Logan Ridge Finance Corporation Announces Third Quarter 2024 Financial Results
Logan Ridge Finance (LRFC) reported Q3 2024 financial results with Net Investment Income of $1.0 million ($0.37 per share), up from $0.8 million in Q2 2024. Total Investment Income was $5.1 million, down from $5.4 million in Q2. The company's net asset value decreased to $32.31 per share from $33.13. A significant milestone was the exit from its largest equity investment, Nth Degree, for $17.5 million, approximately $2.0 million above fair value. The Board declared a Q4 distribution of $0.36 per share, representing a 9% increase from Q3. The company also amended its credit facility with KeyBank, reducing margins and extending maturity dates.
Logan Ridge Finance (LRFC) ha riportato i risultati finanziari del terzo trimestre 2024 con un Reddito Netto da Investimenti di 1,0 milioni di dollari (0,37 dollari per azione), in aumento rispetto a 0,8 milioni di dollari nel secondo trimestre del 2024. Il Reddito Totale da Investimenti è stato di 5,1 milioni di dollari, in calo rispetto a 5,4 milioni di dollari nel secondo trimestre. Il valore netto degli attivi dell'azienda è sceso a 32,31 dollari per azione rispetto a 33,13 dollari. Un traguardo significativo è stata l'uscita dal suo più grande investimento azionario, Nth Degree, per 17,5 milioni di dollari, circa 2,0 milioni di dollari sopra il valore equo. Il Consiglio ha dichiarato una distribuzione del quarto trimestre di 0,36 dollari per azione, rappresentando un aumento del 9% rispetto al terzo trimestre. L'azienda ha anche modificato la sua linea di credito con KeyBank, riducendo i margini e estendendo le scadenze.
Logan Ridge Finance (LRFC) informó los resultados financieros del tercer trimestre de 2024 con un Ingreso Neto por Inversiones de 1,0 millones de dólares (0,37 dólares por acción), un aumento desde 0,8 millones en el segundo trimestre de 2024. El Ingreso Total por Inversiones fue de 5,1 millones de dólares, en comparación con 5,4 millones en el segundo trimestre. El valor neto de activos de la empresa disminuyó a 32,31 dólares por acción desde 33,13 dólares. Un hito significativo fue la salida de su mayor inversión en acciones, Nth Degree, por 17,5 millones de dólares, aproximadamente 2,0 millones por encima del valor de mercado. La Junta declaró una distribución del cuarto trimestre de 0,36 dólares por acción, lo que representa un aumento del 9% con respecto al tercer trimestre. La empresa también modificó su línea de crédito con KeyBank, reduciendo márgenes y extendiendo plazos.
로건 리지 파이낸스 (LRFC)는 2024년 3분기 재무 결과를 보고하며 순투자 소득이 100만 달러 (주당 0.37 달러)로 2024년 2분기 80만 달러에서 증가했다고 밝혔습니다. 총 투자 수익은 510만 달러로, 2분기의 540만 달러에서 감소했습니다. 회사의 순자산 가치는 주당 32.31 달러로 33.13 달러에서 감소했습니다. 중요한 이정표는 가장 큰 주식 투자인 Nth Degree에서 1750만 달러에 탈퇴한 것으로, 공정 가치보다 약 200만 달러 높은 금액입니다. 이사회는 4분기 주당 0.36 달러의 배당금을 선언했으며, 이는 3분기 대비 9% 증가한 것입니다. 회사는 또한 KeyBank와의 신용 시설을 수정하여 마진을 줄이고 만기일을 연장했습니다.
Logan Ridge Finance (LRFC) a annoncé les résultats financiers du troisième trimestre 2024 avec un Revenu Net d'Investissement de 1,0 million de dollars (0,37 dollar par action), en hausse par rapport à 0,8 million de dollars au deuxième trimestre 2024. Le Revenu Total d'Investissement était de 5,1 millions de dollars, en baisse par rapport à 5,4 millions de dollars au deuxième trimestre. La valeur nette des actifs de l'entreprise a diminué à 32,31 dollars par action contre 33,13 dollars. Un jalon significatif a été la sortie de son plus grand investissement en actions, Nth Degree, pour 17,5 millions de dollars, soit environ 2,0 millions de dollars au-dessus de la valeur équitable. Le Conseil a déclaré une distribution du quatrième trimestre de 0,36 dollar par action, représentant une augmentation de 9 % par rapport au troisième trimestre. L'entreprise a également modifié sa ligne de crédit avec KeyBank, réduisant les marges et prolongeant les dates d'échéance.
