Logan Ridge Finance is a publicly traded business development company (BDC) that makes direct loans — primarily first lien secured debt — to small and mid-sized U.S. private companies with $5M–$50M in EBITDA. Target borrowers are typically private equity-backed companies needing capital for ownership transitions, recapitalizations, acquisitions, or growth, and they generally cannot access public debt markets. Logan Ridge often pairs loans with equity participation such as warrants or co-investments alongside the debt. Logan Ridge is externally managed by Mount Logan Management, an affiliate of BC Partners, a global alternative asset manager, and has no employees of its own. BC Partners' credit platform originates the bulk of Logan Ridge's deal flow. Logan Ridge earns money primarily through interest on its loan portfolio, with roughly 89% of the debt portfolio carrying floating rates tied to SOFR. As a BDC and regulated investment company, Logan Ridge distributes at least 90% of its investment income to shareholders as dividends. Since Mount Logan took over management in 2021, the core strategy has been rotating out of legacy non-yielding equity positions inherited from the prior manager and redeploying that capital into floating-rate first lien loans originated through the BC Partners platform. A key milestone in this rotation was the Q3 2024 sale of Nth Degree Investment Group for $17.5M. Management has also discussed a potential combination with Portman Ridge Finance, another BC Partners-managed BDC operating on the same credit platform.