Q3 2023 Logan Ridge Finance Corp Earnings Call
The earnings press release was distributed yesterday after the close of the market.
A copy of the release along with a supplemental earnings presentation is available on the company's website at Www Dot Logan Rich finance Dot com in the Investor resources section and should be reviewed in conjunction with the company's Form 10-Q filed 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.
Speaking on today's call will be Ted Goldfield, Chief Executive Officer, President and director of Logan reach Finance Corporation.
Jason Rhodes, Chief Financial Officer, and Patrick Schafer, our Chief investment Officer.
With that I would now like to turn the call over to Ted Golf Dog, Chief Executive Officer of like Enrich Finance Corporation. Please go ahead Ted.
Good morning, Good afternoon, welcome to our third quarter 2023 earnings call.
As mentioned I'm joined today by our Chief Financial Officer, Jason Rus, and our Chief Investment Officer, Patrick Schafer.
Following my opening remarks, Patrick will provide additional detail on our investment activity to date and Jason will walk through the financials.
Like to start by highlighting that Logan Ridge once again reported another strong quarter generating the highest net net investment income since we began managing the company a little over two years ago.
This success is largely a continuation of the performance trajectory Logan has been on since we reported our first quarter of positive net income investment income just over one year ago for the quarter ending September 32022.
As the company's exposure to the legacy equity portfolio has continued to decline and it has exposure to credits originated by the BC credit BC partners credit platform it's increased.
The benefit to shareholders has been clear and has been reflected through Logan Richard's financial results.
With that in mind I'll keep my prepared remarks brief today and limited to a few key highlights, which Patrick and Jason can provide more detail on shortly.
First and foremost as a result of the company's strong financial performance. The board of directors approved a 15% increase in the quarterly distribution, bringing it to <unk> 30 per share compared to <unk> 26 per share last quarter.
Since we've turned the quarterly dividend back on in early 2023, we've steadily increased it each quarter.
This distribution total distributions declared in 2023.
Is <unk> 96 per share.
We reported our fifth consecutive quarter of positive net investment income, which amounted to $1 2 million or <unk> 43 per share for this quarter.
Compared to the prior quarter, our net investment income is up $200000 from $1 million or <unk> 38 per share.
Compared to the same quarter in the prior year, our net investment income is up $1 million from $200000 or <unk> <unk> per share in the third quarter of 2022.
This trend illustrates the enhanced earnings power of our portfolio driven by the reworked capital structure, we refinanced in 2022 and the success we've had in monetizing the non yielding legacy portfolio and redeploying that capital into income generating names originated by the BC partners credit platform I.
I'm incredibly proud of this achievement.
Deployment for the quarter remained strong with the company funding $6 $1 million in new and follow on investments. However, repayments and sales were elevated at $23 2 million, leaving us with net repayments in sales of $17 1 million for the quarter.
As of quarter end the portfolio consisted of 58.
Consistent investments in 58 companies.
Finally during the quarter, we continued repurchasing shares until our share repurchase program that was established in late March.
Since the inception of the program and through September 32023, the company has repurchased over 31000 shares for an aggregate cost of approximately $700000, which was accretive to NAV by approximately <unk> <unk> per share for the quarter and 16% per share since the introduction of the program as.
As we enter the final quarter of the year M&A activity is rebounding and our pipeline is strong and thus we are expecting a solid fourth quarter for deployment we.
We continue to believe that 2023 will promote proved to be a very attractive private credit vintage and I'm very optimistic on the companys future.
With that I will turn the call over to Patrick Schafer, our Chief investment Officer.
Thanks Ted.
As of September 32023, the fair value of Logan's portfolio was approximately $187 $1 million to exposure to 58 portfolio companies. This compares to 62 portfolio companies with a fair value of approximately $206 6 million as of the prior quarter and 54 portfolio companies with fair value.
<unk> of $193 1 million as the third quarter of 2022.
During the third quarter, we continue to judiciously deploy capital specifically the company made approximately $6 $1 million in new and follow on investments and approximately $23 2 million in repayments in sales, resulting in net repayments in sales of approximately $17 1 million for the quarter <unk>.
Included in our repayments in sales for the quarter with the successful exit of the company's legacy portfolio Company Jurassic Quest, specifically Logan reagent received $8 2 million in proceeds to pay off its term loan and preferred equity interest in Jurassic quest, which generated a realized gain of.
