Business
Solar Capital Ltd. Announces Quarter Ended June 30, 2020 Financial Results; Declares Quarterly Distribution of $0.41 Per Share for Q3, 2020
Reports Net Asset Value Per Share Increase of 4.5% Net Debt-to-Equity of 0.59x 100% of Portfolio Performing NEW YORK, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Solar
About this update from Slr Investment Corp.
[{"type":"text","content":"Reports Net Asset Value Per Share Increase of 4.5%\n Net Debt-to-Equity of 0.59x 100% of Portfolio Performing NEW YORK, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Solar Capital Ltd. (NASDAQ: SLRC) (the “Company” or “Solar Capital”), today reported net investment income of $14.2 million, or $0.34 per share, for the second quarter 2020. At June 30, 2020, net asset value (NAV) was $20.11 per share, an increase of 4.5% from March 31, 2020. As of June 30, 2020, the Company’s portfolio was 100% performing. The Board declared a third quarter distribution of $0.41 per share payable on October 2, 2020 to stockholders of record as of September 17, 2020. The specific tax characteristics will be reported to stockholders on Form 1099 after the end of the calendar year. HIGHLIGHTS At June 30, 2020: Comprehensive Investment portfolio* fair value: $1.58 billionNumber of portfolio companies: 183Net assets: $849.8 millionNet asset value per share: $20.11Net debt-to-equity: 0.59xAvailable capital**: $815 million, subject to borrowing base availability Comprehensive Investment Portfolio Activity*** for the Quarter Ended June 30, 2020: Investments made during the quarter: $103.2 million Investments prepaid and sold during the quarter: $118.4 million Operating Results for the Quarter Ended June 30, 2020: Net investment income: $14.2 millionNet investment income per share: $0.34Net realized and unrealized gain: $39.8 millionNet increase in net assets from operations: $54.0 millionEarnings per share: $1.28 * The Comprehensive Investment Portfolio is comprised of Solar Capital Ltd.’s investment portfolio, Crystal Financial’s full portfolio (including its ownership of its SBIC), and NEF Holdings, LLC’s (“NEF”) full portfolio and excludes the fair value of the equity interests in Crystal Financial and NEF. ** Please see Liquidity and Capital Resources. *** Includes investment activity through Crystal Financial (including its ownership of its SBIC), and NEF. “The combination of our specialty finance businesses and focus on first lien senior secured investments in defensive industries has resulted in a diversified portfolio that is 100% performing at June 30, 2020. We believe we are well positioned to weather the current crisis,” said Michael Gross, Co-CEO of Solar Capital. “At quarter end, over 80% of our comprehensive portfolio was invested in loans in our asset-b...