Net Investment Income of $0.40 Per Share;

Stability in Both NAV and NII Per Share

NEW YORK, Nov. 04, 2025 (GLOBE NEWSWIRE) -- SLR Investment Corp. (NASDAQ:SLRC) (the "Company", "SLRC", "we", "us", or "our") today reported net investment income ("NII") of $21.6 million, or $0.40 per share, for the third quarter of 2025. On November 4, 2025, the Company's board of directors (the "Board") declared a quarterly distribution of $0.41 per share payable on December 26, 2025, to holders of record as of December 12, 2025.

As of September 30, 2025, net asset value ("NAV") was $18.21 per share, an increase from $18.19 per share at June 30, 2025.

"While private credit conditions have recently garnered significant headlines, we are pleased with SLRC's performance in the third quarter, supporting our trend of stability in both NAV per share and NII per share. Our decision to be more discerning in cash flow loans over the last couple of years has positioned the Company to withstand various economic conditions as well as declines in interest rates," said Michael Gross, Co-CEO of SLR Investment Corp. "The Company's non-accrual rate, PIK from restructured loans, and watchlist percent of fair value all remain low on an absolute and a relative-to-our-peer-group basis. We believe our portfolio allocation to specialty finance offers investors truly differentiated private credit exposure."

"Originations in the third quarter continued to reflect a strong quarter of activity across attractive corporate asset-based loans, which further expanded our shift to specialty finance investments. Today, close to 85% of our portfolio fair value consists of specialty finance loans, which we believe carry attractive risk adjusted returns and offer downside protection through underlying collateral coverage," said Bruce Spohler, Co-CEO of SLR Investment Corp. "Demand for our corporate direct asset-based lending solutions from both sponsor-backed and non-sponsor borrowers remains elevated, as companies seek liquidity solutions to navigate an uncertain economic environment and challenging exit conditions in private equity. As a result of this increasing demand and our investment capacity, we continue to see expansion of our investment pipeline across our specialty finance businesses."

FINANCIAL HIGHLIGHTS FOR THE QUARTER ENDED SEPTEMBER 30, 2025:

At September 30, 2025:

Investment Portfolio fair value: $2.1 billion | Comprehensive Investment Portfolio⁽¹⁾ fair value: $3.3 billion

Non-accruals: 0.3% at fair value, 0.5% at cost of Investment Portfolio

Net assets: $993.3 million or $18.21 per share

Leverage: 1.13x net debt-to-equity

Operating Results for the Quarter Ended September 30, 2025:

Net investment income: $21.6 million or $0.40 per share

Net realized and unrealized gains: $1.7 million or $0.03 per share

Net increase in net assets from operations: $23.3 million or $0.43 per share

Comprehensive Investment Portfolio Activity⁽²⁾ for the Quarter Ended September 30, 2025:

Investments made: $447.0 million

Investments prepaid and sold: $418.9 million

₍₁₎ _{The Comprehensive Investment Portfolio for the quarter ended September 30, 2025 is comprised of SLRC's investment portfolio and SLR Credit Solutions' ("SLR-CS") portfolio, SLR Equipment Finance's ("SLR-EF") portfolio, Kingsbridge Holdings, LLC's ("KBH") portfolio, SLR Business Credit's ("SLR-BC") portfolio, SLR Healthcare ABL's ("SLR-HC ABL") portfolio owned by the Company (collectively, the Company's "Commercial Finance Portfolio Companies"), and the senior secured loans held by the SLR Senior Lending Program LLC ("SSLP") attributable to the Company, and excludes the Company's fair value of the equity interests in SSLP and the Commercial Finance Portfolio Companies and also excludes SLRC's loans to KBH, SLR-EF, and SLR HC ABL.}

₍₂₎ _{Comprehensive Investment Portfolio activity for the quarter ended September 30, 2025, includes investment activity of the Commercial Finance Portfolio Companies and SSLP attributable to the Company.}

