Earnings call transcript Q1 2023

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Operator

Good everyone and welcome to today's Q1 2023 SLR Investment Corp. Earnings Call. At this time, all participants are in listen-only mode. Later you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions]

pleasure President the and my Michael over now Chairman, Gross, Co-CEO. is to conference turn to It Please go ahead.

Michael Gross

first ended Thank Kajee. you today and Corp.'s the our Investment Welcome by to fiscal very much Co-Chief Financial and earnings good Bruce Spohler, new call Executive I'm Chief XX, XXXX. March morning. our SLR - joined quarter Officer; for Shiraz Officer,

and would Shiraz, start webcast please begin, the you forward-looking before we covering by statements.

Shiraz Kajee

Michael. Good morning Thanks, everyone.

replays webcast remind SLR This I any recorded. that that everyone are would and later earnings press are of being call strictly conference in Events note is website in call XX, property any to Investment the they of also that prohibited. like form today our are will in Please May today's and the Audio unauthorized calendar the this made broadcast, Corp. be as webcast on call Investor disclosed available being from section release. www.slrinvestmentcorp.com. our at

the your constitute forward-looking made I in or our may performance call webcast would relate Statements also and our to today's information. call like financial future conference attention statements, release customary forward-looking in condition. to future regarding or events to press which disclosures

at those our a filings filings, with law. financial to performance a guarantees update visit by result in latest condition SEC. do our to and required of risks may statements as any call website undertakes or materially please of a results obtain from described unless duty future differ not copies These SEC and To future involve us our Investment statements XXX-XXX-XXXX. of time-to-time are of the indicative of Past SLR our Corp. number forward-looking is no or so not performance, including factors, of results uncertainties. results. number Actual

the over At call I our and Co-CEO; turn Gross. to this to Michael Chairman back would like time,

Michael Gross

this welcome Good Shiraz. you, and morning, SLR to team. Thank

share, $X.XX a investment increase representing distributions earned the We're in report quarter of SLRC essentially XXXX covering of first to income row. year-over-year pleased and the per net for a quarter that for second XX%

from resulted foreseeable a Corp. realized performance cover SUNS than income merger current visibility, fully our portfolio larger base synergies rates. size ago the NII combination higher Investment future. for a interest and and Senior on with anticipated to higher year a portfolio the or we of earnings due our Based the Improved on distributions from SLR will

XX, for one write-down was value March decline the per compared was investment. $XX.XX to primarily of asset our net that share investment single $XX.XX of to year at due circumstances idiosyncratic outside At the end,

is EBITDA strong. quality positive well portfolio performing credit continued rates revenue our interest of has both finance with average the portfolio and inflationary remained sponsor and Our growth. pressures Despite higher

our services, We cash specialty business finance is investment, recurring believe this with which on defined sponsor with finance result as focus emphasis flow, is that industries, free resilient bases well loans. as high a supporting recession our and software healthcare, our on of borrowing on

At floating March portfolio first comprehensive is secured of our lien senior investment XX.X% rate comprised XX, of loans.

continued withstand focused to in or portfolios portfolio loans second interest pressures with lien inflationary lien investment resulted exposure. longstanding has better first on loans a Our expense equipped than equity

structures with supporting a Additionally, basis loans the volume first portfolio comprehensive which assets, for invested full are and economic period. of in volatile specialty XX% finance our covenants lien defensively investment were positioned

we and regional from issues. for longer insulated been largely banking has the challenge term believe benefit it portfolio the will macro Our this year

capital has by of market remained direct to have SLR in share void. available lending stalled, the from significant an the loan setbacks non-bank increasing such of acceleration banks two-decade fill The financial its are created have frozen continued middle syndicated retreat And lenders. of trend to a as able and market sector market

investable in million With ability from terms. speed to of gives SLR through has anticipated inclusive co-investment. to platform provide its certainty the a given leverage financing, us and benefits greater market our $XX scale solutions, of and total influence power capital flexibility execution, full across pricing $XXX billion middle SLRC and value upper financing Borrowers $XXX of which invest which over necessary million to

We current historically any banks as years our favorable regional with investment strategies. several commercial benefiting we've competed finance in seen believe in the as banking particular, environment turmoil, remains specialty the are businesses finance their those as from have

and economic increasingly times, turned borrowers for liquidity during asset-based capital uncertain strategies to lending Additionally, working management.

