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    SLR Investment (SLRC)

    Market Price (11/6/2026): $11.97 | Market Cap: $642.4 MilSector: Financials | Industry: Asset Management & Custody Banks

    SLR Investment (SLRC)

    Market Price (11/6/2026): $11.97
    Market Cap: $642.4 Mil
    Sector: Financials
    Industry: Asset Management & Custody Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 21%, Dividend Yield is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 16%, FCF Yield is 33%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 316%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 316%

    Low stock price volatility
    Vol 12M is 25%

    Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets. Themes include Private Credit.

    Weak multi-year price returns
    2Y Excs Rtn is -39%, 3Y Excs Rtn is -68%

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 93%

    Expensive valuation multiples
    P/SPrice/Sales ratio is 9.5x

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -31%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.0%, Rev Chg QQuarterly Revenue Change % is -62%

    Key risks
    SLRC key risks include [1] declining investment income from potential rate cuts, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 21%, Dividend Yield is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 16%, FCF Yield is 33%
    1 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 316%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 316%
    2 Low stock price volatility
    Vol 12M is 25%
    3 Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets. Themes include Private Credit.
    4 Weak multi-year price returns
    2Y Excs Rtn is -39%, 3Y Excs Rtn is -68%
    5 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 93%
    6 Expensive valuation multiples
    P/SPrice/Sales ratio is 9.5x
    7 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -31%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.0%, Rev Chg QQuarterly Revenue Change % is -62%
    8 Key risks
    SLRC key risks include [1] declining investment income from potential rate cuts, Show more.

    Valuation & Metrics

    FYE: 12/31SLRC [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$69.0 Mil—
    FY 2026 Sales$196.2 Mil—
    FY 2027 Sales$199.5 Mil—
    FY 2026 Sales Growth184.2%—
    FY 2027 Sales Growth1.7%8.7%
    EARNINGS
    LTM Net Income (GAAP) [3]$58.1 Mil—
    FY 2026 Net Income (Non-GAAP)$71.3 Mil—
    FY 2027 Net Income (Non-GAAP)$73.0 Mil—
    FY 2027 Net Income Growth2.3%13.9%
    FY 2026 EPS (Non-GAAP)$1.31—
    FY 2027 EPS (Non-GAAP)$1.33—
    FY 2027 EPS Growth1.8%—
    VALUATION
    FY 2026 P/S3.31.7
    FY 2027 P/S3.2—
    FY 2026 P/E9.08.7
    FY 2027 P/E8.8—

    [1] SLRC forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    SLRCS&P 500
    REVENUE GROWTHVERY POOR
    Rev LTM ($ Bil)0.1
    Rev Chg Q-61.6%8.9%
    Rev Chg LTM-30.9%8.6%
    Rev Chg 3Y Avg-3.0%6.3%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.2
    Net Inc LTM ($ Bil)0.1
    CFO/Rev LTM315.7%21.5%
    Net Inc Mgn84.1%13.5%
    VALUATIONMODERATE
    P/S9.53.3
    P/CFO3.015.7
    P/FCF3.020.6
    P/E11.222.9

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    MetricValueDateSource
    Number of Portfolio Companiesapproximately 9403312025Link
    Average Exposure per Issuer$3.2 million3312025Link
    Percentage of Portfolio in Senior Secured Loans98.2%9302025Link
    Percentage of Portfolio in First Lien Senior Secured Loans96.4%3312025Link
    Non-Accrual Rate at Fair Value0.3%6302025Link
    Net Debt-to-Equity Ratio1.13x11042025Link
    Number of Industries in Portfolioover 1053312025Link
    Weighted Average Annualized Yield on Portfolio12.2%8062025Link
    Number of Institutional Owners14110282025Link
    Percentage of Floating Rate Investments61.8%5112025Link

    Price Chart

    Upcoming
    2/23/2027Earnings ReleaseRev: $49 Mil (E)
    EPS: $0.33 (E)

    Why The Stock Moved

    Qualitative Assessment

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    Updated on 11/3/2026

    SLR Investment (SLRC) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

    1. Consecutive Decreases in Net Asset Value (NAV) per Share.

    SLR Investment (SLRC) experienced a sequential decline in its Net Asset Value (NAV) per share during the specified period. NAV decreased from $18.16 per share at the end of fiscal Q1 2026 (March 31, 2026) to $18.00 per share at the end of fiscal Q2 2026 (June 30, 2026), and further to $17.83 per share at the end of fiscal Q3 2026 (September 30, 2026). This consistent reduction in the underlying value of the company's assets likely contributed to negative investor sentiment.

    2. Year-over-Year Decline in Gross Investment Income and Net Investment Income (NII).

    The company reported a notable decrease in its gross investment income and Net Investment Income (NII) compared to the prior year. In fiscal Q3 2026, gross investment income was $49.3 million, down from $57.0 million in fiscal Q3 2025. Concurrently, NII per share for fiscal Q3 2026 stood at $0.33, a decrease from $0.40 per share in fiscal Q3 2025. Management attributed this decline primarily to a "decrease in the average size of the income producing investment portfolio."