Comprehensive Investment Portfolio

Portfolio Activity

During the three months ended September 30, 2025, SLRC had Comprehensive Investment Portfolio originations of $447.0 million and repayments of $418.9 million across the Company's four investment strategies:

For the Quarter Ended September 30, 2025 *($mm)*
Asset Class	Sponsor Finance⁽¹⁾	Asset-based Lending⁽²⁾	Equipment Finance⁽³⁾	Life Science Finance	Total Comprehensive Investment Portfolio Activity
Originations	$31.3	$301.6	$112.3	$1.8	$447.0
Repayments / Amortization	$40.9	$244.1	$133.0	$0.9	$418.9
Net Portfolio Activity	($9.6)	$57.5	($20.7)	$0.9	$28.1

₍₁₎ _{Sponsor Finance refers to cash flow loans to sponsor-owned companies including cash flow loans held in SSLP attributable to the Company.}

₍₂₎ _{Includes SLR-CS, SLR-BC and SLR-HC ABL's portfolios, as well as asset-based loans on the Company's balance sheet.}

₍₃₎ _{Includes SLR-EF's portfolio and equipment financings on the Company's balance sheet and Kingsbridge Holdings' (KBH) portfolio.}

Comprehensive Investment Portfolio Composition

The Comprehensive Investment Portfolio is diversified across approximately 900 unique issuers, operating in over 110 sub-industry sectors, and resulting in an average exposure of $3.6 million or 0.1% per issuer. As of September 30, 2025, 98.2% of the Company's Comprehensive Investment Portfolio was invested in senior secured loans of which 94.8% was held in first lien senior secured loans. Second lien ABL exposure was 3.2% and second lien cash flow exposure was 0.2% of the Comprehensive Investment Portfolio as of September 30, 2025.

SLRC's Comprehensive Investment Portfolio composition by asset class as of September 30, 2025 was as follows:

Comprehensive Investment Portfolio Composition (at fair value)	Amount		Weighted Average Asset Yield⁽⁵⁾
	($mm)	%	Weighted Average Asset Yield⁽⁵⁾
Senior Secured Investments
Cash Flow Loans (Sponsor Finance)⁽¹⁾	$502.8	15.4%	10.2%
Asset-Based Loans⁽²⁾	$1,440.2	44.0%	13.4%
Equipment Financings⁽³⁾	$1,053.6	32.2%	11.4%
Life Science Loans	$218.1	6.6%	12.3%
Total Senior Secured Investments	$3,214.7	98.2%	12.2%
Equity and Equity-like Securities	$57.4	1.8%
Total Comprehensive Investment Portfolio	$3,272.1	100.0%
Floating Rate Investments⁽⁴⁾	$2,139.2	65.9%
First Lien Senior Secured Loans	$3,103.1	94.8%
Second Lien Senior Secured Asset-Based Loans	$105.8	3.2%
Second Lien Senior Secured Cash Flow Loans	$5.8	0.2%

₍₁₎ _{Includes cash flow loans held in the SSLP attributable to the Company and excludes the Company's equity investment in SSLP.}

₍₂₎ _{Includes SLR-CS, SLR-BC, and SLR-HC ABL's portfolios, as well as asset-based loans on the Company's balance sheet, and excludes the Company's equity investments in each of SLR-CS, SLR-BC, and SLR-HC ABL.}

₍₃₎ _{Includes SLR-EF's portfolio and equipment financings on the Company's balance sheet and Kingsbridge Holdings' (KBH) portfolio. Excludes the Company's equity and debt investments in each of SLR-EF and KBH.}

₍₄₎ _{Floating rate investments are calculated as a percent of the Company's income-producing Comprehensive Investment Portfolio. The majority of fixed rate loans are associated with SLR-EF and leases held by KBH. Additionally, SLR-EF and KBH seek to match-fund their fixed rate assets with fixed rate liabilities.}

