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SLR Investment Corp. Announces Quarter and Year Ended December 31, 2024 Financial Results

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SLR Investment Corp. (NASDAQ: SLRC) reported strong financial results for Q4 and full year 2024. The company achieved net investment income (NII) of $23.8 million ($0.44 per share) in Q4 2024 and declared a quarterly distribution of $0.41 per share.

Key highlights include:

  • Net Asset Value (NAV) remained stable at $18.20 per share
  • Investment portfolio fair value: $2.0 billion
  • Comprehensive Investment Portfolio fair value: $3.1 billion
  • Net debt-to-equity ratio: 1.03x
  • Portfolio performance: 99.6% performing on fair value basis

For full-year 2024, SLRC reported:

  • Net investment income: $96.3 million ($1.77 per share)
  • Net increase in net assets from operations: $95.8 million ($1.76 per share)
  • Total investments made: $1,352.6 million
  • Portfolio diversification across 890 unique issuers in over 110 industries

SLR Investment Corp. (NASDAQ: SLRC) ha riportato risultati finanziari solidi per il Q4 e l'intero anno 2024. L'azienda ha raggiunto un reddito netto da investimenti (NII) di 23,8 milioni di dollari (0,44 dollari per azione) nel Q4 2024 e ha dichiarato una distribuzione trimestrale di 0,41 dollari per azione.

I punti salienti includono:

  • Il Valore Netto degli Attivi (NAV) è rimasto stabile a 18,20 dollari per azione
  • Valore equo del portafoglio investimenti: 2,0 miliardi di dollari
  • Valore equo del Portafoglio di Investimenti Completo: 3,1 miliardi di dollari
  • Rapporto debito netto/capitale proprio: 1,03x
  • Performance del portafoglio: 99,6% in base al valore equo

Per l'anno intero 2024, SLRC ha riportato:

  • Reddito netto da investimenti: 96,3 milioni di dollari (1,77 dollari per azione)
  • Aumento netto degli attivi da operazioni: 95,8 milioni di dollari (1,76 dollari per azione)
  • Investimenti totali effettuati: 1.352,6 milioni di dollari
  • Diversificazione del portafoglio tra 890 emittenti unici in oltre 110 settori

SLR Investment Corp. (NASDAQ: SLRC) reportó resultados financieros sólidos para el Q4 y el año completo 2024. La compañía logró ingresos netos por inversiones (NII) de 23,8 millones de dólares (0,44 dólares por acción) en el Q4 2024 y declaró una distribución trimestral de 0,41 dólares por acción.

Los aspectos destacados incluyen:

  • El Valor Neto de los Activos (NAV) se mantuvo estable en 18,20 dólares por acción
  • Valor justo de la cartera de inversiones: 2,0 mil millones de dólares
  • Valor justo de la Cartera de Inversiones Completa: 3,1 mil millones de dólares
  • Relación deuda neta/capital: 1,03x
  • Rendimiento de la cartera: 99,6% en base al valor justo

Para el año completo 2024, SLRC reportó:

  • Ingresos netos por inversiones: 96,3 millones de dólares (1,77 dólares por acción)
  • Aumento neto de activos por operaciones: 95,8 millones de dólares (1,76 dólares por acción)
  • Inversiones totales realizadas: 1.352,6 millones de dólares
  • Diversificación de la cartera entre 890 emisores únicos en más de 110 industrias

SLR Investment Corp. (NASDAQ: SLRC)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했습니다. 이 회사는 2024년 4분기에 순투자수익(NII) 2,380만 달러(주당 0.44달러)를 달성하고 주당 0.41달러의 분기 배당금을 선언했습니다.

