SLR Investment Corp.
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Range $11 – $16.5
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About the company
SLR Investment Corp. is a business development company specializing in secured debt (first lien unitranche and second lien), subordinated (unsecured) debt, minority equity, leveraged buyouts, acquisitions, recapitalizations, general refinancing, growth capital and strategic income-oriented control equity investments in leveraged middle market companies. The fund invests in aerospace and defense; air freight & logistics; asset management; automotive; banking; beverage, food and tobacco; building products; buildings and real estate; broadcasting and entertainment; cargo transport; commercial services and supplies; communications equipment; chemicals, plastics and rubber; containers, packaging and glass; construction & engineering; diversified/conglomerate manufacturing; consumer Finance; distributors; diversified/conglomerate services; diversified financial services; diversified real estate activities; food products; Footwear; Education Services; diversified telecommunications services; electronics; farming and agriculture; finance; grocery; health care equipment and supplies; health care facilities; education and childcare; home and office furnishing, durable consumer products; hotels, motels, inns and gaming; insurance; restaurants, leisure, amusement, and entertainment; leisure equipment tolls and services, media, multiline retail, multi sector holdings; paper and forest products; personal products; professional services, research and consulting services, software; specialty retail; textiles apparel and luxury goods, thrifts and mortgage finance, trading companies and distributors, utilities, and wireless telecommunication services; industrial conglomerates; internet software and services, IT services, machinery; mining, steel, iron, and non-precious metals; oil and gas; personal, food and miscellaneous services; printing and publishing; retail stores; telecommunications; textiles and leather; and utilities.
- CEO
- Michael S. Gross
- IPO
- 2010
- HQ
- New York, NY, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $688.33M
- P/E
- 9.35
- Fwd P/E
- 9.64
- PEG
- -0.56
- P/S
- 3.86
- P/B
- 0.71
- EV/EBITDA
- 13.28
- Div Yield
- 12.21%
- Gross Margin
- 66.03%
- Op Margin
- 59.91%
- Net Margin
- 41.33%
- ROE
- 7.45%
- ROIC
- 4.18%
Latest fiscal year · YoY change
- Revenue
- $220.14M+24.8%
- Gross Profit
- $161.44M+53.8%
- Op Income
- $160.44M
- Net Income
- $92.54M-3.4%
- EPS
- $1.70-3.4%
- OCF Growth
- -146.1%
- FCF Growth
- -146.1%
- 52W High
- $16.83
- 52W Low
- $12.13
- 50D MA
- $12.78
- 200D MA
- $14.35
- Beta
- 0.66
- RSI (14)
- 44
- Avg Volume
- 392.69K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
SLRC said Q2 was steady on earnings and credit, but NAV slipped slightly as two loans went on non-accrual while management emphasized a specialty-finance-led pipeline and ample liquidity.· August 5, 2026
- Q2 NII was $0.33 per share and net income was $0.15 per share; NAV ended at $18.00 per share, down from $18.16 in the prior quarter.
- Gross investment income was $48.8 million versus $49.3 million, expenses were $31.1 million versus $31.4 million, and net unrealized losses widened to $9.5 million from $700 thousand.
- Two loans moved to non-accrual, including a $34 million par loan at OmniGuide; management said these were isolated and watch list exposure was 2.5%.
- Originations were strong at $471 million, with $431 million of repayments and about $40 million of net originations; nearly all originations were in specialty finance.
- The portfolio remained conservatively positioned, with about 98% senior secured, 96% first lien, 86% specialty finance, and over $900 million of available capital to deploy.
For Q2 2026, SLRC reported gross investment income of $48.8 million versus $49.3 million in Q1, expenses of $31.1 million versus $31.4 million, net investment income of $17.8 million or $0.33 per average share, and net income of $0.15 per share. Net unrealized losses were $9.5 million versus $700 thousand in the prior quarter, producing a net increase in net assets from operations of $8.3 million versus $17.1 million in Q1. NAV per share was $18.00 at June 30 versus $18.16 at March 31. Forward, management said it expects another solid quarter of originations with a similar weighting toward specialty finance, and said several growth initiatives are expected to lift NII over the next year; the board also declared a quarterly distribution of $0.31 per share payable September 25, 2026.
