Business
SLR Investment Corp. Announces Quarter Ended March 31, 2022 Financial Results
Acquisition of SUNS Expected to Accelerate Portfolio and NII Growth Declares Monthly Distribution of $0.136667 Per Share for May 2022 Announces $50 Million
About this update from Slr Investment Corp.
[{"type":"text","content":"Acquisition of SUNS Expected to Accelerate Portfolio and NII Growth Declares Monthly Distribution of $0.136667 Per Share for May 2022 Announces $50 Million Share Repurchase Program NEW YORK, May 03, 2022 (GLOBE NEWSWIRE) -- SLR Investment Corp. (NASDAQ: SLRC) (the “Company” or “SLRC”), today reported net investment income of $13.5 million, or $0.32 per share, for the first quarter of 2022. Excluding one-time expenses relating to the merger with SLR Senior Investment Corp. (“SUNS”), net investment income per average share would have been $0.35 for the quarter ended March 31, 2022. Please see reconciliation table in the discussion of our results of operations for the quarter. At March 31, 2022, net asset value (NAV) was $19.56 per share. Beginning in April 2022, after the closing of the merger with SUNS, SLRC adjusted the timing of its distributions from quarterly to monthly. The Company paid a monthly distribution of $0.136667 per share on May 3, 2022 to stockholders of record as of April 21, 2022 and the Company’s Board of Directors (the “Board”) declared a monthly distribution of $0.136667 per share payable on June 2, 2022 to stockholders of record as of May 19, 2022. The specific tax characteristics of each distribution will be reported to stockholders on Form 1099 after the end of the calendar year. Since the merger with SUNS closed on April 1, 2022, except for certain pro forma information set forth in this press release, SLRC will report financial and operating results of the combined company starting with the second quarter of 2022. HIGHLIGHTS: At March 31, 2022: Comprehensive Investment Portfolio* fair value: $2.0 billionNumber of portfolio companies: >600Net assets: $826.4 millionNet asset value per share: $19.56Net debt-to-equity: 0.98xAvailable capital**: approximately $765 million, subject to borrowing base availability Comprehensive Investment Portfolio Activity*** for the Quarter Ended March 31, 2022: Investments made during the quarter: $173.9 millionInvestments prepaid and sold during the quarter: $204.6 million Operating Results for the Quarter Ended March 31, 2022: Net investment income: $13.5 millionNet investment income per share: $0.32Net realized and unrealized loss: $12.0 millionNet increase in net assets from operations: $1.5 millionEarnings per share: $0.04 * The Comprehensive Investment Portfolio for the...