주요 하이라이트는 다음과 같습니다:

  • 순자산가치(NAV)는 주당 18.20달러로 안정적으로 유지되었습니다.
  • 투자 포트폴리오 공정 가치: 20억 달러
  • 종합 투자 포트폴리오 공정 가치: 31억 달러
  • 순부채비율: 1.03배
  • 포트폴리오 성과: 공정 가치 기준으로 99.6% 성과

2024년 전체 연도에 대해 SLRC는 다음과 같이 보고했습니다:

  • 순투자수익: 9,630만 달러(주당 1.77달러)
  • 운영으로 인한 순자산 증가: 9,580만 달러(주당 1.76달러)
  • 총 투자액: 13억 5,260만 달러
  • 110개 산업의 890개 고유 발행자에 걸친 포트폴리오 다각화

SLR Investment Corp. (NASDAQ: SLRC) a annoncé des résultats financiers solides pour le quatrième trimestre et l'année entière 2024. L'entreprise a réalisé un revenu net d'investissement (NII) de 23,8 millions de dollars (0,44 dollar par action) au quatrième trimestre 2024 et a déclaré une distribution trimestrielle de 0,41 dollar par action.

Les points forts incluent:

  • La valeur nette des actifs (NAV) est restée stable à 18,20 dollars par action
  • Valeur juste du portefeuille d'investissement: 2,0 milliards de dollars
  • Valeur juste du portefeuille d'investissement complet: 3,1 milliards de dollars
  • Ratio dette nette/capitaux propres: 1,03x
  • Performance du portefeuille: 99,6% sur une base de valeur juste

Pour l'année entière 2024, SLRC a rapporté:

  • Revenu net d'investissement: 96,3 millions de dollars (1,77 dollar par action)
  • Augmentation nette des actifs provenant des opérations: 95,8 millions de dollars (1,76 dollar par action)
  • Investissements totaux réalisés: 1.352,6 millions de dollars
  • Diversification du portefeuille parmi 890 émetteurs uniques dans plus de 110 secteurs

SLR Investment Corp. (NASDAQ: SLRC) hat starke finanzielle Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Das Unternehmen erzielte ein Nettoinvestitionseinkommen (NII) von 23,8 Millionen Dollar (0,44 Dollar pro Aktie) im vierten Quartal 2024 und erklärte eine vierteljährliche Ausschüttung von 0,41 Dollar pro Aktie.

Wichtige Highlights sind:

  • Der Nettovermögenswert (NAV) blieb stabil bei 18,20 Dollar pro Aktie
  • Fairer Wert des Investitionsportfolios: 2,0 Milliarden Dollar
  • Fairer Wert des umfassenden Investitionsportfolios: 3,1 Milliarden Dollar
  • Netto-Schulden-zu-Eigenkapital-Verhältnis: 1,03x
  • Portfolioperformance: 99,6% auf fairer Wertbasis

Für das gesamte Jahr 2024 berichtete SLRC:

  • Nettoinvestitionseinkommen: 96,3 Millionen Dollar (1,77 Dollar pro Aktie)
  • Nettozuwachs an Nettovermögen aus dem operativen Geschäft: 95,8 Millionen Dollar (1,76 Dollar pro Aktie)
  • Insgesamt getätigte Investitionen: 1.352,6 Millionen Dollar
  • Portfoliodiversifizierung über 890 einzigartige Emittenten in mehr als 110 Branchen

Positive
  • Net investment income increased to $1.77 per share in 2024 from $1.69 in 2023
  • NAV improved to $18.20 from $18.09 year-over-year
  • Strong portfolio quality with 99.6% performing assets
  • Reduced leverage to 1.03x from 1.19x year-over-year
  • Secured $99 million in new unsecured notes
Negative
  • Net realized and unrealized losses of $1.2 million in Q4 2024
  • Investment repayments ($1,377.8M) exceeded new investments ($1,352.6M) in 2024

Insights

SLR Investment Corp (SLRC) has delivered strong Q4 2024 results with net investment income of $0.44 per share, providing a healthy 7.3% coverage cushion above the $0.41 quarterly distribution. This coverage ratio positions SLRC well for dividend sustainability in an uncertain economic environment, where many BDCs are facing distribution pressure.

The company's NAV stability at $18.20 per share is particularly impressive given the challenging higher interest rate environment that has pressured many middle market borrowers' cash flows. The year-over-year NAV improvement from $18.09 demonstrates SLRC's disciplined underwriting and portfolio management capabilities when many competitors have experienced NAV erosion.

