Tag: Finance

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Regional Finance Manager | ReliefWeb

Regional Finance Manager | ReliefWeb

Contract: 2 12 months Set Time period Agreement (renewable) Salary: Community Conditions and Conditions utilize

Purpose of position as Regional Finance Supervisor, West Africa

Sightsavers are actively recruiting a Regional Finance Supervisor to protect West Africa location. The postholder will work closely with country places of work, Regional Directors and other groups to make sure ongoing fiscal administration and manage is performing effectively. They will assistance state teams in resolving any discovered issues and weaknesses and find options. The put up is crucial in operating with Country Directors and other regional business team in the implementation and roll-out of new initiatives aimed at strengthening and streamlining economic and programme management throughout the continent.

The postholder will assist various countries, value centres and programmes throughout their area, subject matter to periodic review and adjustment. The posts necessitates overall flexibility in temporarily supporting extra international locations and cost centres as and when necessary.

  • Furnishing technological and operational help to Nation Administrators, programme and finance & operations team and state stage finance and support solutions groups.
  • Helping the Head of Finance and Functions – Africa in the progress and implementation of techniques and strategies to make improvements to economic management and controls throughout Africa
  • Supporting economic scheduling and forecasting across Africa, performing intently with nation workplaces to ensure sensible and correct economic programs and forecasts are in area.
  • Collaborating with world groups and operate with place teams to make certain critical equipment and procedures are running correctly like programme style and design and inception, Pro reporting, partnership resources and GDP processes.
  • Enterprise internal critiques of region places of work, programmes, and partners and establish ability, in accordance to agreed internal audit & critique programme.
  • Periodic coordination of Africa Regional Finance Administrators, guaranteeing continent-wide actions, these types of as arranging and forecasting, external audits, etcetera, are properly-managed.

Understanding, capabilities and experience for Regional Finance Manager, West Africa

Essential:

  • Suitable economic / enterprise qualification (ICAEW, ACCA, CIMA, MBA) or equal working experience
  • Significant encounter with tested monitor history in finance management roles if possible with some practical experience of doing the job in just the international growth sector
  • Experience of managing and influencing teams throughout a vast and diverse geography
  • Powerful operational management working experience with monitor record of effective implementation
  • Modify management
  • Robust money management
  • Superb audit encounter
  • Senior stakeholder administration knowledge and relationship creating skills
  • Robust conclusion-building expertise
  • Excellent command of English
  • Exceptional command of French

Appealing:

  • Past practical experience in a equivalent regional purpose inside of an INGO

Regional Finance Manager, West Africa is a remarkably assorted and included part and the earlier mentioned is not an exhaustive checklist of obligations or needed expert skills. You should see the Job Description for total facts.

Closing day: 27 Might 2022

How to apply

We intend to conduct interviews the 7 days commencing 6 June onwards. The interview system will consist of a written job adopted by a two-phase job interview system.

As an equal possibility employer we actively stimulate programs from all sections of the community. Sightsavers is a Disability Assured Chief for that reason competent folks residing with a incapacity are significantly encouraged to use.

Use here

All programs will have to be in English. Make sure you detail all your appropriate qualified practical experience inside the application sort.

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Treasury Targets Russia, Oligarchs as Part of Plan to Combat Illicit Finance

Treasury Targets Russia, Oligarchs as Part of Plan to Combat Illicit Finance

The U.S. Treasury Section outlined actions it programs to choose to handle illicit-finance pitfalls, stating Russia’s invasion of Ukraine had underscored the have to have to close regulatory loopholes and step up the struggle versus corruption.

The countrywide strategy for combating illicit finance, launched Friday, is the hottest iteration of a report the Treasury produces every single two a long time. But this year’s technique may possibly be amongst the most significant it has developed, Treasury officials mentioned, specified Russia’s aggression towards its neighbor.

“Illicit finance is a main nationwide-safety threat and nowhere is that much more obvious than in Russia’s war towards Ukraine, supported by many years of corruption by Russian elites,” explained U.S. Treasury Assistant Secretary Elizabeth Rosenberg.

Among its priorities for addressing that threat, the Treasury claimed Wednesday, is implementing laws that limit the skill of illicit actors these types of as corrupt Russian oligarchs to covertly entry the money procedure by way of shell organizations and all-dollars authentic-estate buys.

The report launched Friday responds to a amount of illicit-finance dangers to the U.S. fiscal process discovered by the Treasury in March. The Treasury at the time named fraud, drug trafficking and cybercrime as the crimes that deliver the biggest quantity of illicit proceeds. It also recognized emerging threats, like the abuse of cryptocurrencies and climbing domestic extremism.

