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Logan Ridge Finance (LRFC) - 2024 Q4 - Annual Results
LRFCLogan Ridge Finance (LRFC)2025-03-13 21:16

Investment Income - Total investment income for Q4 2024 was 5.4million,upfrom5.4 million, up from 5.1 million in Q3 2024 and 4.4millioninQ42023[6]−NetinvestmentincomeforQ42024increasedto4.4 million in Q4 2023[6] - Net investment income for Q4 2024 increased to 1.5 million, or 0.56pershare,comparedto0.56 per share, compared to 1.0 million, or 0.37pershareinQ32024,and0.37 per share in Q3 2024, and 0.6 million, or 0.22pershareinQ42023[6]−Totalinvestmentincomeforthefullyear2024was0.22 per share in Q4 2023[6] - Total investment income for the full year 2024 was 20.9 million, an increase of 0.7millionfrom0.7 million from 20.2 million in 2023[15] - Net investment income for the full year 2024 was 4.2million,or4.2 million, or 1.56 per share, compared to 3.8million,or3.8 million, or 1.43 per share in 2023[15] - Total investment income for the year ended December 31, 2024, was 20,916,000,anincreaseof3.720,916,000, an increase of 3.7% compared to 20,177,000 in 2023[33] - Net investment income rose to 4,180,000in2024,comparedto4,180,000 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 17,186,000in2024,downfrom17,186,000 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 8,545,000in2024,comparedtoalossof8,545,000 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 32.04pershare,downfrom32.04 per share, down from 32.31 per share as of September 30, 2024, and 33.34pershareasofDecember31,2023[6]−AsofDecember31,2024,totalassetsdecreasedto33.34 per share as of December 31, 2023[6] - As of December 31, 2024, total assets decreased to 192,669,000 from 197,088,000in2023,representingadeclineofapproximately2.1197,088,000 in 2023, representing a decline of approximately 2.1%[31] - Total liabilities slightly decreased to 107,570,000 in 2024 from 107,913,000in2023,areductionofabout0.3107,913,000 in 2023, a reduction of about 0.3%[31] Shareholder Returns - Total stockholder distributions for 2024 amounted to 1.34 per share, compared to 0.96persharein2023[7]−Thecompanyapprovedadividendof0.96 per share in 2023[7] - The company approved a dividend of 0.36 per share for Q1 2025, representing a 13% increase from the 0.32persharedistributedinQ12024[11]InvestmentActivity−Thecompanymadeapproximately0.32 per share distributed in Q1 2024[11] Investment Activity - The company made approximately 38.3 million in investments and had 55.0millioninrepaymentsandsalesofinvestmentsforthefullyear2024,resultinginnetrepaymentsofapproximately55.0 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 29,000fortheyearendedDecember31,2024,comparedtoalossof29,000 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 15,015,000in2024from15,015,000 in 2024 from 3,893,000 in 2023, an increase of approximately 285.5%[31]