What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2024-02-27 compared with 2023-02-28 · 860 added, 602 removed, 1314 unchanged (53% of the section changed)

57 unchanged sentences

The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Fair value of investments and acquired investments

Fair value of investments

As described in Notes 2 and 6 to the consolidated financial statements, the Company measures its investments at fair value.

Further, as described in Note 17, the Company completed an asset acquisition of SLR Senior Investment Corp.’s investments at fair value on April 1, 2022, which required the investments acquired to be measured at fair value as of that date.

Investments are valued using a market approach, an income approach, or both approaches, as applicable.

In determining the fair value of investments whose market quotations are not readily available, the Company makes subjective judgments and estimates using unobservable inputs.

We identified the assessment of the fair value of investments with no readily determinable market value acquired from SLR Senior Investment Corp.

as of April 1, 2022 (acquired investments), and the fair value of investments with no readily determinable market value as of December 31, 2022, as a critical audit matter.

In determining the fair value of investments classified as Level 3, the Company makes subjective judgments and estimates using unobservable inputs.

We identified the assessment of the fair value of such investments as a critical audit matter.

A high degree of auditor judgment was required to assess the Company’s fair value assumptions.

3 unchanged sentences

We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s process to measure the fair value of investments, including controls related to the development of the above assumptions.

For recently purchased investments we evaluated changes in the borrowers’ assessed credit risk and market yields of similar instruments from the purchase date (prior to April 1, 2022 for the acquired investments and prior to December 31, 2022 for investments not acquired from SLR Senior Investment Corp.) to the fair value measurement date of April 1, 2022 and December 31, 2022, respectively.

For recently purchased investments we evaluated changes in the borrowers assessed credit risk and market yields from the purchase date to the fair value measurement date.

We evaluated the Company’s ability to estimate fair value by comparing dispositions to the Company’s most recent fair value estimate prior to the disposition.

We also involved valuation professionals with specialized skills and knowledge, who for a selection of acquired investments and investments as of April 1, 2022 and December 31, 2022, respectively, developed estimates of fair value by assessing available market information using market yields of comparable companies of similar credit risk for debt investments fair valued using an income approach, and financial performance multiples of comparable companies for equity investments fair valued using a market approach, and compared the results to the Company’s fair value estimates.

We also involved valuation professionals with specialized skills and knowledge, who for certain investments, developed estimates of fair value by assessing available market information using market yields of comparable companies of similar credit risk for debt investments fair valued using an income approach, and financial performance multiples of comparable companies for equity investments fair valued using a market approach, and compared the results to the Company’s fair value estimates.

We have served as the Company’s auditor since 2007.

7 unchanged sentences

$ 1,260,205 and $ 1,312,701 , respectively)

Companies 5% to 25% owned (cost:

$ 60,064 and $ 0 , respectively)

Companies more than 25% owned (cost:

29 unchanged sentences

Companies less than 5% owned

Companies 5% to 25% owned

Companies more than 25% owned

3 unchanged sentences

Companies less than 5% owned

Companies 5% to 25% owned

Companies more than 25% owned

9 unchanged sentences

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

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:

Net realized gain (loss) on investments and cash equivalents:

Companies less than 5% owned

Companies more than 25% owned

Net change in unrealized loss on investments and cash equivalents

Net realized gain (loss) on investments and cash equivalents

Net change in unrealized gain (loss) on investments:

Companies less than 5% owned

Companies 5% to 25% owned

Companies more than 25% owned

Net change in unrealized gain (loss) on investments

Net realized and unrealized loss on investments and cash equivalents

9 unchanged sentences

Net realized gain (loss)

Net change in unrealized loss

Net change in unrealized gain (loss)

Net increase in net assets resulting from operations

6 unchanged sentences

Repurchases of common stock

Net increase in net assets resulting from capital transactions

Net increase (decrease) in net assets resulting from capital transactions

Total increase (decrease) in net assets

4 unchanged sentences

Repurchases of common stock

Net increase from capital share activity

Net increase (decrease) from capital share activity

See notes to consolidated financial statements.

7 unchanged sentences

Net realized (gain) loss on investments and cash equivalents

Net change in unrealized loss on investments

Net change in unrealized (gain) loss on investments

Deferred financing costs/market discount

(Increase) decrease in operating assets:

8 unchanged sentences

Prepaid expenses and other assets

Cash and other net

assets acquired in merger

Cash and other net assets acquired in Mergers

Increase (decrease) in operating liabilities:

5 unchanged sentences

Other liabilities and accrued expenses

Deferred financing costs/market discount

Net Cash Provided by (Used in) Operating

Net Cash Provided by (Used in) Operating Activities

Cash Flows from Financing Activities:

5 unchanged sentences

Repurchase of common stock

Net Cash Provided by Financing Activities

Net Cash Provided by (Used in) Financing Activities

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

5 unchanged sentences

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

For further details, refer to Note 17 “Merger with SUNS”.

See notes to consolidated financial statements.

5 unchanged sentences

First Lien Bank Debt/Senior Secured Loans

Accession Risk Management Group, Inc.

(f/k/a RSC Acquisition, Inc.)

