Logan Ridge Finance (LRFC) - 2024 Q4 - Annual Results

Investment Income - Total investment income for Q4 2024 was $5.4 million, up from $5.1 million in Q3 2024 and $4.4 million in Q4 2023[6] - Net investment income for Q4 2024 increased to $1.5 million, or $0.56 per share, compared to $1.0 million, or $0.37 per share in Q3 2024, and $0.6 million, or $0.22 per share in Q4 2023[6] - Total investment income for the full year 2024 was $20.9 million, an increase of $0.7 million from $20.2 million in 2023[15] - Net investment income for the full year 2024 was $4.2 million, or $1.56 per share, compared to $3.8 million, or $1.43 per share in 2023[15] - Total investment income for the year ended December 31, 2024, was $20,916,000, an increase of 3.7% compared to $20,177,000 in 2023[33] - Net investment income rose to $4,180,000 in 2024, compared to $3,847,000 in 2023, marking an increase of 8.7%[33] - Interest income from non-control/non-affiliate investments was $17,186,000 in 2024, down from $18,536,000 in 2023, a decrease of 7.3%[33] - The company experienced a net realized gain on investments of $8,545,000 in 2024, compared to a loss of $16,393,000 in 2023, indicating a significant recovery in investment performance[33] Asset and Liability Management - Net asset value as of December 31, 2024, was $32.04 per share, down from $32.31 per share as of September 30, 2024, and $33.34 per share as of December 31, 2023[6] - As of December 31, 2024, total assets decreased to $192,669,000 from $197,088,000 in 2023, representing a decline of approximately 2.1%[31] - Total liabilities slightly decreased to $107,570,000 in 2024 from $107,913,000 in 2023, a reduction of about 0.3%[31] Shareholder Returns - Total stockholder distributions for 2024 amounted to $1.34 per share, compared to $0.96 per share in 2023[7] - The company approved a dividend of $0.36 per share for Q1 2025, representing a 13% increase from the $0.32 per share distributed in Q1 2024[11] Investment Activity - The company made approximately $38.3 million in investments and had $55.0 million in repayments and sales of investments for the full year 2024, resulting in net repayments of approximately $16.7 million[15] - The company exited its equity investment in GA Communications, Inc., further reducing its non-yielding equity portfolio[3] Strategic Initiatives - A merger agreement with Portman Ridge Finance Corporation aims to enhance shareholder value through greater scale and improved operational efficiencies[10] - The company plans to hold a conference call on March 14, 2025, to discuss the fourth quarter and full year 2024 financial results[19] Operational Performance - The company reported a net decrease in net assets resulting from operations of $29,000 for the year ended December 31, 2024, compared to a loss of $2,482,000 in 2023[33] - The company’s cash and cash equivalents increased significantly to $15,015,000 in 2024 from $3,893,000 in 2023, an increase of approximately 285.5%[31]