Logan Ridge Finance Corp. false 0001571329 0001571329 2025-03-13 2025-03-13

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): March 13, 2025

 

 

Logan Ridge Finance Corporation

(Exact Name of Registrant as Specified in Charter)

 

 

 

Maryland   814-01022   90-0945675

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

650 Madison Avenue, 3rd Floor

New York, New York

  10022
(Address of Principal Executive Offices)   (Zip Code)

(212) 891-2880

(Registrant’s Telephone Number, Including Area Code)

NOT APPLICABLE

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading

symbol(s)

 

Name of Each Exchange

on Which Registered

Common Stock, par value $0.01 per share   LRFC   NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 


Item 2.02. Results of Operations and Financial Condition.

On March 13, 2025, Logan Ridge Finance Corporation issued a press release announcing its financial results for the fiscal quarter and year ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

 

Exhibit Number

  

Description

99.1    Press Release, dated March 13, 2025
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: March 13, 2025   By:  

/s/ Brandon Satoren

    Name:   Brandon Satoren
    Title:   Chief Financial Officer
LOGO    Exhibit 99.1

Logan Ridge Finance Corporation Announces

Fourth Quarter and Full Year 2024 Financial Results

Reports Strong Fourth Quarter Results with Net Investment Income of $0.56 Per Share and a Net Asset Value of $32.04 Per Share

Declared a Distribution of $0.36 Per Share for the First Quarter of 2025

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 – 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.

 

1


   

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 $20.9 million, net investment income of $4.2 million, or $1.56 per share, and the sale of our largest equity position, Nth Degree, above its prior quarter fair value. This exit was a major achievement in our long-term strategy to rotate out of the legacy equity portfolio, which has been a central focus of our strategy. Further, subsequent to quarter end, LRFC exited its second largest non-yielding equity investment in GA Communications, Inc. Finally, during the year, we also strengthened the Company’s balance sheet by amending and extending our revolving credit facility with KeyBank National Association, reducing the Company’s overall cost of capital while creating meaningful additional borrowing capacity to provide it with further financial flexibility.

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 $0.36 per share for the first quarter of 2025, which remains the same from the fourth quarter of 2024 and represents a 13% increase compared to the $0.32 per share distributed in the first quarter of 2024.

We are proud of our achievements and will continue to execute on our business plan to provide meaningful returns to our stakeholders.”

 

2


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 approximately 10.7% (excluding income from non-accruals and collateralized loan obligations), compared to a debt investment portfolio of approximately 82.0% with a weighted average annualized yield of approximately 11.1% (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 to 13.6% 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, representing 9.0% and 4.6% 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, representing 8.7% and 6.8% 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
  

 

 

    

 

 

 

 

3


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.

 

4


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.

 

5


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

 

6


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 $152,393 and $170,972, respectively)

   $ 138,079     $ 161,880  

Affiliate investments (amortized cost of $39,039 and $25,546, respectively)

     34,211       27,778  
  

 

 

   

 

 

 

Total investments at fair value (amortized cost of $191,432 and $196,518, respectively)

     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 $694 and $1,057, respectively)

   $ 49,306     $ 48,943  

2032 Convertible Notes (net of deferred financing costs and original issue discount of $439 and $999, respectively)

     7,061       14,001  

KeyBank Credit Facility (net of deferred financing costs of $1,147 and $982, respectively)

     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 $0.01, 100,000,000 shares of common stock authorized, 2,655,898 and 2,674,698 shares of common stock issued and outstanding, respectively

   $ 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  

 

7


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     $ —   

 

(1)

During the year ended December 31, 2023, the Company received $0.2 million of non-recurring income that was paid-in-kind and included in this financial statement line item.

 

8

v3.25.0.1
Document and Entity Information
Mar. 13, 2025
Cover [Abstract]  
Entity Registrant Name Logan Ridge Finance Corp.
Amendment Flag false
Entity Central Index Key 0001571329
Document Type 8-K
Document Period End Date Mar. 13, 2025
Entity Incorporation State Country Code MD
Entity File Number 814-01022
Entity Tax Identification Number 90-0945675
Entity Address, Address Line One 650 Madison Avenue
Entity Address, Address Line Two 3rd 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
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.01 per share
Trading Symbol LRFC
Security Exchange Name NASDAQ
Entity Emerging Growth Company false

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