structure - downside our supporting loans and economic investors our protection collateral greater provides We the with believe, across cycles.

to constrained, of Our their conditions allocate access capital when rich we ABL of to attractive is traditional outperformed more the after companies have have advantage strategies sources our attributes. to risk-reward to challenging and market businesses take lending those during historically flexibility

sponsor the traditionally slowed finance was which transactions our following rush attractive happens year-end, to during spots the transactions the first While close able pick in terms. market quarter, SLR to before with

platform. For company investments new $XXX of QX, the originated across the million

years is past the total seasonally first higher we've than origination during originated quarter first Our slightly quarter. in slow

pipeline our to and portfolio has should investment coming of in which in growth grow note, Of income. our we result net increased, quarters, expect the

the Importantly, powder investment we ample have dry to favorable capitalize on environment.

of is a weather notes at strong average our senior weighted unsecured annual just X.X%. very profile position of in XX% of a $X.X billion funded to with of environment debt a fixed funding rising Our rate cost comprised rate

range to times. net At debt our level from times to up to comfort target and X.XX of X.XX our low a equity, March pandemic COVID-XX the of times X.X was within leverage XX, X.XX

of term debt end isn't XXXX. the next Our until maturity

fortunate at rates. of to needing near We not are in any debt high of term the refinance term our the position current in

credit At specialty we current available advantage the had March and limits, capital to take capacity environment. companies investment base of borrowing facility over $XXX subject finance portfolio to including in million attractive at a available XX,

investment Program, SLR quarter, venture continue Lending recently portfolio we Senior During the the first SSLP. of and joint the partner formed to and or grow our

borrowers. And upon XX had strong committed the SSLP of to pipeline, transactions QX. year-end. the across comprised XX, reach $XXX assets expect to March $XX already lien we different At SSLP held first a secured million by based several senior loans SSLP million of in

ramped. attractive SSLP earnings and Importantly, by once investment provides additional power capacity ROE generating

our Directors XXXX. an authorized program levels to previously $XX intend of plan of attractive shares share extension repurchase has March Board that to million this are utilize We repurchase shareholders. our Finally, to to at XX, continue to announced

At this over the call turn time, highlights. I'll through Shiraz to CFO, you financial our QX the take to

Shiraz Kajee

Thank you, Michael.

share portfolio compared SLR sheet and Investment value to XXXX, at $XX.XX XX, end, or March $XX.XX December asset across companies industries compared at At billion across quarter million $X XXX had at or market per portfolio XX billion SLRC's XX, Corp.'s approximately billion portfolio net to $X.X on-balance value companies industries per of was XXXX. $X.X $XXX approximately and investment fair XXX market year-end. XX a fair of value a share

approximately facilities, had debt X.XX net of together leverage At debt $X.X March the billion times, outstanding company's to equity. with When combined XX, from of capacity company with available credit considering the the the to its from future debt had target available significant of times X.XX to subsidiaries, leverage to capital range capital the equity. significant fund while remaining X.X available company's SLRC net within portfolio growth

P&L, the for March XXXX. Net this versus $XX.X and the XX, for million three totaled expenses three months for million XXXX, three December investment three to million compares gross December million totaled income XX. XX, XX, to Moving for $XX.X $XX.X $XX.X months ended the ended the months months ended March the ended

merger. Investment year, the at a investments time the of SLR of to fees last as into investment part discount incentive SUNS company Corp. waive income adviser acquired Senior to the merger of the accretion of agreed resulting fund or the purchase reminder, from due As to the allocated

net ended investment the three $XX.X or $X.XX During or company months $X.XX approximately quarter average incentive March for ended for waived ended the income three compared the million per related $XXX,XXX per share share XXXX, March $XX.X XX, Accordingly, XX, of XXXX. company's December average totaled XX, the months the fees. to million

totaling Below the the unrealized $X.X had fourth and million XXXX. a quarter company for for realized of the net quarter unrealized and realized of loss $XX.X versus loss million the net line, first

As XX, of per compares three XXXX. net or net assets the December operations average $XX increase $X.X of share weighted XX, a This for per three from XXXX. months share for a ended to months or net resulting in company a $X.XX result, March ended million million the $X.XX average increase had the

