Capitala Finance Corp. Reports Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended September 30, 2018
November 05, 2018 at 04:30 pm EST
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Capitala Finance Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported total interest and fee income of $10,442,000 against $9,761,000 for the same period a year ago. Total investment income was $11,530,000 against $12,312,000 for the same period a year ago. Net investment income was $3,851,000 or $0.24 per share against $4,410,000 or $0.28 per share for the same period a year ago. The net decrease in net assets resulting from operations was $11.9 million for the third quarter of 2018, or $0.74 per share, compared to a net decrease of $5.8 million, or $0.36 per share, for the same period in 2017.
For the nine months, the company reported total interest and fee income of $32,370,000 against $32,531,000 for the same period a year ago. Total investment income was $35,984,000 against $51,798,000 for the same period a year ago. Net investment income was $12,520,000 against $11,304,000 for the same period a year ago. Net decrease in net assets resulting from operations was $6,827,000 or $0.43 per basic and diluted share against net increase in net assets resulting from operations of $6,395,000 or $0.40 per basic and diluted share for the same period a year ago. Net asset value per share was $12.71 at September 30, 2018.
Logan Ridge Finance Corporation is a business development company. The Company's investment objective is to generate both current income and capital appreciation through debt and equity investments. It offers customized financing to business owners, management teams and financial sponsors for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives. The Company invests in first lien loans, and, to a lesser extent, second lien loans and equity securities issued by lower middle-market and traditional middle-market companies. The Company invests in middle market businesses that operate across a range of industries, such as aerospace/defense, business services, consumer products, education, food and beverage, healthcare, industrial and environmental services, logistics and distribution, manufacturing, and media and telecommunications. The Company's investment advisor is Mount Logan Management LLC (Mount Logan).