Michael Stuart Gross framed the quarter around discipline and a long-running shift toward specialty finance as a differentiator in a more challenging direct lending market. He stressed that the company is seeing less competition in specialty finance, better structure protection, and more liquid collateral, and said nearly all new originations last quarter were in specialty finance with that trend continuing in Q3. His tone was confident and strategic, emphasizing patience, portfolio churn as a positive, and more than $900 million of available capital to deploy.
Shiraz Kajee highlighted a stable balance sheet and funding profile: approximately $1.16 billion of debt outstanding, net debt to equity of 1.16x, and debt capital that is more than 40% unsecured. He noted total revolving commitments of $995 million after a $25 million increase in Q2, along with three unsecured maturities coming due in December 2026, January 2027, and March 2027. He also walked through the P&L and reiterated the dividend, saying SLRC remains well positioned to fund commitments and future portfolio growth.
Analysts focused on returns and leverage from the specialty finance mix, and management said around 11% asset-level yield remains a good target, with some cash flow opportunities in the 9s and specialty finance opportunities in the 12s. On leverage, Bruce Spohler said the company has been comfortable moving toward the higher end of its range, but repayments have kept leverage near 1.15x. Questions also centered on life sciences, AI, and sourcing; management said biotech and life sciences are improving, the team is leaning in, AI is more of an efficiency tool than a replacement in ABL, and sourcing is being expanded through regional bank relationships, partnerships, and tuck-in acquisitions.
Management sees a favorable setup in specialty finance, with higher yields, better collateral protection, and less competition as regional banks retreat. They also pointed to a strong pipeline, over $900 million of available capital, and growth initiatives in ABL, life sciences, and acquisitions that they expect to support higher NII over the next year. The life sciences platform in particular was described as benefiting from a better market backdrop and a broadened product set.
The quarter included two new non-accruals and a modest NAV decline, showing that credit issues are still present even if management calls them isolated. Management also flagged a tougher direct lending backdrop, with more rate pressure, muted traditional cash flow activity, and limited M&A/refinancing activity in the sponsor market. They acknowledged that high competition in some areas and repayment-driven churn can slow portfolio growth despite active sourcing.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 78.1%
- Shares Outstanding
- 54.55M
- Float Shares
- 42.62M
of shares held by institutions
124 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Thornburg Investment Management Inc | 4.71M | ▲ 75.34K |
| Jpmorgan Chase & Co | 1.25M | ▼ 14.04K |
| Van Eck Associates Corp | 1.10M | ▲ 219.11K |
| Ubs Group AG | 614.51K | ▲ 45.27K |
| Aristotle Capital Boston, LLC | 613.75K | ▼ 141.42K |
| Franklin Resources Inc | 549.09K | ▼ 19.31K |
| Muzinich & Co., Inc. | 544.21K | ▲ 5.37K |
| Condor Capital Management | 462.36K | ▲ 107.50K |
| Legal & General Group PLC | 446.13K | ▲ 25.44K |
| Sumitomo Mitsui Trust Group, Inc. | 381.48K | ▲ 2.59K |
| Two Sigma Advisers, LP | 380.40K | ▼ 121.70K |
| Morgan Stanley | 366.91K | ▲ 102.73K |
Held by 17 ETFs
Biggest fund positions in SLRC by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| May 13, 26 | GROSS MICHAEL S | buy | 10,000 |
| May 12, 26 | GROSS MICHAEL S | buy | 10,000 |
| Mar 16, 26 | GROSS MICHAEL S | buy | 10,452 |
| Mar 13, 26 | GROSS MICHAEL S | buy | 25,000 |
| Mar 13, 26 | GROSS MICHAEL S | other | 354,511.383 |
| Mar 13, 26 | GROSS MICHAEL S | other | 354,511.383 |
| Mar 13, 26 | GROSS MICHAEL S | other | 10,986.597 |
| Mar 13, 26 | GROSS MICHAEL S | other | 466,378.429 |
| Mar 13, 26 | GROSS MICHAEL S | other | 354,511.383 |
| Mar 13, 26 | SPOHLER BRUCE J | other | 354,511.383 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our SLRC coverage
Recent articles, reports, and earnings notes.
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