SLRC - Earnings call transcript Q2 2018

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Operator

Good day, ladies and gentlemen, and welcome to the Q2 2018 Solar Capital Earnings Conference Call. [Operator Instructions].

As a reminder, this call is being recorded. I would like to turn the call over to Michael Gross, Chairman and Chief Executive Officer.

You may begin.

Michael Gross

and much, very you good morning. Thank Solar June XX, to Capital's earnings ended quarter the for XXXX. call Welcome I'm joined here Spohler; today by our Chief Peteka, Chief and Operating our Financial Officer. Richard Officer, Bruce by begin, you statements. we webcast before Rich, please start and covering would forward-looking the

Richard Peteka

webcast you. the Michael. like would Capital any and property release call of Thank future events that Please of note financial unauthorized to are being that webcast This our Solar would guarantees future broadcasts call be are of or to website made like on in Of to Statements as and I being recorded. and the form relate in earnings call a your today's or results everyone that any today's release. conference our I customary course, of statements remind may made These and will our also financial which forward-looking not our they today, our statements, and are Ltd. prohibited. uncertainties. www.solarcapltd.com. call regarding conference replay strictly or involving constitute performance, later forward-looking Audio disclosed at in is condition. call information. are this future to press press performance condition webcast attention risks disclosures number available in

with future performance described those from materially of past SEC. of Additionally, is may of not in factors, including time filings results. differ a our results Actual the indicative as time number a result to

to Executive website our call To us the required to Gross. SEC copies Chairman XXX-XXX-XXXX. latest Capital or do Solar of duty Michael no law. our I'd back and this update time, at please statements Ltd. undertakes obtain call visit Chief like At filings, to forward-looking Officer, turn to so by any unless our

Michael Gross

preservation XXX% and from results our and up you, asset Thank the prior credit our portfolio NAV was value June was Solar operating quality, strong per quarter, performance share, as delivered performing, $XX.XX In Capital quarter. long-running measured share earnings XX, extended XXXX, and power. Capital per fundamental the second solid Solar At by Rich. net $X.XX

generated per and the Solar be June credit asset-based income investment XX% earnings portfolio we by economic XX% XX, was secured conditions performance growth. of comprehensive consistent senior quarter, the During quarter. over and $X.XX At Capital's with highly with net Fundamental continued stable to corporate strong, them of cash loans. flow prior of supported rate loans, in share, diversified comprised floating of

with carry higher credit superior our conditions do lending portfolio market underwriting but loans in cash frothy these facilitated the Crystal, to those be the our Finance asset-based protections enabled income including Nations market, expansion During transactions. via we lending, strong flow selective businesses, loans Equipment to Science, protections. flow and structural capital Not asset-based and Life only asset-based cash loans middle-market us in available more highly receive from in yields our

to comprehensive in allowed continued has to construction weighted to Our at in of Solar Capital barbell cash approach portfolio spread close value portfolio a yield XX% face compression lending. fair flow the maintain average

quarter are Credit Business second structurally Yesterday, Capital's Availability XX% Solar announced requirements comprehensive from we asset the reduction the the that portfolio under Act. approximately approved assets investment our addition, financed In Small in in coverage of strategies. board

range and to Solar on X.XXx equity. Capital's requirements from the on of As XXX% a X, to August June result, change will debt XXX% X.X company XXXX, -- to will asset a coverage target

to the coverage effect meeting. is board the the going change requirement. If after the shareholders Capital's to In operate adoption, use substantial very history conservative day Given allowable submission approve Solar authorized a regulatory of of potentially to to to limits. the we of order for cushion shareholder asset our the voting the accelerate a passed, new expect proposal a leverage, at modified

investment reducing agreement, Solar modification will management annual assets coverage to Capital's board asset base advisory financed The using additional Capital model. the flexibility simplify the enhance investment debt asset-based also ability will over fee finance also our will enable but our The equity. not leverage approved business change to an Solar strategy, Xx X% amendment on it our Capital's to Solar platform. to expand lending further to specialty

