SLR Investment Corp. reported its financial results for the quarter and nine months ended September 30, 2024, highlighting a stable performance amid fluctuating market conditions. The company, which operates as a business development company, recorded total assets of $2,442.9 million, a decrease from $2,523.9 million at the end of 2023. Total liabilities also declined to $1,450.2 million from $1,537.2 million, resulting in total net assets of $992.7 million, slightly up from $986.6 million.
For the three months ended September 30, 2024, total investment income was $59.8 million, a marginal increase from $59.6 million in the same period of 2023. Net investment income rose to $24.3 million, compared to $23.4 million a year earlier. However, the net increase in net assets resulting from operations decreased to $22.0 million from $26.9 million in the prior year. Earnings per share for the quarter were $0.40, down from $0.49.
For the nine-month period, total investment income increased to $176.8 million from $169.5 million, while net investment income rose to $72.5 million from $68.2 million. The net increase in net assets from operations for the nine months was $73.1 million, significantly higher than $52.8 million in the previous year, with earnings per share improving to $1.34 from $0.97.
The company’s investment strategy remains focused on leveraged middle-market companies, primarily through senior secured loans and equity securities. As of September 30, 2024, SLR Investment Corp. had total investments of $2,072.0 million, down from $2,154.8 million at the end of 2023. The portfolio composition included 33.0% in cash flow senior secured loans and 32.6% in asset-based senior secured loans.
In terms of strategic developments, SLR Investment Corp. has maintained its joint venture, SLR Senior Lending Program LLC, which has seen an increase in total assets to $224.9 million as of September 30, 2024, up from $195.9 million at the end of 2023. The company also authorized a share repurchase program for up to $50 million, although no shares were repurchased during the reporting period.
Overall, SLR Investment Corp. demonstrated resilience in its financial performance, with notable increases in net investment income and net assets from operations, despite a slight decline in total assets and liabilities.
About SLR Investment Corp.
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