Logan Ridge Finance (LRFC) berichtete über die finanziellen Ergebnisse des dritten Quartals 2024 mit einem Nettoertrag aus Investitionen von 1,0 Millionen Dollar (0,37 Dollar pro Aktie), ansteigend von 0,8 Millionen Dollar im zweiten Quartal 2024. Der gesamte Investitionsertrag betrug 5,1 Millionen Dollar, ein Rückgang von 5,4 Millionen Dollar im zweiten Quartal. Der Nettovermögenswert des Unternehmens fiel auf 32,31 Dollar pro Aktie von 33,13 Dollar. Ein bedeutender Meilenstein war der Austritt aus der größten Aktieninvestition, Nth Degree, für 17,5 Millionen Dollar, was etwa 2,0 Millionen Dollar über dem fairen Wert liegt. Der Vorstand beschloss eine Verteilung für das vierte Quartal von 0,36 Dollar pro Aktie, was einem Anstieg von 9% gegenüber dem dritten Quartal entspricht. Das Unternehmen hat auch seine Kreditfazilität bei KeyBank geändert, indem es die Margen senkte und die Fälligkeitstermine verlängerte.
- Net Investment Income increased to $0.37 per share from $0.28 in Q2 2024
- Successful exit from Nth Degree investment at $2.0 million above fair value
- Quarterly distribution increased by 9% to $0.36 per share
- Improved credit facility terms with reduced margins and extended maturity
- Debt portfolio yield increased to 12.3% from 11.4% in Q2 2024
- Total Investment Income decreased to $5.1 million from $5.4 million in Q2 2024
- Net asset value declined to $32.31 from $33.13 per share
- Operating expenses increased by $0.2 million compared to Q3 2023
- Three portfolio companies remain on non-accrual status, representing 4.6% of portfolio fair value
Reports Solid Results with Net Investment Income of
Recurring PIK Income as a Percentage of Total Investment Income Declines by Over 200 Basis Points
Exits Largest Equity Investment, Nth Degree Investment Group, LLC (“Nth Degree”)
Declared a Distribution of
NEW YORK, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Logan Ridge Finance Corporation (“Logan Ridge”, “LRFC”, the “Company”, “we”, “us” or “our”) (Nasdaq: LRFC) announced today its financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Highlights
- Total Investment Income was
$5.1 million for the quarter ended September 30, 2024, as compared to$5.4 million reported for the quarter ended June 30, 2024. - Net Investment Income (“NII”) increased to
$1.0 million , or$0.37 per share, for the quarter ended September 30, 2024, as compared to$0.8 million or$0.28 per share, for the quarter ended June 30, 2024. - Net asset value was
$32.31 per share as of September 30, 2024, as compared to$33.13 per share as of June 30, 2024. - During the quarter ended September 30, 2024, repurchased 3,697 of its outstanding shares of common stock in open market transactions under the renewed stock repurchase program, at an aggregate cost of approximately
$0.1 million . - Made approximately
$0.9 million of investments and had approximately$19.0 million in repayments and sales of investments, resulting in net repayments and sales of approximately$18.1 million . The high level of repayments and sales was mainly due to the Company’s exit from its largest equity investment, Nth Degree, for$17.5 million in cash, which was approximately$2.0 million above the investment’s previously reported fair value as of June 30, 2024, in exchange for all of the Company’s equity interest in the investment. The exit was completed on September 10, 2024. - On August 21, 2024, the Company amended and extended its existing senior secured revolving credit facility with KeyBank National Association. Under the terms of the amendment, the applicable margin during the reinvestment period was reduced from
2.90% per annum to2.80% per annum, and the applicable margin during the amortization period was reduced from3.25% per annum to3.20% per annum. The reinvestment period was also extended from May 2025 to August 2027, and the maturity date was extended from May 2027 to August 2029. Of note, the credit facility continues to provide for borrowings of up to$75.0 million , and an uncommitted accordion feature that allows the Company to borrow up to an additional$125.0 million . Furthermore, under the terms of the amendment, the eligibility requirements, advance rates and concentration limits were revised, creating meaningful additional borrowing capacity for the Company.
Subsequent Events
- On November 6, 2024, the Company’s Board of Directors approved a fourth quarter distribution of
$0.36 per share, payable on November 29, 2024, to stockholders of record as of November 19, 2024.
Management Commentary
Ted Goldthorpe, Chief Executive Officer and President of Logan Ridge, said, “We are pleased to announce another solid quarter of financial performance for Logan Ridge, highlighted by the sale of our largest equity position, Nth Degree, above our prior quarter fair value. This successful exit is a transformational milestone for the Company, as the rotation out of the legacy equity portfolio has been a key component of the turnaround strategy for Logan Ridge since Mount Logan management took over as the Company’s investment adviser in July of 2021. We plan to redeploy the cash proceeds from this transaction into interest earning assets originated by the BC Partners Credit Platform, which we believe will significantly improve the long-term earning power of our portfolio.
