SLR Investment (SLRC) investor relations material

Executive summary

• Net investment income for Q1 2026 was $17.9 million ($0.33 per share), down from $22.1 million ($0.41 per share) in Q1 2025, primarily due to lower index rates, portfolio contraction, and higher interest expenses.

• Portfolio consisted of 99 companies, with 83.1% floating rate and 16.9% fixed rate investments by fair value at March 31, 2026.

• Portfolio maintained 100% performing status and strong credit quality, with a low watch list percentage and no issuers on non-accrual status.

• Portfolio positioned conservatively, focusing on collateral-based specialty finance strategies for downside protection and opportunistic growth.

• Performance-based incentive fee permanently reduced from 20% to 17.5% starting Q2 2026.

Financial highlights

• Q1 2026 NII: $17.9 million ($0.33 per share); net income: $0.31 per share.

• Net asset value (NAV) per share: $18.16 at March 31, 2026, down from $18.26 at December 31, 2025.

• Gross investment income: $49.3 million, down from $54.5 million in Q4 2025 and $53.2 million in Q1 2025.

• Net expenses: $31.4 million, up from $31.1 million year-over-year, mainly due to higher interest expense.

• Net increase in net assets from operations: $17.1 million ($0.31 per share), down from $25.1 million in Q4 2025 and $19.9 million in Q1 2025.

• Quarterly distribution of $0.31 per share declared, payable June 26, 2026.

Outlook and guidance

• Expectation for NII ROE and total return to remain above industry averages.

• Management expects to remain patient and opportunistic in portfolio growth, citing ongoing credit cycle and heightened underwriting selectivity.

• Anticipate portfolio growth in ABL and life sciences segments, with benefits from new origination initiatives expected over the next 12–24 months.

• Board authorized a one-year extension of the $50 million stock repurchase program, now through May 2027.