Logan Ridge Finance Corp. false 0001571329 0001571329 2023-08-09 2023-08-09

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 9, 2023

 

 

Logan Ridge Finance Corporation

(Exact Name of Registrant as Specified in Charter)

 

 

 

Maryland   814-01022   90-0945675

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

 

650 Madison Avenue, 23rd Floor

New York, New York

   10022
(Address of Principal Executive Officers)   (Zip Code)

(212) 891-2880

(Registrant’s Telephone Number, Including Area Code)

NOT APPLICABLE

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

  

Trading

symbol(s)

  

Name of Each Exchange

on Which Registered

Common Stock, par value $0.01 per share   LRFC   NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

Item 2.02.

Results of Operations and Financial Condition.

On August 9, 2023, Logan Ridge Finance Corporation issued a press release announcing its financial results for the fiscal quarter ended June 30, 2023. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits:

 

Exhibit
Number

   

Description

99.1    Press Release, dated August 9, 2023
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: August 9, 2023     By:  

/s/ Jason Roos

    Name:   Jason Roos
    Title:   Chief Financial Officer

Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE

Logan Ridge Finance Corporation Announces

Second Quarter 2023 Financial Results

Reports a Strong Second Quarter with Net Investment Income of $0.38 Per Share and a 3.0% Increase in Net Asset Value to $35.68 Per Share Compared to the Prior Quarter

Announces a Distribution of $0.26 Per Share for the Third Quarter of 2023, an 18% Increase Compared to the Prior Quarter

NEW YORK, August 9, 2023 – Logan Ridge Finance Corporation (“Logan Ridge”, “LRFC”, “Company”, “we”, “us” or “our”) (Nasdaq: LRFC) announced today its financial results for the second quarter ended June 30, 2023.

Second Quarter 2023 Highlights

 

  •  

Reported Net Investment Income (“NII”) of $1.0 million, or $0.38 per share, which marks the Company’s fourth consecutive quarter of positive NII.

 

  •  

Net Asset Value (“NAV”) increased by $1.05 per share, or 3.0%, to $35.68 per share as of June 30, 2023 from $34.63 per share as of March 31, 2023.

 

  •  

As of June 30, 2023, our portfolio consisted of investments in 62 portfolio companies with a fair value of approximately $206.6 million. During the quarter, the Company made approximately $4.8 million of investments and had approximately $4.4 million in repayments and sales of investments, resulting in net deployment of approximately $0.4 million.

 

  •  

There were no new portfolio companies added to non-accrual status during the three months ended June 30, 2023.

 

  •  

During the six months ended June 30, 2023, the Company repurchased 14,112 of its outstanding shares, at an aggregate cost of approximately $0.3 million, under the $5.0 million share repurchase program authorized by the Board of Directors on March 6, 2023, which resulted in an increase to NAV per share of $0.08.

Subsequent Events

 

  •  

On August 8, 2023, the Company’s Board of Directors approved a third quarter distribution of $0.26 per share payable on August 31, 2023 to stockholders of record as of August 22, 2023.

 

  •  

Total distributions declared in 2023 (including the third quarter distribution) were $0.66 per share.

Management Commentary

Ted Goldthorpe, Chief Executive Officer and President of LRFC, said, “I am pleased to report another strong quarter for Logan Ridge. 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 has increased, the benefit to shareholders has been clear and the Company’s financials are now telling the story for us. Notably, we reported our fourth straight quarter of positive NII, but more importantly the Company reported a 3.0% increase in NAV compared to the prior quarter. Further, our prudent investment strategy and strong financial performance allowed our Board of Directors to approve an 18% increase in the quarterly distribution to $0.26 per share compared to $0.22 per share last quarter. This is our second consecutive increase in the Company’s dividend since it was reintroduced at the beginning of the year. Finally, I’d like to highlight that we continue to be active in the market repurchasing shares under our share repurchase program, which generated $0.08 of NAV accretion for shareholders through quarter end.

Looking ahead to the back half of the year, we continue to see attractive opportunities throughout the market. Our pipeline remains strong, and the platform remains well equipped to take advantage of current market conditions.”

 

1

Selected Financial Information

 

  •  

Total investment income for the second quarter of 2023 increased by $2.0 million, to $5.3 million, compared to $3.3 million in the second quarter of 2022.

 

  •  

Total operating expenses for the second quarter of 2023 increased by $0.1 million, to $4.3 million, compared to $4.2 million for the second quarter of 2022.

 

  •  

Net investment income for the second quarter of 2023 was $1.0 million, as compared to a net investment loss of $0.9 million for the second quarter of 2022. The Company reported net investment income of $1.1 million for the first quarter of 2023.

 

  •  

Net asset value as of June 30, 2023 was $96.2 million, or $35.68 per share, as compared to $93.8 million, or $34.63 per share, as of March 31, 2023.

