Globenewswire·2025-05-08 21:06Core Insights - Logan Ridge Finance Corporation reported solid first quarter results with a net investment income of $0.35 per share and a net asset value of $29.66 per share as of March 31, 2025 [1][8] - The company declared a distribution of $0.36 per share for the second quarter of 2025, payable on May 29, 2025 [3] - The company successfully exited its equity investment in GA Communications, Inc., further reducing its non-yielding equity portfolio [1][4] - Investors are encouraged to vote in favor of the proposed merger with Portman Ridge Finance Corporation, which is expected to enhance operational efficiencies and shareholder value [1][6] Financial Performance - Total investment income for the first quarter of 2025 was $4.6 million, a decrease from $5.4 million in the previous quarter [8][9] - Net investment income was $0.9 million, or $0.35 per share, down from $1.5 million or $0.56 per share in the prior quarter [8][12] - Net asset value decreased to $29.66 per share from $32.04 per share as of December 31, 2024 [8][12] - The company made approximately $15.1 million in investments and had $12.4 million in repayments and sales, resulting in a net deployment of approximately $2.7 million during the quarter [8][12] Portfolio Management - The company reduced its legacy equity portfolio to 10.8% of its total portfolio at fair value, down from 13.8% in the previous quarter and 18.2% in the first quarter of 2024 [4] - As of March 31, 2025, the investment portfolio consisted of 59 companies with a total fair value of approximately $169.6 million, compared to $172.3 million as of December 31, 2024 [12] - The debt investment portfolio represented 86.6% of the total portfolio's fair value, with a weighted average annualized yield of approximately 10.7% [12] Operational Highlights - Total operating expenses decreased to $3.7 million for the first quarter of 2025, down from $4.1 million in the same quarter of 2024 [9][10] - The company experienced a net realized gain on investments of $2.6 million, while the net change in unrealized depreciation on investments was $(8.8) million [10][32] - The asset coverage ratio as of March 31, 2025, was 179.4% [12]