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    SLR Investment (SLRC)

    Market Price (10/4/2026): $11.55 | Market Cap: $630.1 MilSector: Financials | Industry: Asset Management & Custody Banks

    SLR Investment (SLRC)

    Market Price (10/4/2026): $11.55
    Market Cap: $630.1 Mil
    Sector: Financials
    Industry: Asset Management & Custody Banks

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

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

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

    0 Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets. Themes include Private Credit.
    1 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]$85.4 Mil—
    FY 2026 Sales$196.1 Mil—
    FY 2027 Sales$197.9 Mil—
    FY 2026 Sales Growth129.6%—
    FY 2027 Sales Growth0.9%12.8%
    EARNINGS
    LTM Net Income (GAAP) [3]$73.8 Mil—
    FY 2026 Net Income (Non-GAAP)$71.3 Mil—
    FY 2027 Net Income (Non-GAAP)$72.5 Mil—
    FY 2027 Net Income Growth1.7%18.2%
    FY 2026 EPS (Non-GAAP)$1.31—
    FY 2027 EPS (Non-GAAP)$1.32—
    FY 2027 EPS Growth1.2%—
    VALUATION
    FY 2026 P/S3.21.7
    FY 2027 P/S3.2—
    FY 2026 P/E8.87.8
    FY 2027 P/E8.7—

    [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 10/31/27 (~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 GROWTHPOOR
    Rev LTM ($ Bil)0.1
    Rev Chg Q-59.0%9.3%
    Rev Chg LTM-12.7%8.3%
    Rev Chg 3Y Avg12.2%5.8%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.2
    Net Inc LTM ($ Bil)0.1
    CFO/Rev LTM183.2%21.8%
    Net Inc Mgn86.4%13.1%
    VALUATIONMODERATE
    P/S7.43.0
    P/CFO4.014.3
    P/FCF4.018.6
    P/E8.621.4

    AI Analysis | Feedback

    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

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/1/2026

    SLR Investment (SLRC) stock has lost about 5% since 6/30/2026 because of the following key factors:

    1. Decline in Net Asset Value (NAV) and Realized/Unrealized Losses. SLR Investment Corp.'s Net Asset Value (NAV) per share decreased to $18.00 as of June 30, 2026 (fiscal Q2 2026), down from $18.16 at March 31, 2026 (fiscal Q1 2026). This was accompanied by net realized and unrealized losses totaling $(9.5) million for fiscal Q2 2026, a significant reversal compared to a $2.6 million gain in the prior year's comparable quarter. Consequently, earnings per average share plummeted to $0.15 for fiscal Q2 2026 from $0.44 in fiscal Q2 2025, indicating deteriorating portfolio performance impacting overall profitability.

    2. Reduction in Gross Investment Income. The company experienced a decrease in gross investment income, which fell to $48.8 million in fiscal Q2 2026 from $53.9 million in fiscal Q2 2025. This year-over-year decline was primarily attributed to a smaller average size of the income-producing investment portfolio and a decrease in index rates. This reduction directly impacts the company's revenue generation capacity.

    Show more
    Updated on 10/1/2026

    SLR Investment (SLRC) stock has lost about 5% since 6/30/2026 because of the following key factors:

    1. Decline in Net Asset Value (NAV) and Realized/Unrealized Losses. SLR Investment Corp.'s Net Asset Value (NAV) per share decreased to $18.00 as of June 30, 2026 (fiscal Q2 2026), down from $18.16 at March 31, 2026 (fiscal Q1 2026). This was accompanied by net realized and unrealized losses totaling $(9.5) million for fiscal Q2 2026, a significant reversal compared to a $2.6 million gain in the prior year's comparable quarter. Consequently, earnings per average share plummeted to $0.15 for fiscal Q2 2026 from $0.44 in fiscal Q2 2025, indicating deteriorating portfolio performance impacting overall profitability.

    2. Reduction in Gross Investment Income. The company experienced a decrease in gross investment income, which fell to $48.8 million in fiscal Q2 2026 from $53.9 million in fiscal Q2 2025. This year-over-year decline was primarily attributed to a smaller average size of the income-producing investment portfolio and a decrease in index rates. This reduction directly impacts the company's revenue generation capacity.

    3. Broad BDC Sector Weakness and Private Credit Concerns. The broader Business Development Company (BDC) sector has been trading at depressed levels, with an aggregate discount to Net Asset Value (NAV) of 29% as of late September 2026, suggesting widespread investor caution in private credit markets. Fitch Ratings highlighted uneven credit performance across BDC portfolios and noted elevated payment-in-kind (PIK) income, which remained around 8% of interest and dividend income in fiscal Q2 2026, along with increased portfolio loan-to-value ratios stemming from markdowns in software investments and non-accruals. These sector-wide headwinds likely contributed to negative sentiment for SLRC.