Further, the Company’s successful exit of its non-yielding equity interest Nth Degree, solid financial position and the outlook for the long-term earnings power of the portfolio has allowed the Board of Directors to approve a dividend of
Finally, during the third quarter of 2024, we amended and extended our revolving credit facility with KeyBank National Association. The new attractive terms, which reduced the applicable margins and extended the maturity date of both the reinvestment period and maturity date, have reduced our overall cost of capital while creating meaningful additional borrowing capacity to provide us with further financial flexibility.
As we navigate through economic uncertainty and a dynamic interest rate environment, we remain confident in our prudent investment strategy, strong pipeline, and experienced management team. We believe we remain well positioned to continue to deliver positive returns to our shareholders.”
Selected Financial Information
- Total investment income for the quarter ended September 30, 2024, decreased by
$0.1 million , to$5.1 million , compared to$5.2 million for the third quarter of 2023. - Total operating expenses for the quarter ended September 30, 2024, increased by
$0.2 million , to$4.2 million , compared to$4.0 million for the third quarter of 2023. - Net investment income for the quarter ended September 30, 2024, was
$1.0 million , or$0.37 per share, compared to$1.2 million , or$0.43 per share, for the third quarter of 2023. - Net asset value as of September 30, 2024, was
$86.3 million , or$32.31 per share, compared to$88.7 million , or$33.13 per share, as of June 30, 2024. - Cash and cash equivalents as of September 30, 2024, were
$5.0 million compared to$4.3 million as of June 30, 2024. - The investment portfolio as of September 30, 2024, consisted of investments in 59 portfolio companies with an aggregate fair value of approximately
$175.6 million . This compares to 61 portfolio companies with an aggregate fair value of approximately$195.6 million as of June 30, 2024. - Deployment, in our view, was judicious and prudent during the quarter ended September 30, 2024. During the quarter, the Company made approximately
$0.9 million in investments and had$19.0 million in repayments and sales of investments, resulting in net repayments and sales of approximately$18.1 million for the quarter. The high level of repayments and sales during the quarter was largely due to the sale of the Company’s largest equity position, Nth Degree, for$17.5 million . - The debt investment portfolio as of September 30, 2024 represented
86.8% of the fair value of the total portfolio, with a weighted average annualized yield of approximately12.3% (excluding income from non-accruals and collateralized loan obligations), compared to a debt investment portfolio of approximately80.0% with a weighted average annualized yield of approximately11.4% (excluding income from non-accruals and collateralized loan obligations) as of June 30, 2024. As of September 30, 2024,10.6% of the fair value of the debt investment portfolio was bearing a fixed rate of interest, compared to11.9% of the fair value of the debt investment portfolio as of June 30, 2024. - Non-Accruals: As of September 30, 2024, the Company had debt investments in three portfolio companies on non-accrual status with an amortized cost and fair value of
$17.2 million and$8.2 million , respectively, representing8.8% and4.6% of the investment portfolio’s amortized cost and fair value, respectively. This compares to debt investments in the same three portfolio companies on non-accrual status with an aggregate amortized cost and fair value of$17.2 million and$10.1 million , respectively, representing8.5% and5.2% of the investment portfolio’s amortized cost and fair value, respectively, at June 30, 2024. - Asset coverage ratio as of September 30, 2024 was
186% .
