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LOGAN RIDGE FINANCE Logan Ridge Finance Corporation Reports Third Quarter 2021 Earnings Results November 10 , 2021 NEW YORK , Nov. 10 , 2021 ( GLOBE NEWSWIRE ) -- Logan Ridge Finance Corporation ( " LRFC " or the " Company " ) ( Nasdaq : LRFC ) today announced its financial results for the third quarter of 2021 . Third Quarter 2021 Overview • The Company received an investment grade credit rating of " BBB- " from Egan - Jones Rating Company . • Total debt - to - equity of 1.1x as of September 30 , 2021 , compared to 1.3x as of June 30 , 2021 , 1.6x as of March 31 , 2021 and 2.0x as of December 31 , 2020 . • As of September 30 , 2021 , the Company's investment portfolio consisted of investments in 33 portfolio companies with an aggregate fair value of approximately $ 195.4 million . The debt investment portfolio , which represented 69.1 % of the fair value of the total portfolio , had a yield of approximately 8.9 % . • During the quarter , the Company made approximately $ 33.3 million of investments and had approximately $ 64.1 million in repayments and sales , resulting in net repayments and sales of approximately $ 30.8 million for the period . • During the quarter , the Company successfully exited equity investments in three portfolio companies generating $ 11.2 million in proceeds that can be redeployed into interest earning investments originated by Mount Logan Management , part of the BC Partners Credit platform . These equity investments were collectively valued at $ 10.2 million in the prior quarter . • Subsequent to quarter end , the Company issued $ 50 million in aggregate principal amount of 5.25 % Senior Unsecured Notes due 2026 . Management Commentary Ted Goldthorpe , Chief Executive Officer and President of LRFC , said , " In the third quarter , we made solid progress in repositioning the investment portfolio , improving the Company's capital structure and maintaining our focus on operating expenses . Originations and repayments were active during the quarter , and we expect this pace to continue through the end of year . We are pleased with our progress on deleveraging the balance sheet as well as the successful refinancing of a substantial portion of the Company's long - term notes lowering our overall cost of debt . Over time , we believe each of these initiatives will go toward generating value for stockholders . " Selected Financial Highlights Total investment income was $ 3.4 million for the third quarter of 2021 , compared to $ 5.0 million for the second quarter of 2021. The decline in interest income was due primarily to lower average outstanding debt investments compared to the prior quarter . Total expenses for the third quarter of 2021 were $ 4.9 million , compared to $ 5.0 million for the second quarter of 2021. Interest and financing fees decreased by $ 0.4 million , management fees decreased by $ 0.2 million and other general and administrative costs increased by $ 0.5 million compared to the prior quarter . The decrease in expenses quarter - to - quarter was driven primarily by lower financing costs and lower management fees as a result of a smaller portfolio , partially offset by higher administrative expenses driven primarily by $ 0.4 million of one - time accelerated expenses during the third quarter . Net realized gains totaled $ 7.4 million , or $ 2.74 per share , for the third quarter of 2021 , compared to net realized gains of $ 6.9 million , or $ 2.26 per share , for the second quarter of 2021 . Net change in unrealized depreciation totaled $ 9.4 million , or $ ( 3.47 ) per share , for the third quarter of 2021 , compared to net change in unrealized depreciation of $ 13.7 million , or $ ( 5.06 ) per share , for the second quarter of 2021 . The net decrease in assets resulting from operations was $ 3.5 million , or $ ( 1.29 ) per share , for the third quarter of 2021 , compared to a net decrease of $ 7.6 million , or $ ( 2.79 ) per share , for the second quarter of 2021 . As of September 30 , 2021 , total borrowings outstanding were $ 124.9 million . This balance was comprised of $ 72.8 million of 6.0 % fixed - rate notes due 2022 and $ 52.1 million of 5.75 % fixed - rate convertible notes due 2022. There were no outstanding draws on the KeyBank credit facility . Subsequent to quarter - end , the Company announced the receipt of a " BBB- " investment grade credit rating from Egan - Jones Rating Company and issued $ 50 million in aggregate principal amount of 5.25 % Senior Unsecured Notes due 2026 in a private placement transaction on October 29 , 2021 . On November 1 , 2021 , the Company notified the trustee for the Company's 6.0 % fixed - rate notes due 2022 of its election to redeem $ 50 million aggregate principal amount outstanding of these notes . The Company expects the redemption to be completed on December 6 , 2021. Following this redemption , $ 22.8 million aggregate principal amount of the 6.0 % fixed - rate notes due 2022 will remain outstanding