Shiraz Kajee
About Shiraz Kajee
Shiraz Y. Kajee, 45, is Chief Financial Officer and Treasurer of SLR Investment Corp. since April 2023; he previously served as Managing Director at New Mountain Capital and CFO/Treasurer across multiple New Mountain BDCs (2015–2023) . He holds an M.S. in Accounting and a B.B.A. in Finance from Baruch College, and is a New York State CPA and Chartered Global Management Accountant . Kajee also serves as CFO for SLR Capital Partners (the adviser to SLRC), aligning him closely with SLRC’s externally-managed BDC model . Company performance under his tenure shows stable NAV and consistent NII: NAV per share rose from $18.16 (3/31/2025) to $18.19 (6/30/2025), gross investment income increased to $53.9M, and NII was $0.40/share in Q2 vs $0.41/share in Q1, with a $0.41 quarterly distribution declared for Q3 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| New Mountain Capital, L.L.C. | Managing Director | 2015–2023 | Led finance for multiple BDCs; CFO/Treasurer of New Mountain Finance Corp. (since 2015), NMF SLF I, Inc. (since 2019), New Mountain Guardian III BDC, L.L.C. (since 2019), New Mountain Guardian IV BDC, L.L.C. (since 2022) . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SLR Capital Partners (Investment Adviser) | Chief Financial Officer | Concurrent | Oversees adviser finance; key influence on fee structure, allocations, and capitalization across SLRC’s platform . |
| SCP Private Credit Income BDC LLC | CFO & Treasurer | Since Apr 2023 | Finance leadership across fund complex; operating leverage and cross-vehicle consistency . |
| SLR HC BDC LLC | CFO & Treasurer | Since Apr 2023 | Healthcare-focused BDC finance leadership . |
| SLR Private Credit BDC II LLC | CFO & Treasurer | Since Apr 2023 | Upper middle market private credit BDC finance leadership . |
Fixed Compensation
- Externally-managed BDC: None of SLRC’s officers receive direct compensation from the Company; Kajee is paid by SLR Capital Partners, with SLRC reimbursing an allocable portion for CFO services under the Administration Agreement .
- The Company does not maintain stock or option plans, non-equity incentive plans, or pension plans for officers; independent directors may elect fees in stock, but officers do not receive equity grants from SLRC .
Performance Compensation
- No incentive-based compensation is paid by the Company to executive officers; therefore no disclosed targets, weightings, payouts, or vesting schedules for Kajee’s SLRC compensation .
- Clawback Policy: Adopted effective Nov 6, 2023 to recover erroneously awarded incentive-based compensation if SLRC were to pay such in the future and later restated its financials; no recoveries required to date .
Equity Ownership & Alignment
| Metric | Value | Notes |
|---|---|---|
| Beneficial ownership (shares) | 7,500 | As of record date . |
| Shares outstanding | 54,554,634 | As of record date . |
| Ownership % of common | 0.0137% | Calculated as 7,500 / 54,554,634 using disclosed figures . |
- Stock ownership guidelines for officers: Not disclosed; directors may opt for stock fee payments, but no officer equity plans exist .
- Pledging/Hedging: Hedging is not expressly prohibited but requires compliance pre-clearance under the Joint Code; pledging not specifically addressed in proxy .
- Section 16 compliance: All timely in 2024 except one late Form 4 for a director; no issues noted for Kajee .
Employment Terms
- Appointment date and age: Appointed CFO, Treasurer & Secretary on April 3, 2023; age 43 at appointment .
- Tenure and term: CFO & Treasurer since April 2023, indefinite term; served as Secretary from April–November 2023 .
- Contracts/arrangements: Not appointed pursuant to any arrangement; no family relationships; did not enter into (and did not expect to enter into) any material plan, contract, arrangement, grant or award in connection with appointment .
- Roles across related parties: Also CFO for SLR Capital Partners; SLRC reimburses allocable compensation under Administration Agreement .
Performance & Track Record (Recent Company Metrics Under CFO)
| Metric | Q1 2025 | Q2 2025 |
|---|---|---|
| NAV per share ($) | 18.16 | 18.19 |
| Investment portfolio FV ($B) | ~2.0 | ~2.1 |
| Portfolio companies (#) | 118 | 115 |
| Gross investment income ($M) | 53.2 | 53.9 |
| Net expenses ($M) | 31.1 | 32.3 |
| NII ($M) | 22.1 | 21.6 |
| NII per share ($) | 0.41 | 0.40 |
| Net realized & unrealized gains/(losses) ($M) | (2.2) | 2.6 |
| Net increase in net assets from operations ($M) | 19.9 | 24.2 |
| Quarterly base distribution ($/share) | — | 0.41 (declared Aug 5, payable Sep 26, 2025) |
- Capital structure/liquidity: As of 6/30/2025, unsecured debt $359M; subsequently issued $50M of 3-year unsecured notes at 5.96%; next unsecured maturity in Dec 2026; total debt ≈$1.2B; net debt/equity 1.17x .
Board Governance (Context for Exec Oversight)
- Independent committees (Audit, Nominating & Governance, Compensation) oversee risk, governance and advisory/administration agreements; Compensation Committee would review officer pay if SLRC directly compensates executives in the future .
- CFO certifications: Kajee executed SOX 302/906 certifications with Q2 and Q3 2025 10-Qs, asserting fair presentation and effectiveness of controls .
Related Party Transactions (Alignment and Conflicts)
- Kajee serves as CFO for SLR Capital Partners (adviser) and for other SLR BDCs; SLRC reimburses adviser-admin costs including CFO compensation; advisory and administration agreements govern fee payments and services .
- SEC exemptive order permits co-investments with affiliates subject to conditions; adviser allocation policy seeks fair apportionment but may present conflicts in timing/terms .
Investment Implications
- Pay-for-performance linkage at SLRC is structurally limited: executives (including Kajee) are not directly compensated by SLRC, and officers receive no SLRC equity awards; this reduces direct equity-based alignment but also minimizes insider selling pressure from vesting events .
- Ownership “skin in the game” is modest (7,500 shares, ~0.014% of outstanding), suggesting limited personal exposure to SLRC share price moves; hedging is allowed with compliance clearance, and pledging is not addressed—monitor adviser-level policies for additional alignment detail .
- Retention risk appears low within SLRC given indefinite officer terms and adviser-based employment; however, cross-roles across the SLR fund complex centralize key finance functions, increasing key-person dependency and potential conflict management complexity .
- Operating execution under Kajee shows stable NAV, consistent NII, prudent unsecured issuance, and balanced leverage (net debt/equity ~1.17x), supporting dividend coverage and liquidity headroom; nonetheless, externally managed structure places fee and allocation efficiency at the center of value creation for shareholders .