Aegis Toxicology Sciences Corporation(16)

Health Care Providers & Services

All State Ag Parts, LLC(16)

Alkeme Intermediary Holdings, LLC

All States Ag Parts, LLC(16)

Trading Companies & Distributors

American Teleconferencing Services, Ltd.**

Communications Equipment

American Teleconferencing Services, Ltd.**

Communications Equipment

AmeriMark Intermediate Holdings, LLC(14)

Internet & Catalog Retail

Apex Services Partners, LLC(16)

Diversified Consumer Services

Atria Wealth Solutions, Inc.(16)

4 unchanged sentences

Health Care Providers & Services

Bayside Opco, LLC(27)

Healthcare Providers & Services

Bayside Parent, LLC(27)

Healthcare Providers & Services

BDG Media, Inc.

2 unchanged sentences

Diversified Consumer Services

Composite Technology Acquisition Corp.(16)

Building Products

Copper River Seafoods, Inc.

Food Products

Crewline Buyer, Inc.

CVAUSA Management, LLC(16)

Health Care Providers & Services

DeepIntent, Inc.

4 unchanged sentences

Trading Companies & Distributors

Enverus Holdings, Inc.

(fka Drilling

Info Holdings)(16)

Erie Construction Mid-west,

Building Products

Exactcare Parent, Inc.

Health Care Providers & Services

Fertility (ITC) Investment Holdco, LLC

Health Care Providers & Services

Foundation Consumer Brands, LLC(16)

2 unchanged sentences

Leisure Equipment & Products

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2023

(in thousands, except share/unit amounts)

Senior Secured Loans (continued)

Higginbotham Insurance Agency, Inc.(16)

High Street Buyer, Inc.(16)

Human Interest Inc

Internet Software & Services

Ivy Fertility Services, LLC

Health Care Providers & Services

Kaseya, Inc.(16)

Kid Distro Holdings, LLC (Distro

Kid Distro Holdings, LLC (Distro Kid)(16)

Kingsbridge Holdings, LLC(2) .

Multi-Sector Holdings

KORE Wireless Group, Inc.(16)

Wireless Telecommunication Services

Logix Holding Company, LLC(16)

2 unchanged sentences

Thrifts & Mortgage Finance

Maurices, Incorporated(16)

Specialty Retail

Montefiore Nyack Hospital

Maxor Acquisition, Inc.(16)

Health Care Providers & Services

NAC Holdings Corporation (Jaguar)(16)

National Spine and Pain Centers, LLC

Health Care Providers & Services

NSPC Intermediate Corp.

(National Spine)

Health Care Providers & Services

One Touch Direct, LLC.

Commercial Services & Supplies

Orthopedic Care Partners

Management, LLC

Health Care Providers & Services

Pediatric Home Respiratory Services,

Health Care Providers & Services

Foy & Associates Insurance

Services, LLC

PhyNet Dermatology LLC

Orthopedic Care Partners Management, LLC

Health Care Providers & Services

Pinnacle Treatment Centers,

Foy & Associates Insurance Services, LLC(16)

Pinnacle Treatment Centers, Inc.(16)

Health Care Providers & Services

1 unchanged sentence

Health Care Providers & Services

PPT Management Holdings, LLC(16)

Retina Midco, Inc.(16)

Health Care Providers & Services

1 unchanged sentence

Life Sciences Tools & Services

RSC Acquisition, Inc.(16)

RxSense Holdings LLC(16)

2 unchanged sentences

Health Care Providers & Services

SHO Holding I Corporation (Shoes for

Southern Orthodontic Partners

Management, LLC(16)

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

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2023

(in thousands, except share/unit amounts)

Senior Secured Loans (continued)

Southern Orthodontic Partners Management, LLC(16)

Health Care Providers & Services

6 unchanged sentences

Health Care Providers & Services

The Townsend Company, LLC(16)

Commercial Services & Supplies

Tilley Distribution, Inc.(16)

Trading Companies & Distributors

Ultimate Baked Goods Midco LLC

(Rise Baking)(16)

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

Packaged Foods & Meats

United Digestive MSO Parent, LLC

Health Care Providers & Services

Urology Management Holdings, Inc

Health Care Providers & Services

UVP Management, LLC

Health Care Providers & Services

Vessco Midco Holdings, LLC

Water Utilities

World Insurance Associates, LLC(16)

Purchaser, LLC

Parent, Inc.(16)

Total First Lien Bank Debt/Senior Secured Loans

Second Lien Asset-Based Senior

Secured Loans

ACRES Commercial Mortgage, LLC

Second Lien Asset-Based Senior Secured Loans

AMF Levered II, LLC

Diversified Financial Services

Second Lien Bank Debt/Senior

Secured Loans

FGI Worldwide LLC

Diversified Financial Services

Second Lien Bank Debt/Senior Secured Loans

RD Holdco, Inc.** (2)

9 unchanged sentences

Pharmaceuticals

Apeel Technology, Inc

Biotechnology

Arcutis Biotherapeutics, Inc.(3)

4 unchanged sentences

Biotechnology

Centrexion Therapeutics, Inc.

Pharmaceuticals

Cerapedics, Inc.

10 unchanged sentences

Health Care Equipment & Supplies

Spectrum Pharmaceuticals, Inc.(16)

Biotechnology

Vapotherm, Inc.

Health Care Equipment & Supplies

Vertos Medical, Inc.