The Biden administration tied its operate on illicit finance to more substantial nationwide-protection aims even right before the Ukraine invasion. It has mentioned that battling corruption ought to be a main nationwide-security precedence, and additional lately pointed to Russia’s invasion of Ukraine as a single illustration of how corruption destabilizes nations and poses a risk to U.S. passions.

The administration has imposed significantly-achieving economic steps from Russia, and has stepped up sanctions in opposition to men and women and businesses it alleges are associated in corruption. On May well 8, it announced new measures banning Americans from giving accounting and management-consulting products and services to Russian corporations. That phase was in line with the strategies launched Wednesday, the Treasury stated.

For much more than a 12 months, the Treasury has been employing a corporate-transparency law, an hard work the agency explained was its top rated precedence in countering the many illicit-finance threats it has identified. The Anti-Dollars Laundering Act, passed in early 2021, phone calls for the Treasury to develop a corporate-ownership registry that lawmakers hope will limit the use of anonymous shell organizations.

The agency is also pushing for better anti-money-laundering controls in the actual-estate sector, together with supplemental scrutiny of all-income transactions.

Treasury officials on Wednesday claimed the steps were an important step in countering Russian President

Vladimir Putin

and corrupt Russian oligarchs with ties to the Kremlin. Corruption tied to the Russian federal government has played a role in funding the Ukraine invasion, they said.

“Some of the most sophisticated money launderers and monetary criminals in the globe function on behalf of Russia,” a senior Treasury official reported for the duration of a briefing with reporters. “They acquire advantage of these gaps to move and disguise their cash, together with in the United States.”

The Treasury on Wednesday mentioned it would also concentration on updating polices that need fiscal establishments these as banking institutions and money-solutions businesses to implement anti-income-laundering controls to the transactions they system on behalf of clients.

It also will get the job done to increase the usefulness of law-enforcement endeavours to counter illicit financing, assistance technological innovation and continue on to scrutinize the pitfalls posed by cryptocurrencies and other new economic merchandise and providers, the Treasury explained.

Much more From Danger & Compliance Journal

Write to Dylan Tokar at dylan.tokar@wsj.com

Copyright ©2022 Dow Jones & Organization, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the May possibly 14, 2022, print edition as ‘Treasury Tackles Illicit Finance.’

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Treasury: Russia war bolsters need to combat illicit finance | Taiwan News

Treasury: Russia war bolsters need to combat illicit finance | Taiwan News

WASHINGTON (AP) — The Treasury Division laid out recommendations Friday for tightening legal guidelines to guard against funds laundering and illicit threats to the U.S. fiscal procedure, citing the carry out of Russians backing the invasion of Ukraine as evidence of how loopholes are becoming exploited.

Treasury’s 32-website page tactic document outlines suggestions to shut loopholes in anti-income laundering legal guidelines, beat the use of authentic estate for income laundering techniques and enrich facts-sharing among the govt and non-public sector economic companies.

“Illicit finance is a important countrywide security risk and nowhere is that far more evident than in Russia’s war from Ukraine, supported by a long time of corruption by Russian elites,” reported Elizabeth Rosenberg, Treasury’s assistant secretary for terrorist funding.

Sanctioned people today and entities can eliminate determining info from, or only conceal, their lender accounts, the department claimed. They can also use cryptocurrency to a constrained degree or disguise at the rear of shell providers to evade fiscal sanctions.

“We want to shut loopholes, function efficiently with international companions, and leverage new technologies to tackle the dangers posed by corruption, an maximize in domestic violent extremism and the abuse of digital property,” Rosenberg stated.

Each and every two decades, Treasury releases a report with tips on how to shut gaps that could aid terrorist and illicit finance. Russia’s invasion of Ukraine “demonstrates that those in search of to undermine world stability and steadiness are exploiting these similar gaps,” the report mentioned.

The section pointed to the variety of sanctions imposed on people and entities owing to the war and the possible for sanctioned folks to evade sanctions. Earlier this thirty day period, Treasury barred men and women in the U.S. from offering accounting, legal and consulting companies to any individual located in Russia.

The U.S. has labored closely with allied governments in Europe, Asia and somewhere else to impose hundreds of sanctions on Russian elites, oligarchs and banks.

Earlier this yr, Treasury, the Justice Section and other agencies convened a job power acknowledged as REPO — shorter for Russian Elites, Proxies and Oligarchs — to do the job with other international locations to investigate and prosecute oligarchs and individuals allied with Russian President Vladimir Putin.

