Logan Ridge Finance Corporation. (NASDAQ:LRFC) Q1 2024 Earnings Conference Call May 9, 2024 10:00 AM ET
Company Participants
Ted Goldthorpe - Chief Executive Officer, President & Director
Patrick Schaefer - Chief Investment Officer
Brandon Satoren - Chief Accounting Officer
Conference Call Participants
Christopher Nolan - Ladenburg Thalmann
Operator
Good morning, and welcome to Logan Ridge Finance Corporation's First Quarter ended March 31, 2024 Earnings Conference Call. An earnings press release was distributed yesterday May 08 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-K 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 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 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; Brandon Satoren, Chief Accounting Officer; and Patrick Schafer, Chief Investment Officer.
With that, I would like to turn the call over to Ted Goldthorpe, Chief Executive Officer of Logan Ridge Finance Corporation. Please go ahead, Ted.
Ted Goldthorpe
Thank you. Good morning and welcome to our first quarter 2024 earnings call. As mentioned, I am joined today by my Chief Financial Officer, Brandon Satoren, and our Chief Investment Officer, Patrick Schafer.
Following my open remarks, Patrick will provide additional details on our investment activity to date and Brandon will walk through our financials. While I will keep my prepared remarks brief today and limited to a few key highlights, which Patrick and Brandon provide more detail on shortly, I would like to emphasize that during the first quarter of 2024, we continue to build upon record financial results we have generated in 2023. The first quarter results are highlighted by the quarter-over-quarter increases in net investment income and net asset value of 63% and 1%, respectively.
Following the strong earnings we saw in 2023, Logan Ridge is off to a solid start in 2024, ending the first quarter with net deployment of $8.9 million and a robust pipeline. As the company's exposure to the legacy equity portfolio has continued to decline and its exposure to credits originated by the BC Partners credit platform have increased, the benefit to shareholders has been clear and is being reflected through Logan's strong financial results.