Logan Ridge Finance Corporation Announces Fourth Quarter and Full Year 2024 Financial Results
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%.
Logan Ridge Finance (LRFC) ha riportato risultati solidi per il Q4 2024 con un reddito da investimenti netto di $0.56 per azione e un NAV di $32.04 per azione. Il reddito totale da investimenti per il Q4 2024 ha raggiunto $5.4 milioni, in aumento rispetto ai $4.4 milioni del Q4 2023.
Per l'intero anno 2024, LRFC ha ottenuto un reddito totale da investimenti di $20.9 milioni e un reddito da investimenti netto di $4.2 milioni ($1.56 per azione). L'azienda ha dichiarato una distribuzione per il Q1 2025 di $0.36 per azione, rappresentando un aumento del 13% rispetto al Q1 2024.
Sviluppi chiave includono l'accordo di fusione annunciato con Portman Ridge Finance, dove gli azionisti di LRFC riceveranno 1.500 azioni PTMN di nuova emissione per ogni azione LRFC. Il portafoglio di investimenti dell'azienda consisteva in 59 aziende in portafoglio con un valore equo aggregato di $172.3 milioni, con l'83.3% in investimenti in debito che rendono circa il 10.7%.
Logan Ridge Finance (LRFC) reportó resultados sólidos para el Q4 2024 con un ingreso neto por inversiones de $0.56 por acción y un NAV de $32.04 por acción. El ingreso total por inversiones para el Q4 2024 alcanzó $5.4 millones, un aumento desde los $4.4 millones en el Q4 2023.
Para todo el año 2024, LRFC logró un ingreso total por inversiones de $20.9 millones y un ingreso neto por inversiones de $4.2 millones ($1.56 por acción). La compañía declaró una distribución para el Q1 2025 de $0.36 por acción, lo que representa un aumento del 13% respecto al Q1 2024.
Desarrollos clave incluyen el acuerdo de fusión anunciado con Portman Ridge Finance, donde los accionistas de LRFC recibirán 1.500 acciones PTMN recién emitidas por cada acción de LRFC. La cartera de inversiones de la empresa consistía en 59 compañías de cartera con un valor justo agregado de $172.3 millones, con un 83.3% en inversiones de deuda que rinden aproximadamente un 10.7%.
로건 리지 파이낸스 (LRFC)는 2024년 4분기 강력한 실적을 보고했으며, 주당 순투자 수익은 $0.56, 주당 NAV는 $32.04입니다. 2024년 4분기 총 투자 수익은 $5.4백만으로, 2023년 4분기 $4.4백만에서 증가했습니다.
2024년 전체 연도에 대해 LRFC는 총 투자 수익 $20.9백만과 순투자 수익 $4.2백만 ($1.56 per share)을 달성했습니다. 회사는 2025년 1분기 배당금을 주당 $0.36으로 선언했으며, 이는 2024년 1분기 대비 13% 증가한 수치입니다.
주요 개발 사항으로는 포트먼 리지 파이낸스와의 합병 계약 발표가 있으며, LRFC 주주들은 LRFC 주식 1주당 1.500개의 새로 발행된 PTMN 주식을 받게 됩니다. 회사의 투자 포트폴리오는 59개의 포트폴리오 회사로 구성되어 있으며, 총 공정 가치는 $172.3백만으로, 83.3%가 약 10.7%의 수익을 올리는 채무 투자로 구성되어 있습니다.
Logan Ridge Finance (LRFC) a annoncé de solides résultats pour le T4 2024 avec un revenu net d'investissement de 0,56 $ par action et une NAV de 32,04 $ par action. Le revenu total d'investissement pour le T4 2024 a atteint 5,4 millions de dollars, en hausse par rapport à 4,4 millions de dollars au T4 2023.
Pour l'année complète 2024, LRFC a réalisé un revenu total d'investissement de 20,9 millions de dollars et un revenu net d'investissement de 4,2 millions de dollars (1,56 $ par action). La société a déclaré une distribution pour le T1 2025 de 0,36 $ par action, représentant une augmentation de 13 % par rapport au T1 2024.