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The Best Paying Jobs in Finance for 2022

The Best Paying Jobs in Finance for 2022

The financial industry is a highly competitive and lucrative career path.

It offers both recent graduates and experienced professionals a wide variety of job opportunities in traditional fields such as investment banking and accounting, or in the newer financial technology (fintech) industry.

Read on for a list of the 10 highest-paying finance jobs, their annual salary and typical educational requirements.

Best paying jobs in finance

Financial manager

Financial managers monitor different aspects of a business’ finances. They can advise chief financial officers and other top executives on investment opportunities to expand or maximize profits.

In smaller companies, a financial manager might be in charge of a company’s entire financial operation; in larger ones, they might monitor more specific aspects, such as credit, cash or risk management. Financial managers have a wide range of responsibilities depending on the company and industry, including analyzing market trends, making financial forecasts and directing investments.

The median annual salary for financial managers was $131,710 in 2021. Employment opportunities for financial managers are projected to grow 17{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, a much faster rate than the average for any other occupation.

Financial systems director

Financial systems directors oversee the development and implementation of business systems within companies.

Systems directors can work closely with information technology (IT) departments to help establish systems for tracking capital allocation and collecting financial data. They also ensure the stability of system infrastructures and identify ways to streamline processes.

Financial systems directors typically need a bachelor’s degree in information systems, computer science or database administration. They may also pursue professional certification in databases like WebLogic from Oracle and structure query language (SQL) tools.

According to ZipRecruiter, the national average salary for financial systems directors is $107,901. Employment for computer and information systems managers is projected to grow faster than average — 11{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} through 2030.

Actuary

Actuaries help insurance companies estimate the likelihood of future events and its potential financial consequences. They use statistics and modeling to analyze data, predict costs of payouts and design strategies to minimize risks. Actuaries also help companies establish policy premiums, ensuring they’re profitable and competitive.

Actuaries can specialize in life insurance, health insurance, property and casualty insurance, enterprise risk management, and pension and retirement benefits. A bachelor’s degree is typically required along with an Associate or Fellow certification offered by the Casualty Actuarial Society or the Society of Actuaries.

According to the Bureau of Labor Statistics (BLS), the median salary for actuaries in 2021 was $105,900, with a projected 24{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} growth in demand.

Economic analyst

As an economic analyst, economists forecast economic trends, develop models and write reports that help private companies make decisions. Economic analysts also work for federal government agencies collecting and analyzing data to help create spending projections.

Economists need high-level knowledge of mathematical models and statistical techniques to analyze large amounts of data. They typically need a master’s or Ph.D. degree in economics or mathematics, and some work experience involving statistical analysis software.

The BLS estimates the median annual salary for economists to be $94,710 as of May 2021, and projected employment in this area is expected to grow 13{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} between 2020 to 2030.

Personal financial advisors

Personal financial advisors help clients manage their personal finances. Advisors evaluate clients’ individual needs and recommend investments, insurance, retirement plans, mortgages, taxation and/or estate planning strategies that are consistent with the client’s financial goals.

Advisors develop long, intermediate and short-term plans, identify financial opportunities and help create budgets for educational expenses, retirement, savings or monthly debts.

Licensed advisors manage clients’ investments and other assets, including selling and buying stocks and bonds on behalf of their clients. As such, they are expected to have excellent communication skills and the ability to explain complex information to a wide variety of people.

Most personal financial advisors are self-employed. The median annual salary for personal financial advisors in 2021 was $94,710, and employment opportunities are projected to grow around 5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} through 2030.

Management analysts

Management analysts, or management consultants, analyze a business’ procedures and recommend improvements to current processes.

Management analysts gather financial data — such as expenditures and revenue — to prepare documentation and advise executives in the implementation of new systems. They essentially look for ways to make an organization more profitable and efficient.

In 2021, management analysts earned a median salary of $93,000. Additionally, job opportunities in this field are expected to grow 14{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} between 2020 to 2030.

Financial analysts

Financial analysts typically work for banks, insurance companies, asset management firms and private equity firms. They evaluate investment opportunities and recommend how to best diversify portfolios and generate profits.

Financial analysts assess risk and the performance of different types of investments, including hedge funds and mutual funds. In addition, financial analysts analyze budgets, financial models and projections.

The median annual salary for financial analysts in 2021 was $81,410, according to the BLS. Employment in this area is projected to grow 6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} through 2030.

Financial examiners

Financial examiners ensure that banks are legally compliant with the laws, policies and regulations that govern financial institutions. Most financial examiners work in risk assessment or consumer compliance.

