Tag: Reports

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Ally Financial reports first quarter 2023 financial results

Ally Financial reports first quarter 2023 financial results

CHARLOTTE, N.C., April 19, 2023 /PRNewswire/ — Ally Monetary Inc. (NYSE: ALLY) right now described its very first quarter 2023 money success. Check out full push launch in PDF.

The news release, presentation and fiscal supplement can be accessed in the adhering to ways:

Ally will host a convention connect with at 9 a.m. ET to review the firm’s functionality. The call will contain a evaluate of the outcomes, adopted by a question and solution session.

Meeting Connect with Details: Meeting get in touch with participation is out there by using webcast or dial-in. The webcast will be reside on Ally’s Investor Relations web site in the Gatherings & Shows part (https://www.ally.com/about/investor/events-displays/index.html).

To be part of the meeting via dial-in, be sure to pre-sign up by means of the next url at least 15 minutes before the call commences: https://sign-up.vevent.com/register/BI5aac46030789469983029aeeb8d0774a. On registration, you will be presented with the convention dial-in number as well as a exceptional registrant ID.

A replay of the phone will be readily available through webcast on the Ally Trader Relations web page.

About Ally Money

Ally Financial Inc. (NYSE: ALLY) is a economic providers corporation with the nation’s biggest all-digital lender and an market-top auto funding company, pushed by a mission to “Do It Suitable” and be a relentless ally for consumers and communities. The firm serves a lot more than 11 million prospects through a entire range of online banking companies (including deposits, mortgage, level-of-sale private lending, and credit history card merchandise) and securities brokerage and expenditure advisory providers. The corporation also includes a robust company finance business enterprise that delivers funds for equity sponsors and middle-sector organizations, as well as vehicle financing and insurance policy choices. For more info, you should check out www.ally.com and abide by @allyfinancial.

For extra details and disclosures about Ally, go to https://www.ally.com/#disclosures.

For further more images and news on Ally, be sure to check out https://media.ally.com.

Contacts:

Sean Leary
Ally Investor Relations
704-444-4830
sean.leary@ally.com

Peter Gilchrist
Ally Communications (Media)
704-644-6299
peter.gilchrist@ally.com

Cision

Cision

Perspective initial written content:https://www.prnewswire.com/news-releases/ally-monetary-studies-very first-quarter-2023-economic-final results-301801699.html

Source Ally Economical

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Wells Fargo no longer reports how many financial advisors it employs

Wells Fargo no longer reports how many financial advisors it employs

Wells Fargo will no lengthier disclose how a lot of money advisors it employs.

In the initially quarter, the bank’s wealth and financial commitment management division introduced in $3.7 billion in complete revenue, a 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} drop from the year-back period of time. Internet cash flow for the quarter was $457 billion, and Wells Fargo claimed a whole of $1.9 trillion in customer property.

Nevertheless, an update on advisor head count was nowhere to be identified in the earnings experiences revealed Friday. In January, Wells Fargo claimed a head rely of 12,027 advisors, an maximize of 16 from the prior quarter and a year-above-calendar year minimize of 340.

A corporation spokesperson confirmed that Wells Fargo is no for a longer time generating the information and facts readily available.

“Following similar tendencies in the industry, and aligning with our peers, Wells Fargo Prosperity & Investment decision Administration no for a longer time reports gross advisor headcount,” the spokesperson explained in an e mail.

Morgan Stanley and Lender of America have also stopped disclosing advisor head depend in new a long time, in accordance to Barron’s.

Wells Fargo attributed the modest dip in prosperity administration income to non-fascination earnings declining 11{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} year-around-12 months on decreased asset-primarily based service fees driven by a decrease in industry valuations. However, better desire prices drove a 31{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} yr-around-year raise in internet desire profits.

Overall NII throughout the lender rose to $13.3 billion in the very first three thirty day period of the calendar year, up 45{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from a calendar year previously, which conquer Wall Road analysts’ anticipations, according to Bloomberg.

