SLRC - Earnings call 3 2023 | SLR Investment Corp.

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Operator

Good day, everyone, and welcome to the Q3 2023 SLR Investment Corporation Earnings Conference. [Operator Instructions] Please note this call may be recorded. I'll be standing by if you should need any assistance. It is my pleasure to turn the conference over to Chairman and Co-CEO, Michael Gross.

Michael Gross

Thank you very much, and good morning. Welcome to SLR Investment Corp.'s earnings call for the third quarter ended September 30, 2023. the Bruce Officer, Co-Chief begin, Shiraz please by by our Officer; would today statements? start Financial forward-looking Chief Kajee. Shiraz, covering joined Spohler, Executive our and you I'm and webcast before we

Shiraz Kajee

materially Chairman to by Michael to law. not turn like us over do results. of are from our results on conference Thank is These you, latest including would Gross. time at undertake is this (XXX) future results call and remind X any that our time, financial attention do is being with visit not webcast Event that update or any copies press Co-CEO, customary our call everyone in and To Corp. disclosures filings, they are Past back number filings of as of described forecast call our disclosed everyone. Investors call strictly like are press replays obtain and call release section today any I involve at statements webcast guarantees of forward-looking Please be to the regarding November required of unauthorized our also like the and a webcast a SLR indicative website your number and so Investment earnings of or to being today's We future to projections. of performance recorded. and from will of this website SEC. please call unless Good our call conference in differ performance later may in Michael. Calendar the in result our morning, prohibited. The release. may risks and Audio I not statements. Today's as available SEC those forward-looking note statements a forward-looking form statements the to would in uncertainties. also XXX-XXXX. At made property Actual factors, include I'd that to the the time our www.slrinvestmentcorp.com. to

Michael Gross

Shiraz. you, Thank

portfolio that XXXX, increase NII per to third representing share The been by year-over-year, of net have once the At are rates for increases of portfolio. our XX, through quarter. our the performance September of rate asset per and June over at driven distribution credit $X.XX the XX, increase value $XX.XX net our our growth was distribution. in a investment which XX% our share which reference reflecting for floating in per up We again quarter stable over-earning share, the past flowed from year pleased share exceeded and generated per report SLRC income $XX.XX, has to

I'd quarter Before into performance, investment the overall like our digging climate. touch on third to

remained a sadly end remained resilient. these of largely higher as and both to the sight. elevated proving performance of be equally finance, multiple companies heightened companies portfolio resilient portfolio pressures and for We persistent a to our but and near-term are labor shocks. The remarkably EBITDA from growth. energy, period continue In living Inflationary Growth slow result, market no uncertainties resulting U.S. has economy despite has revenue may rates geopolitical from to in stay economic capital are with expected tensions volatility and in are interest costs sponsor our longer. exhibit

some community finance While assets or there quality year, valuations of important borrowing rapid flows bases. SLR to capital attractive equity been grapple with an managers stable with volume impacted credit are the private as in this cash hold increase provider M&A the diminished supporting resilient and limitations. private rates has borrowers to opportunities

expanding projected year PE next rates. pick dry Importantly, expected M&A is volume and substantial has powder begun and up interest continue stable to given to

long-term selection believe remains to years, credit attractive strong geopolitical investment highly based in investment at our fair will platform value a and like X.X% across diversified performance. attractive private in seeing at defensive portfolio and just market maintain health Given a capital. The finance finance our our X.X% in of end. deep creates experience throughout we on most approach Across and focus asset absolute that free remains We believe opportunistic critical these we sponsor and SLR average economy associated under the industries, is asset the events, recession environment opportunities platform, the uncertainties with via some returns be rate healthy believe services. while business maintaining for loans attractive, to generate solid are its sponsor a the just coverage finance who of as overall on we and weighted of health specialty leveraging cash basis. The are cost high strategies our such protecting and both care have opportunities with resilient expertise firms class current flow cycles. investing relative on market SLR in be return metrics at Xx. result quarter The our and to nonaccrual interest our sponsor in recurring

