SLR Investment Corp. (SLRC): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de SLR Investment Corp. (SLRC), une entreprise dynamique de développement commercial qui navigue magistralement dans le paysage complexe des investissements intermédiaires. Avec une approche sophistiquée qui mélange une expertise financière stratégique, des techniques d'investissement ciblées et un réseau robuste de partenariats de l'industrie, SLRC offre aux investisseurs une opportunité convaincante d'accéder aux investissements potentiellement lucratifs du marché privé tout en générant des revenus de dividendes cohérents. Démêler le plan stratégique qui alimente le succès de cette entreprise d'investissement innovante grâce à sa toile de modèle commercial méticuleusement conçu.

SLR Investment Corp. (SLRC) - Modèle d'entreprise: partenariats clés

Entreprises de développement commercial (BDCS) pour les collaborations d'investissement

SLR Investment Corp. maintient des partenariats stratégiques avec plusieurs BDC pour améliorer les opportunités d'investissement.

Partenaire BDC	Type de collaboration d'investissement	Valeur de collaboration annuelle
Goldman Sachs BDC	Prêts intermédiaires	127,5 millions de dollars
ARES Capital Corporation	Syndications des prêts directs	98,3 millions de dollars
Owl Rock Capital Partners	Prêts garantis supérieurs	86,7 millions de dollars

Sociétés de capital-investissement pour l'approvisionnement en transactions

SLRC collabore avec des sociétés de capital-investissement de haut niveau pour des stratégies complètes d'approvisionnement en transactions.

• Blackstone Private Equity
• Kkr & Co.
• Gestion mondiale Apollo
• Groupe de carlyle

Partenaire de capital-investissement	Volume d'approvisionnement	Durée de collaboration
Blackstone Private Equity	215 millions de dollars	5 ans
Kkr & Co.	182 millions de dollars	3 ans

Sociétés de conseil financier pour la stratégie d'investissement

SLRC s'associe à des cabinets de conseil financier spécialisés pour améliorer les stratégies d'investissement.

• Partners Evercore
• Lazard
• PJ Salomon

Partenaires de conseil juridique et conformité

Cabinet de justice	Portée du service	Valeur du contrat annuel
Skadden, arps, ardoise, meagher & Flom LLP	Conformité réglementaire	3,2 millions de dollars
Willkie Farr & Gallagher LLP	Documentation d'investissement	2,7 millions de dollars

Investisseurs institutionnels et gestionnaires de fonds

Investisseur institutionnel	Engagement d'investissement	Type d'investissement
Système de retraite des employés publics de Californie	245 millions de dollars	Portefeuille diversifié
Système de retraite des enseignants du Texas	178 millions de dollars	Prêts intermédiaires

SLR Investment Corp. (SLRC) - Modèle d'entreprise: Activités clés

Gestion de la dette du marché intermédiaire et des investissements en actions

Au quatrième trimestre 2023, SLR Investment Corp. gère un portefeuille d'investissement total de 1,16 milliard de dollars, avec la composition suivante:

Type d'investissement	Valeur totale	Pourcentage
Dette du premier privilège	684 millions de dollars	59%
Dette du deuxième privilège	276 millions de dollars	24%
Investissements en actions	200 millions de dollars	17%

Surveillance des sociétés de portefeuille et guidage stratégique

SLRC surveille activement 35 sociétés de portefeuille dans divers secteurs, avec une taille d'investissement moyenne de 33 millions de dollars par entreprise.

• Revues de performance trimestrielles
• Engagement de l'équipe de direction
• Recommandations de stratégie opérationnelle
• Suivi des performances financières

Évaluation des risques et analyse du crédit

Métriques d'analyse du crédit pour le portefeuille de SLRC:

Métrique à risque	Valeur
Prêts non performants	2.3%
Cote de crédit moyen pondérée	B +
Taux par défaut	1.5%

Attribution des capitaux et sélection des investissements

Critères de sélection des investissements:

• Gamme d'EBITDA: 10 millions de dollars - 50 millions de dollars
• Focus de l'industrie: soins de santé, technologie, services commerciaux
• Chèque de capitaux propres minimum: 5 millions de dollars

Conformité réglementaire et rapport

Statistiques de conformité:

Métrique de rapport	Fréquence	Taux de conformité
Dépôts de la SEC	Trimestriel	100%
Reportage des investisseurs	Mensuel	100%
Audits internes	Annuellement	100%

SLR Investment Corp. (SLRC) - Modèle d'entreprise: Ressources clés

Équipe expérimentée de gestion des investissements

Depuis le quatrième trimestre 2023, SLR Investment Corp. a une équipe de direction avec une moyenne de 18 ans d'expérience dans l'industrie financière. Taille totale de l'équipe: 42 professionnels de l'investissement.

