SLR Investment (SLRC)

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SLR Investment (SLRC) - 2023 Q1 - Quarterly Report
2023-05-10 20:09
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended March 31, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 814-00754 SLR INVESTMENT CORP. (Exact name of registrant as specified in its charter) (State of Incorporation) (I.R.S. Employer 500 Park Avenue New York, N.Y. 10022 (Addr ...
SLR Investment (SLRC) - 2022 Q4 - Earnings Call Transcript
2023-03-01 20:33
Financial Data and Key Metrics Changes - For Q4 2022, the company reported net investment income of $0.41 per share, fully covering distributions, an increase from $0.37 per share in Q3 2022 [10][35] - Net asset value per share decreased slightly to $18.33 from $18.37 at the end of Q3 2022 [11][32] - Gross investment income rose to $54.1 million from $47.6 million in the previous quarter, while net expenses increased to $31.6 million from $27.5 million [34] Business Line Data and Key Metrics Changes - The comprehensive portfolio at year-end was approximately $2.9 billion, with 99.8% in senior secured loans, and 98.6% in first lien loans [39][40] - The weighted average asset level yield increased to 12.2% from 11.3% in the previous quarter [42] - The Sponsor Finance segment originated $58 million in new loans, with repayments of $118 million, resulting in a portfolio of $643 million [48] - The ABL segment saw a portfolio total of $1 billion, with an average asset level yield of 14.1%, up from 12.3% [53] - The Equipment Finance portfolio totaled $900 million, with a weighted average asset level yield of 10.7% [56] - The Life Science segment had a portfolio of $322 million, contributing 20% of gross investment income for Q4 [60] Market Data and Key Metrics Changes - The current market conditions for new investments are described as the most attractive in several years, with a significant increase in yields on private loans [15][46] - The company has over $650 million in available capital to capitalize on investment opportunities [28] Company Strategy and Development Direction - The company plans to continue growing its portfolio, expecting 2023 to be an attractive vintage for both cash flow and specialty finance loans [21][65] - The investment adviser secured $3.8 billion in additional capital, enhancing the company's competitive sourcing advantage [24] - The company emphasizes a conservative underwriting approach, focusing on first lien cash flow loans and asset-based loans to mitigate risks during economic volatility [64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the credit quality of the portfolio, supported by a comprehensive stress test [13][89] - The company anticipates further growth in net investment income per share in 2023, driven by deploying available capital into higher-yielding assets [21][65] - Management noted that borrowers are increasingly turning to asset-based lending for working capital and liquidity management during uncertain economic times [25] Other Important Information - The company repurchased approximately $3 million of shares at an average price of $13.98 during Q4 [30] - The company has a strong funding profile, with half of its $1.1 billion funded debt comprised of senior unsecured fixed-rate notes at a weighted average interest rate of 3.9% [26] Q&A Session Summary Question: How long does it take for the portfolio to turn over and what yields are being obtained? - The portfolio has a high churn rate, and new assets are being deployed above the current yield of 10.7% [68] Question: Does the equipment financing portfolio include loans backed by crypto mining machines? - No, the equipment financing portfolio does not include such loans [72] Question: Which of the four sectors looks relatively more attractive for growth? - ABL is expected to outpace other segments due to current market conditions, with steady activity in Sponsor Finance and Life Science segments [76][78] Question: What is the average life of the assets in the ABL portfolio? - The average duration of loans is typically 5 years, with an average duration closer to 2 years [110] Question: What is the source of funds for the repayment of the $75 million unsecured notes? - The repayment was funded through a combination of pre-refinanced capital and the revolving credit line [92] Question: Will the stock repurchase program be extended beyond May? - The program is likely to be extended, allowing flexibility to take advantage of market conditions [96]
SLR Investment (SLRC) - 2022 Q4 - Annual Report
2023-02-28 21:33
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER: 814-00754 SLR INVESTMENT CORP. (Exact name of registrant as specified in its charter) (State of Incorporation) (I.R.S. Employer 5 ...