As portfolio finance quarter of a finance selective our senior secured lien first end, was our At specialty comprised reminder, sponsor in XX% enable approximately loans. highly us be to strategy. businesses of our

long-term and Our withstand portfolio loans with pressures portfolios high unitranche and inflationary has lien interest loans. investment second in first we to is resulted continued believe better rates lien in a and equipped

invested portfolio bases which XX% borrowing investment finance covenant are full positioned. comprehensive our with and of in assets, are we investments, our structures defensively specialty Additionally, supporting

cash diversification loans of portfolio specialty provides conditions. approach with protection Our of us differentiated loans in investment enhanced and economic additional finance downside periods tightening and flow coupling

allocating million with us invest and over best us cycles. Firms to provide as speed $XXX market are which which challenges solutions, with Importantly, investable pricing across and regional of greater SLR economic to base. billion opportunities to fill various million in the and total investor our and syndicated greater execution benefits our risk/reward middle the leverage, power co-investment. to our platform, gives the upper banks platform, significant structural left SLRC the $XXX given end $XX credit capital, void ability available value as through able private in capital inclusive our the strategies such investment broad origination set financing of flexibility from Borrowers with allows the capabilities certainty loan retreat a the grapples terms. market financing, of anticipated influence of full capital across scale SLR has With to and flexibility

strategic has research index quarter base, analyst. invest we Development have third in Chief rightsized investments with a As through its manager broad of investment infrastructure SLR focused We to operating private a a a hires Officer to firm's returns loan BDC increased a professionals, the Business partner human believe capital rather credit continued and than former alpha capabilities. and on the flow in growth approach. generate equity Recent origination these initiatives, access capital and included focus differentiated a significantly our selection to enhance only cash deep of scale and a strategic set like producing security being opportunity

benefiting to Additionally, banking market. replace who existing finance businesses turmoil their regional retreated specialty from our from from credit seek banks the alternative are the financing lines as borrowers

sourcing by Our in-place market specialty relationships XXX and included teams provides to owned of lead approximately that knowledge professionals information SLRC, advantages. and competitive SLR finance local us across affiliates

call at At ample have to specialty favorable portfolio our SLRC September powder the you finance companies, CFO, advantage now capacity turn capitalize the take Importantly, available SSLP the of highlights. financial over to credit environment. facility dry investment XX, third investment take current to back and the environment. I'll of had attractive including available the we on Shiraz, million $XXX over to our quarter through capital

Shiraz Kajee

leverage the point of XX, sheet SSLP $XX.XX million to ramp continue September or consisted XXXX, level share, per investment had At you, secured loan September market our equity. we to time, the asset Mike. to of range $XXX value position portfolio was At XXXX. industries, to $X.X from as strong to at SLRC's our $XXX once asset balance of portfolio that companies senior of million, the companies $XX.XX ratio We at debt middle billion fully portfolio of the at target rising the leverage market in net again end, XX company SSLP across Thank value June in in to June rate a SLR fair of the had on-balance SSLP of XX. September expect X.Xx $X.X reflect leverage XX, in approximately of a planned contributions to this X.XXx XX, of XXX complete $X.X net million, value environment. approximately a fair vehicle. a ramp, outstanding doesn't is quarter we or debt in floating Investment billion leverage share, across portfolio with Corp.'s to weather XX, compared X.XXx. SLRC's our sheet be industries XX per loans. rate profile compared funding billion $XXX XXX

rate interest have until rate of secured senior did of million XXXX. have average $XXX we -- existing end X.X%, a notes the fixed annual weighted unsecured not and maturity the Our of

Moving to the P&L.

versus X the the the to months XX, million prior for quarters September For totaled million X June ended ended $XX.X $XX.X ended million in quarter. investment totaled $XX.X This for million September X compares Net gross $XX.X expenses XX. the months XX. income