₍₅₎ _{The weighted average asset yield for income producing cash flow, asset-based and life science loans on balance sheet is based on a yield to maturity calculation. The weighted average asset yield calculation for Life Science loans includes the amortization of expected exit/success fees. The weighted average yield for on-balance sheet equipment financings is calculated based on the expected average life of the investments. The weighted average asset yield for SLR-CS asset-based loans is an Internal Rate of Return (IRR) calculated using actual cash flows received and the expected terminal value. The weighted average asset yield for SLR-BC and SLR-HC ABL represents total interest and fee income for the three-month period ended on September 30, 2025 against the average portfolio over the same fiscal period, annualized. The weighted average asset yield for SLR-EF represents total interest and fee income for the three-month period ended on September 30, 2025, annualized. The weighted average yield for the KBH equipment leasing portfolio represents the blended yield from the company's 1st lien loan on par value and the annualized dividend yield on the cost basis of the company's equity investment as of September 30, 2025.}

SLR Investment Corp. Portfolio

Asset Quality

As of September 30, 2025, 99.7% of SLRC's portfolio was performing on a fair value basis and 99.5% on a cost basis, with only one investment on non-accrual.

The Company puts its largest emphasis on risk control and credit performance. On a quarterly basis, or more frequently if deemed necessary, the Company formally rates each portfolio investment on a scale of one to four, with one representing the least amount of risk.

As of September 30, 2025, the composition of our investment portfolio, on a risk ratings basis, was as follows:

Internal Investment Rating	Investments at Fair Value ($mm)	% of Total Portfolio
1	$631.9	30.0%
2	$1,417.0	67.3%
3	$50.6	2.4%
4	$5.8	0.3%

Investment Income Contribution by Asset Class

*Investment Income Contribution by Asset Class⁽¹⁾* *($mm)*
For the Quarter Ended:	Sponsor Finance	Asset-based Lending	Equipment Finance	Life Science Finance	Total
9/30/2025	$13.9	$28.0	$8.3	$6.8	$57.0
% Contribution	24.3%	49.2%	14.6%	11.9%	100.0%

₍₁₎ _{Investment Income Contribution by Asset Class includes: interest income/fees from Sponsor Finance (cash flow) loans on balance sheet and distributions from SSLP; income/fees from asset-based loans on balance sheet and distributions from SLR-CS, SLR-BC, SLR-HC ABL; income/fees from equipment financings and distributions from SLR-EF and distributions from KBH; and income/fees from life science loans on balance sheet.}

SLR Senior Lending Program LLC (SSLP)

As of September 30, 2025, the Company and its 50% partner, Sunstone Senior Credit L.P., had contributed combined equity capital of $95.8 million of a total $100 million equity commitment to the SSLP. At quarter end, SSLP had total commitments of $197.5 million at par and total funded portfolio investments of $187.2 million at fair value, consisting of floating rate senior secured loans to 28 different borrowers and an average investment of $6.7 million per borrower. During the quarter ended September 30, 2025, SSLP invested $18.5 million in 4 portfolio companies and had $15.3 million of investments repaid.

SLR Investment Corp.'s Results of Operations Quarter Over Quarter

Investment Income

For the fiscal quarters ended September 30, 2025 and 2024, gross investment income totaled $57.0 million and $59.8 million, respectively. The year-over-year decrease in gross investment income was primarily due to a decrease in the average size of the income producing investment portfolio as well as a decrease in index rates.

Expenses

SLRC's net expenses totaled $35.4 million and $35.4 million, respectively, for the fiscal quarters ended September 30, 2025 and 2024.

For the fiscal quarters ended September 30, 2025 and 2024, $13 thousand and $41 thousand, respectively, performance-based incentive fees were waived resulting from the Company's merger with SLR Senior Investment Corp., which closed on April 1, 2022.

Net Investment Income

SLRC's net investment income totaled $21.6 million and $24.3 million, or $0.40 and $0.45, per average share, respectively, for the fiscal quarters ended September 30, 2025 and 2024.

Net Realized and Unrealized Gain (Loss)

Net realized and unrealized gain (loss) for the fiscal quarters ended September 30, 2025 and 2024 totaled $1.7 million and ($2.3) million, respectively.

