Private Credit Portfolio Analysis | Logan Ridge Finance Corp Reports FY 2024 Results

Whats New:

Logan Ridge Finance Corp reported its fiscal year 2024 financial results, showing a decrease in total assets to $192.67 million as of December 31, 2024, compared to $197.09 million at the end of 2023. The fund's net asset value (NAV) per share decreased to $32.04 from $33.34 at the end of the previous year, reflecting a decline in portfolio value and stockholders' equity.

Portfolio Dynamics:

• Total assets decreased to $192.67 million as of December 31, 2024, from $197.09 million at the end of 2023.

• Investments owned at fair value declined to $172.29 million, down from $189.66 million at the end of 2023.

• Cash and cash equivalents increased significantly to $15.02 million from $3.89 million at the end of 2023.

Investment Activty:

• The fund reported $1.08 million in accounts receivable from unsettled trades, a new position compared to the end of 2023.

• Dividend and interest receivable slightly increased to $1.40 million from $1.37 million at the end of 2023.

• Prepaid expenses rose to $2.54 million from $2.16 million at the end of 2023.

Capital Structure:

• Total liabilities decreased slightly to $107.57 million from $107.91 million at the end of 2023.

• Stockholders' equity declined to $85.10 million from $89.18 million at the end of 2023.

• The fund maintained its common stock value at $27,000 and increased additional paid-in capital to $188.86 million from $188.41 million.

Performance Profile:

• Net asset value per share decreased to $32.04 as of December 31, 2024, compared to $33.34 at the end of 2023.

• Accumulated deficit increased to $103.79 million from $99.26 million at the end of 2023.

• The fund reported a net loss of $29,000 for the fiscal year 2024, an improvement from a $2.48 million loss in 2023.

Risk & Quality:

• Management and incentive fees payable decreased to $834,000 from $869,000 at the end of 2023.

• Interest payable slightly decreased to $942,000 from $949,000 at the end of 2023.

• Accounts payable and accrued liabilities increased to $1.82 million from $833,000 at the end of 2023.

The Wrap:

Logan Ridge Finance Corp's fiscal year 2024 results reflect a challenging period with decreased total assets and net asset value per share. While the fund improved its cash position and reduced its net loss compared to the previous year, it faced a decline in the fair value of its investments. The increase in accounts payable and accrued liabilities, coupled with the growing accumulated deficit, suggests ongoing operational challenges that the fund will need to address in the coming year.

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