Logan Ridge Finance Corporation Provides Earnings Guidance for the Fourth Quarter and Full Year Ended December 31, 2023
March 13, 2024 at 05:24 am IST
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Logan Ridge Finance Corporation provided earnings guidance for the fourth quarter and full year ended December 31, 2023. For the quarter, the company expects Net Investment Income (?NII?) of $0.6 million or $0.22 per share, inclusive of a non-recurring charge of $0.6 million, or $0.22 per share, reversing previously accrued income on a portfolio company placed on non-accrual during the fourth quarter.
Total investment income for the year ended December 31, 2023 was $20.2 million. Net investment income for the year ended December 31, 2023 was $3.8 million, or $1.43 per share.
Logan Ridge Finance Corporation is a business development company. The Companyâs investment objective is to generate both current income and capital appreciation through debt and equity investments. It offers customized financing to business owners, management teams and financial sponsors for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives. The Company invests in first lien loans, and, to a lesser extent, second lien loans and equity securities issued by lower middle-market and traditional middle-market companies. The Company invests in a portfolio of sectors, such as healthcare, business services, financials, information technology, industrials, consumer discretionary, communication services, consumer staples, entertainment, and data processing and digital marketing. The Company's investment advisor is Mount Logan Management LLC (Mount Logan).