and 2022, respectively, and is included in net change in unrealized (depreciation) appreciation on investments on the consolidated statements of operations.

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of March 31, 2023 were as follows:


	Fair Value (in millions)		Valuation Technique	Unobservable Input	Range of Input (Weighted Average)(2)
First lien debt	$	6.1	Market	Broker/Dealer Quotes	N/A
First lien debt		110.9	Income	Required Rate of Return	6.5% – 30.0% (12.4%)
First lien debt		14.4	Enterprise Market Value	EBITDA Multiple	5.5x – 6.8x (6.1x)
First lien debt		6.2	Enterprise Market Value	Revenue Multiple	0.5x
Second lien debt		2.7	Market	Broker/Dealer Quotes	N/A
Second lien debt		3.7	Income	Required Rate of Return	2.3% – 18.7% (16.4%)
Second lien debt		0.4	Enterprise Market Value	EBITDA Multiple	4.7x
Subordinated debt		24.1	Income	Required Rate of Return	5.8% – 13.5% (11.9%)
Subordinated debt		0.6	Enterprise Market Value	EBITDA Multiple	8.5x
Collateralized Loan Obligations		4.2	Income	Discount Margin	21.5% – 24.8% (23.6%)
Equity		0.1	Income	Stock Price Time to Exit (Years) Volatility	$117.3 2.0 35.0%
Equity		27.3	Enterprise Market Value and Asset(1)	EBITDA Multiple	0.3x – 15.8x (6.3x)
Equity		2.2	Enterprise Market Value	Revenue Multiple	0.5x – 1.1x (1.1x)
	$	202.9

(1)

$1.0 million in equity was valued using the asset approach.

(2)

The weighted averages disclosed in the table above were weighted by their relative fair value.

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of December 31, 2022 were as follows:


	Fair Value (in millions)		Valuation Technique	Unobservable Input	Range of Input (Weighted Average)(2)
First lien debt	$	7.4	Market	Broker/Dealer Quotes	N/A
First lien debt		123.5	Income	Required Rate of Return	6.0% – 30.0% (12.2%)
First lien debt		6.0	Enterprise Market Value	Revenue Multiple	0.4x
Second lien debt		2.6	Market	Broker/Dealer Quotes	N/A
Second lien debt		3.4	Income	Required Rate of Return	1.6% – 18.7% (16.1%)
Second lien debt		0.4	Enterprise Market Value	Revenue Multiple	4.7x
Subordinated debt		25.9	Income	Required Rate of Return	5.9% – 18.9% (10.4%)
Collateralized loan obligations		5.0	Income	Discount Margin	21.5% – 24.8% (23.6%)
Equity		0.1	Income	Stock Price Time to Exit (Years) Volatility	$115.8 2.0 35.0%
Equity		26.2	Enterprise Market Value and Asset(1)	EBITDA Multiple	3.3x – 15.8x (6.4x)
Equity		2.7	Enterprise Market Value	Revenue Multiple	0.3x – 1.0x (0.9x)
	$	203.2

(1)

$1.0 million in equity was valued using the asset approach.

(2)

The weighted averages disclosed in the table above were weighted by their relative fair value.

The significant unobservable inputs used in the valuation of the Company’s investments are required rate of return, EBITDA multiples, revenue multiples, discount margin, stock price, projected time to exit and volatility. Changes in any of these unobservable inputs could have a significant impact on the Company’s estimate of fair value. An increase (decrease) in the required rate of return or discount margin will result in a lower (higher) estimate of fair value, respectively, while an increase (decrease) in adjusted EBITDA or revenue multiples, stock price, projected time to exit (option-pricing model) or volatility will result in a higher (lower) estimate of fair value, respectively.

Great Lakes Funding II LLC

In August 2022, the Company invested in Great Lakes Funding II LLC - Series A (the “Great Lakes II Joint Venture”), a joint venture with an investment strategy to underwrite and hold senior, secured unitranche loans made to middle-market companies. The Company treats its investment in the Great Lakes II Joint Venture as a joint venture since an affiliate of the Investment Adviser controls a 50% voting interest in the Great Lakes II Joint Venture.

The Great Lakes II Joint Venture is a Delaware series limited liability company, and pursuant to the terms of the Great Lakes Funding II LLC Limited Liability Company Agreement (the “Great Lakes II LLC Agreement”), prior to the end of the investment period with respect to each series established under the Great Lakes II LLC Agreement, each member of the predecessor series would be offered the opportunity to roll its interests into any subsequent series of the Great Lakes II Joint Venture. The Company does not pay any advisory fees in connection with its investment in the Great Lakes II Joint Venture. Certain other funds managed by the Investment Adviser or its affiliates have also invested in the Great Lakes II Joint Venture.

