Core Insights - The company reported a Bitcoin treasury valued at approximately $17.8 million as of July 31, 2025, equating to $3.46 per share based on a Bitcoin price of around $118,100 [1][3]. Bitcoin Mining Operations - In July 2025, the company mined 5.9 Bitcoin, a 7% increase from June 2025's 5.5 Bitcoin [2]. - The company sold 11.0 Bitcoin in July 2025, compared to 5.0 Bitcoin sold in June 2025 [2]. - The company's Bitcoin holdings decreased from 155.5 Bitcoin in June 2025 to 150.4 Bitcoin in July 2025 [2]. Operational Capacity - The total number of operational machines remained constant at 4,320 in both June and July 2025 [2]. - The total number of machines, including storage, was 5,538 in both months [2]. - The company's hashrate remained stable at 0.60 EH/s in July 2025 [2]. Financial Performance - The company experienced a 20% growth in energy revenue in July 2025, attributed to the reinvestment of treasury assets into operations [3]. - The stock share price was reported at $2.12 as of July 31, 2025 [3].

Core Insights - SLR Investment Corp. reported a net investment income of $21.6 million, or $0.40 per share, for Q2 2025, with a declared quarterly distribution of $0.41 per share [2][32] - The net asset value (NAV) increased to $18.19 per share as of June 30, 2025, up from $18.16 per share at the end of Q1 2025 [3] - The company emphasized its focus on specialty finance, with over 80% of its portfolio in specialty finance loans, which are believed to provide attractive risk-adjusted returns [4] Financial Performance - For the quarter ended June 30, 2025, the company had a comprehensive investment portfolio fair value of $3.2 billion and an investment portfolio fair value of $2.1 billion [5] - The non-accrual rate was low at 0.3% based on fair value, indicating strong credit quality [5] - The net increase in net assets from operations was $24.2 million, or $0.44 per share, compared to $23.2 million, or $0.43 per share, in the same period last year [25] Investment Activity - During Q2 2025, the company made investments totaling $567.1 million while prepaying and selling investments worth $387.0 million [6][8] - The investment activity was diversified across various asset classes, with significant originations in asset-based lending [8] - The comprehensive investment portfolio was diversified across approximately 940 unique issuers, with 98.3% invested in senior secured loans [10] Asset Quality - As of June 30, 2025, 99.7% of the portfolio was performing on a fair value basis, with only one investment on non-accrual [15] - The internal investment ratings showed that 31.9% of investments were rated as the least risky (rating 1), while 65.9% were rated as low risk (rating 2) [16] Capital and Liquidity - The company had a net debt-to-equity ratio of 1.17x as of June 30, 2025, within its target range of 0.9x to 1.25x [29] - Total commitments available on revolving credit facilities were $970 million, with $682.3 million drawn [26] - The company had over $650 million of available capital, including anticipated borrowing capacity [29] Subsequent Events - On July 30, 2025, the company closed a private offering of $50 million of unsecured notes due July 30, 2028, with a fixed interest rate of 5.96% [31]

Core Insights - LM Funding America, Inc. reported a decrease in Bitcoin mined in June 2025, with 5.5 Bitcoin compared to 6.3 Bitcoin in May 2025, attributed to a strategic curtailment approach during peak summer months [2] - The company prioritized energy sales over Bitcoin production due to high temperatures in Oklahoma, resulting in estimated curtailment and energy sales of approximately $55,000 for June and $216,000 for Q2 2025 [2] - As of June 30, 2025, the value of the company's Bitcoin holdings was approximately $16.7 million, equating to $3.25 per share, based on a Bitcoin price of approximately $107,170 [2] Company Overview - LM Funding America, Inc. operates as a Bitcoin mining and specialty finance company, founded in 2008 and based in Tampa, Florida [3] - The company has a total of 5,538 machines as of June 2025, with 4,320 operational and 1,218 in storage [2] - The company's Bitcoin holdings increased slightly from 155.0 to 155.5 Bitcoin from May to June 2025 [2]

Financial Data and Key Metrics Changes - SLR Investment Corp reported net investment income of $0.41 per share for Q1 2025, consistent with the base dividend of $0.41 per share, reflecting a return on equity of approximately 9% [6][17] - The company's net asset value at the end of the quarter was $18.16 per share, a slight decrease of $0.04 from $18.20 per share at the end of Q4 2024 [14] - Gross investment income for the three months ended March 31 totaled $53.2 million, down from $55.6 million in the previous quarter [16] Business Line Data and Key Metrics Changes - The comprehensive portfolio totaled $3.1 billion at quarter end, with $361 million in new investments and $391 million in repayments during Q1 [7][14] - Approximately 80% of the portfolio was derived from specialty finance investments, with cash flow loans now representing less than 20%, the lowest level in three years [7][8] - The yield on the comprehensive portfolio increased to 12.2%, up from 12.1% in the previous quarter and 11.8% in Q1 2024 [8] Market Data and Key Metrics Changes - The current environment is marked by policy volatility and economic uncertainty, with expectations for elevated inflation and slower global growth [9][10] - The company has over $800 million of available capital to deploy, positioning it to take advantage of both durable economic conditions and potential economic softening [12] Company Strategy and Development Direction - The company has shifted its portfolio mix towards asset-based specialty finance strategies, providing greater downside protection from underlying collateral [7] - SLR's multi-strategy investment approach aims to deliver consistent returns and protect capital across market cycles, with a focus on high-quality collateral [19] - The company is actively monitoring portfolio companies for impacts from tariffs and is focused on domestic service-oriented businesses [10][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating economic uncertainties and capitalizing on volatility from widening credit spreads [5] - The company believes its disciplined approach and strong credit profile will allow it to withstand persistent inflationary pressures and high interest rates [11] - Management highlighted the importance of monitoring trends in receivables and inventory to manage risks effectively [53] Other Important Information - The company declared a Q2 2025 quarterly distribution of $0.41 per share, payable on June 27, 2025 [18] - SLR Investment Corp is rated investment grade by Fitch, Moody's, and DBRS, with no near-term refinancing obligations [15] Q&A Session Summary Question: Follow-up on pipeline weighting towards ABL and equipment finance opportunities - Management indicated that the pipeline is approximately 75-80% weighted towards ABL, covering various industries [40][41] Question: Description of recent attractive cash flow lending opportunities - Management noted that attractive opportunities involve financing tuck-in acquisitions of seasoned platforms, allowing for short duration and potential re-underwriting [44][46] Question: Contribution from Kingsbridge in the quarter - Management confirmed that Kingsbridge's performance included some one-time gains but is expected to continue performing well [48] Question: Estimate of tariff exposure in the portfolio - Management stated that less than 1% of the portfolio has direct exposure to tariffs, primarily due to the focus on domestic service-based businesses [51][52] Question: Yield increase in the equipment finance business - Management explained that the yield increase is due to borrowers extending leases and some one-time gains from asset sales [56][57]