Logan Ridge Finance Corporation (“Logan Ridge”, “LRFC” or the
“Company”) (Nasdaq: LRFC) announced today its financial results for
the fourth quarter and full year ended December 31, 2022.
Fourth Quarter 2022 Highlights
- Reported positive Net Investment
Income (“NII”) of $0.6 million or $0.23 per share, which marks the
Company’s second consecutive quarter of positive NII.
- Net asset value decreased to $35.04
per share as of December 31, 2022 from $36.21 per share in the
prior quarter.
- The Company made approximately
$23.9 million of investments and had approximately $10.2 million in
repayments and sales of investments, resulting in net deployment of
approximately $13.7 million for the quarter.
- Successfully exited legacy
investment on non-accrual status, BigMouth, Inc., which resulted in
a realized gain of $0.1 million and the full recovery of the
Company’s cost basis.
- Successfully exited legacy equity
investments in LJS Partners, LLC and Burke America Parts Group, LLC
for proceeds of $6.1 million during the fourth quarter of 2022,
generating a net realized gain of $4.4 million.
Full Year 2022 Milestones
- Achieved positive NII during the
third and fourth quarters of 2022.
- Successfully exited legacy
non-yielding equity interests in U.S. BioTek Laboratories, LLC
(Class D only), Eastport Holdings, LLC, Vology, Inc., LJS Partners,
LLC and Burke America Parts Group, LLC, for aggregate proceeds of
$25.3 million during the year ended 2022, generating a net realized
gain of $15.1 million.
- Reduced the non-yielding equity
portfolio to 16.3% and 14.2% of the Company’s total investment cost
and fair value, respectively, as of December 31, 2022, compared to
27.2% and 32.6% of the Company’s total investment cost and fair
value, respectively, as of December 31, 2021.
- There have been no new investments
on non-accrual status since Mount Logan Management LLC became the
Company’s investment adviser on July 1, 2021.
- Refinanced the legacy debt capital
structure, materially lowering the Company’s cost of debt capital.
As a result, the Company has no near-term maturities, substantially
de-risking the balance sheet.
- Increased the yield on our debt
portfolio by over 230 basis points, adding momentum to our
earnings.
Subsequent Events
- On March 6, 2023, the Company’s
Board of Directors authorized a new share repurchase program,
whereby the Company may repurchase up to an aggregate of $5.0
million of its outstanding common shares in the open market.
Unless extended or discontinued by the Company’s Board of
Directors, the repurchase program will terminate on March 31, 2024.
The repurchase program may be extended, modified or discontinued at
any time for any reason without prior notice. The repurchase
program does not obligate the Company to acquire any specific
number of shares, and all repurchases will be made in accordance
with SEC Rule 10b-18 and accomplished through a Rule 10b5-1 plan,
which sets certain restrictions on the method, timing, price and
volume of share repurchases.
- On March 6, 2023, the Company’s
Board of Directors approved a distribution of $0.18 per share
payable on March 31, 2023 to stockholders of record as of March 20,
2023.
Management CommentaryTed
Goldthorpe, Chief Executive Officer and President of LRFC, said, “I
am very proud of what we achieved during 2022, which was a
transformative year for the Company and the first full fiscal year
under Mount Logan Management’s stewardship. During the year, we
took steps to reposition the Company’s investment portfolio, making
substantial progress on our goal to rotate out of the non-income
producing legacy equity exposure, reducing non-accruals,
significantly increasing the portfolio’s diversification and
growing the Company’s exposure to credits originated by the BC
Partners Credit platform. Further, we have materially lowered the
Company’s cost of debt capital, after successfully refinancing the
entire legacy debt capital structure we inherited. More
importantly, Management did all of this against the backdrop of
particularly challenging and uncertain market conditions. As a
result, the Company reported a second consecutive quarter of
positive net investment income and the Company’s Board has restored
Logan Ridge’s quarterly distribution, declaring a distribution of
$0.18 per share for the first quarter of 2023. Going forward, we
will continue to focus on maximizing the earnings power of the
Company’s stronger balance sheet and more efficient capital
structure to further increase shareholder total returns. After a
pivotal 2022, we enter 2023 in a strong position to continue our
work transitioning the Company to a more stable, higher earning and
higher dividend paying BDC.”
