Logan Ridge Finance Corporation (NASDAQ:LRFC) Q3 2024 Earnings Conference Call November 12, 2024 11:00 AM ET
Company Participants
Ted Goldthorpe - CEO, President & Director
Brandon Satoren - CFO
Patrick Schafer - CIO
Conference Call Participants
Christopher Nolan - Ladenburg Thalmann
Steven L. Martin - Slater
Operator
Thank you. Good morning, and welcome to Logan Ridge Finance Corporation's Third Quarter Ended September 30, 2024, Earnings Conference Call.
An earnings press release was distributed Thursday, November 7 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 on 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 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 third 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 Brandon and Patrick provide more details on our portfolio and financials, I would like to discuss a few key highlights from the quarter. During the third quarter, we successfully exited our largest investment Nth Degree Investment Group for $17.5 million in cash, which was $2 million above its previously reported fair value as of June 30, 2024, in exchange for all of our equity interests. The sale of this equity investment is a transformative event for the company as it represented 7.9% of the company's investments at fair value prior to the sale. The proceeds of which can now be redeployed into interest earning assets originated by BC Partners Credit Platform, which will significantly improve the long-term earnings power of our portfolio.