SLR Investment Corp. Announces Quarter and Year Ended December 31, 2025 Financial Results
Rhea-AI Summary
SLR Investment Corp. (NASDAQ: SLRC) reported Q4 2025 NII of $21.6M ($0.40/share) and declared a quarterly distribution of $0.41/share payable March 27, 2026. NAV was $18.26/share at year‑end, Comprehensive Investment Portfolio fair value totaled $3.305B, and the portfolio was 100% performing.
Leverage was 1.14x net debt-to-equity and the company reported robust originations with $1.837B of investments made in 2025 and over $850M of aggregate available capital.
Positive
- Q4 NII of $21.6M (or $0.40 per share)
- NAV of $18.26 per share (up modestly year-over-year)
- Comprehensive Investment Portfolio fair value of $3.3046B
- 100% performing portfolio with no non-accruals at year-end
- Available capital of over $850M in aggregate for SLRC and affiliates
- 2025 originations of $1.837B across strategies
Negative
- EPS (NII per average share) declined to $1.59 in 2025 from $1.77 in 2024 (~10.2% decrease)
- Net debt-to-equity increased to 1.14x from 1.03x year-over-year
Market Reaction – SLRC
Following this news, SLRC has gained 5.23%, reflecting a notable positive market reaction. The stock is currently trading at $15.42. This price movement has added approximately $40M to the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
SLRC fell 3.03% while key BDC peers in the list such as BCSF (-4.54%), CGBD (-3.06%) and ECC (-0.99%) were also weaker, though other peers like BMEZ (+0.27%) and EMO (+0.39%) were modestly positive, pointing to mixed sector flows rather than a clean, synchronized move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 06 | Earnings release timing | Neutral | -0.7% | Announcement of date and call details for FY and Q4 2025 results. |
| Nov 04 | Quarterly results | Positive | +1.0% | Q3 2025 results with $0.40 NII, $0.41 dividend, and stable NAV. |
| Oct 01 | Earnings release timing | Neutral | -1.2% | Scheduled Q3 2025 release and conference call logistics. |
| Aug 05 | Quarterly results | Positive | +3.3% | Q2 2025 results with $0.40 NII, rising NAV and strong credit metrics. |
| Jul 01 | Earnings release timing | Neutral | +0.3% | Announcement of Q2 2025 results date and investor call access. |
Earnings-related headlines have historically produced relatively modest price moves, with an average reaction of about 0.53% and no clear pattern of sharp selloffs or rallies.
Over the past few quarters, SLRC’s news flow has been dominated by regular earnings releases and scheduling announcements. Results for Q2 and Q3 2025 highlighted steady net investment income of $0.40 per share, incremental NAV growth toward the $18+ range, and a largely senior secured, diversified portfolio. Each earnings print was paired with a $0.41 quarterly distribution and ample available capital. Today’s full-year and Q4 2025 release continues that theme of stability in NII, NAV, and portfolio credit quality against a cautious private credit backdrop.
Historical Comparison
In the past year, SLRC’s earnings-tagged headlines moved the stock by an average of 0.53%. Today’s -3.03% reaction to full-year and Q4 2025 results is notably larger on the downside than those prior moves.
Across Q2 and Q3 2025 earnings and today’s Q4/FY 2025 report, SLRC maintained net investment income around $0.40 per share, modestly increased NAV per share, and emphasized a diversified, mostly senior secured portfolio with solid credit performance.
Market Pulse Summary
The stock is up +5.2% following this news. A strong positive reaction aligns with the company’s emphasis on stability in net investment income of $0.40 per share, a modestly higher NAV of $18.26, and a 10.1% return on equity. Historically, earnings-related headlines moved the stock by only about 0.53%, so a large upside move would stand out. Investors would likely weigh the 100% performing portfolio and predominantly senior secured exposure against leverage at 1.14x when assessing durability.
Key Terms
net investment income financial
net asset value financial
return on equity financial
asset-based lending financial
senior secured loans financial
first lien financial
second lien financial
non-accrual financial
AI-generated analysis. Not financial advice.
