SLR Investment Corp. Announces Quarter Ended March 31, 2026 Financial Results
Rhea-AI Summary
SLR Investment Corp (NASDAQ: SLRC) reported Q1 2026 results: net investment income $17.9M ($0.33/sh), net increase from operations $17.1M ($0.31/sh), and NAV $18.16 per share as of March 31, 2026. The Board declared a $0.31 quarterly distribution payable June 26, 2026. Comprehensive Investment Portfolio fair value totaled $3.196B with 100% performing portfolio and 97.7% in senior secured loans. The Board approved a permanent fee reduction (performance fee to 17.5%) and authorized a $50M share repurchase program.
Positive
- Net investment income of $17.9M for Q1 2026
- 100% performing portfolio on a fair value and cost basis
- Comprehensive Investment Portfolio fair value of $3.196B
- Board approved permanent performance fee cut to 17.5%
- Authorized $50M share repurchase program
- Over $900M of available capital across company and affiliates
Negative
- Net investment income fell ~19% YoY from $22.1M to $17.9M
- Comprehensive net portfolio activity was negative $118.1M in Q1 2026
- Unsecured notes next maturity of $75M occurs in December 2026
News Market Reaction – SLRC
In the May 6 session, SLRC declined 12.65%, reflecting a significant negative market reaction. Argus tracked a trough of -10.3% from its starting point during tracking. Our momentum scanner triggered 31 alerts that day, indicating elevated trading interest and price volatility. Trading volume was above average at 1.6x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 08 | Earnings call scheduled | Neutral | +0.9% | Announced timing and access details for the Q1 2026 earnings release. |
| Feb 24 | Quarterly results | Positive | +3.3% | Reported Q4 2025 NII, distribution, NAV and strong portfolio performance. |
| Jan 06 | Earnings call scheduled | Neutral | -0.7% | Set release and call dates for Q4 and full‑year 2025 results. |
| Nov 04 | Quarterly results | Positive | +1.0% | Reported Q3 2025 NII, distribution, NAV and portfolio growth metrics. |
| Oct 01 | Earnings call scheduled | Neutral | -1.2% | Announced schedule and access details for Q3 2025 earnings release. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings and related scheduling headlines have typically produced modest stock moves around an average of 0.66%, with prior full earnings releases generally seeing positive next-day reactions.
Recent SLRC news has focused on recurring earnings and scheduling updates. Full financial results in Nov 2025 and Feb 2026 highlighted 100% performing portfolios, senior-secured focus, and leverage near the 0.9x–1.25x target range, with available capital above $850M. Scheduling announcements on Oct 01, 2025 and Jan 06, 2026 produced relatively small moves. Today’s Q1 2026 results extend that series of detailed quarterly disclosures on portfolio quality and income generation.
Key Terms
net investment income financial
net asset value financial
senior secured loans financial
first lien senior secured loans financial
second lien senior secured asset-based loans financial
internal rate of return (IRR) financial
restricted stock units (RSUs) financial
Schedule 13G regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Net Increase in Net Assets from Operations of
Declared Quarterly Distribution of
Investment Portfolio Continued to Exhibit Stable Credit Quality
NEW YORK, May 05, 2026 (GLOBE NEWSWIRE) -- SLR Investment Corp. (NASDAQ: SLRC) (the “Company”, “SLRC”, “we”, “us”, or “our”) today reported net investment income (“NII”) of
As of March 31, 2026, net asset value (“NAV”) was
“The combination of geopolitical volatility, disruption to the software & technology industries, and light M&A transaction activity created a risk-off and wait-and-see stance across our investment pipelines in the first quarter,” said Michael Gross, Co-CEO of SLR Investment Corp. “As credit defaults continue to rise and dispersion manifests in private credit portfolios, we continue to believe the private credit industry is in the middle stages of a credit cycle and investment activity requires an even higher degree of underwriting selectivity than is typical and a heightened focus on capital preservation. While SLRC achieved solid total returns in Q1 from strong credit performance and a
“Our comprehensive portfolio remained highly diversified across specialty finance asset classes supported by actively managed borrowing bases with continued limited exposure to cash flow investments,” said Bruce Spohler, Co-CEO of SLR Investment Corp. “While we do see some evidence that investment activity and terms have improved, we will be patient and opportunistic in rebuilding the comprehensive portfolio over the remainder of the year. Additionally, we have been implementing growth initiatives across our specialty finance investment strategies that should further buoy portfolio growth.”