Risk assessment examiners ensure that financial institutions are in good financial standing, and that banks have enough cash to offer loans and manage unexpected losses.

Consumer compliance examiners monitor banks’ lending practices, making sure they’re fair and that borrowers are treated fairly. This includes ensuring that borrowers aren’t discriminated against based on gender, race, ethnicity or other factors.

According to BLS, financial examiners earned a median annual salary of $81,410 in 2021, the equivalent of $39.14 per hour. The BLS also estimated that in 2020 there were 70,800 financial examiners jobs and projected a much faster than average growth rate of 18{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} through 2030.

Budget Analysts

Budget analysts prepare budgets and annual reports. They help public and private institutions — for example universities, private companies and government agencies — analyze their finances and recommend adjustments in spending or funding based on the organization’s needs.

Budget analysts ensure that budget proposals abide by regulations, and that spending remains within budgeted limits. They also conduct cost-benefit analysis and forecast financial needs.

The median annual pay for budget analysts in 2021 was $79,940. Employment demand in this area is projected to grow 5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Accountants and auditors

Accountants and auditors ensure that businesses and individual clients’ financial information is accurate and complies with applicable regulations.

An accountant’s main responsibilities include preparing financial reports — such as balance sheets and income statements — and ensuring that tax information is accurate and filed on time. Some are also in charge of bookkeeping, invoices and recommend solutions to reduce costs or maximize profits.

Auditors, as the name implies, perform audits, examining financial records and offering guidance on how to improve internal controls. They can also perform forensic audits to detect fraud, embezzlement or intentional misstatements.

Aside from a degree in accounting, accountants and auditors typically need to become a licensed Certified Public Accountant (CPA). They might also need professional certifications, such as the Certified Management Accountant (CMA) or the Certified Internal Auditor (CIA).

The median annual salary for both accountants and auditors was $77,250 in 2021. The average growth rate for this career is projected to be around 7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Other well-paid finance careers

The following financial occupations are also well-paid with median annual salaries ranging from the low $60,000 to mid-$70,000.

  • Logisticians: $77,030
  • Insurance underwriters: $76,390
  • Banking analyst: $74,463
  • Cost estimators: $65,170
  • Claims adjusters: $64,710
  • Appraisers: $64,710
  • Market research analysts: $63,920
  • Loan officers: $63,380
  • Investment bankers and/or brokers: $62,910

What do finance jobs pay?

According to ZipRecruiter, the national average salary for finance professionals in the United States is $73,284. Average salaries range from $20,500 to more than $150,000 per year.

Below is a list of the best-paying finance jobs along with their median base salary and the typical educational requirements, as reported by the Bureau of Labor Statistics.

Finance Jobs Median Base Salary (Annually) Typical Educational Requirements
Financial Manager $131,710 •Bachelor or master’s degree in related field.
•Optional certifications: Financial Risk Management (FRM) and/or Certified Government Financial Manager (CGFM)
Financial Systems Director $107,901 •Bachelor’s degree in computer science, information technology or related fields.
•Optional certifications: Oracle-Certified
Actuary $105,900 •Bachelor’s degree in mathematics, statistics, business or related field
•Licensed by the Department of Labor and the Department of the Treasury
•Certified by the Casualty Actuarial Society (CAS) and/or the Society of Actuaries (SOA)
Economic Analyst $105,630 •Master’s degree in economics, statistics, business and related fields
•Ph.D. preferred
Personal Financial Advisor $94,170 •Bachelor’s degree
•Optional certifications: Certified Financial Planner (CFP)
•Registration with the Securities and Exchange Commission (SEC)
Management Analysts $93,000 •Bachelor’s degree
•Master’s degree in business administration preferred
•Certified Management Consultant (CMC) designation
Financial Analysts $81,410 •Bachelor’s degree in business or related field.
•Master’s degree preferred by some employers
•Optional certifications: Chartered Financial Analyst (CFA)
Financial Examiners $81,410 •Bachelor’s degree in business or related field.
•Optional certifications: Accredited Financial Examiner (AFE) and/or Certified Financial Examiner (CFE)
Budget Analysts $79,940 •Bachelor’s degree in business, mathematics, or related field.
•Optional certifications: Certified Government Financial Manager (CGFM)
Accountants $77,250 •Bachelor’s degree in accounting
•Certified Public Accountant (CPA) license
•Optional certifications: Accredited in Business Valuation (ABV), Certified Financial Forensics (CFF), Chartered Global Management Accountant (CGMA), and/or Certified Management Accountant (CMA)
Auditors $77,250 •Bachelor’s degree in accounting
•Certified Public Accountant (CPA) license
•Optional certifications: Certified Internal Auditor (CIA), Certified in Control Self-Assessment (CCSA), Certified Government Auditing Professional (CGAP), Certified Information Systems Auditor (CISA), and/or Certified Financial Services Auditor (CFSA)

Latest news on finance jobs

Best paying jobs in finance FAQ

Is finance a good career path?