Friday’s earnings report mirrored a risky quarter that observed the collapse of 3 regional banking companies. Wells Fargo was one of 11 banking companies that assisted shore up Initial Republic Bank in the wake of consumer panic subsequent the collapse of Silicon Valley Bank. Wells Fargo contributed a $5 billion uninsured deposit into To start with Republic Bank to assistance give liquidity.

“We’re happy that the operate we have done about the very last various several years has set us in a place to assistance assistance the U.S. money process,” Wells Fargo CEO Charlie Scharf reported on a conference contact to talk about the firm’s to start with quarter earnings. “I’m happy of every little thing our workers have completed all through this historic period of time to be there for our shoppers. We imagine financial institutions of all dimensions are an significant component of our financial procedure, as each is uniquely situation to serve their consumers and communities.”

Scharf also assured investors that Wells Fargo’s working product is different than that of the regional banking institutions that unsuccessful through the quarter.

“These individual financial institutions had concentrated company types with heavy reliance on uninsured deposits,” he claimed.  “Our franchise, and all those of quite a few other financial institutions, operate with a broader organization design and extra diversified funding resources.”

 In current months, traders have become more and more apprehensive about professional actual estate credit excellent, with massive swaths of places of work sitting empty in main metropolitan spots throughout the country in the aftermath of the pandemic. Wells Fargo said that approximately 12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of its office environment loan portfolio is operator-occupied, and almost a person-third have recourse to a guarantor.

The company documented an 8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} fall in firmwide deposits, noting that the decrease was fueled by prospects migrating to greater-yielding alternate options and an improve in customer shelling out. Common deposit prices soared to 83 foundation factors as opposed with just 3 basis points a 12 months ago.

Expenses, a crucial aim of Scharf’s turnaround hard work, totaled $13.7 billion, somewhat larger than analysts envisioned. That assisted convey Wells Fargo’s performance ratio, a measure of profitability, to 66{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Scharf also announced that Mary Mack, the former head of Wells Fargo Advisors, is retiring. Saul Van Beurden, Wells Fargo’s head of know-how, will triumph her, productive May well 15.

Additional reporting provided by Bloomberg Information.

[More: Client wasn’t lovin’ it:  Wells Fargo loses arbitration case over McDonald’s stock]

Why traders require to incorporate annuities to their portfolio blend

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JPMorgan Chase reports record revenue

JPMorgan Chase reports record revenue


New York
CNN
 — 

JPMorgan Chase

(JPM) on Friday reported very first-quarter financial gain and earnings that roundly conquer expectations.

The New York-based financial institution posted a financial gain of $12.6 billion or $4.10 for every share. That is up from $8.3 billion, or $2.63 for each share from the very same time period a calendar year right before, or 52{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. Analysts predicted earnings of $3.41 for every share, in accordance to Refinitiv.

The enterprise also guided net fascination earnings to be about $81 billion in 2023, up $7 billion from its preceding estimate.

With $3.67 trillion in assets, JPMorgan Chase is the premier lender in the United States and a bellwether for the US economic climate.

“The US financial state proceeds to be on frequently healthier footings — shoppers are nevertheless investing and have strong equilibrium sheets, and companies are in excellent condition. However, the storm clouds that we have been monitoring for the earlier calendar year continue to be on the horizon,” CEO Jamie Dimon mentioned in a push release.

Deposits rose to $2.38 trillion all through the first quarter from $2.34 trillion in the quarter ended in December. That will come after past month’s banking meltdown induced a rush into major banks from nervous prospects. Buyers also seemed to funds industry cash as a haven.

A essential position of dialogue immediately after final month’s turmoil has been regardless of whether financial institutions would tighten lending specifications, primary customers to shell out much less as it gets to be far more difficult to borrow money for significant buys like residences and cars and trucks.

But Dimon advised traders in the company’s put up-earnings meeting call that he is not nervous about a credit history crunch after the banking disaster.