SLR Investment (SLRC) - 2022 Q3 - Earnings Call Transcript
2022-11-03 18:49
SLR Investment Corporation (NASDAQ:SLRC) Q3 2022 Earnings Conference Call November 3, 2022 10:00 AM ET Company Participants Michael Gross - Chairman, President & Co-CEO Richard Peteka - Treasurer, Secretary & CFO Bruce Spohler - COO, Co-CEO & Interested Director Conference Call Participants Sean Adams - Raymond James Melissa Wedel - JPMorgan Chase & Co. Paul Johnson - KBW Operator Good day, everyone, and welcome to the Q3 2022 SLR Investment Corp. Earnings Call. [Operator Instructions]. Please note, this c ...
SLR Investment (SLRC) - 2022 Q3 - Quarterly Report
2022-11-02 20:12
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended September 30, 2022 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 814-00754 SLR INVESTMENT CORP. (Exact name of registrant as specified in its charter) Maryland 26-1381340 (State of Incorporation) (I.R.S. Employer 500 Park Avenue Ne ...
SLR Investment (SLRC) - 2022 Q2 - Earnings Call Transcript
2022-08-03 19:49
SLR Investment Corp. (NASDAQ:SLRC) Q2 2022 Results Conference Call August 3, 2022 10:00 AM ET Company Participants Michael Gross - Chairman and Co- Chief Executive Officer Bruce Spohler - Co-Chief Executive Officer Richard Peteka - Chief Financial Officer Conference Call Participants Robert Dodd - Raymond James Melissa Wedel - JP Morgan Mickey Schleien - Ladenburg Ryan Lynch - KBW Operator Good day, everyone and welcome to the Second Quarter 2022 SLR Investment Corp. Earnings Conference Call. At this time, ...
SLR Investment (SLRC) - 2022 Q2 - Quarterly Report
2022-08-02 20:41
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended June 30, 2022 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 814-00754 SLR INVESTMENT CORP. (Exact name of registrant as specified in its charter) Maryland 26-1381340 (State of Incorporation) (I.R.S. Employer 500 Park Avenue New York, N.Y. 10022 (Add ...
SLR Investment (SLRC) - 2022 Q1 - Earnings Call Transcript
2022-05-04 20:01
SLR Investment Corp. (NASDAQ:SLRC) Q1 2022 Earnings Conference Call May 4, 2022 10:00 AM ET Company Participants Michael Gross – Chairman and Co-Chief Executive Officer Rich Peteka – Chief Financial Officer and Secretary Bruce Spohler – Co-Chief Executive Officer Conference Call Participants Ryan Lynch – KBW Bryce Rowe – Hovde Casey Alexander – Compass Point Robert Dodd – Raymond James Melissa Wedel – JPMorgan Gerard Heymann – RBC Operator Good day and thank you for standing by. Welcome to the Q1 2022 SLR I ...
SLR Investment (SLRC) - 2022 Q1 - Quarterly Report
2022-05-03 21:05
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended March 31, 2022 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 814-00754 SLR INVESTMENT CORP. (Exact name of registrant as specified in its charter) (State of Incorporation) (I.R.S. Employer 500 Park Avenue New York, N.Y. 10022 (Addr ...
SLR Investment (SLRC) - 2021 Q4 - Earnings Call Transcript
2022-03-02 19:52
SLR Investment Corp (NASDAQ:SLRC) Q4 2021 Earnings Conference Call March 2, 2022 10:00 AM ET Company Participants Michael Gross - Chairman, President & Co- Chief Executive Officer Richard Peteka - Treasurer, Secretary & Chief Financial Officer Bruce Spohler - COO, Co- Chief Executive Officer & Interested Director Conference Call Participants Bryce Rowe - Hovde Mickey Schleien - Ladenburg Melissa Wedel - JP Morgan Paul Johnson - KBW Robert Dodd - Raymond James Casey Alexander - Compass Point Operator Thank y ...