    Show more
    Updated on 11/3/2026

    SLR Investment (SLRC) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

    1. Consecutive Decreases in Net Asset Value (NAV) per Share.

    SLR Investment (SLRC) experienced a sequential decline in its Net Asset Value (NAV) per share during the specified period. NAV decreased from $18.16 per share at the end of fiscal Q1 2026 (March 31, 2026) to $18.00 per share at the end of fiscal Q2 2026 (June 30, 2026), and further to $17.83 per share at the end of fiscal Q3 2026 (September 30, 2026). This consistent reduction in the underlying value of the company's assets likely contributed to negative investor sentiment.

    2. Year-over-Year Decline in Gross Investment Income and Net Investment Income (NII).

    The company reported a notable decrease in its gross investment income and Net Investment Income (NII) compared to the prior year. In fiscal Q3 2026, gross investment income was $49.3 million, down from $57.0 million in fiscal Q3 2025. Concurrently, NII per share for fiscal Q3 2026 stood at $0.33, a decrease from $0.40 per share in fiscal Q3 2025. Management attributed this decline primarily to a "decrease in the average size of the income producing investment portfolio."

    3. Significant Net Realized and Unrealized Losses on Investment Portfolio.

    SLR Investment recorded substantial net realized and unrealized losses during the period, impacting its financial performance. The company reported net realized and unrealized losses of $9.5 million in fiscal Q2 2026 (ended June 30, 2026) and $10.2 million in fiscal Q3 2026 (ended September 30, 2026). These losses directly reduced the value of its investment portfolio and, consequently, its net assets.

    4. Broad BDC Sector Weakness and Rising Interest Rate Environment.

    The broader Business Development Company (BDC) sector experienced a downturn, contributing to SLRC's stock movement. The VanEck-sponsored BDC exchange-traded fund (BIZD) declined by 4.6% in the week ending October 2, 2026, and by 5.9% over the preceding two weeks. This sector-wide pressure was compounded by the Federal Reserve's interest rate hike on September 16, 2026, which raised the federal funds rate to a range of 3.75%–4.00%, the first increase in over three years. Expectations of a "higher-for-longer" interest rate environment, with potential for further hikes, likely increased borrowing costs for BDCs and negatively affected the valuation of their loan portfolios.

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    Stock Movement Drivers

    Fundamental Drivers

    The -2.3% change in SLRC stock from 7/31/2026 to 11/5/2026 was primarily driven by a -31.7% change in the company's Total Revenues ($ Mil).
    (LTM values as of)731202611052026Change
    Stock Price ($)12.2611.98-2.3%
    Change Contribution By: 
    Total Revenues ($ Mil)10169-31.7%
    Net Income Margin (%)88.7%84.1%-5.2%
    P/E Multiple7.511.351.0%
    Shares Outstanding (Mil)55550.0%
    Cumulative Contribution-2.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/5/2026
    ReturnCorrelation
    SLRC-2.3% 
    Market (SPY)-1.9%39.1%
    Sector (XLF)1.0%47.6%

    Fundamental Drivers

    The -20.3% change in SLRC stock from 4/30/2026 to 11/5/2026 was primarily driven by a -33.2% change in the company's Total Revenues ($ Mil).
    (LTM values as of)430202611052026Change
    Stock Price ($)15.0311.98-20.3%
    Change Contribution By: 
    Total Revenues ($ Mil)10369-33.2%
    Net Income Margin (%)89.6%84.1%-6.1%
    P/E Multiple8.911.327.0%
    Shares Outstanding (Mil)55550.0%
    Cumulative Contribution-20.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/5/2026
    ReturnCorrelation
    SLRC-20.3% 
    Market (SPY)2.3%13.4%
    Sector (XLF)10.7%25.6%

    Fundamental Drivers

    The -12.9% change in SLRC stock from 10/31/2025 to 11/5/2026 was primarily driven by a -29.5% change in the company's Total Revenues ($ Mil).
    (LTM values as of)1031202511052026Change
    Stock Price ($)13.7511.98-12.9%
    Change Contribution By: 
    Total Revenues ($ Mil)9869-29.5%
    Net Income Margin (%)90.7%84.1%-7.3%
    P/E Multiple8.411.333.3%
    Shares Outstanding (Mil)55550.0%
    Cumulative Contribution-12.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/5/2026
    ReturnCorrelation
    SLRC-12.9% 
    Market (SPY)8.4%27.7%
    Sector (XLF)11.1%37.3%

    Fundamental Drivers

    The 14.9% change in SLRC stock from 10/31/2023 to 11/5/2026 was primarily driven by a 13.4% change in the company's P/E Multiple.
    (LTM values as of)1031202311052026Change
    Stock Price ($)10.4311.9814.9%
    Change Contribution By: 
    Total Revenues ($ Mil)69690.0%
    Net Income Margin (%)84.5%84.1%-0.5%
    P/E Multiple9.911.313.4%
    Shares Outstanding (Mil)56551.8%
    Cumulative Contribution14.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2023 to 11/5/2026
    ReturnCorrelation
    SLRC14.9% 
    Market (SPY)81.3%44.2%
    Sector (XLF)85.5%48.4%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    SLRC Return15%-16%21%19%6%-16%23%
    Peers Return35%-11%33%27%-5%-2%87%
    S&P 500 Return27%-19%24%23%16%12%105%