Selected Financial Highlights
- Total investment
income for the year ended December 31, 2022 decreased by
$1.8 million, to $14.9 million, compared to the prior year,
primarily as a result of a smaller portfolio.
- Net investment loss for the
year was $1.2 million as compared to a loss of $3.6
million in 2021.
- Total operating
expenses for 2022 declined to $16.1 million as compared to
$20.3 million in 2021, primarily due to lower interest and
financing expenses as result of a smaller portfolio and a lower
cost of debt capital.
- Net asset value as
of December 31, 2022 was $95.0 million, or $35.04 per share, as
compared to $107.1 million, or $39.48 per share, as of December 31,
2021.
- Cash and
cash equivalents as of December 31, 2022 were $6.8 million
as compared to $39.1 million as of December 31, 2021.
- The investment
portfolio as of December 31, 2022 consisted of investments
in 59 portfolio companies with a fair value of approximately $203.6
million. This compares to 40 portfolio companies with a fair value
of approximately $198.2 million as of December 31, 2021.
- Deployments remained
strong: During the year ended December 31, 2022, we made
approximately $107.7 million of investments and had approximately
$94.0 million in repayments and sales of investments, resulting in
net deployment of approximately $13.7 million for the year. During
the year ended December 31, 2021, we made approximately $89.4
million of investments and had approximately $169.6 million in
repayments and sales of investments, resulting in net repayments
and sales of approximately $80.2 million for the year.
- Debt investment
portfolio: As of December 31, 2022, our debt
investment portfolio represented 83.2% of the fair value of our
total portfolio, with a weighted average annualized yield of
approximately 10.4% (excluding the income from non-accruals and
collateralized loan obligations), compared to a debt investment
portfolio of approximately 67.4% with a weighted average annualized
yield of approximately 8.1% (excluding the income from non-accruals
and collateralized loan obligations) at December 31, 2021. As of
December 31, 2022, 17.2% of the fair value of our debt
investment portfolio was bearing a fixed rate of interest, compared
to 22.8% of the fair value of our debt investment portfolio at
December 31, 2021.
- Non-Accruals: As
of December 31, 2022, we had debt investments in one portfolio
company on non-accrual status with an amortized cost and fair value
of $11.9 million and $9.7 million, respectively, representing 5.4%
and 4.8% of the investment portfolio’s amortized cost and fair
value, respectively. As of December 31, 2021, we had debt
investments in two portfolio companies on non-accrual status with
an aggregate amortized cost and fair value of $12.7 million and
$7.6 million, respectively, representing 6.7% and 3.8% of the
investment portfolio’s amortized cost and fair value,
respectively.
Results of OperationsOperating
results for the years ended December 31, 2022 and 2021 were as
follows (dollars in thousands):
|
|
For the Year Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
Total investment income |
|
$ |
14,927 |
|
|
$ |
16,754 |
|
Total expenses, net of incentive
fee waiver |
|
|
16,089 |
|
|
|
20,347 |
|
Net investment loss |
|
|
(1,162 |
) |
|
|
(3,593 |
) |
Net realized gain (loss) on
investments |
|
|
13,769 |
|
|
|
(7,967 |
) |
Net change in unrealized
(depreciation) appreciation on investments |
|
|
(24,631 |
) |
|
|
10,667 |
|
Net realized loss on
extinguishment of debt |
|
|
— |
|
|
|
(1,025 |
) |