SLRC's multi-strategy approach creates a significant competitive advantage over single-strategy BDCs. The company's ability to allocate capital across sponsor finance (39.6%), asset-based lending (31.2%), equipment financing (25.1%), and life science loans (4.1%) allows management to shift investments toward the most attractive risk-adjusted returns as market conditions evolve. This flexibility has contributed to SLRC's full-year NII growth of 4.7% to $1.77 per share.

The portfolio's exceptional credit quality metrics - 99.6% performing investments with just one non-accrual - stand out in the current environment where credit stress is beginning to emerge across the lending landscape. The risk rating distribution shows 98.9% of investments rated in the two highest categories, reflecting conservative underwriting standards.

SLRC has strategically reduced leverage from 1.19x to 1.03x year-over-year, positioning the company defensively while maintaining significant dry powder ($900+ million in available capital) to capitalize on opportunities. This approach is prudent given potential economic headwinds, while still allowing SLRC to pursue attractive investments, particularly in specialty finance where regional bank retreat has created a supply-demand imbalance favoring established lenders.

The SLR Senior Lending Program (SSLP) joint venture continues to be a significant value driver, generating a 15.6% annualized yield on SLRC's investment. This structure effectively leverages SLRC's origination capabilities while enhancing returns through an efficient funding structure.

SLRC's recent debt issuances - $49 million in December 2024 and $50 million in February 2025 - demonstrate continued access to capital markets while locking in fixed-rate financing that provides certainty in a volatile interest rate environment. The company's liability management, with $394 million in unsecured notes and extended credit facility maturities, creates a stable funding base to support continued portfolio growth.

As regional banks continue their strategic retreat from middle market lending, SLRC is exceptionally well-positioned to capture market share, particularly in asset-based lending where specialized expertise creates barriers to entry. This structural shift in the lending landscape represents a multi-year growth opportunity that should support SLRC's earnings and dividend sustainability over the medium term.

Net Investment Income of $0.44 Per Share for Q4 2024;

Declared Quarterly Distribution of $0.41 Per Share;

Stable NAV/Strong Credit Quality

NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) -- SLR Investment Corp. (NASDAQ: SLRC) (the “Company”, “SLRC”, “we”, “us”, or “our”) today reported net investment income (“NII”) of $23.8 million, or $0.44 per share, for the fourth quarter of 2024. On February 25, 2025, the Board declared a quarterly distribution of $0.41 per share payable on March 28, 2025, to holders of record as of March 14, 2025.

As of December 31, 2024, net asset value (“NAV”) was $18.20 per share, unchanged from the prior quarter ended September 30, 2024.

“This month, SLRC celebrated its 15th anniversary since its initial public offering and more than 18 years of operating history as a private credit manager for SLR Capital Partners, our investment adviser,” said Michael Gross, Co-CEO of SLR Investment Corp. “Since inception in 2010, SLRC has made approximately $7.5 billion of investments including five platform specialty finance acquisitions and four related tuck-in acquisitions. Our asset mix across specialty and sponsor finance investment strategies and conservative underwriting approach has created a differentiated and attractive risk-adjusted return profile compared to sponsor finance only portfolios.” 

“SLRC generated strong NII per share for both the fourth quarter and full year. In addition, NAV increased to $18.20 from $18.09 per share a year ago, reflecting solid credit performance from a diversified portfolio and disciplined underwriting in an environment of elevated rates and tighter cash flow coverage,” said Bruce Spohler, Co-CEO of SLR Investment Corp. “The ongoing retreat of regional banks from asset-based lending has resulted in a significant pipeline of specialty finance investment opportunities. Our flexibility to pivot to the most attractive investment strategies allows us to protect capital and perform across market cycles.”