    4. Analyst Price Target Reduction. JPMorgan lowered its price target for SLR Investment Corp. to $12 from $13.50 around July 2026, following the release of fiscal Q2 2026 results. This revision by a prominent financial institution signals a less optimistic outlook on the company's future stock performance and can influence investor decisions.

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    Stock Movement Drivers

    Fundamental Drivers

    The -3.2% change in SLRC stock from 6/30/2026 to 10/1/2026 was primarily driven by a -15.5% change in the company's Total Revenues ($ Mil).
    (LTM values as of)630202610012026Change
    Stock Price ($)12.0611.67-3.2%
    Change Contribution By: 
    Total Revenues ($ Mil)10185-15.5%
    Net Income Margin (%)88.7%86.4%-2.7%
    P/E Multiple7.38.617.7%
    Shares Outstanding (Mil)55550.0%
    Cumulative Contribution-3.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/1/2026
    ReturnCorrelation
    SLRC-3.2% 
    Market (SPY)2.3%45.6%
    Sector (XLF)-0.3%26.0%

    Fundamental Drivers

    The -14.3% change in SLRC stock from 3/31/2026 to 10/1/2026 was primarily driven by a -17.3% change in the company's Total Revenues ($ Mil).
    (LTM values as of)331202610012026Change
    Stock Price ($)13.6211.67-14.3%
    Change Contribution By: 
    Total Revenues ($ Mil)10385-17.3%
    Net Income Margin (%)89.6%86.4%-3.6%
    P/E Multiple8.08.67.5%
    Shares Outstanding (Mil)55550.0%
    Cumulative Contribution-14.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/1/2026
    ReturnCorrelation
    SLRC-14.3% 
    Market (SPY)17.8%18.3%
    Sector (XLF)8.7%18.3%

    Fundamental Drivers

    The -15.2% change in SLRC stock from 9/30/2025 to 10/1/2026 was primarily driven by a -12.7% change in the company's Total Revenues ($ Mil).
    (LTM values as of)930202510012026Change
    Stock Price ($)13.7711.67-15.2%
    Change Contribution By: 
    Total Revenues ($ Mil)9885-12.7%
    Net Income Margin (%)90.7%86.4%-4.8%
    P/E Multiple8.58.62.1%
    Shares Outstanding (Mil)55550.0%
    Cumulative Contribution-15.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/1/2026
    ReturnCorrelation
    SLRC-15.2% 
    Market (SPY)15.6%30.0%
    Sector (XLF)0.4%36.3%

    Fundamental Drivers

    The 3.3% change in SLRC stock from 9/30/2023 to 10/1/2026 was primarily driven by a 23.7% change in the company's Total Revenues ($ Mil).
    (LTM values as of)930202310012026Change
    Stock Price ($)11.3011.673.3%
    Change Contribution By: 
    Total Revenues ($ Mil)698523.7%
    Net Income Margin (%)84.5%86.4%2.2%
    P/E Multiple10.88.6-19.8%
    Shares Outstanding (Mil)56551.8%
    Cumulative Contribution3.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/1/2026
    ReturnCorrelation
    SLRC3.3% 
    Market (SPY)84.9%45.2%
    Sector (XLF)68.2%48.0%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    SLRC Return15%-16%21%19%6%-18%20%
    Peers Return35%-11%33%27%-5%-4%83%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    SLRC Win Rate58%33%67%67%42%44% 
    Peers Win Rate80%43%72%75%53%44% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    SLRC Max Drawdown-10%-31%-13%-10%-18%-24% 
    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 10/2/2026 (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.

    AI Analysis | Feedback

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

    AI Analysis | Feedback

    • 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.

    AI Analysis | Feedback

    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..