Net Investment Income of
Stable NAV/Strong Credit Quality
NEW YORK, Feb. 24, 2026 (GLOBE NEWSWIRE) -- SLR Investment Corp. (NASDAQ: SLRC) (the “Company”, “SLRC”, “we”, “us”, or “our”) today reported net investment income (“NII”) of
As of December 31, 2025, net asset value (“NAV”) was
“SLRC’s fourth-quarter results solidified a strong year for the Company despite challenging conditions in the private credit industry. The stability in both NII and NAV per share in the fourth quarter generated a
“NAV increased to
FINANCIAL HIGHLIGHTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2025:
At December 31, 2025:
Investment portfolio fair value:
Net assets:
Leverage: 1.14x net debt-to-equity
Operating Results for the Quarter Ended December 31, 2025:
Net investment income:
Net realized and unrealized gain:
Net increase in net assets from operations:
Operating Results for the Year Ended December 31, 2025:
Net investment income:
Net realized and unrealized gain:
Net increase in net assets from operations:
Comprehensive Investment Portfolio Activity(2) for the Quarter and Year Ended December 31, 2025:
Investments made during the quarter:
Investments prepaid and sold during the quarter:
–––––––––––––––––––––––––––––––––––––––––––––––––––
Investments made during the year:
Investments prepaid and sold during the year:
(1) The Comprehensive Investment Portfolio for the quarter ended December 31, 2025 is comprised of SLRC’s investment portfolio and SLR Credit Solutions’ (“SLR-CS”) portfolio, SLR Equipment Finance’s (“SLR-EF”) portfolio, Kingsbridge Holdings, LLC’s (“KBH”) portfolio, SLR Business Credit’s (“SLR-BC”) portfolio, SLR Healthcare ABL’s (“SLR-HC ABL”) portfolio owned by the Company (collectively, the Company’s “Commercial Finance Portfolio Companies”), and the senior secured loans held by the SLR Senior Lending Program LLC (“SSLP”) attributable to the Company, and excludes the Company’s fair value of the equity interests in SSLP and the Commercial Finance Portfolio Companies and also excludes SLRC’s loans to KBH, SLR-EF, and SLR HC ABL.
(2) Comprehensive Investment Portfolio activity for the quarter and year ended December 31, 2025, includes investment activity of the Commercial Finance Portfolio Companies and SSLP attributable to the Company.
Comprehensive Investment Portfolio
Portfolio Activity
During the three months ended December 31, 2025, SLRC had Comprehensive Investment Portfolio originations of
| For the Quarter Ended December 31, 2025 ($mm) | ||||||||||
| Asset Class | Sponsor Finance(1) | Asset-based Lending(2) | Equipment Finance(3) | Life Science Finance | Total Comprehensive Investment Portfolio Activity | |||||
| Originations | ||||||||||
| Repayments / Amortization | ||||||||||
| Net Portfolio Activity | $7.2 | $13.4 | $30.1 | ($33.6) | $17.1 | |||||
During the year ended December 31, 2025, SLRC had Comprehensive Investment Portfolio originations of
| For the Year Ended December 31, 2025 ($mm) | ||||||||||
| Asset Class | Sponsor Finance(1) | Asset-based Lending(2) | Equipment Finance(3) | Life Science Finance | Total Comprehensive Investment Portfolio Activity | |||||
| Originations | ||||||||||
| Repayments / Amortization | ||||||||||
| Net Portfolio Activity | ($75.3) | $361.3 | ($64.5) | ($25.6) | $195.9 | |||||
(1) Sponsor Finance refers to cash flow loans to sponsor-owned companies including cash flow loans held in SSLP attributable to the Company.
(2) Includes SLR-CS, SLR-BC and SLR-HC ABL’s portfolios, as well as asset-based loans on the Company’s balance sheet.
(3) Includes SLR-EF’s portfolio and equipment financings on the Company’s balance sheet and Kingsbridge Holdings’ (KBH) portfolio.
Comprehensive Investment Portfolio Composition
The Comprehensive Investment Portfolio is diversified across approximately 880 unique issuers, operating in 110 industries, and resulting in an average exposure of
SLRC’s Comprehensive Investment Portfolio composition by asset class as of December 31, 2025 was as follows:
| Comprehensive Investment Portfolio Composition (at fair value) | Amount | Weighted Average Asset Yield(5) | ||
| ($mm) | % | |||
| Senior Secured Investments | ||||
| Cash Flow Loans (Sponsor Finance)(1) | ||||
| Asset-Based Loans(2) | ||||
| Equipment Financings(3) | ||||
| Life Science Loans | ||||
| Total Senior Secured Investments | $3,230.9 | 97.8% | 11.6% | |
| Equity and Equity-like Securities | ||||
| Total Comprehensive Investment Portfolio | $3,304.6 | 100.0% | ||
| Floating Rate Investments(4) | ||||
| First Lien Senior Secured Loans | ||||
| Second Lien Senior Secured Asset-Based Loans | ||||
| Second Lien Senior Secured Cash Flow Loans | ||||
(1) Includes cash flow loans held in the SSLP attributable to the Company and excludes the Company’s equity investment in SSLP.