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

Over loss related ], million totaled million totals for incentive During million the quarter merger. Accordingly, for of the to XX $X.XX totaling unrealized [ XXXX. $XXX,XXX or company $X net the X or net third average of a income third average compared per of quarter, manager realized the merger-related the net million, versus unrealized June in share, ended million, waivers investment the share, and line per now waived $X.X company the for $XX.X September $X.X the the the and cumulative quarter ended approximately months fees, for X the $XX.X XX. $X.XX had by to months which second company's gains realized approximately

to a in million resulting net for the September a assets the XX, increase $XX XX, of net from $XX.X result, million X net for of company compared X increase As months XXXX. the ended XXXX, months June operations a ended had

previous one than we objective slightly to per has to distributions change expenses XXXX, with turn Co-CEO, XX, is monthly quarterly holders is XX, SLRC payable operating of and the December XXXX. on of the solutions share Spohler. that I'll As record quarterly mentioned of $X.XX distribution consistent this rather reduce the value. With Board our company shareholder call, returned our making declared on that, annual to December will of X, to call the November defined and We Bruce maximize on our change as over estimate a

Bruce Spohler

you, Shiraz. Thank

volatile current an to finance commercial diversified financing XX company environment. like to approach expanding provide I a overview of market portfolio of provided as portfolio, has platform discuss for our years construction. with a strategies Over our well suited Before our the I'd lending us

in debt We are the markets. dispersion segments private of set seeing the across the opportunity

a in and that us As we most model will we investment verticals. the achieving our selection our and in attractive strong today's market. with on this bottom-up result, portfolio believe to capabilities finance. approach opportunities a asset provides to take flexibility We more risk-adjusted lending relative critical construction attractiveness based across upon the performance returns during sponsor fundamental capitalize vintage. Business to be Today, are active

ABL at our to opportunities life However, we key deployment consistent defense into lending as year. readjust across point, offense both accordingly. in will is flexibility we expect believe and to We cycles right to long-term next we having get see the performance. At moments increased that science investment the play and

approximately consisted At quarter fair to of million secured value, industries exposure. Measured portfolio. at was to invested invested our second portfolio Now lien loans the with borrowers. consisted of across end, position average the loans, SSLP asset-based Only portfolio This XX.X% including our approximately invested XXX attributable remaining $X.X is XXX with in let lien lien loans. of company. cash X.X% investments senior first loans the or billion loans $X X.X% XX% second comprehensive with in through senior X.X% secured discuss approximately flow of in me the

XX.X% a profile that this investments the in return our portfolio from cash upper portfolio, senior risk mid-market average weighted construction loans the companies. We remaining weakness Our asset comprehensive potential specialty XX.X% At shareholders. defensive last positions us with secured our and approach account well up differentiated provides flow for to quarter. yield for of level XX% economic believe was sponsor-owned quarter approximately for end, finance to XX.X%,

rating portfolio on remains Our risk weighted just strong. quarter X was X X representing the investment of average XX.X% credit risk portfolio basis X amount performing. least was on under rating risk. At end, a based quality cost our with of of to scale, the the

business. start I'll each sponsor investment cash finance verticals. Now let of me our touch with X on flow our

lien attributable diversified was first factors. mitigate with care portfolio from may which loans. including originated XX senior portfolio We approximately our to helped companies We the face. our first is we noncyclical lien flow million, At the impact cyclical cash XX% in such industries secured across $XXX financials, borrowers loans positioned loans in that and Here, approximately end, our health on to to company. cash believe mid-market in portfolio upper providers quarter liquidity as well flow of SSLP borrowers to this withstand portfolio individual that the invested pressures invested economic

Additionally, we we defensively portfolio. have a believe positioned

have borrowers $XXX over of weighted a Our average EBITDA million.

