Logan Ridge Finance Corp. false 0001571329 0001571329 2023-11-08 2023-11-08

 

 

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): November 8, 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 November 8, 2023, Logan Ridge Finance Corporation issued a press release announcing its financial results for the fiscal quarter ended September 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 November 8, 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: November 8, 2023   By:  

/s/ Jason Roos

    Name:   Jason Roos
    Title:   Chief Financial Officer

Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE

Logan Ridge Finance Corporation Announces

Third Quarter 2023 Financial Results

Reports a Strong Third Quarter with Net Investment Income of $0.43 Per Share, an Increase of 13% Compared to the Prior Quarter

Announces a Distribution of $0.30 Per Share for the Fourth Quarter of 2023, an Increase of 15% Compared to the Prior Quarter

NEW YORK, November 8, 2023 – Logan Ridge Finance Corporation (“Logan Ridge”, “LRFC”, “Company”, “we”, “us” or “our”) (Nasdaq: LRFC) announced today its financial results for the third quarter ended September 30, 2023.

Third Quarter 2023 Highlights

 

•  

Reported Net Investment Income (“NII”) of $1.2 million, or $0.43 per share, which marks the Company’s fifth consecutive quarter of positive NII, and an increase of 13% over the prior quarter.

 

•  

Net Asset Value (“NAV”) decreased to $34.78 per share as of September 30, 2023 from $35.68 per share as of June 30, 2023.

 

•  

As of September 30, 2023, our portfolio consisted of investments in 58 portfolio companies with a fair value of approximately $187.1 million.

 

•  

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

 

•  

The Company repurchased 17,384 of its outstanding shares during the quarter ended September 30, 2023 for an aggregate cost of approximately $0.4 million under the share repurchase program which resulted in $0.08 per share of NAV accretion.

Subsequent Events

 

•  

On November 7, 2023, the Company’s Board of Directors approved a fourth quarter distribution of $0.30 per share payable on November 30, 2023 to stockholders of record as of November 20, 2023.

 

•  

Total distributions declared in 2023 (including the fourth quarter distribution) were $0.96 per share.

Management Commentary

Ted Goldthorpe, Chief Executive Officer and President of LRFC, said, “We are pleased to report another quarter of strong financial performance for the third quarter of 2023 largely reflecting the work we have done on both the left and right side of the balance sheet, the benefits of higher rates and prudent underwriting. Notably, I am incredibly pleased to report that total investment income has increased by 38% and net investment income increased by a substantial 534% compared to the third quarter of 2022, which was the Company’s first quarter of positive NII since we took over managing Logan Ridge.

Further, the strength of the Company’s financial performance has once again allowed the Board of Directors to approve another dividend increase. For the fourth quarter of 2023, the Board has authorized a dividend of $0.30 per share, which represents another meaningful increase from $0.26 per share declared during the prior quarter, $0.22 per share declared during the second quarter, and $0.18 per share declared during the first quarter of this year when we reintroduced the regular dividend.

Looking forward, 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 third quarter of 2023 increased by $1.4 million, to $5.2 million, compared to $3.8 million in the third quarter of 2022.

 

  •  

Total operating expenses for the third quarter of 2023 increased by $0.4 million, to $4.0 million, compared to $3.6 million for the third quarter of 2022.

 

  •  

Net investment income for the third quarter of 2023 was $1.2 million, as compared to $0.2 million for the third quarter of 2022. The Company reported net investment income of $1.0 million for the second quarter of 2023.

 

  •  

Net asset value as of September 30, 2023 was $93.2 million, or $34.78 per share, as compared to $96.2 million, or $35.68 per share, as of June 30, 2023.

 

  •  

Cash and cash equivalents as of September 30, 2023 were $5.1 million, as compared to $6.3 million as of June 30, 2023.

 

  •  

The investment portfolio as of September 30, 2023 consisted of investments in 58 portfolio companies with a fair value of approximately $187.1 million. This compares to 62 portfolio companies with a fair value of approximately $206.6 million as of June 30, 2023.

 

  •  

Deployment was strong, but it was offset by a few large exits at the end of the quarter. During the third quarter of 2023, we made approximately $6.1 million of investments and had approximately $23.2 million in repayments and sales of investments, resulting in net repayments and sales of approximately $17.1 million for the period.

