Welcome to our dedicated page for Logan Ridge Finance Corporation news (Ticker: LRFC), a resource for investors and traders seeking the latest updates and insights on Logan Ridge Finance Corporation stock.
Logan Ridge Finance Corporation (LRFC) is an externally managed, non-diversified closed-end investment company. The company aims to generate both current income and capital appreciation through its strategic investments in debt and equity.
Logan Ridge Finance Corp offers customized financing solutions to business owners, management teams, and financial sponsors. These solutions cater to various purposes such as change of ownership transactions, recapitalizations, strategic acquisitions, business expansion, and other growth initiatives.
Recently, Logan Ridge has been engaged in several key activities:
- Third Quarter 2023 Highlights: The company reported selected financial information, focusing on investment income and the fair value of its investments.
- Upcoming Calls: Logan Ridge has scheduled multiple investor calls to discuss its financial performance and outlook, including sessions on November 9, 2023, March 14, 2024, March 28, 2024, and May 9, 2024. These calls are conducted by The Equity Group Inc.
- Preliminary Financial Information for 2023: The company shared unaudited and preliminary financial data, reflecting its commitment to transparency and investor communication.
For additional details or inquiries, Logan Ridge Finance Corporation can be contacted at their New York office, located at 650 Madison Avenue, 23rd Floor. Key contacts include Chief Financial Officers Jason Roos and Brandon Satoren, as well as representatives from The Equity Group Inc.
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.
Logan Ridge Finance (Nasdaq: LRFC) will release its financial results for the second quarter of 2024 on August 8, 2024, after market close. The company has scheduled a conference call for August 9, 2024, at 11:00 a.m. ET to discuss these results. Investors can access the call by dialing (646) 307-1963 with conference ID 4533143 or via a live audio webcast available at https://edge.media-server.com/mmc/p/wk9wbtnf. A replay of the call will be available until August 16, 2024, and the online archive will be accessible on the company's website under Investor Resources.
Logan Ridge Finance announced its financial results for the first quarter of 2024, showcasing strong performance with Net Investment Income increasing to $0.35 per share from $0.22 in the previous quarter. Net Asset Value rose to $33.71 per share from $33.34. The Company declared a distribution of $0.33 per share for the second quarter, a 3% increase from the first quarter. Additionally, they continued repurchasing shares under their Share Repurchase Program.