Finally, holders on monthly on as distribution a June SLRC record to Board XXXX. the share, of of payable X, per XXXX declared $X.XXXXXX of May of X, May XX,

to Bruce With Co-CEO, the Spohler. over call our that, I'll turn

Bruce Spohler

Shiraz. you, Thank

invested XXX Let me million. basis, portfolio. value begin overview providing XXX distinct of Measured comprehensive exposure the approximately to value At $X.X our $X.X an of a on in senior in to in by of across of industries loans, senior with XX.X% an the average borrowers loans with quarter secured fair consisted including the billion fair at of portfolio SLR. second with end, attributed only comprehensive lien X.X% lien And X% was invested investment asset-based invested SSLP flow of portfolio loans cash XX.X% remaining loans. consisted secured in loans lien second first the the

Our specialty account potential XX% for defensive this well of risk secured for composition with the return strategy senior the upper XX% diversification in positions finance mid-market believe a remaining our shareholders. invested that to portfolio, companies. investments economic us differentiated profile portfolio loans comprehensive provide We sponsor-backed approximately and weakness for and

least average based scale, our representing to average weighted risk risk. weighted risk rating quarter on At was two investment X level XX.X%. X/XX, of just our amount asset one on was the under end, yield the the rating portfolio X At with

of AmeriMark investment on nonaccrual. the we During placed quarter, one

the current reorganization provide ongoing any situation on detail to at Due cannot unfortunately this we process, time. the

this the consider elsewhere in indicative be AmeriMark of write-down our to to investment portfolio. of idiosyncratic stress we not Importantly, and

this financials. originated largest companies first industries investment our with diversified In secured turn noncyclical let being healthcare in exposure Now upper me Sponsor to to we flow our lien segment, in and finance, cash investing. senior strategies. mid-market loans

market a of in cash the segment Michael quarter. the low saw As level first activity middle mentioned, broad flow seasonally

and such believe investments ourselves. However, for to up. have will that issues able tailwind the make attractive nonbank as a selective the pick the the market trend first to that lenders and were turbulence the quarter continues regional expand We provides during market macro reinforced set banking M&A opportunity as

continues turning providers retrenchment, to the private direct companies. to addition bank's and lenders to scale sponsors debt in CLO to BSL and who certainty upper financial disruption In increasingly with financing mid-market the benefit have to the the provide markets

historical year are XX% X% less for to leverage than we comparison yields to see As the of to XX% a continuing average issues. a with in result, X% new just ago to

to loans structural continue priced yields leveraged having also Importantly, with a premium of at the be addition more protections. for

supports yield an which has average year of a great over vintage finance. this an LTV of sponsor and pipeline XX.X% XX%, our thesis for that Our be should

pipeline net expected portfolio of repayments, growth current lack the throughout and our are year. Given we expecting

and approximately At of represented companies. XX across quarter invested XX% portfolio portfolio was end, $XXX total our million the

strong importantly, interest defensively million, positioned of of two LTVs have have performance portfolio on we with flow just XX% companies, this over We coverage $XXX The cash EBITDA where growth. solid revenue of our EBITDA portfolio - quarter-over-quarter and times. of average remain average, and an

that reoccurring portfolio essential is either perform with importantly, and Our revenues, a intensity. services recurring of or low businesses capital comprised

Our in business industry largely defensive is services weighted the with and and distribution insurance brokerage towards comprised exposure such heavily as companies. balance sectors healthcare service

credit portfolio continued improve the Our that despite environment. to have strong has exhibited economic metrics challenging

million. million new we the During originated investments of experienced quarter, and $XX $XXX repayments of

to a up quarter. in investments are Our was the lien from of flow that had just on portfolio from prior this the XX.X%, positioned weighted average average The rising new investments loans, XX.X%. first interest and we five yield pressures the XX% under in entire well any believe weighted invested a times cash payments. of yield XX.X% withstand of With leverage portfolio

our let rich, liquid Borrowers countercyclical business forced demand strategy. component interest to market by which contraction, ABL to capital their touch me backed pressured segment. economic ABL rates private Historically, slowing a asset and by of but are in resulting during outperformed multi credit on raise and have flows cash periods a are our Now collateral. volatility rising

capital environment rate slowing consumer opportunity has put for business, lines borrowers which general has positive experience set In collateralized has slower is credit. providing which and sectors, the cyclical spending increased of pressure in of economy for on rising The team. extensive working this a the particular, asset-rich more our

increased deal throughout believe continue seeing are this year. - volume will We that we

to With access limited expect we for into of portfolio repayment to slow, capital the being borrowers, translating rate net growth.

