SLR Investment Q1 2023 Earnings Call Transcript

Quartr
Provided by Quartr
May 11, 2023

There are 7 speakers on the call.

Operator

Good day, everyone, and welcome to today's Q1 2023 SLR Investment Corp Earnings Call. At this time, all participants are in a listen only mode. Later, you will have the opportunity to ask questions during the question and answer session. You may withdraw yourself from the queue by pressing star 2. I will stand by if you should need any assistance.

Operator

It is now my pleasure to turn the conference over to Michael Gross, Chairman and Co CEO, please go ahead.

Speaker 1

Thank you very much and good morning. Welcome to SLR Investment Corp. Earnings call First, for the fiscal quarter ended March 31, 2023. I'm joined today by Bruce Spohler, our Co Chief Executive Officer and our new Chief Financial Officer, Shiraz KG. Shiraz, before we begin, would you please start by covering the webcast and forward looking statements?

Speaker 2

Thanks, Michael. Good morning, everyone. I would like to remind everyone that today's call and webcast have been recorded. Please note that they are the property of SLR Investment Corp This conference call is also being webcast from the Events Calendar in the Investors section on our website atwww.slrinvestmentcorp.com. Audio replays of this call will be made available later today as disclosed in our May 10th earnings press I would also like to call your attention to the customary disclosures in our press release regarding forward looking information.

Speaker 2

Statements made on today's conference call and webcast may constitute forward looking statements, which relate to future events or our future performance or financial condition. These statements are not guarantees of our future performance, financial condition or results and involve a number of risks and uncertainties. Past performance is not indicative of future results. Actual results may differ materially as a result of a number of factors, including those described from time to time in our filings with the SEC. SLR Investment Corp.

Speaker 2

Does not undertake to update any forward looking statements unless required To obtain copies of our latest SEC filings, please visit our website or call us at 212 993-1670. At this time, I would like to turn the call back over to our Chairman and Co CEO, Michael Gross.

Speaker 1

Thank you, Shiraz. Good morning and welcome to the SLR team. We are pleased to report that for the first Quarter of 2023, SLRC earned net investment income of $0.41 per share, representing a 28% increase year over year and Essentially covering our distributions for the Q2 in a row. The improved NII performance resulted from a combination of the synergies realized from the merger With SLRC Investment Corp or SUNS and higher interest income on our portfolio due to a larger portfolio size than a year ago and higher base rates. Based on current visibility, we anticipate that earnings will fully cover our distributions for the foreseeable future.

Speaker 1

At March 31, Our net asset value per share was $18.04 compared to $18.33 at year end. Decline is primarily due to the write down of one investment. Outside of the idiosyncratic circumstances for that single investment, our sponsor Trans portfolio is performing well with both positive average revenue and EBITDA growth. Despite the continued inflationary pressures and higher interest rates, our portfolio credit quality has remained strong. We believe that this is the result of our focus on sponsor finance On recession resilient industries with high recurring free cash flow such as healthcare, software and business services as well as our emphasis on specialty finance investments with defined borrower basis supporting our loans.

Speaker 1

At March 31, 98.6% Our comprehensive investment portfolios comprised of 1st lien senior secured floating rate loans. Our long standing investment focus 1st lien loans has resulted in a portfolio better equipped to withstand continued inflationary interest expense pressures than portfolios 2nd lien loans or equity exposure. Additionally, with 77% of our comprehensive investment portfolio invested in specialty finance assets, With a foreign basis supporting the 1st lien loans and full covenant structures, we're defensively positioned for a volatile economic period. Our portfolio has largely been insulated from the macro challenges this year and we believe it will benefit longer term from the regional banking issues. The setbacks in the financial sector have created an acceleration of a 2 decade trend of increasing market share for middle market direct lending By non bank lenders.

Speaker 1

As banks have continued to retreat and the syndicated loan market has remained stalled, firms with significant available capital

Speaker 3

such as SLR are able to fill the void. Borrowers value our speed and certainty of

Speaker 1

Borrowers value our speed and certainty of execution, flexibility and ability to invest $150,000,000 to $200,000,000 in Any given upper middle market financing, which gives us greater pricing power and influence over terms. With $12,000,000,000 of total investment capital across its platform, inclusive of anticipated leverage, SLR has the Scale necessary to buy full financing solutions, which SLRC benefits from through co investment. We believe the current investment environment remains as favorable as any we've seen in several years. In particular, our specialty finance Businesses are benefiting from the regional banking turmoil as those banks have historically competed with our commercial finance strategies. Additionally, during uncertain economic times, borrowers increasingly turn to asset based lending strategies for working capital and liquidity management.