Health Care Equipment & Supplies

Total First Lien Life Science Senior Secured Loans

1 unchanged sentence

Equipment Financing — 26.0 %

A&A Crane and Rigging, LLC (10)

Commercial Services & Supplies

Aero Operating LLC (10)

Commercial Services & Supplies

8.47 - 9.64 %

3/1/2025 - 11/1/2026

AFG Dallas III, LLC (10)

Diversified Consumer Services

10.00 - 11.29 %

8/11/2026 - 3/1/2027

Air Methods Corporation (10)

7.08 - 7.13 %

11/3/2026 - 11/23/2026

AmeraMex International, Inc.

4 unchanged sentences

Metals & Mining

8.31 - 10.44 %

7/1/2024 - 10/7/2026

Bowman Energy Solutions, LLC (10)

1 unchanged sentence

Oil, Gas & Consumable Fuels

See notes to consolidated financial statements

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2023

(in thousands, except share/unit amounts)

Equipment Financing (continued)

Capital City Jet Center, Inc.

Champion Air, LLC (10)

Carolina’s Contracting, LLC (10)

Diversified Consumer Services

8.40 - 8.72 %

3/7/2028 - 5/18/2028

CKD Holdings, Inc.

8.10 - 8.60 %

3/22/2026 - 9/22/2027

Clubcorp Holdings, Inc.

Hotels, Restaurants & Leisure

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.

Auto Components

Double S Industrial Contractors, Inc.

Commercial Services & Supplies

Drillers Choice, Inc.

Commercial Services & Supplies

EasyPak, LLC (10)

Containers & Packaging

8.00 - 10.08 %

11/1/2027 - 6/1/2029

Energy Drilling Services, LLC (10)

Diversified Consumer Services

Environmental Protection & Improvement Company,

6.58 - 9.16 %

11/9/2025 - 9/1/2027

Environmental Protection & Improvement Company, LLC (10)

Equipment Operating Leases, LLC (2)(12)

Multi-Sector Holdings

Extreme Steel Crane & Rigging, LLC (10)

Commercial Services & Supplie s

First American Commercial Bancorp, Inc.

Diversified Financial Services

7.50 - 9.02 %

10/1/2026 - 3/1/2027

First National Capital, LLC (10)

Diversified Financial Services

Freightsol LLC (10)

Garda CL Technical Services, Inc.

Commercial Services & Supplies

Georgia Jet, Inc.

4 unchanged sentences

Commercial Services & Supplies

9.69 - 9.94 %

5/1/2024 - 9/1/2025

International Automotive Components Group, North America, Inc.

4 unchanged sentences

Multi-Sector Holdings

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)

Consumer Finance

12.46 - 13.26 %

8/20/2024 - 11/1/2024

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2023

(in thousands, except share/unit amounts)

Equipment Financing (continued)

Miranda Logistics Enterprise, Inc.

Construction & Engineering

Mountain Air Helicopters, Inc.

Commercial Services & Supplies

Nimble Crane LLC (10)

Commercial Services & Supplies

No Limit Construction Services, LLC (10)

Commercial Services & Supplies

PCX Aerostructures LLC (10)

2 unchanged sentences

Commercial Services & Supplies

Royal Coach Lines, Inc.(10)

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 Express Inc.

1 unchanged sentence

Diversified Consumer Services

Rutt Services, LLC (10)

Commercial Services & Supplies

Signet Marine Corporation (10)

4 unchanged sentences

Commercial Services & Supplies

7.82 - 8.61 %

9/15/2026 - 6/27/2030

ST Coaches, LLC (10)

1 unchanged sentence

Superior Transportation, Inc.

10.22 - 10.63 %

The Smedley Company & Smedley Services, Inc.

Commercial Services & Supplies

Trinity Equipment, Inc.

Commercial Services & Supplies

8.78 - 8.93 %

5/4/2028 - 5/19/2028

Trinity Equipment Rentals, Inc.

Commercial Services & Supplies

7.94 - 8.75 %

11/1/2024 - 12/1/2026

Crane & Rigging, LLC (10)

Commercial Services & Supplies

8.73 %- 10.92 %

3/1/2027 - 9/1/2028

Up Trucking Services, LLC (10)

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2023

(in thousands, except share/unit amounts)

Equipment Financing (continued)

Waste Pro of Florida, Inc.

& Waste Pro USA, Inc.

Commercial Services & Supplies

Wind River Environmental, LLC (10)

Diversified Consumer Services

8.43 - 10.00 %

8/1/2024 - 10/5/2025

Womble Company, Inc.

2 unchanged sentences

Transportation Infrastructure

Zamborelli Enterprises Pacific Souther Foundation (10)

8.32 - 9.93 %

9/23/2027 - 8/16/2028

Zamborelli Enterprises Pacific Souther n

Foundation (10)

Diversified Consumer Services

2 unchanged sentences

Total Equipment Financing

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2022

(in thousands, except share/unit amounts)

Preferred Equity – 0.4 %

2 unchanged sentences

Common Equity/Equity Interests/Warrants— 62.5 %

Assertio Holdings, Inc.

Pharmaceuticals

aTyr Pharma, Inc.

Pharmaceuticals

Bayside Parent, LLC (27)*

Health Care Providers & Services

CardioFocus, Inc.