to has ABL result as of provide led and the the our segment SUNS, positioning several now with strong together a been lines team SLRC Also hires this in has to providing across work our our niches. able such expand team new to of Science solutions merger Life note, ABL revolving term alongside us loans. of Our full closer as

The portfolio by representing quarter ABL asset-based At is XXX XX.X%. covenants. our and approximately strict borrowing totaled end, weighted basis for invested third and the portfolio comprehensive XX% borrowers. average LTV of across portfolio The is $X governed average maintenance was asset our and yield loan billion, was a level

due Repayments finance at typically season. during that first in quarter quarter our to segment business increased in seasonal repayments quarter ABL the business as holiday the elevated around -- from were the benefits fourth digital our advertising

In the some addition, in had first repayments we a quarter of second slipped originations into couple large that quarter. the and

to ABL We accelerate during year. expect growth the segment in this

equipment Now creative financing fixed opportunity set has team equipment with the turning loans, needs. resulting has increase us seen and assets their extensive provide for solutions our in team finance, from and This customers to turmoil. in finance regional allows to an structuring our experience the which quick bank value

just weighted borrowers. totaled XX%. million, was asset finance equipment At of quarter yield end, The $XXX XXX total XX% representing under level portfolio our across portfolio average the

new the During of million. had and finance repayments $XXX equipment of we loans million quarter, $XXX originated

on me the provide recent segment. come industry to activity moderated update our let the equity Market as digests Life valuations VC Science down an Finally, banking continue has as failures.

science to leverage equity life expensive increase in is the more issuing selective seek borrowers an to this being as alternative more Our as team environment. even

our to continue we in market, strong due this strong see opportunities. to the However, attractive - presence

has We're investments 'XX. of improve in a the already well as attractive the seeing will of during to that what course further volume continue and the as pricing, we quality anticipate improvement been

been benefit also of from refinancing as We has loans our other repayments expect lenders to risk the fewer dramatically reduced.

of amounts coupled capital, set. improved drive with the activity was quarter are opportunity valuations SVB record continuing first in to wake collapse, venture the of While our slowed

trend this expect throughout year. to continue the We

are invested loan Additionally, which values, protection. extremely of have to XX% to low typically XX% significant cash provided downside

$XXX gross totaled the investment the represent runway. across Over portfolio. portfolio loans our to We cash have of under XX comprehensive XX% is over just that invested our in income XX% million of borrowers. Science for end, XX% our quarter borrowers XX Life At contributed of months loans portfolio of quarter.

segment reminder, and XX%. never approximately this a to As payment default a has of consistently LTVs had has again, XX%

team the amount. quarter, approximately million had same of the investments repayments $X.X committed During and to of new the

milestones. average have be any important We approximately our warrants. borrowers unfunded million based hitting which At of upon weighted this drawn which end, was success excludes also commitments, XX.X% may yield portfolio, and quarter $XXX on the fees

start year, specialty seeing the to the in we from market had private sectors activity debt are pickup while a In conclusion, slow regional specifically banking benefiting our businesses are retrenchment. the finance a and

this to are our available Given full capital a to and ability positioned advantage well provide debt we of financing investment environment. take attractive solution,

believe existing Finally, to dislocation market us capitalize any should perform well enabling should we our on arise. downturn, that portfolio through that a

turn me to back call let Now Michael. the

Michael Gross

Bruce. Thank you,

constructed we our coverage continued defensively closing, to industries us noncyclical the lien and well believe that portfolio loans significant In of for in market loans comprised collateral underwriting and borrowers conservative approach cash volatility. of asset-based flow first positions

as of regional and well issues. in markets CLO our of benefiting the classes BSL banking as from All disruptions the asset are the REIT

of businesses. attractive pipelines currently all have We in our investment

of repayment believe we one ever are into fact, current had. we've our pipeline new current in XXXX, translate most not we the activity that which attractive investments. expecting visibility, be portfolio In on growth attractive Based would heavy is

investment adviser, Partners, been Our operations hires investment SLR to team. Capital addition in of SLR several through platform our key investing has

has SLRC XX recently including owned In the people. hired companies total, finance by platform, SLR commercial the over

an XX the current expertise collective to team with climate. Our has investing, the gives senior average a expertise that navigate necessary us economic of years

of climate challenges balance any to people, our us well as the and take our well investment ahead. position attractive Our advantage sheet portfolio as

the incentive compensation SLRC demonstrates the stable your the SLR you owns annual portfolio, SLRC alignment team stock, invested investment financing defensive of team's common of X% our in We company's continues alongside our fellow favorable and confidence shareholders today. in for guiding company be a of the The shareholders' position. stock. company's to closing, over The including of adviser principles. percentage one In time significant thank have interest investment our

you line open the up for Operator, please questions. would

Operator

Our Please [Operator Melissa from Instructions] go comes from question first JPMorgan. Wedel ahead.