FINANCIAL HIGHLIGHTS FOR THE QUARTER ENDED MARCH 31, 2026:
At March 31, 2026:
Investment Portfolio fair value:
Net assets:
Leverage: 1.14x net debt-to-equity
Operating Results for the Quarter Ended March 31, 2026:
Net investment income:
Net realized and unrealized losses:
Net increase in net assets from operations:
Comprehensive Investment Portfolio Activity(2) for the Quarter Ended March 31, 2026:
Investments made:
Investments prepaid and sold:
(1) The Comprehensive Investment Portfolio for the quarter ended March 31, 2026 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 ended March 31, 2026, 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 March 31, 2026, SLRC had Comprehensive Investment Portfolio originations of
| For the Quarter Ended March 31, 2026 ($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 | $2.8 | $(116.8) | $(4.2) | $0.1 | $(118.1) | ||||||||
(1) Sponsor Finance refers to cash flow loans to sponsor-owned companies including cash flow loans held in SSLP attributable to the Company.
(2) Includes SLR-CS, SLR-BC and SLR-HC ABL’s portfolios, as well as asset-based loans on the Company’s balance sheet.
(3) Includes SLR-EF’s portfolio and equipment financings on the Company’s balance sheet and Kingsbridge Holdings’ (KBH) portfolio.
Comprehensive Investment Portfolio Composition
The Comprehensive Investment Portfolio is diversified across approximately 870 unique issuers, operating in over 105 industries, and resulting in an average exposure of
SLRC’s Comprehensive Investment Portfolio composition by asset class as of March 31, 2026 was as follows:
| Comprehensive Investment Portfolio Composition (at fair value) | Amount | Weighted Average Asset Yield(6) | ||||
| ($mm) | % | |||||
| Senior Secured Investments | ||||||
| Cash Flow Loans (Sponsor Finance)(1) | ||||||
| Asset-Based Loans(2) | ||||||
| Equipment Financings(3) | ||||||
| Life Science Loans(4) | ||||||
| Total Senior Secured Investments | $3,121.6 | 97.7% | 11.1% | |||
| Equity and Equity-like Securities | ||||||
| Total Comprehensive Investment Portfolio | $3,196.0 | 100.0% | ||||
| Floating Rate Investments(5) | ||||||
| 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) Excludes warrants.
(5) 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.
(6) 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 March 31, 2026 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 March 31, 2026 compared to the portfolio as of March 31, 2026, 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 March 31, 2026.
SLR Investment Corp. Portfolio
Asset Quality
As of March 31, 2026,
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 March 31, 2026, 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 | ||||||||||
| 3/31/2026 | $49.3 | ||||||||||||||
| % 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 March 31, 2026, the Company and its
In Q1 2026, the Company earned income of
SLR Investment Corp.’s Results of Operations Quarter Over Quarter
Investment Income
For the fiscal quarters ended March 31, 2026, and 2025, gross investment income totaled
Expenses
SLRC’s net expenses totaled
Net Investment Income
SLRC’s net investment income totaled
Net Realized and Unrealized Loss
Net realized and unrealized loss for the fiscal quarters ended March 31, 2026 and 2025 totaled
Net Increase in Net Assets Resulting from Operations
For the fiscal quarters ended March 31, 2026, and 2025, the Company had a net increase in net assets resulting from operations of
Capital and Liquidity
Credit Facilities
As of March 31, 2026, the Company had
Unsecured Debt
As of March 31, 2026, the Company had
Leverage
As of March 31, 2026, the Company’s net debt-to-equity ratio was 1.14x compared to 1.14x at December 31, 2025 and 1.04x at March 31, 2025. The Company’s target range is 0.9x to 1.25x net debt-to-equity.
Available Capital
As of March 31, 2026, 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 March 31, 2026, excluding commitments of
Subsequent Events
On April 15, 2026, revolving credit commitments to the credit facility were increased by
On May 4, 2026, the Board approved a Fourth Amended and Restated Investment Advisory and Management Agreement pursuant to which the performance-based incentive fee payable by the Company to our Investment Adviser was permanently reduced from
On May 5, 2026, the Board authorized an extension of a program for the purpose of repurchasing up to
On May 5, 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, May 6, 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: SLRC1Q26. A telephone replay will be available until May 20, 2026, and can be accessed by dialing (800) 695-1624. International callers should dial (402) 530-9026.
