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Logan Ridge Finance Corporation Announces the Successful Exit of its Largest Equity Investment, Nth Degree Investment Group, LLC
NEW YORK, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Logan Ridge Finance Corporation (NASDAQ:LRFC) (the "Company") today announced that as of September 10, 2024, it has exited its largest equity investment, Nth Degree Investment Group, LLC ("Nth Degree"), at or above its previously reported fair value as of June 30, 2024.
Ted Goldthorpe, Chief Executive Officer and President of Logan Ridge, said, "The rotation out of the legacy equity portfolio has been a key component of the turnaround strategy for Logan Ridge since Mount Logan Management took over as the Company's investment advisor in July of 2021.
We see the sale of Nth Degree, our largest equity position, as a transformative event and an important milestone for the Company. The cash proceeds from this transaction will be redeployed into interest earning assets originated by the BC Partners Credit Platform, which will significantly improve the long-term earning power of our portfolio."
Ted Goldthorpe, Chief Executive Officer and President of Logan Ridge, said, "The rotation out of the legacy equity portfolio has been a key component of the turnaround strategy for Logan Ridge since Mount Logan Management took over as the Company's investment advisor in July of 2021.
We see the sale of Nth Degree, our largest equity position, as a transformative event and an important milestone for the Company. The cash proceeds from this transaction will be redeployed into interest earning assets originated by the BC Partners Credit Platform, which will significantly improve the long-term earning power of our portfolio."
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