Melissa Wedel

new my for congrats thanks Shiraz, morning, the Good and on role. questions taking

Shiraz Kajee

you. Thank

Melissa Wedel

by was I elaborate $XXX you little believe, expect million guys SSLP. you I that the that size if say you hearing we heard the right also to I sure Of make frame assets to course, bit We NII grow, are of that impact of that year-end. scaling the of from on you help want and could just could to you. hoping Thank a to scaling?

Shiraz Kajee

Melissa. great Sure, question,

year-end. you as the and million in partner $XXX of targeting at to XXX may million already are of already assets, we pipeline SLRC and is from that $XXX mentioned, portfolio build both by $XXX closing, approximately is equity the $XXX that Michael upon as dropped as we're our process roughly million, equity, borrowings. about million as So targeting in about well of Based recall, between the from half which, entire towards then half to

drawing we and into the drop we SSLP. our are assets equity - leverage So as down with

So sheet both part But the down direct SSLP the already assets SSLP. expect year-end. originating current move $XXX as your pipeline timing about on of to replenishing point, as by into the balance really about get, million we by $XXX million we're well $XXX of based to upon million dictated is - assets into and as

Melissa Wedel

from the us think of help NII on about size impact you further could And ramp?

Shiraz Kajee

little you by that have on SLRC. XX% give bit can't one assets you the of replacing yield with in investment I a balance on So, on pickup by down environment. assets we're and taking that And and them SUNS you on higher-yielding this originating sheet have the lower-yielding then other them number. equation, hand, moving million ROE to specific XX% because a $XX a It's multi-varied equity hand,

a So it's a pickup. bit double of

Melissa Wedel

yields hoping something bit if I you finance whether a was or just and that on seems like function timing And was and could it declined could equipment quarter-over-quarter. you. in else? thank transactions of ABL one touch the follow-up, I perhaps Okay, that of a

Bruce Spohler

is because portfolio. churn No, in the really Yes. it the of ABL just is timing. just

large, expect rate that there, assets, by to we XX% is, fixed monthly those in off Finance, on to rate nice as you assets. old those funding XX% I fixed on are and know, yield are we know, you the as to We continue assets. it need And do amortization but range. The there's thing cover think to Equipment with then liabilities, up churn these

it with portfolio constantly paying replacing down and we're So yields. the higher existing

that start just see should are that you great see finance seeing your in would widening So with pick of example. yields the same you specialty businesses question, not an the say expansion out. I as to flow up. in the is spreads Life a Science cash pickup

much mid-teens XXX always asset. That's more basis doesn't basis relative high XXX, Specialty of getting flow return kind Maybe of contract has spread. unlike XX been more. that's XX, out as flow But Finance as been getting a they're or historically to kind cash much. points gap and cash points

Melissa Wedel

That's helpful context. you Thank very much.

Bruce Spohler

you. Thank

Operator

with The Please next from Johnson Paul is ahead. KBW. go question

Paul Johnson

my Hi, morning. questions. good Thanks for taking

guess, your the we'd guess in sort if below ROE the your that guys' that? increase the group to to definitely guess, over So decent expect ask I do I is average I range you is ROE of intention just do is average. but it's guess, And there, time? - the it your below, is a operating I how case, well you,

Michael Gross

we answer to expect The our is, definitely increase ROE.

company. the across of we've the $XXX finance within powder platform, mentioned, including million bought we dry As

able to So, be to net attractive have capital we at to yield. put significant work

over as will the NII the course our of will that our grow year, ROE expect result, as fully a well. and we So,

Bruce Spohler

couple a And that that pick alone. ramps, Melissa as you'll ramping pennies share asked from the up just SSLP, a of as

Paul Johnson

today's I just Where, best broadly, you specialty fairly relative guys company. think various for the And you or thanks. finding guess, the all Okay best mean, and finance deal helpful. a with That's have I flow diverse do of I finance engine in obviously say opportunities then you're value built kind the market?

