Logan Ridge Finance (US:LRFC)2023-05-11 14:17Financial Performance - Net Investment Income (NII) was $1.1 million, or $0.40 per share, including $0.06 of non-recurring NII, marking the third consecutive quarter of positive NII and a 69% increase over the prior quarter[15] - Total investment income for Q1 2023 increased by $2.0 million to $5.3 million, compared to Q1 2022[17] - Net asset value (NAV) as of March 31, 2023, was $93.8 million, or $34.63 per share, compared to $95.0 million, or $35.04 per share, as of December 31, 2022[52] Portfolio Composition and Credit Quality - As of March 31, 2023, the portfolio consisted of investments in 59 portfolio companies with a fair value of approximately $203.3 million[25] - Debt investment portfolio represented 83.1% of the fair value of the total portfolio, with a weighted average annualized yield of approximately 10.7%[18] - First lien debt comprised 67.7% of the total investment portfolio in Q1 2023[35] - Non-accrual investments at fair value were $10.0 million, representing 4.9% of the total fair value of the investment portfolio as of March 31, 2023[37, 66] Capital Structure and Distribution - The company declared a distribution of $0.22 per share payable on May 31, 2023, representing a 22% increase compared to the $0.18 per share dividend declared in Q1 2023[53, 77] - The company repurchased 1,625 shares at an aggregate cost of approximately $34,000 under its $5 million share repurchase program in Q1 2023[16, 79] - As of March 31, 2023, 83.4% of the investment portfolio was in variable rate investments[39]