Business
Solar Capital Ltd. Announces Quarter Ended September 30, 2020 Financial Results; Declares Quarterly Distribution of $0.41 Per Share for Q4, 2020
Stable Net Asset Value Acquires Leasing Company to Broaden Specialty Finance Platform NEW YORK, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Solar Capital Ltd. (NASDAQ:
About this update from Slr Investment Corp.
[{"type":"text","content":"Stable Net Asset Value\n Acquires Leasing Company to Broaden Specialty Finance Platform NEW YORK, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Solar Capital Ltd. (NASDAQ: SLRC) (the “Company” or “Solar Capital”), today reported net investment income of $14.3 million, or $0.34 per share, for the third quarter 2020. At September 30, 2020, net asset value (NAV) was $20.14 per share, a slight increase from June 30, 2020. As of September 30, 2020, the Company’s portfolio was 100% performing. The Board declared a fourth quarter distribution of $0.41 per share payable on January 5, 2021 to stockholders of record as of December 17, 2020. The specific tax characteristics will be reported to stockholders on Form 1099 after the end of the calendar year. HIGHLIGHTS: At September 30, 2020: Comprehensive Investment portfolio* fair value: $1.49 billionNumber of portfolio companies: 174Net assets: $851.1 millionNet asset value per share: $20.14Net debt-to-equity: 0.56xAvailable capital**: $912 million, subject to borrowing base availability Comprehensive Investment Portfolio Activity*** for the Quarter Ended September 30, 2020: Investments made during the quarter: $66.4 millionInvestments prepaid and sold during the quarter: $159.2 million Operating Results for the Quarter Ended September 30, 2020: Net investment income: $14.3 millionNet investment income per share: $0.34Net realized and unrealized gain: $4.4 millionNet increase in net assets from operations: $18.6 millionEarnings per share: $0.44 * 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. “I am pleased to report that our investment portfolio remains 100% performing, and we are confident in our borrowers’ ability to continue to weather the current economic challenges. We attribute our strong positioning to our focus on investing in first lien senior secured loans to companies in defensive industries, as well as our efforts to build a commercial finance platform consisting of diverse niche asset base...