 

  •  

Cash and cash equivalents as of June 30, 2023 were $6.3 million, as compared to $9.3 million as of March 31, 2023.

 

  •  

The investment portfolio as of June 30, 2023 consisted of investments in 62 portfolio companies with a fair value of approximately $206.6 million. This compares to 59 portfolio companies with a fair value of approximately $203.3 million as of March 31, 2023.

 

  •  

Deployment remained strong. During the second quarter of 2023, we made approximately $4.8 million of investments and had approximately $4.4 million in repayments and sales of investments, resulting in net deployment of approximately $0.4 million for the period.

 

  •  

The debt investment portfolio as of June 30, 2023 represented 82.2% of the fair value of our total portfolio, with a weighted average annualized yield of approximately 10.8% (excluding income from non-accruals and collateralized loan obligations), compared to a debt investment portfolio of approximately 83.1% with a weighted average annualized yield of approximately 10.7% (excluding income from non-accruals and collateralized loan obligations) as of March 31, 2023. As of June 30, 2023, 16.8% of the fair value of our debt investment portfolio was bearing a fixed rate of interest, compared to 16.6% of the fair value of our debt investment portfolio as of March 31, 2023.

 

  •  

Non-Accruals: As of June 30, 2023, we had debt investments in two portfolio companies on non-accrual status with an amortized cost and fair value of $17.1 million and $11.1 million, respectively, representing 7.8% and 5.3% of the investment portfolio’s amortized cost and fair value, respectively. As of March 31, 2023, we had debt investments in two portfolio companies on non-accrual status with an aggregate amortized cost and fair value of $14.2 million and $10.0 million, respectively, representing 6.4% and 4.9% of the investment portfolio’s amortized cost and fair value, respectively.

 

  •  

Our asset coverage ratio as of June 30, 2023 was 178%.

Results of Operations

Operating results for the three and six months ended June 30, 2023 and June 30, 2022 were as follows (dollars in thousands):

 

     For the Three Months Ended
June 30,		      For the Six Months Ended
June 30,		  
     2023      2022      2023      2022  

Total investment income

    $ 5,344      $ 3,303      $ 10,600      $ 6,641  

Total expenses

      4,305        4,232        8,488        8,620  
  

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income (loss)

      1,039        (929 )       2,112        (1,979 ) 

Net realized (loss) gain on investments

      (2,362 )       15,503        (3,868 )       15,466  

Net change in unrealized appreciation (depreciation) on investments

      4,563        (19,608 )       4,346        (19,379 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations

    $ 3,240      $ (5,034 )     $ 2,590      $ (5,892 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Investment income

The composition of our investment income for the three and six months ended June 30, 2023, and June 30, 2022 was as follows (dollars in thousands):

 

     For the Three Months Ended
June 30,		      For the Six Months Ended
June 30,		  
     2023      2022      2023      2022  

Interest income

    $ 4,907      $ 2,996      $ 9,675      $ 6,193  

Payment-in-kind interest

      319        307        783        440  

Dividend income

      19        —          33        —    

Other income

      99        —          109        8  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total investment income

    $ 5,344      $ 3,303      $ 10,600      $ 6,641  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

2

Fair Value of Investments

The composition of our investments as of June 30, 2023 and December 31, 2022 at amortized cost and the fair value of investments was as follows (dollars in thousands):

 

As of June 30, 2023    Investments at
Amortized Cost		      Amortized Cost
Percentage of
Total Portfolio		     Investments at
Fair Value		      Fair Value
Percentage of
Total Portfolio		  

First Lien Debt

    $ 144,849        66.1 %    $ 138,045        66.8 % 

Second Lien Debt

      8,614        4.0 %      7,102        3.4 % 

Subordinated Debt

      26,573        12.1 %      24,709        12.0 % 

Collateralized Loan Obligations

      2,440        1.1 %      2,440        1.2 % 

Joint Venture

      475        0.2 %      460        0.2 % 

Equity

      36,216        16.5 %      33,833        16.4 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $ 219,167        100.0 %    $ 206,589        100.0 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

 

As of December 31, 2022    Investments at
Amortized Cost		      Amortized Cost
Percentage of
Total Portfolio		     Investments at
Fair Value		      Fair Value
Percentage of
Total Portfolio		  

First Lien Debt

    $ 143,047        64.9 %    $ 136,896        67.3 % 

Second Lien Debt

      8,283        3.8 %      6,464        3.2 % 

Subordinated Debt

      26,571        12.0 %      25,851        12.7 % 

Collateralized Loan Obligations

      6,185        2.8 %      4,972        2.4 % 

Joint Venture

      414        0.2 %      403        0.2 % 

Equity

      36,016        16.3 %      29,006        14.2 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $ 220,516        100.0 %    $ 203,592        100.0 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Interest Rate Risk