 

  •  

The debt investment portfolio as of September 30, 2023 represented 82.0% of the fair value of our total portfolio, with a weighted average annualized yield of approximately 11.0% (excluding income from non-accruals and collateralized loan obligations), compared to a debt investment portfolio of approximately 82.2% with a weighted average annualized yield of approximately 10.8% (excluding income from non-accruals and collateralized loan obligations) as of June 30, 2023. As of September 30, 2023, 17.7% of the fair value of our debt investment portfolio was bearing a fixed rate of interest, compared to 16.8% of the fair value of our debt investment portfolio as of June 30, 2023.

 

  •  

No new Non-Accruals: As of September 30, 2023, we had debt investments in two portfolio companies on non-accrual status with an amortized cost and fair value of $16.8 million and $10.6 million, respectively, representing 8.3% and 5.7% of the investment portfolio’s amortized cost and fair value, respectively. As of June 30, 2023, we also had debt investments in two portfolio companies on non-accrual status with an aggregate 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.

 

  •  

Our asset coverage ratio as of September 30, 2023 was 191%.

Results of Operations

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

 

     For the Three Months Ended
September 30,		      For the Nine Months Ended
September 30,		  
     2023      2022      2023      2022  

Total investment income

    $ 5,162      $ 3,748      $ 15,762      $ 10,389  

Total expenses

      4,008        3,566        12,496        12,186  
  

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income (loss)

      1,154        182        3,266        (1,797 ) 

Net realized (loss) gain on investments

      (95 )       (5,192 )       (3,963 )       10,274  

Net change in unrealized (depreciation) appreciation on investments

      (3,010 )       2,049        1,336        (17,330 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Net (decrease) increase in net assets resulting from operations

    $ (1,951 )     $ (2,961 )     $ 639      $ (8,853 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Investment income

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

 

     For the Three Months Ended
September 30,		      For the Nine Months Ended
September 30,		  
     2023      2022      2023      2022  

Interest income

    $ 4,765      $ 3,373      $ 14,440      $ 9,566  

Payment-in-kind interest

      374        297        1,157        737  

Dividend income

      14        —          47        —    

Other income

      9        78        118        86  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total investment income

    $ 5,162      $ 3,748      $ 15,762      $ 10,389  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

2

Fair Value of Investments

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

 

As of September 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

    $ 128,979        63.6 %    $ 121,263        64.8 % 

Second Lien Debt

      8,784        4.3 %      7,466        4.0 % 

Subordinated Debt

      26,573        13.1 %      24,728        13.2 % 

Collateralized Loan Obligations

      2,327        1.2 %      2,181        1.2 % 

Joint Venture

      481        0.2 %      471        0.2 % 

Equity

      35,543        17.6 %      30,990        16.6 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $ 202,687        100.0 %    $ 187,099        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 September 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

    $ 3,935      $ (1,090 )     $ 2,845  

Up 200 basis points

      2,623        (727 )       1,896  

Up 100 basis points

      1,312        (363 )       949  

Down 100 basis points

      (1,312 )       363        (949 ) 

Down 200 basis points

      (2,623 )       727        (1,896 ) 

Down 300 basis points

    $ (3,873 )     $ 1,090      $ (2,783 ) 

Conference Call and Webcast

We will hold a conference call on Thursday, November 9, 2023, at 5:00 p.m. Eastern Time to discuss third 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 3976270. A replay of this conference call will be available shortly after the live call through November 16th.

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/vy93a7qf. 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
September 30,
2023		     As of
December 31,
2022		  
     (unaudited)        

ASSETS

     

Investments at fair value:

     

Non-control/non-affiliate investments (amortized cost of $176,518 and $191,435, respectively)

    $ 159,255     $ 177,268  

Affiliate investments (amortized cost of $26,169 and $29,081, respectively)

      27,844       26,324  
  

 

 

    

 

 

  

Total investments at fair value (amortized cost of $202,687 and $220,516, respectively)

      187,099       203,592  

Cash and cash equivalents

      5,115       6,793  

Interest and dividend receivable

      2,293       1,578  

Prepaid expenses

      2,381       2,682  

Other assets

      14       65  
  

 

 

    

 

 

  

Total assets

    $ 196,902     $ 214,710  
  

 

 

    

 

 

  

LIABILITIES

     

2026 Notes (net of deferred financing costs and original issue discount of $1,147 and $1,421, respectively)

      48,853       48,579  

2032 Convertible Notes (net of deferred financing costs and original issue discount of $1,029 and $1,117, respectively)

      13,971       13,883  

KeyBank Credit Facility (net of deferred financing costs of $1,068 and $1,322, respectively)

