SLR Investment Corp. (SLRC) Cash Flow Statement
Where SLRC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$72.0M −146.1% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$72.0M −32.7% margin
- Returned to shareholders
- $89.5M
- Change in cash
- −$50.0M cash at year-end $364.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SLRC operating cash flow, capex and free cash flow
SLRC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $148.2M2016 | −$72.0M2025 | — | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | $148.2M2016 | −$72.0M2025 | — | |
| Free cash flow margin | 126.5%2016 | −32.7%2025 | −159.2 pts | |
| Operating cash flow / net income | 1.392016 | −0.782025 | −2.17 | |
| Dividends paid | $67.7M2016 | $89.5M2025 | +3.1%/yr | |
| Share buybacks (net) | $3.4M2016 | $02025 | −100.0% | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SLRC cash flow by activity
SLRC net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SLRC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $92.5M | $95.8M | $76.4M | $18.3M | $59.6M | $15.5M | $56.0M | $66.9M | $70.4M | $106.8M |
| Depreciation & amortization | $3.1M | $3.6M | — | — | — | — | — | — | — | — |
| Change in working capital | −$56.7M | $56.2M | −$97.9M | $102.2M | −$56.0M | −$40.9M | $167.6M | $119.1M | −$160.1M | $33.5M |
| Other non-cash items | −$111.0M | $553,000 | $17.8M | −$29.4M | −$138.6M | −$37.1M | −$36.9M | $5.1M | −$156.4M | $7.8M |
| Cash from operating activities | −$72.0M | $156.1M | −$3.7M | $91.1M | −$135.1M | −$62.6M | $186.7M | $191.0M | −$246.1M | $148.2M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$99.3M | $153.2M | −$73.2M | −$78.3M | −$127.7M | −$43.7M | −$43.7M | −$2.8M | −$154.2M | $42.9M |
| Cash from investing activities | −$99.3M | $153.2M | −$73.2M | −$78.3M | −$127.7M | −$43.7M | −$43.7M | −$2.8M | −$154.2M | $42.9M |
| Financing activities | ||||||||||
| Dividends paid | −$89.5M | −$89.5M | −$97.0M | −$94.5M | −$69.3M | −$69.3M | −$69.3M | −$68.7M | −$67.3M | −$67.7M |
| Share repurchases & issuance (net) | $0 | $0 | −$10,000 | −$3.0M | $0 | $0 | — | $0 | $0 | −$3.4M |
| Net borrowing (repayment) | $111.5M | −$149.7M | $89.7M | $111.9M | $138.6M | $83.1M | $110.8M | −$66.5M | $149.2M | −$42.7M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | $0 | $0 | $1.2M | $969,000 | $607,000 | $2.9M | $110,000 |
| Cash from financing activities | $22.1M | −$239.2M | −$7.3M | $14.3M | $69.3M | $15.0M | $42.4M | −$134.6M | $84.8M | −$113.7M |
| Summary | ||||||||||
| Net change in cash | −$50.0M | $70.1M | −$84.2M | $105.4M | −$65.8M | −$47.6M | $229.1M | $56.4M | −$161.3M | $34.5M |
| Cash at end of period | $364.3M | $414.3M | $344.2M | $428.3M | $322.9M | $388.8M | $436.4M | $207.2M | $150.8M | $312.0M |
| Free cash flow | −$72.0M | $156.1M | −$3.7M | $91.1M | −$135.1M | −$62.6M | $186.7M | $191.0M | −$246.1M | $148.2M |
| Free cash flow margin | −32.7% | 88.5% | −2.3% | 122.4% | −194.3% | −265.2% | 281.4% | 250.5% | −299.9% | 126.5% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | −0.78 | 1.63 | −0.05 | 4.96 | −2.27 | −4.05 | 3.33 | 2.86 | −3.49 | 1.39 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $8.3M | $17.1M | $25.1M | $23.3M | $24.2M | $19.9M | $22.6M | $22.0M | $23.2M | $27.9M | $23.6M | $26.9M |
