SLR Investment Corp. (SLRC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de SLR Investment Corp. (SLRC), una empresa dinámica de desarrollo de negocios que navega magistralmente del complejo panorama de las inversiones en el mercado medio. Con un enfoque sofisticado que combina experiencia financiera estratégica, técnicas de inversión específicas y una red robusta de asociaciones de la industria, SLRC ofrece a los inversores una oportunidad convincente para acceder a inversiones de mercado privado potencialmente lucrativos al tiempo que generan ingresos de dividendos consistentes. Desentrave el plan estratégico que alimenta el éxito de esta innovadora empresa de inversiones a través de su lienzo de modelo de negocio meticulosamente elaborado.

SLR Investment Corp. (SLRC) - Modelo de negocio: asociaciones clave

Empresas de desarrollo empresarial (BDCS) para colaboraciones de inversión

SLR Investment Corp. mantiene asociaciones estratégicas con múltiples BDC para mejorar las oportunidades de inversión.

Socio BDC	Tipo de colaboración de inversión	Valor de colaboración anual
Goldman Sachs BDC	Préstamo del mercado medio	$ 127.5 millones
Ares Capital Corporation	Sindicaciones de préstamos directos	$ 98.3 millones
Owl Rock Capital Partners	Préstamos para personas mayores aseguradas	$ 86.7 millones

Empresas de capital privado para abastecimiento de acuerdos

SLRC colabora con empresas de capital privado de primer nivel para estrategias integrales de abastecimiento de acuerdos.

• BLACKSTONE Equidad privada
• KKR & Co.
• Apolo Global Management
• Grupo de Carlyle

Socio de capital privado	Volumen de abastecimiento de ofertas	Duración de colaboración
BLACKSTONE Equidad privada	$ 215 millones	5 años
KKR & Co.	$ 182 millones	3 años

Empresas de asesoramiento financiero para la estrategia de inversión

SLRC se asocia con firmas de asesoramiento financiero especializados para mejorar las estrategias de inversión.

• Socios Evercore
• Lázardo
• PJ Solomon

Socios de consultoría legales y de cumplimiento

Firma legal	Alcance del servicio	Valor anual del contrato
Skadden, Arps, Slate, Meagher & Flom LLP	Cumplimiento regulatorio	$ 3.2 millones
Willkie Farr & Gallagher LLP	Documentación de inversión	$ 2.7 millones

Inversores institucionales y administradores de fondos

Inversor institucional	Compromiso de inversión	Tipo de inversión
Sistema de jubilación de empleados públicos de California	$ 245 millones	Cartera diversificada
Sistema de jubilación de maestros de Texas	$ 178 millones	Préstamo del mercado medio

SLR Investment Corp. (SLRC) - Modelo de negocio: actividades clave

Gestión de la inversión de la deuda del mercado medio del mercado medio

A partir del cuarto trimestre de 2023, SLR Investment Corp. administra una cartera de inversión total de $ 1.16 mil millones, con la siguiente composición:

Tipo de inversión	Valor total	Porcentaje
Primera deuda de gravamen	$ 684 millones	59%
Deuda de segundo gravamen	$ 276 millones	24%
Inversiones de renta variable	$ 200 millones	17%

Monitoreo de la empresa de cartera y orientación estratégica

SLRC monitorea activamente 35 compañías de cartera en varios sectores, con un tamaño de inversión promedio de $ 33 millones por compañía.

• Revisiones trimestrales de rendimiento
• Compromiso del equipo de gestión
• Recomendaciones de estrategia operativa
• Seguimiento de rendimiento financiero

Evaluación de riesgos y análisis de crédito

Métricas de análisis de crédito para la cartera de SLRC:

Métrico de riesgo	Valor
Préstamos sin rendimiento	2.3%
Calificación crediticia promedio ponderada	B+
Tasa de incumplimiento	1.5%

Asignación de capital y selección de inversiones

Criterios de selección de inversiones:

• Rango EBITDA: $ 10 millones - $ 50 millones
• Enfoque de la industria: atención médica, tecnología, servicios comerciales
• Verificación de capital mínimo: $ 5 millones

Cumplimiento regulatorio e informes

Estadísticas de cumplimiento:

Métrica de informes	Frecuencia	Tasa de cumplimiento
Presentación de la SEC	Trimestral	100%
Informes de inversores	Mensual	100%
Auditorías internas	Anualmente	100%

SLR Investment Corp. (SLRC) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

A partir del cuarto trimestre de 2023, SLR Investment Corp. tiene un equipo de gestión con un promedio de 18 años de experiencia en la industria financiera. Tamaño total del equipo: 42 profesionales de inversión.