      34,782       54,615  

Management and incentive fees payable

      913       933  

Interest and financing fees payable

      1,401       973  

Accounts payable and accrued expenses

      1,460       722  

Payable for unsettled trades

      2,314       —    
  

 

 

    

 

 

  

Total liabilities

    $ 103,694     $ 119,705  
  

 

 

    

 

 

  

Commitments and contingencies

     

NET ASSETS

     

Common stock, par value $0.01, 100,000,000 common shares authorized, 2,679,812 and 2,711,068 common shares issued and outstanding, respectively

    $ 27     $ 27  

Additional paid in capital

      190,384       191,038  

Total distributable loss

      (97,203 )      (96,060 ) 
  

 

 

    

 

 

  

Total net assets

    $ 93,208     $ 95,005  
  

 

 

    

 

 

  

Total liabilities and net assets

    $ 196,902     $ 214,710  
  

 

 

    

 

 

  

Net asset value per share

    $ 34.78     $ 35.04  

 

5

Logan Ridge Finance Corporation

Consolidated Statements of Operations

(in thousands, except share and per share data)

 

     For the Three Months Ended
September 30,		     For the Nine Months Ended
September 30,		  
     2023     2022     2023     2022  

INVESTMENT INCOME

         

Interest income:

         

Non-control/non-affiliate investments

    $ 4,650     $ 3,162     $ 14,027     $ 8,817  

Affiliate investments

      115       176       413       521  

Control investments

      —         35       —         228  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total interest income

      4,765       3,373       14,440       9,566  
  

 

 

    

 

 

    

 

 

    

 

 

  

Payment-in-kind interest and dividend income:

         

Non-control/non-affiliate investments

      325       250       1,012     (1)      597  

Affiliate investments

      49       47       145       140  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total payment-in-kind interest and dividend income

      374       297       1,157       737  
  

 

 

    

 

 

    

 

 

    

 

 

  

Dividend income:

         

Affiliate investments

      14       —         47       —    
  

 

 

    

 

 

    

 

 

    

 

 

  

Total dividend income

      14       —         47       —    
  

 

 

    

 

 

    

 

 

    

 

 

  

Other income:

         

Non-control/non-affiliate investments

      8       78       117       86  

Affiliate investments

      1       —         1       —    
  

 

 

    

 

 

    

 

 

    

 

 

  

Total other income

      9       78       118       86  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total investment income

      5,162       3,748       15,762       10,389  
  

 

 

    

 

 

    

 

 

    

 

 

  

EXPENSES

         

Interest and financing expenses

      2,080       1,558       6,385       5,877  

Base management fee

      913       927       2,789       2,928  

Directors’ expense

      135       135       405       358  

Administrative service fees

      198       175       679       426  

General and administrative expenses

      682       771       2,238       2,597  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

      4,008       3,566       12,496       12,186  
  

 

 

    

 

 

    

 

 

    

 

 

  

NET INVESTMENT INCOME (LOSS)

      1,154       182       3,266       (1,797 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

REALIZED AND UNREALIZED (LOSS) GAIN ON INVESTMENTS

         

Net realized (loss) gain on investments:

         

Non-control/non-affiliate investments

      (95 )      23       (3,963 )      15,489  

Control investments

      —         (5,215 )      —         (5,215 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net realized (loss) gain on investments

      (95 )      (5,192 )      (3,963 )      10,274  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized (depreciation) appreciation on investments:

         

Non-control/non-affiliate investments

      (2,356 )      652       (3,096 )      (16,993 ) 

Affiliate investments

      (654 )      (3,825 )      4,432       (2,348 ) 

Control investments

      —         5,222       —         2,011  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized (depreciation) appreciation on investments

      (3,010 )      2,049       1,336       (17,330 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total net realized and change in unrealized loss on investments

      (3,105 )      (3,143 )      (2,627 )      (7,056 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

    $ (1,951 )    $ (2,961 )    $ 639     $ (8,853 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ (0.73 )    $ (1.09 )    $ 0.24     $ (3.27 ) 

WEIGHTED AVERAGE COMMON STOCK OUTSTANDING – BASIC & DILUTED

      2,688,826       2,711,068       2,701,133       2,711,068  

DISTRIBUTIONS PAID PER SHARE

    $ 0.26     $ —       $ 0.66     $ —    

 

(1)

During the nine months ended September 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

v3.23.3
Document and Entity Information
Nov. 08, 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 Nov. 08, 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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