Health Care Equipment &

Health Care Equipment & Supplies

Centrexion Therapeutics, Inc.

1 unchanged sentence

Conventus Orthopaedics, Inc.

Health Care Equipment &

Health Care Equipment & Supplies

Delphinus Medical Technologies, Inc.

Health Care Equipment &

Health Care Equipment & Supplies

Essence Group Holdings Corporation (Lumeris) Warrants *

3 unchanged sentences

Meditrina, Inc.

Health Care Equipment &

Health Care Equipment & Supplies

NSPC Holdings, LLC (National Spine) *

Health Care Providers & Services

RD Holdco, Inc.

(Rug Doctor) (2)*

Diversified Consumer

Diversified Consumer Services

RD Holdco, Inc.

(Rug Doctor) Class B (2)*

Diversified Consumer

RD Holdco, Inc.

(Rug Doctor) Warrants (2)*

Diversified Consumer

Diversified Consumer Services

Senseonics Holdings, Inc.

Health Care Equipment &

Health Care Equipment & Supplies

Topco Blocker, LLC (15)(27)*

Internet & Catalog Retail

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

Diversified Financial

Diversified Financial Services

SLR Credit Solutions (2)(3)(20)

Diversified Financial

Diversified Financial Services

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2023

(in thousands, except share/unit amounts)

Common Equity/Equity Interests/Warrants (continued)

SLR Healthcare ABL (2)(3)(21)

Diversified Financial

Diversified Financial Services

SLR Senior Lending Program LLC (2)(3)(25)

Asset Management

Spectrum Pharmaceuticals, Inc.

Biotechnology

SLR Healthcare ABL (2)(3)(21)

Diversified Financial Services

Vapotherm, Inc.

Health Care Equipment &

Health Care Equipment & Supplies

Venus Concept Ltd.

Warrants* (f/k/a Restoration Robotics)

Health Care Equipment &

Health Care Equipment & Supplies

Vertos Medical, Inc.

Health Care Equipment & Supplies

Total Common Equity/Equity Interests/Warrants

5 unchanged sentences

Net Assets — 100.0

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.

Floating rate debt investments typically bear interest at a rate determined by reference to 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 December 31, 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 (“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.

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 year ended December 31, 2023 in these controlled investments are as follows:

14 unchanged sentences

SLR Business Credit

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2023

(in thousands, except share/unit amounts)

Name of Issuer

Fair Value at

SLR Credit Solutions

3 unchanged sentences

SLR Senior Lending Program LLC

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2022

(in thousands)

Indicates assets that the Company believes may not represent “qualifying assets” under Section 55(a) of the 1940 Act.

13 unchanged sentences

All investments are Level 3 unless otherwise indicated.

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

These instruments are often subject to a LIBOR, SOFR or PRIME rate floor.

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

These instruments are often subject to a SOFR or PRIME rate floor.

Denotes a Level 1 investment.

6 unchanged sentences

are co-borrowers.

AmeriMark Interactive, LLC, AmeriMark Direct LLC, AmeriMark Intermediate Sub, Inc., L.T.D.

Commodities LLC, Dr.

Leonard’s Healthcare Corp.

and Amerimark Intermediate Holdings, LLC are each co-Borrowers.

Amerimark may elect to defer up to 8.00 % of the coupon as PIK.

Spread is 5.75 % Cash / 0.50 % PIK.

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

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.

Indicates an investment that is wholly or partially held by the Company through its wholly-owned financing subsidiary SUNS SPV LLC (the “SUNS SPV”).

1 unchanged sentence

See note 11 to the consolidated financial statements.

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2023

(in thousands, except share/unit amounts)

See note 12 to the consolidated financial statements.

4 unchanged sentences

may elect to defer up to 3.00 % of the coupon as PIK.

OmniGuide Holdings, Inc.

may elect to defer up to 10.00 % 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.

Vapotherm, Inc.

2 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 do not exercise 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 year ended December 31, 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(23)

Fair Value at

Oldco AI, LLC (f/k/a AmeriMark)

Bayside Opco, LLC

Bayside Parent, LLC (loan)

Bayside Parent, LLC (equity)

Topco Blocker, LLC

Includes contribution of basis from Oldco AI, LLC to SLR-AMI Topco Blocker, LLC.

producing security.

9 unchanged sentences

of December 31, 2023

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

Multi-Sector Holdings (includes Kingsbridge Holdings, LLC, SLR Equipment Finance, Equipment

Operating Leases, LLC and Loyer Capital LLC)

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

Multi-Sector Holdings (includes Kingsbridge Holdings, LLC, SLR Equipment Finance, Equipment Operating Leases, LLC and Loyer Capital LLC)

Health Care Providers & Services

3 unchanged sentences

Diversified Consumer Services

Personal Products

Commercial Services & Supplies

Asset Management

Capital Markets

Thrifts & Mortgage Finance

Life Sciences Tools & Services

Auto Parts & Equipment

Personal Products

Packaged Foods & Meats

Wireless Telecommunication Services

Commercial Services & Supplies

Internet & Catalog Retail

Auto Parts & Equipment

Life Sciences Tools & Services

Internet Software & Services

Building Products

Trading Companies & Distributors

Health Care Technology

Internet & Catalog Retail

Transportation Infrastructure

Communications Equipment

Leisure Equipment & Products

Specialty Retail

Asset Management

Food Products

Auto Components

Health Care Technology

Trading Companies & Distributors

Hotels, Restaurants & Leisure .