Approximately $200000.
Moreover, while we had some large repayments in sales during the second half of the quarter as Ted mentioned, our pipeline is strong and we are optimistic that barring any unexpected large repayments Logan range, we'll be able to redeploy this capital such that the company is fully invested and back to its target leverage ratio by the end of the fourth quarter, which historically has been a strong quarter for deployment across our platform.
Now on to portfolio composition as of September 32023, 55% of the company's investment portfolio at fair value was invested in assets originated by the BC partners platform at quarter end, our debt investment portfolio represented 82% of the total portfolio at fair value with a weighted average annualized yield of approximately 11 <unk>.
Sent excluding income from non accruals and collateralized loan obligations.
This compares to a debt investment portfolio, which represents 82, 2% of our total portfolio at fair value with a weighted average annualized yield of approximately 10, 8% excluding income from non accruals and collateralized loan obligations as of the prior quarter.
First lien debt represented 63, 6% and 64, 8% of our total portfolio on a cost and fair value basis, respectively. This compares to first lien debt representing $66, one and 66, 8% of our total portfolio on a cost and fair value basis, respectively. As of June 32023, and 61.
2% and 69 61, 9% of our total.
Portfolio on a cost and fair value basis, respectively as of December 32022.
The non yielding equity portfolio represented 17, 6% and 16, 6% of the portfolio on a cost and fair value basis, respectively as of December 32023.
This compares to $16 $5 and 64% of the portfolio on a cost and fair value basis as of June 30 of 2023.
The increase in our equity portfolio relative to the prior quarter was largely driven by net repayments in sales in the debt portfolio.
As of September 32023, 82, 3% of our debt portfolio at fair value was bearing interest at a floating rate compared to 83, 2% as of June 32023.
Moving on to non accrual status credit quality remained stable during the three months ended September 32023, as there are no new portfolio companies added to nonaccrual status.
As of September 32023, we had two portfolio companies on nonaccrual with an aggregate amortized cost and fair value of $16 8 million and $10 6 million, respectively, or eight 3% and five 7% of the investment portfolio at cost and fair value respectively. This.
This represents a slight decrease as compared to two portfolio companies on nonaccrual status as of the prior quarter with a cost and fair value of $17 1 million and $11 1 million, respectively, representing seven 8% and five 3% of the investment portfolio.
<unk> and fair value, respectively ill now turn the call over to Jason.
Thanks, Patrick turning to our financial results for the quarter ended September 32023.
For the third quarter of 2023, Logan Ridge generated $5 2 million of investment income, which represents a decrease of 100000 compared to the prior quarter and an increase of $1 5 million compared to the third quarter in the prior year.
This slight decrease in investment income compared to the prior quarter was largely driven by the net repayments in sales Patrick discussed earlier as well as earning less nine nonrecurring other income during the quarter.
Compared to the same period in the prior year. The increase was primarily driven by redeploying proceeds received from exiting the non yielding equity portfolio into interest, earning assets originated by the BC partners credit platform as well as an increase in base rates.
Total operating expenses for the third quarter of 2023 decreased by approximately 297000 to $4 million as compared to $4 3 million in the second quarter of 2023.
Primarily due to lower interest and financing expenses as a result of paying down the companys credit facility with the proceeds received from net repayments in sales in the portfolio during the quarter.
Compared to the third quarter of 2022 expenses were higher in the current quarter by approximately 442000, largely driven by higher interest and financing expenses, partially offset by lower management fees and general and administrative expenses in the current period.
Our net investment income for the quarter was $1 2 million or <unk> 43 per share marking our fifth consecutive quarter of positive net investment income. This compares to net investment income of $1 million or <unk> 38 per share in the prior quarter and of particular note just 182000 or <unk> <unk> per share for the <unk>.
<unk> in the prior year.
We believe the substantial year over year increase illustrates the significant progress the company has made under Mount Logan management.
Our net asset value as of September 32023 was $93 2 million, representing a $3 million decrease or three 1% as compared to the prior quarter net asset value of $96 2 million.
On a per share basis net asset value was $34 78 per share as of September 32023, representing a 90 per share decrease or two 5% as compared to $35 68 per share at the end of the second quarter of 2023.