The fair value of the Company’s investment in the Great Lakes II Joint Venture at March 31, 2023 and December 31, 2022 was $0.4 million and $0.4 million, respectively. Fair value has been determined utilizing the net asset value as a practical expedient pursuant to U.S. GAAP. Pursuant to the terms of the Great Lakes II LLC Agreement, the Company generally may not effect any direct or indirect sale, transfer, assignment, hypothecation, pledge or other disposition of or encumbrance upon its interests in the Great Lakes II Joint Venture, except that the Company may sell or otherwise transfer its interests with the consent of the managing members of the Great Lakes II Joint Venture or to an affiliate or a successor to substantially all of the assets of the Company.

As of March 31, 2023, the Company has less than $0.1 million of unfunded commitment to the Great Lakes II Joint Venture.

Investments and Fair Value Measurements - Additional Information (Details)
$ in Thousands

3 Months Ended

Mar. 31, 2023

USD ($)

Portfolio

Mar. 31, 2022

USD ($)

Dec. 31, 2022

USD ($)

Portfolio

Number of portfolio companies | Portfolio

Investment owned percentage of last-out loans of first lien loans

$ 203,337

^{[1],[2],[3],[4],[5]}

$ 203,592

^{[6],[7],[8],[9],[10]}

1.30%

1.90%

Purchase of investments

$ (7,444)

$ (16,393)

Repayments and sales of investments

6,700

8,400

Net deployment amount of investment

700

8,000

Net change in unrealized (depreciation) appreciation on investments held

(100)

$ 200

Unfunded commitment to investee

10,062

$ 13,787

Great Lakes Funding I I L L C Series A

Percentage of voting interest

$ 400

50.00%

Great Lakes Funding I I L L C Series A | Maximum

Unfunded commitment to investee

$ 100

[1]	All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.
[2]	All investments valued using unobservable inputs (Level 3), unless otherwise noted.
[3]	Percentages are based on net assets as of March 31, 2023.
[4]	The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.
[5]	The fair value of each of the Company’s investments is determined in good faith using significant unobservable inputs by the Investment Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).
[6]	All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.
[7]	All investments valued using unobservable inputs (Level 3), unless otherwise noted.
[8]	Percentages are based on net assets as of December 31, 2022.
[9]	The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.
[10]	The fair value of each of the Company’s investments is determined in good faith using significant unobservable inputs by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).

Consolidated Schedule of Investments - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Schedule Of Investments [Line Items]

Industry

Oil & Gas Engineering and Consulting Services

^{[1],[2],[3],[4],[5]}

Oil & Gas Engineering and Consulting Services

^{[6],[7],[8],[9],[10]}

Interest rate

6.00%

^{[1],[2],[3],[4],[5],[11]}

6.00%

^{[6],[7],[8],[9],[10],[12]}

Investments rate

^{[1],[2],[4],[5]}

216.70%

^[3],[13]

214.30%

^[8]

Reference rate and spread, PIK

7.00%

^{[1],[2],[3],[4],[5],[11],[14]}

7.00%

^{[6],[7],[8],[9],[10],[12],[15]}

Maturity

^[16]

Sep. 12, 2023

Mar. 31, 2022

Par/Shares

$ 509

^{[1],[2],[3],[4],[5],[17]}

$ 509

^{[6],[7],[8],[9],[10],[18],[19]}

Par/Shares

27,396,364

^{[1],[2],[3],[4],[5],[20]}

15,068,000

^{[6],[7],[8],[9],[10],[18]}

$ 220,478

^{[1],[2],[3],[4],[5]}

$ 220,516

^{[6],[7],[8],[9],[10]}

Investment Company Financial Highlights [Abstract]