Net decrease in net assets
resulting from operations |
|
$ |
(12,024 |
) |
|
$ |
(1,918 |
) |
Investment income
The composition of our investment income for the
years ended December 31, 2022 and 2021 was as follows (dollars
in thousands):
|
|
For the Year Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
Interest income |
|
$ |
13,666 |
|
|
$ |
14,825 |
|
Payment-in-kind interest |
|
|
1,106 |
|
|
|
456 |
|
Dividend income |
|
|
14 |
|
|
|
906 |
|
Other income |
|
|
141 |
|
|
|
567 |
|
Total investment income |
|
$ |
14,927 |
|
|
$ |
16,754 |
|
Fair Value of Investments
The composition of our investments as of
December 31, 2022 and December 31, 2021 at amortized cost and the
fair value of investments was as follows (dollars in
thousands):
As of December 31,
2022 |
|
Investments atAmortized Cost |
|
|
Amortized CostPercentage
ofTotal Portfolio |
|
|
Investments atFair Value |
|
|
Fair ValuePercentage
ofTotal Portfolio |
|
First Lien Debt |
|
$ |
143,047 |
|
|
|
64.9 |
% |
|
$ |
136,896 |
|
|
|
67.3 |
% |
Second Lien Debt |
|
|
8,283 |
|
|
|
3.8 |
% |
|
|
6,464 |
|
|
|
3.2 |
% |
Subordinated Debt |
|
|
26,571 |
|
|
|
12.0 |
% |
|
|
25,851 |
|
|
|
12.7 |
% |
Collateralized Loan
Obligations |
|
|
6,185 |
|
|
|
2.8 |
% |
|
|
4,972 |
|
|
|
2.4 |
% |
Joint Venture |
|
|
414 |
|
|
|
0.2 |
% |
|
|
403 |
|
|
|
0.2 |
% |
Equity |
|
|
36,016 |
|
|
|
16.3 |
% |
|
|
29,006 |
|
|
|
14.2 |
% |
Total |
|
$ |
220,516 |
|
|
|
100.0 |
% |
|
$ |
203,592 |
|
|
|
100.0 |
% |
As of December 31,
2021 |
|
Investments atAmortized Cost |
|
|
Amortized CostPercentage
ofTotal Portfolio |
|
|
Investments atFair Value |
|
|
Fair ValuePercentage
ofTotal Portfolio |
|
First Lien Debt |
|
$ |
103,667 |
|
|
|
54.4 |
% |
|
$ |
98,251 |
|
|
|
49.6 |
% |
Second Lien Debt |
|
|
30,048 |
|
|
|
15.8 |
% |
|
|
30,190 |
|
|
|
15.2 |
% |
Subordinated Debt |
|
|
5,050 |
|
|
|
2.6 |
% |
|
|
5,050 |
|
|
|
2.6 |
% |
Equity and Warrants |
|
|
51,717 |
|
|
|
27.2 |
% |
|
|
64,698 |
|
|
|
32.6 |
% |
Total |
|
$ |
190,482 |
|
|
|
100.0 |
% |
|
$ |
198,189 |
|
|
|
100.0 |
% |
Interest Rate Risk
Based on our December 31, 2022 consolidated
statement of assets and liabilities, the following table shows the
annual impact on net income (excluding the potential related
incentive fee impact) of base rate changes in interest rates
(considering interest rate floors for variable rate securities)
assuming no changes in our investment and borrowing structure
(dollars in thousands):
Basis Point Change |
Increase(decrease)
ininterestincome |
|
(Increase)decrease
ininterestexpense |
|
Increase(decrease) innet
income |
Up 300 basis points |
$ |
4,459 |
|
|
$ |
(1,701 |
) |
|
$ |
2,758 |
|
Up 200 basis points |
|
2,973 |
|
|
|
(1,134 |
) |
|
|
1,839 |
|
Up 100 basis points |
|
1,486 |
|
|
|
(567 |
) |
|
|
919 |
|
Down 100 basis points |
|
(1,486 |
) |
|
|
567 |
|
|
|
(919 |
) |
Down 200 basis points |
|
(2,951 |
) |
|
|
1,134 |
|
|
|
(1,817 |
) |
Down 300 basis points |
$ |
(4,348 |
) |
|
$ |
1,701 |
|
|
$ |
(2,647 |
) |
Conference Call and Webcast
We will hold a conference call on Friday, March
10, 2023, at 10:00 a.m. Eastern Time to discuss fourth quarter and
full year 2022 financial results. Stockholders, prospective
stockholders, and analysts are welcome to listen to the call or
attend the webcast.
To access the conference call, please dial (800)
715-9871 approximately 10 minutes prior to the start of the call. A
replay of the conference call will be available from approximately
12:00 p.m. Eastern Time on March 10 through March 23. The
conference ID is 8500679.