Results of Operations
Our operating results for the three and nine months ended September 30, 2024 and September 30, 2023 were as follows (dollars in thousands):
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Total investment income | $ | 5,148 | $ | 5,162 | $ | 15,521 | $ | 15,762 | ||||||||
| Total expenses | 4,153 | 4,008 | 12,829 | 12,496 | ||||||||||||
| Net investment income | 995 | 1,154 | 2,692 | 3,266 | ||||||||||||
| Net realized gain (loss) on investments | 11,068 | (95 | ) | 11,155 | (3,963 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) on investments | (13,263 | ) | (3,010 | ) | (13,680 | ) | 1,336 | |||||||||
| Net realized gain (loss) on extinguishment of debt | (147 | ) | — | (321 | ) | — | ||||||||||
| Net increase (decrease) in net assets resulting from operations | $ | (1,347 | ) | $ | (1,951 | ) | $ | (154 | ) | $ | 639 | |||||
Investment income
The composition of our investment income for the three and nine months ended September 30, 2024 and September 30, 2023 was as follows (dollars in thousands):
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Interest income | $ | 4,867 | $ | 4,765 | $ | 14,135 | $ | 14,440 | ||||||||
| Payment-in-kind interest | 226 | 374 | 1,097 | 1,157 | ||||||||||||
| Dividend income | 17 | 14 | 51 | 47 | ||||||||||||
| Other income | 38 | 9 | 238 | 118 | ||||||||||||
| Total investment income | $ | 5,148 | $ | 5,162 | $ | 15,521 | $ | 15,762 | ||||||||
Fair Value of Investments
The composition of our investments as of September 30, 2024 and December 31, 2023, at amortized cost and fair value of investments was as follows (dollars in thousands):
| September 30, 2024 | Investments at Amortized Cost | Amortized Cost Percentage of Total Portfolio | Investments at Fair Value | Fair Value Percentage of Total Portfolio | ||||||||||||
| First Lien Debt | $ | 132,601 | 67.6 | % | $ | 121,654 | 69.3 | % | ||||||||
| Second Lien Debt | 9,554 | 4.9 | % | 8,181 | 4.7 | % | ||||||||||
| Subordinated Debt | 26,895 | 13.7 | % | 22,487 | 12.8 | % | ||||||||||
| Collateralized Loan Obligations | 1,823 | 0.9 | % | 1,570 | 0.9 | % | ||||||||||
| Joint Venture | 383 | 0.2 | % | 393 | 0.2 | % | ||||||||||
| Equity | 24,864 | 12.7 | % | 21,295 | 12.1 | % | ||||||||||
| Total | $ | 196,120 | 100.0 | % | $ | 175,580 | 100.0 | % | ||||||||
| 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 | % | ||||||||
Interest Rate Risk
Based on our consolidated statements of assets and liabilities as of September 30, 2024, 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 | $ | 4,361 | $ | (1,192 | ) | $ | 3,169 | ||
| Up 200 basis points | 2,907 | (795 | ) | 2,112 | |||||
| Up 100 basis points | 1,454 | (397 | ) | 1,057 | |||||
| Down 100 basis points | (1,454 | ) | 397 | (1,057 | ) | ||||
| Down 200 basis points | (2,875 | ) | 795 | (2,080 | ) | ||||
| Down 300 basis points | (4,190 | ) | 1,192 | (2,998 | ) | ||||
Conference Call and Webcast
We will hold a conference call on Tuesday, November 12, 2024, at 11:00 a.m. Eastern Time to discuss the third quarter 2024 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 1567736.
A replay of this conference call will be available shortly after the live call through November 19, 2024.
A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis on the 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/qktrwywh. 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 in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades. Today, BC Partners executives operate across markets as an integrated team through the firm's offices in North America and Europe. For more information, please visit www.bcpartners.com.
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, 3rd Floor
New York, NY 10022
Brandon Satoren
Chief Financial Officer
Brandon.Satoren@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 September 30, 2024 | As of December 31, 2023 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Investments at fair value: | ||||||||
| Non-control/non-affiliate investments (amortized cost of | $ | 148,270 | $ | 161,880 | ||||
| Affiliate investments (amortized cost of | 27,310 | 27,778 | ||||||
| Total investments at fair value (amortized cost of | 175,580 | 189,658 | ||||||
| Cash and cash equivalents | 5,040 | 3,893 | ||||||
| Interest and dividend receivable | 2,800 | 1,374 | ||||||
| Prepaid expenses | 1,865 | 2,163 | ||||||
| Receivable for unsettled trades | 1,084 | — | ||||||
| Other assets | 344 | — | ||||||
| Total assets | $ | 186,713 | $ | 197,088 | ||||
| LIABILITIES | ||||||||
| 2026 Notes (net of deferred financing costs and original issue discount of | $ | 49,214 | $ | 48,943 | ||||
