Business
Solar Capital Ltd. Announces Quarter Ended March 31, 2020 Financial Results; Declares Quarterly Distribution of $0.41 Per Share for Q2, 2020
Available Liquidity of $700 Million Net Leverage of 0.56x 100% of Portfolio Performing at Fair Value NEW YORK, May 07, 2020 (GLOBE NEWSWIRE) -- Solar Capital
About this update from Slr Investment Corp.
[{"type":"text","content":"Available Liquidity of $700 Million\n Net Leverage of 0.56x 100% of Portfolio Performing at Fair Value NEW YORK, May 07, 2020 (GLOBE NEWSWIRE) -- Solar Capital Ltd. (NASDAQ: SLRC) (the “Company” or “Solar Capital”), today reported net investment income of $15.9 million, or $0.38 per share, for the first quarter 2020. At March 31, 2020, net asset value (NAV) was $19.24 per share, a decline of approximately 10.3% from year end 2019 driven primarily by unrealized mark-to-market losses. As of March 31, 2020, 100% and 98.2%, on a fair value basis and cost basis, respectively, of the Company’s portfolio was performing, with one investment on non-accrual. The Board declared a second quarter distribution of $0.41 per share payable on July 2, 2020 to stockholders of record as of June 18, 2020. The specific tax characteristics will be reported to stockholders on Form 1099 after the end of the calendar year. HIGHLIGHTS: At March 31, 2020: Comprehensive Investment portfolio* fair value: $1.56 billionNumber of portfolio companies: 194Net assets: $813.1 millionNet asset value per share: $19.24Net leverage: 0.56xAvailable capital**: $700 million Comprehensive Investment Portfolio Activity*** for the Quarter Ended March 31, 2020: Investments made during the quarter: $83.8 million Investments prepaid and sold during the quarter: $256.1 million Operating Results for the Quarter Ended March 31, 2020: Net investment income: $15.9 millionNet investment income per share: $0.38Net realized and unrealized loss: $91.3 millionNet decrease in net assets from operations: $75.5 millionLoss per share: $1.79 * 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. ** See Liquidity and Capital Resources. ** *Includes investment activity through Crystal Financial (including its ownership of its SBIC), and NEF. “The combination of our niche specialty finance businesses and investing in first lien loans in recession-resilient industries has resulted in a diversified and defensive portfolio which we believe will weather this downturn. At March 31, over 80% of our comprehensive portfolio was invested in loans in our special...