Michael Gross

a moment say in increase the Yes, you're would the seeing same a finance as risk. reduction I businesses, ago, not specialty you in seeing yields, that I are but in mentioned

attractive, so which equipment Life and making on plants very the is you those and don't see returns. that segments, And Science ABL

we're specialty look picking this cash you to But a with our lower at starting attractive finance flow, have benefited obviously, seeing not cash only in a still are approach environment, coverage you couple in what from in fixed we in about it's And sectors. as risk premium that know, of leverage flow, really returns business. then as but reduction defensive ratios, and charge

healthcare flow we services. and market and is The businesses away sectors focus, where from open really broad services as cash not for business such financial

the than risk the say seeing is of the more in are would segments. and past the they've across attractive them been answer returns I in So, short similar we're each

Paul Johnson

Thanks people that, I for that. a across Last guys hired question, of platform more you recently. number you mentioned the guess,

kind from you long guess, do, long how of to portfolio you take? growth? I of sort a impact how that date guess, I that have think I typically mean do of meaningful curious guess, production I on does Just sort expect, hire. of driving I And the start, generating just mean, that

Michael Gross

that as a to impact. Yes look, see say I year I - think it would typically, takes

I where professionals. hit ground think disruption environment And experienced to are senior we're running. you it's these in that severe have the in, easier

So, were equipment we're They half into contribution across of expecting we and segments. this the cash flow, year. ABL get our finance second as

year shown a the digital growth. on our and and ground - as So about ago, may has recall, we you finance brought half actually running a that - hit nice and already team

So, the given it I this sooner in normal will dislocation. than think be environment

Paul Johnson

Okay.

Let's out. Thanks get it for me. all that's from that,

Michael Gross

questions. for Thanks your

Operator

Adams go James. Raymond Sean-Paul [Operator from next Instructions] with question Our comes ahead. Please

Sean-Paul Adams

Hi guys, morning. good

like the end for months? Your not or and to your that's share Does be looks of alternative represent of more side next over gain this case all liability acquisition in other a XX markets. really the good, opportunity opportunity likely lenders some the

Michael Gross

great a question. It's

of fund think know, our businesses our within is kind working yes, smaller will And than that their the within and strategies be our capital. lender platform challenged capital you of to lenders SLRC debt and business. one us and are As I the raising finance appropriate

to your to us. tends point, extremely for lender to And active. potential our lead that partners finance So lending acquisitions also are

first Several platforms and we lend money businesses then are to today of our acquired. subsequently that

side as the So, side I our see robust. if more on more lending well environment acquisition will think would persists, this and And both I the say quite pipeline opportunities. as we is

Bruce Spohler

that acquisition there strategic footprint. peers I tuck-in also of might some that are opportunities to we're think some our see where ours starting expand

as to So, add existing well those as platforms. on evaluating we're

Sean-Paul Adams

helpful. very that's Thank Okay, you.

Operator

Instructions] The [indiscernible]. comes from [Operator next question go Please Robert ahead.

Unidentified Analyst

Could you other you tell situations result whether you in that in debt the first third us second think quarters quarter? the experience will like have and bad

Michael Gross

Sure.

clarify, something first just that The quarter, to is we are working on.

So jury I'm is working to be we're discuss because the not resolution. yet the it through just - potential can't written. We

I across our portfolio, think an as the quality. about very feel all-time watch-list low. we whole mentioned the portfolio is at strong We

for The They was investment there's, issue this across don't up investment we unfortunately, one came and but specific really to execution. the like the underperformed, between that that feel any the quarter systemic sponsor issues very in portfolio.

Unidentified Analyst

Do get you in think write-off you repaid first quarter? might the that on

Michael Gross

it off. We haven't written

be but to level. is repayment, in expect of determined outcome still the level the So, terms we some do of exact

Unidentified Analyst

you. Thank

Michael Gross

you. Thank

Operator

no at the we this further over our for program appears to remarks. additional turn now any It time. presenters have questions back I will

Michael Gross

but your you questions time always, remarks, feel if call Have for and all thank comments, please a day. And free great any any or just you today. of us. then your as have No to support

Operator

for participation. today's program. Thank your does you conclude This

any at time. disconnect You may

SLR Investment (SLRC) 11 May 232023 Q1 Earnings call transcript