SLR Investment Corp. (SLRC): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da SLR Investment Corp. (SLRC), uma empresa dinâmica de desenvolvimento de negócios que navega magistralmente no cenário complexo de investimentos no mercado intermediário. Com uma abordagem sofisticada que combina conhecimentos financeiros estratégicos, técnicas de investimento direcionadas e uma rede robusta de parcerias do setor, o SLRC oferece aos investidores uma oportunidade convincente de acessar investimentos potencialmente lucrativos de mercado privado, ao mesmo tempo em que geram receita consistente de dividendos. Desvenda o plano estratégico que alimenta o sucesso inovador da empresa de investimentos por meio de sua tela de modelo de negócios meticulosamente criada.

SLR Investment Corp. (SLRC) - Modelo de negócios: Parcerias -chave

Empresas de desenvolvimento de negócios (BDCS) para colaborações de investimentos

A SLR Investment Corp. mantém parcerias estratégicas com vários BDCs para melhorar as oportunidades de investimento.

Parceiro BDC	Tipo de colaboração de investimentos	Valor anual de colaboração
Goldman Sachs BDC	Empréstimos do mercado intermediário	US $ 127,5 milhões
Ares Capital Corporation	Sindicações de empréstimos diretos	US $ 98,3 milhões
Owl Rock Capital Partners	Empréstimos garantidos sênior	US $ 86,7 milhões

Empresas de private equity para fornecimento de negócios

O SLRC colabora com empresas de private equity de primeira linha para obter estratégias abrangentes de fornecimento de negócios.

• Blackstone Private Equity
• KKR & Co.
• Apollo Global Management
• Grupo Carlyle

Parceiro de private equity	Volume de fornecimento de negócios	Duração da colaboração
Blackstone Private Equity	US $ 215 milhões	5 anos
KKR & Co.	US $ 182 milhões	3 anos

Empresas de consultoria financeira para estratégia de investimento

A SLRC faz parceria com empresas de consultoria financeira especializadas para aprimorar estratégias de investimento.

• Evercore Partners
• Lazard
• PJ Solomon

Parceiros de consultoria legal e de conformidade

Escritório jurídico	Escopo de serviço	Valor anual do contrato
Skadden, Arps, Slate, Meagher & Flom llp	Conformidade regulatória	US $ 3,2 milhões
Willkie Farr & Gallagher LLP	Documentação de investimento	US $ 2,7 milhões

Investidores institucionais e gestores de fundos

Investidor institucional	Compromisso de investimento	Tipo de investimento
Sistema de Aposentadoria dos Funcionários Públicos da Califórnia	US $ 245 milhões	Portfólio diversificado
Sistema de aposentadoria de professores do Texas	US $ 178 milhões	Empréstimos do mercado intermediário

SLR Investment Corp. (SLRC) - Modelo de negócios: Atividades -chave

Dívida de mercado intermediário e gerenciamento de investimentos de ações

A partir do quarto trimestre 2023, a SLR Investment Corp. gerencia um portfólio total de investimentos de US $ 1,16 bilhão, com a seguinte composição:

Tipo de investimento	Valor total	Percentagem
Primeira dívida de garantia	US $ 684 milhões	59%
Segunda dívida de garantia	US $ 276 milhões	24%
Investimentos em ações	US $ 200 milhões	17%

Monitoramento da empresa de portfólio e orientação estratégica

A SLRC monitora ativamente 35 empresas de portfólio em vários setores, com um tamanho médio de investimento de US $ 33 milhões por empresa.

• Revisões trimestrais de desempenho
• Engajamento da equipe de gerenciamento
• Recomendações de estratégia operacional
• Rastreamento de desempenho financeiro

Avaliação de risco e análise de crédito

Métricas de análise de crédito para o portfólio da SLRC:

Métrica de risco	Valor
Empréstimos não-desempenho	2.3%
Classificação de crédito médio ponderada	B+
Taxa padrão	1.5%

Alocação de capital e seleção de investimentos

Critérios de seleção de investimentos:

• Faixa de Ebitda: US $ 10 milhões - US $ 50 milhões
• Foco na indústria: assistência médica, tecnologia, serviços de negócios
• Verificação mínima de patrimônio: US $ 5 milhões

Conformidade regulatória e relatórios

Estatísticas de conformidade:

Métrica de relatório	Freqüência	Taxa de conformidade
Registros da SEC	Trimestral	100%
Relatórios de investidores	Mensal	100%
Auditorias internas	Anualmente	100%

SLR Investment Corp. (SLRC) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir do quarto trimestre de 2023, a SLR Investment Corp. possui uma equipe de gerenciamento com uma média de 18 anos de experiência no setor financeiro. Tamanho total da equipe: 42 profissionais de investimento.