Oil, Gas & Consumable Fuels

Aerospace & Defense

Oil, Gas & Consumable Fuels.

Auto Components

Food Products

Metals & Mining

Leisure Equipment & Products

Specialty Retail

Food & Staples Retailing

Water Utilities

Consumer Finance

Construction & Engineering

Consumer Finance

Energy Equipment & Services

Containers & Packaging

Water Utilities

Total Investments

6 unchanged sentences

First Lien Bank Debt/Senior Secured Loans

Toxicology Sciences Corporation

Health Care Providers & Services

Alteon Health, LLC

Aegis Toxicology Sciences Corporation(16)

Health Care Providers & Services

All State Ag Parts, LLC(16)

Trading Companies & Distributors

American Teleconferencing Services, Ltd.**

4 unchanged sentences

Internet & Catalog Retail

Apex Services Partners, LLC(16)

Diversified Consumer Services

Atria Wealth Solutions, Inc.(16)

2 unchanged sentences

Specialty Retail

BayMark Health Services, Inc.(16)

Health Care Providers & Services

BDG Media, Inc

CC SAG Holdings Corp.

1 unchanged sentence

Diversified Consumer Services

Community Brands ParentCo, LLC (f/k/a Ministry Brands)

Composite Technology Acquisition Corp.(16)

Building Products

Copper River Seafoods, Inc.

Food Products

DeepIntent, Inc

Enhanced Permanent Capital, LLC(3)

Capital Markets

ENS Holdings III Corp.

& ES Opco USA LLC (Bluefin)(16)..

Trading Companies & Distributors

Enverus Holdings, Inc.

(fka Drilling Info Holdings)(16)

Erie Construction Mid-west,

Building Products

Foundation Consumer Brands, LLC(16)

Personal Products

Inszone Mid, LLC

GSM Acquisition Corp.(16)

Leisure Equipment & Products

Higginbotham Insurance Agency, Inc.(16)

High Street Buyer, Inc.(16)

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2022

(in thousands, except share/unit amounts)

Senior Secured Loans (continued)

Human Interest Inc

Internet Software & Services

Ivy Fertility Services, LLC

Health Care Providers & Services

Kaseya, Inc.(16)

Kid Distro Holdings, LLC (Distro Kid)(16)

5 unchanged sentences

Communications Equipment

Luxury Asset Capital, LLC(16)

Thrifts & Mortgage Finance

Maurices, Incorporated(16)

Specialty Retail

MMIT Holdings, LLC

Montefiore Nyack Hospital

Health Care Providers & Services

NAC Holdings Corporation (Jaguar)(16)

National Spine and Pain Centers, LLC

Health Care Providers & Services

One Touch Direct, LLC

Commercial Services & Supplies

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

2 unchanged sentences

Health Care Providers & Services

Plastics Management, LLC(16)

Health Care Providers & Services

PPT Management Holdings, LLC(16)

Health Care Providers & Services

RQM+ Corp.(16)

Life Sciences Tools & Services

Stryten Energy LLC

RSC Acquisition, Inc.(16)

RxSense Holdings LLC(16)

Diversified Consumer Services

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2022

(in thousands, except share/unit amounts)

Senior Secured Loans (continued)

SCP Eye Care, LLC

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

1 unchanged sentence

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 & Meats

USR Parent, Inc.

Specialty Retail

Total First Lien Bank

Debt/Senior Secured Loans

Vessco Midco Holdings, LLC(16)

Water Utilities

World Insurance Associates, LLC(16)

Total First Lien Bank Debt/Senior Secured Loans

Second Lien Asset-Based Senior Secured Loans

1 unchanged sentence

Diversified Financial Services

Varilease Finance, Inc.

Multi-Sector Holdings

Total Second Lien Asset-Based Senior Secured Loans

Second Lien Bank Debt/Senior Secured Loans

PhyMed Management LLC

Health Care Providers & Services

Rug Doctor LLC (2)

RD Holdco, Inc.** (2)

Diversified Consumer Services

Total Second Lien Bank

Debt/Senior Secured Loans

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2022

(in thousands, except share/unit amounts)

Senior Secured Loans (continued)

First Lien Life Science Senior Secured Loans

1 unchanged sentence

Pharmaceuticals

Apeel Technology, Inc.

Biotechnology

Arcutis Biotherapeutics, Inc.(3)

2 unchanged sentences

Pharmaceuticals

Axcella Health Inc

Pharmaceuticals

BridgeBio Pharma, Inc.(3)

3 unchanged sentences

Cerapedics, Inc.

Health Care Equipment & Supplies

Delphinus Medical Technologies, Inc.

Health Care Equipment & Supplies

Biotechnology

Glooko, Inc.(16)

Health Care Technology

Meditrina, Inc.

Health Care Equipment & Supplies

Neuronetics, Inc.(16)

2 unchanged sentences

Health Care Equipment & Supplies

Rezolute, Inc

Outset Medical, Inc.(3)

Health Care Equipment & Supplies

Spectrum Pharmaceuticals, Inc.(16)

Biotechnology

Rubius Therapeutics, Inc.