A live audio webcast of the conference call can
be accessed via the Internet, on a listen-only basis on our
Company’s website www.loganridgefinance.com in the Investor
Resources section under Events and Presentations. The webcast can
also be accessed by clicking the following link:
https://edge.media-server.com/mmc/p/wxmhir6f. The online
archive of the webcast will be available on the Company’s website
shortly after the call.
About Logan Ridge Finance
CorporationLogan Ridge Finance Corporation (Nasdaq: LRFC)
is a business development company that invests primarily in first
lien loans and, to a lesser extent, second lien loans and equity
securities issued by lower middle-market companies. The Company
invests in performing, well-established middle-market businesses
that operate across a wide range of industries. It employs
fundamental credit analysis, targeting investments in businesses
with relatively low levels of cyclicality and operating risk. For
more information, visit www.loganridgefinance.com.
About Mount Logan Capital Inc.
Mount Logan Capital Inc. is an alternative asset management company
that is focused on public and private debt securities in the North
American market. The Company seeks to source and actively manage
loans and other debt-like securities with credit-oriented
characteristics. The Company actively sources, evaluates,
underwrites, manages, monitors, and primarily invests in loans,
debt securities, and other credit-oriented instruments that present
attractive risk-adjusted returns and present low risk of principal
impairment through the credit cycle.
About BC Partners Advisors L.P. and BC
Partners CreditBC Partners is a leading international
investment firm with over $40 billion of assets under management in
private equity, private credit and real estate strategies.
Established in 1986, BC Partners has played an active role in
developing the European buyout market for three decades. Today, BC
Partners executives operate across markets as an integrated team
through the firm's offices in North America and Europe. Since
inception, BC Partners has completed 117 private equity investments
in companies with a total enterprise value of €149 billion and is
currently investing its eleventh private equity fund. For more
information, please visit www.bcpartners.com.
BC Partners Credit was launched in February 2017
and has pursued a strategy focused on identifying attractive credit
opportunities in any market environment and across sectors,
leveraging the deal sourcing and infrastructure made available from
BC Partners.
Cautionary Statement Regarding
Forward-Looking Statements
This communication contains “forward-looking”
statements. Forward-looking statements concern future circumstances
and results and other statements that are not historical facts and
are sometimes identified by the words “may,” “will,” “should,”
“potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,”
“estimate,” “overestimate,” “underestimate,” “believe,” “could,”
“project,” “predict,” “continue,” “target” or other similar words
or expressions. Forward-looking statements are based upon current
plans, estimates and expectations that are subject to risks,
uncertainties, and assumptions. Should one or more of these risks
or uncertainties materialize, or should underlying assumptions
prove to be incorrect, actual results may vary materially from
those indicated or anticipated by such forward-looking statements.
The inclusion of such statements should not be regarded as a
representation that such plans, estimates or expectations will be
achieved. Important factors that could cause actual results to
differ materially from such plans, estimates or expectations
include those risk factors detailed in the Company’s reports filed
with the Securities and Exchange Commission (“SEC”), including the
Company’s annual report on Form 10-K, quarterly reports on Form
10-Q, current reports on Form 8-K and other documents filed with
the SEC.
Any forward-looking statements speak only as of
the date of this communication. The Company does not undertake any
obligation to update any forward-looking statements, whether as a
result of new information or developments, future events or
otherwise, except as required by law. Readers are cautioned not to
place undue reliance on any of these forward-looking
statements.