our as opportunity expect by SSLPs, we the assets, the even expand to our of the of speciality growing to result make assets. to our SSLP decision-making. leverage bring management leverage when we strategic By onto Consistent with is balance SSLP sheet. included will nonqualified the in simply format, at investment equity will the capped finance another XX% market program's secured the simplicity target is range consolidating which our the coverage Specifically, portfolio approach, balance assets prudent capacity, In as our This tool. but company's once as We acquisitions will current Collapsing place, of We gross platform. requirements in portfolio have will approximately leverage. will senior flexibility and only look conservative in the XX% leverage have permits. but and same the loans portfolio sheet the a count view our longstanding the time flow cash are free to on asset. transparency, investment flexibility increased reporting up of closer over qualified asset leverage new will the streamlined current through new intend of greater we SSLPs also with and and move enhanced organically be our use risk

leverage, As not merit will opportunity the increased approach you've then to leverage, from historical does seen we market it. not incur conservative if our

reduction, the the to returns with We to be combined Capital flexibility generate leverage management believe deploying highly Solar provides to When incremental capital. disciplined long-term potential will continue our shareholders. in additional fee the available with we

of equity capacity place time, the debt Officer, operate to Rich Chief call in the today to Peteka, to within our through turn raise financial highlights. Importantly, sufficient targeted Capital Financial equity I'll take Solar having range or to this without At has debt to debt. over the additional you

Richard Peteka

Michael. Thank you,

X.XXx from facilities from revolver including the SSLPs like to the company Finance Equipment utilized future to now Crystal, to nonrecourse to value balance market than $XXX $XX total $XXX.X per share across accordion X/XX Subsequent At fair fair value asset fund million portfolio income-producing XX, XX XX. commitments, end, further portfolio was of had at $XX.XX credit X.Xx of share leverage limits. March considering June average XXXX, company's XX, March XXX $X.XX million market at to compared of the at At and at XX, million million billion our credit feature base XXXX, more industries subject The was Solar commitments compared Solar compared cost. or equity $XX.XX net a $X.XX million outstanding to companies capacity XX, yield June on-balance $XXX and portfolio credit quarter at Nations March commitments. and million XX, had XX. on revolving Ltd. net revolving Capital and combined capital billion XX.X% value in debt by investment the at with sheet weighted sheet March debt XX companies in Capital available up June across or at its the to Capital $XXX.X had portfolio XX.X% industries XXXX. expanded at portfolio million to $XX of Solar Capital's in When available revolving Solar facility, to million under $XXX.X a and the borrowing facility per expanded of $XXX.X growth, XXX compared XX, measured June

P&L. to Turning the

June or For the ended $XX.X net XXXX, versus or the XX, the income investment March share months X XXXX, for $XX.X XX X company's X Accordingly, for for gross the the for or March million average totaled for months million from an income net the XXXX. Below for per X for company for realized the $X.XX March company million per totaled ended XX. investment average per had $XX.X to June first totaled the totaling for months $X.X million share Ultimately, realized compares the increase months $XX.X per quarter. share million unrealized to share in ended net ended net million line, $XX.X gains June of X $X.X and million resulting XX, $XX.X This increase ended XX. X months average $X.XX XX. to ended months of million the X Expenses of compared gains $X.XX ended ended or fiscal quarter X months net assets the million had March operations and million second unrealized XX. versus June the $X.XX the a months $XX.X $XX.X the XX, compared average

share XXXX, per that, Directors declared distribution $X.XX of of X, to September the record October fiscal our XXXX. Bruce With Chief Board on Operating payable of our to Finally, over Officer, call I'll on third a turn XX, quarter Spohler. recently shareholders

Bruce Spohler

portfolio protection. downside value, when companies least portfolio our investment the market of X weighted focus risk health just risk. based reflecting fair Overall, X the on our scale, the of At at and financial our Rich. to disciplined under you, was June Xx Thank rating Solar's representing risk on remained rating with amount average underwriting X sound, XX, of measured

only near the portfolio, watch As our is fair further our portfolio on indication was fundamentals This list X% of underlying of at of strong value historic status. close.

across lean of comprised encompassed at over value. The lien was under quarter overall from just loans. an was distinct average Also Additionally, secured issuers secured consisted life Solar's June just X.X% two At industries. XX% $X.X loans portfolio. over secured of at short-duration income-producing At floating comes senior XX, the XX% NEF's XX loans with The years. fair XXX% at exposure over was our portfolio of June our financings quarter first portfolio fixed equipment XXX in loan and portfolio or issuer comprehensive our when per just of senior portfolio of investment XX, XX% end. rate performing end, approximately measured of principally second of million XX% average rate over