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.
SLR INVESTMENT CORP.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except share and per share amounts)
| March 31, 2026 (unaudited) | December 31, 2025 | ||||||||
| Assets | |||||||||
| Investments at fair value: | |||||||||
| Companies less than | $ | 1,067,780 | $ | 1,092,822 | |||||
| Companies | 99,351 | 98,067 | |||||||
| Companies more than | 946,073 | 933,923 | |||||||
| Cash | 11,188 | 15,716 | |||||||
| Cash equivalents (cost: | 388,944 | 348,585 | |||||||
| Dividends receivable | 13,655 | 15,178 | |||||||
| Interest receivable | 11,995 | 11,865 | |||||||
| Receivable for investments sold | — | 55,271 | |||||||
| Prepaid expenses and other assets | 1,425 | 1,137 | |||||||
| Total assets | $ | 2,540,411 | $ | 2,572,564 | |||||
| Liabilities | |||||||||
| Debt ( unamortized debt issuance costs of | $ | 1,138,207 | $ | 1,146,354 | |||||
| Payable for investments and cash equivalents purchased | 388,944 | 402,727 | |||||||
| Management fee payable | 7,784 | 7,956 | |||||||
| Performance-based incentive fee payable | 4,445 | 5,384 | |||||||
| Interest payable | 6,813 | 9,269 | |||||||
| Administrative services payable | 1,446 | 3,127 | |||||||
| Other liabilities and accrued expenses | 2,022 | 1,754 | |||||||
| Total liabilities | $ | 1,549,661 | $ | 1,576,571 | |||||
| Net Assets | |||||||||
| Common stock, par value authorized, respectively, and 54,554,634 and 54,554,634 shares issued and outstanding, respectively | $ | 546 | $ | 546 | |||||
| Paid-in capital in excess of par | 1,115,023 | 1,115,023 | |||||||
| Accumulated distributable net loss | (124,819 | ) | (119,576 | ) | |||||
| Total net assets | $ | 990,750 | $ | 995,993 | |||||
| Net Asset Value Per Share | $ | 18.16 | $ | 18.26 | |||||
SLR INVESTMENT CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
| Three months ended | |||||||
| March 31, 2026 | March 31, 2025 | ||||||
| INVESTMENT INCOME: | |||||||
| Interest: | |||||||
| Companies less than | $ | 27,940 | $ | 29,174 | |||
| Companies | 1,211 | 1,224 | |||||
| Companies more than | 3,966 | 3,235 | |||||
| Dividends: | |||||||
| Companies | 844 | 770 | |||||
| Companies more than | 14,022 | 17,796 | |||||
| Other income: | |||||||
| Companies less than | 1,190 | 874 | |||||
| Companies more than | 114 | 105 | |||||
| Total investment income | 49,287 | 53,178 | |||||
| EXPENSES: | |||||||
| Management fees | 7,784 | 7,513 | |||||
| Performance-based incentive fees | 4,459 | 5,526 | |||||
| Interest and other credit facility expenses | 16,382 | 15,840 | |||||
| Administrative services expense | 1,446 | 1,361 | |||||
| Other general and administrative expenses | 1,380 | 835 | |||||
| Total expenses | 31,451 | 31,075 | |||||
| Performance-based incentive fees waived | (14 | ) | (2 | ) | |||
| Net expenses | 31,437 | 31,073 | |||||
| Net investment income | $ | 17,850 | $ | 22,105 | |||
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND CASH EQUIVALENTS: | |||||||
| Net realized loss on investments and cash equivalents (companies less than | $ | (27 | ) | $ | (422 | ) | |
| Net change in unrealized gain (loss) on investments and cash equivalents: | |||||||
| Companies less than | (6,458 | ) | (2,780 | ) | |||
| Companies | (321 | ) | (2,027 | ) | |||
| Companies more than | 6,080 | 3,050 | |||||
| Net change in unrealized gain (loss) on investments and cash equivalents | (699 | ) | (1,757 | ) | |||
| Net realized and unrealized gain (loss) on investments and cash equivalents | (726 | ) | (2,179 | ) | |||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 17,124 | $ | 19,926 | |||
| EARNINGS PER SHARE | $ | 0.31 | $ | 0.37 | |||
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