XX% have just We of under and Xx. interest approximately of low ratios coverage LTVs

remained has revenues, which have recurring solid comprised Our with results businesses steady services portfolio low high this flow. our metrics of cash portfolio or credit they either reoccurring in that relatively that free year. is essential intensity capital throughout perform exhibited and have Overall,

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

average investments of quarter maturity and under investment XX.X%. of an yield third Xx of approximately Xx. to through just expected interest have Our our Leverage coverage

these leverage Importantly, less average carry than new investments cash issuance. flow for historical the

sponsor was to At make this result average higher in As base XX.X%. flow Michael on rates, at pockets portfolio the very yields. finance be opportunities continues lower mentioned, have flow overall weighted we loans valuation to found attractive as of yield our cash expectations but risk-adjusted quarter end, deal

seek Now me set well flow raise are turn segment. opportunity as the the Historically, financing regulation, during credit ABL crisis, bank their banking borrowers but in volatility asset-rich fallout ABL against of backed periods of market capital ABL when from segment segment. and seek has by let performed for The have pressures that cash to this the to liquid borrowers increased increased capital has working regional the assets. backdrop tightening

extremely totaled from however, $XXX and remain the XXX XX% average underwriting. The XX%. in volume, representing was to very active At comprehensive asset portfolio across are senior up weighted enabling average secured it deal us of in our second portfolio, Given increase the being XX.X% borrowers. million, quarter to our of The LTV economic yield the invested this The headwinds, quarter. XX.X%, portfolio selective. end, approach was in approximately conservative we is while level was ABL

had $XX investments repayments For the the million. third $XX we million roughly new of quarter, of same, and

diversified totaled continues to XXX $XXX turn me million borrowers. this equipment end, credit finance. let and Now was to highly The At quarter profile portfolio strong. across be

level asset on the average weighted was Our equipment X.X% yield portfolio.

we $XXX million. and originated of million investments the quarter, repayments had During third new of $XXX

quarter. Our equipment investment pipeline in finance has increased this significantly

We attractive have distributors finding financing business our vendor non-OEM expanded profiles. return and risk-adjusted for

which provide growth in portfolio to expect We expect to -- provide XXXX. we this for segment and income

finally investment the the has to life a a me failure sector. Valley life effect science of today's market incremental by let equity extend on at caps, evidenced financings Ripple to in by had runway issue Now decline from valuations. Bank sciences. lower Silicon cash valuations profound debt borrowers' borrowers are impact public reluctance provided seeking cushions With via corresponding equity the dynamic has resulted equity investment. This to without turn

in play. our result, distress of is a issuance the stage is signs seeing earlier where which the team we market, As science riskier life don't of

to $XXX of We report portfolio over fundamentally the invested loans million are cash to XX% our borrowers remains is strong. pleased of months Over that in portfolio XX runway. have that

our derisks with of which have revenues product the our portfolio in commercialization investment. all significantly stage, Additionally, at least companies X

just or and As just have are during XX% quarter. science science of income risk the gross a result, portfolio watch loans in over XX% migrated system contributed represent none our loans XXXX. of our of over rating on our third a life in the Life list investment lower

those the funded $XX to commitments. and committed quarter, new investments team $XX During of million million the

had we of In $XX addition, million. repayments

have be which unfunded end, based yield takes average on or any $XXX which This quarter was of reaching million liquidity milestones portfolio levels borrowers by our revenue commitments, just under We as and warrants, accessed approval, the fees may such on excludes this yield higher. FDA weighted XX%. success At milestones.

new in While continue expect see another that issuance or opportunities we take to two issue attractive. quarter stabilize pick valuations we see market do science up, several find the to we to before we life extremely equity

Given deployment in to while reward our to risk/reward of we being still capital SLRC's the segments, originations capital generating the for in life the positive have ability the selective best company sector, science -- luxury allocate highly overall.