Pharmaceuticals

scPharmaceuticals, Inc.

Pharmaceuticals

SOC Telemed, Inc.

Health Care Providers & Services

Total First Lien Life

Science Senior Secured Loans

Vapotherm, Inc.

Health Care Equipment & Supplies

Total First Lien Life Science Senior Secured Loans

Total Senior Secured Loans

Equipment Financing — 26.6 %

Aero Operating LLC (10)

Commercial Services & Supplies

8.47 - 9.64 %

3/1/2025 - 12/1/2026

AFG Dallas III, LLC (10)

Diversified Consumer Services

8/11/2026 - 8/29/2026

Air Methods Corporation (10)

7.08 - 7.13 %

11/3/2026 - 11/23/2026

See notes to consolidated financial statements.

3 unchanged sentences

(in thousands, except share/unit amounts)

Interest Rate (1)

Equipment Financing —

Aero Operating LLC (10)

Commercial Services & Supplies

Air Methods Corporation (10)

Equipment Financing (continued)

AmeraMex International, Inc.

Commercial Services & Supplies

Blackhawk Mining, LLC (10)

Oil, Gas & Consumable Fuels

Bazzini, LLC (10)

Food & Staples Retailing

Boart Longyear Company (10)

Metals & Mining

8.31 - 10.44 %

7/1/2024 - 10/7/2026

Bowman Energy Solutions, LLC (10)

Commercial Services & Supplies

Oil, Gas & Consumable Fuels

Capital City Jet Center, Inc.

10/4/2023 - 6/22/2026

Champion Air, LLC (10)

CKD Holdings, Inc.

8.10 - 8.60 %

3/22/2026 - 9/22/2027

Clubcorp Holdings, Inc.

Hotels, Restaurants & Leisure

Dongwon Autopart Technology

9.36 - 13.01 %

4/1/2025 - 1/1/2028

Dongwon Autopart Technology Inc.

Auto Components

Drillers Choice, Inc.

Commercial Services & Supplies

EasyPak, LLC (10)

Containers & Packaging

Environmental Protection &

Company, LLC (10)

Equipment Operating Leases,

Energy Drilling Services, LLC (10)

Diversified Consumer Services

6.58 - 9.16 %

12/9/2025 - 9/1/2027

Environmental Protection & Improvement Company, LLC (10)

Equipment Operating Leases, LLC (2)(12)

Multi-Sector Holdings

First American Commercial Bancorp,

First American Commercial Bancorp, Inc.

Diversified Financial Services

7.50 - 9.02 %

10/1/2026 - 3/1/2027

First National Capital, LLC.

1 unchanged sentence

Freightsol LLC (10)

Garda CL Technical Services,

12.51 - 12.89 %

Garda CL Technical Services, Inc.

Commercial Services & Supplies

8.30 - 8.77 %

6/5/2023 - 10/5/2023

Georgia Jet, Inc.

GMT Corporation (10)

Haljoe Coaches USA, LLC (10)

Hawkeye Contracting Company,

Hawkeye Contracting Company, LLC (10)

Construction & Engineering

1 unchanged sentence

Commercial Services & Supplies

International Automotive Components

America, Inc.

9.69 - 9.94 %

5/1/2024 - 9/1/2025

International Automotive Components Group, North America, Inc.

Auto Components

Kool Pak, LLC (10)

Loc Performance Products, LLC (10)

Loyer Capital LLC (2)(12)

Multi-Sector Holdings

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

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2022

(in thousands, except share/unit amounts)

Equipment Financing (continued)

Lux Vending, LLC (10)

Consumer Finance

Mountain Air Helicopters,

12.46 - 13.26 %

8/20/2024 - 10/1/2024

Mountain Air Helicopters, Inc.

Commercial Services & Supplies

Rane Light Metal Castings

Commercial Services & Supplies

Rossco Crane & Rigging, Inc.

PCX Aerostructures LLC (10)

Aerospace & Defense

Rane Light Metal Castings Inc.

Commercial Services & Supplies

9.33 - 9.79 %

4/1/2023 - 11/1/2024

Royal Coach Lines, Inc.(10)

Royal Express Inc.

Sidelines Tree Service LLC (10)

Rotten Rock Hardscaping & Tree Service (10)

Diversified Consumer Services

South Texas Oilfield Solutions,

Energy Equipment & Services

ST Coaches, LLC (10)

Stafford Logistics, Inc.

Signet Marine Corporation (10)

Transportation Infrastructure

SLR Equipment Finance(2)

Multi-Sector Holdings

Smiley Lifting Solutions, LLC(10)

Commercial Services & Supplies

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.

Sturgeon Services International

Energy Equipment & Services

Superior Transportation, Inc.

Tailwinds, LLC (10)

Air Freight & Logistics

The Smedley Company & Smedley

Services, Inc.

10.22 - 10.63 %

The Smedley Company & Smedley Services, Inc.

Commercial Services & Supplies

Trinity Equipment Rentals,

Trinity Equipment Rentals, Inc.

Commercial Services & Supplies

Trolleys, Inc.