    Monthly Win Rates [3]
    SLRC Win Rate58%33%67%67%42%55% 
    Peers Win Rate80%43%72%75%53%51% 
    S&P 500 Win Rate75%42%67%75%67%45% 

    Max Drawdowns [4]
    SLRC Max Drawdown-10%-31%-13%-10%-18%-28% 
    Peers Max Drawdown-9%-26%-10%-10%-23%-19% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: ARCC, OBDC, BXSL, MAIN, FSK.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 11/5/2026 (YTD)

    How Low Can It Go

    EventSLRCS&P 500
    2025 US Tariff Shock
      % Loss-18.4%-18.8%
      % Gain to Breakeven22.5%23.1%
      Time to Breakeven371 days79 days
    2022 Inflation Shock & Fed Tightening
      % Loss-28.9%-24.5%
      % Gain to Breakeven40.7%32.4%
      Time to Breakeven354 days427 days
    2020 COVID-19 Crash
      % Loss-62.5%-33.7%
      % Gain to Breakeven166.9%50.9%
      Time to Breakeven331 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-11.2%-19.2%
      % Gain to Breakeven12.6%23.8%
      Time to Breakeven59 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-14.1%-12.2%
      % Gain to Breakeven16.4%13.9%
      Time to Breakeven36 days62 days
    2014-2016 Oil Price Collapse
      % Loss-14.2%-6.8%
      % Gain to Breakeven16.6%7.3%
      Time to Breakeven36 days15 days

    Compare to ARCC, OBDC, BXSL, MAIN, FSK

    In The Past

    SLR Investment's stock fell -18.4% during the 2025 US Tariff Shock. Such a loss loss requires a 22.5% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventSLRCS&P 500
    2022 Inflation Shock & Fed Tightening
      % Loss-28.9%-24.5%
      % Gain to Breakeven40.7%32.4%
      Time to Breakeven354 days427 days
    2020 COVID-19 Crash
      % Loss-62.5%-33.7%
      % Gain to Breakeven166.9%50.9%
      Time to Breakeven331 days140 days

    Compare to ARCC, OBDC, BXSL, MAIN, FSK

    In The Past

    SLR Investment's stock fell -18.4% during the 2025 US Tariff Shock. Such a loss loss requires a 22.5% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About SLR Investment (SLRC)

    SLR Investment Corp. (SLRC) operates as a Business Development Company (BDC) that specializes in providing financing solutions to middle-market companies primarily within the United States. The company's core business involves generating income through various forms of debt and equity investments, targeting established companies that typically have revenues between $50 million and $1 billion and EBITDA ranging from $15 million to $100 million.

    The main products and services offered by SLRC are a variety of debt instruments, including senior secured loans (first lien unitranche and second lien) and subordinated (unsecured) debt. In addition to debt financing, SLR Investment also makes minority equity and non-control equity investments. These capital commitments, generally ranging from $5 million to $100 million, are used by client companies for purposes such as leveraged buyouts, acquisitions, recapitalizations, general refinancing, and funding growth capital initiatives.

    SLRC serves a broad spectrum of industries across the U.S. middle market, providing capital to companies in sectors ranging from aerospace and defense, manufacturing, and technology, to finance, professional services, and a significant focus on life sciences (including specialty pharmaceuticals, medical devices, and biotechnology). The company’s strategy emphasizes strategic income-oriented investments, with a typical investment horizon aiming for exit within three years of the initial capital commitment.

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    Think of SLRC as the "JPMorgan Chase for established, mid-sized American companies."

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    • Secured Loans: SLR Investment provides various forms of secured debt, including first lien unitranche and second lien loans, to middle market companies.
    • Subordinated Debt: The firm offers unsecured debt and mezzanine loans, which are subordinate to senior debt, to provide flexible financing solutions.
    • Equity Investments: SLR Investment makes both minority and strategic income-oriented control equity investments in leveraged middle market companies.

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    SLR Investment Corp. (SLRC) is a business development company (BDC) that specializes in providing financing and making equity investments in middle-market companies. In this business model, SLRC's "customers" are the companies it provides capital to, which are referred to as its portfolio companies. Based on the provided description: SLRC invests in "leveraged middle market companies" with revenues typically between $50 million and $1 billion and EBITDA between $15 million and $100 million. These companies span a wide array of industries. Due to the nature of its business as a diversified lender and investor in typically private middle-market companies, SLRC does not have "major customers" in the traditional sense that purchase its products or services, nor does it typically identify a few specific companies as major revenue generators. Its strategy involves a broad portfolio of investments to diversify risk. The companies it provides capital to are primarily private entities, and therefore do not have public stock symbols. Therefore, SLRC's customers are best described as:
    • Private Middle-Market Companies: These are companies across various industries, typically with revenues between $50 million and $1 billion and EBITDA between $15 million and $100 million, to which SLRC provides senior secured loans, mezzanine loans, and equity securities.
    Given the diversified and private nature of its investment portfolio, specific names of "major customer companies" with public symbols are not applicable or publicly identified for SLRC.