$ 203,337

^{[1],[2],[3],[4],[5]}

$ 203,592

^{[6],[7],[8],[9],[10]}

[1]	All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.
[2]	All investments valued using unobservable inputs (Level 3), unless otherwise noted.
[3]	Percentages are based on net assets as of March 31, 2023.
[4]	The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.
[5]	The fair value of each of the Company’s investments is determined in good faith using significant unobservable inputs by the Investment Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).
[6]	All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.
[7]	All investments valued using unobservable inputs (Level 3), unless otherwise noted.
[8]	Percentages are based on net assets as of December 31, 2022.
[9]	The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.
[10]	The fair value of each of the Company’s investments is determined in good faith using significant unobservable inputs by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).
[11]	Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Variable rate loans bear interest at a rate that may be determined by the larger of the floor of the reference to either LIBOR (“L”), SOFR or alternate base rate (commonly known as the U.S. Prime Rate (“P”), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L loans are typically indexed to 6 month, 3 month, or 1 month L rates. SOFR loans are typically indexed to 6 month, 3 month, or 1 month SOFR rates. As of March 31, 2023, rates for the 6 month, 3 month, and 1 month L are 5.31%, 5.19%, and 4.86%, respectively. As of March 31, 2023, rates for the 12 months, 6 month, 3 month and 1 month SOFR are 4.73%, 4.90%, 4.91%, and 4.80%, respectively. As of March 31, 2023, P was 8.00%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2023.
[12]	Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Variable rate loans bear interest at a rate that may be determined by the larger of the floor of the reference to either LIBOR ("L"), SOFR, or alternate base rate (unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L loans are typically indexed to 6 month, 3 month, or 1 month L rates. SOFR loans are typically indexed to 6 month, 3 month, or 1 month SOFR rates. As of December 31, 2022, rates for the 6 month, 3 month, and 1 month L are 5.14%, 4.77% and 4.39%, respectively. As of December 31, 2022, rates for the 6 month, 3 month, and 1 month SOFR are 4.78%, 4.59% and 4.36%, respectively. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2022.
[13]	As defined in the Investment Company Act of 1940, as amended (the “1940 Act”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company's outstanding voting securities.
[14]	All or a portion of this security is pledged as collateral under the KeyBank Credit Facility and held through the Company's wholly-owned subsidiary Capitala Business Lending, LLC.
[15]	All or a portion of this security is pledged as collateral under the KeyBank Credit Facility and held through the Company's wholly-owned subsidiary Capitala Business Lending, LLC.
[16]	All debt investments are income producing. Equity and warrant investments are non-income producing, unless otherwise noted.
[17]	The investment has been exited or sold. The residual value reflects estimated earnout, escrow, or other proceeds expected post-closing.
[18]	Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments.
[19]	The investment has been exited or sold. The residual value reflects estimated earnout, escrow, or other proceeds expected post-closing.
[20]	Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments.

Summary of Significant Accounting Policies - Summary of Unfunded Commitments to Existing Portfolio Companies (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Total Unfunded Commitments	$ 10,062	$ 13,787
Accordion Partners LLC \| First Lien/Senior Secured Debt \| Revolver
Summary Of Significant Accounting Policies [Line Items]
Total Unfunded Commitments	1,148	1,531
Accordion Partners LLC \| First Lien/Senior Secured Debt \| Delayed-Draw Term Loan
Summary Of Significant Accounting Policies [Line Items]
Total Unfunded Commitments	498	897
BetaNXT, Inc. \| First Lien/Senior Secured Debt \| Revolver
Summary Of Significant Accounting Policies [Line Items]
Total Unfunded Commitments	316	453
Bradshaw International, Inc. \| First Lien/Senior Secured Debt \| Revolver
Summary Of Significant Accounting Policies [Line Items]
Total Unfunded Commitments	922	922
Critical Nurse Staffing, LLC \| First Lien/Senior Secured Debt \| Revolver
Summary Of Significant Accounting Policies [Line Items]
Total Unfunded Commitments	240	700
Critical Nurse Staffing, LLC \| First Lien/Senior Secured Debt \| Delayed-Draw Term Loan
Summary Of Significant Accounting Policies [Line Items]
Total Unfunded Commitments	2,063	2,063
Dentive, LLC (Revolver) \| First Lien/Senior Secured Debt \| Revolver
Summary Of Significant Accounting Policies [Line Items]
Total Unfunded Commitments	187	187
Dentive, LLC (Revolver) \| First Lien/Senior Secured Debt \| Delayed-Draw Term Loan
Summary Of Significant Accounting Policies [Line Items]
Total Unfunded Commitments	598	598
Epic Staffing Group \| First Lien/Senior Secured Debt \| Delayed-Draw Term Loan
Summary Of Significant Accounting Policies [Line Items]
Total Unfunded Commitments	872	872
Great Lakes Funding I I L L C Series A \| Joint Venture
Summary Of Significant Accounting Policies [Line Items]
Total Unfunded Commitments	25	80
GreenPark Infrastructure, LLC - Series M-1 \| Common Stock and Membership Units
Summary Of Significant Accounting Policies [Line Items]
Total Unfunded Commitments	732	732
Keg Logistics LLC \| First Lien/Senior Secured Debt \| Revolver
Summary Of Significant Accounting Policies [Line Items]
Total Unfunded Commitments		436
Marble Point Credit Management LLC \| First Lien/Senior Secured Debt \| Revolver
Summary Of Significant Accounting Policies [Line Items]
Total Unfunded Commitments		2,500
Premier Imaging, LLC \| First Lien/Senior Secured Debt \| Delayed-Draw Term Loan
Summary Of Significant Accounting Policies [Line Items]
Total Unfunded Commitments	1,378	1,378
Taoglas Group Holdings Limited \| First Lien/Senior Secured Debt \| Revolver
Summary Of Significant Accounting Policies [Line Items]
Total Unfunded Commitments	645
Wealth Enhancement Group, LLC \| First Lien/Senior Secured Debt \| Revolver
Summary Of Significant Accounting Policies [Line Items]
Total Unfunded Commitments	$ 438	$ 438