Les développements clés incluent l'accord de fusion annoncé avec Portman Ridge Finance, où les actionnaires de LRFC recevront 1 500 actions PTMN nouvellement émises pour chaque action LRFC. Le portefeuille d'investissement de l'entreprise se composait de 59 sociétés de portefeuille avec une valeur juste totale de 172,3 millions de dollars, dont 83,3 % en investissements de dette rapportant environ 10,7 %.
Logan Ridge Finance (LRFC) berichtete über starke Ergebnisse für das 4. Quartal 2024 mit einem Nettoanlageertrag von $0.56 pro Aktie und einem NAV von $32.04 pro Aktie. Das Gesamteinkommen aus Anlagen für das 4. Quartal 2024 erreichte $5.4 Millionen, ein Anstieg von $4.4 Millionen im 4. Quartal 2023.
Für das gesamte Jahr 2024 erzielte LRFC ein Gesamteinkommen aus Anlagen von $20.9 Millionen und einen Nettoanlageertrag von $4.2 Millionen ($1.56 pro Aktie). Das Unternehmen erklärte eine Ausschüttung für das 1. Quartal 2025 von $0.36 pro Aktie, was einem Anstieg von 13% im Vergleich zum 1. Quartal 2024 entspricht.
Wichtige Entwicklungen umfassen die angekündigte Fusion mit Portman Ridge Finance, bei der LRFC-Aktionäre für jede LRFC-Aktie 1.500 neu ausgegebene PTMN-Aktien erhalten werden. Das Investitionsportfolio des Unternehmens bestand aus 59 Portfoliounternehmen mit einem aggregierten fairen Wert von $172.3 Millionen, wobei 83.3% in Schuldeninvestitionen angelegt sind, die etwa 10.7% Rendite abwerfen.
- Net investment income increased 51% to $0.56 per share in Q4 2024 from $0.37 in Q3 2024
- Full year net investment income grew to $1.56 per share from $1.43 in 2023
- Q1 2025 dividend increased 13% year-over-year to $0.36 per share
- Successfully exited non-yielding equity investments, improving portfolio yield
- Merger with Portman Ridge to create enhanced scale and liquidity
- NAV per share declined to $32.04 from $33.34 year-over-year
- Three portfolio companies on non-accrual status representing 4.6% of portfolio fair value
- Net repayments of $16.7 million indicating portfolio contraction
- Weighted average yield decreased to 10.7% from 11.1% year-over-year
Insights
Logan Ridge Finance 's Q4 and full-year 2024 results demonstrate significant operational improvements across key metrics. The Q4 NII of $0.56 per share represents a 51% increase from Q3 and a 155% jump from Q4 2023. This substantial quarter-over-quarter growth reflects successful portfolio management and improved yield generation.
Full-year NII reached $1.56 per share, a 9% improvement over 2023, while total investment income grew to $20.9 million from $20.2 million previously. The company maintained its $0.36 quarterly distribution, which represents a 13% increase from Q1 2024's distribution, signaling management's confidence in sustainable cash flow generation.
The merger agreement with Portman Ridge using a 1.500 share conversion ratio suggests PTMN values LRFC at a premium, potentially unlocking shareholder value through enhanced scale and operational efficiencies. This transaction represents the culmination of management's transformation strategy.
While NAV declined slightly to $32.04 from $33.34 year-over-year, this 3.9% decrease appears modest when balanced against the 39.6% increase in total distributions paid in 2024 ($1.34 vs $0.96 per share). The continued strategic rotation away from legacy equity investments, evidenced by the Nth Degree and GA Communications exits, positions the loan portfolio for more predictable income generation.
The debt portfolio maintains a healthy 10.7% weighted average yield, and while three investments remain on non-accrual (representing 4.6% of fair value), this percentage has improved from 6.8% at year-end 2023. The share repurchase program's modest NAV accretion further demonstrates management's commitment to shareholder value.
