Business
SLR Investment Corp. Announces Quarter Ended June 30, 2024 Financial Results
Net Investment Income of $0.45 Per Share; Declared Quarterly Distribution of $0.41 Per Share; Stable NAV Per Share NEW YORK, Aug. 07, 2024 (GLOBE NEWSWIRE) --
About this update from Slr Investment Corp.
[{"type":"text","content":"Net Investment Income of $0.45 Per Share; Declared Quarterly Distribution of $0.41 Per Share; Stable NAV Per Share NEW YORK, Aug. 07, 2024 (GLOBE NEWSWIRE) -- SLR Investment Corp. (NASDAQ: SLRC) (the “Company”, “SLRC”, “we”, “us”, or “our”) today reported net investment income (“NII”) of $24.3 million, or $0.45 per share, for the second quarter of 2024. On August 7, 2024, the Board declared a quarterly distribution of $0.41 per share payable on September 27, 2024, to holders of record as of September 13, 2024. As of June 30, 2024, net asset value (“NAV”) was $18.20 per share, compared to $18.19 per share as of March 31, 2024. “NII per share in the second quarter reached the highest level in 5 years, reflecting our deliberate approach to rebuild the Company’s investment portfolio after a period of conservatism during the pandemic. Importantly, SLRC’s portfolio growth over the last couple of years has been driven by originations in both sponsor finance and specialty finance investments, enabling us to take advantage of our complementary niches within the private credit market that are not as competitive as the sponsor market,” said Michael Gross, Co-CEO. “Our multi-strategy approach provides greater earnings stability across cycles due to the relative consistency of the returns in our specialty finance strategies.” “Our portfolio continues to perform well, which is evidenced by another quarter of NAV stability, a decline in non-accrual investments, a low level of watch list investments, and minimal payment-in-kind income,” said Bruce Spohler, Co-CEO. “We believe the recent stability in the NAV reflects our multi-strategy portfolio, which was substantially constructed in 2023 and 2024 and underwritten to withstand higher interest rates and a softening economy.” FINANCIAL HIGHLIGHTS FOR QUARTER ENDED JUNE 30, 2024: Investment portfolio fair value: $2.1 billionNet assets: $993.0 million or $18.20 per shareLeverage: 1.16x net debt-to-equity Operating Results for the Quarter Ended June 30, 2024:Net investment income: $24.3 million or $0.45 per shareNet realized and unrealized losses: $1.1 million or $0.02 per shareNet increase in net assets from operations: $23.2 million or $0.43 per share COMPREHENSIVE PORTFOLIO(1) HIGHLIGHTS AND ACTIVITY(2) FOR QUARTER ENDED JUNE 30, 2024:Portfolio fair value: $3.1 billionNumber of unique issuers: ap...