Logan Ridge Finance Corporation

Good day and thank you for standing by. Welcome to the Logan Ridge First Quarter 2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. Please be advised that today's conference is being recorded. To ask a question during the session, you will need to press star one on your telephone. If you require any further assistance, please press star and zero. I would now like to hand the conference over to your speaker today. Serena Ligi, please go ahead.

Thank you. Good morning, and welcome to Logan Ridge Finance Corporation's first quarter 2022 earnings conference call. An earnings press release was distributed yesterday, May 12th, after market closed. A copy of the release along with an earnings presentation is available on the company's website at www.loganridgefinance.com in the investor relations section and should be reviewed in conjunction with the company's form 10Q filed yesterday with the SEC. As a reminder, this conference call is being recorded for replay purposes. Please note that today's conference call may contain forward-looking statements which are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the company's filings with the SEC. Logan Ridge Finance Corporation assumes no obligation to update any such forward-looking statements unless required by law. With that, I would now like to turn the call over to Ted Goldthorpe, Chief Executive Officer of Logan Ridge Finance Corporation. Please go ahead, Ted.

Good morning. Welcome to our first quarter 2022 earnings call. I am joined today by our Chief Financial Officer, Jason Ruse, and our Chief Investment Officer, Patrick Schaefer. Following my opening remarks, Patrick will provide additional detail on our investment activity to date, and Jason will walk through the financials. This marks our third completed quarter as a new advisor to Logan Ridge, and I'm pleased to say that we've made significant progress since we began managing the company. Although we have been operating in an environment where there is market volatility, political uncertainty, and rising interest rates, the fair value of our investment portfolio grew to approximately $207 million driven primarily by unrealized appreciation on the portfolio and the judicious deployment of proceeds generating from exiting the legacy portfolio into interest earning investments originated by the BC Partners credit platform. Additionally, we are pleased to report that subsequent to quarter end, we successfully refinanced the remainder of Logan Ridge's legacy capital structure which is a testament to the benefits shareholders receive from our ability to leverage the size and scale of our platform and the strong relationships we have with our lenders and financing partners. Specifically, on April 1st, we issued a $15 million convertible note, and on May 10th, we amended our existing Senior Secured Revolving Credit Agreement with KeyBank to increase the commitment, reduce the interest rate, and extend its maturity date. The proceeds will be used to repay the $52.1 million of five and three quarters convertible notes outstanding as well as $22.8 million of 6% notes outstanding, both of which are scheduled to mature on May 31st, 2022. These transactions materially lower the cost of debt capital, which will be transformative for the company and an important milestone during our early stewardship process. Investors will begin to benefit from the lower cost of debt capital during the third quarter of 2022. With that being said, I want to turn the call over to Patrick Schaefer, our Chief Investment Officer.