Logan Ridge Finance Corporation Announces Fourth Quarter and Full Year 2023 Financial Results
- LRFC reported a net investment income of $0.6 million or $0.22 per share in the fourth quarter of 2023.
- The company made approximately $14.8 million of investments and had around $9.2 million in repayments and sales of investments in Q4 2023.
- LRFC repurchased 5,171 of its outstanding shares of common stock for an aggregate cost of approximately $0.1 million in Q4 2023.
- The company reported undistributed spillover earnings of $2.6 million, or $0.97 per share, as of December 31, 2023.
- LRFC repurchased 36,667 of its outstanding shares of common stock for an aggregate cost of approximately $0.8 million in 2023.
- LRFC's debt portfolio yield increased by 70 basis points compared to the prior year, enhancing earnings.
- The Board authorized a new share repurchase program of up to $5.0 million of outstanding shares of common stock on March 11, 2024.
- The Board approved a first quarter distribution of $0.32 per share payable on April 2, 2024, and appointed Brandon Satoren as the Chief Financial Officer effective April 1, 2024.
- LRFC's total investment income for 2023 increased by $5.3 million to $20.2 million compared to 2022.
- The company's net asset value as of December 31, 2023, was $89.2 million, or $33.34 per share.
- LRFC's cash and cash equivalents as of December 31, 2023, were $3.9 million.
- None.
Insights
The reported net investment income (NII) of $1.43 per share for Logan Ridge Finance Corporation marks a significant turnaround from the previous year's net investment loss of $0.43 per share. This positive shift is attributed to an increased total investment income of $20.2 million, up from $14.9 million. The company's strategic decisions, including portfolio adjustments and capital deployment, have contributed to this outcome. The increase in quarterly distribution to $0.32 per share, a 7% rise from the previous quarter, signals confidence in the company's earnings sustainability and may influence investor sentiment positively.
However, the decrease in net asset value (NAV) per share from $34.78 to $33.34 suggests a potential concern for valuation and investor returns. This could be indicative of underlying challenges within the portfolio or market conditions impacting asset valuations. Furthermore, the company's share repurchase program, resulting in NAV accretion, reflects a commitment to enhancing shareholder value. The repurchase of shares at a value perceived to be below intrinsic worth can be a positive signal to the market, potentially leading to a positive reevaluation of the stock.
The reported increase in yield on Logan Ridge's debt portfolio by 70 basis points compared to the previous year suggests an improved interest income scenario. This increase is likely a result of rising interest rates and strategically targeted higher-yielding investments. The company's judicious investment approach, marked by a net repayment and sales of approximately $10.5 million, indicates a conservative strategy in a volatile market. This could be a response to market uncertainties or a shift towards more secure, income-producing assets.
Additionally, the company's focus on rotating out of non-income producing legacy equity exposure aligns with a broader industry trend towards income-generating investments. This pivot could be a response to investor demand for more predictable income streams in an uncertain economic climate. The increased private market transaction activity, as noted by the CEO, may offer new opportunities for Logan Ridge to capitalize on favorable terms and pricing, potentially enhancing future earnings and investor returns.
The appointment of Brandon Satoren as Chief Financial Officer, effective April 1, 2024, follows corporate governance practices and is not expected to have immediate material financial impact. However, the transition in key management personnel can influence strategic direction and investor confidence. It is important to note that the departure of the former CFO, Jason T. Roos, was not due to any operational disagreements, mitigating concerns over potential internal conflicts or issues with financial practices. The continuity in leadership, with Mr. Satoren already serving in multiple roles within the company, may ensure a smooth transition and uphold investor trust.
Furthermore, the company's adherence to SEC Rule 10b-18 and the establishment of a Rule 10b5-1 plan for share repurchases demonstrates compliance with regulatory requirements, minimizing legal risks associated with share buyback programs. This compliance is important for maintaining corporate integrity and investor confidence in the company's governance practices.