Despite being a highly competitive industry, careers in finance are a popular choice for many business administration graduates. It offers attractive high-paying jobs, bonuses and growth opportunities. In addition, it’s an industry that’s projected to grow 8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} between 2020 to 2030, and generate about 750,800 new jobs according to the Bureau of Labor Statistics.

How many jobs are available in finance?

According to the Bureau of Labor Statistics, in February and March 2022, there were roughly 500,000 jobs available in the financial industry.

These include a variety of roles ranging from entry-level positions in investment banking and financial institutions to top executive positions. Some common entry-level positions include brokers, equity analysts, risk analysts and loan officers.

How much do finance majors make?

According to ZipRecruiter, the national average salary for a finance professional is $73,284, with the majority of finance professionals earning between $44,500 to $97,000 a year. Some top earners can make $150,000 and more annually.

How much do you make working at a bank?

A bank worker can earn between $25,000 to $80,500 depending on the position, level of experience and location. There are many bank positions available ranging from bank tellers and service clerks to loan officers and bank managers. The median salary for a bank teller, according to the Bureau of Labor Statistics, is $36,310, whereas a loan officer’s median pay is $63,380.

How to get a job in finance with no experience

Although the finance industry is highly competitive, there are many entry-level finance jobs and internships for recent graduates and applicants with little or no experience. As with any job, it’s important to write a resume that showcases your unique skills, abilities and educational preparation. Do note that most financial institutions prefer candidates with a finance degree or in related fields. Completing additional professional and industry-specific certifications can also help you stand out from other candidates when applying for a job in finance.

Summary of Money’s best paying jobs in finance

  • The highest-paying finance jobs includes financial managers, financial system directors, actuaries, economic analysts, personal financial advisors, management analysts, financial analysts, financial examiners, budget analysts, accountants and auditors.
  • Most, but not all, finance jobs require a degree in business, finance, accounting or other related fields as well as career-specific certifications.
  • Financial professionals can earn between $44,500 to $97,000, with some top earners earning $150,000 or more a year.
  • The national average salary for financial professionals is $73,284.
  • According to the Bureau of Labor Statistics, occupations in the financial industry are projected to grow 8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and generate about 750,800 new jobs through 2030.

 

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Logan Ridge Finance Corporation Reports First Quarter 2022

Logan Ridge Finance Corporation Reports First Quarter 2022

NEW YORK, May 12, 2022 (GLOBE NEWSWIRE) — Logan Ridge Finance Corporation (“LRFC” or the “Company”) (Nasdaq: LRFC) today announced its financial results for the first quarter ended March 31, 2022.

First Quarter 2022 Overview

  • Net asset value as of quarter end declined slightly to $106.2 million, or $39.16 per share, compared to $107.1 million, or $39.48 per share, as of December 31, 2021, despite general market conditions deteriorating and credit spreads widening.
  • The fair value of the Company’s investment portfolio grew by $8.7 million to $206.9 million as of March 31, 2022 from $198.2 million as of the prior quarter, due to net unrealized appreciation and net deployment.
  • The Company continued to judiciously redeploy capital generated from exiting the legacy portfolio, with cash decreasing by $23.2 million to $15.8 million as of March 31, 2022, from $39.1 million as of the prior quarter end.
  • During the first quarter of 2022, the Company made approximately $16.4 million of investments and had approximately $8.4 million in repayments and sales, resulting in net deployment of approximately $8.0 million for the period.
  • As of March 31, 2022, our debt investment portfolio, which represented 68.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of our total portfolio at fair value, had a weighted average annualized yield of approximately 8.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} (excluding non-accruals and collateralized loan obligations). This compares to our debt investment portfolio which represented 67.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of our total portfolio at fair value as of December 31, 2021, which had a weighted average annualized yield of approximately 8.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} (excluding non-accruals and collateralized loan obligations).
  • As of March 31, 2022, we had debt investments in two portfolio companies on non-accrual status with an aggregate cost of $12.7 million and fair value of $7.0 million, which represented 6.4 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 3.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the investment portfolio, respectively. This compared to debt investments in two portfolio companies on non-accrual status with aggregate amortized cost of $12.7 million and an aggregate fair value of $7.6 million, which represented 6.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 3.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the investment portfolio, respectively, as of December 31, 2021.
  • As of March 31, 2022, our debt-to-equity ratio was 1.18x as compared to 1.17x as of December 31, 2021.