Reports Strong Fourth Quarter Results with Net Investment Income of
Declared a Distribution of
Subsequent to Quarter End, LRFC Successfully Exited its Equity Investment in GA Communications, Inc., Further Reducing the Company’s Non-Yielding Equity Portfolio
Merger Agreement with Portman Ridge Finance Corporation Aims to Create Meaningful Shareholder Value Via Greater Scale, Enhanced Liquidity, and Improved Operational Efficiencies
NEW YORK, March 13, 2025 (GLOBE NEWSWIRE) -- Logan Ridge Finance Corporation (“Logan Ridge”, “LRFC”, the “Company”, “we”, “us” or “our”) (Nasdaq: LRFC) announced today its financial results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024 Highlights
- Total investment income was
$5.4 million for the quarter ended December 31, 2024, as compared to$5.1 million reported for the quarter ended September 30, 2024, and$4.4 million for the quarter ended December 31, 2023. - Net investment income (“NII”) increased to
$1.5 million , or$0.56 per share, for the quarter ended December 31, 2024, as compared to$1.0 million or$0.37 per share, for the quarter ended September 30, 2024, and$0.6 million , or$0.22 per share, for the quarter ended December 31, 2023. - Net asset value was
$32.04 per share as of December 31, 2024, as compared to$32.31 per share as of September 30, 2024, and$33.34 per share as of December 31, 2023. - The Company made approximately
$26.1 million of investments and had approximately$29.5 million in repayments and sales of investments, resulting in net repayments and sales of approximately$3.4 million during the quarter ended December 31, 2024. - During the quarter ended December 31, 2024, the Company repurchased 16,598 of its outstanding shares of common stock in open market transactions under the stock repurchase program, at an aggregate cost of approximately
$0.4 million which resulted in$0.04 per share of NAV accretion.
Full Year 2024 Milestones
- Total investment income was
$20.9 million for the year ended December 31, 2024, as compared to$20.2 million for the year ended December 31, 2023. - Net investment income (“NII”) was
$4.2 million , or$1.56 per share, for the year ended December 31, 2024, as compared to$3.8 million , or$1.43 per share, for the year ended December 31, 2023. - Made approximately
$38.3 million of investments and had approximately$55.0 million in repayments and sales of investments, resulting in net repayments and sales of approximately$16.7 million . - Total shares repurchased in open market transactions under the renewed stock repurchase program during the year ended December 31, 2024, were 41,162 at an aggregate cost of approximately
$1.0 million . This compares to 36,667 shares repurchased during the year ended December 31, 2023, at an aggregate cost of approximately$0.8 million . - Total stockholder distributions paid in 2024 amount to
$1.34 per share, as compared to$0.96 per share during 2023.
Subsequent Events
- On January 29, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Portman Ridge Finance Corporation, a Delaware corporation (“PTMN”), Portman Ridge Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of PTMN (“Merger Sub”); solely for the limited purposes set forth therein, Mount Logan Management LLC (the “Adviser”), and, solely for the limited purposes set forth therein, Sierra Crest Investment Management LLC, a Delaware limited liability company and the external investment adviser to PTMN ("SCIM"). The Merger Agreement provides that, subject to the conditions set forth therein, (i) at the effective time of the First Merger (the “Effective Time”), Merger Sub will merge with and into the Company (the “First Merger”), with the Company continuing as the surviving company and as a wholly-owned subsidiary of PTMN, and (ii) immediately after the Effective Time, the Company will be merged with and into PTMN (the “Second Merger” and, together with the First Merger, the “Mergers”), with PTMN continuing as the surviving company. Both the Board of the Company and PTMN’s board of directors, including all of their respective independent directors who are not "interested persons" of either the Company or PTMN or the Adviser or SCIM, in each case, on the recommendation of special committees comprised solely of certain independent directors of the Company or PTMN, as applicable (each, a “Special Committee”), have approved, among other things, the Merger Agreement and the transactions contemplated thereby. Consummation of the Mergers is subject to certain closing conditions, including requisite approvals of the Company’s and PTMN’s stockholders. Subject to the terms and conditions of the Merger Agreement, at the Effective Time, each share of the Company’s common stock issued and outstanding immediately prior to the Effective Time (other than shares owned by PTMN or any of its consolidated subsidiaries, including Merger Sub) will be converted into the right to receive 1.500 newly-issued shares of common stock of PTMN with cash to be paid (without interest) in lieu of fractional shares.
