Silver Point Specialty Lending Fund Board OKs 1-for-2 Reverse Share Split
The board of trustees of Silver Point Specialty Lending Fund, a non-traded private placement business development company, has officially implemented a strategic reverse share split, effectively halving the number of its outstanding common shares.
The board’s decision was aimed at consolidating the fund’s equity structure. Under the terms of the split, every two issued and outstanding common shares were automatically combined and reclassified into one single share. Any existing fractional shares were also reduced by half.
Immediately prior to the reverse share split, there were approximately 42,480,777 common shares outstanding. After the reverse share split, there are approximately 21,240,388 common shares outstanding.
The company’s board confirmed that this corporate action did not affect any shareholder’s total ownership percentage, nor did it alter the par value of the shares, change the number of authorized shares, or modify any voting rights or other established terms.
On Sept. 30, 2025, the BDC’s net asset value per share was $14.53, a 1.16% decrease year-over-year from September 2024’s $14.70. At the close of Q3 2025, the company’s aggregate NAV stood at $545.9 million, supported by a total asset base of $1.06 billion. This financial structure was balanced by $510.9 million in total liabilities, which included $485.4 million in principal debt outstanding, distributed across 37,564,220 common shares outstanding.
The fund’s portfolio performance remained active during this period, with the fair value of its investment portfolio reaching $968.7 million. This operational activity translated into $14.2 million in net investment income to mark Q3 2025. In terms of risk management and capitalization, the fund maintained a debt-to-equity ratio of 0.89x. When adjusting for cash and unsettled trades, the net debt-to-equity ratio was slightly lower at 0.86x.
Following the share consolidation, the board also declared the fund’s regular monthly distribution of $0.25 per share for shareholders of record as of Dec. 31, 2025. The payment date for these distributions will be on or around Jan. 30, 2026.
This news follows other significant BDC activity in at the end of 2025: adjustments to its executive leadership structure and an increase to its credit facility amount.
Following the resignation of Edward Mulé from his roles as a trustee, chair of the board and chief executive officer of the company on Dec. 16, 2025, Anthony DiNello, president of the BDC, assumed the positions of a trustee, board chair, and CEO. DiNello will reportedly serve as a trustee until a successor is elected, or until his earlier resignation or removal.
The fund clarified that Mulé’s resignation was not due to any disagreements, and said the move allows Mulé to dedicate more time to his responsibilities managing investments for Silver Point Capital L.P. and its various affiliates. Despite relinquishing his executive titles, Mulé will continue to serve as Silver Point Specialty Lending Fund’s portfolio manager.
Also, the company completed an amendment to its loan financing and servicing agreement in December, increasing its borrowing capability from $100 million to $250 million.
Silver Point Specialty Lending Fund is a publicly registered BDC managed by Silver Point Capital. Located in Greenwich, Conn., the fund provides first-debt, second-lien debt, subordinated and unsecured, equities, real estate properties, and trust interest debt to middle-market companies in the United States and globally.
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