I'd like to highlight that the difference between the three 1% decrease in net asset value as compared to two 5% decrease in net asset value per share is the accretive effect of our share buyback program. The.
The decrease in net asset value quarter over quarter was driven by net realized and unrealized losses on the portfolio during the quarter, partially offset by the company's net investment income exceeding the August 31, 2023 dividend as well as the accretive effect on a per share basis of our share repurchase program.
Compared to the company's prior year net asset value of $95 million net asset value decreased by $1 8 million or one 9%.
On a per share basis, net asset value per share decreased by 26 per share or 0.7% from $35 and <unk> as of December 31 2022.
Again, the difference between the one 9% in the 0.7% is the accretive effect of Logan shareholders received from the buyback program.
The decrease in net asset value relative to the prior year was driven by net realized and unrealized losses on the portfolio during the year, partially offset by the company are earning its dividend and the accretive effect on a per share basis of our share repurchase program.
Finally as of quarter end, the company had $5 1 million in cash and cash equivalents as well as 30 to $39 2 million of unused borrowing capacity available for deployment and investments originated by the BC partners credit platform.
With that I will turn the call back over to Ted.
Hey, Jason.
We are proud of the continued progress we've made during the third quarter of 2023 and.
And we look forward to updating you on Logan Richard's continued progress in early 2024.
With that I'll open up the call for questions.
Thank you Ted Jason and Patrick for the presentation and at this time I would like to invite anyone who wishes to join the queue and ask a question. Please press star one on Youll find key pads again.
Again to join the queue to ask a question. Please press star one.
And your first question comes from the line of Christopher Nolan from Ladenburg Thalmann. Your line is open.
Hey, guys.
Youre getting a lot bang for the Buck in terms of your share repurchases effect on the financial results increased share repurchases.
So it doesn't go down.
Yes.
Hey, Chris This is Patrik I think what I would say is.
There are certain limitations as management as management and company in terms of how much you buyback and kind of all the rules and restrictions around there. So it's not necessarily just as simple as increasing the amount of shares that were buying back in terms of what we can actually.
Practically speaking by in the market.
So I mean.
We're pretty much in violent agreement with you just to where we are.
We operate within the constraints that were operating under.
Understood.
And then in terms of over earning the dividend you guys sort of seem to be taking incremental increase the dividend.
I mean should we expect that for coming quarters, assuming your.
This quarters, a decent run rate.
Yes, I think it.
Yes short answer is as you would expect NII to increase we would expect to close that gap, having said that and we mentioned this on calls before the actual like absolute dollars are still sometimes can be small and so we want to be very careful on our dividend policy to make sure that we don't have kind of one time unexpected.
Issues, either kind of expenses or or fees or something like that impacting the actual dividend coverage, but generally speaking, yes, you would you could expect our.
Our rate to close the gap overtime.
Anil question and to some degree given that you guys have such a large equity position in it.
Any update you can provide given the.
Certainty of the economy.
Yes, good question, Chris I think.
And a lot of this is is public through various different different places, but I think what I can say is generally speaking the company continues to perform very well. They did an M&A transaction in the summer that we're hopeful will be very accretive to enterprise value in terms of.
The business that they are purchasing and the price at which they purchased it.
So I would say generally speaking this particular company was hit very very hard during COVID-19.
And has done an exceptional job rebounding and over the last.
I don't know I know what period of time, but a year 18 months whatever you want to call. It has well exceeded pre COVID-19 levels of performance. So we're generally pretty pleased with.
With the performance, so far and haven't seen anything.
That would suggest that current environment is impacting the business.
Alright Thats it from me thank you.
As a reminder, if you would like to join the queue and ask a question. Please press star one on your telephone keypad now and we'll pause for just a moment for any final questions.
There are no other questions at this time I would like to pass the call back to Teck Goldcorp for closing remarks.
Great well. Thank you everyone for joining us today, we wish everybody a very happy Thanksgiving and we look forward to speaking to you. All again in early March of 2024, when we announce our fourth quarter and full year 2023 results and as always please feel free to reach out to any member of management.
With any questions or or considerations. Thank you very much.
This concludes today's conference call enjoy the rest of your day you may now disconnect.