Reports Strong 2023 Results with Net Investment Income of
As Previously Announced, Declared a Distribution of
Total Distributions Paid During 2023 Amount to
NEW YORK, March 26, 2024 (GLOBE NEWSWIRE) -- Logan Ridge Finance Corporation (“Logan Ridge”, “Logan”, “LRFC”, “Company”, “we”, “us” or “our”) (Nasdaq: LRFC) announced today its financial results for the fourth quarter and full year ended December 31, 2023.
Fourth Quarter 2023 Highlights
- Reported Net Investment Income (“NII”) of
$0.6 million or$0.22 per share (despite reversing$0.6 million , or$0.22 per share, of previously accrued income as a result of placing a portfolio company on non-accrual status in the fourth quarter). - Net asset value decreased to
$33.34 per share as of December 31, 2023 from$34.78 per share in the as of September 30, 2023. - The Company made approximately
$14.8 million of investments and had approximately$9.2 million in repayments and sales of investments, resulting in net deployment of approximately$5.6 million during the quarter ended December 31, 2023. - The Company repurchased 5,171 of its outstanding shares of common stock during the quarter ended December 31, 2023, for an aggregate cost of approximately
$0.1 million under the share repurchase program which resulted in$0.03 per share of NAV accretion.
Full Year 2023 Milestones
- Reported NII of
$3.8 million , or$1.43 per share, for the year ended December 31, 2023, as compared to a net investment loss of$1.2 million , or$0.43 per share, for the year ended December 31, 2022. - Restored the Company’s quarterly distribution during the first quarter of 2023, which has increased each quarter during the year. In total, the Company paid
$0.96 per share in quarterly distributions during 2023. - As of December 31, 2023, the Company reported undistributed spillover earnings of
$2.6 million , or$0.97 per share. - Repurchased 36,667 of the Company’s outstanding shares of common stock for an aggregate cost of approximately
$0.8 million under the share repurchase program which resulted in$0.18 per share of NAV accretion for stockholders. - Increased the yield on our debt portfolio by 70 basis points compared to the prior year, adding momentum to our earnings.
Subsequent Events
- On March 11, 2024, the Company’s Board of Directors authorized a new share repurchase program, whereby the Company may repurchase up to an aggregate of
$5.0 million of its outstanding shares of common stock in the open market. Unless extended or discontinued by the Company’s Board of Directors, the repurchase program will terminate on March 31, 2025. The repurchase program may be extended, modified, or discontinued at any time for any reason without prior notice. The repurchase program does not obligate the Company to acquire any specific number of shares, and all repurchases will be made in accordance with SEC Rule 10b-18 and accomplished through a Rule 10b5-1 plan, which sets certain restrictions on the method, timing, price and volume of share repurchases. - On March 11, 2024, the Company’s Board of Directors approved a first quarter distribution of
$0.32 per share payable on April 2, 2024, to stockholders of record as of March 25, 2024. - On March 11, 2024, Brandon Satoren was appointed by the Board as Chief Financial Officer of the Company, effective April 1, 2024. Mr. Satoren currently serves as the Chief Accounting Officer, Secretary and Treasurer of the Company, and will remain in those roles. Mr. Satoren serves as the Chief Accounting Officer, Secretary, and Treasurer of other registered investment companies within the broader BC Partners Credit platform, and has over 14 years of experience in the asset management industry.
The Company does not pay cash compensation or provide other benefits directly to Mr. Satoren or to any of its other executive officers. Mr. Satoren is an employee of BC Partners Advisors LP, the indirect sole owner of the Administrator, which is compensated for the services it provides to the Company pursuant to the terms of the Administration Agreement. Pursuant to the Administration Agreement, the Company makes payments equal to an amount that reimburses the Administrator for its costs and expenses in performing its obligations and providing personnel and facilities (including rent, office equipment and utilities) for the Company’s use under the Administration Agreement, including an allocable portion of the compensation paid to Mr. Satoren.
Mr. Satoren: (i) was not appointed as the Company’s Chief Financial Officer pursuant to any arrangement or understanding with any other person; (ii) does not have a family relationship with any of the Company’s directors or other executive officers; and (iii) there are no transactions in which Mr. Satoren has an interest requiring disclosure under Item 404(a) of Regulation S-K.