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    Michael Gross, Co-Chief Executive Officer and President

    Michael Gross has been the company's Chief Executive Officer and President since 2007, and Co-Chief Executive Officer since 2019. He also serves as Chairman of the Board. With over 30 years of experience in private equity, distressed debt, and mezzanine lending, Mr. Gross co-founded SLR Capital Partners, LLC, the investment advisor for the SLR BDCs. Between 2004 and 2006, he was President, Chief Executive Officer, and Chairman of Apollo Investment Corporation, a publicly traded business development company that he founded. Additionally, Mr. Gross is a founder and former senior partner of Apollo Management, L.P., a prominent private equity firm. During his tenure at Apollo Management, L.P. from 1990 to 2006, he was a member of the investment committee overseeing over $13 billion invested in more than 150 companies. He also formed Apollo Distressed Investment Fund, L.P. in 2003, which invested primarily in debt and other securities of leveraged companies.

    Shiraz Kajee, Chief Financial Officer and Treasurer

    Shiraz Kajee assumed the role of Chief Financial Officer and Treasurer of SLR Investment Corp. in April 2023. Prior to joining SLR, Mr. Kajee served as a Managing Director at New Mountain Capital and as CFO/Treasurer for several New Mountain BDCs from 2015 to 2023. His professional background also includes serving as the Head of U.S. Finance at Man Investments from 2012 to 2015, and holding positions at Goldman, Sachs & Co. and Citigroup Inc. He began his career at Ernst & Young LLP. Mr. Kajee is a New York State Certified Public Accountant and a Chartered Global Management Accountant.

    Bruce Spohler, Co-Chief Executive Officer and Chief Operating Officer

    Bruce Spohler serves as Co-Chief Executive Officer, Chief Operating Officer, and Director of SLR Investment Corp.. He is a co-founder of the SLR platform, along with Michael Gross, and possesses over 30 years of experience in private equity and leveraged lending. Mr. Spohler has held the position of Chief Operating Officer since February 2007 and became Co-Chief Executive Officer in June 2019. He is also a managing member and senior investment professional of SLR Capital Partners, which is SLR Investment Corp.'s external adviser.

    Guy Talarico, Chief Compliance Officer and Secretary

    Guy Talarico holds the titles of Chief Compliance Officer and Secretary at SLR Investment Corp..

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    Key Risks to SLR Investment Corp. (SLRC)

    1. Credit Risk and Deterioration of Portfolio Company Performance: As a business development company specializing in secured and unsecured debt and equity investments in leveraged middle-market companies, SLR Investment Corp. is highly susceptible to the credit quality and financial health of its portfolio companies. An economic downturn, specific industry challenges, or operational issues within these companies could lead to payment defaults, non-accruals on loans, and a decline in the value of its debt and equity investments, significantly impacting SLRC's income and net asset value.

    2. Interest Rate Risk: SLR Investment Corp.'s profitability is sensitive to fluctuations in interest rates. Rising interest rates could increase the company's borrowing costs, if it uses leverage to fund investments, and simultaneously increase the debt service burden on its portfolio companies, particularly those with floating-rate loans. This could potentially lead to a higher incidence of defaults within its portfolio. Conversely, a significant decline in interest rates could reduce the income earned on its floating-rate assets.

    3. Valuation Risk of Illiquid Investments: A substantial portion of SLR Investment Corp.'s assets consists of investments in privately held, middle-market companies. These investments are inherently illiquid and lack readily observable market prices, making their valuation subjective. The determination of fair value by management and the board often relies on estimates and assumptions, which may not always reflect the price that could be obtained in an orderly transaction. Significant adjustments to these valuations, or an inability to realize the recorded fair value upon exit, could materially affect SLRC's net asset value and financial performance.

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    SLR Investment Corp. (SLRC) operates within the U.S. private credit and middle-market lending markets, which constitute its primary addressable markets.

    The U.S. private credit market is estimated to be approximately $1.3 trillion, with some projections for 2025 reaching $1.34 trillion. This market has experienced significant growth, expanding from $500 billion to $1.3 trillion over the last five years. Other estimates for the U.S. private credit market range around $1.25 trillion as of June 2024. Globally, the private credit market is estimated between $1.5 trillion and $2.1 trillion, with roughly three-quarters of it located in the United States.

    The direct lending segment, which predominantly serves middle-market companies and is a core area for SLR Investment Corp., was estimated to be $1.0 trillion in the U.S. as of March 31, 2022. Direct lending accounted for 54.9% of fund closings in the private debt area in the first half of 2024. Business Development Companies (BDCs), like SLRC, make up about $500 billion of the private credit market.

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    SLR Investment Corp. (SLRC) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

    1. Increased Originations in Asset-Based Lending and Specialty Finance: SLR Investment is strategically shifting its portfolio mix towards asset-based lending (ABL) and other specialty finance strategies, which are noted for offering more attractive risk-adjusted returns and greater downside protection. This focus has already led to significant growth, with ABL originations nearly doubling in the fourth quarter of 2025 compared to the prior year. The company's emphasis on these areas is expected to continue to be a primary driver of new investment activity and, consequently, revenue.
    2. Deployment of Available Capital: As of December 31, 2025, SLR Investment had over $850 million in aggregate available capital. This substantial liquidity provides the company with significant flexibility to originate new investments and capitalize on market opportunities, directly contributing to an expansion of its income-generating asset base.
    3. Overall Portfolio Growth: The company demonstrated robust comprehensive portfolio growth of 7.2% annually in 2025, reaching $3.3 billion by year-end. Sustained expansion of its investment portfolio, driven by consistent high-volume originations across its diversified strategies, is a fundamental driver for increasing net investment income. The firm originated $462 million of new investments in Q4 2025, marking its second-highest quarter on record, and $1.837 billion for the full year 2025.