XX.X% lien our and approximately to QX. first second in weighted higher-yielding compared the the yield down our higher-risk XX.X% was average loans While portfolio is quarter, in XX% to exposure from of

to originations finance of portfolio million. have across We repayments flow lower-risk, business with XX% replaced our commercial this to maintain million able have approximately at cash yield were activity close and second X the lines, million, in in market investments. spite asset of of lien $XXX in high-return reduction level $XXX compression lending net the spread been approximately and Including exposure $XX totaled resulting our approximately

in more from our growth The that was was our return decline flow today, cash the offer Given intentionally partially repayment strategies, cash again, portfolio to continued assets through characteristics. lien predominantly which, and, flow market shrink. of risk offset the conditions, heated ABL favorable second allowed modest we by portfolio

Now let X verticals. update each me give on investment a of brief our

balance on in of this upper as lien million today. $XX mid-market as in held cash invests secured and with SSLPs. senior sheet business are approximately Included stretched secured are in EBITDA loans, lien, companies first flow to senior loans flow which both cash sponsor-backed predominately our Our well the in first average vertical

originated million, portfolio cash million second just approximately billion flow the repayments of million. $XXX quarter, flow During cash of XX, representing was we portfolio. over At $XXX loan investments approximately $XX our and of total XX% our $X.X June had

portfolio, to XX% QX. in second exposure again Our loans to down of XX% from lien declined this

continue to trends coverage issuers than the this June XXXX. to interest cash XX, the Xx, average expect X.Xx. was and for during lower revenue EBITDA to companies. flow our segment, were positive trailing fundamental approximately slightly up quarter, portfolio weighted security XX-month under mid-single-digits, leverage We first just our decline of for was the our and In remainder At continued reflecting

X.X%, our weighted In prior yield the was the flow cash investments addition, consistent average quarter. on with

you business, Crystal well as realizable come may loans assets, prepayment fees lending as Finance. of These underlying and asset-based upfront our recall, structural -- borrowers' as and are value of protections. against with made loans, they and meaningful to liquidation up Turning

portfolio. of $XX portfolio asset-based yield senior approximately XX.X%, from During the of second average quarter, repayments $XXX resulting just of million, million. in million At representing XX, the was had portfolio of of the approximately the and $XXX total over new million, of secured asset-based asset-based June our investments XX.X%. quarter first portfolio $XX up we funded XX% slightly was weighted The growth

second a $X.X to of platform million, ABL Capital quarter yield equating XX.X% on cost. paid a Solar Our dividend

business, finance equipment Moving on our NEF. to

NEF the business acquisition year. of for directly investments. well Holdings, financings equipment are efficiency, Capital as that this of Solar's balance wholly our business entered NEF in both as tax Solar this on sheet subsidiary, Included in holds these owned through last certain held

The $XXX XXX approximately average borrowers asset million of million. $X.X The approximately of and lien well approximately relatively a different short period efforts The first new our the rate. finance quarter, as equipment to XXX% just two approximately through of NEF's equipment loans investments finance approximately exposure rate of assets quarter fund funded our XX.X% average consistent of million. XX% XX% our class assets are prior total fixed second an of had as weighted risk portfolio. match fixed NEF's portfolio and holding mitigated finance $XX represents our the portfolio to on years unsecured During rate $XX are portfolio with and, over million. at strategy million interest was of with investments with yield $XXX is liabilities had quarter. approximately end, of the repayments At quarter our had total NEF equipment

brief Finally, on lending update a life business. our science

enhance As a lien with yield. success fees come reminder, loans warrants typically are our these secured to senior first and either or

the approximately million. originated of million just team second our life loans. quarter, new Repayments totaled $XX During science secured under senior $XX

over $XX quarter borrowers Our end across an million investment XX just size average life science $XXX of million. portfolio with totaled at approximately

life total portfolio. any exit, weighted warrants. portfolio approximately is and success average the XX% fees represent science and, our on life The Our just yield again, of XX% excluding science over loans

mentioned, Michael environment lending remains cash middle-market As flow the frothy.