Posição	Número de profissionais	Anos médios de experiência
Gerentes de investimento seniores	12	22 anos
Analistas de portfólio	18	15 anos
Especialistas em gerenciamento de riscos	12	16 anos

Rede extensa de contatos do setor financeiro

Composição da rede a partir de 2024:

• Investidores institucionais: 127 conexões
• Empresas de private equity: 84 conexões
• Bancos de investimento: 56 conexões
• Redes de capital de risco: 43 conexões

Portfólio de investimentos diversificado

Categoria de investimento	Valor total de investimento	Porcentagem de portfólio
Dívida do mercado médio	US $ 1,2 bilhão	45%
Investimentos em ações	US $ 612 milhões	23%
Empréstimos garantidos sênior	US $ 532 milhões	20%
Outros investimentos	US $ 324 milhões	12%

Balanço forte e reservas de capital

Métricas financeiras em 31 de dezembro de 2023:

• Total de ativos: US $ 2,68 bilhões
• Total dos acionistas do patrimônio: US $ 812 milhões
• Caixa e equivalentes em dinheiro: US $ 187 milhões
• Taxa de dívida / patrimônio: 2.1: 1

Análise financeira avançada e ferramentas de gerenciamento de riscos

Infraestrutura de tecnologia e software:

• Plataformas de gerenciamento de riscos: 3 sistemas de nível corporativo
• Investimento de tecnologia anual: US $ 4,2 milhões
• Software de modelagem financeira proprietária: 2 plataformas personalizadas
• Ferramentas de análise de dados: 5 sistemas especializados

SLR Investment Corp. (SLRC) - Modelo de negócios: proposições de valor

Receita de dividendos consistentes para os acionistas

A partir do quarto trimestre de 2023, o SLRC registrou um dividendo trimestral de US $ 0,95 por ação, com um rendimento de dividendos de aproximadamente 11,45%. A distribuição anual de dividendos total foi de US $ 3,80 por ação.

Métrica de dividendos	Valor
Dividendo trimestral	$0.95
Dividendo anual	$3.80
Rendimento de dividendos	11.45%

Investimentos direcionados em empresas de médio porte

O SLRC se concentra em empresas de mercado intermediário com as seguintes características de investimento:

• Valor corporativo Faixa: US $ 50 milhões a US $ 500 milhões
• Indústrias: diversos setores, incluindo serviços de saúde, tecnologia e negócios
• Tipos de investimento: First-Lien Senior garantido dívida

Parâmetro de investimento	Especificação
Valor da empresa mínima	US $ 50 milhões
Valor da empresa máxima	US $ 500 milhões
Tamanho típico de investimento	US $ 10 milhões a US $ 35 milhões

Gerenciamento de portfólio profissional

A equipe de gerenciamento de portfólio da SLRC supervisiona:

• Portfólio de investimento total: US $ 1,2 bilhão em 31 de dezembro de 2023
• Número de empresas de portfólio: 74
• Rendimento médio ponderado em investimentos em dívida: 12,5%

Acesso a investimentos potencialmente de mercado privado de alto crescimento

Quebra de composição do portfólio:

Tipo de investimento	Porcentagem de portfólio
First Lien garantiu dívida	68%
Segundo Lien garantiu dívida	15%
Dívida subordinada	12%
Investimentos em ações	5%

Estratégia de investimento transparente com relatórios regulares

Frequência de relatórios e métricas de transparência:

• Relatórios financeiros trimestrais arquivados na Sec
• Reuniões anuais de acionistas
• Apresentações de ganhos trimestrais detalhados
• Relatório anual abrangente com detalhes completos do portfólio

SLR Investment Corp. (SLRC) - Modelo de Negócios: Relacionamentos do Cliente

Comunicações e atualizações regulares de investidores

SLR Investment Corp. mantém as comunicações dos investidores por meio de vários canais:

Canal de comunicação	Freqüência	Engajamento médio
Boletins por e -mail	Mensal	3.750 assinantes
Webinars de investidores	Trimestral	425 participantes médios
Site de Relações com Investidores	Atualizações em tempo real	12.500 visitantes mensais