Up Trucking Services, LLC (10)

Warrior Crane Services, LLC (10)

7.94 - 8.75 %

11/1/2024 - 12/1/2026

Crane & Rigging, LLC (10)

Commercial Services & Supplies

Wind River Environmental,

Up Trucking Services, LLC (10)

Wind River Environmental, LLC (10)

Diversified Consumer Services

8.43 - 10.00 %

8/1/2024 - 10/5/2025

Womble Company, Inc.

Energy Equipment & Services

SLR Equipment Finance Equity

Interests (2)(9)*

Multi-Sector Holdings

Worldwide Flight Services, Inc.

Transportation Infrastructure

8.32 - 9.36 %

9/23/2027 - 10/28/2027

Zamborelli Enterprises Pacific Souther n

Foundation (10)

Diversified Consumer Services

SLR Equipment Finance Equity Interests (2)(9)(17)* Multi-Sector Holdings

Total Equipment Financing

Preferred Equity –

SOAGG LLC (2)(3)(4)

Aerospace & Defense

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

Aerospace & Defense

Total Preferred Equity

See notes to consolidated financial statements.

3 unchanged sentences

(in thousands, except share/unit amounts)

Preferred Equity – 0.4 %

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

Aerospace & Defense

Common Equity/Equity Interests/Warrants— 57.1 %

2 unchanged sentences

CardioFocus, Inc.

Health Care Equipment &

Health Care Equipment & Supplies

Centrexion Therapeutics, Inc.

1 unchanged sentence

Conventus Orthopaedics, Inc.

Health Care Equipment &

Health Care Equipment & Supplies

Delphinus Medical Technologies, Inc.

Health Care Equipment &

Health Care Equipment & Supplies

Essence Group Holdings Corporation (Lumeris) Warrants *

2 unchanged sentences

Multi-Sector Holdings

Meditrina, Inc.

Health Care Equipment & Supplies

RD Holdco, Inc.

8 unchanged sentences

Senseonics Holdings, Inc.

Health Care Equipment &

Health Care Equipment & Supplies

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

Diversified Financial Services

SLR Credit Solutions (2)(3)(20)

Diversified Financial Services

SLR Healthcare ABL (2)(3)(21)

Diversified Financial Services

SLR Senior Lending Program LLC (2)(3)(25)

Asset Management

Spectrum Pharmaceuticals, Inc.

Biotechnology

Vapotherm, Inc.

Health Care Equipment & Supplies

Venus Concept Ltd.

Warrants* (f/k/a Restoration Robotics)

Health Care Equipment &

Health Care Equipment & Supplies

Total Common Equity/Equity Interests/Warrants

5 unchanged sentences

Net Assets — 100.0 %

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

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2022

(in thousands, except share/unit amounts)

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 December 31, 2022.

4 unchanged sentences

Fair Value at

AviatorCap SII, LLC

Equipment Operating Leases, LLC

8 unchanged sentences

(Rug Doctor, warrants)..

Rug Doctor LLC

RD Holdco, Inc.

SLR Business Credit

SLR Credit Solutions

1 unchanged sentence

SLR Equipment Finance (debt)

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

(in thousands)

SLR Healthcare ABL

SLR Senior Lending Program LLC

Indicates assets that the Company believes may not represent “qualifying assets” under Section 55(a) of the 1940 Act.

3 unchanged sentences

assets in the portfolio represented 24.2 % of the total assets of the Company.

The Company’s investments in SOAGG, LLC and SOINT, LLC include a two and one dollar investment in common shares, respectively.

The Company’s investment in SOINT, LLC includes a one dollar investment in common shares.

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

1 unchanged sentence

federal income tax purposes is $ 17,187 ;

aggregate gross unrealized appreciation and depreciation

aggregate gross unrealized appreciation and depreciation for U.S.

federal tax purposes is $ 161,053 and $ 143,866 , respectively, based on a tax cost of $ 2,069,489 .

Unless otherwise noted, all of the

Company’s investments are pledged as collateral against the borrowings outstanding on the senior secured credit facility.

The Company generally

acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”).

Unless otherwise noted, all of the Company’s investments

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2022

(in thousands)

are pledged as collateral against the borrowings outstanding on the senior secured credit facility.

The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”).

These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.

All investments are Level 3 unless otherwise indicated.

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

These instruments are often subject to a LIBOR or PRIME rate floor.

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

These instruments are often subject to a LIBOR, SOFR or PRIME rate floor.

Denotes a Level 1 investment.

10 unchanged sentences

and Amerimark Intermediate Holdings, LLC are each co-Borrowers.

Spread is 6.00 % Cash / 2.00 % PIK.

Spread is 2.50 % Cash / 12.50 % PIK.

Amerimark may elect to defer up to 8.00 % of the coupon as PIK.

Spread is 5.75 % Cash / 0.50 % PIK.

Indicates an investment that is wholly or partially held by the Company through its wholly-owned financing subsidiary SUNS SPV LLC (the “SUNS SPV”).

Such investments are pledged as collateral under the Senior Secured Revolving SPV Credit Facility (the “SPV Credit Facility”) (see Note 7 to the consolidated financial statements) and are not generally available to creditors, if any, of the Company.

See note 11 to the consolidated financial statements.

See note 12 to the consolidated financial statements.

See note 14 to the consolidated financial statements.

See note 10 to the consolidated financial statements.

