SLR Investment Corp. Announces Quarter Ended September 30, 2026 Financial Results
Quarterly investment income covered the distribution, but earnings and net asset value declined against their stated comparison periods.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
SLR Investment (NASDAQ: SLRC) reported third-quarter 2026 net investment income of $0.33 per share, covering its quarterly distribution.
Net investment income was $17.8 million, versus $21.6 million, or $0.40 per share, a year earlier. Gross investment income fell to $49.3 million from $57.0 million. Realized and unrealized losses totaled $10.2 million, while earnings were $0.14 per share versus $0.43. Net asset value declined to $17.83 per share from $18.00 at June 30. Two investments were on non-accrual, representing 1.2% of portfolio fair value.
Comprehensive portfolio originations were $575.1 million and repayments were $429.2 million. Net leverage declined to 1.10x from 1.16x at June 30. SLR committed to a $135 million unsecured note offering at 6.76%, maturing June 10, 2030. The declared $0.31 quarterly distribution is payable December 28, 2026, to shareholders of record December 14.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate point$0.33 per-share net investment income was flat sequentially and covered the $0.31 quarterly distribution.
- Moderate point$575.1 million originations exceeded $429.2 million repayments, producing $145.9 million net comprehensive portfolio activity in Q3.
- Moderate pointOver $850 million aggregate available capital included anticipated borrowing capacity, subject to borrowing base limits.
- Moderate point. Forward-looking: it has not happened yet and may not happen.$135 million unsecured note offering commitment provides planned funding. 21% of market cap
- Minor pointNet expenses declined to $31.5 million in Q3 2026 from $35.4 million a year earlier.
4 minor points
- Minor pointNet debt-to-equity fell to 1.10x, from 1.16x at June 30 and 1.14x at December 31, 2025.
- Minor point884,002 shares repurchased for $10.0 million between October 1 and October 30, 2026.
- Minor point96.4% first-lien senior secured loans characterized the comprehensive portfolio at September 30, 2026.
- Minor point2% watchlist exposure by portfolio fair value was below the 2.2% long-term average.
Negative
- Moderate pointNet investment income declined to $17.8 million, or $0.33 per share, from $21.6 million, or $0.40, year over year.
- Moderate pointNet increase in assets from operations fell to $7.6 million from $23.3 million year over year; EPS fell to $0.14 from $0.43.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Unsecured note maturities total $75 million in December 2026, $135 million in January 2027 and $50 million in March 2027.
- Moderate point. Forward-looking: it has not happened yet and may not happen.$135 million planned unsecured notes carry 6.76% fixed interest and mature June 10, 2030. 21% of market cap
- Moderate pointApproximately $264.0 million unfunded commitments excluded $97.7 million of commitments SLR has discretion to fund. 41% of market cap
5 minor points
- Minor pointGross investment income fell to $49.3 million in Q3 2026 from $57.0 million a year earlier.
- Minor point$10.2 million realized and unrealized losses compared with $1.7 million gains in Q3 2025.
- Minor pointNet asset value declined to $17.83 per share at September 30 from $18.00 at June 30.
- Minor pointTwo non-accrual investments represented 1.2% of investment portfolio fair value and 2.9% of cost.
- Minor pointSSLP investment annualized yield declined to 11.0% in Q3 2026 from 11.8% in the prior quarter.
News Explained
SLRC spent ten million dollars on completed share purchases; reported group capacity exceeded eight hundred fifty million dollars but remained borrowing-base dependent.
From
At
Key Figures
- Net investment income
- $17.8 million; $0.33 per share
- Q3 2026; compared with $21.6 million and $0.40 per share in Q3 2025
- Quarterly distribution
- $0.31 per share
- Declared for Q3 2026; payable December 28, 2026
- Net asset value
- $17.83 per share
- As of September 30, 2026; compared with $18.00 at June 30, 2026
- Net realized and unrealized losses
- $10.2 million; $0.19 per share
- Q3 2026
- Net increase in net assets from operations
- $7.6 million; $0.14 per share
- Q3 2026; compared with $23.3 million and $0.43 per share in Q3 2025
- Available capital
- Over $850 million
- As of September 30, 2026; aggregate across SLRC, SSLP and specialty finance portfolio companies, subject to borrowing base limits
- Unsecured notes commitment
- $135 million at a fixed interest rate of 6.76%
- Committed October 28, 2026; maturity June 10, 2030
- Shares repurchased
- 884,002 shares for $10.0 million
- October 1–30, 2026, through the previously authorized share repurchase plan
Previous Earnings Reports
-
Q2 NII was $17.8 million, distribution was $0.31 per share, and NAV was $18.00 per share.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
first lien financial
non-accrual financial
pik interest financial
net asset value financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Net Investment Income of
Declared Quarterly Distribution of
NEW YORK, Nov. 03, 2026 (GLOBE NEWSWIRE) -- SLR Investment Corp. (NASDAQ: SLRC) (the “Company”, “SLRC”, “we”, “us”, or “our”) today reported net investment income (“NII”) of
As of September 30, 2026, net asset value (“NAV”) was
“We believe our diversified specialty finance portfolio is well suited for the current ‘higher-for-longer’ interest rate environment. It’s comprised of first lien loans predominantly secured by liquid working capital assets governed by borrowing bases that we actively manage,” said Michael Gross, Co-CEO of SLR Investment Corp. “Ninety-five percent of our record
“At September 30th, our watchlist accounts for only
FINANCIAL HIGHLIGHTS FOR THE QUARTER ENDED SEPTEMBER 30, 2026:
At September 30, 2026:
Investment Portfolio fair value:
Non-accruals: Two investments representing
Net assets:
Leverage: 1.10x net debt-to-equity
Operating Results for the Quarter Ended September 30, 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 September 30, 2026:
Investments made:
Investments repaid:
(1) The Comprehensive Investment Portfolio for the quarter ended September 30, 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 September 30, 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 September 30, 2026, SLRC had Comprehensive Investment Portfolio originations of
| 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 | $14.7 | $39.2 | $87.0 | $5.0 | $ 145.9 | |||||
(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 over 850 unique issuers, operating in 104 sub-industries, and resulting in an average exposure of
SLRC’s Comprehensive Investment Portfolio composition by asset class as of September 30, 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 | $3,293.7 | 97.5% | ||||
| Equity and Equity-like Securities | ||||||
| Total Comprehensive Investment Portfolio | $3,377.3 | 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 September 30, 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 September 30, 2026 compared to the portfolio as of September 30, 2026, annualized. The weighted average yield for the KBH equipment leasing portfolio represents a blended yield on the Company’s debt and equity investments. The yield on equity is calculated using LTM Adjusted Net Income divided by the fair value of equity at September 30, 2026 and the yield on debt is calculated using the interest income divided by the average par amount of debt in the three-month period ended September 30, 2026, annualized.
SLR Investment Corp. Portfolio
Asset Quality
As of September 30, 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 September 30, 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(1) ($mm) | |||||||||||||||
| For the Quarter Ended: | Sponsor Finance | Asset-based Lending | Equipment Finance | Life Science Finance | Total | ||||||||||
| 9/30/2026 | $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 September 30, 2026, the Company and its
In Q3 2026, the Company earned income of
SLR Investment Corp.’s Results of Operations Year Over Year
Investment Income
For the fiscal quarters ended September 30, 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 Gain (Loss)
Net realized and unrealized gain (loss) for the fiscal quarters ended September 30, 2026 and 2025 totaled
Net Increase in Net Assets Resulting from Operations
For the fiscal quarters ended September 30, 2026, and 2025, the Company had a net increase in net assets resulting from operations of
Capital and Liquidity
Credit Facilities
As of September 30, 2026, the Company had
Unsecured Debt
As of September 30, 2026, the Company had
Leverage
As of September 30, 2026, the Company’s net debt-to-equity ratio was 1.10x compared to 1.14x at December 31, 2025 and 1.16x at June 30, 2026. The Company’s target range is 0.9x to 1.25x net debt-to-equity.
Available Capital
As of September 30, 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 September 30, 2026, excluding commitments of
Subsequent Events
On October 28, 2026, the Company committed to a private offering of
On November 3, 2026, the Board declared a quarterly distribution of
During the period from October 1, 2026 through October 30, 2026, the Company purchased 884,002 SLRC shares for
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, November 4, 2026. All interested parties may participate in the conference call by dialing (800) 267-6316 approximately 5-10 minutes prior to the call, international callers should dial (203) 518-9783. Participants should reference SLR Investment Corp. and Conference ID: SLRC3Q26.
A telephone replay will be available until November 18, 2026 and can be accessed by dialing (800) 839-5247. International callers should dial (402) 220-2703.
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) | ||||||||
| September 30, 2026 (unaudited) | December 31, 2025 | |||||||
| Assets | ||||||||
| Investments at fair value: | ||||||||
| Companies less than | $ | 972,357 | $ | 1,092,822 | ||||
| Companies | 106,592 | 98,067 | ||||||
| Companies more than | 959,116 | 933,923 | ||||||
| Cash | 39,759 | 15,716 | ||||||
| Cash equivalents (cost: | 457,918 | 348,585 | ||||||
| Dividends receivable | 13,546 | 15,178 | ||||||
| Interest receivable | 9,789 | 11,865 | ||||||
| Receivable for investments sold | 51 | 55,271 | ||||||
| Prepaid expenses and other assets | 1,184 | 1,137 | ||||||
| Total assets | $ | 2,560,312 | $ | 2,572,564 | ||||
| Liabilities | ||||||||
| Debt ( unamortized debt issuance costs of | $ | 1,106,180 | $ | 1,146,354 | ||||
| Payable for investments and cash equivalents purchased | 458,225 | 402,727 | ||||||
| Management fee payable | 7,849 | 7,956 | ||||||
| Performance-based incentive fee payable | 3,772 | 5,384 | ||||||
| Interest payable | 6,614 | 9,269 | ||||||
| Administrative services payable | 2,530 | 3,127 | ||||||
| Other liabilities and accrued expenses | 2,363 | 1,754 | ||||||
| Total liabilities | $ | 1,587,533 | $ | 1,576,571 | ||||
| Commitments and contingencies | ||||||||
| 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 | (142,790 | ) | (119,576 | ) | ||||
| Total net assets | $ | 972,779 | $ | 995,993 | ||||
| Net Asset Value Per Share | $ | 17.83 | $ | 18.26 | ||||
| SLR INVESTMENT CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except share and per share amounts) | |||||||
| Three months ended | |||||||
| September 30, 2026 | September 30, 2025 | ||||||
| INVESTMENT INCOME: | |||||||
| Interest: | |||||||
| Companies less than | $ | 27,236 | $ | 31,711 | |||
| Companies | 1,266 | 1,263 | |||||
| Companies more than | 4,041 | 3,253 | |||||
| Dividends: | |||||||
| Companies | 885 | 806 | |||||
| Companies more than | 13,878 | 16,174 | |||||
| Other income: | |||||||
| Companies less than | 1,922 | 3,669 | |||||
| Companies more than | 114 | 116 | |||||
| Total investment income | 49,342 | 56,992 | |||||
| EXPENSES: | |||||||
| Management fees | 7,849 | 7,977 | |||||
| Performance-based incentive fees | 3,780 | 5,403 | |||||
| Interest and other credit facility expenses | 17,261 | 18,684 | |||||
| Administrative services expense | 1,547 | 1,456 | |||||
| Other general and administrative expenses | 1,088 | 1,859 | |||||
| Total expenses | 31,525 | 35,379 | |||||
| Performance-based incentive fees waived | (7 | ) | (13 | ) | |||
| Net expenses | 31,518 | 35,366 | |||||
| Net investment income | $ | 17,824 | $ | 21,626 | |||
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND CASH EQUIVALENTS: | |||||||
| Net realized gain on investments and cash equivalents (companies less than | $ | 307 | $ | 1,323 | |||
| Net change in unrealized gain (loss) on investments and cash equivalents: | |||||||
| Companies less than | (15,424 | ) | (2,599 | ) | |||
| Companies | 1,945 | 2,533 | |||||
| Companies more than | 2,932 | 422 | |||||
| Net change in unrealized gain (loss) on investments and cash equivalents | (10,547 | ) | 356 | ||||
| Net realized and unrealized gain (loss) on investments and cash equivalents | (10,240 | ) | 1,679 | ||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 7,584 | $ | 23,305 | |||
| EARNINGS PER SHARE | $ | 0.14 | $ | 0.43 | |||
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 belief that SLRC’s diversified specialty finance portfolio is well suited for the “higher-for-longer-environment”; SLRC’s continued originations focus on specialty finance; the demand for the Company’s capital and its ability to be active and opportunistic; 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; SLRC’s conviction in the stability and credit 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
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were SLR Investment's third-quarter 2026 earnings?
SLR Investment reported $17.8 million of net investment income, or $0.33 per share, for Q3 2026. That compared with $21.6 million, or $0.40 per share, a year earlier. After realized and unrealized losses, the net increase in assets from operations was $7.6 million, or $0.14 per share.
When will SLRC pay its declared quarterly distribution?
SLRC's $0.31 per-share quarterly distribution is payable on December 28, 2026, to shareholders of record as of December 14, 2026. The board declared the distribution on November 3, 2026.
How much borrowing and unfunded commitments did SLR Investment have at September 30, 2026?
SLR Investment had $627.9 million drawn on revolving credit facilities, $143.3 million of term loans and $484 million of unsecured notes outstanding. Revolving facility commitments totaled $995 million. Unfunded commitments were approximately $264.0 million, excluding $97.7 million of commitments to its commercial finance companies and SSLP that SLR has discretion to fund.