What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2023-08-08 compared with 2023-05-10 · 496 added, 328 removed, 1576 unchanged (34% of the section changed)

3 unchanged sentences

(in thousands, except share amounts)

March 31, 2023

June 30, 2023

Investments at fair value:

1 unchanged sentence

$ 1,358,634 and $ 1,312,701 , respectively)

Companies 5% to 25% owned (cost:

$ 59,803 and $ 0 , respectively)

Companies more than 25% owned (cost:

27 unchanged sentences

Three months ended

March 31, 2023

March 31, 2022

Six months ended

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

INVESTMENT INCOME:

Companies less than 5% owned

Companies 5% to 25% owned

Companies more than 25% owned

13 unchanged sentences

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND CASH EQUIVALENTS:

Net realized gain on investments and cash equivalents (companies less than 5% owned)

Net realized gain (loss) on investments and cash equivalents (companies less than 5% owned)

Net change in unrealized gain (loss) on investments and cash equivalents:

Companies less than 5% owned

Companies 5% to 25% owned

Companies more than 25% owned

1 unchanged sentence

Net realized and unrealized loss on investments and cash equivalents

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

EARNINGS PER SHARE (see note 5)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

EARNINGS (LOSS) PER SHARE (see note 5)

See notes to consolidated financial statements.

3 unchanged sentences

Three months ended

March 31, 2023

March 31, 2022

Six months ended

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Increase (decrease) in net assets resulting from operations:

Net investment income

Net realized gain

Net realized gain (loss)

Net change in unrealized loss

Net increase in net assets resulting from operations

Net increase (decrease) in net assets resulting from operations

Distributions to stockholders:

4 unchanged sentences

(see note 12) :

Issuance of common stock

Repurchases of common stock

Total decrease in net assets

Net capital transactions

Total increase (decrease) in net assets

Net assets at beginning of period

2 unchanged sentences

(see note 12) :

Issuance of common stock

Repurchases of common stock

Net capital stock activity

See notes to consolidated financial statements.

2 unchanged sentences

(in thousands)

Three months ended

March 31, 2023

March 31, 2022

Six months ended

June 30, 2023

June 30, 2022

Cash Flows from Operating Activities:

Net increase in net assets resulting from

Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:

Net realized gain on investments and cash equivalents

Net increase (decrease) in net assets resulting from

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

Net realized (gain) loss on investments and cash equivalents

Net change in unrealized loss on investments

9 unchanged sentences

Prepaid expenses and other assets

Cash acquired in merger

Increase (decrease) in operating liabilities:

6 unchanged sentences

Deferred financing costs/market discount

Net Cash Provided by Operating Activities

Net Cash Provided by (Used in) Operating Activities

Cash Flows from Financing Activities:

6 unchanged sentences

Net Cash Provided by (Used in) Financing Activities

NET INCREASE IN CASH AND CASH EQUIVALENTS

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

2 unchanged sentences

Cash paid for interest

Issuance of shares in connection with the Merger(1)

On April 1, 2022, in connection with the Merger (as defined in Note 1 “Organization”), the Company acquired net assets of $ 244,691 for the total stock consideration of $ 226,839 .

See notes to consolidated financial statements.

1 unchanged sentence

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited)

March 31, 2023

June 30, 2023

(in thousands, except share/unit amounts)

2 unchanged sentences

Aegis Toxicology Sciences Corporation(16)

Health Care Providers & Services

All State Ag Parts, LLC(16)

Trading Companies & Distributors

American Teleconferencing Services, Ltd.**

Communications

Communications Equipment

American Teleconferencing Services, Ltd.**

Communications

Communications Equipment

AmeriMark Intermediate Holdings, LLC(14)(27)

Internet & Catalog

Internet & Catalog Retail

AmeriMark Intermediate Holdings, LLC(14)(27)**

Internet & Catalog Retail

Apex Services Partners, LLC(16)

Consumer Services

Diversified Consumer Services

Atria Wealth Solutions, Inc.(16)

Financial Services

Diversified Financial Services

Basic Fun, Inc.(16)

1 unchanged sentence

BayMark Health Services, Inc.(16)

Health Care Providers & Services

Bayside Opco, LLC(27)

Healthcare Providers & Services

Bayside Opco, LLC(27)

Healthcare Providers & Services

Bayside Parent, LLC(27)

Healthcare Providers & Services

BDG Media, Inc.

1 unchanged sentence

(Spectrum Automotive)(16)

Consumer Services

Diversified Consumer Services

Composite Technology Acquisition Corp.(16)

2 unchanged sentences

Food Products

CVAUSA Management, LLC,,

Health Care Providers & Services

DeepIntent, Inc.

3 unchanged sentences

& ES Opco USA LLC (Bluefin)(16)

Trading Companies & Distributors

Enverus Holdings, Inc.

3 unchanged sentences

Fertility (ITC) Investment Holdco, LLC

Health Care Providers & Services

Foundation Consumer Brands, LLC(16)

1 unchanged sentence

GSM Acquisition Corp.(16)

Leisure Equipment & Products

Higginbotham Insurance Agency, Inc.(16)

1 unchanged sentence

Human Interest Inc.

Internet Software &

Internet Software & Services

Kaseya, Inc.(16)

1 unchanged sentence

Kingsbridge Holdings, LLC(2)

Multi-Sector Holdings

KORE Wireless Group, Inc.(16)

Telecommunication

Wireless Telecommunication Services

Logix Holding Company, LLC(16)

Communications

Communications Equipment

Luxury Asset Capital, LLC(16)

Thrifts & Mortgage

Thrifts & Mortgage Finance

Maurices, Incorporated(16)

1 unchanged sentence

Maxor Acquisition, Inc.

Health Care Providers & Services

Montefiore Nyack Hospital

Health Care Providers & Services

NSPC Intermediate Corp.

(National Spine)

Health Care Providers & Services

One Touch Direct, LLC

Commercial Services & Supplies

Health Care Providers & Services

Orthopedic Care Partners Management, LLC

Health Care Providers & Services

Pediatric Home Respiratory Services, LLC

Health Care Providers & Services

Foy & Associates Insurance Services, LLC

PhyNet Dermatology LLC

Health Care Providers & Services

Pinnacle Treatment Centers, Inc.(16)

Health Care Providers & Services

Plastics Management, LLC(16)

PPT Management Holdings, LLC(16)

Health Care Providers & Services

RQM+ Corp.(16)

Life Sciences

Tools & Services

Life Sciences Tools & Services

RSC Acquisition, Inc.(16)

RxSense Holdings LLC(16)

Consumer Services

Diversified Consumer Services

SCP Eye Care, LLC

SHO Holding I Corporation (Shoes for

Health Care Providers & Services

SHO Holding I Corporation (Shoes for Crews)(16)

Southern Orthodontic Partners Management, LLC(16)

Health Care Providers & Services

SPAR Marketing Force, Inc.

Stryten Resources LLC

Auto Parts & Equipment

SunMed Group Holdings, LLC(16)

Health Care Equipment & Supplies

TAUC Management, LLC(16)

Health Care Providers & Services

Tilley Distribution, Inc.(16)

Trading Companies & Distributors

Ultimate Baked Goods Midco LLC (Rise Baking)(16)

Packaged Foods &

Packaged Foods & Meats

United Digestive MSO Parent, LLC

Health Care Providers & Services

Urology Management Holdings, Inc.

Health Care Providers & Services

Vessco Midco Holdings, LLC(16)

4 unchanged sentences

ACRES Commercial Mortgage, LLC

Financial Services

Diversified Financial Services

FGI Worldwide LLC

Diversified Financial Services

Second Lien Bank Debt/Senior Secured Loans

RD Holdco, Inc.** (2)

Consumer Services

Diversified Consumer Services

See notes to consolidated financial statements.

1 unchanged sentence

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2023

June 30, 2023

(in thousands, except share/unit amounts)

18 unchanged sentences

Meditrina, Inc.

Health Care Equipment &

Health Care Equipment & Supplies

Neuronetics, Inc.(16)

Health Care Equipment &

Health Care Equipment & Supplies

OmniGuide Holdings, Inc.

Health Care Equipment &

Health Care Equipment & Supplies

Outset Medical, Inc.(3)

Health Care Equipment &

Health Care Equipment & Supplies

Spectrum Pharmaceuticals, Inc.(16)

1 unchanged sentence

Vapotherm, Inc.

Health Care Equipment &

Health Care Equipment & Supplies

Vertos Medical, Inc.