Management Commentary
Ted Goldthorpe, Chief Executive Officer and President of LRFC, said, “Overall, we had a productive first quarter with our net asset value remaining relatively stable, especially considering the turbulence in the global markets. Despite external factors such as the war in Ukraine, inflation, and rising interest rates, we were able to stay consistent with our reinvestments. Furthermore, as we recently announced, during the second quarter we successfully refinanced Logan Ridge’s legacy capital structure, which materially lowered our cost of capital, by leveraging the size and scale of our platform and the strong working relationships we have with our lenders. We believe that we are well-positioned for a stronger 2022.”

Recent Developments:
Since the end of the first quarter, we successfully completed the refinancing of the entire legacy capital structure, one of our key strategic initiatives.

  • On April 1, 2022, we entered into a Note Purchase Agreement for the issuance of $15.0 million Convertible Notes due in April 2032. The Convertible Notes have a fixed interest rate of 5.25{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} per annum.
  • On May 10, 2022, we amended our existing senior secured revolving credit agreement with KeyBank (“KeyBank Credit Facility”), increasing the initial commitment from $25.0 million to $75.0 million, with an uncommitted accordion feature that would allow the Company to borrow up to an additional $125.0 million. The amended KeyBank Credit Facility will mature on May 10, 2027. Borrowings under the amended KeyBank Credit Facility will bear interest at a floating forward-looking term rate equal to term SOFR plus an applicable margin of 2.90{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, with 0.40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} SOFR Floor, during the 3-year revolving period and 3.25{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, with 0.40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} SOFR Floor thereafter. This compares to the current facility which bore interest at LIBOR plus 3.50{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, subject to a minimum rate of 4.25{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

This materially lowers the Company’s cost of capital. The proceeds will be used to pay off the $52.1 million of 5.75{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} convertible notes outstanding as well as the remaining $22.8 million of 6.00{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} notes outstanding, both of which mature May 31, 2022.

Selected Financial Highlights

  • Total investment income was $3.3 million for the first quarter of 2022, compared to $4.9 million for the first quarter of 2021. The decline was due primarily to lower average outstanding debt investments compared to the prior quarter.
  • Total expenses for the first quarter of 2022 were $4.4 million, compared to $5.7 million for the first quarter of 2021. Interest and financing fees decreased by $0.8 million, management fees decreased by $0.4 million while other general and administrative costs increased by $0.1 million compared to the prior quarter. The decrease in expenses quarter-to-quarter is driven primarily by lower interest and financing expenses and partially by lower base management fees.
  • Net investment loss for the first quarter decreased $0.2 million to $1.1 million compared to $1.4 million during the three months ended December 31, 2021.
  • Net realized losses on our portfolio were less than $0.1 million, or $(0.01) per share, for the quarter ended March 31, 2022. This compares to net realized losses of $14.0 million, or $(5.17) per share, during the three months ended March 31, 2021.
  • During the quarters ended March 31, 2022 and 2021, the Company report $0.2 million and $27.2 million of net change in unrealized appreciation investments, respectively.
  • The Company had a decrease in net assets resulting from operations of $0.9 million, or $(0.32) per share, during the first quarter of 2022. This compares to a net increase in net asset from operations of $12.4 million, or $4.56 per share ($4.04 diluted), for the first quarter of 2021.

The following table summarizes the amortized cost and the fair value of investments as of March 31, 2022:

($ in thousands)   Investments at
Amortized Cost		     Amortized Cost
Percentage of
Total Portfolio		     Investments at
Fair Value		     Fair Value
Percentage of
Total Portfolio		  
First Lien Debt   $ 106,929       53.7 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}   $ 100,663       48.7 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Second Lien Debt     33,168       16.7 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     33,220       16.1 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Subordinated Debt     7,117       3.6 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     7,115       3.4 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Collateralized Loan Obligations     8,106       4.1 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     7,199       3.5 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Equity and Warrants     43,649       21.9 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     58,708       28.3 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Total   $ 198,969       100.0 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}   $ 206,905       100.0 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
                                 

The following table summarizes the amortized cost and the fair value of investments as of December 31, 2021:

($ in thousands)   Investments at
Amortized Cost		     Amortized Cost
Percentage of
Total Portfolio		     Investments at
Fair Value		     Fair Value
Percentage of
Total Portfolio		  
First Lien Debt   $ 103,667       54.4 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}   $ 98,251       49.6 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Second Lien Debt     30,048       15.8 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     30,190       15.2 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Subordinated Debt     5,050       2.6 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     5,050       2.6 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Equity and Warrants     51,717       27.2 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}     64,698       32.6 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Total   $ 190,482       100.0 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}   $ 198,189       100.0 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
                                 

Interest Rate Risk
Based on our March 31, 2022 consolidated statement 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:

Basis Point Change
($ in thousands)		 Increase
(decrease) in interest income		     (Increase)
decrease in
interest expense		     Increase
(decrease) in
net income		  
Up 300 basis points $ 2,258     $ —     $ 2,258  
Up 200 basis points   1,374       —       1,374  
Up 100 basis points   605       —       605  
Down 100 basis points   (135 )     —       (135 )
Down 200 basis points   (135 )     —       (135 )
Down 300 basis points   (135 )     —       (135 )
                       

Conference Call and Webcast
LRFC will discuss these results in a conference call on Friday, May 13, 2022 at 9:00 am ET.

To access the conference call, please dial (844) 616-4517 approximately 10 minutes prior to the start of the conference call and use the conference ID 3899999. A replay of the conference call will be available from May 13 through May 20. The dial in number for the replay is (855) 859-2056 and the conference ID is 3899999.

A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis on the Company’s website, loganridgefinance.com, in the Investor Relations section, under Events and Presentations. The webcast can also be accessed by clicking the following link: Logan Ridge First Quarter 2022 Conference Call. 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 loganridgefinance.com.

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.

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, periodic 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

The Equity Group Inc.
Lena Cati
lcati@equityny.com
(212) 836-9611

Serena Liegey
sliegey@equityny.com
(212) 836-9630

Logan Ridge Finance Corporation
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share data)

    As of March 31,     As of December 31,  
    2022     2021  
    (unaudited)        
ASSETS            
Investments at fair value:            
Non-control/non-affiliate investments (amortized cost of $140,329 and $131,829, respectively)     137,341     $ 129,991  
Affiliate investments (amortized cost of $49,790 and $49,803, respectively)     62,649       61,359  
Control investments (amortized cost of $8,850 and $8,850, respectively)     6,915       6,839  
Total investments at fair value (amortized cost of $198,969 and $190,482, respectively)     206,905       198,189  
Cash and cash equivalents     15,838       39,056  
Interest and dividend receivable     1,025       929  
Prepaid expenses     3,137       3,358  
Receivable for unsettled trades     7,086       685  
Total assets   $ 233,991     $ 242,217  
LIABILITIES            
2022 Notes (net of deferred financing costs of $18 and $46, respectively)   $ 22,815     $ 22,787  
2022 Convertible Notes (net of deferred financing costs of $67 and $167, respectively)     52,020       51,921  
2026 Notes (net of deferred financing costs and original issue discount of $1,540 and $1,552, respectively)     48,460       48,448  
KeyBank Credit Facility (net of deferred financing costs of $305 and $353, respectively)     (305 )     (353 )
Management and incentive fees payable     1,027       1,065  
Interest and financing fees payable     1,595       911  
Payable for unsettled trades     1,478       9,265  
Accounts payable and accrued expenses     730       1,144  
Total liabilities   $ 127,820     $ 135,188  
Commitments and contingencies            
NET ASSETS            
Common stock, par value $0.01, 100,000,000 common shares authorized, 2,711,068 and 2,711,068 common shares issued and outstanding, respectively   $ 27     $ 27  
Additional paid in capital     188,846       188,846  
Total distributable loss     (82,702 )     (81,844 )
Total net assets   $ 106,171     $ 107,029  
Total liabilities and net assets   $ 233,991     $ 242,217  
Net asset value per share   $ 39.16     $ 39.48  
                 

Logan Ridge Finance Corporation
Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)