Posición	Número de profesionales	Años promedio de experiencia
Gerentes de inversión senior	12	22 años
Analistas de cartera	18	15 años
Especialistas en gestión de riesgos	12	16 años

Extensa red de contactos de la industria financiera

Composición de red a partir de 2024:

• Inversores institucionales: 127 conexiones
• Firmas de capital privado: 84 conexiones
• Bancos de inversión: 56 conexiones
• Redes de capital de riesgo: 43 conexiones

Cartera de inversiones diversificada

Categoría de inversión	Valor de inversión total	Porcentaje de cartera
Deuda del mercado medio	$ 1.2 mil millones	45%
Inversiones de renta variable	$ 612 millones	23%
Préstamos para personas mayores aseguradas	$ 532 millones	20%
Otras inversiones	$ 324 millones	12%

Balance general fuerte y reservas de capital

Métricas financieras al 31 de diciembre de 2023:

• Activos totales: $ 2.68 mil millones
• Total de capital de los accionistas: $ 812 millones
• Efectivo y equivalentes en efectivo: $ 187 millones
• Relación de deuda / capital: 2.1: 1

Análisis financiero avanzado y herramientas de gestión de riesgos

Tecnología e infraestructura de software:

• Plataformas de gestión de riesgos: 3 sistemas de nivel empresarial
• Inversión tecnológica anual: $ 4.2 millones
• Software de modelado financiero patentado: 2 plataformas personalizadas
• Herramientas de análisis de datos: 5 sistemas especializados

SLR Investment Corp. (SLRC) - Modelo de negocio: propuestas de valor

Ingresos de dividendos consistentes para los accionistas

A partir del cuarto trimestre de 2023, SLRC reportó un dividendo trimestral de $ 0.95 por acción, con un rendimiento de dividendos de aproximadamente el 11.45%. La distribución total de dividendos anuales fue de $ 3.80 por acción.

Métrico de dividendos	Valor
Dividendo trimestral	$0.95
Dividendo anual	$3.80
Rendimiento de dividendos	11.45%

Inversiones dirigidas en compañías de mercado medio

SLRC se centra en las empresas del mercado medio con las siguientes características de inversión:

• Rango de valor empresarial: $ 50 millones a $ 500 millones
• Industrias: diversos sectores que incluyen atención médica, tecnología y servicios comerciales
• Tipos de inversión: Deuda asegurada de primer nivel

Parámetro de inversión	Especificación
Valor de la empresa mínima	$ 50 millones
Valor máximo de la empresa	$ 500 millones
Tamaño de inversión típico	$ 10 millones a $ 35 millones

Gestión de cartera profesional

El equipo de gestión de cartera de SLRC supervisa:

• Portafolio de inversión total: $ 1.2 mil millones al 31 de diciembre de 2023
• Número de compañías de cartera: 74
• Rendimiento promedio ponderado en inversiones de deuda: 12.5%

Acceso a inversiones en el mercado privado potencialmente de alto crecimiento

Desglose de la composición de la cartera:

Tipo de inversión	Porcentaje de cartera
Deuda asegurada por primera lien	68%
Deuda asegurada de segundo lieno	15%
Deuda subordinada	12%
Inversiones de renta variable	5%

Estrategia de inversión transparente con informes regulares

Informe de frecuencia y métricas de transparencia:

• Informes financieros trimestrales presentados ante la SEC
• Reuniones anuales de accionistas
• Presentaciones de ganancias trimestrales detalladas
• Informe anual completo con detalles completos de la cartera

SLR Investment Corp. (SLRC) - Modelo de negocio: relaciones con los clientes

Comunicaciones y actualizaciones regulares de los inversores

SLR Investment Corp. mantiene las comunicaciones de los inversores a través de múltiples canales:

Canal de comunicación	Frecuencia	Compromiso promedio
Boletines por correo electrónico	Mensual	3,750 suscriptores
Seminarios web de inversores	Trimestral	425 participantes promedio
Sitio web de relaciones con los inversores	Actualizaciones en tiempo real	12,500 visitantes mensuales

Servicios de asesoramiento de inversiones personalizados

SLR Investment Corp. ofrece servicios de asesoramiento de inversiones a medida:

• Gerentes de relaciones dedicadas para inversores institucionales
• Consulta de cartera personalizada
• Canales de contacto directo para clientes de alto nivel de red