Net Increase in Net Assets Resulting from Operations

For the fiscal quarters ended September 30, 2025 and 2024, the Company had a net increase in net assets resulting from operations of $23.3 million and $22.0 million, respectively. For the same periods, earnings per average share were $0.43 and $0.40, respectively.

Capital and Liquidity

Credit Facilities

As of September 30, 2025, the Company had $523.4 million drawn on $995 million of total commitments available on its revolving credit facilities and $140 million of term loans outstanding.

Unsecured Debt

As of September 30, 2025, the Company had $484.0 million of unsecured notes outstanding, representing over 42% of the Company's total drawn debt. On August 21, 2025, the Company closed a private offering of $75.0 million of unsecured notes due August 21, 2028 with a fixed interest rate of 5.95%. On July 30, 2025, the Company closed a private offering of $50.0 million of unsecured notes due July 30, 2028 with a fixed interest rate of 5.96%.

The Company does not have any near-term refinancing obligations, with the next unsecured notes maturity occurring in December 2026.

Leverage

As of September 30, 2025, the Company's net debt-to-equity ratio was 1.13x compared to 1.03x at December 31, 2024 and 1.17x at June 30, 2025. The Company's target range is 0.9x to 1.25x net debt-to-equity.

Available Capital

As of September 30, 2025, including anticipated available borrowing capacity at the SSLP and our specialty finance portfolio companies, subject to borrowing base limits, SLRC, SSLP and our specialty finance portfolio companies had over $850 million of available capital in the aggregate.

Unfunded Commitments

As of September 30, 2025, excluding commitments of $92.1 million to SLR-CS, SLR-BC, SLR-HC ABL, SLR-EF, and SSLP, over which the Company has discretion to fund, the Company had unfunded commitments of approximately $316.3 million.

Subsequent Events

On November 4, 2025, the Board declared a quarterly distribution of $0.41 per share payable on December 26, 2025, to holders of record as of December 12, 2025.

Conference Call and Webcast Information

The Company will host an earnings conference call and audio webcast at 10:00 a.m. (Eastern Time) on Wednesday, November 5, 2025. All interested parties may participate in the conference call by dialing (800) 245-3047 approximately 5-10 minutes prior to the call, international callers should dial (203) 518-9765. Participants should reference SLR Investment Corp. and Conference ID: SLRC3Q25. A telephone replay will be available until November 19, 2025 and can be accessed by dialing (800) 839-6790. International callers should dial (402) 220-6053.

This conference call will also be broadcast live over the Internet and can be accessed by all interested parties from the Event Calendar within the "Investors" tab of SLR Investment Corp.'s website at https://slrinvestmentcorp.com/Investors/Event-Calendar. Please register online prior to the start of the call. For those who are not able to listen to the broadcast live, a replay of the webcast will be available soon after the call.

SLR INVESTMENT CORP.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except share and per share amounts)

	September 30, 2025 (unaudited)			December 31, 2024
Assets
Investments at fair value:
Companies less than 5% owned (cost: $1,119,909 and $1,019,357, respectively)	$	1,124,029		$	1,027,457
Companies 5% to 25% owned (cost: $107,962 and $103,655, respectively)		94,843			89,945
Companies more than 25% owned (cost: $910,367 and $916,554, respectively)		886,421			888,232
Cash		21,421			16,761
Cash equivalents (cost: $373,030 and $397,510, respectively)		373,030			397,510
Dividends receivable		15,807			15,375
Interest receivable		13,035			11,993
Receivable for investments sold		122			1,573
Prepaid expenses and other assets		1,184			571
Total assets	$	2,529,892		$	2,449,417
Liabilities
Debt ($1,147,436 and $1,041,093 face amounts, respectively, reported net of unamortized debt issuance costs of $8,474 and $9,399, respectively)	$	1,138,962		$	1,031,694
Payable for investments and cash equivalents purchased		373,335			397,510
Management fee payable		7,977			7,739
Performance-based incentive fee payable		5,391			5,920
Interest payable		6,762			7,836
Administrative services payable		1,757			3,332
Other liabilities and accrued expenses		2,421			2,460
Total liabilities	$	1,536,605		$	1,456,491
Commitments and contingencies
Net Assets
Common stock, par value $0.01 per share, 200,000,000 and 200,000,000 common shares authorized, respectively, and 54,554,634 and 54,554,634 shares issued and outstanding, respectively	$	546		$	546
Paid-in capital in excess of par		1,117,606			1,117,606
Accumulated distributable net loss		(124,865	)		(125,226	)
Total net assets	$	993,287		$	992,926
Net Asset Value Per Share	$	18.21		$	18.20