FINANCIAL HIGHLIGHTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2024:

At December 31, 2024:

Investment portfolio fair value: $2.0 billion | Comprehensive Investment Portfolio fair value:(1) $3.1 billion
Net assets: $992.9 million or $18.20 per share
Leverage: 1.03x net debt-to-equity

Operating Results for the Quarter Ended December 31, 2024:

Net investment income: $23.8 million or $0.44 per share
Net realized and unrealized losses: $1.2 million or $0.02 per share
Net increase in net assets from operations: $22.6 million or $0.41 per share

Operating Results for the Year Ended December 31, 2024:

Net investment income: $96.3 million or $1.77 per share
Net realized and unrealized loss: $0.6 million or $0.01 per share
Net increase in net assets from operations: $95.8 million or $1.76 per share

Comprehensive Investment Portfolio Activity(2) for the Quarter and Year Ended December 31, 2024:

Investments made during the quarter: $338.4 million
Investments prepaid and sold during the quarter: $442.7 million
Investments made during the year: $1,352.6 million
Investments prepaid and sold during the year: $1,377.8 million

(1) The Comprehensive Investment Portfolio for the quarter ended December 31, 2024 is comprised of SLRC’s investment portfolio and SLR Credit Solutions’ (“SLR-CS”) portfolio, SLR Equipment Finance’s (“SLR-EF”) portfolio, Kingsbridge Holdings, LLC’s (“KBH”) portfolio, SLR Business Credit’s (“SLR-BC”) portfolio, SLR Healthcare ABL’s (“SLR-HC ABL”) portfolio owned by the Company (collectively, the Company’s “Commercial Finance Portfolio Companies”), and the senior secured loans held by the SLR Senior Lending Program LLC (“SSLP”) attributable to the Company, and excludes the Company’s fair value of the equity interests in SSLP and the Commercial Finance Portfolio Companies and also excludes SLRC’s loans to KBH, SLR-EF, and SLR HC ABL.
(2) Comprehensive Investment Portfolio activity for the quarter ended December 31, 2024, includes investment activity of the Commercial Finance Portfolio Companies and SSLP attributable to the Company.

Comprehensive Investment Portfolio

Portfolio Activity

During the three months ended December 31, 2024, SLRC had Comprehensive Investment Portfolio originations of $338.4 million and repayments of $442.7 million across the Company’s four investment strategies:

 For the Quarter Ended December 31, 2024
($mm)

Asset ClassSponsor
Finance(1)
Asset-based
Lending(2)
Equipment
Finance(3)
Life Science
Finance
Total
Comprehensive Investment
Portfolio Activity
Originations$20.7$128.6$182.5$6.6$338.4
Repayments / Amortization$102.3$205.3$101.7$33.4$442.7
Net Portfolio Activity($81.6)($76.7)$80.8($26.8)($ 104.3)


During the year ended December 31, 2024, SLRC had Comprehensive Investment Portfolio originations of $1,352.6 million and repayments of $1,377.8 million across the Company’s four investment strategies:

For the Year Ended December 31, 2024
($mm)
Asset ClassSponsor
Finance(1)
Asset-based
Lending(2)
Equipment
Finance(3)
Life Science
Finance
Total
Comprehensive Investment Portfolio Activity
Originations$113.0$555.7$649.4$34.5$1,352.6
Repayments / Amortization$190.2$515.8$508.5$163.3$1,377.8
Net Portfolio Activity($77.2)$39.9$140.9($128.8)($ 25.2)

(1) Sponsor Finance refers to cash flow loans to sponsor-owned companies including cash flow loans held in SSLP attributable to the Company.
(2) Includes SLR-CS, SLR-BC and SLR-HC ABL’s portfolios, as well as asset-based loans on the Company’s balance sheet.
(3) Includes SLR-EF’s portfolio and equipment financings on the Company’s balance sheet and Kingsbridge Holdings’ (KBH) portfolio.

Comprehensive Investment Portfolio Composition

The Comprehensive Investment Portfolio is diversified across approximately 890 unique issuers, operating in over 110 industries, and resulting in an average exposure of $3.5 million or 0.1% per issuer. As of December 31, 2024, 98.2% of the Company’s Comprehensive Investment Portfolio was invested in senior secured loans of which 96.4% was held in first lien senior secured loans. Second lien ABL exposure was 1.5% and second lien cash flow exposure was 0.3% of the Comprehensive Investment Portfolio as of December 31, 2024.