“I would not use the phrase[s] ‘credit crunch,’” he stated in response to a problem about irrespective of whether he was concerned that lending would tighten in the bank soon after the collapse of Silicon Valley Lender and Signature Financial institution. “I just search at it as a variety of a thumb on the scale. It just helps make the funding situations a minor bit tighter and raises the odds of a economic downturn.”

Still, firms really should still brace for the probability that curiosity fees keep on being bigger for extended than envisioned, he said. Although the Federal Reserve has signaled that it will pause charges later this 12 months, fairly easing considerations about climber prices, Dimon managed that the financial system isn’t out of the woods just yet.

“People need to be organized. They shouldn’t pray that they never go up. They should prepare for them going up. And if it does not take place, serendipity,” he mentioned.

JPMorgan Chase explained its publicity to place of work space is constrained, as concerns that the $20 trillion commercial actual estate sector is the future shoe to fall right after the banking tumult linger above Wall Road.

“Given the recent target on commercial authentic estate, let me remind you that our office sector exposure is fewer than 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of our portfolio and is concentrated in urban dense marketplaces, and approximately two-thirds of our loans are multifamily, generally in provide-constrained marketplaces,” mentioned Jeremy Barnum, main monetary officer.

The commercial authentic estate industry’s woes come just after many years of unbridled expansion run by reduced interest premiums and simple credit score. That upward craze was interrupted by the Covid pandemic’s onset, and then when the Federal Reserve begun climbing desire prices aggressively very last yr to stabilize the economic system. The change to operating from home has eroded the price of structures as workplaces stay vacant or half-empty.

Shares of JPMorgan Chase were up 6.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Friday morning.

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LPL Reports $20B in Organic Growth, Despite Market Volatility

LPL Reports $20B in Organic Growth, Despite Market Volatility

LPL Financial documented web new property of $20 billion for the duration of the 3rd quarter, down from about $37 billion in the 2nd quarter but symbolizing a 7.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} annualized development amount. Whole assets ended up $1.1 trillion, down 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} sequentially and 8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} yr in excess of calendar year, as natural advancement was offset by decreased fairness markets, the business mentioned.

“Over the past quarter, amid persistent industry volatility, our advisors continued to be a source of support and assistance for their customers by supporting them navigate uncertainty,” explained CEO Dan Arnold, on an earnings simply call Thursday. “This motivation to their clientele underscores the significance of our function on our mission, having care of our advisors so they can get care of their shoppers.”

Of program, the volatility is triggering clients to set extra dollars on the sidelines customer dollars balances ended up $67 billion, up $16 billion from a yr ago.

The company described third quarter recruited assets of $13 billion, bringing its whole recruited belongings around the earlier 12 months to $84 billion. In the second quarter, the business described document recruited assets of $44 billion, $32 billion of which came from CUNA Mutual Team, which it onboarded in May possibly 2022.

Its 3rd quarter recruited assets involved $3 billion (of $4.4 billion) from the retail brokerage and advisory small business People’s United Financial institution, which it commenced to onboard during the quarter.

Whilst LPL Economical has served financial institutions and credit rating unions for years, it truly is a short while ago made a far more concerted effort to assist these firm and is optimistic about growth in the channel. In the course of the 3rd quarter, LPL declared it experienced hired Pete Dorsey, who spent the earlier two a long time at the RIA-concentrated custodial and technological innovation platform Altruist, as executive vice president of institution companies, the crew dependable for LPL’s bank, credit score union and enterprise consumers.

Total advisor head count ended the third quarter at 21,044, up 173 sequentially and 1,417 year over year. Arnold claimed the firm is nevertheless possessing success recruiting into its classic markets, which accounted for $6 billion in recruited property through the quarter.  

“We continue on to boost our get charges and broaden the depth and breadth of our pipeline, regardless of advisor movement in the business remaining at reduced stages,” Arnold explained.

