Logan Ridge Finance Corporation (NASDAQ:LRFC) Q2 2024 Earnings Call Transcript August 9, 2024 11:00 AM ET
Company Participants
Ted Goldthorpe - CEO, President and Director
Patrick Schafer - CIO
Brandon Satoren - CFO
Conference Call Participants
Christopher Nolan - Ladenburg Thalmann
Steven Martin - Slater Capital Management
Operator
Thank you. Good morning, and welcome to Logan Ridge Finance Corporation's Second Quarter Ended June 30, 2024, Earnings Conference Call. An earnings press release was distributed yesterday, August 8, after the close of the market. A copy of the release along with the 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 today's call will be Ted Goldthorpe, Chief Executive Officer, President, and Director of Logan Ridge Finance Corporation; Brandon Satoren, 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. Welcome to our second quarter 2024 earnings call. As mentioned, I'm joined today by our Chief Financial Officer, Brandon Satoren, and our Chief Investment Officer, Patrick Schafer. Following my opening remarks, Patrick will provide additional details on our investment activity to date and Brandon will walk through our financials.
Before Patrick and Brandon to provide more details on our portfolio and financials, I would like to discuss a few key highlights from the quarter. During the second quarter, we continue to make progress towards our strategy of reducing the company's exposure to the legacy equity portfolio and increased the exposure to credits originated by the BC Partners credit platform. The benefits of such strategy resulted in a steady increase in our total investment income quarter-over-quarter. Second quarter total investment income increased by $400,000 to $5.4 million and $5.0 million the previous quarter and by $100,000 as compared to the same quarter last year. Additionally, the underlying credit performance of our portfolio has remained strong with no new investments being placed on nonaccrual status during the quarter.