Health Care Equipment & Supplies

Total First Lien Life Science Senior Secured Loans

Total Senior Secured Loans

Interest Rate (1)

Equipment Financing — 27.7 %

4 unchanged sentences

8.47 - 9.64 %

3/1/2025 - 12/1/2026

AFG Dallas III, LLC (10)

4 unchanged sentences

7.08 - 7.13 %

11/3/2026 - 11/23/2026

AmeraMex International, Inc.

5 unchanged sentences

8.31 - 10.44 %

7/1/2024 - 10/7/2026

Bowman Energy Solutions, LLC (10)

5 unchanged sentences

Diversified Consumer Services

8.40 - 8.72 %

3/7/2028 - 5/18/2028

CKD Holdings, Inc.

8.10 - 8.60 %

6/22/2026 - 9/22/2027

Clubcorp Holdings, Inc.

1 unchanged sentence

9.36 - 13.01 %

4/1/2025 - 5/1/2028

Complete Equipment Rentals, LLC (10)

Commercial Services & Supplies

6.75 - 7.15 %

4/1/2028 - 6/1/2028

Dongwon Autopart Technology Inc.

2 unchanged sentences

Commercial Services & Supplies

8.00 - 10.08 %

11/1/2027 - 6/1/2029

EasyPak, LLC (10)

3 unchanged sentences

6.58 - 9.16 %

11/9/2025 - 9/1/2027

Environmental Protection & Improvement Company, LLC (10)

6 unchanged sentences

7.50 - 9.02 %

10/1/2026 - 3/1/2027

First National Capital, LLC (10)

4 unchanged sentences

Commercial Services & Supplies

6/5/2023 - 10/5/2023

Georgia Jet, Inc.

5 unchanged sentences

9.69 - 9.94 %

5/1/2024 - 9/1/2025

International Automotive Components Group, North America, Inc.

5 unchanged sentences

8.73 - 11.52 %

5/16/2024 - 9/25/2024

Lux Credit Consultants, LLC (10)

8.28 - 12.09 %

12/1/2024 - 12/1/2026

Lux Vending, LLC (10)

2 unchanged sentences

7/20/2024 - 10/1/2024

Miranda Logistics Enterprise, Inc.

Construction & Engineering

Mountain Air Helicopters, Inc.

Commercial Services & Supplies

No Limit Construction Services, LLC (10)

Commercial Services & Supplies

PCX Aerostructures LLC (10)

3 unchanged sentences

9.33 - 9.79 %

8/1/2023 - 11/1/2024

Rayzor’s Edge LLC (10)

Diversified Consumer Services

7.69 - 8.27 %

5/18/2030 - 6/30/2030

RH Land Construction, LLC & Harbor Dredging LA, Inc.

Construction & Engineering

Royal Coach Lines, Inc.(10)

9 unchanged sentences

7.82 - 8.61 %

9/15/2026 - 6/27/2030

ST Coaches, LLC (10)

8.47 - 8.58 %

7/1/2023 - 1/25/2025

Star Coaches Inc.

6 unchanged sentences

7.94 - 8.93 %

11/1/2024 - 12/1/2026

Crane & Rigging, LLC (10)

1 unchanged sentence

Up Trucking Services, LLC (10)

Waste Pro of Florida, Inc.

& Waste Pro USA, Inc.

Commercial Services & Supplies

Wind River Environmental, LLC (10)

1 unchanged sentence

8.43 - 10.00 %

8/1/2024 - 10/5/2025

Womble Company, Inc.

3 unchanged sentences

8.32 - 9.93 %

9/23/2027 - 6/23/2028

Zamborelli Enterprises Pacific Souther Foundation (10)

Diversified Consumer Services

SLR Equipment Finance Equity Interests (2)(9)(17)*

Multi-Sector Holdings

Total Equipment Financing

See notes to consolidated financial statements.

1 unchanged sentence

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2023

June 30, 2023

(in thousands, except share/unit amounts)

Equipment Financing (continued) —

SLR Equipment Finance Equity Interests (2)(9)(17)*

Multi-Sector Holdings

Total Equipment Financing

Interest Rate (1)

Preferred Equity – 0.4 %

4 unchanged sentences

Pharmaceuticals

Bayside Parent, LLC (27)*

Health Care Providers & Services

CardioFocus, Inc.

25 unchanged sentences

Health Care Equipment & Supplies

Topco Blocker, LLC (27)(28)*

Internet & Catalog Retail

SLR Business Credit (2)(3)(19)

13 unchanged sentences

Health Care Equipment & Supplies

Vertos Medical, Inc.

Health Care Equipment & Supplies

Total Common Equity/Equity Interests/Warrants

6 unchanged sentences

Floating rate debt investments typically bear interest at a rate determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), the Secured Overnight Financing Rate (“SOFR” or “S”) or the prime index rate (“PRIME” or “P”), and which typically reset monthly, quarterly or semi-annually.

For each debt investment we have provided the current rate of interest, or in the case of leases the current implied yield, in effect as of March 31, 2023.

For each debt investment we have provided the current rate of interest, or in the case of leases the current implied yield, in effect as of June 30, 2023.

Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), due to beneficially owning, either directly or through one or more controlled companies, more than 25 % of the outstanding voting securities of the investment.

Transactions during the three months ended March 31, 2023 in these controlled investments are as follows:

Transactions during the six months ended June 30, 2023 in these controlled investments are as follows:

Name of Issuer

1 unchanged sentence

December 31, 2022

Interest/Dividend

Interest/Dividend/Misc

Fair Value at

March 31, 2023

June 30, 2023

Equipment Operating Leases, LLC

18 unchanged sentences

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2023

June 30, 2023

(in thousands)

2 unchanged sentences

investments in existing portfolio companies or could be required to dispose of investments at inappropriate times in order to comply with the 1940 Act.

As of March 31, 2023, on a fair value basis, non-qualifying

As of June 30, 2023, on a fair value basis, non-qualifying

assets in the portfolio represented 24.5 % of the total assets of the Company.

1 unchanged sentence

Kingsbridge Holdings, LLC is held through KBH Topco LLC, a Delaware corporation.

Aggregate net unrealized appreciation for U.S.

Aggregate net unrealized depreciation for U.S.

federal income tax purposes is $ 3,002 ;

35 unchanged sentences

may elect to defer up to 3.875 % of the coupon as PIK.

Denotes investments in which we are an “Affiliated Person” but not exercising a controlling influence, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 5% but less than 25% of the outstanding voting securities of the investment.

Transactions during the six months ended June 30, 2023 (beginning with the date at which the Company became an Affiliated Person) in these affiliated investments are as follows:

Name of Issuer

Fair Value at

Affiliation(30)

Fair Value at

June 30, 2023

AmeriMark Intermediate Holdings, LLC

Bayside Opco, LLC

Bayside Parent, LLC (loan)

Bayside Parent, LLC (equity)

Topco Blocker, LLC

Through this entity and other intermediate entities, the Company owns approximately 7.3 % of the underlying common units of ASC Holdco, LLC, a joint venture which owns certain assets of the former Amerimark Interactive, LLC.

may elect to defer up to 2.50 % of the coupon as PIK.

The Company became an Affiliated Person to Bayside Opco, LLC and Bayside Parent, LLC on May 31, 2023 and to Amerimark Intermediate Holdings, LLC and SLR-AMI

Topco Blocker, LLC on June 16, 2023.

producing security.