- On March 12, 2025, the Company’s Board of Directors approved a first quarter distribution of
$0.36 per share, payable on March 31, 2025, to stockholders of record as of March 24, 2025.
Management Commentary
Ted Goldthorpe, Chief Executive Officer and President of Logan Ridge, said, “2024 was a profoundly transformative year for Logan Ridge, as we continued to build upon the record results seen in full year 2023 and made significant strides in the rotation out of the legacy equity portfolio. This was highlighted by record levels of total investment income, standing at
The culmination of these successes has paved the way for the combination with Portman Ridge Finance Corporation, which we announced in January. We believe this combination has the potential to provide greater scale, enhanced liquidity, and improved operational efficiencies, thus enhancing our ability to further drive shareholder value. The combination of these companies is a marquee transaction for the platform and a significant milestone for the BC Partners Credit Platform. I couldn’t be more excited for the future of the combined company.
As a result of the Company’s record financial performance during the year, the Board of Directors has approved a dividend of
We are proud of our achievements and will continue to execute on our business plan to provide meaningful returns to our stakeholders.”
Selected Financial Highlights for Full Year 2024
- Total investment income for the year ended December 31, 2024, increased by
$0.7 million , to$20.9 million , compared to$20.2 million for the year ended December 31, 2023. - Total operating expenses for the year ended December 31, 2024, increased by
$0.4 million , to$16.7 million , compared to$16.3 million for the year ended December 31, 2023. - Net investment income for the year ended December 31, 2024, was
$4.2 million , or$1.56 per share, an increase of$0.4 million , or$0.13 per share, as compared to$3.8 million , or$1.43 per share, for the year ended December 31, 2023. - Net asset value as of December 31, 2024, was
$85.1 million , or$32.04 per share, compared to$86.3 million , or$32.31 per share, as of September 30, 2024, and$89.2 million , or$33.34 per share, as of December 31, 2023. - Cash and cash equivalents as of December 31, 2024, were
$15.0 million compared to$3.9 million as of December 31, 2023. - The investment portfolio as of December 31, 2024, consisted of investments in 59 portfolio companies with an aggregate fair value of approximately
$172.3 million . This compares to 60 portfolio companies with an aggregate fair value of approximately$189.7 million as of December 31, 2023. - Deployment was judicious and prudent. During the year ended December 31, 2024, the Company made approximately
$38.3 million in investments and had$55.0 million in repayments and sales of investments, resulting in net repayments and sales of approximately$16.7 million . - The debt investment portfolio as of December 31, 2024, represented
83.3% of the fair value of the total portfolio, with a weighted average annualized yield of approximately10.7% (excluding income from non-accruals and collateralized loan obligations), compared to a debt investment portfolio of approximately82.0% with a weighted average annualized yield of approximately11.1% (excluding income from non-accruals and collateralized loan obligations) as of December 31, 2023. As of December 31, 2024,12.1% of the fair value of the debt investment portfolio was bearing a fixed rate of interest, compared to13.6% of the fair value of the debt investment portfolio as of December 31, 2023. - Non-accruals: As of December 31, 2024, the Company had debt investments in three portfolio companies on non-accrual status with an amortized cost and fair value of
$17.2 million and$7.9 million , respectively, representing9.0% and4.6% of the investment portfolio’s amortized cost and fair value, respectively. This compares to debt investments in three portfolio companies on non-accrual status with an aggregate amortized cost and fair value of$17.2 million and$12.8 million , respectively, representing8.7% and6.8% of the investment portfolio’s amortized cost and fair value, respectively, at December 31, 2023. - Asset coverage ratio as of December 31, 2024, was
179% .