On March 11, 2024, the Board received and accepted the resignation of Jason T. Roos from his position as the Chief Financial Officer of the Company, effective March 31, 2024. Mr. Roos’ resignation is not related or due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Mr. Roos will serve in an advisory role at BC Partners Advisors LP for an extended period of time.
Management Commentary
Ted Goldthorpe, Chief Executive Officer and President of LRFC, said, “We are pleased to report our strongest full year of financial performance since Mount Logan Management took over as the Company’s investment advisor in July of 2021. These results are a testament to the work we have done to optimize Logan’s balance sheet, the benefits of higher rates and our prudent deployment in a complex market. Of particular note, I would like to highlight our net investment income growth of
Further, Logan’s improved financial position has allowed the Board of Directors to approve a dividend of
Looking forward to 2024, in spite of a unique and dynamic market, we are starting to see an increase in private market transactions with attractive terms and pricing. We are optimistic this trend will continue barring any unforeseen economic events. As always, we continue to focus on maximizing the earnings power of the Company to further increase stockholder total returns.”
Selected Financial Information
- Total investment income for the year ended December 31, 2023, increased by
$5.3 million , to$20.2 million , compared to$14.9 million for 2022. - Total operating expenses for the year ended December 31, 2023, increased by
$0.2 million , to$16.3 million , compared to$16.1 million for 2022. - Net investment income for the year ended December 31, 2023 was
$3.8 million , or$1.43 per share, compared to a net investment loss of$1.2 million , or$(0.43) per share, for 2022. - Net asset value as of December 31, 2023, was
$89.2 million , or$33.34 per share, compared to$95.0 million , or$35.04 per share, as of December 31, 2022. - Cash and cash equivalents as of December 31, 2023, were
$3.9 million compared to$6.8 million as of December 31, 2022. - The investment portfolio as of December 31, 2023, consisted of investments in 60 portfolio companies with a fair value of approximately
$189.7 million . This compares to 59 portfolio companies with a fair value of approximately$203.6 million as of December 31, 2022. - Deployment was judicious and prudent in 2023. During the year ended December 31, 2023, the Company had approximately
$33.2 million of investments and$43.7 million in repayments and sales of investments, resulting in net repayments and sales of approximately$10.5 million for the year. - The debt investment portfolio as of December 31, 2023 represented
82.0% of the fair value of our total portfolio, with a weighted average annualized yield of approximately11.1% (excluding income from non-accruals and collateralized loan obligations), compared to a debt investment portfolio of approximately83.2% with a weighted average annualized yield of approximately10.4% (excluding income from non-accruals and collateralized loan obligations) as of December 31, 2022. As of December 31, 2023,13.6% of the fair value of our debt investment portfolio was bearing a fixed rate of interest, compared to17.2% of the fair value of our debt investment portfolio as of December 31, 2022. - Non-Accruals: As of December 31, 2023, we had debt investments in three portfolio companies on non-accrual status with an amortized cost and fair value of
$17.2 million and$12.8 million , respectively, representing8.7% and6.8% of the investment portfolio’s amortized cost and fair value, respectively. As of December 31, 2022, we had debt investments in one portfolio company on non-accrual status with an aggregate amortized cost and fair value of$11.9 million and$9.7 million , respectively, representing5.4% and4.8% of the investment portfolio’s amortized cost and fair value, respectively. - Our asset coverage ratio as of December 31, 2023 was
184% .