3 unchanged sentences

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2023

June 30, 2023

(in thousands)

2 unchanged sentences

Investments (at fair value) as

of March 31, 2023

of June 30, 2023

Diversified Financial Services (includes SLR Credit Solutions, SLR Business Credit and SLR Healthcare ABL)

6 unchanged sentences

Capital Markets

Personal Products

Commercial Services & Supplies

Thrifts & Mortgage Finance

Personal Products

Auto Parts & Equipment

1 unchanged sentence

Life Sciences Tools & Services

Commercial Services & Supplies

Wireless Telecommunication Services

Asset Management

Internet Software & Services

Building Products

Trading Companies & Distributors

Health Care Technology

Transportation Infrastructure

Communications Equipment

Internet & Catalog Retail

Communications Equipment

Trading Companies & Distributors

Leisure Equipment & Products

Specialty Retail

Asset Management

Hotels, Restaurants & Leisure

Auto Components

Oil, Gas & Consumable Fuels

Aerospace & Defense

Oil, Gas & Consumable Fuels

Food Products

Metals & Mining

Food & Staples Retailing

Water Utilities

Consumer Finance

Food & Staples Retailing

Construction & Engineering

Consumer Finance

Energy Equipment & Services

9 unchanged sentences

Aegis Toxicology Sciences Corporation(16)

Health Care Providers &

Health Care Providers & Services

All State Ag Parts, LLC(16)

Trading Companies &

Trading Companies & Distributors

American Teleconferencing Services, Ltd.**

5 unchanged sentences

Apex Services Partners, LLC(16)

Diversified Consumer

Diversified Consumer Services

Atria Wealth Solutions, Inc.(16)

Diversified Financial

Diversified Financial Services

Basic Fun, Inc.(16)

1 unchanged sentence

BayMark Health Services, Inc.(16)

Health Care Providers &

Health Care Providers & Services

BDG Media, Inc

1 unchanged sentence

(Spectrum Automotive)(16)

Diversified Consumer

Composite Technology Acquisition Corp.(16)

Diversified Consumer Services

Composite Technology Acquisition

Building Products

6 unchanged sentences

& ES Opco USA LLC (Bluefin)(16)

Trading Companies &

Trading Companies & Distributors

Enverus Holdings, Inc.

5 unchanged sentences

GSM Acquisition Corp.(16)

Leisure Equipment &

Higginbotham Insurance Agency,

Leisure Equipment & Products

Higginbotham Insurance Agency, Inc.(16)

High Street Buyer, Inc.(16)

2 unchanged sentences

Ivy Fertility Services, LLC

Health Care Providers &

Health Care Providers & Services

Kaseya, Inc.(16)

3 unchanged sentences

KORE Wireless Group, Inc.(16)

Telecommunication Services

Wireless Telecommunication Services

Logix Holding Company, LLC(16)

5 unchanged sentences

Montefiore Nyack Hospital

Health Care Providers &

NAC Holdings Corporation

Health Care Providers & Services

NAC Holdings Corporation (Jaguar)(16)

National Spine and Pain Centers, LLC

Health Care Providers &

Health Care Providers & Services

One Touch Direct, LLC

Commercial Services &

Commercial Services & Supplies

Orthopedic Care Partners Management, LLC

Health Care Providers &

Health Care Providers & Services

Pediatric Home Respiratory Services, LLC

Health Care Providers &

Health Care Providers & Services

Foy & Associates Insurance Services, LLC

PhyNet Dermatology LLC

Health Care Providers &

Health Care Providers & Services

Pinnacle Treatment Centers, Inc.(16)

Health Care Providers &

Health Care Providers & Services

Plastics Management, LLC(16)

Health Care Providers &

Health Care Providers & Services

PPT Management Holdings, LLC(16)

Health Care Providers &

Health Care Providers & Services

RQM+ Corp.(16)

Life Sciences Tools &

Life Sciences Tools & Services

RSC Acquisition, Inc.(16)

RxSense Holdings LLC(16)

Diversified Consumer

Diversified Consumer Services

SCP Eye Care, LLC

Health Care Providers &

Health Care Providers & Services

SHO Holding I Corporation (Shoes for Crews)(16)

Southern Orthodontic Partners Management, LLC(16)

Health Care Providers &

Health Care Providers & Services

SPAR Marketing Force, Inc.

2 unchanged sentences

SunMed Group Holdings, LLC(16)

Health Care Equipment &

Health Care Equipment & Supplies

TAUC Management, LLC(16)

Health Care Providers &

Health Care Providers & Services

Tilley Distribution, Inc.(16)

Trading Companies &

Trading Companies & Distributors

Ultimate Baked Goods Midco LLC (Rise Baking)(16)

6 unchanged sentences

ACRES Commercial Mortgage, LLC

Diversified Financial

Diversified Financial Services

Second Lien Bank Debt/Senior Secured Loans

RD Holdco, Inc.** (2)

Diversified Consumer

Diversified Consumer Services

See notes to consolidated financial statements.

20 unchanged sentences

Glooko, Inc.(16)

Health Care Technology

Meditrina, Inc.

Equipment & Supplies

Health Care Equipment & Supplies

Neuronetics, Inc.(16)

Equipment & Supplies

Health Care Equipment & Supplies

OmniGuide Holdings, Inc.

Equipment & Supplies

Health Care Equipment & Supplies

Outset Medical, Inc.(3)

Equipment & Supplies

Health Care Equipment & Supplies

Spectrum Pharmaceuticals, Inc.(16)

1 unchanged sentence

Vapotherm, Inc.

Equipment & Supplies

Health Care Equipment & Supplies

Total First Lien Life Science Senior Secured Loans

4 unchanged sentences

8.47 - 9.64 %

3/1/2025 - 12/1/2026

AFG Dallas III, LLC (10)

3 unchanged sentences

7.08 - 7.13 %

11/3/2026 - 11/23/2026

AmeraMex International, Inc.

5 unchanged sentences

8.31 - 10.44 %

7/1/2024 - 10/7/2026

Bowman Energy Solutions, LLC (10)

6 unchanged sentences

8.10 - 8.60 %

3/22/2026 - 9/22/2027

Clubcorp Holdings, Inc.

1 unchanged sentence

9.36 - 13.01 %

4/1/2025 - 1/1/2028

Dongwon Autopart Technology Inc.

7 unchanged sentences

6.58 - 9.16 %

12/9/2025 - 9/1/2027

Environmental Protection & Improvement Company, LLC (10)

4 unchanged sentences

7.50 - 9.02 %

10/1/2026 - 3/1/2027

First National Capital, LLC (10)

5 unchanged sentences

8.30 - 8.77 %

6/5/2023 - 10/5/2023

Georgia Jet, Inc.

5 unchanged sentences

9.69 - 9.94 %

5/1/2024 - 9/1/2025

International Automotive Components Group, North America, Inc.

5 unchanged sentences

8.73 - 11.52 %

5/16/2024 - 9/25/2024

Lux Credit Consultants, LLC (10)

8.28 - 12.09 %

12/1/2024 - 12/1/2026

Lux Vending, LLC (10)

10 unchanged sentences

9.33 - 9.79 %

4/1/2023 - 11/1/2024

Royal Coach Lines, Inc.(10)

9 unchanged sentences

7.82 - 8.28 %

9/15/2026 - 12/29/2029

ST Coaches, LLC (10)

8.47 - 8.58 %

7/1/2023 - 1/25/2025

Star Coaches Inc.

6 unchanged sentences

7.94 - 8.75 %

11/1/2024 - 12/1/2026

Crane & Rigging, LLC (10)

4 unchanged sentences

8.43 - 10.00 %

8/1/2024 - 10/5/2025

Womble Company, Inc.

3 unchanged sentences

8.32 - 9.36 %

9/23/2027 - 10/28/2027

Zamborelli Enterprises Pacific Souther Foundation (10)

10 unchanged sentences

SOINT, LLC (2)(3)(4)

Aerospace & Defense

Common Equity/Equity Interests/Warrants— 57.1 %

6 unchanged sentences

Conventus Orthopaedics, Inc.

Health Care Equipment & Supplies

Health Care Equipment &

Delphinus Medical Technologies, Inc.

Health Care Equipment & Supplies

Health Care Equipment &

Essence Group Holdings Corporation (Lumeris) Warrants *

3 unchanged sentences

Meditrina, Inc.

Health Care Equipment & Supplies

Health Care Equipment &

RD Holdco, Inc.

2 unchanged sentences

RD Holdco, Inc.

(Rug Doctor) Class B (2)*

Diversified Consumer Services

3 unchanged sentences

Senseonics Holdings, Inc.

Health Care Equipment & Supplies

Health Care Equipment &

SLR Business Credit (2)(3)(19)

9 unchanged sentences

Vapotherm, Inc.

Health Care Equipment & Supplies

Health Care Equipment &

Venus Concept Ltd.

Warrants* (f/k/a Restoration Robotics)

Health Care Equipment & Supplies

Health Care Equipment &

Total Common Equity/Equity Interests/Warrants

Total Investments (6) — 208.7 %

Acquisition Date

Cash Equivalents — 41.8 %

133 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

SLR Investment Corp.

(the “Company”, “we”, “us” or “our”), a Maryland corporation formed in November 2007, is a closed-end,

(the “Company”, “SLRC”, “we”, “us” or “our”), a Maryland corporation formed in November 2007, is a closed-end,

externally managed, non-diversified

27 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

2 unchanged sentences

Investment transactions are accounted for on the trade date;

Under procedures established by the board of directors (the “Board”), we value investments, including certain senior secured debt, subordinated debt and other debt securities with maturities greater than 60 days, for which market quotations are readily available and deemed to represent fair value under U.S.