Nivel de servicio	Inversión mínima	Nivel de personalización
Asesoramiento premium	$ 5 millones	Estrategia individual de alto contacto
Asesoramiento institucional	$ 25 millones	Gestión integral de cartera

Información financiera trimestral y anual

Informes de métricas para la transparencia de los inversores:

Tipo de informes	Documentación	Accesibilidad
Informes trimestrales	Presentación 10-Q	SEC Edgar y sitio web de la compañía
Informes anuales	Presentación de 10-K	SEC Edgar y sitio web de la compañía

Llamadas y presentaciones de la conferencia de inversores

Compromiso de los inversores a través de eventos de comunicación estructurados:

Tipo de evento	Frecuencia	Recuento de participantes
Conferencia telefónica de ganancias	Trimestral	275-350 participantes
Día anual de los inversores	Anualmente	Más de 500 asistentes

Plataformas de relaciones con inversores digitales

Métricas de compromiso digital:

• Aplicación móvil de relaciones con los inversores
• Tablero financiero interactivo
• Seguimiento de rendimiento de la cartera en tiempo real

Plataforma digital	Base de usuarios	Características
Portal de inversores	8.750 usuarios registrados	Seguimiento de rendimiento, acceso a documentos
Aplicación de inversores móviles	4.500 usuarios activos	Alertas en tiempo real, Insights de cartera

SLR Investment Corp. (SLRC) - Modelo de negocio: canales

Sitio web de relaciones con inversores en línea

SLR Investment Corp. mantiene un sitio web de relaciones con los inversores en www.slrcorp.com con las siguientes métricas de participación digital:

• Tráfico anual del sitio web: 124,567 visitantes únicos
• Tiempo promedio dedicado por visitante: 4.2 minutos
• Descargas de informe financiero trimestral: 8,345

SEC Financiería y divulgaciones

Tipo de archivo	Frecuencia anual	Tasa de descarga promedio
Informe anual de 10-K	1	5.672 descargas
Informe trimestral de 10-Q	4	3,845 descargas
Eventos materiales de 8 K	12	2,314 descargas

Conferencias de inversores y roadshows

Participación y compromiso de la conferencia anual:

• Conferencias totales a la que asistieron: 18
• Reuniones de inversores realizadas: 92
• Presentation Reach: 1.247 inversores institucionales

Plataformas de asesoramiento financiero

Plataforma	Usuarios activos mensuales	Tasa de interacción del inversor
Terminal de Bloomberg	1,523	67%
Conjunto de hechos	876	52%
S&P Capital IQ	642	45%

Canales de comunicación de inversores directos

Métricas de comunicación directa:

• Ganancias trimestrales Llamadas de llamadas Participantes: 213
• Comunicaciones por correo electrónico del inversor: 4.567 por trimestre
• Relaciones con inversores Consultas telefónicas: 1,234 por mes

SLR Investment Corp. (SLRC) - Modelo de negocio: segmentos de clientes

Inversores institucionales

SLR Investment Corp. reportó activos totales bajo administración (AUM) de $ 1.2 mil millones al cuarto trimestre de 2023. El segmento de inversores institucionales representa aproximadamente el 65% de la asignación total de cartera.

Tipo de inversor	Porcentaje de asignación	Tamaño de inversión promedio
Fondos de pensiones	35%	$ 420 millones
Dotación	20%	$ 240 millones
Cimientos	10%	$ 120 millones

Individuos de alto nivel de red

El segmento de alto nivel de red constituye el 25% de la cartera de SLRC, con una inversión individual promedio de $ 5.2 millones.

• Umbral de inversión mínima: $ 1 millón
• Valor promedio de la cartera: $ 3.8 millones
• Duración de inversión típica: 5-7 años

Administradores de fondos de jubilación

El segmento de fondos de jubilación representa el 15% de la cartera de inversiones totales, con $ 180 millones en productos de inversión de jubilación dedicados.

Tipo de fondo de jubilación	Volumen de inversión	Tasa de crecimiento anual
401 (k) Fondos administrados	$ 95 millones	7.2%
Carteras de inversión de IRA	$ 85 millones	6.5%

Carteras de inversión centradas en los ingresos

El segmento centrado en los ingresos genera $ 72 millones en distribuciones de dividendos anuales, lo que representa el 12% de la estrategia de inversión total.

• Rendimiento promedio de dividendos: 6.5%
• Frecuencia de distribución trimestral
• Principalmente atacando a los inversores de ingresos fijos

Asesores de inversiones profesionales

Professional Advisor Network representa el 8% de la base de clientes de SLRC, administrando aproximadamente $ 96 millones en inversiones de clientes.