market science we volatile to with life opportunity lenders expect during stabilize, who the continues to the As hopefully, were increase, competition risk-on from current environment. set less this

the back I'll Now Michael. turn to call

Michael Gross

allocate returns risk-adjusted from flexibility reflects our investments portfolio the benefits SLRC's and across to shareholders. attractive most Bruce. to you, lending believe for the that Thank stable verticals we our capital offer fundamentals

growth an in opportunity XXXX. capital continued and for and We QX earnings have available in

directive is remember as and to important While the spreads specialty cycles. remain across finance it volatile returns is that as flow cash investments volatile, sponsor to straight not finance are

expect for the a we not more finance assets yield as contraction when Importantly, extent same markets to specialty would to finance sponsor normal state. return

origination to regional contraction a loan the market we forward, increased middle Looking and by SLRC. such to broad be maturities combination as impacting of activity, banks M&A expect forces regulatory/credit lenders benefit of driven opportunities

portfolios teams, have diversified In we or acquisitions of and increased continues and loans assets. SLRC's commercial broad businesses specialty location acquire companies, an are specialty service addition, partner to tuck-in to foundation the seeing to expand of to for commercial on finance experience banker's finance acquire the portfolio portfolio unfold, opportunistic portfolio finance regional resources to capabilities or finance acquire through as add basis. existing opportunities our

to invested and team economic diversified generate SLR X% commercial The investment manage our one be our most believe stock, to incentive the stock. advisor's of is across we'll across owns and and continue finance guiding position. We time the percentage continues today, demonstrates defense sponsor the your SLRC the alignment risk over interest fellow Team's that portfolio and closing, thank to assets company's now of We cycles. In income shareholders our principles. a very approach a favorable strategy much confidence shareholders effective of our investment with of stable line company's for compensation including significant up alongside the in company's annual in questions. funding portfolio, the for you open

Operator

[Operator Instructions] We'll Group. question from take our of -- Zwick Hovde question first Erik

Erik Zwick

type start, that to the if the into this of color little selecting to bit wanted of could provide investments, you SSLP at the those put point? into characteristics just you're I maybe a of

Bruce Spohler

to for Erik. refresh Just minute, a

which yielding closed and assets. in And a the into of recall, we the some the Senior, senior lower loans cash sponsor flow-backed Senior was solar Solar lower of addition 'XX. to migrate may portfolio You April to merged in had for Solar strategy flow the And Solar assets cash SSLP. ABL yielding SSLP

moving into there. what's So but the SUNS the portfolio migrating we've been loans or direct has it's in been X down there. cash been that's There predominantly flow assets where primarily X originated SSLP,

Erik Zwick

of helpful. segment. then That's sciences life commentary on And a little for just kind curious bit your the

You are the you bit those the of of bit kind what in there science life you spread the little to that some pressure. issues companies? Curious a areas into would starting confidence where do mentioned to win, could of your detail not rising of in maybe see add lend to and areas just that that a little you those of don't they're if

Bruce Spohler

Sure.

the by on long raising to is we hopes XX,XXX cash to that FDA fund to FDA approval as dictated come science waiting I and side, they process. borrowers feet, value off we're continued is some as the through the devices will needed are that that, valuations recover that in issuers approval move burn finding think And starting and equity development the possible just segment equity in because stages, where drugs see process. the the early fund of as from the capital large have through continue to stress in life part are

been late We have always stage.

are recall, may wood. over life and that their for stage lower business loss is on in been had is They've for late our XX have the Knock burn our you revenues. a the years. sciences team and focused career. never on default As But has that or -- best evidence this doing we we a throughout

their companies be through revenues at moving our As one have XXX% I product portfolio may in of minimum that across of products FDA. the mentioned, a

are means breakeven So is so revenues. can cash you is the flow that capital They're there what towards the value it raise but have side. They hopes waiting public. that markets, there, and still the to can moving they they exists in both on tap valuation raise more a been those private on equity at the ability that a equity put to and able multiple attractive

as flow portfolio I cash breakeven. of to mentioned, over runway move why, year as fund cash continued has So a that they XX% over burn towards have that's we the

and that's to what's struggling the from insulating So clinical Phase III fund the to FDA. companies through earlier capital stage that to trials been our raise companies moving with are commercialization