Financial Highlights

3 Months Ended

Mar. 31, 2023

Financial Highlights

Note 11. Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2023 and 2022 (dollars in thousands, except share and per share data):


	For the Three Months Ended March 31,
	2023			2022
Per share data:
Net asset value at beginning of period	$	35.04		$	39.48
Net investment income(1)		0.40			(0.39	)
Net realized loss on investments(1)		(0.56	)		(0.01	)
Net change in unrealized (depreciation) appreciation on investments(1)		(0.08	)		0.08
Net decrease in net assets resulting from operations(1)	$	(0.24	)	$	(0.32	)
Distributions		(0.18	)		—
Accretive effect of common stock repurchases(1)		0.01			—
Net asset value at end of year	$	34.63		$	39.16
Net assets at end of period	$	93,833		$	106,171
Shares outstanding at end of period		2,709,583			2,711,068
Per share market value at end of period	$	20.80		$	22.57
Total return based on market value(2)		(6.13	)%		(1.83	)%
Ratio/Supplemental data:
Ratio of net investment income (loss) to average net assets(3)		4.61	%		(4.00	)%
Ratio of interest and financing expenses to average net assets(3)		8.89	%		8.32	%
Ratio of other operating expenses to average net assets(3)		9.08	%		8.37	%
Ratio of total expenses to average net assets(3)		17.97	%		16.69	%
Portfolio turnover rate(4)		3.30	%		4.15	%
Average debt outstanding(5)	$	118,219		$	124,921
Average debt outstanding per common share(1)	$	43.61		$	46.08
Asset coverage ratio per unit(6)	$	1,747		$	1,843

(1)

Based on daily weighted average balance of shares of the Company’s common stock outstanding during the period.

(2)

(3)

Ratio is annualized.

(4)

(5)

Based on the daily weighted average balance of debt outstanding during the period.

(6)

Consolidated Schedule of Investments (Parenthetical)		3 Months Ended	12 Months Ended
Consolidated Schedule of Investments (Parenthetical)	Mar. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Investments [Line Items]
Percentage of qualifying assets to total assets	97.80%	97.80%	97.50%
Percentage of non-qualifying assets to total assets	2.20%	2.20%	2.50%
Online Merchandise Retailer \| BLST Operating Company, LLC
Schedule Of Investments [Line Items]
Interest rate payable in cash or paid-in-kind			9.00%
Oil & Gas Engineering and Consulting Services \| Sierra Hamilton Holdings Corporation
Schedule Of Investments [Line Items]
Interest rate payable in cash or paid-in-kind			15.00%
Prime Rate
Schedule Of Investments [Line Items]
Variable interest rate	8.00%
Minimum
Schedule Of Investments [Line Items]
Percentage of qualifying assets to total assets	70.00%	70.00%	70.00%
Non-controlled Affiliated Investments \| Minimum
Schedule Of Investments [Line Items]
Percentage of outstanding voting securities owned	5.00%	5.00%	5.00%
Controlled Affiliated Investments \| Minimum
Schedule Of Investments [Line Items]
Percentage of outstanding voting securities owned	25.00%	25.00%	25.00%
12 month \| SOFR
Schedule Of Investments [Line Items]
Variable interest rate		4.73%
6 Month \| LIBOR
Schedule Of Investments [Line Items]
Variable interest rate	5.31%		5.14%
6 Month \| SOFR
Schedule Of Investments [Line Items]
Variable interest rate		4.90%	4.78%
3 Month \| LIBOR
Schedule Of Investments [Line Items]
Variable interest rate		5.19%	4.77%
3 Month \| SOFR
Schedule Of Investments [Line Items]
Variable interest rate		4.91%	4.59%
1 Month \| LIBOR
Schedule Of Investments [Line Items]
Variable interest rate		4.86%	4.39%
1 Month \| SOFR
Schedule Of Investments [Line Items]
Variable interest rate		4.80%	4.36%