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    Share Repurchases

    • SLR Investment Corp. authorized an additional $635.0 million for share repurchases on September 17, 2025, supplementing a prior $500.0 million authorization from March 17, 2020, both with no expiration date.
    • During 2025, the company repurchased 1.4 million shares at a cost of $252.4 million.
    • As of December 31, 2025, $924.7 million remained authorized for future share repurchases.

    Share Issuance

    • On April 1, 2022, SLR Investment Corp. completed a merger with SLR Senior Investment Corp. (SUNS), resulting in former SUNS shareholders receiving 0.7796 shares of SLRC for each SUNS share.
    • Following the merger, legacy SLRC shareholders and former SUNS shareholders own approximately 77% and 23%, respectively, of the combined company.

    Outbound Investments

    • For the year ended December 31, 2025, SLR Investment Corp. made investments (originations) totaling $1,837.2 million.
    • The company's Comprehensive Investment Portfolio had a fair value of $3.305 billion as of December 31, 2025.
    • SLRC primarily invests in directly originated senior secured loans to U.S. middle-market companies across various industries, including financial services and healthcare.

    Capital Expenditures

    • SLR Investment Corp. has reported minimal to no traditional capital expenditures over the last several years.

    Peer Outperformance in Asset Management & Custody Banks

    SLRC has trailed 54% of its 82 Asset Management & Custody Banks peers over 5Y. Among the peers that beat it are ARCC and BN. Asset Management & Custody Banks ranks 11th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Asset Management & Custody Banks constituents that SLRC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    37%
    of 100 industry peers · -14.3% return
    3Y
    46%
    of 90 industry peers · 10.1% return
    5Y
    46%
    of 82 industry peers · 4.2% return
    Asset Management & Custody Banks peers with revenue growth within 4pp of SLRC's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
    Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
    SLRC SLR Investment -3.0% 11.3x -14.3%10.1%4.2% —
    ARCC Ares Capital -4.1% 15.9x 4.9%31.3%48.5% +44pp
    BN Brookfield -6.1% 65.3x -8.4%97.4%30.3% +26pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is SLRC's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 33.1%75.7%125.1% SPNT 168% · RGA 162% · RNR 141%
    Investment Banking & Brokerage 13 -3.9%89.1%93.1% IBKR 305% · SNEX 152% · GS 141%
    Diversified Banks 12 30.0%140.4%90.3% CM 144% · RY 129% · JPM 127%
    Life & Health Insurance 20 14.3%52.3%75.4% JXN 514% · UNM 224% · FG 188%
    Property & Casualty Insurance 42 18.9%76.8%66.8% TRV 178% · PGR 172% · ACGL 168%
    Multi-Sector Holdings 3 10.1%53.8%59.4% BRK-B 99% · VOYA 59% · JEF 37%
    Multi-line Insurance 9 9.5%71.4%59.4% AIZ 105% · GNW 104% · L 98%
    Regional Banks 263 30.0%87.5%46.7% CBC 268% · FCNCA 176% · NIC 136%
    Insurance Brokers 15 5.5%13.4%33.4% LIFE 287% · ARX 89% · WTW 56%
    Financial Exchanges & Data 15 20.6%37.2%27.9% CBOE 183% · VIRT 131% · CME 71%
    Asset Management & Custody Banks ← 83 -5.9%22.8%12.3% VCTR 210% · AAMI 207% · WT 205%
    Consumer Finance 30 2.9%81.0%8.1% ENVA 330% · FCFS 130% · ECPG 111%
    Commercial & Residential Mortgage Finance 14 -46.5%36.8%2.5% FNMA 327% · FMCC 293% · ACT 158%
    Diversified Financial Services 4 -1.6%20.1%-1.1% FRHC 153% · EQH 71%
    Specialized Finance 3 15.8%31.5%-19.7% HASI -20% · CACC -24%
    Transaction & Payment Processing Services 17 19.3%9.1%-29.4% V 103% · MA 94% · CPAY 83%
    Mortgage REITs 35 -18.0%-6.1%-37.2% RITM 36% · DX 17% · AGNC 10%
    Diversified Capital Markets 20 -47.1%-8.5%-70.1% LPLA 83% · TW 38% · RIOT -53%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
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    CRCTCricut1.949.7%95.1%
    ARRYArray Technologies0.848.9%-42.5%
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    GDYNGrid Dynamics1.142.6%49.9%
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    VCYTVeracyte1.9-54.0%-43.0%
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    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    BMBLBumble0.8139.2%67.5%
    GDYNGrid Dynamics1.176.5%49.9%
    ULHUniversal Logistics0.872.3%97.6%
    TDOCTeladoc Health1.769.2%34.4%
    SGRYSurgery Partners3.069.0%50.0%
    LQDALiquidia4.066.8%29.0%
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    BRZEBraze5.161.0%33.6%
    UPBDUpbound1.559.3%51.6%
    COAGHemab Therapeutics1.458.8%34.0%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CIFRCipher Digital2.3-61.9%-62.4%
    AAOIApplied Optoelectronics3.8-61.7%34.5%
    FRMIFermi1.0-61.5%-80.9%
    MXLMaxLinear4.0-58.7%154.2%
    AESIAtlas Energy Solutions0.7-57.3%-43.5%
    FPSForgent Power Solutions4.7-55.2%-37.2%
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    ICHRIchor1.0-54.0%52.1%