For additional information, contact:
Logan Ridge Finance Corporation650 Madison Avenue, 23rd FloorNew
York, NY 10022
Jason Roos Chief Financial Officer Jason.Roos@bcpartners.com
(212) 891-5046
Lena Cati The Equity Group
Inc.lcati@equityny.com (212) 836-9611
Val FerraroThe Equity Group
Inc.vferraro@equityny.com (212) 836-9633
|
Logan Ridge Finance
CorporationConsolidated Statements of Assets and
Liabilities(in thousands, except share and per
share data) |
|
|
|
|
|
|
As of December 31, |
|
|
|
2022 |
|
|
2021 |
|
ASSETS |
|
|
|
|
|
|
Investments at fair
value: |
|
|
|
|
|
|
Non-control/non-affiliate investments (amortized cost of $191,435
and $131,829, respectively) |
|
$ |
177,268 |
|
|
$ |
129,991 |
|
Affiliate investments (amortized cost of $29,081 and $49,803,
respectively) |
|
|
26,324 |
|
|
|
61,359 |
|
Control investments (amortized cost of zero and $8,850,
respectively) |
|
|
— |
|
|
|
6,839 |
|
Total investments at fair value (amortized cost of $220,516 and
$190,482, respectively) |
|
|
203,592 |
|
|
|
198,189 |
|
Cash and cash equivalents |
|
|
6,793 |
|
|
|
39,056 |
|
Interest and dividend
receivable |
|
|
1,578 |
|
|
|
929 |
|
Prepaid expenses |
|
|
2,682 |
|
|
|
3,358 |
|
Receivable for unsettled
trades |
|
|
— |
|
|
|
685 |
|
Other assets |
|
|
65 |
|
|
|
— |
|
Total assets |
|
$ |
214,710 |
|
|
$ |
242,217 |
|
LIABILITIES |
|
|
|
|
|
|
2022 Notes (net of deferred
financing costs of zero and $46, respectively) |
|
$ |
— |
|
|
$ |
22,787 |
|
2022 Convertible Notes (net of
deferred financing costs of zero and $167, respectively) |
|
|
— |
|
|
|
51,921 |
|
2026 Notes (net of deferred
financing costs and original issue discount of $1,421 and $1,552,
respectively) |
|
|
48,579 |
|
|
|
48,448 |
|
2032 Convertible Notes (net of
deferred financing costs and original issue discount of $1,117 and
zero, respectively) |
|
|
13,883 |
|
|
|
— |
|
KeyBank Credit Facility (net
of deferred financing costs of $1,322 and $353, respectively) |
|
|
54,615 |
|
|
|
(353 |
) |
Management and incentive fees
payable |
|
|
933 |
|
|
|
1,065 |
|
Interest and financing fees
payable |
|
|
973 |
|
|
|
911 |
|
Payable for unsettled
trades |
|
|
— |
|
|
|
9,265 |
|
Accounts payable and accrued
expenses |
|
|
722 |
|
|
|
1,144 |
|
Total liabilities |
|
$ |
119,705 |
|
|
$ |
135,188 |
|
Commitments and
contingencies |
|
|
|
|
|
|
NET ASSETS |
|
|
|
|
|
|
Common stock, par value $0.01,
100,000,000 common shares authorized, 2,711,068 and 2,711,068
common shares issued and outstanding, respectively |
|
$ |
27 |
|
|
$ |
27 |
|
Additional paid in
capital |
|
|
191,038 |
|
|
|
188,846 |
|
Total distributable loss |
|
|
(96,060 |
) |
|
|
(81,844 |
) |
Total net assets |
|
$ |
95,005 |
|
|
$ |
107,029 |
|
Total liabilities and net
assets |
|
$ |
214,710 |
|
|
$ |
242,217 |
|
Net asset value per share |
|
$ |
35.04 |
|
|
$ |
39.48 |
|
|
|
|
|
|
|
|
|
|
|
Logan Ridge Finance
CorporationConsolidated Statements of
Operations(in thousands, except share and per
share data) |
|
|
|
|
|
|
For the Years Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
Non-control/non-affiliate investments |
|
$ |
12,732 |
|
|
$ |
10,068 |
|
|
$ |
16,729 |
|
Affiliate investments |
|
|