    For the Three Months Ended March 31,  
    2022     2021  
INVESTMENT INCOME            
Interest income:            
Non-control/non-affiliate investments   $ 2,383     $ 3,197  
Affiliate investments     719       1,297  
Control investments     95       98  
Total interest and fee income     3,197       4,592  
Payment-in-kind interest and dividend income:            
Non-control/non-affiliate investments     85       71  
Affiliate investments     47       99  
Total payment-in-kind interest and dividend income     132       170  
Dividend income:            
Affiliate investments     —       155  
Total dividend income     —       155  
Other income:            
Affiliate investments     8       9  
Total other income     8       9  
Total investment income     3,337       4,926  
EXPENSES            
Interest and financing expenses     2,188       3,037  
Base management fee     1,027       1,398  
Directors expense     103       103  
Administrative service fees     120       350  
General and administrative expenses     950       821  
Total expenses     4,388       5,709  
NET INVESTMENT LOSS     (1,051 )     (783 )
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS            
Net realized loss on investments:            
Non-control/non-affiliate investments     (36 )     (14,023 )
Net realized loss on investments     (36 )     (14,023 )
Net change in unrealized appreciation on investments:            
Non-control/non-affiliate investments     (1,150 )     23,212  
Affiliate investments     1,303       3,972  
Control investments     76       (24 )
Net change in unrealized appreciation on investments     229       27,160  
Total net realized and unrealized gain on investments     193       13,137  
NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ (858 )   $ 12,354  
NET (DECREASE) INCREASE IN NET ASSETS PER SHARE RESULTING FROM OPERATIONS – BASIC   $ (0.32 )   $ 4.56  
WEIGHTED AVERAGE COMMON STOCK OUTSTANDING – BASIC     2,711,068       2,711,068  
NET (DECREASE) INCREASE IN NET ASSETS PER SHARE RESULTING FROM OPERATIONS – DILUTED   $ (0.32 )   $ 4.04  
WEIGHTED AVERAGE COMMON STOCK OUTSTANDING – DILUTED     2,711,068       3,263,647  
DISTRIBUTIONS PAID PER SHARE   $ —     $ —  
                 

Posted on

Tradewind Finance announces US$ 1bln in funding globally

Tradewind Finance announces US$ 1bln in funding globally

Dubai, UAE: Top intercontinental trade finance firm Tradewind Finance has announced the completion of its US$1 billion funding for 2022 – a improvement that’s greatly predicted to noticeably bridge the money gap for exporters throughout the globe.

In accordance to the spokesperson, the extension of liquidity by the money move administration company proceeds to be instrumental in supporting exporters to scale up their pursuit of much-required expansion.

The funding will also enable exporters to spend supplemental cash into their organizations – from their workforce to ESG initiatives – as well as conveniently meet up with other equally-critical performing cash requirements.

“We are energized to announce the completion of US$1 billion funding for 2022. This is a phenomenal accomplishment not just for Tradewind Finance but most importantly for the many exporters who are experiencing funding bottlenecks and are not able to increase their businesses. This funding arrives at the appropriate time as most exporters are rebuilding their functions on the back again of a world wide wellbeing disaster. Sustainable business progress is an essential part, primarily in the exports company and we consider this funding is heading to give the exporters with the appropriate aid to scale up,” mentioned Peter Maerevoet, Worldwide CFO and Regional CEO for Asia at Tradewind Finance.

Tradewind Finance, which has a properly-diversified portfolio of purchasers spanning all continents, also expects additional funding of additional than US$3 billion by the conclusion of 2022. The supplemental resources will be applied to support export providers that trade internationally seamlessly navigate the present-day supply chain difficulties and be in a much better situation to contend proficiently.

The funding also offers providers prospects to extend their solution offerings, associate with massive-identify customers who inquire for more time payment phrases, and enter new marketplaces securely. In addition to the funding, its trade finance offers involve credit rating defense and collections services.

Export businesses that qualify for the funding will get among US$250,000 to US$30 million based mostly on the company’s specifications. In the UAE, Tradewind Finance has presented funding to businesses that export products, packaging, automotive components, and electronics with most of these providers getting purchasers located in the GCC area.

For above 20 several years, Tradewind Finance has aided export corporations in successfully meeting their economical obligations and necessities via the provision of funding. The money injection has, in transform, aided export firms to significantly improve their in general income flow, enabling them to scale up their export orders.

-Finishes-

About Tradewind Finance

Founded in 2000, Tradewind Finance maintains a network of workplaces all more than the world, including Bangladesh, Brazil, Bulgaria, China, Hong Kong SAR, Hungary, Iceland, India, Pakistan, Peru, Turkey, UAE, and the United states of america as perfectly as the headquarters in Germany. Combining financing, credit history defense, and collections into a one suite of trade finance merchandise, Tradewind delivers streamlined, adaptable, and finest-in-course services to the world’s exporters and importers.

For editorial enquiries, remember to get hold of Matrix PR
Krishika Mahesh – krishika@matrixdubai.com
Ambika Jadeja – ambika@matrixdubai.com