Erik Zwick

And step me, aside. That's last detail. I'll great one for and

here your could kind as of if term? the sensitivity maybe your some me you are if to see we If just or well changes rates expectation going in interest as longer refresh near current rate stay on might

Bruce Spohler

think crystal a we have unique don't ball I that. on

that focus on making to portfolios, across Our borrowers cash today. sure our interest flow for is our the and as well rates the liquidity as free have we cover really

We anyone increase where to much is stress And be our to points I higher companies. tests above underwriting comfortable. that. are when stressing very individual look don't think an we're XXX at portfolio the we that's basis across XX them

Erik Zwick

curious. I more but question was realize speculative, that part the second of just

thoughts So today. I your appreciate

Operator

question Adams We'll take from our of Raymond next James. Sean-Paul

Sean-Paul Adams

ends Could about XXXX. in of bit color you status little give facility just and June the period the of a where the revolving the JV

Michael Gross

For the SSLP?

Bruce Spohler

SSLP? the For

Sean-Paul Adams

Yes.

Bruce Spohler

JV ramping. The process in is of the

Michael Gross

combined two us, We of each far. so between equity million $XX of million $XX.X the so

Bruce Spohler

assets steadily $XXX of QX, in up we're assets, and of that quarter you, have it was million been million QX, in last That $XX each fourth the $XX the in million quarter. $XX started commitments just had million. year. We commitments And track to to and now about moving of for in

the just when facility that the about previously, we opened we stated in And ramp a in year complete credit we expect maximum to year-end. get And ago. to should As million million really to to million by the $XXX QX. continue continue $XXX be $XXX

to just you that continue have the to give we ability So date. maturity forward. The is to that extend 'XX,

Operator

our from KBW. question next take We'll Ryan of Lynch

Ryan Lynch

the had you chart question guys weighted XX.X% yield. average in that It's just quarter. loans, on First the regarding have like I the asset-based was

I'm is businesses the when I that's are at then high those underlying to asset-based besides what that so very trying any reconcile look sort finance And that on But yield holding a those one on loans loans. your sheet, are like balance about Credit That only months X:X, a first looks to SLR X.X% Solutions. SLRC X levered the that of XXXX. It generated entity. being over yield entity like of it's about

just of to understand and has of so financings, I'm yields those yet reconcile of asset than for that underlying asset-based Credit very overall a And less but SLRC. generated on trying half SLR the is entity that, yield high Solutions

reconcile can two? So you those

Bruce Spohler

and know, Without last just references Ryan, their the and of SLR year. point Credit segment. SUNS Healthcare which yield as in variety Credit to came connection they where focused, know, industries, on asset-based including is as XX.X% you a than the receivables the with numbers, Yes. category the level your receivable-backed into merger the you health Business yields ABL, that of across as Solutions higher asset thematically, well of And financing both specific factoring are care-dedicated predominantly a with are of asset getting level as Credit to loan combination Solutions

obviously cost XX.X%. to by the return portfolio there burdened just equity that's then the color asset But credit and is does we Credit fixed. little with of And the which So components. are -- being on ramping underinvested, of more yields Solutions that business, the solutions is together the so process that rebuilding blend have on which in we're a in lower

see ramp And there to improved continue portfolio. as to that we expect returns so we

Ryan Lynch

that -- tell. returns from generated because I a at holds. of your just the to pieces been credit you're look investments, there level, it's the they've high months, I have because issues controlled about overall have SLRC look at these Have there's When net for hard pressured I portfolio the from about high there they first of here. return that X.X%. because returns that an your entities right, XX% But different underlying some a represent been annualized level, if of X mean it's of

return very investments to on the weighted relative So these there's a portfolio XX.X%. yield on average low of your overall

very these like these they're generating underlying low. that returns are into SLRC the investments, So ultimate the are entities and they're controlled high for healthy, assets going seem meanwhile, very very that

helpful if how reconcile, you be them together to are would entities, the yield it and could asset strong. on coming of piece that given really from kind what where in is difference the so improve returns already And those

