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SLR Investment (NASDAQ:SLRC) on Tuesday posted strong Q4 results, driven by growth in net investment income and origination volume.
Q4 net investment income per share was $0.41 vs. $0.37 in Q3 and $0.35 in Q4 2021. Net investment income stood at $22.5M, up 12.5% sequentially and up 51% Y/Y.
At December 31, 2022, net asset value was $18.33 per share vs. $18.37 at September 30, 2022.
During Q4, SLR (SLRC) had total originations of $430.2M, up 9.2% from Q3, and repayments of $409M, more than double sequentially, across its investment strategies. As a result, net portfolio activity was $21.2M in Q4 vs. $234.9M in Q3.
“At year end, ~78% of SLRC’s comprehensive portfolio is allocated to asset-based lending and specialty finance investments that have borrowing bases and full covenant structures supporting the senior secured loans,” said co-CEO Michael Gross. “We believe this asset mix positions us defensively for an economic downturn while enabling us to be opportunistic in allocating capital in 2023.”
During 2022, SLR (SLRC) repurchased ~217.3K shares at an average price of ~$13.98 per share. As of December 31, 2022, the total dollar amount of shares repurchased was ~$3M.
Conf call on March 1 at 10 am ET.
Earlier, SLR (SLRC) declared $0.1367 monthly dividend.
Image and article originally from seekingalpha.com. Read the original article here.