Serviços de consultoria de investimento personalizados

A SLR Investment Corp. fornece serviços de consultoria de investimento personalizados:

• Gerentes de relacionamento dedicados para investidores institucionais
• Consulta de portfólio personalizada
• Canais de contato direto para clientes de alta rede

Nível de serviço	Investimento mínimo	Nível de personalização
Conselho Premium	US $ 5 milhões	Estratégia individual de alto toque
Aviso institucional	US $ 25 milhões	Gerenciamento abrangente de portfólio

Relatórios financeiros trimestrais e anuais

Relatando métricas para transparência dos investidores:

Tipo de relatório	Documentação	Acessibilidade
Relatórios trimestrais	Arquivamento 10-Q	Sec Edgar e site da empresa
Relatórios anuais	Arquivamento 10-K	Sec Edgar e site da empresa

Chamadas e apresentações em conferência de investidores

Engajamento dos investidores por meio de eventos de comunicação estruturada:

Tipo de evento	Freqüência	Contagem de participantes
Teleconferência de ganhos	Trimestral	275-350 participantes
Dia do Investidor Anual	Anualmente	500 mais de participantes

Plataformas de relações com investidores digitais

Métricas de engajamento digital:

• Aplicativo móvel de relações com investidores
• Painel financeiro interativo
• Rastreamento de desempenho em tempo real do portfólio

Plataforma digital	Base de usuários	Características
Portal de investidores	8.750 usuários registrados	Rastreamento de desempenho, acesso ao documento
Aplicativo de investidor móvel	4.500 usuários ativos	Alertas em tempo real, insights do portfólio

SLR Investment Corp. (SLRC) - Modelo de Negócios: Canais

Site de relações com investidores online

A SLR Investment Corp. mantém um site de relações com investidores em www.slrcorp.com com as seguintes métricas de engajamento digital:

• Tráfego anual do site: 124.567 visitantes únicos
• Tempo médio gasto por visitante: 4,2 minutos
• Downloads de relatório financeiro trimestral: 8.345

Sec registros e divulgações financeiras

Tipo de arquivamento	Frequência anual	Taxa média de download
Relatório anual de 10-K	1	5.672 Downloads
Relatório trimestral de 10-Q	4	3.845 Downloads
Eventos materiais de 8-K	12	2.314 Downloads

Conferências de investidores e roadshows

Participação e engajamento anual da conferência:

• Total de conferências participadas: 18
• Reuniões dos investidores realizados: 92
• Alcance de apresentação: 1.247 investidores institucionais

Plataformas de consultoria financeira

Plataforma	Usuários ativos mensais	Taxa de interação do investidor
Terminal Bloomberg	1,523	67%
FACTSET	876	52%
S&P Capital IQ	642	45%

Canais de comunicação de investidores diretos

Métricas de comunicação direta:

• Ligados trimestrais Ligue para os participantes: 213
• Comunicação de e -mail para investidores: 4.567 por trimestre
• Investidores Relations Telefone consultas: 1.234 por mês

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

Investidores institucionais

A SLR Investment Corp. reportou ativos totais sob gestão (AUM) de US $ 1,2 bilhão a partir do quarto trimestre 2023. O segmento de investidores institucionais representa aproximadamente 65% da alocação total de portfólio.

Tipo de investidor	Porcentagem de alocação	Tamanho médio de investimento
Fundos de pensão	35%	US $ 420 milhões
Doações	20%	US $ 240 milhões
Fundações	10%	US $ 120 milhões

Indivíduos de alta rede

O segmento de alta rede constitui 25% do portfólio da SLRC, com investimento individual médio de US $ 5,2 milhões.

• Limite mínimo de investimento: US $ 1 milhão
• Valor médio da portfólio: US $ 3,8 milhões
• Duração típica do investimento: 5-7 anos

Gerentes de fundos de aposentadoria

O segmento de fundos de aposentadoria representa 15% do portfólio total de investimentos, com US $ 180 milhões em produtos dedicados de investimento em aposentadoria.

Tipo de fundo de aposentadoria	Volume de investimento	Taxa de crescimento anual
401 (k) Fundos gerenciados	US $ 95 milhões	7.2%
Portfólios de investimento do IRA	US $ 85 milhões	6.5%

Portfólios de investimento focados em renda

O segmento focado na renda gera US $ 72 milhões em distribuições anuais de dividendos, representando 12% da estratégia total de investimento.