Results of Operations
Our operating results for the years ended December 31, 2024, and December 31, 2023, were as follows (dollars in thousands):
For the Years Ended December 31, | |||||||
2024 | 2023 | ||||||
Total investment income | $ | 20,916 | $ | 20,177 | |||
Total expenses | 16,736 | 16,330 | |||||
Net investment income | 4,180 | 3,847 | |||||
Net realized gain (loss) on investments | 8,545 | (16,393 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments | (12,282 | ) | 10,064 | ||||
Net realized gain (loss) on extinguishment of debt | (472 | ) | — | ||||
Net increase (decrease) in net assets resulting from operations | $ | (29 | ) | $ | (2,482 | ) | |
Investment income
The composition of our investment income for the years ended December 31, 2024, and December 31, 2023, was as follows (dollars in thousands):
For the Years Ended December 31, | |||||||
2024 | 2023 | ||||||
Interest income | $ | 18,257 | $ | 18,366 | |||
Payment-in-kind interest | 1,877 | 1,484 | |||||
Dividend income | 198 | 68 | |||||
Other income | 584 | 259 | |||||
Total investment income | $ | 20,916 | $ | 20,177 | |||
Fair Value of Investments
The composition of our investments as of December 31, 2024, and December 31, 2023, at amortized cost and fair value of investments was as follows (dollars in thousands):
December 31, 2024 | Investments at Amortized Cost | Amortized Cost Percentage of Total Portfolio | Investments at Fair Value | Fair Value Percentage of Total Portfolio | |||||||||||
First Lien Debt | $ | 123,068 | 64.4 | % | $ | 111,460 | 64.7 | % | |||||||
Second Lien Debt | 10,623 | 5.5 | % | 9,051 | 5.3 | % | |||||||||
Subordinated Debt | 26,996 | 14.1 | % | 22,858 | 13.3 | % | |||||||||
Collateralized Loan Obligations | 852 | 0.4 | % | 940 | 0.5 | % | |||||||||
Joint Venture | 4,170 | 2.2 | % | 4,153 | 2.4 | % | |||||||||
Equity | 25,723 | 13.4 | % | 23,828 | 13.8 | % | |||||||||
Total | $ | 191,432 | 100.0 | % | $ | 172,290 | 100.0 | % |
December 31, 2023 | Investments at Amortized Cost | Amortized Cost Percentage of Total Portfolio | Investments at Fair Value | Fair Value Percentage of Total Portfolio | |||||||||||
First Lien Debt | $ | 128,537 | 65.4 | % | $ | 124,007 | 65.4 | % | |||||||
Second Lien Debt | 8,968 | 4.6 | % | 7,918 | 4.2 | % | |||||||||
Subordinated Debt | 26,573 | 13.5 | % | 23,548 | 12.4 | % | |||||||||
Collateralized Loan Obligations | 1,600 | 0.8 | % | 1,600 | 0.8 | % | |||||||||
Joint Venture | 440 | 0.2 | % | 450 | 0.2 | % | |||||||||
Equity | 30,400 | 15.5 | % | 32,135 | 17.0 | % | |||||||||
Total | $ | 196,518 | 100.0 | % | $ | 189,658 | 100.0 | % | |||||||
Interest Rate Risk
Based on our consolidated statements of assets and liabilities as of December 31, 2024, the following table shows the annual impact on net income (excluding the potential related incentive fee impact) of base rate changes in interest rates (considering interest rate floors for variable rate securities), assuming no changes in our investment and borrowing structure (dollars in thousands):
Basis Point Change | Increase (decrease) in interest income | (Increase) decrease in interest expense | Increase (decrease) in net income | ||||||||
Up 300 basis points | $ | 4,095 | $ | (1,487 | ) | $ | 2,608 | ||||
Up 200 basis points | 2,730 | (991 | ) | 1,739 | |||||||
Up 100 basis points | 1,365 | (496 | ) | 869 | |||||||
Down 100 basis points | (1,365 | ) | 496 | (869 | ) | ||||||
Down 200 basis points | (2,675 | ) | 991 | (1,684 | ) | ||||||
Down 300 basis points | (3,879 | ) | 1,487 | (2,392 | ) | ||||||
Conference Call and Webcast
We will hold a conference call on Friday, March 14, 2025, at 11:30 a.m. Eastern Time to discuss the fourth quarter and full year 2024 financial results. Stockholders, prospective stockholders, and analysts are welcome to listen to the call or attend the webcast.