GAAP, at such market quotations (unless they are deemed not to represent fair value).

A market quotation is readily available for a security only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Company can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

9 unchanged sentences

Such determination of fair values involves subjective judgments and estimates.

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value under U.S.

GAAP, the Board has approved a multi-step valuation process each quarter, as described below:

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value under GAAP, the Board has approved a multi-step valuation process each quarter, as described below:

our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the portfolio investment;

13 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

8 unchanged sentences

When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process.

For the three months ended March 31, 2023, there has been no change to the Company’s valuation approaches or techniques and the nature of the related inputs considered in the valuation process.

For the six months ended June 30, 2023, there has been no change to the Company’s valuation approaches or techniques and the nature of the related inputs considered in the valuation process.

ASC Topic 820 classifies the inputs used to measure these fair values into the following hierarchy:

12 unchanged sentences

fee income as well as a management fee and other fee income for services rendered, if any, are recorded as other income when earned.

The Company intends to comply with the applicable provisions of the Code pertaining to regulated investment companies to make distributions of taxable income sufficient to relieve it of substantially all U.S.

The Company intends to comply with the applicable provisions of the Code pertaining to RICs

to make distributions of taxable income sufficient to relieve it of substantially all U.S.

federal income taxes.

12 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

31 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

22 unchanged sentences

fee net investment income with respect to that portion of such pre-incentive

fee net investment income, if any, that exceeds the hurdle rate but is less than 2.1875% in any calendar quarter;

fee net investment income, if any, that exceeds the hurdle rate but is less than 2.1875

% in any calendar quarter;

and (3) 20 % of the amount of the Company’s pre-incentive

fee net investment income, if any, that exceeds 2.1875% in any calendar quarter.

fee net investment income, if any, that exceeds 2.1875

% in any calendar quarter.

These calculations are appropriately pro-rated

3 unchanged sentences

For financial statement purposes, the second part of the performance-based incentive fee is accrued based upon 20 % of cumulative net realized gains and net unrealized capital appreciation.

No accrual was required for the three months ended March 31, 2023 and 2022.

For the three months ended March 31, 2023 and 2022, the Company recognized $ 7,706 and $ 7,216 , respectively, in base management fees and $ 5,509 and $ 0 , respectively, in performance-based incentive fees.

For the three months ended March 31, 2023 and 2022, $ 110 and $ 0 , respectively, of such performance-based incentive fees were waived.

No accrual was required for the three and six months ended June 30, 2023 and 2022.

For the three and six months ended June 30, 2023, the Company recognized $ 7,878 and $ 15,584 , respectively, in base management fees and $ 5,638 and $ 11,147 , respectively, in performance-based incentive fees.

For the three and six months ended June 30, 2023, $ 125 and $ 235 , respectively, of such performance-based incentive fees were waived.

For the three and six months ended June 30, 2022, the Company recognized $ 6,913 and $ 14,129 , respectively, in base management fees and $ 4,734 and $ 4,734 , respectively, in gross performance-based incentive fees.

For the three and six months ended June 30, 2022, $ 1,358 and $ 1,358 of such performance-based incentive fees were waived.

The Investment Adviser has agreed to waive incentive fees resulting from income earned due to the accretion of purchase discount allocated to investments acquired as a result of the Mergers.

4 unchanged sentences

The Company typically reimburses the Administrator on a quarterly basis.

For the three months ended March 31, 2023 and 2022, the Company recognized expenses under the Administration Agreement of $ 1,508 and $ 1,183 respectively.

No managerial assistance fees were accrued or collected for the three months ended March 31, 2023 and 2022.

For the three and six months ended June 30, 2023, the Company recognized expenses under the Administration Agreement of $ 1,480 and $ 2,988 respectively.

For the three and six months ended June 30, 2022, the Company recognized expenses under the Administration Agreement of $ 1,369 and $ 2,552 respectively.

No managerial assistance fees were accrued or collected for the three and six months ended June 30, 2023 and 2022.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

Net Asset Value Per Share

At March 31, 2023, the Company’s total net assets and net asset value per share were $ 984,178 and $ 18.04 , respectively.

At June 30, 2023, the Company’s total net assets and net asset value per share were $ 980,805 and $ 17.98 , respectively.

This compares to total net assets and net asset value per share at December 31, 2022 of $ 999,731 and $ 18.33 , respectively.

1 unchanged sentence

The following table sets forth the computation of basic and diluted net increase in net assets per share resulting from operations, pursuant to ASC 260-10,

for the three months ended March 31, 2023 and 2022:

Three months ended March 31,

Earnings per share (basic & diluted)

Numerator - net increase in net assets resulting from operations:

for the three and six months ended June 30, 2023 and 2022:

Three months ended June 30,

Six months ended June 30,

Earnings (loss) per share (basic & diluted)

Numerator - net increase (decrease) in net assets resulting from operations:

Denominator - weighted average shares:

Earnings per share:

Earnings (loss) per share:

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

21 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

The following tables present the balances of assets measured at fair value on a recurring basis, as of March 31, 2023 and December 31, 2022:

The following tables present the balances of assets measured at fair value on a recurring basis, as of June 30, 2023 and December 31, 2022:

Fair Value Measurements

As of March 31, 2023

As of June 30, 2023

Net Asset Value*

20 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

The following tables provide a summary of the changes in fair value of Level 3 assets for the three months ended March 31, 2023, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at March 31, 2023:

The following tables provide a summary of the changes in fair value of Level 3 assets for the three and six months ended June 30, 2023, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at June 30, 2023:

Fair Value Measurements Using Level 3 Inputs

2 unchanged sentences

Common Equity/

Fair value, December

Fair value, March

Total gains or losses included in earnings:

4 unchanged sentences

Transfers in/out of Level 3

Fair value, March

Fair value, June

Unrealized losses for the period relating to those Level 3 assets that were still held by the Company at the end of the period:

Net change in unrealized gain (loss)

While the Company has not made an election to apply the fair value option of accounting to any of its current debt obligations, if the Company’s debt obligations were carried at fair value at March 31, 2023, the fair value of the Credit Facility, SPV Credit Facility, 2024 Unsecured Notes, 2025 Unsecured Notes, 2026 Unsecured Notes, 2027 Unsecured Notes and 2027 Series F Unsecured Notes would be $ 488,000 , $ 164,200 , $ 118,750 , $ 79,688 , $ 67,875 , $ 42,750 and $ 117,788 , respectively.

Senior Secured

Preferred Equity

Common Equity/

Fair value, December

Total gains or losses included in earnings:

Net realized gain

Net change in unrealized loss

Purchase of investment securities

Proceeds from dispositions of investment securities

Transfers in/out of Level 3

Fair value, June

Unrealized losses for the period relating to those Level 3 assets that were still held by the Company at the end of the period:

Net change in unrealized loss.

While the Company has not made an election to apply the fair value option of accounting to any of its current debt obligations, if the Company’s debt obligations were carried at fair value at June 30, 2023, the fair value of the Credit Facility, SPV Credit Facility, 2024 Unsecured Notes, 2025 Unsecured Notes, 2026 Unsecured Notes, 2027 Unsecured Notes and 2027 Series F Unsecured Notes would be $ 582,000 , $ 167,200 , $ 119,688 , $ 80,325 , $ 68,250 , $ 43,125 and $ 118,463 , respectively.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

5 unchanged sentences

Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 assets and liabilities primarily reflect current market yields, including indices, and readily available quotes from brokers, dealers, and pricing services as indicated by comparable assets and liabilities, as well as enterprise values, returns on equity and earnings before income taxes, depreciation and amortization (“EBITDA”) multiples of similar companies, and comparable market transactions for equity securities.

Quantitative information about the Company’s Level 3 asset and liability fair value measurements

as of March 31, 2023 is summarized

Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of June 30, 2023 is summarized in the table below:

Fair Value at

March 31, 2023

June 30, 2023

Principal Valuation

5 unchanged sentences

Income Approach

Market Multiple

Comparable Multiple

Recovery Analysis

Recoverable Amount

9.9 % – 20.8 % ( 12.8 %) N/A

Equipment Financing

150,513 120,820

Income Approach

1 unchanged sentence

Comparable Multiple

8.5 % – 9.7 % ( 9.6 %) 1.1 x- 1.4 x ( 1.2 x)

Preferred Equity

Income Approach

5.0 % – 5.0 % ( 5.0 %)

Common Equity/Equity Interests/Warrants

162,207 404,220

Market Multiple (2)

2 unchanged sentences

Return on Equity

Investments are valued using a sum-of-the

parts analysis, using expected revenue multiples for certain segments of the businesses and expected EBITDA multiples for certain segments of the businesses.