(2) Includes SLR-CS, SLR-BC, and SLR-HC ABL’s portfolios, as well as asset-based loans on the Company’s balance sheet, and excludes the Company’s equity investments in each of SLR-CS, SLR-BC, and SLR-HC ABL.
(3) Includes SLR-EF’s portfolio and equipment financings on the Company’s balance sheet and Kingsbridge Holdings’ (KBH) portfolio. Excludes the Company’s equity and debt investments in each of SLR-EF and KBH.
(4) Floating rate investments are calculated as a percent of the Company’s income-producing Comprehensive Investment Portfolio. The majority of fixed rate loans are associated with SLR-EF and leases held by KBH. Additionally, SLR-EF and KBH seek to match-fund their fixed rate assets with fixed rate liabilities.
(5) The weighted average asset yield for income producing cash flow, asset-based and life science loans on balance sheet is based on a yield to maturity calculation. The weighted average asset yield calculation for Life Science loans includes the amortization of expected exit/success fees. The weighted average yield for on-balance sheet equipment financings is calculated based on the expected average life of the investments. The weighted average asset yield for SLR-CS asset-based loans is an Internal Rate of Return (IRR) calculated using actual cash flows received and the expected terminal value. The weighted average asset yield for SLR-BC and SLR-HC ABL represents total interest and fee income for the three-month period ended on December 31, 2025 against the average portfolio over the same fiscal period, annualized. The weighted average asset yield for SLR-EF represents total interest and fee income for the three-month period ended on December 31, 2025, annualized. The weighted average yield for the KBH equipment leasing portfolio represents the blended yield from the company’s 1st lien loan on par value and the annualized dividend yield on the cost basis of the company’s equity investment as of December 31, 2025.
SLR Investment Corp. Portfolio
Asset Quality
As of December 31, 2025,
The Company puts its largest emphasis on risk control and credit performance. On a quarterly basis, or more frequently if deemed necessary, the Company formally rates each portfolio investment on a scale of one to four, with one representing the least amount of risk.
As of December 31, 2025, the composition of our investment portfolio, on a risk ratings basis, was as follows:
| Internal Investment Rating | Investments at Fair Value ($mm) | % of Total Portfolio | |
| 1 | |||
| 2 | |||
| 3 | |||
| 4 | |||
Investment Income Contribution by Asset Class
| Investment Income Contribution by Asset Class(1) ($mm) | |||||
| For the Quarter Ended: | Sponsor Finance | Asset-based Lending | Equipment Finance | Life Science Finance | Total |
| 12/31/2025 | $54.5 | ||||
| % Contribution | 100.0% | ||||
| Investment Income Contribution by Asset Class(1) ($mm) | |||||
| For the Year Ended: | Sponsor Finance | Asset-based Lending | Equipment Finance | Life Science Finance | Total |
| 12/31/2025 | $218.5 | ||||
| % Contribution | 100.0% | ||||
(1) Investment Income Contribution by Asset Class includes: interest income/fees from Sponsor Finance (cash flow) loans on balance sheet and distributions from SSLP; income/fees from asset-based loans on balance sheet and distributions from SLR-CS, SLR-BC, SLR-HC ABL; income/fees from equipment financings and distributions from SLR-EF and distributions from KBH; and income/fees from life science loans on balance sheet.
SLR Senior Lending Program LLC (SSLP)
As of December 31, 2025, the Company and its
In Q4 2025, the Company earned income of
SLR Investment Corp.’s Results of Operations Year Over Year
Investment Income
For the fiscal years ended December 31, 2025, and 2024, gross investment income totaled
Expenses
SLRC’s net expenses totaled
Net Investment Income
SLRC’s net investment income totaled
Net Realized and Unrealized Gain (Loss)
Net realized and unrealized gain (loss) for the fiscal years ended December 31, 2025 and 2024 totaled
Net Increase in Net Assets Resulting from Operations
For the fiscal years ended December 31, 2025, and 2024, the Company had a net increase in net assets resulting from operations of
Capital and Liquidity
Credit Facilities
As of December 31, 2025, the Company had
Unsecured Debt
As of December 31, 2025, the Company had
Leverage
As of December 31, 2025, the Company’s net debt-to-equity ratio was 1.14x, compared to 1.13x as of September 30, 2025 and 1.03x as of December 31, 2024, and the Company’s target range of 0.9x to 1.25x.