To access the conference call, please dial (646) 968-2525 approximately 10 minutes prior to the start of the call and use the conference ID 1779602.
A replay of this conference call will be available shortly after the live call through March 21, 2025.
A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis on the Company’s website www.loganridgefinance.com in the Investor Resources section under Events and Presentations. The webcast can also be accessed by clicking the following link: https://edge.media-server.com/mmc/p/h9fj5e3y. The online archive of the webcast will be available on the Company’s website shortly after the call.
About Logan Ridge Finance Corporation
Logan Ridge Finance Corporation (Nasdaq: LRFC) is a business development company that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. The Company invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit www.loganridgefinance.com.
About Mount Logan Capital Inc.
Mount Logan Capital Inc. (“MLC”) is an alternative asset management company that is focused on public and private debt securities in the North American market. MLC seeks to source and actively manage loans and other debt-like securities with credit-oriented characteristics. MLC actively sources, evaluates, underwrites, manages, monitors, and primarily invests in loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.
About BC Partners Advisors L.P. and BC Partners Credit
BC Partners is a leading international investment firm in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades. Today, BC Partners executives operate across markets as an integrated team through the firm's offices in North America and Europe. For more information, please visit www.bcpartners.com.
BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking” statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, including with respect to the proposed merger with PTMN, and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include those risk factors detailed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC.
Any forward-looking statements speak only as of the date of this communication. The Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
Contacts:
Logan Ridge Finance Corporation
650 Madison Avenue, 3rd Floor
New York, NY 10022
Brandon Satoren
Chief Financial Officer
Brandon.Satoren@bcpartners.com
(212) 891-2880
Lena Cati
The Equity Group Inc.
lcati@equityny.com
(212) 836-9611
Val Ferraro
The Equity Group Inc.
vferraro@equityny.com
(212) 836-9633
Logan Ridge Finance Corporation Consolidated Statements of Assets and Liabilities (in thousands, except share and per share data) | |||||||
As of December 31, 2024 | As of December 31, 2023 | ||||||
ASSETS | |||||||
Investments at fair value: | |||||||
Non-control/non-affiliate investments (amortized cost of | $ | 138,079 | $ | 161,880 | |||
Affiliate investments (amortized cost of | 34,211 | 27,778 | |||||
Total investments at fair value (amortized cost of | 172,290 | 189,658 | |||||
Cash and cash equivalents | 15,015 | 3,893 | |||||
Interest and dividend receivable | 1,404 | 1,374 | |||||
Prepaid expenses | 2,543 | 2,163 | |||||
Receivable for unsettled trades | 1,082 | — | |||||
Other assets | 335 | — | |||||
Total assets | $ | 192,669 | $ | 197,088 | |||
LIABILITIES | |||||||
2026 Notes (net of deferred financing costs and original issue discount of | $ | 49,306 | $ | 48,943 | |||
2032 Convertible Notes (net of deferred financing costs and original issue discount of | 7,061 | 14,001 | |||||
KeyBank Credit Facility (net of deferred financing costs of | 47,607 | 38,571 | |||||
Management and incentive fees payable | 834 | 869 | |||||
Interest and financing fees payable | 942 | 949 | |||||