Results of Operations
Our operating results for the years ended December 31, 2023 and 2022 were as follows (dollars in thousands):
| For the Years Ended December 31, | |||||||
| 2023 | 2022 | ||||||
| Total investment income | $ | 20,177 | $ | 14,927 | |||
| Total expenses | 16,330 | 16,089 | |||||
| Net investment income (loss) | 3,847 | (1,162 | ) | ||||
| Net realized (loss) gain on investments | (16,393 | ) | 13,769 | ||||
| Net change in unrealized appreciation (depreciation) on investments | 10,064 | (24,631 | ) | ||||
| Net decrease in net assets resulting from operations | $ | (2,482 | ) | $ | (12,024 | ) | |
Investment income
The composition of our investment income for the years ended December 31, 2023 and 2022 was as follows (dollars in thousands):
| For the Years Ended December 31, | |||||||
| 2023 | 2022 | ||||||
| Interest income | $ | 18,366 | $ | 13,666 | |||
| Payment-in-kind interest | 1,484 | 1,106 | |||||
| Dividend income | 68 | 14 | |||||
| Other income | 259 | 141 | |||||
| Total investment income | $ | 20,177 | $ | 14,927 | |||
Fair Value of Investments
The composition of our investments as of December 31, 2023 and December 31, 2022 at amortized cost and the fair value of investments was as follows (dollars in thousands):
| As of December 31, 2023 | Investments at Amortized Cost | Amortized Cost Percentage of Total Portfolio | Investments at Fair Value | Fair Value Percentage of Total Portfolio | |||||||||||
| First Lien Debt | $ | 128,537 | 65.4 | % | $ | 124,007 | 65.4 | % | |||||||
| Second Lien Debt | 8,968 | 4.6 | % | 7,918 | 4.2 | % | |||||||||
| Subordinated Debt | 26,573 | 13.5 | % | 23,548 | 12.4 | % | |||||||||
| Collateralized Loan Obligations | 1,600 | 0.8 | % | 1,600 | 0.8 | % | |||||||||
| Joint Venture | 440 | 0.2 | % | 450 | 0.2 | % | |||||||||
| Equity | 30,400 | 15.5 | % | 32,135 | 17.0 | % | |||||||||
| Total | $ | 196,518 | 100.0 | % | $ | 189,658 | 100.0 | % | |||||||
| As of December 31, 2022 | Investments at Amortized Cost | Amortized Cost Percentage of Total Portfolio | Investments at Fair Value | Fair Value Percentage of Total Portfolio | |||||||||||
| First Lien Debt | $ | 143,047 | 64.9 | % | $ | 136,896 | 67.3 | % | |||||||
| Second Lien Debt | 8,283 | 3.8 | % | 6,464 | 3.2 | % | |||||||||
| Subordinated Debt | 26,571 | 12.0 | % | 25,851 | 12.7 | % | |||||||||
| Collateralized Loan Obligations | 6,185 | 2.8 | % | 4,972 | 2.4 | % | |||||||||
| Joint Venture | 414 | 0.2 | % | 403 | 0.2 | % | |||||||||
| Equity | 36,016 | 16.3 | % | 29,006 | 14.2 | % | |||||||||
| Total | $ | 220,516 | 100.0 | % | $ | 203,592 | 100.0 | % | |||||||
Interest Rate Risk
Based on our December 31, 2023 consolidated statements of assets and liabilities, the following table shows the annual impact on net income (excluding the potential related incentive fee impact) of base rate changes in interest rates (considering interest rate floors for variable rate securities) assuming no changes in our investment and borrowing structure (dollars in thousands):
| Basis Point Change | Increase (decrease) in interest income | (Increase) decrease in interest expense | Increase (decrease) in net income | ||||||||
| Up 300 basis points | $ | 4,235 | $ | (1,203 | ) | $ | 3,032 | ||||
| Up 200 basis points | 2,823 | (802 | ) | 2,021 | |||||||
| Up 100 basis points | 1,412 | (401 | ) | 1,011 | |||||||
| Down 100 basis points | (1,412 | ) | 401 | (1,011 | ) | ||||||
| Down 200 basis points | (2,823 | ) | 802 | (2,021 | ) | ||||||
| Down 300 basis points | $ | (4,176 | ) | $ | 1,203 | $ | (2,973 | ) | |||
Conference Call and Webcast
We will hold a conference call on Thursday, March 28, 2024, at 10:00 a.m. Eastern Time to discuss the fourth quarter and full year 2023 financial results. Stockholders, prospective stockholders, and analysts are welcome to listen to the call or attend the webcast.