Categoría de asesor	Número de asesores	Activos promedio gestionados
Rias independientes	127	$ 650,000 por asesor
Corredor de bolsa afiliado	89	$ 480,000 por asesor

SLR Investment Corp. (SLRC) - Modelo de negocio: Estructura de costos

Gastos de personal de gestión de inversiones

A partir del año fiscal 2023, SLR Investment Corp. reportó gastos totales de compensación y beneficios de $ 19.3 millones. El desglose de los costos de personal incluye:

Categoría de personal	Gasto anual
Compensación de alta gerencia	$ 6.7 millones
Salarios de profesionales de inversión	$ 8.9 millones
Compensación del personal de apoyo	$ 3.7 millones

Cumplimiento y costos regulatorios

Los gastos regulatorios y de cumplimiento para SLRC en 2023 totalizaron $ 3.5 millones, lo que incluye:

• Servicios de asesoramiento legal: $ 1.2 millones
• Tarifas de auditoría externa: $ 850,000
• Costos de presentación e informes regulatorios: $ 750,000
• Software y sistemas de cumplimiento: $ 700,000

Monitoreo de cartera y diligencia debida

La gestión de la cartera y los gastos de diligencia debida para 2023 fueron de $ 4.2 millones, distribuidos de la siguiente manera:

Categoría de gastos	Costo anual
Servicios de investigación de terceros	$ 1.6 millones
Análisis de cartera interna	$ 1.3 millones
Herramientas de evaluación de riesgos	$ 1.3 millones

Infraestructura de tecnología e investigación

Las inversiones en tecnología e infraestructura de investigación para SLRC en 2023 ascendieron a $ 5.1 millones:

• Infraestructura y ciberseguridad: $ 2.3 millones
• Bases de datos de investigación y plataformas financieras: $ 1.8 millones
• Licencias y actualizaciones de software: $ 1 millón

Gastos de marketing y relaciones con los inversores

Los costos de marketing y relaciones con los inversores para el año fiscal 2023 fueron de $ 2.9 millones:

Actividad de marketing	Gasto anual
Participación de la conferencia de inversores	$750,000
Marketing digital y comunicaciones	$ 1.2 millones
Informes de inversores y comunicaciones	$950,000

SLR Investment Corp. (SLRC) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de las inversiones de deuda

Para el año fiscal 2023, SLR Investment Corp. reportó ingresos por intereses totales de $ 98.4 millones de su cartera de inversión de deuda.

Tipo de inversión	Ingresos de intereses ($ M)	Porcentaje de total
Primera deuda de gravamen	62.3	63.3%
Deuda de segundo gravamen	24.1	24.5%
Deuda unitranche	12.0	12.2%

Ingresos de dividendos de inversiones de capital

En 2023, SLRC generó $ 15.2 millones en ingresos por dividendos de su cartera de inversiones de capital.

Apreciación de capital de la cartera de inversiones

Para el año 2023, la compañía informó una ganancia neta realizada y no realizada de $ 22.7 millones de su cartera de inversiones.

Tarifas de gestión

SLRC ganó $ 11.5 millones en tarifas de gestión durante el año fiscal 2023.

Categoría de tarifa	Cantidad ($ m)
Tarifa de gestión base	9.3
Tarifas de asesoramiento adicionales	2.2

Compensación basada en el rendimiento

Las tarifas de incentivos basadas en el rendimiento para 2023 totalizaron $ 6.8 millones.

Desglose total de ingresos para 2023:

• Ingresos de intereses: $ 98.4 millones
• Ingresos de dividendos: $ 15.2 millones
• Apreciación de capital: $ 22.7 millones
• Tarifas de gestión: $ 11.5 millones
• Tarifas de rendimiento: $ 6.8 millones

SLR Investment Corp. (SLRC) - Canvas Business Model: Value Propositions

You're looking at the core value SLR Investment Corp. (SLRC) delivers to its investors and borrowers. It's about accessing high-yield, less-liquid credit markets while maintaining a focus on capital preservation for the capital providers.

High-yield exposure to illiquid private direct lending for investors

For you as an investor, SLRC offers access to private credit that typically isn't available on public exchanges. This illiquid exposure comes with a premium yield. As of the third quarter of 2025, the weighted average portfolio yield stood at 12.2%. That's the return SLRC is generating across its total investment portfolio.

Customized debt financing solutions for middle market companies

SLRC helps U.S. upper middle market companies get the capital they need through tailored debt structures. They aren't just writing one type of loan; they are deploying capital across different needs. For instance, the ABL (Asset-Based Lending) portfolio alone exceeded $1.4 billion at quarter-end, representing 44% of the total portfolio.