    More From Trefis

    Research & Analysis

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    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    SLRCARCCOBDCBXSLMAINFSKMedian
    NameSLR Inve.Ares Cap.Blue Owl.Blacksto.Main Str.FS KKR C. 
    Mkt Price11.9719.3410.7624.2656.6311.6415.66
    Mkt Cap0.713.95.35.65.33.25.3
    Rev LTM691,079427326559-459376
    Op Inc LTM-------
    FCF LTM2181,1452,4001,060-1501,6201,102
    FCF 3Y Avg169-8771,298-608281,35198
    CFO LTM2181,1452,4001,060-1501,6201,102
    CFO 3Y Avg169-8771,298-608281,35198

    Growth & Margins

    SLRCARCCOBDCBXSLMAINFSKMedian
    NameSLR Inve.Ares Cap.Blue Owl.Blacksto.Main Str.FS KKR C. 
    Rev Chg LTM-30.9%-31.6%-42.5%-49.5%-10.3%-226.8%-37.1%
    Rev Chg 3Y Avg-3.0%-4.1%-18.4%-11.7%10.1%-94.7%-7.9%
    Rev Chg Q-61.6%-20.7%34.3%-10.3%22.8%-66.7%-15.5%
    QoQ Delta Rev Chg LTM-19.2%-8.1%13.9%-4.5%6.3%-49.5%-6.3%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM315.7%106.1%562.4%324.9%-26.8%-315.7%
    CFO/Rev 3Y Avg198.1%-39.6%255.1%-30.7%3.0%-3.0%
    FCF/Rev LTM315.7%106.1%562.4%324.9%-26.8%-315.7%
    FCF/Rev 3Y Avg198.1%-39.6%255.1%-30.7%3.0%-3.0%

    Valuation

    SLRCARCCOBDCBXSLMAINFSKMedian
    NameSLR Inve.Ares Cap.Blue Owl.Blacksto.Main Str.FS KKR C. 
    Mkt Cap0.713.95.35.65.33.25.3
    P/S9.512.912.417.39.4-12.4
    P/Op Inc-------
    P/EBIT-------
    P/E11.215.915.620.311.7-6.213.6
    P/CFO3.012.22.25.3-35.22.02.6
    Total Yield20.9%16.0%19.9%17.1%15.2%4.0%16.5%
    Dividend Yield12.0%9.7%13.5%12.1%6.6%20.1%12.1%
    FCF Yield 3Y Avg23.2%-6.4%23.2%-9.8%0.3%35.1%11.8%
    D/E1.71.11.51.20.51.91.4
    Net D/E0.91.01.51.20.51.91.1

    Returns

    SLRCARCCOBDCBXSLMAINFSKMedian
    NameSLR Inve.Ares Cap.Blue Owl.Blacksto.Main Str.FS KKR C. 
    1M Rtn4.7%3.8%7.3%3.1%3.9%7.7%4.3%
    3M Rtn-5.0%1.0%-1.9%3.7%1.7%1.7%1.4%
    6M Rtn-7.9%7.2%0.2%6.1%4.2%14.8%5.1%
    12M Rtn-14.3%4.9%-4.8%5.2%6.9%-6.7%0.0%
    3Y Rtn10.0%31.2%9.3%20.5%75.8%-6.5%15.2%
    1M Excs Rtn6.2%6.3%8.8%4.7%6.5%9.7%6.4%
    3M Excs Rtn-5.4%-0.1%-3.8%2.9%-1.6%-2.0%-1.8%
    6M Excs Rtn-12.7%2.4%-4.6%1.3%-0.6%10.0%0.3%
    12M Excs Rtn-27.0%-8.1%-19.2%-8.7%-6.6%-21.0%-14.0%
    3Y Excs Rtn-68.5%-48.1%-67.7%-60.5%4.7%-85.8%-64.1%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q32026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q4
    Period End9/30/20266/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/2023
    Filing Date11/3/20268/4/20265/5/20262/24/202611/4/20258/5/20255/7/20252/25/202511/6/20248/7/20245/8/20242/27/2024
    Key Financials Quarterly            
    Total Revenue101120282727222525263026
    Net Income8817252324202322232824
    EPS0.140.150.310.460.430.440.370.420.400.430.510.43
    Key Financials TTM            
    Total Revenue TTM6985101103100989710510611110787
    Net Income TTM5874909390898896971029776
    Growth Rates Quarterly            
    Total Revenue Growth-61.6%-59.0%-9.9%13.9%8.2%3.4%-26.5%-5.7%-16.7%21.0%209.5%15.0%
    Net Income Growth-67.5%-65.9%-14.1%10.9%5.7%4.3%-28.5%-4.3%-18.2%22.3%308.4%24.3%
    Margins Quarterly            
    Net Income Margin74.3%75.6%85.9%89.7%87.6%91.0%90.1%92.1%89.7%90.1%92.6%90.8%
    Cash & Debt            
    Total Cash498422400364394373467414346285308344
    Total Debt1,1061,1541,1381,1461,1391,1731,0391,0321,1021,1541,1571,178
    Net Debt / (Cash)609731738782745800572617756869849834
    Cash Flows Quarterly            
    FCF from Operations1402567-1479-205681621373738
    Cash Flows TTM            
    FCF from Operations TTM218157-73-7210416237030918588-79-77
    Returns to Shareholders Quarterly            
    Dividends171722222222222222222222
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC1.8%1.8%3.7%5.3%5.0%5.1%4.7%5.2%4.7%4.7%5.7%4.8%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM3.4%4.0%4.8%4.9%4.8%4.6%5.2%5.5%5.2%5.1%5.0%3.9%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Single Segment224232214119138
    Total224232214119138