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Thank you for standing by and welcome to Logan reached Finance Corporation's third quarter ended September 32023 earnings Conference call.
An earnings press release was distributed yesterday after the close of the market a copy of the release along with a supplemental earnings presentation is available on the company's website at Www Dot Logan reach finance Dot com in the Investor resources section and should be reviewed in conjunction with the company's Form 10-Q filed 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.
Speaking on today's call will be <unk>, Chief Executive Officer, President and director of Logan reach Finance Corporation.
Jason Ruiz, Chief Financial Officer, and Patrick Schafer, our Chief investment Officer.
With that I would now like to turn the call over to Ted Golf Dog, Chief Executive Officer of like Enrich Finance Corporation. Please go ahead Ted.
Good morning, Good afternoon, welcome to our third quarter 2023 earnings call.
As mentioned I'm joined today by our Chief Financial Officer, Jason Rus, and our Chief Investment Officer, Patrick Schafer.
Following my opening remarks, Patrick will provide additional detail on our investment activity to date and Jason will walk through the financials.
I'd like to start by highlighting that Logan Ridge once again reported another strong quarter generating the highest net net investment income since we began managing the company a little over two years ago.
This success is largely a continuation of the performance trajectory Logan has been on since we reported our first quarter of positive net income investment income just over one year ago for the quarter ending September 32022.
As the company's exposure to the legacy equity portfolio has continued to decline and has exposure to credits originated by the BC credit BC partners credit platform it's increased.
The benefit to shareholders has been clear and has been reflected through Logan Richard's financial results.
With that in mind I will keep my prepared remarks brief today and limited to a few key highlights, which Patrick and Jason can provide more detail on shortly.
First and foremost as a result of the company's strong financial performance. The board of directors approved a 15% increase in the quarterly distribution, bringing it to <unk> 30 per share compared to <unk> 26 per share last quarter.
Since we've turned the quarterly dividend back on in early 2023, we've steadily increased it each quarter.
This distribution total distributions declared in 2023.
Is <unk> 96 per share.
We reported our fifth consecutive quarter of positive net investment income.
Which amounted to $1 2 million or <unk> 43 per share for this quarter.
Compared to the prior quarter, our net investment income is up $200000 from $1 million or <unk> 38 per share.
Compared to the same quarter in the prior year, our net investment income is up $1 million from $200000 or <unk> <unk> per share in the third quarter of 2022.
This trend illustrates the enhanced earnings power of our portfolio driven by the reworked capital structure, we refinanced in 2022 and the success we've had in monetizing the non yielding legacy portfolio and redeploying that capital into income generating names originated by the BC partners credit platform I.
I'm incredibly proud of this achievement.
Deployment for the quarter remained strong with the company funding $6 $1 million in new and follow on investments. However, repayments and sales were elevated at $23 2 million, leaving us with net repayments in sales of $17 1 million for the quarter.
As of quarter end the portfolio consisted of 58.
Consisted of investments in 58 companies.
Finally during the quarter, we continued repurchasing shares until our share repurchase program that was established in late March.
Since the inception of the program and through September 32023, the company has repurchased over 31000 shares for an aggregate cost of approximately $700000, which is accretive to NAV by approximately <unk> <unk> per share for the quarter and 16% per share since the introduction of the program as.
As we enter the final quarter of the year M&A activity is rebounding and our pipeline is strong and thus we are expecting a solid fourth quarter for deployment we.
We continue to believe that 2023 will promote proved to be very attractive private credit vintage and I'm very optimistic on our company's future.
With that I will turn the call over to Patrick Schafer, our Chief investment Officer.
Thanks Ted.
As of September 32023, the fair value of Logan's portfolio was approximately $187 $1 million with exposure to 58 portfolio companies. This compares to 62 portfolio companies with a fair value of approximately $206 6 million as of the prior quarter and 54 portfolio companies with fair value.
<unk> of $193 1 million as the third quarter 2022.
During the third quarter, we continue to judiciously deploy capital specifically the company made approximately $6 $1 million in new and follow on investments and had approximately $23 2 million in repayments in sales, resulting in net repayments in sales of approximately $17 $1 million for the quarter included in our repayments in <unk>.