Bruce Spohler

Sure.

your Credit our question. Solutions Solutions, talked about, to that have for particular, this does churn. about sheet too question, that well, both It's earlier to high Credit have much re-ramping and it's we an to your that's was which the at asset time think, I that Solutions us, impairment Credit portfolio. The marked optimistic year, not did in and are spending which but recovery story balance on full through, first as and without working on AmeriMark, really one, your point we're

companies cash that that are flow know, lending you is to As transition. in

that not ramp is we fully an to like expect continue that to invested time easy is So to it although a this in times that portfolio. portfolio keep

particular, ABL and to exploring on expect more larger to ABL is those Credit at scale. portfolio story to ROE So be But short expanding we that, in do able some up, we're which portfolios about other build dramatically Solutions. Away receivables. factoring I is the from focused business, that also increase a it's opportunities think in our to the

Michael Gross

the SSLP. have substantially and dry million the the that of of that it's fact think I we the companies we majority or finance all discussed vast powder, $XXX is And notable of within it

as those the have the opportunity, ROE we drive deploy of to really we as So capital, whole. and a that entities SLRC

Ryan Lynch

Okay.

more there. looks it the that returns like already So drive yields, guys a yields capital entities. leverage the driver deployment of Because be it healthy. to the It it's are would further the sounds like biggest underlying see could you within pretty

Michael Gross

Yes. We We expect [ more do don't ] expect deploy to yields capital. to get better.

Bruce Spohler

told backdrop would be to year, not up those are loans earlier starting a But Credit though, regional you, good would crisis, to of is sort we know, froze from that a which stickier them. The Solutions, to just are A transaction as you bid bank. have working in that And the regional are segment, markets. relationship news when it more these year ago, lost capital the for of transactions. launch they're reopen. showing now this they to transactional. they And banking that takes away it is a while I and

through expand think So regional backdrop opportunities increased build pipeline works the we and of the business to as prices platform. the that we banking system, the already seeing we're

Operator

to of [Operator Compass Instructions] Alexander We'll move Point. Casey next

Casey Alexander

Yes.

Just there's the I'm going one so on same late. lot apologize calls question. And I of a in time, at

So appreciate dividend? to You already reason. a to go quarterly this, I'm back presumably curious back for wondering if why it. a just you're I'm dividend went why you good quarterly monthly answered going to dividend just I a a pay.

Michael Gross

couple A the it. of end us all it share and reason quarterly just of X or us the It a quarterly to with saves is, at saves BDCs back do X in -- $X.XX earnings enough money. was to or to much pretty annually it for reasons. $X.XX are day, And exceptions. probably One go the also that

Operator

Sean-Paul We of Instructions] have Adams James. [Operator follow-up a Raymond from

Sean-Paul Adams

on BDCs base other actually their about them of your within follow-up quick put side. nonaccrual. One commentary any on Is couple there just status A portfolio?

Bruce Spohler

Yes.

a debt restructured is with And the combination and itself it of is venture joint base we transition restructured of been side has is period as that year a strategic this earlier into equity. a in meaningful underway very company a So positive and speak. loan from

to think treating -- interest security the new the expectations. converted and equity accrue than debt the So debt company is will there's can't and security. to better speak are performing it, a how we I new old was others that but a

Operator

And at further have questions time. it no appears this that we

Michael Gross

your We Thank follow-up free have And everybody. feel any if questions, Thank always, call us. time. appreciate you, you. of as please you any to

Operator

does This today's conclude conference.

You your day. and everyone, lines, disconnect have great may a now

SLR Investment (SLRC) 8 Nov 232023 Q3 Earnings call transcript