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LOGAN RIDGE FINANCE Logan Ridge Finance Corporation Reports Second Quarter 2021 Earnings Results August 16 , 2021 Company to Host Quarterly Conference Call at 11:00 AM ET Today NEW YORK , Aug. 16 , 2021 ( GLOBE NEWSWIRE ) -- Logan Ridge Finance Corporation ( " LRFC " or the " Company " ) ( NASDAQ : LRFC ) today announced its financial results for the second quarter of 2021 . Previously Announced Adviser Transition On April 21 , 2021 , the Company announced it had entered into an agreement to transition to a new investment adviser , Mount Logan Management LLC ( " Mount Logan " ) , a wholly - owned subsidiary of Mount Logan Capital Inc. ( " MLC " ) , both affiliates of BC Partners Advisors L.P. ( " BC Partners " ) for U.S. regulatory purposes . The transition was approved at a special meeting of the Company's stockholders held on May 27 , 2021 and was completed on July 1 , 2021 . Second Quarter 2021 Overview • Net asset value per share of $ 41.96 at June 30 , 2021 , compared to $ 44.74 at March 31 , 2021 . Repaid $ 71.0 million of SBA - guaranteed debentures and relinquished the corresponding SBIC license . • Total debt - to - equity of 1.3x at June 30 , 2021 , compared to 1.6x at March 31 , 2021 and 2.0x at December 31 , 2020 . As of June 30 , 2021 , the Company's investment portfolio consisted of investments in 32 portfolio companies with an aggregate fair value of approximately $ 228.0 million . The debt investment portfolio , which represented 67.7 % of the fair value of the total portfolio , had a yield of approximately 9.9 % . ● During the quarter , the Company made approximately $ 10.0 million of investments and had approximately $ 33.5 million in repayments and sales , resulting in net repayments and sales of approximately $ 23.5 million for the period . . Subsequent to quarter - end , the Company has repaid the KeyBank credit facility in full . Management Commentary Ted Goldthorpe , Chief Executive Officer and President of LRFC , said , " We are pleased to have successfully completed the investment adviser transition to Mount Logan on July 1st . We are actively working to optimize the Company's capital structure and to rotate out of non - income generating investments over time . Longer - term , our objective is to lower operational costs and increase scale , which we believe will enhance value for stockholders . " Selected Financial Highlights Total investment income was $ 5.0 million for the second quarter of 2021 , compared to $ 4.9 million for the first quarter of 2021. Lower interest and fee income was offset primarily by non - recurring dividends received from portfolio companies during the quarter . Total expenses for the second quarter of 2021 were $ 5.0 million , compared to $ 5.7 million for the first quarter of 2021. Interest and financing fees decreased by $ 0.3 million , management fees decreased by $ 0.1 million and other general and administrative costs decreased by $ 0.3 million during the quarter . Net realized gains totaled $ 6.1 million ( including a loss of $ 0.8 million on the extinguishment of the SBA Debentures ) , or $ 2.26 per share , for the second quarter of 2021 , compared to net realized losses of $ 14.0 million , or $ ( 5.17 ) per share , for the first quarter of 2021 . Net change in unrealized depreciation totaled $ 13.7 million , or $ ( 5.06 ) per share , for the second quarter of 2021 , compared to net change in unrealized appreciation of $ 27.2 million , or $ 10.02 per share , for the first quarter of 2021 .