Logan Ridge Finance Corporation (NASDAQ:LRFC) Q1 2023 Earnings Conference Call May 11, 2023 10:00 AM ET
Company Participants
Ted Goldthorpe - President and Chief Executive Officer
Patrick Schafer - Chief Investment Officer
Jason Roos - Chief Financial Officer
Conference Call Participants
Christopher Nolan - Ladenburg Thalmann & Co.
Steven Martin - Slater Capital Management LLC
Operator
Thank you. Good morning, and welcome to Logan Ridge Finance Corporation's First Quarter Ended March 31, 2023 Earnings Conference Call.
An earnings press release was distributed earlier yesterday after the close of the market. A copy of the release, along with a 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 call may contain forward-looking statements, which are not guarantees of 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 Finance Corporation; Jason Roos, Chief Financial Officer; and Patrick Schafer, Chief Investment Officer.
With that, I would now like to turn the call over to Ted Goldthorpe, Chief Executive Officer of Logan Ridge Finance Corporation. Please go ahead, Ted.
Ted Goldthorpe
Good morning, and welcome to our first quarter 2023 earnings call. As mentioned, I'm joined today by our Chief Financial Officer, Jason Roos; and our Chief Investment Officer, Patrick Schafer. Following my opening remarks, Patrick will provide additional detail on our investment activity to date and Jason will walk through the financials.
To open, I'd like to highlight that the first quarter of 2023 was very much a continuation of the earnings trajectory established during the second half of 2022. We are continuing to execute on our strategic priorities and are cautiously optimistic for 2023 despite the challenging market we are currently navigating. With that in mind, while Patrick and Jason provide more detail shortly, I would like to highlight a few key metrics from the quarter.
Our net investment income was up 69% this quarter as compared to the previous one from $0.6 million or $0.23 per share to $1.1 million or $0.40 per share. Further, the first quarter of 2023 was our third consecutive quarter of positive NII. I believe our first quarter results demonstrate the enhanced earnings power of our portfolio, driven by the reworked capital structure and success we've had monetizing the non-yielding legacy portfolio and rotating into income-generating NIMs.