| 2032 Convertible Notes (net of deferred financing costs and original issue discount of | 9,394 | 14,001 | ||||||
| KeyBank Credit Facility (net of deferred financing costs of | 37,882 | 38,571 | ||||||
| Management and incentive fees payable | 860 | 869 | ||||||
| Interest and financing fees payable | 1,610 | 949 | ||||||
| Accounts payable and accrued expenses | 1,409 | 833 | ||||||
| Payable for unsettled trades | — | 3,747 | ||||||
| Total liabilities | $ | 100,369 | $ | 107,913 | ||||
| Commitments and contingencies | ||||||||
| NET ASSETS | ||||||||
| Common stock, par value | $ | 27 | $ | 27 | ||||
| Capital in excess of par value | 188,350 | 188,405 | ||||||
| Total distributable loss | (102,033 | ) | (99,257 | ) | ||||
| Total net assets | $ | 86,344 | $ | 89,175 | ||||
| Total liabilities and net assets | $ | 186,713 | $ | 197,088 | ||||
| Net asset value per share | $ | 32.31 | $ | 33.34 | ||||
| Logan Ridge Finance Corporation Consolidated Statements of Operations (in thousands, except share and per share data) | |||||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| INVESTMENT INCOME | |||||||||||||||||
| Interest income: | |||||||||||||||||
| Non-control/non-affiliate investments | $ | 4,649 | $ | 4,650 | $ | 13,602 | $ | 14,027 | |||||||||
| Affiliate investments | 218 | 115 | 533 | 413 | |||||||||||||
| Total interest income | 4,867 | 4,765 | 14,135 | 14,440 | |||||||||||||
| Payment-in-kind interest and dividend income: | |||||||||||||||||
| Non-control/non-affiliate investments | 95 | 325 | 744 | 1,012 | (1) | ||||||||||||
| Affiliate investments | 131 | 49 | 353 | 145 | |||||||||||||
| Total payment-in-kind interest and dividend income | 226 | 374 | 1,097 | 1,157 | |||||||||||||
| Dividend income: | |||||||||||||||||
| Affiliate investments | 17 | 14 | 51 | 47 | |||||||||||||
| Total dividend income | 17 | 14 | 51 | 47 | |||||||||||||
| Other income: | |||||||||||||||||
| Non-control/non-affiliate investments | 38 | 8 | 84 | 117 | |||||||||||||
| Affiliate investments | — | 1 | 154 | 1 | |||||||||||||
| Total other income | 38 | 9 | 238 | 118 | |||||||||||||
| Total investment income | 5,148 | 5,162 | 15,521 | 15,762 | |||||||||||||
| EXPENSES | |||||||||||||||||
| Interest and financing expenses | 2,163 | 2,080 | 6,473 | 6,385 | |||||||||||||
| Base management fee | 860 | 913 | 2,662 | 2,789 | |||||||||||||
| Directors' expense | 115 | 135 | 440 | 405 | |||||||||||||
| Administrative service fees | 220 | 198 | 676 | 679 | |||||||||||||
| General and administrative expenses | 795 | 682 | 2,578 | 2,238 | |||||||||||||
| Total expenses | 4,153 | 4,008 | 12,829 | 12,496 | |||||||||||||
| NET INVESTMENT INCOME | 995 | 1,154 | 2,692 | 3,266 | |||||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | |||||||||||||||||
| Net realized gain (loss) on investments: | |||||||||||||||||
| Non-control/non-affiliate investments | (330 | ) | (95 | ) | (243 | ) | (3,963 | ) | |||||||||
| Affiliate investments | 11,398 | — | 11,398 | — | |||||||||||||
| Net realized gain (loss) on investments | 11,068 | (95 | ) | 11,155 | (3,963 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) on investments: | |||||||||||||||||
| Non-control/non-affiliate investments | (3,362 | ) | (2,356 | ) | (7,033 | ) | (3,096 | ) | |||||||||
| Affiliate investments | (9,901 | ) | (654 | ) | (6,647 | ) | 4,432 | ||||||||||
| Net change in unrealized appreciation (depreciation) on investments | (13,263 | ) | (3,010 | ) | (13,680 | ) | 1,336 | ||||||||||
| Total net realized and change in unrealized gain (loss) on investments | (2,195 | ) | (3,105 | ) | (2,525 | ) | (2,627 | ) | |||||||||
| Net realized loss on extinguishment of debt | (147 | ) | — | (321 | ) | — | |||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,347 | ) | $ | (1,951 | ) | $ | (154 | ) | $ | 639 | ||||||
| NET INCREASE (DECREASE) IN NET ASSETS PER SHARE RESULTING FROM OPERATIONS – BASIC & DILUTED | $ | (0.50 | ) | $ | (0.73 | ) | $ | (0.06 | ) | $ | 0.24 | ||||||
| WEIGHTED AVERAGE COMMON STOCK OUTSTANDING – BASIC & DILUTED | 2,675,636 | 2,688,826 | 2,676,666 | 2,701,133 | |||||||||||||
| DISTRIBUTIONS PAID PER SHARE | $ | 0.33 | $ | 0.26 | $ | 0.98 | $ | 0.66 | |||||||||
______________________
(1) During the nine months ended September 30, 2023, the Company received
FAQ
What was LRFC's Net Investment Income per share in Q3 2024?
How much did LRFC receive from the Nth Degree exit in September 2024?
What is LRFC's Q4 2024 dividend distribution?
What was LRFC's net asset value per share as of September 30, 2024?