benefit solid investments of but market asset-based not our cash lending meet diversified conditions. criteria our capital also underwriting that sources allocate origination have strict us only from across to to which We regardless allow flow vertical,

to continue highly disciplined capital. our in be deploying will We available substantial and prudent

the turn to back call Michael. I'll Now

Michael Gross

years you, capital long-term maintaining building with ago, From inception Thank value, Xtwo on of shareholder the shareholders. Bruce. protecting have decisions investment management and Capital and Solar focused our our alignment

and We compromising disciplined disciplined credit frothy have and of the remained sustained not quality been patient for in yield. face markets credit in have

can We and the studied increased the shareholders and value Solar well mitigated. been long-term have Capital's strategic flexibility assessed decision requirements. how the asset how reduce associated risks reaching We coverage creation they as analyzing impact in be leverage priorities and could for our to our managed as thorough and

we know, decisions. to you leverage have As never drive allowed our investment

flexibility the to sheet asset will risk on not our board's management Solar For strategy. opportunity and focused optimization, coverage greater the for flexibility portfolio on our maximizing not balance modify change requirement financing Capital, The and decision and investment leverage.

to meaningfully it businesses potentially and to financed enhances specialty build our commercial our diversified broaden However, continue a we grow, ability niche platform. acquire finance as

reduced an significant asset be which with threshold, more regulatory us allows requirement increased markets. in to the Importantly, the should operate benefit leverage coverage a cushion volatile to

one and of to We have us the navigate a it whether late knows assuming in values, has we long be and X.Xx will per cautious. equity, maintained position in in cycle, run correction upper portfolio to debt dry net well philosophy We inflated our we will believe we origination verticals. the how and At believe price are to we come. an path or quarterly current environment We investment via that enterprise to Solar seemingly underlevered investment income a pays in environment, deploy the to credit net differentiated XXs. share face. substantial investment believe Capital powder our investment mid- are diversified to any rate have clear low No persist differentiated structures and loose platform

Board hosting or increase As At of our we'll increasing will distribution quarter call the second an evaluate to the XX:XX for on of be SUNS. morning, this results rates sustainable further shareholders. basis, Senior Solar Directors Capital, earnings our

you much middle-market Solar Our benefit vehicle flow. for ability to thank in we our value provide line to We this our secured clients' from to could senior you time through very capital ability please for continues financing Operator, traditional the Capital's to proposition enhance needs meet origination morning. continue and questions? deal the this your open

Operator

Instructions]. [Operator

Our York comes JMP Securities. first Chris question of from

Christopher York

income fees I is Mr. fees. So Embedded will begin loan your Peteka. and interest with maybe in prepayment unamortized

in quarter? how fees, income accelerated were OI much So this interest fees the prepayment

Richard Peteka

one be we life we that some share. get, If a $X.XX include income would science Accelerated, about -- of it Hold Accelerated? second. the on.

Christopher York

to And then bit. strategy little shifting a

near-term recent say drivers leverage? with growth the So as But main analyze the lending investors flow welcomed. should in and your potential have the growth cash growth of been with of I growth commercial been more portfolio balance maybe provided being two drivers realize niches, lack sponsored has years, the finance how

Bruce Spohler

and we be don't Michael's but we verticals Chris, think echo positioned to growth we growth any all everyone fundamentals to knows, say the weakened one while want levels cash that is somewhat flow around as our become are seen for what at in never XX-year And across the industry frothy career. I the been strong, structures you has are think in have vertical. would on sector we've comments, reliant well that our

variety And opportunistic so across capital that ability a we the of deploy like the be we can and strategies.

growth we we flow better recent conditions any flow business. trend near expect unless a in some in wouldn't meaningful transactions cash some and turned the term, actually saw think into cash I

our to specially X.X balance lower the see point. sheet and albeit with and of to in X:X, acquiring well really to the by over finance And not it much of in continue growth us incubating on putting terms do businesses. adopting up specialty finance, the last what SSLPs opportunities We target done couple years we've your a to adding X.XX, frees and other

you're most growth, So from. it likely if think where looking near-term come for that's I

Christopher York

Got it.

a bit How then Okay. assets And you these presuming shareholder sheet And the timing of will then I little is collapsing the work? for the guess you talked on approval? JVs. that what about get balance

Michael Gross

these sheet But not balance in fourth need likely approval So the by approval And early these on to we we quarter. happen the quarter. to bring of will shareholder is sheet. end on balance the do bring shareholder third

investments liabilities show see all balance look up all will the debt balance SSLPs that our you of as show sheet. will because our our consolidated the up QX on be and sheet, within our is the the when will will XX-Q, on of assets what different So schedule SSLPs onto

Bruce Spohler

then at our be purposes, SSLPs illustration X.XX June consolidated the rata X.X for just share. Chris, that, actually done XX collapsed, would with pro we leverage had our But and

Christopher York

Okay.

all bring the the on, assets you'll collapse, end special liabilities so occur. is QX, will bring QX confirm, to And then the the at of meeting the sheet. balance just So on when

impediment, So you not don't approval. the -- that's the

move You're forward the collapse. going to

Michael Gross

to expect that's what We the time. end shareholder the but is a We're the to QX. at vote collapse at fully of going our not We're of outcome it, of get know going to part the strategy.