| Depreciation & amortization | $1.7M | $846,000 | $111,000 | $774,000 | $1.5M | $758,000 | $822,000 | $2.8M | — | — | — | — |
| Change in working capital | −$65.7M | $32.8M | −$23.6M | $23.4M | −$101.1M | $44.5M | $71.2M | $47.5M | −$20.4M | −$44.7M | −$4.1M | −$3.9M |
| Other non-cash items | $72.8M | −$2.3M | −$15.9M | $31.5M | −$129.5M | $2.9M | $67.5M | $64.6M | $69,000 | $24.2M | $840,000 | $16.4M |
| Cash from operating activities | $17.1M | $48.5M | −$14.3M | $79.0M | −$204.9M | $68.1M | $162.1M | $137.0M | $2.9M | $7.3M | $20.3M | $39.4M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | $7.5M | $18.7M | −$6.1M | $33.1M | −$126.2M | — | — | — | — | — | $17.9M | $16.5M |
| Cash from investing activities | $7.5M | $18.7M | −$6.1M | $33.1M | −$126.2M | — | — | — | — | — | $17.9M | $16.5M |
| Financing activities | ||||||||||||
| Dividends paid | −$16.9M | −$22.4M | −$22.4M | −$22.4M | −$22.4M | −$22.4M | −$22.4M | −$22.4M | −$22.4M | −$22.4M | −$22.4M | −$22.4M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | $0 | $0 | $0 | $0 | $10,000 | $0 |
| Net borrowing (repayment) | $14.6M | −$9.0M | $6.5M | −$35.0M | $133.0M | $7.0M | −$71.1M | −$54.1M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$3.5M | −$21.0M | −$14.5M | −$21.8M |
| Cash from financing activities | −$2.3M | −$31.4M | −$15.8M | −$57.3M | $110.6M | −$15.4M | −$93.5M | −$76.5M | −$25.9M | −$43.4M | −$36.9M | −$44.2M |
| Summary | ||||||||||||
| Net change in cash | $22.4M | $35.8M | −$30.1M | $21.7M | −$94.2M | $52.7M | $68.6M | $60.5M | −$23.0M | −$36.0M | $1.3M | −$4.8M |
| Cash at end of period | $422.5M | $400.1M | $364.3M | $394.5M | $372.8M | $467.0M | $414.3M | $345.6M | $285.2M | $308.1M | $344.2M | $342.8M |
| Free cash flow | $17.1M | $48.5M | −$14.3M | $79.0M | −$204.9M | $68.1M | $162.1M | $137.0M | $2.9M | $7.3M | $20.3M | $39.4M |
| Free cash flow margin | 43.4% | 98.5% | −32.1% | 174.4% | −472.2% | 179.5% | 398.1% | 314.8% | 6.7% | 15.2% | 44.7% | 79.7% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 2.07 | 2.83 | −0.57 | 3.39 | −8.45 | 3.42 | 7.17 | 6.21 | 0.13 | 0.26 | 0.86 | 1.46 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SLRC cash generation
In fiscal 2025 (ended December 31, 2025), SLR Investment generated -$72.0 million of cash from operations (down 146.1%) and spent $0 on capital expenditures, leaving free cash flow of -$72.0 million, −32.7% of revenue. It returned $89.5 million to shareholders through dividends ($89.5 million) and net share buybacks ($0). Cash and equivalents fell by $50.0 million over the year.
Related: SLRC income statement, SLRC balance sheet, SLRC dividend history. See the SLRC stock overview for the latest quote and news.
SLRC cash flow FAQ
What is SLR Investment's free cash flow?
SLR Investment's free cash flow was -$72.0 million in fiscal 2025: -$72.0 million of operating cash flow minus $0 of capital expenditures It was $156.1 million a year earlier..
How much cash does SLR Investment generate from operations?
SLR Investment generated -$72.0 million of cash from operating activities in fiscal 2025, −0.78 times its net income of $92.5 million.
How much does SLR Investment pay in dividends?
SLR Investment paid $89.5 million in dividends in fiscal 2025.