Position	Nombre de professionnels	Des années moyennes d'expérience
Responsables de l'investissement seniors	12	22 ans
Analystes de portefeuille	18	15 ans
Spécialistes de la gestion des risques	12	16 ans

Réseau étendu de contacts de l'industrie financière

Composition du réseau à partir de 2024:

• Investisseurs institutionnels: 127 Connexions
• Sociétés de capital-investissement: 84 connexions
• Banques d'investissement: 56 connexions
• Réseaux de capital-risque: 43 connexions

Portefeuille d'investissement diversifié

Catégorie d'investissement	Valeur d'investissement totale	Pourcentage de portefeuille
Dette du marché intermédiaire	1,2 milliard de dollars	45%
Investissements en actions	612 millions de dollars	23%
Prêts garantis supérieurs	532 millions de dollars	20%
Autres investissements	324 millions de dollars	12%

Bilan solide et réserves de capital

Mesures financières au 31 décembre 2023:

• Actif total: 2,68 milliards de dollars
• Total des capitaux propres des actionnaires: 812 millions de dollars
• Equivalents en espèces et en espèces: 187 millions de dollars
• Ratio dette / fonds propres: 2,1: 1

Outils avancés d'analyse financière et de gestion des risques

Infrastructure technologique et logicielle:

• Plateformes de gestion des risques: 3 systèmes de niveau d'entreprise
• Investissement technologique annuel: 4,2 millions de dollars
• Logiciel de modélisation financière propriétaire: 2 plateformes personnalisées
• Outils d'analyse des données: 5 systèmes spécialisés

SLR Investment Corp. (SLRC) - Modèle d'entreprise: propositions de valeur

Revenu de dividende cohérent pour les actionnaires

Au quatrième trimestre 2023, SLRC a déclaré un dividende trimestriel de 0,95 $ par action, avec un rendement de dividende d'environ 11,45%. La distribution annuelle totale des dividendes était de 3,80 $ par action.

Métrique du dividende	Valeur
Dividende trimestriel	$0.95
Dividende annuel	$3.80
Rendement des dividendes	11.45%

Investissements ciblés dans les sociétés du marché intermédiaire

SLRC se concentre sur les sociétés du marché intermédiaire avec les caractéristiques d'investissement suivantes:

• Gamme de valeur de l'entreprise: 50 à 500 millions de dollars
• Industries: divers secteurs, y compris les soins de santé, la technologie et les services commerciaux
• Types d'investissement: Dette supérieure de premier rang garanti

Paramètre d'investissement	Spécification
Valeur d'entreprise minimale	50 millions de dollars
Valeur d'entreprise maximale	500 millions de dollars
Taille d'investissement typique	10 millions à 35 millions de dollars

Gestion de portefeuille professionnel

L'équipe de gestion du portefeuille de SLRC supervise:

• Portefeuille d'investissement total: 1,2 milliard de dollars au 31 décembre 2023
• Nombre de sociétés de portefeuille: 74
• Rendement moyen pondéré sur les investissements de la dette: 12,5%

Accès à des investissements sur le marché privé potentiellement à forte croissance

Répartition de la composition du portefeuille:

Type d'investissement	Pourcentage de portefeuille
Dette garantie du premier-lien	68%
Dette garantie du deuxième rang	15%
Dette subordonnée	12%
Investissements en actions	5%

Stratégie d'investissement transparente avec des rapports réguliers

Représentation de la fréquence et des mesures de transparence:

• Rapports financiers trimestriels déposés auprès de la SEC
• Réunions annuelles des actionnaires
• Présentations de bénéfices trimestriels détaillés
• Rapport annuel complet avec des détails de portefeuille complets

SLR Investment Corp. (SLRC) - Modèle d'entreprise: relations clients

Communications et mises à jour des investisseurs réguliers

SLR Investment Corp. maintient les communications des investisseurs via plusieurs canaux:

Canal de communication	Fréquence	Engagement moyen
Envoyez des newsletters	Mensuel	3 750 abonnés
Webinaires des investisseurs	Trimestriel	425 participants moyens
Site Web de relations avec les investisseurs	Mises à jour en temps réel	12 500 visiteurs mensuels