Available Capital
As of December 31, 2025, including anticipated available borrowing capacity at the SSLP and our specialty finance portfolio companies, subject to borrowing base limits, SLRC, SSLP and our specialty finance portfolio companies had over
Unfunded Commitments
As of December 31, 2025, excluding commitments to SLR-CS, SLR-BC, SLR-HC ABL, SLR Equipment Finance, and SSLP, over which the Company has discretion to fund, the Company had unfunded commitments of
Subsequent Events
On February 24, 2026, the Board declared a quarterly distribution of
Conference Call and Webcast Information
The Company will host an earnings conference call and audio webcast at 10:00 a.m. (Eastern Time) on Wednesday, February 25, 2026. All interested parties may participate in the conference call by dialing (800) 245-3047 approximately 5-10 minutes prior to the call, international callers should dial (203) 518-9765. Participants should reference SLR Investment Corp. and Conference ID: SLRC4Q25. A telephone replay will be available until March 11, 2026 and can be accessed by dialing (800) 688-7036. International callers should dial (402) 220-1346.
This conference call will also be broadcast live over the Internet and can be accessed by all interested parties from the Event Calendar within the “Investors” tab of SLR Investment Corp.’s website, https://slrinvestmentcorp.com/Investors/Event-Calendar. Please register online prior to the start of the call. For those who are not able to listen to the broadcast live, a replay of the webcast will be available soon after the call.
Supplemental Information of SLR Investment Corp.’s Results of Operations Quarter Over Quarter
| Operating results: | Quarter Ended December 31, 2025 (unaudited) | Quarter Ended September 30, 2025 (unaudited) | |||||
| Interest income | $ | 37,084 | $ | 36,227 | |||
| Dividend income | 16,371 | 16,980 | |||||
| Other income | 1,006 | 3,785 | |||||
| Total investment income | 54,461 | 56,992 | |||||
| Management fee | 7,957 | 7,977 | |||||
| Net Performance-based Incentive fee | 5,384 | 5,390 | |||||
| Interest and other credit facility expenses | 16,634 | 18,684 | |||||
| Administrative services expense | 1,495 | 1,456 | |||||
| Other general and administrative expenses | 1,391 | 1,859 | |||||
| Net expenses | 32,861 | 35,366 | |||||
| Net investment income | $ | 21,600 | $ | 21,626 | |||
| Net realized and unrealized gains | 3,474 | 1,679 | |||||
| Net increase in net assets resulting from operations | 25,074 | 23,305 | |||||
| Net investment income per common share | $ | 0.40 | $ | 0.40 | |||
| Net realized and unrealized gains per common share | $ | 0.06 | $ | 0.03 | |||
| Earnings per common share - basic and diluted | $ | 0.46 | $ | 0.43 | |||
| SLR INVESTMENT CORP. CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (in thousands, except share and per share amounts) | |||||||
| December 31, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Investments at fair value: | |||||||
| Companies less than | $ | 1,092,822 | $ | 1,027,457 | |||
| Companies | 98,067 | 89,945 | |||||
| Companies more than | 933,923 | 888,232 | |||||
| Cash | 15,716 | 16,761 | |||||
| Cash equivalents (cost: | 348,585 | 397,510 | |||||
| Dividends receivable | 15,178 | 15,375 | |||||
| Interest receivable | 11,865 | 11,993 | |||||
| Receivable for investments sold | 55,271 | 1,573 | |||||
| Prepaid expenses and other assets | 1,137 | 571 | |||||
| Total assets | $ | 2,572,564 | $ | 2,449,417 | |||
| Liabilities | |||||||
| Debt ( | $ | 1,146,354 | $ | 1,031,694 | |||
| Payable for investments and cash equivalents purchased | 402,727 | 397,510 | |||||
| Management fee payable | 7,956 | 7,739 | |||||
| Performance-based incentive fee payable | 5,384 | 5,920 | |||||
| Interest payable | 9,269 | 7,836 | |||||
| Administrative services payable | 3,127 | 3,332 | |||||
| Other liabilities and accrued expenses | 1,754 | 2,460 | |||||
| Total liabilities | $ | 1,576,571 | $ | 1,456,491 | |||
| Net Assets | |||||||
| Common stock, par value outstanding, respectively | $ | 546 | $ | 546 | |||
| Paid-in capital in excess of par | 1,115,023 | 1,117,606 | |||||
| Accumulated distributable net loss | (119,576 | ) | (125,226 | ) | |||
| Total net assets | $ | 995,993 | $ | 992,926 | |||
| Net Asset Value Per Share | $ | 18.26 | $ | 18.20 | |||
| SLR INVESTMENT CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) | |||||||
| Year Ended December 31, | |||||||
| 2025 | 2024 | ||||||
| INVESTMENT INCOME: | |||||||
| Interest: | |||||||