Strong downside protection via 94.8% first lien senior secured loans (Q3 2025)

Credit quality is a major value point here. You want your capital protected by the best collateral position possible. At the end of Q3 2025, a commanding 94.8% of SLRC's comprehensive investment portfolio was in first lien senior secured loans. This structure means they stand first in line for repayment if a borrower runs into trouble. That's a clear action point for risk management.

Portfolio stability with 99.7% of investments performing (Q3 2025 fair value)

Stability in a volatile market is key. For the quarter ended September 30, 2025, SLRC reported that 99.7% of its portfolio investments were performing based on fair value. Honestly, having only one investment on non-accrual status across a portfolio valued around $3.3 billion at fair value speaks to their underwriting discipline.

Multi-asset class flexibility across eight investment verticals

SLR Investment Corp. uses a multi-strategy approach, which allows them to move capital where the best risk-adjusted returns are found. While the outline suggests eight verticals, the reported structure centers on four primary investment strategies. This flexibility helps them source attractive deals across market cycles. Here's a look at the portfolio composition by asset class as of March 31, 2025, to show you the structure underpinning the Q3 performance metrics:

Asset Class	Fair Value Amount ($mm)	Portfolio Weight (%)	Weighted Average Asset Yield
Cash Flow Loans (Sponsor Finance)	Not specified	19.3%	10.4%
Asset-Based Loans	$1,121.3	36.7%	13.8%
Equipment Financings	$1,102.6	36.1%	11.5%
Life Science Loans	$186.8	6.1%	12.5%

The total on-balance sheet investment portfolio fair market value was approximately $2.1 billion at quarter-end, with the comprehensive portfolio at about $3.3 billion.

The key verticals driving originations in Q3 2025 were heavily weighted toward specialty finance, which accounted for approximately 93% of new investments that quarter.

Finance: draft comparison of Q3 2025 portfolio yield (12.2%) against the yield on the ABL portfolio (13.4%) by next Tuesday.

SLR Investment Corp. (SLRC) - Canvas Business Model: Customer Relationships

You're looking at how SLR Investment Corp. manages its two distinct customer bases: the portfolio companies it lends to, and the investors who provide the capital. It's a relationship-driven business, especially in the specialty finance niche they target.

Direct, high-touch relationship management with portfolio companies

SLR Investment Corp. emphasizes a hands-on approach with its portfolio companies, which is key for their specialty finance focus. This isn't passive lending; it requires deep involvement. For Asset-Based Lending (ABL) investments, for example, management explicitly mentions relying on 'old-school fundamental credit analysis of both the borrower and the collateral,' which necessitates 'heavy hands-on due diligence and bespoke loan structures.' Furthermore, they use their 'experienced middle office infrastructure and resources for intensive collateral monitoring and control of that collateral during the life of our investment.'

This operational capability is supported by platform expansion. SLR has added over 100 new hires across its platform over the last two years, distributed across 20 regional offices to support deal flow and relationship depth. The internal alignment is also visible through ownership, with SLR Capital Partners, LLC holding 3.67% of the shares as of September 24, 2025.

Here's a snapshot of the portfolio focus that drives these relationships, as of Q3 2025:

Metric	Value (Q3 2025)
Portfolio Fair Value	$2.1 billion
Total Portfolio Companies	109
Specialty Finance Allocation (Fair Value)	close to 85%
ABL Portfolio Value	over $1.4 billion
ABL Portfolio as % of Total Portfolio	44%

Investor relations via earnings calls and webcasts

SLR Investment Corp. maintains transparency with its investors through scheduled public disclosures. The Q3 2025 financial results were released on November 4, 2025, followed by an earnings conference call and audio webcast on Wednesday, November 5, 2025, at 10:00 a.m. Eastern Time. The Q2 2025 call took place on August 6, 2025. The company declared a quarterly base distribution of $0.41 per share on November 4, 2025, payable on December 26, 2025, to holders of record as of December 12, 2025. This consistent distribution reflects the stability in Net Asset Value (NAV) per share, which stood at $18.21 as of September 30, 2025.

Key investor communications points include:

• Q3 2025 Net Investment Income (NII) was $0.40 per average share.
• Q3 2025 NAV per share was $18.21, up from $18.19 at June 30, 2025.
• The company reported over $850 million of available capital in aggregate as of September 30, 2025.