Christopher York

Got it.

then Last queue. hop -- I'll in can't Okay. say back question,

are marks. targeted X:X incremental under think Or additional had you investors should capacity ROE that just [indiscernible]. about should to accrue how how curious the in your that what frame investors X.Xx target at believe return? ROE I I'm So X% leverage thresholds? the on

Michael Gross

simplest think, is that meaningful, that equity answer do net we quarterly today investment to shareholders returns I on where I our the for we basis. think where assuming will of way the seeing around $X.XX on the power we're an have we're today, seeing our income target most in to achieve debt earnings environment a we're

than significant a where upside today. So we are

Operator

[Operator Instructions].

next question KBW. comes of Ryan from Our Lynch

Ryan Lynch

With you pretty you a and portion target continues previous have out set ambitious really of cash to X.X the feels guys X:X That passing historically, pretty guys given like of to leverage, run your the always you portfolio low flow shrink. target additionally, to And closer run never leverage. target that have lending guys your a X.XX. with

that you the expect I half said it year. you think of to the shrink in second

SSLPs you are to of not to So hitting it's utilize X.XX, and you to say, guys from the sort as further prospects XX you that bucket I wouldn't any balance and the the guys agencies? you increase the potential a of XX% actually collapsing ratio downgrade probability mentioned it your X.X passing only And flexibility debt target onto X.XX guess, of months? and guys -- without X:X to I rating to just risk if would low leverage your that, XX giving the give your equity your of in hitting guess, what the within next, sheet

Bruce Spohler

with market, beyond the near around only connection your would your question, finance flow balance And to as to -- in to commercial mentioned, we utilize were our an X:X, two you, see to finance don't growth But So X:X the the are XX see in of reiterate will conditions today, flexibility expect would going is to question. the leverage. to part tell cash months, Yes, of although Michael comments change What your to us the SSLPs expand our to rest we that over that, we continue take you unless SSLPs. parts the in expansion to I X.XX. of expect just our we to does to It bringing grow collapse do think on that our platform. much would as specialty we verticals. sheet additional XX term,

to So opportunistically acquisitions, cash then take continue commercial onboard this is that well. platform to additional can flow of to additional that teams our advantage more about grow our grow strategically finance in part and we able of business as being

X.X finance you probably we aggressively So commercial going near to to reach term, not out And target. time. The additional can caveat that X.XX is know, our you're any at there platforms. right, team that happen looking we're want for as

Ryan Lynch

helpful. That's Okay. have asset-based the guys you obviously, And, lending.

finance. equipment You have the

Sounds to current at grow there it to other What have. further speciality, guys asset-based guys commercial Is bolster you potentially acquisitions? those wanting or potentially that are -- into? finance are or looking, like intend looking areas exploring and finance verticals get financing lending? you other guys strategies, to make you boost -- equipment least any potentially X to your Or are current areas verticals you

Bruce Spohler

off combination is and IP. growth I of business, that platforms. think additional that there we're where We basically Sure. viewed with lending only it's existing an ideal as left you buyer. as a adding platform a additional think for one also flexibility. life poised science to our against that But the is cash We're of The strategic lending XX%

teams well we think both are teams as portfolios we and they handle can deep, can where as Our diversify geographically. additional

So as look new platforms. to we would that like well as at grow

these gotten we've then historically, an a businesses being As lender into and you second. know, owner first by very often,

frees capacity, us a businesses variety ABL XX% platforms. And loan a into up some so even these seeds plant to so of uses across up this

Operator

Instructions]. [Operator

comes question from Our next O'Shea of Fin Securities. Wells Fargo

Finian O'Shea

a platforms, on for expensive? what assuming those are ABL that on asking, the of et opportunity X Ryan this -- see premium you you go kind forward opportunity with, was willing a for to Should very pay something you're vehicles, of there. what Or little if Just you out kind touch is bit just book? explain set a cetera, can explain set to is can the

