Q2 2024 Logan Ridge Finance Corp Earnings Call Transcript
Key Points
- Logan Ridge Finance Corp (LRFC) reported an increase in total investment income to $5.4 million, up by $400,000 from the previous quarter.
- The company declared a third-quarter distribution of $0.33 per share, nearly double the $0.18 per share from the first quarter of 2023.
- No new investments were placed on nonaccrual status during the quarter, indicating strong underlying credit performance.
- The portfolio's weighted average annualized yield increased by 50 basis points compared to the prior year.
- Logan Ridge Finance Corp (LRFC) has a strong pipeline of new opportunities and continues to see attractive opportunities for capital deployment.
- Total operating expenses increased by approximately $0.6 million to $4.6 million, largely due to nonrecurring professional fees and higher financing costs.
- Net investment income decreased to $0.8 million from $0.9 million in the previous quarter.
- Net asset value decreased by $1.5 million to $88.7 million, driven by net realized and unrealized losses on the portfolio.
- The company had four debt investments on nonaccrual status, representing 8.5% of the investment portfolio at cost.
- Logan Ridge Finance Corp (LRFC) did not conduct any share repurchases during the quarter due to being blacked out.
Good morning, and welcome to Logan Ridge Finance Corporation's second quarter ended June 30, 2024, earnings conference call. And earnings press release was distributed yesterday, August 8, after the close of the market. A copy of the release, along with supplemental earnings presentation is available on the company's website at www.loganridgefinance.com in the investor resources section and should be reviewed in conjunction with the company's Form 10-Q filed with the SEC. As a reminder, this conference call is being recorded for replay purposes.
Please note that today's conference may contain forward-looking statements, which are not guarantees for future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the company's filings with the SEC.
Speaking on today's call will be Ted Goldthorpe, Chief Executive Officer, President and Director of Logan Ridge
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