6.3 x – 11.5 x ( 8.7 x) 4.7 % – 32.4 % ( 10.7 %)

Includes $ 120,820 of investments valued using an implied multiple.

Includes $ 1,047 of investments valued using a Black-Scholes model and $ 161,160 of investments valued using an EBITDA multiple.

Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of December 31, 2022 is summarized

in the table below:

Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of December 31, 2022 is summarized in the table below:

Fair Value at

8 unchanged sentences

Market Multiple (1)

Market Yield Comparable Multiple

Comparable Multiple

9.4 % – 18.2 % ( 12.0 %) 0.1 x- 21.4 x ( 12.4 x)

3 unchanged sentences

Market Multiple (2)

Market Yield Comparable Multiple

Comparable Multiple

8.5 % – 9.7 % ( 9.7 %) 1.1 x- 1.4 x ( 1.2 x)

6 unchanged sentences

Market Approach

Comparable Multiple Return on Equity

Comparable Multiple

Return on Equity

7.8 x – 9.8 x ( 8.8 x) 6.6 % – 35.2 % ( 9.2 %)

8 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

Our debt obligations consisted of the following as of March 31, 2023 and December 31, 2022:

March 31, 2023

Our debt obligations consisted of the following as of June 30, 2023 and December 31, 2022:

June 30, 2023

December 31, 2022

9 unchanged sentences

2027 Series F Unsecured Notes

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 4,453 and $ 4,746 as of March 31, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized market discount of $ 833 and $ 898 as of March 31, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 4,157 and $ 4,746 as of June 30, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized market discount of $ 767 and $ 898 as of June 30, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 21 as of December 31, 2022.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 509 and $ 579 as of March 31, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized market discount of $ 346 and $ 387 as of March 31, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 473 and $ 502 as of March 31, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 44 and $ 47 as of March 31, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 20 and $ 22 as of March 31, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 437 and $ 579 as of June 30, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized market discount of $ 304 and $ 387 as of June 30, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 444 and $ 502 as of June 30, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 41 and $ 47 as of June 30, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 17 and $ 22 as of June 30, 2023 and December 31, 2022, respectively.

Unsecured Notes

14 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

10 unchanged sentences

however, the commitment can also be expanded up to $ 600,000 .

The stated interest rate on the SPV Credit Facility is LIBOR plus 2.00 %- 2.50 %

with no LIBOR floor requirement and the current final maturity date is June 1, 2026 .

The stated interest rate on the SPV Credit Facility is SOFR

plus 2.00 %- 2.50 %

floor requirement and the current final maturity date is June 1, 2026 .

The SPV Credit Facility is secured by all of the assets held by SUNS SPV.

1 unchanged sentence

The SPV Credit Facility also includes usual and customary events of default for credit facilities of this nature.

At March 31, 2023, outstanding USD equivalent borrowings under the SPV Credit Facility totaled $ 164,200 .

At June 30, 2023, outstanding USD equivalent borrowings under the SPV Credit Facility totaled $ 167,200 .

On December 28, 2021, the Company closed on Amendment No.

7 unchanged sentences

In addition, the Credit Facility contains certain financial covenants that among other things, requires the Company to maintain a minimum shareholder’s equity and a minimum asset coverage ratio.

At March 31, 2023, outstanding USD equivalent borrowings under the Credit Facility totaled $ 488,000 , composed of $ 388,000 of revolving credit and $ 100,000 of term loans.

covenants on our issued debt may restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC under Subchapter M of the Code.

average annualized interest cost for all borrowings for the three months ended March 31, 2023 and the year ended December 31, 2022 was

4.09 %, respectively.

At June 30, 2023, outstanding USD equivalent borrowings under the Credit Facility totaled $ 582,000 , composed of $ 482,000 of revolving credit and $ 100,000 of term loans.

Certain covenants on our issued debt may restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC under Subchapter M of the Code.

The average annualized interest cost for all borrowings for the six months ended June 30, 2023 and the year ended December 31, 2022 was 5.60 % and 4.09 %, respectively.

These costs are exclusive of other credit facility expenses such as unused fees, agency fees and other prepaid expenses related to establishing and/or amending the Credit Facility, the SPV Credit Facility, the 2023 Unsecured Notes, the 2024 Unsecured Notes, the 2025 Unsecured Notes, the 2026 Unsecured Notes, the 2027 Unsecured Notes and the 2027 Series F Unsecured Notes (collectively the “Debt Instruments”), if any.

The maximum amounts borrowed on the Debt Instruments during the three months ended March 31, 2023 and the year ended December 31, 2022 were $

1,122,200 and $

1,164,200 , respectively.

The maximum amounts borrowed on the Debt Instruments during the six months ended June 30, 2023 and the year ended December 31, 2022 were $ 1,219,200 and $ 1,164,200 , respectively.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2023 and 2022:

Three months ended

March 31, 2023

Three months ended

March 31, 2022

The following is a schedule of financial highlights for the six months ended June 30, 2023 and 2022:

Six months ended

June 30, 2023

Six months ended

June 30, 2022

Per Share Data:

2 unchanged sentences

Net realized and unrealized loss

Net increase in net assets resulting from operations

Net increase (decrease) in net assets resulting from operations

Issuance of common stock in connection with the Merger

Distributions to stockholders:

13 unchanged sentences

Portfolio turnover ratio

Calculated using the average shares outstanding method.

Calculated using the average shares outstanding method, except for the issuance of common stock in connection with the Merger, which reflects the actual amount per share for the applicable period.

Total return is based on the change in market price per share during the period and takes into account distributions, if any, reinvested in accordance with the dividend reinvestment plan.

2 unchanged sentences

Not annualized for periods less than one year.

The amount shown may not correspond with the aggregate amount for the period as it includes the effect of the timing of the Merger.

The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets is shown net of the performance-based incentive fee waiver (see note 3).

For the three months ended March 31, 2023, the ratios of operating expenses to average net assets and total expenses to average net assets would be 1.62 % and 3.15 %, respectively, without the performance-based incentive fee waiver.

R Credit Solutions

For the six months ended June 30, 2023, the ratios of operating expenses to average net assets and total expenses to average net assets would be 3.24 % and 6.58 %, respectively, without the performance-based incentive fee waiver.

For the six months ended June 30, 2022, the ratios of operating expenses to average net assets and total expenses to average net assets would be 2.58 % and 4.53 %, respectively, without the performance-based incentive fee waiver.

SLR Credit Solutions

On December 28, 2012, we acquired an equity interest in Crystal Capital Financial Holdings LLC (“Crystal Financial”) for $ 275,000 in cash.

5 unchanged sentences

On September 30, 2016, Crystal Capital Financial Holdings LLC was dissolved.

As of March 31, 2023, total commitments to the revolving credit facility are $ 300,000 .

As of March 31, 2023 SLR Credit had 28 funded commitments to 24 different issuers with total funded loans of approximately $ 423,163 on total assets of $ 435,275 .

As of June 30, 2023, total commitments to the revolving credit facility are $ 300,000 .

As of June 30, 2023 SLR Credit had 29 funded commitments to 25 different issuers with total funded loans of approximately $ 425,019 on total assets of $ 443,024 .

As of December 31, 2022 SLR Credit had 29 funded commitments to 25 different issuers with total funded loans of approximately $ 439,484 on total assets of $ 460,683 .

As of March 31, 2023 and December 31, 2022, the largest loan outstanding totaled $ 37,232 and $ 33,420 , respectively.

As of June 30, 2023 and December 31, 2022, the largest loan outstanding totaled $ 30,000 and $ 33,420 , respectively.

For the same periods, the average exposure per issuer was $ 17,001 and $ 17,579 , respectively.

SLR Credit’s credit facility, which is non-recourse

to the Company, had approximately $ 207,837 and $ 224,325 of borrowings outstanding at March 31, 2023 and December 31, 2022, respectively.