But the firm is also viewing traction in its more recent affiliation products, which include Strategic Prosperity Services, its staff channel and its RIA custody presenting. Those channels accounted for $2 billion in recruited belongings in the course of the quarter.

“Following various quarters of elevated marketplace volatility, advisors are acclimating to the problems and ever more discovering new strategic choices for their observe,” Arnold explained. “This makes a much more favorable circumstance for us as current market-driven headwinds give way to the structural power per product. This need to final result in a strong complete to the 12 months from a recruiting team.”

Over-all, web earnings was $232 million through the quarter, or $2.86 in diluted earnings for every share, up 127{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from a calendar year in the past and beating analyst anticipations by 18 cents. Revenue of $2.16 billion, up 6.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} 12 months about yr, was in line with expectations, in accordance to SeekingAlpha.com.

The firm also noted document subscriptions inside of its company solutions group of 4,233, up 1,635 year over year. The annualized earnings from these solutions greater to $34 million, up about 51{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from a 12 months ago.

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Boeing reports larger than expected loss, but it still counts as good news

Boeing reports larger than expected loss, but it still counts as good news
For a enterprise that has endured a regular stream of terrible information for the final 3 several years these hottest success practically qualify as a “excellent” quarter.
Shares of Boeing (BA), a part of the Dow, obtained 3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in midmorning trading on the report They’re nevertheless down 22{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} for the yr by way of Tuesday’s shut.

Investors were probable cheered that Boeing noted beneficial working money movement of $81 million — only the 2nd quarter in the previous 3 a long time that the corporation did not melt away by hard cash. What is far more, the firm explained it is really on keep track of to keep constructive hard cash move for the yr.

It could be the commencing of a reversal of a dollars-burn off development that Boeing has faced since the second quarter of 2019, when its 737 Max was grounded right after two deadly crashes. In that time Boeing has experienced a destructive running dollars move of $24.7 billion.
Even so, Boeing was unable to offer a definitive day for resuming deliveries of its 787 Dreamliner planes, which have been halted for extra than a yr by the Federal Aviation Administration. The business was compelled to acquire a $283 million charge in the quarter relevant to the expenditures connected with that halt, and it expects the total expenses will arrive at $2 billion.

“While we are earning meaningful progress, we have additional get the job done in advance,” stated CEO Dave Calhoun.

Total Boeing claimed net cash flow of $160 million excluding distinctive costs for the second quarter, down 72{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from a year earlier. And nevertheless profits of $16.9 billion was off just 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from the prior year, that was $900 million considerably less than analysts had forecast.

The adjusted loss came in at of 37 cents a share for the quarter, excluding exclusive merchandise. Which is much even worse than the forecast of a 14 cent decline from analysts surveyed by Refinitiv, and the 40 cent a share profit it earned a yr in the past.

Much better news on the 737 Max

In other sunnier information for Boeing, the organization increased manufacturing of its 737 Max to 31 planes for every month, up from 26 month-to-month at the finish of very last 12 months. It also received orders for 169 of the jets during the quarter, together with 100 from Delta Air Lines (DAL) — the only important US airline that experienced not previously owned the aircraft.
Boeing shipped 103 of the 737 Max jets in the quarter, the most considering the fact that the FAA ended the 20-month grounding of the jet in in November 2020. 1 of those deliveries was to Ethiopian Airways, one particular of the two airways that suffered a fatal crash with the airplane.
Boeing needs to get its 's*** together,' Ryanair CEO says
Some of Boeing’s consumers and major aircraft leasing corporations have been scathingly essential of Boeing’s the latest effectiveness and contacting for a transform in administration — most notably Michael O’Leary, CEO of Ryanair, Europe’s greatest discounted provider. Earlier this year O’Leary permit loose a profanity-crammed attack on Boeing through a get in touch with with investors, indicating its administration wanted an quick “reboot, or a boot up the a**.”
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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   $ —     $ —