    AI Analysis | Feedback

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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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    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    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

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    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
    —
    insufficient peer history
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
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    Financials

    SLRCARCCOBDCBXSLMAINFSKMedian
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    Growth & Margins

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    Valuation

    SLRCARCCOBDCBXSLMAINFSKMedian
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    Returns

    SLRCARCCOBDCBXSLMAINFSKMedian
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    Comparison Analyses

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    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/4/20265/5/20262/24/202611/4/20258/5/20255/7/20252/25/202511/6/20248/7/20245/8/20242/27/202411/7/2023
    Key Financials Quarterly            
    Total Revenue112028272722252526302630
    Net Income81725232420232223282427
    EPS0.150.310.460.430.440.370.420.400.430.510.430.49
    Key Financials TTM            
    Total Revenue TTM8510110310098971051061111078783
    Net Income TTM7490939089889697102977672
    Growth Rates Quarterly            
    Total Revenue Growth-59.0%-9.9%13.9%8.2%3.4%-26.5%-5.7%-16.7%21.0%209.5%15.0%91.6%
    Net Income Growth-65.9%-14.1%10.9%5.7%4.3%-28.5%-4.3%-18.2%22.3%308.4%24.3%99.2%
    Margins Quarterly            
    Net Income Margin75.6%85.9%89.7%87.6%91.0%90.1%92.1%89.7%90.1%92.6%90.8%91.3%
    Cash & Debt            
    Total Cash422400364394373467414346285308344343
    Total Debt1,1541,1381,1461,1391,1731,0391,0321,1021,1541,1571,1781,192
    Net Debt / (Cash)731738782745800572617756869849834849
    Cash Flows Quarterly            
    FCF from Operations2567-1479-20568162137373839
    Cash Flows TTM            
    FCF from Operations TTM157-73-7210416237030918588-79-77125
    Returns to Shareholders Quarterly            
    Dividends172222222222222222222222
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC1.8%3.7%5.3%5.0%5.1%4.7%5.2%4.7%4.7%5.7%4.8%5.4%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM4.0%4.8%4.9%4.8%4.6%5.2%5.5%5.2%5.1%5.0%3.9%3.6%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Single Segment224232214119138
    Total224232214119138


    Price Behavior

    Price Behavior
    Market Price$11.67 
    Market Cap ($ Bil)0.6 
    First Trading Date02/09/2010 
    Distance from 52W High-24.0% 
       50 Days200 Days
    DMA Price$12.26$13.18
    DMA Trenddowndown
    Distance from DMA-4.8%-11.5%
     3M1YR
    Volatility21.6%24.8%
    Downside Capture130.5990.74
    Upside Capture95.5157.59
    Correlation (SPY)45.8%29.8%
    SLRC Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta0.671.000.890.410.570.58
    Up Beta0.021.220.58-0.110.300.57
    Down Beta0.430.420.510.200.410.65
    Up Capture54%74%92%31%45%19%
    Bmk +ve Days6162766132424
    Stock +ve Days8172760120382
    Down Capture127%145%126%106%93%83%
    Bmk -ve Days16263760120328
    Stock -ve Days14253766126341

    [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-15.3%24.7%-0.72-
    Sector ETF (XLF)0.5%14.8%-0.1936.3%
    Equity (SPY)15.7%13.0%0.8530.0%
    Gold (GLD)7.7%29.6%0.25-4.1%
    Commodities (DBC)45.6%20.8%1.69-1.3%
    Real Estate (VNQ)1.2%13.6%-0.1620.4%
    Bitcoin (BTCUSD)-25.7%44.5%-0.5419.8%

    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
    SLRC0.5%20.5%-0.06-
    Sector ETF (XLF)8.8%18.3%0.3551.9%
    Equity (SPY)13.0%17.2%0.5749.7%
    Gold (GLD)18.6%18.9%0.803.9%
    Commodities (DBC)10.6%19.6%0.4214.6%
    Real Estate (VNQ)0.4%18.9%-0.0842.1%
    Bitcoin (BTCUSD)13.6%52.3%0.4322.5%

    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
    SLRC3.9%29.6%0.18-
    Sector ETF (XLF)12.7%22.1%0.5248.3%
    Equity (SPY)15.3%17.9%0.7244.9%
    Gold (GLD)11.6%16.4%0.583.7%
    Commodities (DBC)8.4%18.1%0.3819.4%
    Real Estate (VNQ)4.4%20.7%0.1743.5%
    Bitcoin (BTCUSD)64.2%66.2%1.0416.9%

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

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity1.1 Mil
    Short Interest: % Change Since 831202612.5%
    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 9/4/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    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%
    ...
    SUMMARY STATS   
    # Positive141715
    # Negative857
    Median Positive1.8%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
    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   
    # Positive141715
    # Negative857
    Median Positive1.8%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
    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
     Collapse to Preview
    Report DateFiling DateFiling
    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
    09/30/201911/04/201910-Q

    Recent Forward Guidance

    Updated 9/28/2026

    Latest: 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    

    null

    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 Oct 4, 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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