For the three months ended March 31, 2023 and 2022, SLR Credit had net income (loss) of ($ 9,672 ) and $ 2,780 , respectively, on gross income of $ 14,555 and $ 6,694 , respectively.

to the Company, had approximately $ 216,947 and $ 224,325 of borrowings outstanding at June 30, 2023 and December 31, 2022, respectively.

For the three months ended June 30, 2023 and 2022, SLR Credit had net income of $ 6,767 and $ 1,880 , respectively, on gross income of $ 13,897 and $ 6,882 , respectively.

For the six months ended June 30, 2023 and 2022, SLR Credit had net income (loss) of ($ 2,905 ) and $ 4,660 , respectively, on gross income of $ 28,452 and $ 13,575 , respectively.

Due to timing and non-cash

2 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

2 unchanged sentences

The Company had unfunded debt and equity commitments to various revolving and delayed-draw term loans as well as to SLR Credit and SLR Healthcare.

The total amount of these unfunded commitments as of March 31, 2023 and December 31, 2022 is $ 336,319 and $ 323,663 , respectively, comprised of the following:

The total amount of these unfunded commitments as of June 30, 2023 and December 31, 2022 is $ 325,858 and $ 323,663 , respectively, comprised of the following:

June 30, 2023

December 31, 2022

SLR Credit Solutions*

1 unchanged sentence

Apeel Technology, Inc.

CC SAG Holdings Corp.

(Spectrum Automotive)..

CVAUSA Management, LLC

Human Interest, Inc

BDG Media, Inc.

World Insurance Associates, LLC

Spectrum Pharmaceuticals, Inc.

Arcutis Biotherapeutics, Inc.

1 unchanged sentence

Copper River Seafoods, Inc.

Luxury Asset Capital, LLC

Cerapedics, Inc.

United Digestive MSO Parent, LLC

RSC Acquisition, Inc

Luxury Asset Capital, LLC

SPAR Marketing Force, Inc.

Urology Management Holdings, Inc.

One Touch Direct, LLC

Spectrum Pharmaceuticals, Inc.

SLR Equipment Finance

Vessco Midco Holdings, LLC

Meditrina, Inc.

One Touch Direct, LLC

DeepIntent, Inc

Vertos Medical, Inc.

Foundation Consumer Brands, LLC

Vessco Midco Holdings, LLC

Kid Distro Holdings, LLC

RSC Acquisition, Inc.

Erie Construction Mid-west,

Ultimate Baked Goods Midco LLC

Maurices, Incorporated

Basic Fun, Inc.

Kid Distro Holdings, LLC

SPAR Marketing Force, Inc.

SCP Eye Care, LLC

Ultimate Baked Goods Midco LLC

Pediatric Home Respiratory Services, LLC

Southern Orthodontic Partners Management, LLC

Montefiore Nyack Hospital

DeepIntent, Inc.

SunMed Group Holdings, LLC

SLR Healthcare ABL*

RxSense Holdings LLC

Erie Construction Mid-west,

American Teleconferencing Services, Ltd

Enverus Holdings, Inc

Orthopedic Care Partners Management, LLC.

Composite Technology Acquisition Corp

Montefiore Nyack Hospital

Pinnacle Treatment Centers, Inc.

SunMed Group Holdings, LLC

GSM Acquisition Corp

RxSense Holdings LLC

Bayside Opco, LLC

Enverus Holdings, Inc.

Tilley Distribution, Inc.

Pediatric Home Respiratory Services, LLC

GSM Acquisition Corp

Composite Technology Acquisition Corp

High Street Buyer, Inc.

CC SAG Holdings Corp.

(Spectrum Automotive)

Orthopedic Care Partners Management, LLC

Southern Orthodontic Partners Management, LLC

ENS Holdings III Corp, LLC

World Insurance Associates, LLC

TAUC Management, LLC

AmeriMark Intermediate Holdings, LLC

All State Ag Parts, LLC

8 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

In addition to the above, please see SLR Senior Lending Program LLC herein where the Company has a remaining equity commitment of $40,500 in which the Company also controls such funding.

In addition to the above, please see Note 17.

SLR Senior Lending Program LLC herein, which describes that the Company has an equity commitment of $29,250 in SSLP and that the Company also controls such funding.

The credit agreements of the above loan commitments contain customary lending provisions and/or are subject to the portfolio company’s achievement of certain milestones that allow relief to the Company from funding obligations for previously made commitments in instances where the underlying company experiences materially adverse events that affect the financial condition or business outlook for the company.

Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company.

As of March 31, 2023 and December 31, 2022, the Company had sufficient cash available and/or liquid securities available to fund its commitments and had reviewed them for any appropriate

fair value adjustment.

As of June 30, 2023 and December 31, 2022, the Company had sufficient cash available and/or liquid securities available to fund its commitments and had reviewed them for any appropriate fair value adjustment.

SLR Equipment Finance

7 unchanged sentences

In September 2019, SLR Equipment amended the facility, increasing commitments to $ 213,957 with an accordion feature to expand up to $ 313,957 and extended the maturity date of the facility to July 31, 2023.

As of March 31, 2023, SLR Equipment had 129 funded equipment-backed leases and loans to 53 different customers with a total net investment in leases and loans of approximately $ 188,633 on total assets of $ 236,635 .

In June 2023, the facility was amended to extend the maturity date to January 31, 2024 , with updated commitments totaling $ 152,147 , effective August 1, 2023 .

As of June 30, 2023, SLR Equipment had 129 funded equipment-backed leases and loans to 54 different customers with a total net investment in leases and loans of approximately $ 197,694 on total assets of $ 246,528 .

As of December 31, 2022, SLR Equipment had 131 funded equipment-backed leases and loans to 59 different customers with a total net investment in leases and loans of approximately $ 190,830 on total assets of $ 241,813 .

As of March 31, 2023 and December 31, 2022, the largest position outstanding totaled $ 19,259 and $ 19,259 , respectively.

As of June 30, 2023 and December 31, 2022, the largest position outstanding totaled $ 18,243 and $ 19,259 , respectively.

For the same periods, the average exposure per customer was $ 3,661 and $ 3,234 , respectively.

SLR Equipment’s credit facility, which is non-recourse

to the Company, had approximately $ 113,132 and $ 114,977 of borrowings outstanding at March 31, 2023 and December 31, 2022, respectively.

For the three months ended March 31, 2023 and March 31, 2022, SLR Equipment had net income of $ 1,038 and $ 594 , respectively, on gross income of $ 6,337 and $ 5,173 , respectively.

to the Company, had approximately $ 124,732 and $ 114,977 of borrowings outstanding at June 30, 2023 and December 31, 2022, respectively.

For the three months ended June 30, 2023 and June 30, 2022, SLR Equipment had net loss of $ 2,055 and $ 1,753 , respectively, on gross income of $ 4,054 and $ 4,045 , respectively.

For the six months ended June 30, 2023 and June 30, 2022, SLR Equipment had net loss of $ 1,017 and $ 1,159 , respectively, on gross income of $ 10,391 and $ 9,218 , respectively.

Due to timing and non-cash

1 unchanged sentence

Capital Share Transactions

As of March 31, 2023 and March 31, 2022, 200,000,000 shares of $ 0.01 par value capital stock were authorized.

As of June 30, 2023 and June 30, 2022, 200,000,000 shares of $ 0.01 par value capital stock were authorized.

Transactions in capital stock were as follows:

For the three months

ended March 31, 2023

For the three months

ended March 31, 2022

For the three months

ended March 31, 2023

For the three months

ended March 31, 2022

Three months ended

June 30, 2023

Three months ended

June 30, 2022

Three months ended

June 30, 2023

Three months ended

June 30, 2022

Shares issued in connection with the Mergers

Six months ended

June 30, 2023

Six months ended

June 30, 2022

Six months ended

June 30, 2023

Six months ended

June 30, 2022

Shares issued in connection with the Mergers

Shares repurchased

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

June 30, 2023

(in thousands, except share amounts)

Kingsbridge Holdings, LLC

6 unchanged sentences

Following the transaction, the Company owns 87.5 % of KBHT equity and the KBH management team owns the remaining 12.5 % of KBHT’s equity.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

(in thousands, except share amounts)

As of March 31, 2023 and December 31, 2022, KBHT had total assets of $ 778,489 and $ 777,151 , respectively.

As of June 30, 2023 and December 31, 2022, KBHT had total assets of $ 797,930 and $ 777,151 , respectively.

For the same periods, debt recourse to KBHT totaled $ 246,294 and $ 222,094 , respectively, and non-recourse

1 unchanged sentence

None of the debt is recourse to the Company.

