Business
SLR Investment Corp. Announces Quarter Ended March 31, 2024 Financial Results
Net Investment Income of $0.44 Per Share; Declared Quarterly Distribution of $0.41 Per Share; NAV Appreciation and Solid Portfolio Credit Quality NEW YORK,
About this update from Slr Investment Corp.
[{"type":"text","content":" Net Investment Income of $0.44 Per Share; Declared Quarterly Distribution of $0.41 Per Share; NAV Appreciation and Solid Portfolio Credit Quality NEW YORK, May 08, 2024 (GLOBE NEWSWIRE) -- SLR Investment Corp. (NASDAQ: SLRC) (the “Company”, “SLRC”, “we”, or “our”) today reported net investment income (“NII”) of $23.9 million, or $0.44 per share, for the first quarter of 2024. On May 8, 2024, the Board declared a quarterly distribution of $0.41 per share payable on June 27, 2024 to holders of record as of June 13, 2024. As of March 31, 2024, net asset value (“NAV”) was $18.19 per share, compared to $18.09 as of December 31, 2023. “With credit quality being top of mind for private credit investors, we are pleased to report that the financial condition of our portfolio companies remains solid, as evidenced by the increase in net asset value, low level of non-accruals, and minimal PIK income,” said Michael Gross, Co-CEO. “The investment environment remains attractive, especially in our specialty finance lending verticals,” said Bruce Spohler, Co-CEO. “In Q1 2024, close to 90% of SLRC’s comprehensive originations were in our specialty finance strategies, reflecting our multi-strategy portfolio construction which allows us to allocate capital to the most attractive risk/reward investments across economic cycles.” FINANCIAL HIGHLIGHTS FOR QUARTER ENDED MARCH 31, 2024: Investment portfolio fair value: $2.1 billionNet assets: $992.1 million or $18.19 per shareLeverage: 1.16x net debt-to-equity Operating Results for the Quarter Ended March 31, 2024: Net investment income: $23.9 million or $0.44 per share Net realized and unrealized gains: $4.0 million or $0.07 per shareNet increase in net assets from operations: $27.9 million or $0.51 per share COMPREHENSIVE PORTFOLIO(1) HIGHLIGHTS AND ACTIVITY(2) FOR QUARTER ENDED MARCH 31, 2024: Portfolio fair value: $3.1 billionNumber of unique issuers: approximately 800Investments made during the quarter: $260.9 millionInvestments prepaid and sold during the quarter: $313.9 million (1) The Comprehensive Investment Portfolio for the quarter ended March 31, 2024 is comprised of SLRC’s investment portfolio and SLR Credit Solutions’ (“SLR-CS”) full portfolio, SLR Equipment Finance’s (“SLR-EF”) full portfolio, Kingsbridge Holdings, LLC’s (“KBH”) full portfolio, SLR Business Credit’s (“SLR-BC”) full portfo...