SLRC’s Comprehensive Investment Portfolio composition by asset class as of December 31, 2024 was as follows:

Comprehensive Investment
Portfolio Composition
(at fair value) 
AmountWeighted Average
($mm)%Asset Yield(5)
Senior Secured Investments   
Cash Flow Loans (Sponsor Finance)(1)$633.820.6%10.6%
Asset-Based Loans(2)$1,037.333.6%14.6%
Equipment Financings(3)$1,147.937.2%10.7%
Life Science Loans$208.86.8%12.1%
Total Senior Secured Investments$3,027.898.2%12.1%
Equity and Equity-like Securities$54.81.8% 
Total Comprehensive Investment Portfolio$3,082.6100.0% 
Floating Rate Investments(4)$1,866.761.0% 
First Lien Senior Secured Loans$2,972.196.4% 
Second Lien Senior Secured Asset-Based Loans$47.81.5% 
Second Lien Senior Secured Cash Flow Loans$7.80.3% 

(1) Includes cash flow loans held in the SSLP attributable to the Company and excludes the Company’s equity investment in SSLP.
(2) Includes SLR-CS, SLR-BC, and SLR-HC ABL’s portfolios, as well as asset-based loans on the Company’s balance sheet, and excludes the Company’s equity investments in each of SLR-CS, SLR-BC, and SLR-HC ABL.
(3) Includes SLR-EF’s portfolio and equipment financings on the Company’s balance sheet and Kingsbridge Holdings’ (KBH) portfolio. Excludes the Company’s equity and debt investments in each of SLR-EF and KBH.
(4) Floating rate investments are calculated as a percent of the Company’s income-producing Comprehensive Investment Portfolio. The majority of fixed rate loans are associated with SLR-EF and leases held by KBH. Additionally, SLR-EF and KBH seek to match-fund their fixed rate assets with fixed rate liabilities.
(5) The weighted average asset yield for income producing cash flow, asset-based and life science loans on balance sheet is based on a yield to maturity calculation. The weighted average asset yield calculation for Life Science loans includes the amortization of expected exit/success fees. The weighted average yield for on-balance sheet equipment financings is calculated based on the expected average life of the investments. The weighted average asset yield for SLR-CS asset-based loans is an Internal Rate of Return (IRR) calculated using actual cash flows received and the expected terminal value. The weighted average asset yield for SLR-BC and SLR-HC ABL represents total interest and fee income for the three-month period ended on December 31, 2024 against the average portfolio over the same fiscal period, annualized. The weighted average asset yield for SLR-EF represents total interest and fee income for the three-month period ended on December 31, 2024 compared to the portfolio as of December 31, 2024, annualized. The weighted average yield for the KBH equipment leasing portfolio represents the blended yield from the company’s 1st lien loan on par value and the annualized dividend yield on the cost basis of the company’s equity investment as of December 31, 2024.

SLR Investment Corp. Portfolio

Asset Quality

As of December 31, 2024, 99.6% of SLRC’s portfolio was performing on a fair value basis and 99.4% on a cost basis, with only one investment on non-accrual.

The Company puts its largest emphasis on risk control and credit performance. On a quarterly basis, or more frequently if deemed necessary, the Company formally rates each portfolio investment on a scale of one to four, with one representing the least amount of risk.

As of December 31, 2024, the composition of our investment portfolio, on a risk ratings basis, was as follows:

Internal Investment RatingInvestments at Fair Value ($mm)% of Total Portfolio
1$701.034.9%
2$1,286.964.2%
3$9.90.5%
4$7.80.4%


Investment Income Contribution by Asset Class

Investment Income Contribution by Asset Class(1)
($mm)
For the Quarter
Ended:
Sponsor
Finance
Asset-based
Lending
Equipment
Finance
Life Science
Finance
Total
12/31/2024$18.7$18.1$8.8$10.0$55.6
% Contribution33.7%32.5%15.8%18.0%100.0%


Investment Income Contribution by Asset Class(1)
($mm)
For the Year
Ended:
Sponsor
Finance
Asset-based
Lending
Equipment
Finance
Life Science
Finance
Total
12/31/2024$82.6$62.5$36.6$50.7$232.4
% Contribution35.5%26.9%15.8%21.8%100.0%

(1) Investment Income Contribution by Asset Class includes: interest income/fees from Sponsor Finance (cash flow) loans on balance sheet and distributions from SSLP; income/fees from asset-based loans on balance sheet and distributions from SLR-CS, SLR-BC, SLR-HC ABL; income/fees from equipment financings and distributions from SLR-EF and distributions from KBH; and income/fees from life science loans on balance sheet.

