Logan Ridge Finance (US:LRFC)2025-05-09 12:32Financial Performance - Q1 2025 - Total investment income was $46 million for Q1 2025, compared to $54 million in Q4 2024 and $50 million in Q1 2024[5] - Net Investment Income (NII) was $09 million, or $035 per share, for Q1 2025, the same as Q1 2024, but lower than the $15 million, or $056 per share, in Q4 2024[5] - Net asset value was $2966 per share as of March 31, 2025, down from $3204 per share as of December 31, 2024[5] - The company deployed $151 million in investments and had $124 million in repayments and sales, resulting in a net deployment of $27 million[5] Portfolio Composition - Q1 2025 - The portfolio consisted of investments in 59 companies with a fair value of $1696 million as of March 31, 2025, slightly down from $1723 million as of December 31, 2024[5] - Debt investments represented 866% of the portfolio's fair value with a weighted average annualized yield of 107%, compared to 833% in the previous quarter with the same yield[5] - First lien debt accounted for 676% of the total portfolio and 781% of the debt portfolio[9] - Equity investments constituted 108% of the total portfolio[9] Asset Quality - Q1 2025 - Non-accrual investments remained in three portfolio companies, with an amortized cost of $172 million and a fair value of $37 million, representing 87% and 22% of the investment portfolio's amortized cost and fair value, respectively[5] Capital Structure and Liquidity - Q1 2025 - Cash and cash equivalents were $51 million as of March 31, 2025, down from $150 million as of December 31, 2024[5] - The asset coverage ratio as of March 31, 2025, was 1794%[5] Strategic Initiatives and Distributions - The Board approved a Q2 2025 distribution of $036 per share, payable on May 29, 2025[5, 26] - Logan Ridge will merge with Portman Ridge Finance Corporation (NASDAQ: PTMN), with LRFC shareholders receiving 150 newly issued shares of PTMN for each share of LRFC[5]