<unk> for the quarter with successful exit of the company's legacy portfolio Company Jurassic Quest, specifically Logan reagent received $8 2 million in proceeds to pay off its term loan and preferred equity interest in Jurassic quest, which generated a realized gain of approximately $200000.
Moreover, while we had some large repayments in sales during the second half of the quarter as Ted mentioned, our pipeline is strong and we are optimistic that barring any unexpected large repayments Logan range, we'll be able to redeploy this capital such that the company is fully invested and back to its target leverage ratio by the end of the fourth quarter, which historically has been a strong quarter for deployment across our.
Platform.
Now onto portfolio composition as of September 32023, 55% of the company's investment portfolio at fair value was invested in assets originated by the BC partners platform at quarter end, our debt investment portfolio represented 82% of the total portfolio at fair value with a weighted average annualized yield of approximately 11%.
Excluding income from non accruals and collateralized loan obligations.
This compares to a debt investment portfolio, which represents 82, 2% of our total portfolio at fair value with a weighted average annualized yield of approximately 10, 8% excluding income from non accruals and collateralized loan obligations as of the prior quarter.
First lien debt represented 63, 6% and 64, 8% of our total portfolio on a cost and fair value basis, respectively. This compares to first lien debt, representing 66, 1% and 66, 8% of our total portfolio on a cost and fair value basis, respectively. As of June 32023, and 61.
2% and 69 61, 9% of our total portfolio on a cost and fair value basis, respectively. At September 32022.
The non yielding equity portfolio represented 17, 6% and 16, 6% of the portfolio on a cost and fair value basis, respectively as of December 32023.
This compares to $16 $5 and 64% of the portfolio on a cost and fair value basis as of June 30 of 2023.
The increase in our equity portfolio relative to the prior quarter was largely driven by net repayments in sales in the debt portfolio.
As of September 32023, 82, 3% of our debt portfolio at fair value was bearing interest at a floating rate compared to 83, 2% as of June 32023.
Moving on to non accrual status credit quality remained stable during the three months ended September 32023, as there are no new portfolio companies added to non accrual status.
As of September 32023, we had two portfolio companies on nonaccrual with an aggregate amortized cost and fair value of $16 8 million and $10 6 million, respectively were eight 3% and five 7% of the investment portfolio at cost and fair value respectively.
This represents a slight decrease as compared to two portfolio companies on nonaccrual status as of the prior quarter with a cost and fair value of $17 1 million and $11 $1 million, respectively, representing seven 8% and five 3% of the investment portfolio.
Cost and fair value, respectively, I will now turn the call over to Jason.
Thanks, Patrick turning to our financial results for the quarter ended September 32023 for.
For the third quarter of 2023, Logan Ridge generated $5 2 million of investment income, which represents a decrease of 100000 compared to the prior quarter and an increase of $1 5 million compared to the third quarter in the prior year.
This slight decrease in investment income compared to the prior quarter was largely driven by the net repayments in sales Patrick discussed earlier as well as earning less noncash nonrecurring other income during the quarter.
Compared to the same period in the prior year. The increase was primarily driven by redeploying proceeds received from exiting the non yielding equity portfolio into interest, earning assets originated by the BC partners credit platform as well as an increase in base rates.
Total operating expenses for the third quarter of 2023 decreased by approximately 297000 to $4 million as compared to $4 3 million in the second quarter of 2023.
Primarily due to lower interest and financing expenses as a result of paying down the company's credit facility with the proceeds received from net repayments in sales in the portfolio during the quarter.
Compared to the third quarter of 2022 expenses were higher in the current quarter by approximately 442000, largely driven by higher interest and financing expenses, partially offset by lower management fees and general and administrative expenses in the current period.
Our net investment income for the quarter was $1 2 million or <unk> 43 per share marking our fifth consecutive quarter of positive net investment income. This compares to net investment income of $1 million or <unk> 38 per share in the prior quarter and of particular note just 182000 or <unk> <unk> per share for the <unk>.
<unk> in the prior year.
We believe the substantial year over year increase illustrates the significant progress the company has made under Mount Logan management.
Our net asset value as of September 32023 was $93 2 million, representing a $3 million decrease or three 1% as compared to the prior quarter net asset value of $96 2 million.
On a per share basis net asset value was $34 78 per share as of September 32023, representing a <unk> 90 per share decrease or two 5% as compared to $35 68 per share at the end of the second quarter of 2023.