SLR INVESTMENT CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)

	Three months ended
	September 30, 2025			September 30, 2024
INVESTMENT INCOME:
Interest:
Companies less than 5% owned	$	31,711		$	41,068
Companies 5% to 25% owned		1,263			926
Companies more than 25% owned		3,253			3,379
Dividends:
Companies 5% to 25% owned		806			91
Companies more than 25% owned		16,174			12,487
Other income:
Companies less than 5% owned		3,669			1,688
Companies more than 25% owned		116			132
Total investment income		56,992			59,771
EXPENSES:
Management fees		7,977			7,893
Performance-based incentive fees		5,403			6,077
Interest and other credit facility expenses		18,684			18,913
Administrative services expense		1,456			1,392
Other general and administrative expenses		1,859			1,189
Total expenses		35,379			35,464
Performance-based incentive fees waived		(13	)		(41	)
Net expenses		35,366			35,423
Net investment income	$	21,626		$	24,348
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND CASH EQUIVALENTS:
Net realized gain (loss) on investments and cash equivalents (companies less than 5% owned)	$	1,323		$	(2,748	)
Net change in unrealized gain (loss) on investments and cash equivalents:
Companies less than 5% owned		(2,599	)		(4,027	)
Companies 5% to 25% owned		2,533			3,411
Companies more than 25% owned		422			1,065
Net change in unrealized gain (loss) on investments and cash equivalents		356			449
Net realized and unrealized gain (loss) on investments and cash equivalents		1,679			(2,299	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,305		$	22,049
EARNINGS PER SHARE	$	0.43		$	0.40

About SLR Investment Corp.

SLR Investment Corp. is a closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. A specialty finance company with expertise in several niche markets, the Company primarily invests in leveraged, U.S. upper middle market companies in the form of cash flow, asset-based, and life sciences senior secured loans.

Forward-Looking Statements

Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: the demand for the Company's capital solutions and its ability to take advantage of attractive investment opportunities; the market environment and its impact on the business prospects of SLRC and the prospects of SLRC's portfolio companies; prospects for growth of SLRC's investment pipeline; the quality of, and the impact on the performance of SLRC from the investments that SLRC has made and expects to make; and the anticipated availability of capital. In addition, words such as "anticipate," "believe," "expect," "seek," "plan," "should," "estimate," "project" and "intend" indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with: (i) changes or potential disruptions in SLRC's operations, the economy, financial markets and political environment, including those caused by tariffs and trade disputes with other countries, inflation and changing interest rates; (ii) risks associated with possible disruption in the operations of SLRC or the economy generally due to terrorism, war or other geopolitical conflicts, natural disasters, pandemics or cybersecurity incidents; (iii) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (iv) conditions in SLRC's operating areas, particularly with respect to business development companies or regulated investment companies; and (v) other considerations that may be disclosed from time to time in SLRC's publicly disseminated documents and filings. SLRC has based the forward-looking statements included in this press release on information available to it on the date of this press release, and SLRC assumes no obligation to update any such forward-looking statements. Although SLRC undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that it may make directly to you or through reports that SLRC in the future may file with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Contact

SLR Investment Corp.

Investor Relations

slrinvestorrelations@slrcp.com | (646) 308-8770

SLR Investment Corp. Announces Quarter Ended September 30, 2025 Financial Results