SLR Senior Lending Program LLC (SSLP)

As of December 31, 2024, the Company and its 50% partner, Sunstone Senior Credit L.P., had contributed combined equity capital of $95.8 million of a total equity commitment for $100 million to the SSLP. At year end, SSLP had total commitments of $189.8 million at par and total funded portfolio investments of $178.7 million at fair value, consisting of floating rate senior secured loans to 32 different borrowers and an average investment of $5.6 million per borrower. This compares to funded portfolio investments of $204.1 million at fair value across 37 different borrowers at September 30, 2024. During the quarter ended December 31, 2024, SSLP invested $2.0 million in 4 portfolio companies and had $27.7 million of investments repaid.

In Q4 2024, the Company earned income of $1.9 million from its investment in the SSLP, representing an annualized yield of 15.6% on the cost basis of the Company’s investment, similar to Q3 2024.

SLR Investment Corp.’s Results of Operations Year Over Year

Investment Income

For the fiscal years ended December 31, 2024, and 2023, gross investment income totaled $232.4 million and $229.3 million, respectively. The increase in gross investment income for the year over year period was primarily due to an increase in dividend income from SSLP and our specialty finance company equity investments.

Expenses

SLRC’s net expenses totaled $136.1 million and $137.2 million, respectively, for the fiscal years ended December 31, 2024, and 2023. The decrease in expenses from 2024 to 2023 was primarily due to lower interest expense on a decrease in average borrowings as well as a reduction in general and administrative expenses, partially offset by higher fees stemming from higher net investment income.

SLRC’s investment adviser agreed to waive incentive fees resulting from income earned due to the accretion of the purchase price discount allocated to investments acquired in the Company’s merger with SLR Senior Investment Corp., which closed on April 1, 2022. For the fiscal years ended December 31, 2024 and 2023, $153 thousand and $500 thousand, respectively, of such performance-based incentive fees were waived.

Net Investment Income

SLRC’s net investment income totaled $96.3 million and $92.1 million, or $1.77 and $1.69, per average share, respectively, for the fiscal years ended December 31, 2024, and 2023.

Net Realized and Unrealized Loss

Net realized and unrealized loss for the fiscal years ended December 31, 2024 and 2023 totaled $0.6 million and $15.7 million, respectively.

Net Increase in Net Assets Resulting from Operations

For the fiscal years ended December 31, 2024, and 2023, the Company had a net increase in net assets resulting from operations of $95.8 million and $76.4 million, respectively. For the same periods, earnings per average share were $1.76 and $1.40, respectively.

Capital and Liquidity

Credit Facilities

As of December 31, 2024, the Company had $507 million drawn on $970 million of total commitments available on its revolving credit facilities and $140 million of term loans outstanding. In Q3 2024, the Company extended its SLRC revolver credit facility to a maturity of August 2029, increased the size, and lowered pricing. In Q4 2024, three new lenders were added to the SLRC revolving credit facility.

Unsecured Debt

On December 16, 2024, the Company closed a private offering of $49.0 million of the 2027 Series G Unsecured Notes with a fixed interest rate of 6.24% and a maturity date of December 16, 2027. As of December 31, 2024, the Company had $394 million of unsecured notes outstanding.

On February 18, 2025, the Company closed an additional private offering of $50.0 million of unsecured notes due 2028 with a fixed rate of interest of 6.14% and a maturity date of February 18, 2028.

Leverage

As of December 31, 2024, the Company’s net debt-to-equity ratio was 1.03x and compared to 1.19x as of December 31, 2023 and the Company’s target range of 0.9x to 1.25x.