Accounts payable and accrued expenses | 1,820 | 833 | |||||
Payable for unsettled trades | — | 3,747 | |||||
Total liabilities | $ | 107,570 | $ | 107,913 | |||
Commitments and contingencies | |||||||
NET ASSETS | |||||||
Common stock, par value | $ | 27 | $ | 27 | |||
Capital in excess of par value | 188,858 | 188,405 | |||||
Total distributable loss | (103,786 | ) | (99,257 | ) | |||
Total net assets | $ | 85,099 | $ | 89,175 | |||
Total liabilities and net assets | $ | 192,669 | $ | 197,088 | |||
Net asset value per share | $ | 32.04 | $ | 33.34 | |||
Logan Ridge Finance Corporation Consolidated Statements of Operations (in thousands, except share and per share data) | |||||||||||
For the Years Ended December 31, | |||||||||||
2024 | 2023 | 2022 | |||||||||
INVESTMENT INCOME | |||||||||||
Interest income: | |||||||||||
Non-control/non-affiliate investments | $ | 17,186 | $ | 18,536 | $ | 12,732 | |||||
Affiliate investments | 1,071 | (170 | ) | 706 | |||||||
Control investments | — | — | 228 | ||||||||
Total interest income | 18,257 | 18,366 | 13,666 | ||||||||
Payment-in-kind interest and dividend income: | |||||||||||
Non-control/non-affiliate investments | 1,404 | 1,322 | (1) | 919 | |||||||
Affiliate investments | 473 | 162 | 187 | ||||||||
Total payment-in-kind interest and dividend income | 1,877 | 1,484 | 1,106 | ||||||||
Dividend income: | |||||||||||
Affiliate investments | 198 | 68 | 14 | ||||||||
Total dividend income | 198 | 68 | 14 | ||||||||
Other income: | |||||||||||
Non-control/non-affiliate investments | 276 | 258 | 141 | ||||||||
Affiliate investments | 308 | 1 | — | ||||||||
Total other income | 584 | 259 | 141 | ||||||||
Total investment income | 20,916 | 20,177 | 14,927 | ||||||||
EXPENSES | |||||||||||
Interest and financing expenses | 8,425 | 8,329 | 7,815 | ||||||||
Base management fee | 3,496 | 3,658 | 3,861 | ||||||||
Directors' expense | 576 | 540 | 493 | ||||||||
Administrative service fees | 933 | 895 | 620 | ||||||||
General and administrative expenses | 3,306 | 2,908 | 3,300 | ||||||||
Total expenses | 16,736 | 16,330 | 16,089 | ||||||||
NET INVESTMENT INCOME | 4,180 | 3,847 | (1,162 | ) | |||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | |||||||||||
Net realized gain (loss) on investments: | |||||||||||
Non-control/non-affiliate investments | (2,281 | ) | (16,393 | ) | 17,312 | ||||||
Affiliate investments | 10,826 | — | 1,672 | ||||||||
Control investments | — | — | (5,215 | ) | |||||||
Net realized gain (loss) on investments | 8,545 | (16,393 | ) | 13,769 | |||||||
Net change in unrealized appreciation (depreciation) on investments: | |||||||||||
Non-control/non-affiliate investments | (6,986 | ) | 5,075 | (25,434 | ) | ||||||
Affiliate investments | (5,296 | ) | 4,989 | (1,208 | ) | ||||||
Control investments | — | — | 2,011 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | (12,282 | ) | 10,064 | (24,631 | ) | ||||||
Total net realized and change in unrealized loss on investments | (3,737 | ) | (6,329 | ) | (10,862 | ) | |||||
Net realized loss on extinguishment of debt | (472 | ) | — | — | |||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (29 | ) | $ | (2,482 | ) | $ | (12,024 | ) | ||
NET INCREASE (DECREASE) IN NET ASSETS PER SHARE RESULTING FROM OPERATIONS – BASIC & DILUTED (SEE NOTE 10) | $ | (0.01 | ) | $ | (0.92 | ) | $ | (4.44 | ) | ||
WEIGHTED AVERAGE COMMON STOCK OUTSTANDING – BASIC & DILUTED (SEE NOTE 10) | 2,673,381 | 2,694,857 | 2,711,068 | ||||||||
DISTRIBUTIONS PAID PER SHARE | $ | 1.34 | $ | 0.96 | $ | — | |||||
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(1) During the year ended December 31, 2023, the Company received
