SLR Investment (SLRC) investor relations material

Executive summary

• Fourth quarter and full year 2025 results showed portfolio stability, steady growth, and a strategic shift toward asset-based lending with strong collateral and active monitoring.

• Net investment income for Q4 2025 was $21.6 million ($0.40 per share), with a stable NAV of $18.26 per share, reflecting resilience and strong credit quality despite challenging private credit conditions.

• Full-year 2025 net investment income totaled $86.9 million ($1.59 per share), and net increase in net assets from operations was $92.5 million ($1.70 per share).

• The multi-strategy approach and disciplined underwriting standards insulated performance from broader private credit market risks.

• Portfolio diversification and low software industry exposure positioned the company as a safe haven amid technology sector uncertainties.

Financial highlights

• Q4 2025 net investment income was $21.6 million ($0.40 per share); net income was $0.46 per share.

• Net asset value per share rose to $18.26 at year-end, up both sequentially and year-over-year.

• Annual net income per share was $1.70, equating to a 9.3% return on average equity.

• Gross investment income for Q4 was $54.5 million; for 2025, $218.5 million, down from $232.4 million in 2024.

• Net expenses for 2025 were $131.6 million, down from $136.1 million in 2024, mainly due to lower interest expense.

Outlook and guidance

• Pipeline for 2026 reflects continued momentum in specialty finance and asset-based lending.

• Management expects to remain active and opportunistic in 2026, supported by a stable portfolio and over $850 million in available capital.

• Focus remains on direct asset-based lending and maintaining high credit quality.

• Management expects less repayment activity and aims to increase leverage within the target range to capitalize on attractive opportunities.

• Dividend coverage remains a priority, with a Q1 2026 distribution of $0.41 per share declared, payable March 27, 2026.