    Price Behavior

    Price Behavior
    Market Price$11.98 
    Market Cap ($ Bil)0.7 
    First Trading Date02/09/2010 
    Distance from 52W High-21.9% 
       50 Days200 Days
    DMA Price$11.75$12.84
    DMA Trenddowndown
    Distance from DMA1.9%-6.7%
     3M1YR
    Volatility18.5%24.9%
    Downside Capture53.0676.90
    Upside Capture26.9950.24
    Correlation (S&P 500)29.6%26.8%
    SLRC Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta0.060.370.640.190.500.57
    Up Beta-2.260.081.07-0.560.200.57
    Down Beta0.760.270.290.190.420.66
    Up Capture-8%21%45%4%38%18%
    Bmk +ve Days12182862130427
    Stock +ve Days10172755118382
    Down Capture-13%72%84%82%84%79%
    Bmk -ve Days10253664121325
    Stock -ve Days12263771127341

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with SLRC
    SLRC-13.5%24.9%-0.63-
    Sector ETF (XLF)11.1%15.2%0.4737.5%
    Equity (SPY)9.5%13.6%0.4127.8%
    Gold (GLD)3.6%28.7%0.110.9%
    Commodities (DBC)37.7%21.2%1.40-6.5%
    Real Estate (VNQ)12.0%14.2%0.5524.4%
    Bitcoin (BTCUSD)-20.8%43.3%-0.4217.4%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with SLRC
    SLRC0.4%20.7%-0.06-
    Sector ETF (XLF)9.1%18.4%0.3652.3%
    Equity (SPY)11.3%17.3%0.4849.4%
    Gold (GLD)17.5%19.1%0.744.7%
    Commodities (DBC)8.0%19.6%0.2913.3%
    Real Estate (VNQ)1.2%18.9%-0.0542.5%
    Bitcoin (BTCUSD)5.9%51.5%0.2922.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with SLRC
    SLRC4.3%29.7%0.19-
    Sector ETF (XLF)13.3%22.1%0.5448.4%
    Equity (SPY)14.9%18.0%0.7044.8%
    Gold (GLD)12.0%16.5%0.593.9%
    Commodities (DBC)7.6%18.1%0.3318.9%
    Real Estate (VNQ)5.7%20.7%0.2343.7%
    Bitcoin (BTCUSD)61.3%66.2%1.0116.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity1.2 Mil
    Short Interest: % Change Since 93020261.6%
    Average Daily Volume0.3 Mil
    Days-to-Cover Short Interest3.4 days
    Basic Shares Quantity54.6 Mil
    Short % of Basic Shares2.1%