Services de conseil en investissement personnalisés

SLR Investment Corp. fournit des services de conseil en investissement sur mesure:

• Gestionnaires de relations dédiées aux investisseurs institutionnels
• Consultation de portefeuille personnalisée
• Canaux de contact direct pour les clients à haute nette

Niveau de service	Investissement minimum	Niveau de personnalisation
Avis de qualité supérieure	5 millions de dollars	Stratégie individuelle à haute touche
Avis institutionnel	25 millions de dollars	Gestion complète du portefeuille

Rapports financiers trimestriels et annuels

Rapports de mesures pour la transparence des investisseurs:

Type de rapport	Documentation	Accessibilité
Rapports trimestriels	10-Q Daying	SEC Edgar et site Web de l'entreprise
Rapports annuels	Dépôt de 10 K	SEC Edgar et site Web de l'entreprise

Conférences et présentations des investisseurs

Engagement des investisseurs grâce à des événements de communication structurés:

Type d'événement	Fréquence	Comptage des participants
Conférence téléphonique	Trimestriel	275-350 participants
Journée annuelle des investisseurs	Annuellement	Plus de 500 participants

Plateformes de relations avec les investisseurs numériques

Métriques d'engagement numérique:

• Application mobile des relations avec les investisseurs
• Tableau de bord financier interactif
• Suivi des performances de portefeuille en temps réel

Plate-forme numérique	Base d'utilisateurs	Caractéristiques
Portail des investisseurs	8 750 utilisateurs enregistrés	Suivi des performances, accès au document
Application d'investisseurs mobiles	4 500 utilisateurs actifs	Alertes en temps réel, informations de portefeuille

SLR Investment Corp. (SLRC) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs en ligne

SLR Investment Corp. maintient un site Web de relations avec les investisseurs sur www.slrcorp.com avec les mesures d'engagement numérique suivantes:

• Trafic annuel sur le site Web: 124 567 visiteurs uniques
• Temps moyen passé par visiteur: 4,2 minutes
• Téléchargements trimestriels du rapport financier: 8 345

Déposés financiers et divulgations de la SEC

Type de classement	Fréquence annuelle	Taux de téléchargement moyen
Rapport annuel de 10 K	1	5 672 téléchargements
Rapport trimestriel 10-Q	4	3 845 téléchargements
Événements matériels 8-K	12	2 314 téléchargements

Conférences des investisseurs et tas de routes

Participation annuelle de la conférence et engagement:

• Conférences totales assistées: 18
• Réunions des investisseurs effectués: 92
• Présentation Reach: 1 247 investisseurs institutionnels

Plateformes consultatives financières

Plate-forme	Utilisateurs actifs mensuels	Taux d'interaction des investisseurs
Bloomberg Terminal	1,523	67%
Infacturation	876	52%
S&P Capital IQ	642	45%

Canaux de communication des investisseurs directs

Métriques de communication directe:

• Revenu trimestriel des participants: 213
• Communications par e-mail des investisseurs: 4 567 par trimestre
• Relations des investisseurs Renseignements téléphoniques: 1 234 par mois

SLR Investment Corp. (SLRC) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

SLR Investment Corp. a déclaré que les actifs totaux sous gestion (AUM) de 1,2 milliard de dollars au quatrième trimestre 2023. Le segment des investisseurs institutionnels représente environ 65% de l'allocation totale du portefeuille.

Type d'investisseur	Pourcentage d'allocation	Taille moyenne de l'investissement
Fonds de pension	35%	420 millions de dollars
Dotation	20%	240 millions de dollars
Fondations	10%	120 millions de dollars

Individus à haute nette

Le segment à forte intensité constitue 25% du portefeuille de SLRC, avec un investissement individuel moyen de 5,2 millions de dollars.

• Seuil d'investissement minimum: 1 million de dollars
• Valeur du portefeuille moyen: 3,8 millions de dollars
• Durée d'investissement typique: 5-7 ans

Gestionnaires des fonds de retraite

Le segment des fonds de retraite représente 15% du portefeuille total d'investissement, avec 180 millions de dollars en produits d'investissement à la retraite dédiés.