I'd like to highlight that the difference between the three 1% decrease in net asset value as compared to two 5% decrease in net asset value per share is the accretive effect of our share buyback program. The.
The decrease in net asset value quarter over quarter was driven by net realized and unrealized losses on the portfolio during the quarter, partially offset by the company's net investment income exceeding the August 31, 2023 dividend as well as the accretive effect on a per share basis of our share repurchase program.
Compared to the company's prior year net asset value of $95 million net asset value decreased by $1 8 million or one 9%.
On a per share basis, net asset value per share decreased by 26 per share or 0.7% from $35 and <unk> as of December 31 2022.
Again, the difference between the one 9% and a <unk>, 7% of the accretive effect of Logan shareholders received from the buyback program.
The decrease in net asset value relative to the prior year was driven by net realized and unrealized losses on the portfolio during the year, partially offset by the company are earning its dividend and the accretive effect on a per share basis of our share repurchase program.
Finally as of quarter end, the company had $5 1 million in cash and cash equivalents as well as 30 to $39 2 million of unused borrowing capacity available for deployment and investments originated by the BC partners credit platform.
With that I will turn the call back over to Ted.
Jason.
We are proud of the continued progress we've made during the third quarter of 2023 and.
And we look forward to updating you on Logan ridges continued progress in early 2024.
With that I'll open up the call for questions.
Thank you Ted Jason and Patrick for the presentation and at this time I would like to invite anyone who wishes to join the queue and ask a question. Please press star one on Youll find key pads again.
Again to join the queue to ask a question. Please press star one.
And your first question comes from the line of Christopher Nolan from Ladenburg Thalmann. Your line is open.
Hey, guys.
Youre getting a lot bang for the Buck in terms of your share repurchases effect on that of why don't you just increased share repurchases.
<unk> NAV doesn't go down.
Yes.
Hey, Chris This is Patrik I think what I would say is.
There are certain limitations as management as management and company in terms of how much you can buy back and kind of all the rules and restrictions around there. So it's not necessarily just as simple as increasing the amount of shares that were buying back in terms of what we can actually.
Practically speaking by in the market.
So I mean.
We're pretty much in violent agreement with you.
Where we operate within the constraints that were operating under.
Understood.
And then in terms of over earning the dividend you guys sort of seem to be taking incremental increase the dividend.
I mean should we expect that for coming quarters, assuming your.
This quarters, a decent run rate.
Yes, I mean I think it.
Yes short answer is as you would expect NII to increase we would expect to close that gap, having said that and we've mentioned this on calls before the actual like absolute dollars are still sometimes can be small and so we don't want to be very careful on our dividend policy to make sure that we don't have kind of one time unexpected.
Issues, either kind of expenses or or fees or something like that impacting the actual dividend coverage, but generally speaking, yes, you would you could expect our.
Our rate to close the gap over time.
Final question and to degree given that you guys have such a large equity position in it.
Any update you can provide given the.
Certainty of the economy.
Yes, good question, Chris I think.
And a lot of this is is public through various different different places, but I think what I can say is generally speaking the company continues to perform very well. They did an M&A transaction in the summer that we're hopeful will be very accretive to enterprise value in terms of.
The business that they are purchasing and the price at which they purchased it.
So I'd say generally speaking this particular company was hit very very hard during COVID-19.
Dan has done an exceptional job rebounding and over the last.
I don't know I don't what period of time, but a year 18 months whatever you want to call. It has well exceeded pre COVID-19 levels of performance. So we're generally pretty pleased with.
With the performance, so far and haven't seen anything.
That would suggest the current environment is impacting the business.
Alright Thats it from me thank you.
As a reminder, if you would like to join the queue and ask a question. Please press star one on your telephone keypad now and we'll pause for just a moment for any final questions.
There are no other questions at this time I would like to pass the call back to Teck Goldcorp for closing remarks.
Great well. Thank you everyone for joining us today, we wish everybody a very happy Thanksgiving and we look forward to speaking to you. All again in early March of 2024, when we announce our fourth quarter and full year 2023 results and as always please feel free to reach out to any member of management.
With any questions or or considerations. Thank you very much.
This concludes today's conference call enjoy the rest of your day you may now disconnect.