For the three months ended March 31, 2023 and 2022, KBHT had net income of $ 2,627 and $ 3,399 , respectively, on gross income of $ 68,007 and $ 66,426 , respectively.

For the three months ended June 30, 2023 and 2022, KBHT had net income of $ 3,287 and $ 3,657 , respectively, on gross income of $ 75,500 and $ 77,316 , respectively.

For the six months ended June 30, 2023 and 2022, KBHT had net income of $ 5,914 and $ 7,066 , respectively, on gross income of $ 143,507 and $ 143,741 , respectively.

Due to timing and non-cash

3 unchanged sentences

SUNS acquired an equity interest in SLR Healthcare ABL, f/k/a Gemino Healthcare Finance, LLC (“SLR Healthcare”) on September 30, 2013.

SLR Healthcare is a commercial finance company that originates, underwrites, and manages primarily secured, asset-based loans for small and

SLR Healthcare is a commercial finance company that originates, underwrites, and manages primarily secured, asset-based loans for small and mid-sized

companies operating in the healthcare industry.

SUNS initial investment in SLR Healthcare ABL was $ 32,839 .

The management team of SLR Healthcare

The management team of SLR Healthcare co-invested

in the transaction and continues to lead SLR Healthcare.

As of September 30, 2022, SLR Healthcare’s management team and the Company own approximately

93 % of the equity in SLR Healthcare, respectively.

As of June 30, 2023, SLR Healthcare’s management team and the Company own approximately 7 % and 93 % of the equity in SLR Healthcare, respectively.

SLRC acquired SLR Healthcare in connection with the Mergers on April 1, 2022.

Concurrent with the closing of the transaction, SLR Healthcare entered into a new,

non-recourse,

100,000 credit facility with

non-affiliates,

which was expandable to $

150,000 under its accordion feature.

Effective March 31, 2014, the credit facility was expanded to $

105,000 and again on June 27, 2014 to $

On May 27, 2016, SLR Healthcare entered into a new $

125,000 credit facility which replaced the previously existing facility.

The new facility has similar terms as compared to the previous facility and includes an accordion feature increase to $

200,000 and had a maturity date of

May 27, 2020 .

On June 28, 2019, this $

125,000 facility was amended, extending the maturity date to

June 28, 2023 .

On March 31, 2023, the facility was again amended, adjusting capacity to $

100,000 and extending the maturity date to

March 31, 2026 .

Concurrent with the closing of the transaction, SLR Healthcare entered into a new, four-year , non-recourse,

$ 100,000 credit facility with non-affiliates,

which was expandable to $ 150,000 under its accordion feature.

Effective March 31, 2014, the credit facility was expanded to $ 105,000 and again on June 27, 2014 to $ 110,000 .

On May 27, 2016, SLR Healthcare entered into a new $ 125,000 credit facility which replaced the previously existing facility.

The new facility has similar terms as compared to the previous facility and includes an accordion feature increase to $ 200,000 and had a maturity date of May 27, 2020 .

On June 28, 2019, this $ 125,000 facility was amended, extending the maturity date to June 28, 2023 .

On March 31, 2023, the facility was again amended, adjusting capacity to $ 100,000 and extending the maturity date to March 31, 2026 .

SLR Healthcare currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments.

As of March 31, 2023, the portfolio totaled approximately $ 258,600 of commitments with a total net investment in loans of $ 105,667 on total assets of $ 113,753 .

As of June 30, 2023, the portfolio totaled approximately $ 261,600 of commitments with a total net investment in loans of $ 99,555 on total assets of $ 106,837 .

As of December 31, 2022, the portfolio totaled approximately $ 242,106 of commitments with a total net investment in loans of $ 92,383 on total assets of $ 108,705 .

At March 31, 2023, the portfolio consisted of 41 issuers with an average balance of approximately $ 2,577 versus 41 issuers with an average balance of approximately $ 2,253 at December 31, 2022.

At June 30, 2023, the portfolio consisted of 40 issuers with an average balance of approximately $ 2,489 versus 41 issuers with an average balance of approximately $ 2,253 at December 31, 2022.

All of the commitments in SLR Healthcare’s portfolio are floating-rate, senior-secured, cash-pay

SLR Healthcare’s credit facility, which is non-recourse

to us, had approximately $ 83,500 and $ 77,000 of borrowings outstanding at March 31, 2023 and December 31, 2022, respectively.

For the three months ended March 31, 2023 and 2022, SLR Healthcare had net income of $ 1,120 and $ 873 , respectively, on gross income of $ 3,836 and $ 2,391 , respectively.

to us, had approximately $ 74,900 and $ 77,000 of borrowings outstanding at June 30, 2023 and December 31, 2022, respectively.

For the three months ended June 30, 2023 and 2022, SLR Healthcare had net income of $ 1,273 and $ 847 , respectively, on gross income of $ 4,439 and $ 2,487 , respectively.

For the six months ended June 30, 2023 and 2022, SLR Healthcare had net income of $ 2,393 and $ 1,721 , respectively, on gross income of $ 8,276 and $ 4,878 , respectively.

Due to timing and non-cash

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

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SLR Business Credit currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments.

As of March 31, 2023, the portfolio totaled approximately $ 596,999 of commitments, of which $ 242,400 were funded, on total assets of $ 287,345 .

As of June 30, 2023, the portfolio totaled approximately $ 620,232 of commitments, of which $ 255,169 were funded, on total assets of $ 300,645 .

As of December 31, 2022, the portfolio totaled approximately $ 603,432 of commitments, of which $ 286,006 were funded, on total assets of $ 332,247 .

At March 31, 2023, the portfolio consisted of 100 issuers with an average balance of approximately $ 2,424 versus 108 issuers with an average balance of approximately $ 2,648 at December 31, 2022.

At June 30, 2023, the portfolio consisted of 101 issuers with an average balance of approximately $ 2,526 versus 108 issuers with an average balance of approximately $ 2,648 at December 31, 2022.

NMC has a senior credit facility with a bank lending group for $ 285,307 which expires on November 13, 2025 .

1 unchanged sentence

NMC’s credit facility, which is non-recourse

to us, had approximately $ 183,460 and $ 214,425 of borrowings outstanding at March 31, 2023 and December 31, 2022, respectively.

For the three months ended March 31, 2023 and 2022, SLR Business Credit had net income of $ 2,017 and $ 1,869 respectively, on gross income of $ 9,331 and $ 6,145 , respectively.

to us, had approximately $ 198,571 and $ 214,425 of borrowings outstanding at June 30, 2023 and December 31, 2022, respectively.

For the three months ended June 30, 2023 and 2022, SLR Business Credit had net income of $ 1,414 and $ 1,857 respectively, on gross income of $ 8,827 and $ 6,626 , respectively.

For the six months ended June 30, 2023 and 2022, SLR Business Credit had net income of $ 3,431 and $ 3,726 respectively, on gross income of $ 11,067 and $ 12,772 , respectively.

Due to timing and non-cash

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Stock Repurchase Program

On May 3, 2022, our Board authorized a program for the purpose of repurchasing up to $ 50,000 of our outstanding shares of common stock.

On May 9, 2023, our Board authorized an extension of a program for the purpose of repurchasing up to $ 50,000 of our outstanding shares of common stock.

Under the repurchase program, we may, but are not obligated to, repurchase shares of our outstanding common stock in the open market from time to time provided that we comply with our code of ethics and the guidelines specified in Rule 10b-18

of the 1934 Act, including certain price, market volume and timing constraints.

of the Exchange Act, including certain price, market volume and timing constraints.

In addition, any repurchases will be conducted in accordance with the 1940 Act.

Unless amended or extended by our Board, we expect the repurchase program to be in place until the earlier of May 1, 2023 or until $ 50,000

of our outstanding shares of common stock have been repurchased.

The timing and number of shares to be repurchased will depend on a number of factors, including market conditions.

Unless further amended or extended by our Board, we expect the repurchase program to be in place until the earlier of May 10, 2024 or until $50,000 of our outstanding shares of common stock have been repurchased.

The timing and number of additional shares to be repurchased will depend on a number of factors, including market conditions.

There are no assurances that we will engage in any repurchases beyond what is reported herein.

For the three months ended March 31, 2023, the Company repurchased 746 shares at an average price of approximately $ 14.02 per share, inclusive of commissions.

The total dollar amount of shares repurchased for the three months ended March 31, 2023 was $ 10 .