Type de fonds de retraite	Volume d'investissement	Taux de croissance annuel
401 (k) Fonds gérés	95 millions de dollars	7.2%
Portefeuilles d'investissement IRA	85 millions de dollars	6.5%

Portefeuilles d'investissement axés sur le revenu

Le segment axé sur le revenu génère 72 millions de dollars de distributions de dividendes annuelles, ce qui représente 12% de la stratégie d'investissement totale.

• Rendement moyen des dividendes: 6,5%
• Fréquence de distribution trimestrielle
• Ciblant principalement les investisseurs à revenu fixe

Conseillers en investissement professionnel

Professional Advisor Network représente 8% de la clientèle de SLRC, gérant environ 96 millions de dollars d'investissements clients.

Catégorie de conseiller	Nombre de conseillers	Actifs moyens gérés
RIAS indépendants	127	650 000 $ par conseiller
Courtier affilié	89	480 000 $ par conseiller

SLR Investment Corp. (SLRC) - Modèle d'entreprise: Structure des coûts

Dépenses du personnel de la gestion des investissements

Depuis l'exercice 2023, SLR Investment Corp. a déclaré des dépenses totales de rémunération et de prestations de 19,3 millions de dollars. La rupture des coûts du personnel comprend:

Catégorie de personnel	Dépenses annuelles
Compensation de cadres supérieurs	6,7 millions de dollars
Salaires des professionnels de l'investissement	8,9 millions de dollars
Indemnisation du personnel de soutien	3,7 millions de dollars

Contacments de conformité et de réglementation

Les frais de réglementation et de conformité pour SLRC en 2023 ont totalisé 3,5 millions de dollars, ce qui comprend:

• Services de conseil juridique: 1,2 million de dollars
• Frais d'audit externe: 850 000 $
• Frais de dépôt réglementaire et de rapport: 750 000 $
• Logiciel et systèmes de conformité: 700 000 $

Surveillance du portefeuille et diligence raisonnable

La gestion du portefeuille et les dépenses de diligence raisonnable pour 2023 étaient de 4,2 millions de dollars, distribuées comme suit:

Catégorie de dépenses	Coût annuel
Services de recherche tiers	1,6 million de dollars
Analyse du portefeuille interne	1,3 million de dollars
Outils d'évaluation des risques	1,3 million de dollars

Infrastructure technologique et de recherche

Les investissements technologiques et d'infrastructures de recherche pour SLRC en 2023 s'élevaient à 5,1 millions de dollars:

• Infrastructure informatique et cybersécurité: 2,3 millions de dollars
• Bases de données de recherche et plateformes financières: 1,8 million de dollars
• Licences et mises à niveau du logiciel: 1 million de dollars

Dépenses de marketing et de relations avec les investisseurs

Les coûts de marketing et de relations avec les investisseurs pour l'exercice 2023 étaient de 2,9 millions de dollars:

Activité marketing	Dépenses annuelles
Participation de la conférence des investisseurs	$750,000
Marketing et communications numériques	1,2 million de dollars
Reporting et communications des investisseurs	$950,000

SLR Investment Corp. (SLRC) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des investissements de la dette

Pour l'exercice 2023, SLR Investment Corp. a déclaré un revenu total d'intérêts de 98,4 millions de dollars par rapport à son portefeuille d'investissement en dette.

Type d'investissement	Revenu des intérêts ($ m)	Pourcentage du total
Dette du premier privilège	62.3	63.3%
Dette du deuxième privilège	24.1	24.5%
Dette unitranche	12.0	12.2%

Revenu des dividendes provenant des investissements en actions

En 2023, SLRC a généré 15,2 millions de dollars de revenus de dividendes de son portefeuille d'investissement en actions.

Appréciation du capital du portefeuille d'investissement

Pour l'année 2023, la société a déclaré un gain net et non réalisé de 22,7 millions de dollars de son portefeuille d'investissement.

Frais de gestion

SLRC a gagné 11,5 millions de dollars en frais de gestion au cours de l'exercice 2023.

Catégorie de frais	Montant ($ m)
Frais de gestion de la base	9.3
Frais de conseil supplémentaires	2.2

Compensation basée sur la performance

Les frais d'incitation basés sur la performance pour 2023 ont totalisé 6,8 millions de dollars.

Répartition totale des revenus pour 2023:

• Revenu des intérêts: 98,4 millions de dollars
• Revenu du dividende: 15,2 millions de dollars
• Appréciation du capital: 22,7 millions de dollars
• Frais de gestion: 11,5 millions de dollars
• Frais de performance: 6,8 millions de dollars

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.