Speaker 1

We believe the structure and collateral supporting our loans provides our investors with greater downside protection across economic cycles. Our ABL businesses have historically outperformed during challenging market conditions when asset rich companies access to traditional lending sources is constrained and we have the flexibility to allocate more of our capital to those strategies to take advantage of their attractive risk reward attributes. While the sponsor finance market slowed during the Q1, which traditionally happens following the rush to close transactions before year end, SLR was able to pick our spots in transactions with attractive terms. For Q1, the company originated $250,000,000 of new investments across the platform. Our first quarter origination total is slightly higher than we've originated in past years during the seasonally slow Q1.

Speaker 1

Of note, our pipeline has increased and we expect to grow our portfolio in the coming quarters, which should result in growth of net investment income. Importantly, we have ample dry powder to capitalize on the favorable investment environment. Our funding profile is in a very strong position to weather a rising rate environment With 42% of our $1,100,000,000 of funded debt comprised of senior unsecured fixed rate notes at a weighted average annual cost of just 3.8%. At March 31, our leverage was 1.12 times net debt to equity, Up from our load to the COVID-nineteen pandemic of 0.56 times and comfortably within our target level range of 0.9 to 1.25 times. Our next term debt maturity isn't until the end of 2024.

Speaker 1

We are in the fortunate position of not needing to refinance any of our term debt in the near term at current high rates. At March 31, including available credit facility capacity at our specialty finance portfolio companies And subject to borrowing base limits, we had over $800,000,000 in available capital to take advantage of the current attractive investment environment. During the Q1, we and our joint venture partner continue to grow the investment portfolio of the recently formed SLR Senior lending program or SSLP. At March 31, the SSLP held $46,000,000 of assets Comprised of senior secured 1st lien loans across 18 different borrowers. SFLP had already committed to several transactions in Q2 And based upon a strong pipeline, we expect the SFLP to reach $250,000,000 by year end.

Speaker 1

Importantly, SFLP provides additional investment And earnings power by generating an attractive ROE once ramped. Finally, our Board of Directors has authorized an extension of our previously announced $1,000,000 share repurchase plan to March 10, 2024. We intend to continue to utilize this program to repurchase shares at levels that are attractive to shareholders. At this time, I'll turn the call over to our CFO, Shiraz, to take you through the Q1 financial highlights. Thank you, Michael.

Speaker 2

SLR Investment Corp. Net asset value at March 31, 2023 was approximately $984,000,000 or $18.04 Compared to $1,000,000,000 or $18.33 per share at December 31, 2022. At quarter end, SLRC's on balance sheet investment portfolio had a fair market value of approximately $2,100,000,000 in 145 portfolio companies 45 industries compared to a fair market value of $2,100,000,000 in 139 portfolio companies Across 45 industries at year end. At March 31, the company had approximately $1,100,000,000 of debt outstanding with leverage When considering the available capacity from the company's combined credit facilities, Together with the available capital from the company's significant subsidiaries, SLRC has significant available capital To fund future portfolio growth, while remaining within its target leverage range of 0.9 to 1.25 times net debt to equity. Moving to the P and L.

Speaker 2

For the 3 months ended March 31, 2023, gross investment income totaled $53,500,000 versus $54,100,000 for the 3 months ended December 31. Net expenses totaled $31,400,000 For the 3 months ended March 31, this compares to $31,600,000 for the 3 months ended December 31, 2022. As a reminder, at the time of the merger of SLR Senior Investment Corp for SUNS into the company last year, the investment advisor agreed to waive incentive fees resulting from Income earned due to the accretion of purchase discount allocated to investments acquired as part of the merger. During the quarter ended March 31, Net income for the 3 months ended March 31, 2023 totaled $22,100,000 or $0.41 per average share compared to $22,500,000 or $0.41 per average share for the 3 months ended December 31, 2022. Below the line, Company had a net realized and unrealized loss for the Q1 totaling $15,300,000 versus a net realized and unrealized loss $3,500,000 for the Q4 of 2022.