To access the conference call, please dial (646) 307-1963 approximately 10 minutes prior to the start of the call and use the conference ID 4191001. A replay of this conference call will be available shortly after the live call through April 4, 2024.
A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis on our Company’s website www.loganridgefinance.com in the Investor Resources section under Events and Presentations. The webcast can also be accessed by clicking the following link: https://edge.media-server.com/mmc/p/yw3vn225/. The online archive of the webcast will be available on the Company’s website shortly after the call.
About Logan Ridge Finance Corporation
Logan Ridge Finance Corporation (Nasdaq: LRFC) is a business development company that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. The Company invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit www.loganridgefinance.com.
About Mount Logan Capital Inc.
Mount Logan Capital Inc. (“MLC”) is an alternative asset management company that is focused on public and private debt securities in the North American market. MLC seeks to source and actively manage loans and other debt-like securities with credit-oriented characteristics. MLC actively sources, evaluates, underwrites, manages, monitors, and primarily invests in loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.
About BC Partners Advisors L.P. and BC Partners Credit
BC Partners is a leading international investment firm with over
BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking” statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include those risk factors detailed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC.
Any forward-looking statements speak only as of the date of this communication. The Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
For additional information, contact:
Logan Ridge Finance Corporation
650 Madison Avenue, 23rd Floor
New York, NY 10022
Jason Roos
Chief Financial Officer
Jason.Roos@bcpartners.com
(212) 891-2880
Lena Cati
The Equity Group Inc.
lcati@equityny.com
(212) 836-9611
Val Ferraro
The Equity Group Inc.
vferraro@equityny.com
(212) 836-9633
| Logan Ridge Finance Corporation Consolidated Statements of Assets and Liabilities (in thousands, except share and per share data) | |||||||
| As of December 31, 2023 | As of December 31, 2022 | ||||||
| ASSETS | |||||||
| Investments at fair value: | |||||||
| Non-control/non-affiliate investments (amortized cost of | $ | 161,880 | $ | 177,268 | |||
| Affiliate investments (amortized cost of | 27,778 | 26,324 | |||||
| Total investments at fair value (amortized cost of | 189,658 | 203,592 | |||||
| Cash and cash equivalents | 3,893 | 6,793 | |||||
| Interest and dividend receivable | 1,374 | 1,578 | |||||
| Prepaid expenses | 2,163 | 2,682 | |||||
| Other assets | — | 65 | |||||
| Total assets | $ | 197,088 | $ | 214,710 | |||
| LIABILITIES | |||||||
| 2026 Notes (net of deferred financing costs and original issue discount of | 48,943 | 48,579 | |||||
| 2032 Convertible Notes (net of deferred financing costs and original issue discount of | 14,001 | 13,883 | |||||
| KeyBank Credit Facility (net of deferred financing costs of | 38,571 | 54,615 | |||||
| Management and incentive fees payable | 869 | 933 | |||||
| Interest and financing fees payable | 949 | 973 | |||||
| Accounts payable and accrued expenses | 833 | 722 | |||||
| Payable for unsettled trades | 3,747 | — | |||||
| Total liabilities | $ | 107,913 | $ | 119,705 | |||
| Commitments and contingencies | |||||||
| NET ASSETS | |||||||
| Common stock, par value | $ | 27 | $ | 27 | |||
| Capital in excess of par value | 188,405 | 191,038 | |||||
| Total distributable loss | (99,257 | ) | (96,060 | ) | |||
| Total net assets | $ | 89,175 | $ | 95,005 | |||