706 |
|
|
|
4,368 |
|
|
|
6,580 |
|
Control investments |
|
|
228 |
|
|
|
389 |
|
|
|
410 |
|
Total interest and fee income |
|
|
13,666 |
|
|
|
14,825 |
|
|
|
23,719 |
|
Payment-in-kind interest and
dividend income: |
|
|
|
|
|
|
|
|
|
Non-control/non-affiliate investments |
|
|
919 |
|
|
|
95 |
|
|
|
1,105 |
|
Affiliate investments |
|
|
187 |
|
|
|
361 |
|
|
|
818 |
|
Total payment-in-kind interest and dividend income |
|
|
1,106 |
|
|
|
456 |
|
|
|
1,923 |
|
Dividend income: |
|
|
|
|
|
|
|
|
|
Non-control/non-affiliate investments |
|
|
— |
|
|
|
727 |
|
|
|
— |
|
Affiliate investments |
|
|
14 |
|
|
|
179 |
|
|
|
25 |
|
Total dividend income |
|
|
14 |
|
|
|
906 |
|
|
|
25 |
|
Other income: |
|
|
|
|
|
|
|
|
|
Non-control/non-affiliate investments |
|
|
141 |
|
|
|
479 |
|
|
|
709 |
|
Affiliate investments |
|
|
— |
|
|
|
88 |
|
|
|
70 |
|
Total other income |
|
|
141 |
|
|
|
567 |
|
|
|
779 |
|
Total investment income |
|
|
14,927 |
|
|
|
16,754 |
|
|
|
26,446 |
|
EXPENSES |
|
|
|
|
|
|
|
|
|
Interest and financing
expenses |
|
|
7,815 |
|
|
|
10,569 |
|
|
|
15,144 |
|
Base management fee |
|
|
3,861 |
|
|
|
4,846 |
|
|
|
6,428 |
|
Directors expense |
|
|
493 |
|
|
|
410 |
|
|
|
325 |
|
Administrative service
fees |
|
|
620 |
|
|
|
1,039 |
|
|
|
1,400 |
|
General and administrative
expenses |
|
|
3,300 |
|
|
|
3,483 |
|
|
|
3,091 |
|
Total expenses |
|
|
16,089 |
|
|
|
20,347 |
|
|
|
26,388 |
|
NET INVESTMENT (LOSS) INCOME |
|
|
(1,162 |
) |
|
|
(3,593 |
) |
|
|
58 |
|
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS |
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on
investments: |
|
|
|
|
|
|
|
|
|
Non-control/non-affiliate investments |
|
|
17,312 |
|
|
|
(10,442 |
) |
|
|
(25,016 |
) |
Affiliate investments |
|
|
1,672 |
|
|
|
2,475 |
|
|
|
1,451 |
|
Control investments |
|
|
(5,215 |
) |
|
|
— |
|
|
|
(484 |
) |
Net realized gain (loss) on investments |
|
|
13,769 |
|
|
|
(7,967 |
) |
|
|
(24,049 |
) |
Net change in unrealized
(depreciation) appreciation on investments: |
|
|
|
|
|
|
|
|
|
Non-control/non-affiliate investments |
|
|
(25,434 |
) |
|
|
13,058 |
|
|
|
(5,509 |
) |
Affiliate investments |
|
|
(1,208 |
) |
|
|
(908 |
) |
|
|
(5,543 |
) |
Control investments |
|
|
2,011 |
|
|
|
(1,483 |
) |
|
|
(559 |
) |
Net change in unrealized (depreciation) appreciation on
investments |
|
|
(24,631 |
) |
|
|
10,667 |
|
|
|
(11,611 |
) |
Total net realized and change in unrealized (loss) gain on
investments |
|
|
(10,862 |
) |
|
|
2,700 |
|
|
|
(35,660 |
) |
Net realized (loss) gain on
extinguishment of debt |
|
|
— |
|
|
|
(1,025 |
) |
|
|
155 |
|
NET DECREASE IN NET ASSETS
RESULTING FROM OPERATIONS |
|
$ |
(12,024 |
) |
|
$ |
(1,918 |
) |
|
$ |
(35,447 |
) |
NET DECREASE IN NET ASSETS PER
SHARE RESULTING FROM OPERATIONS – BASIC & DILUTED |
|
$ |
(4.44 |
) |
|
$ |
(0.71 |
) |
|
$ |
(13.08 |
) |
WEIGHTED AVERAGE COMMON STOCK
OUTSTANDING – BASIC & DILUTED |
|
|
2,711,068 |
|
|
|
2,711,068 |
|
|
|
2,709,169 |
|
DISTRIBUTIONS PAID PER
SHARE |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Logan Ridge Finance (NASDAQ:LRFC)
過去 株価チャート
から 5 2024 まで 6 2024
Logan Ridge Finance (NASDAQ:LRFC)
過去 株価チャート
から 6 2023 まで 6 2024