Speaker 2

As a result, the company had a net increase in net assets resulting from operations of per weighted per average share for the 3 months ended December 31, 2022. Finally, on May 9th, The Board of SLRC declared a monthly distribution of $0.13667 per share payable on June 1, 2023 to holders of record as of May 24, 2020. With that, I'll turn the call over to our Co CEO, Bruce Fuller.

Speaker 4

Thank you, Shiraz. Let me begin by providing an overview of our portfolio. At quarter end, on a fair value basis, The comprehensive portfolio consisted of approximately $2,900,000,000 of senior secured loans to 780 Think borrowers across 110 industries with an average exposure of $3,700,000 measured at fair value 99.8 The comprehensive portfolio consisted of senior secured loans with 98.6 invested in 1st lien loans, including the investment in the SSLP And only 0.2% was invested in 2nd lien cash flow loans with the remaining 1% invested 2nd lien asset based loans. Our specialty finance investments account for approximately 77% of the comprehensive portfolio With the remaining 23% invested in senior secured loans to upper mid market sponsor backed companies. We believe that this defensive portfolio composition and strategy diversification positions us well for potential economic weakness and provides a differentiated interest return profile for our shareholders.

Speaker 1

At threethirty

Speaker 4

11.9%. At quarter end, the weighted average investment risk rating on our portfolio was just under 2 based on our 1 to 4 risk rating During the quarter, we placed one investment of MeriMark on non accrual. Due to the current Ongoing reorganization process. We unfortunately cannot provide any detail on the situation at this time. Importantly, we consider the write down of AmeriMark To be idiosyncratic to this investment and not indicative of stress elsewhere in our portfolio.

Speaker 4

Now, let me turn to our investment strategies. Sponsored Finance Cash Flow Investing. In this segment, we originate 1st lien senior secured loans Upper mid market companies in non cyclical industries with our largest exposure being in healthcare and diversified financials. As Michael mentioned, the broad middle market cash flow segment saw a seasonally low level of activity in the Q1. However, the market turbulence and regional banking issues have reinforced the macro trend that provides a tailwind for non bank lenders such as ourselves.

Speaker 4

We were able to make selective attractive investments during the Q1 and believe that the opportunity set will expand as the M and A market continues to pick up. In addition to the bank's retrenchment, the disruption in the BSL and CLO markets continues to benefit private debt providers, Financial sponsors increasingly turning to direct lenders who have the scale and certainty to provide financings to upper mid market companies. As a result, we are continuing to see yields of 12% to 13% in comparison to 7% to 9% just a year ago, With less leverage than the historical average for new issues. Importantly, yields continue to be priced at a premium for leverage loans with the addition of also having more structural protections. Our pipeline has an average yield of over 12.5% and LTV of 35%, which supports our thesis that this year should be a great vintage for sponsor finance.

Speaker 4

Given our current pipeline and lack of expected repayments, we are expecting net portfolio growth throughout the year. At quarter end, our portfolio was approximately $680,000,000 and represented 23% of the Where we have an average EBITDA of $134,000,000 LTVs of on average 40% and importantly, strong interest coverage of just over 2 times. The performance of our cash flow portfolio companies remains solid With quarter over quarter revenue and EBITDA growth, our portfolio is comprised of businesses that perform essential services with either recurring or reoccurring revenues and importantly low capital intensity. Our industry exposure is heavily weighted towards defensive sectors such as healthcare services And insurance brokerage with the balance comprised largely in business and distribution service companies. Our portfolios exhibited strong credit metrics That has continued to improve despite the challenging economic environment.

Speaker 4

During the quarter, we originated $115,000,000 of new investments And experienced repayments of $82,000,000 Our new investments had a weighted average leverage of just under 5 times And a yield of 12.6%. Weighted average yield on the entire cash flow portfolio Was 11.8%, up from 11.2% in the prior quarter. With 99% of this portfolio invested in 1st lien loans. We believe that the investments are well positioned to withstand any pressures from rising interest payments. Now let me touch on our ABL segment.

Speaker 4

Historically, our ABL business outperformed during periods of market volatility and economic resulting in a countercyclical component to our multi private credit strategy. Borrowers which are asset rich, but have cash flows pressured by rising interest rates and slowing demand are forced to raise capital backed by their liquid collateral. The rising rate environment and general slowing of the economy has put pressure on asset rich borrowers in more cyclical sectors, which has Increase the opportunity set for our team. In particular, slower consumer spending is a positive for this business, Which has extensive experience providing collateralized working capital lines of credit. We are seeing increased deal volume that we believe will continue throughout With access to capital being limited for borrowers, we expect the rate of repayments to slow, translating into net portfolio growth.