    Returns Analyses

    Earnings Returns History

    Updated 11/6/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    11/3/20263.3%  
    8/4/2026-3.9%-1.8%-3.6%
    5/5/2026-12.6%-17.8%-17.7%
    2/24/20263.3%1.1%0.4%
    11/4/20251.0%1.0%4.2%
    8/5/20253.3%3.3%4.8%
    5/7/20251.1%6.0%9.1%
    2/25/2025-1.7%0.6%-0.3%
    ...
    SUMMARY STATS   
    # Positive151715
    # Negative857
    Median Positive2.4%2.6%5.7%
    Median Negative-1.4%-3.8%-2.7%
    Max Positive3.6%6.5%11.8%
    Max Negative-12.6%-17.8%-17.7%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    11/3/20263.3%  
    8/4/2026-3.9%-1.8%-3.6%
    5/5/2026-12.6%-17.8%-17.7%
    2/24/20263.3%1.1%0.4%
    11/4/20251.0%1.0%4.2%
    8/5/20253.3%3.3%4.8%
    5/7/20251.1%6.0%9.1%
    2/25/2025-1.7%0.6%-0.3%
    11/6/20243.3%3.8%8.6%
    8/7/20243.5%2.6%5.7%
    5/8/20242.4%2.9%6.9%
    2/27/20240.2%2.9%5.9%
    11/7/20230.6%1.8%4.5%
    2/28/20233.6%6.5%2.3%
    11/2/2022-1.2%2.9%11.8%
    8/2/20222.9%5.7%7.1%
    5/3/20220.3%-4.8%-2.7%
    3/2/2022-1.8%-1.2%3.6%
    11/3/2021-0.9%1.2%-0.7%
    8/3/2021-0.5%1.5%-0.3%
    5/5/20211.2%-3.8%2.0%
    2/24/2021-0.4%0.1%-3.8%
    11/5/20200.2%2.6%6.6%
    SUMMARY STATS   
    # Positive151715
    # Negative857
    Median Positive2.4%2.6%5.7%
    Median Negative-1.4%-3.8%-2.7%
    Max Positive3.6%6.5%11.8%
    Max Negative-12.6%-17.8%-17.7%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    09/30/202611/03/202610-Q
    06/30/202608/04/202610-Q
    03/31/202605/05/202610-Q
    12/31/202502/24/202610-K
    09/30/202511/04/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/07/202510-Q
    12/31/202402/25/202510-K
    09/30/202411/06/202410-Q
    06/30/202408/07/202410-Q
    03/31/202405/08/202410-Q
    12/31/202302/27/202410-K
    09/30/202311/07/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/10/202310-Q
    12/31/202202/28/202310-K
     Collapse to Preview
    Report DateFiling DateFiling
    09/30/202611/03/202610-Q
    06/30/202608/04/202610-Q
    03/31/202605/05/202610-Q
    12/31/202502/24/202610-K
    09/30/202511/04/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/07/202510-Q
    12/31/202402/25/202510-K
    09/30/202411/06/202410-Q
    06/30/202408/07/202410-Q
    03/31/202405/08/202410-Q
    12/31/202302/27/202410-K
    09/30/202311/07/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/10/202310-Q
    12/31/202202/28/202310-K
    09/30/202211/02/202210-Q
    06/30/202208/02/202210-Q
    03/31/202205/03/202210-Q
    12/31/202103/01/202210-K
    09/30/202111/03/202110-Q
    06/30/202108/03/202110-Q
    03/31/202105/05/202110-Q
    12/31/202002/24/202110-K
    09/30/202011/05/202010-Q
    06/30/202008/04/202010-Q
    03/31/202005/07/202010-Q
    12/31/201902/20/202010-K

    Recent Forward Guidance

    Updated 11/4/2026

    Latest: Q3 2026 Earnings Reported 11/3/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q4 2026 Quarterly Distribution Per ShareReported 0.31 0.0% Same NewGuidance: 0.31 for Q3 2026


    Prior: Q2 2026 Earnings Reported 8/4/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q3 2026 DividendsReported 0.31    
    2026 Net Debt-to-EquityReported0.91.081.25   
    2026 Debt MaturitiesReported 75.00 Mil    
    2027 Debt MaturitiesReported 50.00 Mil    

    Insider Activity

    Updated 9/11/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Gross, Michael SSee RemarksSee FootnotesBuy911202612.3520,000246,98050,200,574Form
    2Gross, Michael SSee RemarksSee FootnotesBuy514202613.1010,000130,99652,989,886Form
    3Gross, Michael SSee RemarksSee FootnotesBuy514202613.0910,000130,85352,801,188Form
    4Gross, Michael SSee RemarksSee FootnotesBuy317202613.9010,452145,24655,935,539Form
    5Gross, Michael SSee RemarksSee FootnotesBuy317202613.9125,000347,85855,861,754Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Gross, Michael SSee RemarksSee FootnotesBuy911202612.3520,000246,98050,200,574Form
    2Gross, Michael SSee RemarksSee FootnotesBuy514202613.1010,000130,99652,989,886Form
    3Gross, Michael SSee RemarksSee FootnotesBuy514202613.0910,000130,85352,801,188Form
    4Gross, Michael SSee RemarksSee FootnotesBuy317202613.9010,452145,24655,935,539Form
    5Gross, Michael SSee RemarksSee FootnotesBuy317202613.9125,000347,85855,861,754Form
    6Gross, Michael SSee RemarksSee FootnotesBuy305202614.8315,019222,73259,167,266Form
    7Spohler, Bruce JSee RemarksSee FootnotesBuy305202614.8315,019222,73256,768,899Form
    8Gross, Michael SSee RemarksSee FootnotesBuy305202614.7389,8001,322,75458,547,066Form
    9Spohler, Bruce JSee RemarksSee FootnotesBuy305202614.7389,8001,322,75456,164,871Form
    10Roberts, Andrea Colvin See footnoteBuy910202516.737,190120,254120,254Form

    Investor Activity (13F)

    Updated Nov 6, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Muzinich & Co., Inc.$7.7 Mil2.7%38Hold13F
    Diameter Capital Partners LP$11.8 Mil2.3%20ADD +109.2%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Diameter Capital Partners LP$11.8 Mil2.3%20ADD +109.2%13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Diameter Capital Partners LP$11.8 Mil2.3%20ADD +109.2%13F
    Muzinich & Co., Inc.$7.7 Mil2.7%38Hold13F

    Industry Resources

    External Quote Links


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