Alignment of interest through management's over 8.0% stock ownership

Insider alignment is a stated component of the relationship model, signaling management conviction. However, the latest reported insider holding data shows a different figure than the 8.0% threshold mentioned. As of May 2025 and unchanged in November 2025, the insider holding percentage was 1.04%. This figure represents the direct ownership stake held by insiders, which is a critical data point for assessing management alignment.

Proactive risk management and credit quality focus

The relationship with portfolio companies is heavily underpinned by a focus on credit quality, which directly protects investor capital. SLR Investment Corp. emphasizes senior secured loans and collateral coverage as primary risk mitigants. This focus has resulted in strong performance metrics, even amidst broader market concerns.

Here are the latest credit quality statistics:

• As of September 30, 2025, 99.7% of the portfolio was performing on a fair value basis.
• Only one investment was on non-accrual status, representing 0.3% of the portfolio's fair value as of Q3 2025.
• 94.8% of the Comprehensive Investment Portfolio was held in first lien senior secured loans as of September 30, 2025.
• Borrowers across the portfolio carry low Loan-To-Value ratios of 44%.
• The weighted-average portfolio yield for Q3 2025 was 12.2%.

The company actively manages its mix, shifting toward specialty finance because management believes these assets offer 'attractive risk adjusted returns and offer downside protection through underlying collateral coverage.' For instance, in Q2 2025, 96% of originations were specialty financed.

SLR Investment Corp. (SLRC) - Canvas Business Model: Channels

Direct origination platform (primary channel for loans)

• Originated $447 million of new investments across the comprehensive portfolio in the third quarter of 2025.
• Year-to-date Asset-Based Lending (ABL) originations approached $840 million for 2025.
• Since its inception, the SLR Platform has invested over $19 billion in more than 1,500 different portfolio companies.
• The 93% of Q3 2025 originations were in specialty finance.

Network of 20 regional offices for deal flow expansion

• The SLR Platform is supported by a team of over 330 professionals.
• Approximately 190 professionals are focused on originations and underwriting.
• Deal flow expansion is supported by approximately 20 offices across the U.S.

NASDAQ public exchange (for common stock investors)

SLR Investment Corp. trades under the ticker SLRC on the NASDAQ public exchange.

Metric	Value as of Late 2025	Date Reference
Stock Price	$15.27	October 31, 2025
Shares Outstanding	54.6 million	October 31, 2025
Market Capitalization	$833M	October 31, 2025
Net Asset Value (NAV) Per Share	$18.21	September 30, 2025

Investment banks and debt placement agents (for unsecured notes)

• As of June 30, 2025, $409 million of unsecured notes were outstanding.
• A private offering closed on July 30, 2025, for $50.0 million of unsecured notes due 2028 with a fixed interest rate of 5.96%.
• The next unsecured notes maturity is in December 2026.
• The company utilized a recent $125 million blended 3-year unsecured notes carrying a ~5.9% coupon.
• As of June 30, 2025, the net debt-to-equity ratio was 1.17x.

SLR Investment Corp. (SLRC) - Canvas Business Model: Customer Segments

You're looking at the core groups SLR Investment Corp. (SLRC) serves to generate its yield. This isn't a one-size-fits-all approach; it's segmented by who needs capital and who supplies capital to SLRC.

U.S. Private Middle Market Companies (Borrowers)

SLR Investment Corp. focuses on providing customized debt financing solutions to U.S. middle market businesses. These borrowers typically require capital for working capital, acquisitions, refinancing, or growth. The underwriting emphasis is on secured debt, which helps keep credit quality high.

Here are the key portfolio statistics as of the third quarter of 2025:

• Comprehensive Investment Portfolio fair market value: approximately $2.1 billion.
• Total number of portfolio companies: 109 across 31 industries.
• Portfolio allocation to Specialty Finance loans: close to 85% of fair value.
• Weighted average portfolio yield: 12.2%.
• Weighted average Loan-To-Value ratios on borrower assets: 44%.
• Weighted average Adjusted EBITDA of borrowers: ~$90 million.

The portfolio is heavily weighted toward asset-backed lending (ABL) and equipment finance, which provide collateral coverage. As of Q3 2025, the ABL portfolio totaled over $1.4 billion across 265 borrowers, making up 44% of the total portfolio. Equipment Finance represented 32% of the total portfolio across 590 borrowers.

Financial Sponsor-Backed Companies

A significant portion of SLRC's lending activity involves companies backed by private equity sponsors. The investment advisor, SLR Capital Partners, LLC, leverages its platform's experience working with these sponsors to source proprietary deals. Since its inception, the SLR Platform has invested over $19 billion in more than 1,500 different portfolio companies, working with over 250 private equity sponsors. Demand for SLRC's asset-based lending solutions is strong from both sponsor-backed and non-sponsor borrowers.