Speaker 4

Our strong positioning in this segment has led us to expand the team with several new hires across our EDL niches. Also of note, as a result of the merger of Solar and Sun, our team has now been able To work closer together to provide full solutions such as providing ABL revolving lines alongside our life science term loans. At quarter end, our asset based loan portfolio totaled $1,000,000,000 representing a third of our comprehensive portfolio and Was invested across 160 borrowers. Weighted average asset level yield for the ABL portfolio was 13 point The average LTV is approximately 70% and is governed by strict borrowing bases and maintenance covenants. Repayments during quarter the Q1 in our ABL segment were elevated due to seasonal repayments at our digital finance business, as that Business typically benefits in the Q4 from increased advertising around the holiday season.

Speaker 4

In addition, we had a couple of large repayments Now turning to Equipment Finance. Our Equipment Finance team has extensive experience In valuing fixed assets and structuring loans, which allows us to provide our customers with quick creative solutions for their financing needs. This team has seen an increase in the opportunity set resulting from the regional bank turmoil. At quarter end, The Equipment Finance portfolio totaled $938,000,000 representing 32% of our total portfolio Across 500 borrowers. The weighted average asset level yield was just under 10%.

Speaker 4

During the quarter, We originated $100,000,000 of new equipment finance loans and had repayments of $109,000,000 Finally, let me provide an update on our Life Science segment. Market activity has moderated as equity valuations Continue to come down as the VC industry digests the recent banking failures. Our life science team is being even more selective As borrowers seek to increase the leverage as an alternative to issuing more equity in this expensive environment. However, due to the strong our strong presence in this market, we continue to see attractive opportunities. We're seeing further improvement in what has already been attractive pricing and we anticipate that volume as well as the quality of the investments will continue to improve during the course of 2023.

Speaker 4

We also expect to benefit from fewer repayments As the risk of other lenders refinancing our loans has dramatically been reduced. While Q1 activity was slowed in the wake of the SVB collapse, record amounts of venture capital Coupled with improved valuations are continuing to drive our opportunity set. We expect this trend to continue throughout the year. Additionally, extremely low loan to values, which are typically 15% to 20% of cash invested Have provided significant downside protection. At quarter end, our portfolio totaled $323,000,000 across 14 borrowers.

Speaker 4

Over 85% of the portfolio is invested in loans to borrowers that have over 12 months of cash runway. Life Science loans represent 11% of our comprehensive portfolio and contributed just under 24% of our gross investment income for the quarter. As a reminder, this segment has never had a payment default and again consistently has LTVs of approximately 15% to 20%. During the quarter, the team committed to $2,500,000 of new investments and had repayments of approximately the same amount. We also have $120,000,000 of unfunded commitments, which may be drawn based upon our borrowers hitting important milestones.

Speaker 4

At quarter end, the weighted average yield was approximately 12.8% on this portfolio, which excludes any success fees and warrants. In conclusion, while the private debt market had a slow start to the year, we are seeing a pickup in activity and our specialty finance businesses specifically are benefiting from the regional banking sector's retrenchment. Given our available capital and ability to provide A full debt financing solution, we are well positioned to take advantage of this attractive investment environment. Finally, we believe that our existing portfolio should perform well through a downturn, enabling us to capitalize on any market dislocation that Now let me turn the call back to Michael.

Speaker 1

Thank you, Bruce. In closing, we believe that our conservative underwriting approach A defensively constructed portfolio comprised of 1st lien cash flow loans to borrowers in non cyclical industries and asset based loans As well as the recent regional banking issues. We currently have attractive investment pipelines in all of our businesses. In fact, We believe that our current pipeline is one of the most attractive we've ever had. Based on current visibility, we are not expecting heavy repayment activity in 2023, which should translate into portfolio growth via attractive new investments.