Earnings Per Share - Summary of Computation of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets Per Share (Parenthetical) (Details) - Convertible Notes - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
2032 Convertible Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	0.5	0.0
2022 Convertible Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	0.0	0.6

Borrowings - KeyBank Credit Facility - Additional Information (Details) - USD ($)		3 Months Ended
	May 10, 2022	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Borrowings under Key bank credit facility		$ 57,140,000	$ 54,615,000
1M Term SOFR \| Capitala Business Lending, LLC
Debt Instrument [Line Items]
Interest rate description		1M Term SOFR plus
KeyBank Credit Facility
Debt Instrument [Line Items]
Interest rate		7.42%
KeyBank Credit Facility \| Capitala Business Lending, LLC
Debt Instrument [Line Items]
Agreement date		Oct. 30, 2020
Aggregate principal amount	$ 75,000,000.0
Additional maximum borrowing capacity	$ 125,000,000.0
Maturity date		May 10, 2027
Payment terms		The period during which the Lenders may make loans to CBL under the KeyBank Credit Facility commenced on October 30, 2020 and will continue through May 10, 2025, unless there is an earlier termination or event of default.
Interest rate description		The period during which the Lenders may make loans to CBL under the KeyBank Credit Facility commenced on October 30, 2020 and will continue through May 10, 2025, unless there is an earlier termination or event of default. Borrowings under the KeyBank Credit Facility bear interest at 1M Term SOFR plus 2.90% during the 3-year revolving period and 3.25% thereafter, with a 0.40% 1M Term SOFR floor. CBL will also pay an unused commitment fee at a rate of (1) 1.00% if utilization is less than or equal to 30.0%, (2) 0.65% if utilization is greater than 30.0% but less than or equal to 60.0%, or (3) 0.35% if utilization is greater than 60.0%, per annum on the unutilized portion of the aggregate commitments under the KeyBank Credit Facility.
Revolving period	3 years
Commitment fee description		CBL will also pay an unused commitment fee at a rate of (1) 1.00% if utilization is less than or equal to 30.0%, (2) 0.65% if utilization is greater than 30.0% but less than or equal to 60.0%, or (3) 0.35% if utilization is greater than 60.0%, per annum on the unutilized portion of the aggregate commitments under the KeyBank Credit Facility.
Unused commitment fee percentage if utilization is less than or equal to 30.0%	1.00%
Unused commitment fee percentage if utilization is greater than 30.0% but less than or equal to 60.0%	0.65%
Unused commitment fee percentage if utilization is greater than 60.0%	0.35%
Borrowings under Key bank credit facility		$ 58,400,000	55,900,000
Collateral pledge, fair value		$ 125,500,000	$ 111,300,000
KeyBank Credit Facility \| 1M Term SOFR \| Capitala Business Lending, LLC
Debt Instrument [Line Items]
Interest rate	2.90%
KeyBank Credit Facility \| Thereafter \| Capitala Business Lending, LLC
Debt Instrument [Line Items]
Interest rate	3.25%
KeyBank Credit Facility \| 1M Term SOFR Floor \| Capitala Business Lending, LLC
Debt Instrument [Line Items]
Interest rate	0.40%

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Stockholders Equity Note [Abstract]

Stockholders' Equity

Note 8. Stockholders' Equity

On March 6, 2023, the Company's Board authorized a new share repurchase program, whereby the Company may repurchase up to an aggregate of $5.0 million of its outstanding common shares in the open market. Unless extended or discontinued by the Company's Board, the repurchase program will terminate on March 31, 2024. The repurchase program may be extended, modified or discontinued at any time for any reason without prior notice. The repurchase program does not obligate the Company to acquire any specific number of shares, and all repurchases will be made in accordance with SEC Rule 10b-18 and accomplished through a Rule 10b5-1 plan, which sets certain restrictions on the method, timing, price and volume of share repurchases.

During the three months ended March 31, 2023, the Company repurchased 1,625 shares under the share repurchase program at an aggregate cost of approximately $34 thousand. There were no share repurchases during the first quarter of 2022.

During the three months ended March 31, 2023, the Company issued 140 shares of common stock under its DRIP. The Company did not pay a dividend during the three months ended March 31, 2022.

The total number of shares of the Company’s common stock outstanding as of March 31, 2023 and December 31, 2022 was 2,709,583 and 2,711,068, respectively.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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