Based on our June 30, 2023 consolidated statements of assets and liabilities, the following table shows the annual impact on net income (excluding the potential related incentive fee impact) of base rate changes in interest rates (considering interest rate floors for variable rate securities) assuming no changes in our investment and borrowing structure (dollars in thousands):

 

Basis Point Change

    Increase
(decrease) in
interest income		      (Increase)
decrease in
interest expense		      Increase
(decrease) in
net income		  

Up 300 basis points

    $ 4,410      $ (1,717 )     $ 2,693  

Up 200 basis points

      2,940        (1,144 )       1,796  

Up 100 basis points

      1,470        (572 )       898  

Down 100 basis points

      (1,470 )       572        (898 ) 

Down 200 basis points

      (2,940 )       1,144        (1,796 ) 

Down 300 basis points

    $ (4,332 )     $ 1,717      $ (2,615 ) 

Conference Call and Webcast

We will hold a conference call on Thursday, August 10, 2023, at 10:00 a.m. Eastern Time to discuss second quarter 2023 financial results. Stockholders, prospective stockholders, and analysts are welcome to listen to the call or attend the webcast.

To access the conference call, please dial (646) 307-1963 approximately 10 minutes prior to the start of the call and use the conference ID 2979808. A replay of the conference call will be available from approximately 12:00 p.m. Eastern Time on August 10th through August 17th.

A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis on our Company’s website www.loganridgefinance.com in the Investor Resources section under Events and Presentations. The webcast can also be accessed by clicking the following link: https://edge.media-server.com/mmc/p/fpdu6q7v. The online archive of the webcast will be available on the Company’s website shortly after the call.

About Logan Ridge Finance Corporation

Logan Ridge Finance Corporation (Nasdaq: LRFC) is a business development company that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. The Company invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit www.loganridgefinance.com.

 

3

About Mount Logan Capital Inc.

Mount Logan Capital Inc. is an alternative asset management company that is focused on public and private debt securities in the North American market. The Company seeks to source and actively manage loans and other debt-like securities with credit-oriented characteristics. The Company actively sources, evaluates, underwrites, manages, monitors, and primarily invests in loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.

About BC Partners Advisors L.P. and BC Partners Credit

BC Partners is a leading international investment firm with over $40 billion of assets under management in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades. Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. Since inception, BC Partners has completed 117 private equity investments in companies with a total enterprise value of €149 billion and is currently investing its eleventh private equity fund. For more information, please visit www.bcpartners.com.

BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains “forward-looking” statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include those risk factors detailed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC.

Any forward-looking statements speak only as of the date of this communication. The Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

For additional information, contact:

Logan Ridge Finance Corporation

650 Madison Avenue, 23rd Floor

New York, NY 10022

Jason Roos

Chief Financial Officer

Jason.Roos@bcpartners.com

(212) 891-5046

Lena Cati

The Equity Group Inc.

lcati@equityny.com

(212) 836-9611

Val Ferraro

The Equity Group Inc.

vferraro@equityny.com

(212) 836-9633

 

4

Logan Ridge Finance Corporation

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

 

     As of June 30,
2023		     As of December 31,
2022		  
     (unaudited)        

ASSETS

     

Investments at fair value:

     

Non-control/non-affiliate investments (amortized cost of $192,331 and $191,435, respectively)

    $ 177,424     $ 177,268  

Affiliate investments (amortized cost of $26,836 and $29,081, respectively)

      29,165       26,324  
  

 

 

    

 

 

  

Total investments at fair value (amortized cost of $219,167 and $220,516, respectively)

      206,589       203,592  

Cash and cash equivalents

      6,287       6,793  

Interest and dividend receivable

      2,013       1,578  

Prepaid expenses

      2,285       2,682  

Other assets

      6       65  
  

 

 

    

 

 

  

Total assets

    $ 217,180     $ 214,710  
  

 

 

    

 

 

  

LIABILITIES

     

2026 Notes (net of deferred financing costs and original issue discount of $1,237 and $1,421, respectively)

      48,763       48,579  

2032 Convertible Notes (net of deferred financing costs and original issue discount of $1,058 and $1,117, respectively)

      13,942       13,883  

KeyBank Credit Facility (net of deferred financing costs of $1,153 and $1,322, respectively)

      55,282       54,615  

Management and incentive fees payable

      946       933  

Interest and financing fees payable

      1,031       973  

Accounts payable and accrued expenses

      990       722  
  

 

 

    

 

 

  

Total liabilities

    $ 120,954     $ 119,705  
  

 

 

    

 

 

  

Commitments and contingencies

     

NET ASSETS

     