| Companies less than | $ | 122,518 | $ | 154,077 | |||
| Companies | 5,002 | 3,881 | |||||
| Companies more than | 13,016 | 13,055 | |||||
| Dividends: | |||||||
| Companies | 3,187 | 845 | |||||
| Companies more than | 67,316 | 52,944 | |||||
| Other income: | |||||||
| Companies less than | 7,047 | 7,117 | |||||
| Companies | 14 | — | |||||
| Companies more than | 444 | 512 | |||||
| Total investment income | 218,544 | 232,431 | |||||
| EXPENSES: | |||||||
| Management fees | 31,207 | 31,389 | |||||
| Performance-based incentive fees | 21,723 | 24,039 | |||||
| Interest and other credit facility expenses | 67,900 | 71,464 | |||||
| Administrative services expense | 5,815 | 5,520 | |||||
| Other general and administrative expenses | 5,007 | 3,862 | |||||
| Total expenses | 131,652 | 136,274 | |||||
| Performance-based incentive fees waived | (48 | ) | (153 | ) | |||
| Net expenses | 131,604 | 136,121 | |||||
| Net investment income | $ | 86,940 | $ | 96,310 | |||
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND CASH EQUIVALENTS: | |||||||
| Net realized gain (loss) on investments and cash equivalents: | |||||||
| Companies less than | $ | 1,592 | $ | (2,252 | ) | ||
| Net realized gain (loss) on investments and cash equivalents | 1,592 | (2,252 | ) | ||||
| Companies less than | (7,285 | ) | (3,137 | ) | |||
| Companies | 2,429 | 2,105 | |||||
| Companies more than | 8,861 | 2,731 | |||||
| Net change in unrealized gain (loss) on investments | 4,005 | 1,699 | |||||
| Net realized and unrealized gain (loss) on investments and cash | |||||||
| equivalents | 5,597 | (553 | ) | ||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS: | $ | 92,537 | $ | 95,757 | |||
| EARNINGS PER SHARE | $ | 1.70 | $ | 1.76 | |||
About SLR Investment Corp.
SLR Investment Corp. is a closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. A specialty finance company with expertise in several niche markets, the Company primarily invests in leveraged, U.S. upper middle market companies in the form of cash flow, asset-based, and life sciences senior secured loans.
Forward-Looking Statements
Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: the demand for the Company’s capital and its ability to be active and opportunistic in 2026; expectations of generating attractive risk-adjusted returns; the market environment and its impact on the business prospects of SLRC and the prospects of SLRC’s portfolio companies; prospects for growth of SLRC’s investment pipeline; the quality of, and the impact on the performance of SLRC from the investments that SLRC has made and expects to make; and the anticipated availability of capital. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with: (i) changes or potential disruptions in SLRC’s operations, the economy, financial markets and political environment, including those caused by tariffs and trade disputes with other countries, inflation and changing interest rates; (ii) risks associated with possible disruption in the operations of SLRC or the economy generally due to terrorism, war or other geopolitical conflicts, natural disasters, pandemics or cybersecurity incidents; (iii) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (iv) conditions in SLRC’s operating areas, particularly with respect to business development companies or regulated investment companies; and (v) other considerations that may be disclosed from time to time in SLRC’s publicly disseminated documents and filings. SLRC has based the forward-looking statements included in this press release on information available to it on the date of this press release, and SLRC assumes no obligation to update any such forward-looking statements. Although SLRC undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that it may make directly to you or through reports that SLRC in the future may file with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Contact
SLR Investment Corp.
Investor Relations
slrinvestorrelations@slrcp.com | (646) 308-8770
FAQ
What dividend did SLRC (NASDAQ: SLRC) declare on February 24, 2026 and when is it payable?
How did SLRC’s net asset value (NAV) change for the year ended December 31, 2025?
What were SLRC’s net investment income and earnings per share for fiscal year 2025?
How large is SLRC’s Comprehensive Investment Portfolio and what is its credit quality as of 12/31/2025?
What leverage and available capital did SLRC report at December 31, 2025?
How active was SLRC in originations and repayments during 2025 across its strategies?