• Rendimento médio de dividendos: 6,5%
• Frequência trimestral de distribuição
• Direcionando principalmente investidores de renda fixa

Advisores de investimentos profissionais

A Network Advisor Professional representa 8% da base de clientes da SLRC, gerenciando aproximadamente US $ 96 milhões em investimentos em clientes.

Categoria de consultor	Número de consultores	Ativos médios gerenciados
RIAS independente	127	US $ 650.000 por consultor
Afiliado corretor	89	US $ 480.000 por consultor

SLR Investment Corp. (SLRC) - Modelo de negócios: estrutura de custos

Despesas de pessoal de gerenciamento de investimentos

No ano fiscal de 2023, a SLR Investment Corp. registrou despesas totais de remuneração e benefícios de US $ 19,3 milhões. A quebra dos custos de pessoal inclui:

Categoria de pessoal	Despesa anual
Compensação da gerência sênior	US $ 6,7 milhões
Profissionais de investimento salários	US $ 8,9 milhões
Compensação da equipe de suporte	US $ 3,7 milhões

Conformidade e custos regulatórios

As despesas regulatórias e de conformidade do SLRC em 2023 totalizaram US $ 3,5 milhões, o que inclui:

• Serviços de Consultoria Jurídica: US $ 1,2 milhão
• Taxas de auditoria externa: US $ 850.000
• Custos de arquivamento e relatório regulatórios: US $ 750.000
• Software e sistemas de conformidade: US $ 700.000

Monitoramento de portfólio e due diligence

O gerenciamento de portfólio e as despesas de due diligence para 2023 foram de US $ 4,2 milhões, distribuídos da seguinte forma:

Categoria de despesa	Custo anual
Serviços de pesquisa de terceiros	US $ 1,6 milhão
Análise de portfólio interno	US $ 1,3 milhão
Ferramentas de avaliação de risco	US $ 1,3 milhão

Infraestrutura de tecnologia e pesquisa

Os investimentos em infraestrutura de tecnologia e pesquisa para SLRC em 2023 totalizaram US $ 5,1 milhões:

• Infraestrutura de TI e segurança cibernética: US $ 2,3 milhões
• Bancos de dados de pesquisa e plataformas financeiras: US $ 1,8 milhão
• Licenças e atualizações de software: US $ 1 milhão

Despesas de marketing e relações com investidores

Os custos de marketing e relações com investidores para o ano fiscal de 2023 foram de US $ 2,9 milhões:

Atividade de marketing	Despesas anuais
Participação da Conferência de Investidores	$750,000
Marketing Digital e Comunicações	US $ 1,2 milhão
Relatórios de investidores e comunicações	$950,000

SLR Investment Corp. (SLRC) - Modelo de negócios: fluxos de receita

Receita de juros de investimentos em dívida

Para o ano fiscal de 2023, a SLR Investment Corp. reportou receita total de juros de US $ 98,4 milhões em seu portfólio de investimentos em dívida.

Tipo de investimento	Receita de juros ($ m)	Porcentagem de total
Primeira dívida de garantia	62.3	63.3%
Segunda dívida de garantia	24.1	24.5%
Dívida unitranche	12.0	12.2%

Renda de dividendos de investimentos em ações

Em 2023, a SLRC gerou US $ 15,2 milhões em receita de dividendos de seu portfólio de investimentos em ações.

Apreciação de capital do portfólio de investimentos

Para o ano de 2023, a empresa relatou um ganho líquido realizado e não realizado de US $ 22,7 milhões em seu portfólio de investimentos.

Taxas de gerenciamento

A SLRC ganhou US $ 11,5 milhões em taxas de gerenciamento durante o ano fiscal de 2023.

Categoria de taxa	Valor ($ m)
Taxa de gerenciamento base	9.3
Taxas de consultoria adicionais	2.2

Remuneração baseada em desempenho

As taxas de incentivo baseadas em desempenho para 2023 totalizaram US $ 6,8 milhões.

Repartição total da receita para 2023:

• Receita de juros: US $ 98,4 milhões
• Renda de dividendos: US $ 15,2 milhões
• Apreciação de capital: US $ 22,7 milhões
• Taxas de gerenciamento: US $ 11,5 milhões
• Taxas de desempenho: US $ 6,8 milhões

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.