Capitala Finance Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2018
March 04, 2019 at 04:30 pm EST
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Capitala Finance Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2018. For the quarter, the company reported total interest and fee income of $10,030,000 against $9,958,000 for the same period a year ago. Total investment income was $11,308,000 against $11,599,000 for the same period a year ago. Net investment income was $3,501,000 against $4,218,000 for the same period a year ago. Net decrease in net assets resulting from operations was $9,201,000 or $0.57 per basic and diluted share against $589,000 or $0.04 per basic and diluted share for the same period a year ago. Net realized losses totaled $14.6 million, or $0.91 per share, for the fourth quarter of 2018, compared to net realized losses of $23.4 million, or $1.47 per share, for the same period in 2017.
For the year, the company reported total interest and fee income of $42,401,000 against $42,489,000 for the same period a year ago. Total investment income was $47,293,000 against $51,089,000 for the same period a year ago. Net investment income was $16,022,000 against $15,524,000 for the same period a year ago. Net decrease in net assets resulting from operations was $16,026,000 or $1.00 per basic and diluted share against $6,984,000 or $0.44 per basic and diluted share for the same period a year ago. Net realized losses totaled $34.8 million, or $2.18 per share, for the year ended December 31, 2018, compared to losses of $24.2 million, or $1.52 per share, for the same period in 2017.
Logan Ridge Finance Corporation is a business development company. The Companyâs 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 a portfolio of sectors, such as healthcare, business services, financials, information technology, industrials, consumer discretionary, communication services, consumer staples, entertainment, and data processing and digital marketing. The Company's investment advisor is Mount Logan Management LLC (Mount Logan).