For context on this segment, the Sponsor Finance portfolio stood at $550 million as of Q2 2025.

Retail and Institutional Equity Investors (Seeking Yield)

These are the shareholders of SLR Investment Corp., the Business Development Company (BDC), who are primarily seeking current income distributed quarterly. The company's focus on senior secured loans is intended to support this yield objective while preserving capital.

Key metrics for equity investors as of late 2025:

Metric	Value as of Q3 2025 (Sep 30, 2025)	Value as of Q2 2025 (Jun 30, 2025)
Net Asset Value (NAV) Per Share	$18.21	$18.19
Quarterly Distribution Declared	$0.41 per share (for Q4 2025)	$0.41 per share (for Q3 2025)
Net Investment Income (NII) Per Share	$0.40	$0.41

Institutional ownership is growing, showing confidence from professional asset managers. As of September 30, 2025, there were 138 funds or institutions reporting positions, an increase of 13 owner(s) or 10.40% from the prior quarter. Total shares owned by institutions grew by 3.28% to 23,075K shares over the last three months.

Institutional Debt Investors (Purchasing Unsecured Notes)

SLRC accesses capital markets by issuing unsecured notes, which are typically purchased by institutional investors in private placements. This provides a stable, fixed-rate funding source for the investment portfolio. The company is investment grade rated by Fitch, Moody's, and DBRS, which helps secure attractive borrowing costs.

Here's a look at the debt structure and recent activity:

• Total debt outstanding as of Q3 2025: $1.1 billion.
• Unsecured notes outstanding as of June 30, 2025: $359 million.
• A private offering closed on July 30, 2025, for $50.0 million of unsecured notes due July 30, 2028, at a fixed rate of 5.96%.
• Another recent issuance was $125 million blended 3-year unsecured notes, carrying a ~5.9% coupon.
• The next maturity for unsecured notes is in December 2026.

The net debt-to-equity ratio as of September 30, 2025, was 1.13x, which is within the target range of 0.9x to 1.25x.

Finance: draft 13-week cash view by Friday.

SLR Investment Corp. (SLRC) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive SLR Investment Corp.'s operations, which is key to understanding their net investment income (NII) generation. For a Business Development Company (BDC) like SLR Investment Corp., the cost structure is heavily weighted toward financing costs and the fees paid to the external manager, SLR Capital Partners, LLC.

Interest expense on debt is a primary cost. SLR Investment Corp. actively manages its cost of capital through unsecured notes and revolving credit facilities. During the third quarter of 2025, SLR Investment Corp. issued new debt, specifically:

• A $\textbf{\$50.0 million}$ tranche of three-year unsecured notes due July 30, 2028, with a fixed interest rate of $\textbf{5.96\%}$ in July 2025.
• A $\textbf{\$75.0 million}$ tranche of three-year unsecured notes due August 21, 2028, with a fixed interest rate of $\textbf{5.95\%}$ in August 2025.

As of September 30, 2025, SLR Investment Corp. had $\textbf{\$1.1474 billion}$ in total debt outstanding at face amount. Management noted they were active in repricing various credit facilities, expecting these adjustments to be accretive to the cost of debt going forward.

Management fees and performance-based incentive fees are the second major component, flowing to the external investment adviser. The fee structure is tiered based on net assets:

• A $\textbf{1.5\%}$ management fee is charged on assets up to $\textbf{200\%}$ of SLR Investment Corp.'s net assets, based on the prior quarter's calculation.
• The fee drops to $\textbf{1\%}$ for any amount exceeding $\textbf{200\%}$ of net assets.

Performance-based incentive fees (or carried interest) are tied to income generation. For the three months ended September 30, 2025, $\textbf{\$13 thousand}$ of these incentive fees were waived due to the merger with SLR Senior Investment Corp. Still, this cost category is a direct function of investment performance.

Operating expenses, which include general and administrative costs, are tracked closely. For the three months ended September 30, 2025, net expenses totaled $\textbf{\$35.4 million}$. This figure was higher than the $\textbf{\$32.3 million}$ reported for the prior quarter (Q2 2025). The CFO noted that the Q3 2025 increase included a one-time General and Administrative (G&A) accrual true-up, though higher interest expense also contributed to the pressure on earnings per share versus consensus. While the specific cost breakdown for the $\textbf{20 regional offices}$ and staff isn't itemized separately in the public filings, these personnel and infrastructure costs are embedded within this total net expense figure, along with costs for servicing and monitoring.