Available Capital

As of December 31, 2024, including anticipated available borrowing capacity at the SSLP and our specialty finance portfolio companies, subject to borrowing base limits, SLRC, SSLP and our specialty finance portfolio companies had over $900 million of available capital in the aggregate.

Unfunded Commitments

As of December 31, 2024, excluding commitments to SLR-CS, SLR-BC, SLR-HC ABL, SLR Equipment Finance, and SSLP, over which the Company has discretion to fund, the Company had unfunded commitments of approximately $167.2 million.

Subsequent Events

On February 25, 2025, the Board declared a quarterly distribution of $0.41 per share payable on March 28, 2025, to holders of record as of March 14, 2025.

Conference Call and Webcast Information

The Company will host an earnings conference call and audio webcast at 10:00 a.m. (Eastern Time) on Wednesday, February 26, 2025. All interested parties may participate in the conference call by dialing (800) 579-2543 approximately 5-10 minutes prior to the call, international callers should dial (785) 424-1789. Participants should reference SLR Investment Corp. and Conference ID: SLRC4Q24. A telephone replay will be available until March 12, 2025 and can be accessed by dialing (800) 839-4568. International callers should dial (402) 220-2681.

This conference call will also be broadcast live over the Internet and can be accessed by all interested parties from the Event Calendar within the “Investors” tab of SLR Investment Corp.’s website, https://slrinvestmentcorp.com/Investors/Event-Calendar. Please register online prior to the start of the call. For those who are not able to listen to the broadcast live, a replay of the webcast will be available soon after the call.

Supplemental Information of SLR Investment Corp.’s Results of Operations Quarter Over Quarter 

Operating results:Quarter Ended
December 31, 2024
(unaudited)
 Quarter Ended
September 30, 2024
(unaudited)
Interest income $36,290   $45,373 
Dividend income 16,502   12,578 
Other income 2,791   1,820 
Total investment income 55,583   59,771 
Management fee 7,739   7,893 
Net Performance-based Incentive fee 5,920   6,036 
Interest and other credit facility expenses 16,184   18,913 
Administrative services expense 1,376   1,392 
Other general and administrative expenses 572   1,189 
Net expenses 31,791   35,423 
Net investment income $23,792   $24,348 
Net realized and unrealized gains (losses) (1,183)   (2,299) 
Net increase in net assets resulting from operations 22,609   22,049 
Net investment income per common share $0.44   $0.45 
Net realized and unrealized gains (losses) per common share ($0.02)   ($0.04) 
Earnings per common share - basic and diluted $0.41   $0.40 



SLR INVESTMENT CORP.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except share and per share amounts)
 
 December 31, 2024  December 31, 2023 
Assets     
Investments at fair value:     
Companies less than 5% owned (cost: $1,019,357 and $1,260,205, respectively)$1,027,457  $1,271,442 
Companies 5% to 25% owned (cost: $103,655 and $60,064, respectively) 89,945   44,250 
Companies more than 25% owned (cost: $916,554 and $870,128, respectively) 888,232   839,074 
Cash 16,761   11,864 
Cash equivalents (cost: $397,510 and $332,290, respectively) 397,510   332,290 
Dividends receivable 15,375   11,768 
Interest receivable 11,993   11,034 
Receivable for investments sold 1,573   1,538 
Prepaid expenses and other assets 571   608 
Total assets$2,449,417  $2,523,868 
Liabilities     
Debt ($1,041,093 and $1,183,250 face amounts, respectively, reported net of unamortized debt issuance costs of $9,399 and $5,473, respectively.)$1,031,694  $1,177,777 
Payable for investments and cash equivalents purchased 397,510   332,290 
Management fee payable 7,739   8,027 
Performance-based incentive fee payable 5,920   5,864 
Interest payable 7,836   7,535 
Administrative services payable 3,332   1,969 
Other liabilities and accrued expenses 2,460   3,767 
Total liabilities$1,456,491  $1,537,229 
Commitments and contingencies     
Net Assets     
Common stock, par value $0.01 per share, 200,000,000 and 200,000,000 common shares authorized, respectively, and 54,554,634 and 54,554,634 shares issued and outstanding, respectively$546  $546 
Paid-in capital in excess of par 1,117,606   1,117,930 
Accumulated distributable net loss (125,226)  (131,837)
Total net assets$992,926  $986,639 
Net Asset Value Per Share$18.20  $18.09 