Speaker 1

Our investment advisor SLR Capital Partners investing in the SLR platform, the addition of several key hires to our investment operations team. In total, the SLR platform, including the commercial finance company's own Layouts LRC, has recently hired over 30 people. Our collective expertise with a senior team that has on average 27 years of investing gives us the necessary expertise to navigate the current economic climate. Our people, Our balance sheet and our portfolio position us well to take advantage of the attractive investment climate as well as any challenges ahead. In closing, our investment advisor alignment of interest to the company's shareholders continues to be one of our guiding principles.

Speaker 1

The SLR team owns over 8% of the company's common stock including a significant percentage of annual incentive compensation invested in SLRC stock. The team's investment alongside fellow SLRC shareholders demonstrates our confidence in the company's defensive portfolio, stable financing and favorable position. We thank you for your time today. Operator, would you please open up the line for questions?

Operator

Our first question comes from Melissa Wedel from JPMorgan. Please go ahead.

Speaker 5

Good morning. Thanks for taking my questions. And Shiraz, congrats on the new role.

Speaker 2

Thank you.

Speaker 5

I was hoping of course. I was hoping you guys could elaborate a little bit on the scaling of the SSLP. We heard you say that you expect that to grow, I believe, to $250,000,000 of assets by year end. I just want to make sure we Are hearing that right. And also if you could help frame the size of impact to NII from that scaling?

Speaker 5

Thank you.

Speaker 4

Sure. Great question, Melissa. So, as Michael mentioned, We are targeting to build that to about 250 by year end. Based upon assets both already dropped in As well as the pipeline that is in the process of closing, we're already at about 150,000,000 Which as you may recall, the entire portfolio is targeting towards 300 between roughly 100 of equity, Half from SLRC and

Speaker 1

half from our equity partner

Speaker 4

and then approximately $200,000,000 of borrowings. So and we are drawing down leverage with our equity as we drop assets into the SSLP. So part of The timing is really dictated both by replenishing assets on the balance sheet as we move assets down into SSLP As well as originating direct into SSLP, but we're already about 150 of the 300 Based upon current pipeline and expect to get to your point to about $250,000,000 by year end.

Speaker 5

And could you help us think about the size of impact on NII from further ramp?

Speaker 4

So I can't give you a specific number. It's a little bit of a multivariate equation because on one hand, you At the 12% to 14% ROE on that $50,000,000 equity investment By SLRC and then on the other hand, you have yields pickup by taking lower yielding SUNS assets And moving them down and replacing them on balance sheet with higher yielding assets that were originating in this environment. So it's a bit of a double pickup.

Speaker 5

Okay. Thank you. And one follow-up, if I could. It seems like perhaps the yields in ABL and Equipment Finance Declined a bit quarter over quarter. I was hoping you could touch on that and whether that was just a function of timing of transactions or something else?

Speaker 4

Yes. No, it is, just timing. ABL is really just because of the churn In the portfolio, we expect that yield to continue to hover up in the 13% to 14% range. And then I think on equipment finance, there as you know, these are fixed rate assets By and large, we are funding it with fixed rate liabilities, but we do need to churn off those old assets. The nice thing is, as you know, there's monthly amortization on those assets.

Speaker 4

So we're constantly paying down the existing portfolio and replacing with higher yields. So you should see that start to pick up. I would say just as an expansion of your question, the specialty finance Businesses are not seeing the same, pickup in yields that you see And cash flow with the spreads widening out, life science is a great example that's always been kind of A mid teens return asset, maybe they're getting 50, 75 basis point more, but unlike cash flow that's getting 150, 200 basis point more spread, especially finance It's kind of been high relative to cash flow historically and doesn't gap out as much or contract as much.

Speaker 5

That's helpful context. Thank you very much.

Speaker 1

Thank you.

Operator

The next Question is from Paul Johnson with KBW. Please go ahead.

Speaker 6

Yes, good morning. Thanks for taking my questions. So your guys' operating ROE is well below, I guess, the group sort of average, Decent range in there, but it's definitely below the average. I guess, we just ask you, Is it your I guess your intention to increase the ROE over time? And if that is the case, I guess how do you expect to do that?

Speaker 1

The answer is we definitely expect to increase our ROE. As we mentioned, we have bought $800,000,000 of dry powder Across the platform, including within the finance company, so we have significant capital to

Speaker 3

be able to put

Speaker 1

to work at attractive net yield. So we fully expect that Our NII will grow over the course of the year and as

Speaker 4

a result our ROE will as well. And as Melissa asked The SSLP is that ramps, you'll pick up a couple of pennies to share just from ramping that alone. Okay. Thanks.

