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Logan Ridge Finance Corporation (LRFC+0.83%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total investment income of $20.9 million, up from $20.2 million in the previous year. The increase is attributed to a larger interest-earning debt portfolio.
Operating expenses for the year were $16.7 million, compared to $16.3 million in the previous year. The increase was primarily due to higher professional fees.
The company reported net investment income of $4.2 million, compared to $3.8 million in the previous year.
Logan Ridge realized net gains of $8.5 million on investments, a reversal from the $16.4 million in net losses realized in the previous year.
The net change in unrealized depreciation on investments was $12.3 million, compared to unrealized appreciation of $10.1 million in the previous year.
The company had $15.0 million in cash and cash equivalents as of December 31, 2024, with net assets totaling $85.1 million.
Logan Ridge's portfolio consisted of investments in 59 portfolio companies with a fair value of approximately $172.3 million as of December 31, 2024.
The company made approximately $38.3 million in new investments during the year, with $55.0 million in repayments and sales, resulting in net repayments and sales of approximately $16.7 million.
The weighted average annualized yield of the debt investment portfolio was 10.7% as of December 31, 2024.
Logan Ridge's asset coverage ratio was 179% as of December 31, 2024, following a change in the asset coverage requirement from 200% to 150% effective November 1, 2019.
The filing details the company's credit facilities, including the KeyBank Credit Facility with $48.8 million drawn and a maturity date of August 21, 2029.
Logan Ridge also reported $7.5 million outstanding in 2032 Convertible Notes and $50.0 million in 2026 Notes.
The company declared distributions of $1.34 per share for the year ended December 31, 2024, compared to $0.96 per share in the previous year.
Logan Ridge continues to operate as a business development company, focusing on investments in first lien loans, second lien loans, and equity securities issued by lower and traditional middle-market companies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Logan Ridge Finance Corporation annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.