Logan Ridge Finance Corporation Announces Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Logan Ridge Finance Corporation reported strong financial results for the fourth quarter and full year ended December 31, 2024, with net investment income of $0.56 per share and a net asset value of $32.04 per share [1][5][10] - The company declared a distribution of $0.36 per share for the first quarter of 2025, maintaining the same level as the previous quarter and representing a 13% increase compared to the first quarter of 2024 [1][9] - A merger agreement with Portman Ridge Finance Corporation aims to create shareholder value through greater scale, enhanced liquidity, and improved operational efficiencies [1][4][8] Financial Performance - 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 [5] - For the full year 2024, total investment income increased to $20.9 million from $20.2 million in 2023 [10] - Net investment income for Q4 2024 was $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 [5][10] - The company repurchased 16,598 shares in Q4 2024 at a cost of approximately $0.4 million, resulting in $0.04 per share of NAV accretion [5] Investment Strategy - The company made approximately $26.1 million in investments and had $29.5 million in repayments and sales during Q4 2024, resulting in net repayments of approximately $3.4 million [5] - For the full year 2024, the company made approximately $38.3 million in investments and had $55.0 million in repayments and sales, leading to net repayments of approximately $16.7 million [10][14] - The investment portfolio as of December 31, 2024, consisted of 59 portfolio companies with a fair value of approximately $172.3 million, down from 60 companies valued at approximately $189.7 million as of December 31, 2023 [10] Merger and Future Outlook - The merger with Portman Ridge Finance Corporation is expected to enhance operational efficiencies and shareholder value [4][8] - The merger agreement has been approved by the boards of both companies and is subject to stockholder approvals [6] - The company aims to continue executing its business plan to provide meaningful returns to stakeholders following the merger [9]