Speaker 6

That's helpful. And then I'd just kind of say broadly, I mean, you guys obviously You know, BILT is fairly diverse engine for deal flow with all the various finance and specialty finance company. Where I guess do you think you're finding the best relative value or the best opportunities in today's market?

Speaker 4

I would say that, in the Specialty Finance businesses, as I mentioned a moment ago, you're not seeing the same, increase in yields, But you are seeing a reduction in risk. And so that is making those segments, life science and ABL and equipment plants very attractive, Which you don't see on the returns. And then as you look at cash flow, we have benefited not only from a reduction And risk with lower leverage and still attractive fixed charge coverage ratios, but obviously premium returns that are starting to approach what we're In our specialty finance business, but in cash flow, as you know, in this environment, it's really about picking a couple of defensive sectors. The broad cash flow market It's really not open for businesses away from sectors where we focus such as healthcare and business services and financial services. So I would say, Short answer is we're seeing attractive risk in each of them and the returns are more similar than they've been in the past across the segments.

Speaker 6

Thanks for that. Last question, you mentioned, I guess, you guys hired a number of people Platform more recently, I was curious how long do you expect I guess that to start I guess generating production just kind of from the date of hire, I mean how long does that sort of typically take? And I mean I guess, do you think that they have a meaningful sort of driving impact on portfolio growth?

Speaker 4

Yes. I think, look, typically, I would say it takes a year to see that impact. I think in a Environments that we're in where you have severe disruption, it's easier to hit the ground running. And these are experienced senior professionals. So we're expecting contribution as we get into the second half of this year.

Speaker 4

They're across our ABL and cash Equipment Finance segments. So and we already as you may recall about A year and a half ago, brought on our digital finance team that hit the ground running and has actually shown nice growth. So I think it will be sooner than normal in this environment Given the dislocation.

Speaker 6

Okay. That's good to know. Thanks for that.

Speaker 2

That's all for me.

Speaker 4

Thanks for your questions.

Operator

Our next question comes from Sean Paul Adams with Raymond James. Please go ahead.

Speaker 4

Hey, guys. Good morning. Your liability side looks really good and that's likely not to be the case for all the other Does this represent more of a share gain opportunity or acquisition opportunity over Like the next 12 months?

Speaker 1

It's a great question. As you know, one of our strategies within our platform within SLRC is our Lender Finance Business. And yes, I think lenders that are smaller than us will be challenged in kind of raising The appropriate debt capital to fund their businesses and the working capital. So our lender finance lending platform is extremely active. And to your point that also tends to lead to potential acquisitions for us.

Speaker 1

Several of our Platforms today are businesses that we lent money to first and then subsequently acquired. So I would say our pipeline both on the lending side as well as the acquisition side is quite robust. I think if this environment persists, we will see more and more opportunities. I also think

Speaker 4

that we're starting to see some Tuck in acquisition opportunities, where there are some peers of ours that might expand our strategic footprint. So we're evaluating those as well as add on to existing platforms.

Speaker 1

Okay. That's very helpful. Thank

Operator

The next question comes from Robert Swish. Please go ahead.

Speaker 3

Could you Tell us whether you have other situations that you think will result in bad debt

Speaker 4

The Q1, just to clarify, is something that we are working on. So I'm not the The jury is yet to be written. We just can't discuss it because we're working through the potential resolution. I think as we mentioned across the whole portfolio, our watch list Is at an all time low. We feel very strong about the portfolio quality.

Speaker 4

The issue that came up in one investment For this quarter, I was very specific to that investment between the sponsor and the execution. They really underperformed unfortunately. But we don't feel like there's any systemic issues across the portfolio.

Speaker 3

Do you think you might get repaid on that write off in the Q1?

Speaker 4

We haven't written it off. So we do expect some level of repayment, but the outcome is still to be determined in terms of the exact level. Thank you. Thank you.

Operator

It appears we have no further questions at this time. I will now turn the program back over to our presenters for any additional remarks.

Speaker 1

No, just remarks, I'd like to thank you all for your support and your time today. And as always, if you have any questions or

Operator

This does conclude today's program. Thank you for your participation. You may disconnect at any

Powered by Quartr
Earnings Conference Call
SLR Investment Q1 2023
00:00 / 00:00