Bruce Spohler

at look you again, in at I a if successful very at because history substantial think, not premiums, least historically, to I look Crystal, relative we've paying market think NEF, you been of if premium, the members team, senior a other in formative Capital, having management Solar worked days number attractive together providing of certainty at senior at pricing, very help here with drive also back their GE of the closure.

on feel on science very and, about incubate the team able paid again, premiums we buyer, are add we actually because So to buy were We business. platforms we existing strategic can need that be But good at our value. to at multiple. selective. in bring more basically, prices clearly, feel business to and we our them the a favorable down life and a book the But create we

Finian O'Shea

to is too, Is core just And this a on market your light? to presumably -- balance in like step that with is they few moving SUNS. look evolve probably kind be SUNS collapse call going to bit but the sheet, Or this? minutes, are of platform, will that the closer up vehicles more know of look to Sure. going a a I

Michael Gross

not So all. leverage SUNS, the for both of later. Solar target the is at we'll investment regime strategy talk But at the new SUNS adoption changing and

second size not strategy the our we're significant, changing the we're so already going very not stretched Solar average casual lien, lien. for not to not -- will We're So after. is continue EBITDA unitranche, be first

yet of Importantly, our companies diversification. is fact grown, we the for it capital same-sized though, for are spread our and take across larger base what different that advantage the transactions we so has our and our can platform across taking Solar vehicles keep down

for important very earlier, cash leverage Bruce's just of then, at flow. that created for and a again, regime of grow the be We're XX% that new capacity that, become fact point more is everyone And to lending know market. the better strategy continue in not those $XXX to all. acquisitive. it's It's environment this to regarding to to changing be same excess of waiting businesses advantage aggressive the to asset in strategy investment same take adoption more this for So strategy again, strategy we've asset-based of able the to for now million is

Bruce Spohler

the Michael clarify, Senior Solar as mentioned, Solar stretched lien, to leverage return. assets, lien, lien is traditional are just lower whereas And first first lower first

they that So overlap don't often.

Finian O'Shea

the on outlook -- last and me it the near it. Very it's dividend, to near well. don't forgive so only another term One you been sounds if it getting on you've get dividend? $X.XX It's any at mentioned worse bump Surely question on now, like expect better. term,

Bruce Spohler

Yes.

are, his mentioned the I raised as in we Michael know, closing when sustainable first you as for think, we this the to remarks, as quarter did looking $X.XX. earnings we dividend

above us think sustainable continue earnings the should we mid-XXs, drive a as I you to dividend. see follow with step-up the in

Finian O'Shea

raise mid-XXs? to going $X.XX cushion? are going the it from Or large to to you generally keep are you a So

Michael Gross

keep going We're to a cushion.

there we we any. earnings where could be don't We we consist how be prepayment will where will have decided -- quarters make dividend If have adequate sure don't may much, there quarters And fees, want coverage, to to haven't cushion. be We make especially because to have there a sure we our but want to they able continue dividend. of but can we be earn dip.

Operator

[Operator Instructions].

Our Chris next of JMP question Securities. York comes from

Christopher York

follow-up. one Just

other So at in maybe review, presumably, to like given strategic TPG base Goldman. was Aries, in management even your fees the PCs consideration and reduction

maybe X.X% base curious from was the to management now So management align the the fee up to arrangement the board, benefits reduced. the fee to I'm be a shareholders whether it prudent will level that further with conversation whether sheet came off-balance

Bruce Spohler

lowered know, the year. management of our base to you we X.XX% the just fee beginning as Yes, at

hopefully, intention the shareholders our our increase focus. really were to above to And leverage was primary in an the sharing was it for So reflect X:X. a we ROE that increase and,

Operator

this over Executive I'd any back Michael to turn questions Chairman further Officer, Gross, like There call and at Chief the are time. no to for closing remarks.

Michael Gross

thank We time. your all for you

in would call, you our minutes. XX If to any follow those for to feel who questions, you free And on up we'll SUNS be follow-up directly. please have talk

Operator

conclude great have Ladies participating today's and Everyone, may day. all program, and conference. does gentlemen, thank in disconnect. you This for a you the

SLR Investment (SLRC) 7 Aug 182018 Q2 Earnings call transcript