For the six months ended June 30, 2023, the Company repurchased 746 shares at an average price of approximately $ 14.02 per share, inclusive of commissions.

The total dollar amount of shares repurchased for the six months ended June 30, 2023 was $ 10 .

During the fiscal year ended December 31, 2022, the Company repurchased 217,271 shares at an average price of approximately $ 13.98 per share, inclusive of commissions.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

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The SSLP Facility also includes usual and customary events of default for credit facilities of this nature.

At March 31, 2023, there were $ 27,900 of borrowings outstanding on the SSLP Facility.

As of March 31, 2023, the Company and the Investor had contributed combined equity capital in the amount of $ 19,000 .

As of March 31, 2023, the Company and the Investors’ remaining commitments to SSLP totaled $ 40,500 and $ 40,500 , respectively.

At June 30, 2023, there were $ 38,400 of borrowings outstanding on the SSLP Facility.

As of June 30, 2023, the Company and the Investor had contributed combined equity capital in the amount of $ 41,500 .

As of June 30, 2023, the Company and the Investors’ remaining commitments to SSLP totaled $ 29,250 and $ 29,250 , respectively.

The Company, along with the Investor, controls the funding of SSLP and SSLP may not call the unfunded commitments of the Company or the Investor without the approval of both the Company and the Investor.

As of March 31, 2023 and December 31, 2022, SSLP had total assets of $ 46,000 and $ 19,105 , respectively.

As of June 30, 2023 and December 31, 2022, SSLP had total assets of $ 79,411 and $ 19,105 , respectively.

For the same periods, SSLP’s portfolio consisted of floating rate senior secured loans to 20 and 7 different borrowers, respectively.

For the three months ended March 31, 2023, SSLP invested $ 29,829 in 12 portfolio companies.

Investments prepaid totaled $ 3,215 for the three months ended March 31, 2023.

For the three months ended June 30, 2023, SSLP invested $ 32,557 in 9 portfolio companies.

Investments prepaid totaled $ 182 for the three months ended June 30, 2023.

For the period December 1, 2022 (commencement of operations) through December 31, 2022, SSLP invested $ 18,100 in 7 portfolio companies.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

SSLP Portfolio as of March 31, 2023

SSLP Portfolio as of June 30, 2023

Aegis Toxicology Sciences Corporation (4)

Health Care Providers &

Health Care Providers & Services

Atria Wealth Solutions, Inc.

Diversified Financial

Diversified Financial Services

BayMark Health Services, Inc.

Health Care Providers &

Health Care Providers & Services

ENS Holdings III Corp.

& ES Opco USA LLC (4)

Trading Companies &

Trading Companies & Distributors

Fertility (ITC) Investment Holdco, LLC (4)

Health Care Providers & Services

Foundation Consumer Brands, LLC (4)

3 unchanged sentences

Kid Distro Holdings, LLC (4)

ONS MSO, LLC (4)

Health Care Providers & Services

PhyNet Dermatology LLC (4)

Health Care Providers &

Health Care Providers & Services

Pinnacle Treatment Centers, Inc.

Health Care Providers &

Health Care Providers & Services

Plastics Management, LLC (4)

Health Care Providers &

Life Sciences Tools &

Health Care Providers & Services

Life Sciences Tools & Services

RSC Acquisition, Inc.

RxSense Holdings LLC (4)

Diversified Consumer

Diversified Consumer Services

SunMed Group Holdings, LLC (4)

Equipment & Supplies

Health Care Equipment & Supplies

Tilley Distribution, Inc.

Trading Companies &

Trading Companies & Distributors

Urology Management Holdings, Inc.

Health Care Providers &

Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the LIBOR or SOFR.

These instruments are typically subject to a LIBOR or SOFR floor.

Floating rate debt investments typically bear interest at a rate determined by reference to either the LIBOR (“L”) or SOFR (“S”), and which typically reset monthly, quarterly or semi-annually.

For each debt investment we have provided the current interest rate in effect as of March 31, 2023.

Health Care Providers & Services

Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the SOFR.

These instruments are typically subject to a SOFR floor.

Floating rate debt investments typically bear interest at a rate determined by reference to the SOFR (“S”), and which typically reset monthly, quarterly or semi-annually.

For each debt investment we have provided the current interest rate in effect as of June 30, 2023.

Represents the fair value in accordance with ASC Topic 820.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

SSLP Portfolio as of December 31, 2022 (audited)

SSLP Portfolio as of December 31, 2022

Atria Wealth Solutions, Inc.

Diversified Financial

Diversified Financial Services

BayMark Health Services, Inc.

Health Care Providers &

Health Care Providers & Services

ENS Holdings III Corp.

& ES Opco USA LLC (4)

Trading Companies &

Trading Companies & Distributors

Foundation Consumer Brands, LLC (4)

2 unchanged sentences

Ivy Fertility Services, LLC (4)

Health Care Providers &

Health Care Providers & Services

Kid Distro Holdings, LLC (4)

6 unchanged sentences

The Company also holds this security on its Consolidated Statements of Assets and Liabilities.

Below is certain summarized financial information for SSLP as of March 31, 2023 and December 31, 2022 and for the three months ended March 31, 2023 and for the period December 1, 2022 (commencement of operations) through December 31, 2022:

2022 (audited)

Below is certain summarized financial information for SSLP as of June 30, 2023 and December 31, 2022 and for the three and six months ended June 30, 2023 and for the period December 1, 2022 (commencement of operations) through December 31, 2022:

June 30, 2023

Selected Balance Sheet Information for SSLP:

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2023

June 30, 2023

(in thousands, except share amounts)

For the three

March 31, 2023

months ended June

For the period

2 unchanged sentences

of operations) to

2022 (audited)

Selected Income Statement Information for SSLP:

Selected Income Statement Information

Interest income

12 unchanged sentences

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued.

On April 4, 2023, the Board declared a monthly distribution of $ 0.136667 per share payable on May 2, 2023 to holders of record as of April 20, 2023.

On May 9, 2023, our Board authorized an extension of a program for the purpose of repurchasing up to $ 50,000 of our outstanding shares of common stock.

of the Exchange Act, including certain price, market volume and timing constraints.

In addition, any repurchases will be conducted in accordance with the 1940 Act.

Unless further amended or extended by our Board, we expect the repurchase program to be in place until the earlier of May 10, 2024 or until $ 50,000 of our outstanding shares of common stock have been repurchased.

To date, approximately $ 3,048 of repurchases have been made by us under the repurchase program.

The timing and number of additional shares to be repurchased will depend on a number of factors, including market conditions.

There are no assurances that we will engage in any repurchases.

On May 10, 2023, the Board declared a monthly distribution of $ 0.136667 per share payable on June 1, 2023 to holders of record as of May 24, 2023.

On July 5, 2023, the Board declared a monthly distribution of $ 0.136667 per share payable on August 1, 2023 to holders of record as of July 20, 2023.

On August 8, 2023, the Board declared a monthly distribution of $ 0.136667 per share payable on August 30, 2023 to holders of record as of August 18, 2023 .

Timing of Future Distributions

Effective with the fourth quarter of 2023, SLRC’s board of directors intends to adjust the timing of declaring and paying distributions to SLRC’s shareholders from monthly to quarterly.

As a result, SLRC’s management anticipates that the last monthly distribution, if declared by SLRC’s board of directors, will be for September 2023 and the next distribution after that, if declared by SLRC’s board of directors, will be a quarterly distribution for the fourth quarter of 2023.

The amount and timing of past distributions are not a guarantee of any future distributions or the amount thereof.

The payment, timing and amount of any future distributions will be determined by SLRC’s board of directors.

Report of Independent Registered Public Accounting Firm

3 unchanged sentences

We have reviewed the consolidated statement of assets and liabilities of SLR Investment Corp.

(and subsidiaries) (the Company), including the consolidated schedule of investments, as of March 31, 2023, the related consolidated statements of operations, changes in net assets, and cash flows for the three-month periods ended March 31, 2023 and 2022, and the related notes (collectively, the consolidated interim financial information).

(and subsidiaries) (the Company), including the consolidated schedule of investments, as of June 30, 2023, the related consolidated statements of operations and changes in net assets, for the three-month and six-month

periods ended June 30, 2023 and 2022, the related consolidated statements of cash flows for the six-month

periods ended June 30, 2023 and 2022, and the related notes (collectively, the consolidated interim financial information).

Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial information for it to be in conformity with U.S.

12 unchanged sentences

New York, New York

August 8, 2023

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements