Q2 2024 SLR Investment Corp Earnings Call Transcript
Key Points
- SLR Investment Corp (SLRC) reported a net investment income of $0.45 per share in Q2 2024, marking a 1% increase over the previous quarter.
- The company's net asset value (NAV) per share increased to $18.20, reflecting stability and resilience in its portfolio.
- SLRC's portfolio is predominantly composed of first lien senior secured loans, accounting for approximately 98% of the investment portfolio.
- The company has a low rate of non-accruals, with only 0.6% and 0.4% of the investment portfolio on a cost and fair value basis, respectively.
- SLRC has over $750 million of available capital to deploy, positioning it well to take advantage of economic conditions.
- The private credit market is facing increased competition from the syndicated loan market, affecting pricing and terms.
- SLRC experienced a net realized and unrealized loss of $1.1 million in Q2 2024, compared to a gain in the previous quarter.
- The sponsor finance market remains muted with lower M&A activity, impacting deal flow.
- The weighted average asset-level yield in the asset-based lending portfolio decreased from 15.7% to 15.2% quarter-over-quarter.
- SLRC's net increase in net assets resulting from operations decreased from $27.9 million in Q1 2024 to $23.2 million in Q2 2024.
Good day, everyone, and welcome to today's Q2 2024 SLR Investment Corp. earnings call. (Operator Instructions) Please note that this call is being recorded
It is now my pleasure to turn the conference over to Michael Gross, Chairman and Co-CEO.
Thank you very much and good morning. Welcome to SLR Investment Corp.'s earnings call for the fiscal quarter ended June 30, 2024. I'm joined today by my long-term partner of 18 years, Bruce Spohler, Co-Chief Executive Officer; and our Chief Financial Officer, Shiraz Kajee; and the SLR Investors Relations team.
Shiraz, before we begin, would you please start by covering the webcast and forward-looking statements?
Thank you, Michael. Good morning, everyone. I would like to remind everyone that today's call and webcast are being recorded. Please note that they are the
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