Logan Ridge Finance Corporation (NASDAQ:LRFC) Q1 2022 Earnings Conference Call May 13, 2022 9:00 AM ET

Company Participants

Serena Liegey - The Equity Group Inc

Ted Goldthorpe - CEO & President

Patrick Schafer - Chief Investment Officer

Jason Roos - CFO

Conference Call Participants

Christopher Nolan - Ladenburg Thalmann

Steven Martin - Slater

Operator

Good day, and thank you for standing by. Welcome to the Logan Ridge First Quarter 2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. Please be advised that today's conference is being recorded. [Operator Instructions]

I would now like to hand the conference over to your speaker today Serena Liegey. Please go ahead.

Serena Liegey

Thank you. Good morning, and welcome to Logan Ridge Finance Corporation's first quarter 2022 earnings conference call. An earnings press release was distributed on yesterday May 12th after market close. A copy of the release along with an earnings presentation is available on the company's website at www.loganridgefinance.com in the Investor Relations section and should be reviewed in conjunction with the company's Form 10-Q filed yesterday 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. Logan Ridge Finance Corporation assumes no obligation to update any such forward-looking statements unless required by law.

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. Welcome to our first quarter 2022 earnings call. I am 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.

This marks our third completed quarter as a new advisor to Logan Ridge and I'm pleased to say that we've made significant progress since we began managing the company. Although, we have been operating an environment where there is market volatility, political uncertainty and rising interest rates. The fair value of our investment portfolio grew to approximately $207 million, driven primarily by unrealized depreciation on the portfolio and the judicious deployment of proceeds generated from exiting the legacy portfolio into interest earning investments originated by the BC Partners Credit platform.