Costs for in-house servicing and collateral monitoring infrastructure are part of the overall operating expense base. SLR Investment Corp. emphasizes its direct origination platform and credit underwriting process, which necessitates internal infrastructure for monitoring the $\textbf{\$2.1 billion}$ on-balance sheet investment portfolio (fair value as of September 30, 2025). These costs are not broken out but are essential to maintaining the high credit quality seen, with $\textbf{99.7\%}$ of the portfolio performing as of Q3 2025.

Here's a quick look at the key expense and related income metrics from the Q3 2025 period:

Metric	Amount (Q3 2025)	Period/Basis
Net Expenses	$\textbf{\$35.4 million}$	Three Months Ended September 30, 2025
Gross Investment Income	$\textbf{\$57.0 million}$	Three Months Ended September 30, 2025
Net Investment Income (NII)	$\textbf{\$21.6 million}$	Three Months Ended September 30, 2025
Total Debt Outstanding (Face Amount)	$\textbf{\$1,147.4 million}$	As of September 30, 2025
Performance-Based Incentive Fees Waived	$\textbf{\$13 thousand}$	Three Months Ended September 30, 2025

The operating margin for SLR Investment Corp. as of November 2025 (TTM) was reported at $\textbf{90.73\%}$.

SLR Investment Corp. (SLRC) - Canvas Business Model: Revenue Streams

You're looking at how SLR Investment Corp. (SLRC) actually makes money, which is pretty straightforward for a Business Development Company (BDC) focused on private credit. The core of the revenue stream is interest income from senior secured loans, which is the primary engine. This is the bread and butter of their model, lending capital to U.S. upper middle-market companies, mostly secured by collateral.

For the third quarter of 2025, the overall health of that earning power is shown by the weighted average portfolio yield of 12.2%. That number held steady from the prior quarter, which is a good sign of stability in a shifting rate environment. To give you a sense of the income generated, the Gross Investment Income for the second quarter of 2025 was $53.9 million. By the third quarter, that had ticked up to $57 million, showing the deployment of capital from record originations in the prior period was starting to hit the books fully.

The ultimate measure of operational success, after expenses, is the Net Investment Income (NII). For the three months ended September 30, 2025, SLRC reported Net Investment Income (NII) of $0.40 per share. This translated to a total NII of $21.6 million for the quarter. Honestly, that $0.40 per share NII was just a penny below the declared base distribution of $0.41 per share for Q4 2025, but the total net income for the quarter was $23.3 million, which equates to a 9.4% annualized return on equity.

Beyond the pure interest payments, fee income from loan originations and structuring is an implied, but critical, component. This comes from the upfront fees charged when structuring these complex debt deals. The portfolio composition clearly shows where the focus is, driving that income. As of Q3 2025, a massive 98.2% of the portfolio at fair value was in senior secured loans, with about 94.8% of that being first lien. This structure supports higher yields and better recovery prospects, which is key to maintaining that portfolio yield.

Here's a quick look at how the yields break down across the main asset classes in the portfolio as of Q3 2025:

Asset Class	Weighted Average Yield (Q3 2025)	Portfolio Weight (Fair Value, Q3 2025)
Overall Portfolio	12.2%	N/A
Asset-Based Loans (ABL)	13.4%	Approximately 44%
Equipment Finance	11.4%	Approximately 32%
Cash Flow Loans	10.2%	15.3%
Life Sciences	12.3%	N/A (Approx. 8% in Q3 2024, focus shifting)

The strategic shift toward specialty finance, particularly Asset-Based Lending (ABL), is designed to maximize this revenue stream. You see the ABL segment carrying the highest yield at 13.4% in Q3 2025. The company made $447 million in new investments during the third quarter, which is what fuels the future interest and fee income pipeline. The revenue generation is directly tied to the volume and pricing of these new senior secured debt placements.

The key revenue drivers you should track are:

• Senior Secured Loans: The primary source of interest income.
• Portfolio Yield: Held steady at 12.2% in Q3 2025.
• Gross Investment Income: Reached $57 million in Q3 2025.
• NII Per Share: Maintained at $0.40 per share for Q3 2025.
• ABL Segment Yield: Highest component at 13.4%.

If onboarding takes 14+ days, churn risk rises, but here, the focus is on deploying that capital into high-yielding, collateral-backed assets to keep the interest income flowing strong. Finance: draft 13-week cash view by Friday.