| Total liabilities and net assets | $ | 197,088 | $ | 214,710 | |||
| Net asset value per share | $ | 33.34 | $ | 35.04 | |||
| Logan Ridge Finance Corporation Consolidated Statements of Operations (in thousands, except share and per share data) | |||||||||||
| For the Years Ended December 31, | |||||||||||
| 2023 | 2022 | 2021 | |||||||||
| INVESTMENT INCOME | |||||||||||
| Interest income: | |||||||||||
| Non-control/non-affiliate investments | $ | 18,536 | $ | 12,732 | $ | 10,068 | |||||
| Affiliate investments | (170 | ) | 706 | 4,368 | |||||||
| Control investments | — | 228 | 389 | ||||||||
| Total interest income | 18,366 | 13,666 | 14,825 | ||||||||
| Payment-in-kind interest and dividend income: | |||||||||||
| Non-control/non-affiliate investments | 1,322 | (1) | 919 | 95 | |||||||
| Affiliate investments | 162 | 187 | 361 | ||||||||
| Total payment-in-kind interest and dividend income | 1,484 | 1,106 | 456 | ||||||||
| Dividend income: | |||||||||||
| Non-control/non-affiliate investments | — | — | 727 | ||||||||
| Affiliate investments | 68 | 14 | 179 | ||||||||
| Total dividend income | 68 | 14 | 906 | ||||||||
| Other income: | |||||||||||
| Non-control/non-affiliate investments | 258 | 141 | 479 | ||||||||
| Affiliate investments | 1 | — | 88 | ||||||||
| Total other income | 259 | 141 | 567 | ||||||||
| Total investment income | 20,177 | 14,927 | 16,754 | ||||||||
| EXPENSES | |||||||||||
| Interest and financing expenses | 8,329 | 7,815 | 10,569 | ||||||||
| Base management fee | 3,658 | 3,861 | 4,846 | ||||||||
| Directors' expense | 540 | 493 | 410 | ||||||||
| Administrative service fees | 895 | 620 | 1,039 | ||||||||
| General and administrative expenses | 2,908 | 3,300 | 3,483 | ||||||||
| Total expenses | 16,330 | 16,089 | 20,347 | ||||||||
| NET INVESTMENT INCOME (LOSS) | 3,847 | (1,162 | ) | (3,593 | ) | ||||||
| REALIZED AND UNREALIZED (LOSS) GAIN ON INVESTMENTS | |||||||||||
| Net realized (loss) gain on investments: | |||||||||||
| Non-control/non-affiliate investments | (16,393 | ) | 17,312 | (10,442 | ) | ||||||
| Affiliate investments | — | 1,672 | 2,475 | ||||||||
| Control investments | — | (5,215 | ) | — | |||||||
| Net realized (loss) gain on investments | (16,393 | ) | 13,769 | (7,967 | ) | ||||||
| Net change in unrealized appreciation (depreciation) on investments: | |||||||||||
| Non-control/non-affiliate investments | 5,075 | (25,434 | ) | 13,058 | |||||||
| Affiliate investments | 4,989 | (1,208 | ) | (908 | ) | ||||||
| Control investments | — | 2,011 | (1,483 | ) | |||||||
| Net change in unrealized appreciation (depreciation) on investments | 10,064 | (24,631 | ) | 10,667 | |||||||
| Total net realized and change in unrealized (loss) gain on investments | (6,329 | ) | (10,862 | ) | 2,700 | ||||||
| Net realized loss on extinguishment of debt | — | — | (1,025 | ) | |||||||
| Total federal tax provision (benefit), net | — | — | — | ||||||||
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,482 | ) | $ | (12,024 | ) | $ | (1,918 | ) | ||
| NET DECREASE IN NET ASSETS PER SHARE RESULTING FROM OPERATIONS – BASIC & DILUTED | $ | (0.92 | ) | $ | (4.44 | ) | $ | (0.71 | ) | ||
| WEIGHTED AVERAGE COMMON STOCK OUTSTANDING – BASIC & DILUTED | 2,694,857 | 2,711,068 | 2,711,068 | ||||||||
| DISTRIBUTIONS PAID PER SHARE | $ | 0.96 | $ | — | $ | — | |||||
| (1) | During the year ended December 31, 2023, the Company received | ||
FAQ
What was LRFC's net investment income per share for the year ended December 31, 2023?
How much did LRFC repurchase of its outstanding shares of common stock during the quarter ended December 31, 2023?
What was LRFC's undistributed spillover earnings as of December 31, 2023?
How much did LRFC repurchase of its outstanding shares of common stock in 2023?
What was LRFC's total investment income for the year ended December 31, 2023?