SLR INVESTMENT CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
  
 2024  2023 
INVESTMENT INCOME:     
Interest:     
Companies less than 5% owned$154,077  $163,589 
Companies 5% to 25% owned 3,881   2,058 
Companies more than 25% owned 13,055   11,627 
Dividends:     
Companies 5% to less than 25% owned 845    
Companies more than 25% owned 52,944   45,986 
Other income:     
Companies less than 5% owned 7,117   5,802 
Companies 5% to 25% owned    26 
Companies more than 25% owned 512   224 
Total investment income 232,431   229,312 
EXPENSES:     
Management fees 31,389   31,661 
Performance-based incentive fees 24,039   22,898 
Interest and other credit facility expenses 71,464   72,507 
Administrative services expense 5,520   5,899 
Other general and administrative expenses 3,862   4,756 
Total expenses 136,274   137,721 
Performance-based incentive fees waived (153)  (500)
Net expenses 136,121   137,221 
Net investment income$96,310  $92,091 
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND CASH EQUIVALENTS:
     
Net realized loss on investments and cash equivalents:     
Companies less than 5% owned$(2,252) $(27,602)
Companies more than 25% owned    (381)
Net realized loss on investments and cash equivalents (2,252)  (27,983)
Net change in unrealized gain (loss) on investments:     
Companies less than 5% owned (3,137)  20,425 
Companies 5% to 25% owned 2,105   (1,384)
Companies more than 25% owned 2,731   (6,761)
Net change in unrealized gain on investments 1,699   12,280 
Net realized and unrealized loss on investments and cash
equivalents
 (553)  (15,703)
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS
$95,757  $76,388 
EARNINGS PER SHARE$1.76  $1.40 


About SLR Investment Corp.

SLR Investment Corp. is a closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. A specialty finance company with expertise in several niche markets, the Company primarily invests in leveraged, U.S. upper middle market companies in the form of cash flow, asset-based, and life sciences senior secured loans.

Forward-Looking Statements

Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: the Company’s access to deal flow and attractive investment opportunities; the market environment and its impact on the business prospects of SLRC and the prospects of SLRC’s portfolio companies; prospects for additional portfolio growth of SLRC; and the quality of, and the impact on the performance of SLRC from the investments that SLRC has made and expects to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with: (i) changes in the economy, financial markets and political environment, including the impacts of inflation and changing interest rates; (ii) risks associated with possible disruption in the operations of SLRC or the economy generally due to terrorism, war or other geopolitical conflicts, natural disasters, or pandemics; (iii) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (iv) conditions in SLRC’s operating areas, particularly with respect to business development companies or regulated investment companies; and (v) other considerations that may be disclosed from time to time in SLRC’s publicly disseminated documents and filings. SLRC has based the forward-looking statements included in this press release on information available to it on the date of this press release, and SLRC assumes no obligation to update any such forward-looking statements. Although SLRC undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that it may make directly to you or through reports that SLRC in the future may file with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Contact
SLR Investment Corp.
Investor Relations
slrinvestorrelations@slrcp.com | (646) 308-8770


FAQ

What were SLRC's Q4 2024 earnings per share?

SLRC reported net investment income of $0.44 per share for Q4 2024.

How much is SLRC's latest quarterly dividend distribution?

SLRC declared a quarterly distribution of $0.41 per share, payable on March 28, 2025.

What is SLRC's current portfolio performance status?

99.6% of SLRC's portfolio was performing on a fair value basis, with only one investment on non-accrual.

What was SLRC's investment activity in 2024?

SLRC made $1,352.6 million in new investments and had $1,377.8 million in repayments during 2024.

How diversified is SLRC's investment portfolio?

The portfolio is diversified across 890 unique issuers in over 110 industries, with average exposure of $3.5 million per issuer.

Slr Investment Corp

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880.51M
52.79M
2.72%
36.96%
0.38%
Asset Management
Financial Services
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United States
NEW YORK