Common stock, par value $0.01, 100,000,000 common shares authorized, 2,697,143 and 2,711,068 common shares issued and outstanding, respectively

    $ 27     $ 27  

Additional paid in capital

      190,752       191,038  

Total distributable loss

      (94,553 )      (96,060 ) 
  

 

 

    

 

 

  

Total net assets

    $ 96,226     $ 95,005  
  

 

 

    

 

 

  

Total liabilities and net assets

    $ 217,180     $ 214,710  
  

 

 

    

 

 

  

Net asset value per share

    $ 35.68     $ 35.04  

 

5

Logan Ridge Finance Corporation

Consolidated Statements of Operations

(in thousands, except share and per share data)

 

     For the Three Months Ended June 30,     For the Six Months Ended June 30,  
     2023     2022     2023     2022  

INVESTMENT INCOME

         

Interest income:

         

Non-control/non-affiliate investments

    $ 4,773     $ 2,713     $ 9,377     $ 5,655  

Affiliate investments

      134       185       298       345  

Control investments

      —         98       —         193  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total interest income

      4,907       2,996       9,675       6,193  
  

 

 

    

 

 

    

 

 

    

 

 

  

Payment-in-kind interest and dividend income:

         

Non-control/non-affiliate investments

      271       261       687 (1)      347  

Affiliate investments

      48       46       96       93  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total payment-in-kind interest and dividend income

      319       307       783       440  
  

 

 

    

 

 

    

 

 

    

 

 

  

Dividend income:

         

Affiliate investments

      19       —         33       —    
  

 

 

    

 

 

    

 

 

    

 

 

  

Total dividend income

      19       —         33       —    
  

 

 

    

 

 

    

 

 

    

 

 

  

Other income:

         

Non-control/non-affiliate investments

      99       —         109       8  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total other income

      99       —         109       8  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total investment income

      5,344       3,303       10,600       6,641  
  

 

 

    

 

 

    

 

 

    

 

 

  

EXPENSES

         

Interest and financing expenses

      2,236       2,131       4,305       4,319  

Base management fee

      946       973       1,876       2,001  

Directors’ expense

      135       120       270       223  

Administrative service fees

      224       131       481       251  

General and administrative expenses

      764       877       1,556       1,826  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

      4,305       4,232       8,488       8,620  
  

 

 

    

 

 

    

 

 

    

 

 

  

NET INVESTMENT INCOME (LOSS)

      1,039       (929 )      2,112       (1,979 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

         

Net realized (loss) gain on investments:

         

Non-control/non-affiliate investments

      (2,362 )      15,503       (3,868 )      15,466  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net realized (loss) gain on investments

      (2,362 )      15,503       (3,868 )      15,466  

Net change in unrealized appreciation (depreciation) on investments:

         

Non-control/non-affiliate investments

      510       (16,495 )      (740 )      (17,645 ) 

Affiliate investments

      4,053       174       5,086       1,477  

Control investments

      —         (3,287 )      —         (3,211 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) on investments

      4,563       (19,608 )      4,346       (19,379 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total net realized and change in unrealized gain (loss) on investments

      2,201       (4,105 )      478       (3,913 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 3,240     $ (5,034 )    $ 2,590     $ (5,892 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS PER SHARE RESULTING FROM OPERATIONS – BASIC

    $ 1.20     $ (1.86 )    $ 0.96     $ (2.17 ) 

WEIGHTED AVERAGE COMMON STOCK OUTSTANDING – BASIC

      2,703,871       2,711,068       2,707,399       2,711,068  

NET INCREASE (DECREASE) IN NET ASSETS PER SHARE RESULTING FROM OPERATIONS – DILUTED

    $ 1.07     $ (1.86 )    $ 0.94     $ (2.17 ) 

WEIGHTED AVERAGE COMMON STOCK OUTSTANDING – DILUTED

      3,243,374       2,711,068       3,246,902       2,711,068  

DISTRIBUTIONS PAID PER SHARE

    $ 0.22     $ —       $ 0.40     $ —    

 

(1)

During the six months ended June 30, 2023, the Company received $0.2 million of non-recurring fee income that was paid in-kind and included in this financial statement line item.

 

6

v3.23.2
Document and Entity Information
Aug. 09, 2023
Cover [Abstract]  
Entity Registrant Name Logan Ridge Finance Corp.
Amendment Flag false
Entity Central Index Key 0001571329
Document Type 8-K
Document Period End Date Aug. 09, 2023
Entity Incorporation State Country Code MD
Entity File Number 814-01022
Entity Tax Identification Number 90-0945675
Entity Address, Address Line One 650 Madison Avenue
Entity Address, Address Line Two 23rd Floor
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10022
City Area Code (212)
Local Phone Number 891-2880
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.01 per share
Trading Symbol LRFC
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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