Logan Ridge Finance Corp - LRFC STOCK NEWS

Logan Ridge Finance (LRFC) reported strong Q4 2024 results with net investment income of $0.56 per share and NAV of $32.04 per share. Total investment income for Q4 2024 reached $5.4 million, up from $4.4 million in Q4 2023.

For full year 2024, LRFC achieved total investment income of $20.9 million and net investment income of $4.2 million ($1.56 per share). The company declared a Q1 2025 distribution of $0.36 per share, representing a 13% increase from Q1 2024.

Key developments include the announced merger agreement with Portman Ridge Finance , where LRFC shareholders will receive 1.500 newly-issued PTMN shares for each LRFC share. The company's investment portfolio consisted of 59 portfolio companies with an aggregate fair value of $172.3 million, with 83.3% in debt investments yielding approximately 10.7%.

Portman Ridge Finance (PTMN) and Logan Ridge Finance (LRFC) have announced a merger agreement where LRFC will merge into PTMN. The combined entity will continue trading as PTMN on Nasdaq and will be managed by Sierra Crest Investment Management.

Key transaction highlights include:

• Expected total assets over $600 million and NAV of approximately $270 million
• LRFC shareholders will receive 1.50 newly issued PTMN shares for each LRFC share
• The merger values LRFC at $25.02 per share, a 4% premium to its January 24, 2025 closing price
• Expected annual operating expense savings of $2.8 million
• Over 70% of LRFC's portfolio at fair value expected to be BC Partners-originated assets at closing
• Transaction expected to complete in Q2 2025

Sierra Crest has agreed to waive up to $1.5 million in incentive fees over eight quarters post-merger. The deal is subject to shareholder approvals and other closing conditions.

Logan Ridge Finance (LRFC) has announced its schedule for the release of fourth quarter and full year 2024 financial results. The company will release its results on Thursday, March 13, 2025, after market close, followed by a conference call on Friday, March 14, 2025, at 11:30 a.m. ET.

Investors can access the conference call by dialing (646) 968-2525 approximately 10 minutes before the start time, using conference ID 1779602. A replay will be available until March 21, 2025. Additionally, a live audio webcast will be accessible through the company's website at loganridgefinance.com under the Investor Resources section.

Logan Ridge Finance (LRFC) and Portman Ridge Finance (PTMN) have announced the formation of special committees of independent directors to evaluate their potential business combination. Both companies' boards have established these committees to assess various merger scenarios, including exchange ratios different from NAV-for-NAV, such as relative market price or fixed exchange ratios.

The special committees have retained prominent financial and legal advisors: Keefe, Bruyette & Woods, Inc. and Stradley Ronon Stevens & Young, LLP for Portman Ridge, while Logan Ridge has engaged Houlihan Lokey, Inc. and Skadden, Arps, Slate, Meagher & Flom LLP. The companies note that there is no guarantee the business combination will be approved or completed.

Logan Ridge Finance (LRFC) reported Q3 2024 financial results with Net Investment Income of $1.0 million ($0.37 per share), up from $0.8 million in Q2 2024. Total Investment Income was $5.1 million, down from $5.4 million in Q2. The company's net asset value decreased to $32.31 per share from $33.13. A significant milestone was the exit from its largest equity investment, Nth Degree, for $17.5 million, approximately $2.0 million above fair value. The Board declared a Q4 distribution of $0.36 per share, representing a 9% increase from Q3. The company also amended its credit facility with KeyBank, reducing margins and extending maturity dates.

Logan Ridge Finance (LRFC) has announced it will release its Q3 2024 financial results on Thursday, November 7, 2024, after market close. The company will host a conference call to discuss these results on Tuesday, November 12, 2024, at 11:00 a.m. ET. Investors can access the call by dialing (646) 307-1963 with conference ID 1567736. A live webcast will be available online, and a replay will be accessible through November 19, 2024.

Logan Ridge Finance (Nasdaq: LRFC) has successfully exited its largest equity investment, Nth Degree Investment Group, , as of September 10, 2024. The sale was completed at or above the previously reported fair value as of June 30, 2024. CEO Ted Goldthorpe described this as a transformative event and an important milestone for the company.

The exit aligns with Logan Ridge's turnaround strategy implemented since Mount Logan Management became the company's investment advisor in July 2021. The strategy focuses on rotating out of the legacy equity portfolio. The cash proceeds from this transaction will be reinvested into interest-earning assets originated by the BC Partners Credit Platform, which is expected to significantly improve the long-term earning power of Logan Ridge's portfolio.

Logan Ridge Finance (Nasdaq: LRFC) has announced significant amendments to its senior secured revolving credit facility with KeyBank National Association. The changes include:

1. Reduced interest rates: The applicable margin during the reinvestment period decreased from 2.90% to 2.80% per annum, and from 3.25% to 3.20% per annum during the amortization period.

2. Extended timelines: The reinvestment period is now extended to August 2027 (from May 2025), and the maturity date to August 2029 (from May 2027).

3. Revised terms: Advance rates and concentration limits have been adjusted, potentially increasing the company's borrowing capacity.

4. Maintained features: The facility still allows borrowing up to $75.0 million, with an uncommitted accordion feature for an additional $125.0 million.

Logan Ridge Finance (LRFC) announced its Q2 2024 financial results, reporting total investment income of $5.4 million and net investment income of $0.28 per share. The company's net asset value decreased to $33.13 per share as of June 30, 2024. LRFC made $1.5 million in investments and had $5.6 million in repayments and sales, resulting in net repayments of $4.1 million. The Board approved a Q3 distribution of $0.33 per share. The investment portfolio consisted of 61 companies with a fair value of $195.6 million. The debt investment portfolio represented 80% of the total portfolio with a weighted average yield of 11.4%. LRFC maintained a strong financial position and sees attractive opportunities for capital deployment in the second half of 2024.