See note 13 to the consolidated financial statements.

BridgeBio Pharma, Inc.

may elect to defer up to 3.00 % of the coupon as PIK.

OmniGuide Holdings, Inc.

may elect to defer up to 10.00 % of the coupon as PIK.

Vapotherm, Inc.

may elect to defer up to 8.00 % of the coupon as PIK.

See note 18 to the consolidated financial statements.

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

producing security.

3 unchanged sentences

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

December 31, 2022

(in thousands)

3 unchanged sentences

of December 31, 2022

Holdings (includes Kingsbridge Holdings, LLC, SLR Equipment Finance, Equipment Operating Leases, LLC and Loyer Capital LLC)

Diversified Financial Services (includes SLR Credit Solutions)

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

Multi-Sector Holdings (includes Kingsbridge Holdings, LLC, SLR Equipment Finance, Equipment Operating Leases, LLC and Loyer Capital LLC)

Health Care Providers & Services

Pharmaceuticals

Health Care Equipment & Supplies

Pharmaceuticals

Biotechnology

Wireless Telecommunication Services

Personal Products

Diversified Consumer Services

Commercial Services & Supplies

Personal Products

Capital Markets

Thrifts & Mortgage Finance

Life Sciences Tools & Services

Auto Parts & Equipment

Internet & Catalog Retail

Packaged Foods & Meats

Life Sciences Tools & Services

Wireless Telecommunication Services

Commercial Services & Supplies

Internet & Catalog Retail

Internet Software & Services

Building Products

Trading Companies & Distributors

Health Care Technology

Transportation Infrastructure

Communications Equipment

Leisure Equipment & Products

Specialty Retail

Asset Management

Food Products

Auto Components

Health Care Technology

Hotels, Restaurants & Leisure .

Oil, Gas & Consumable Fuels

Aerospace & Defense

Metals & Mining

Hotels, Restaurants & Leisure

Food & Staples Retailing

Water Utilities

Consumer Finance

Air Freight & Logistics

Energy Equipment & Services

Oil, Gas & Consumable Fuels

Construction & Engineering

Energy Equipment & Services

Containers & Packaging

5 unchanged sentences

(in thousands, except share amounts)

Solar Capital LLC, a Maryland limited liability company, was formed in February 2007 and commenced operations on March 13, 2007 with initial capital of $ 1,200,000 of which 47.04 % was funded by affiliated parties.

Immediately prior to our initial public offering, through a series of transactions, SLR Investment Corp.

(the “Company”, “we”, “us” or “our”), merged with Solar Capital LLC, leaving SLR Investment Corp.

as the surviving entity (the “Pre-IPO

SLR Investment Corp.

issued an aggregate of approximately 26.65 million shares of common stock and $ 125,000 in senior unsecured notes to the existing Solar Capital LLC unit holders in connection with the Pre-IPO

SLR Investment Corp.

had no assets or operations prior to completion of the Pre-IPO

Merger and as a result, the historical books and records of Solar Capital LLC have become the books and records of the surviving entity.

The number of shares used to calculate weighted average shares for use in computations on a per share basis have been decreased retroactively by a factor of approximately 0.4022 for all periods prior to February 9, 2010.

This factor represents the effective impact of the reduction in shares resulting from the Pre-IPO

SLR Investment Corp., 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

12 unchanged sentences

As a result of the Mergers, we issued an aggregate of 12,511,825 shares of our common stock to former SUNS stockholders.

See Note 17 for additional information.

Significant Accounting Policies

12 unchanged sentences

(in thousands, except share amounts)

In the opinion of management, all adjustments, which are of a normal recurring nature and considered necessary for the fair presentation of financial statements, have been included.

In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements, have been included.

The significant accounting policies consistently followed by the Company are:

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;

2 unchanged sentences

the audit committee of the Board reviews the preliminary valuation of the Investment Adviser and that of the independent valuation firm and responds to the valuation recommendation of the independent valuation firm, if any, to reflect any comments;

the Board discusses valuations and determines the fair value of each investment in our portfolio in good faith based on the input of the Investment Adviser, the respective independent valuation firm, if any, and the audit committee.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2023

(in thousands, except share amounts)

The valuation principles set forth above may be modified from time to time, in whole or in part, as determined by the Board in its sole discretion.

25 unchanged sentences

The Company records dividend income and interest, adjusted for amortization of premium and accretion of discount, on an accrual basis.

Loan origination fees, original issue discount, and market discounts are capitalized and we amortize such amounts into income using the effective interest method.

Loan origination fees, original issue discount, and market

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2023

(in thousands, except share amounts)

discounts are capitalized and we amortize such amounts into income using the effective interest method.

Upon the prepayment of a loan, any unamortized loan origination fees are recorded as interest income.

2 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.

1 unchanged sentence

The Company will accrue excise tax on such estimated excess taxable income as appropriate.

Table of Content s

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2022

(in thousands, except share amounts)

Book and tax basis differences relating to stockholder distributions and other permanent book and tax differences are typically reclassified among the Company’s capital accounts.

27 unchanged sentences

These contracts are marked-to-market

by recognizing the difference between the contract exchange rate and the current market rate as unrealized appreciation or depreciation.

by recognizing the difference between the contract

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2023

(in thousands, except share amounts)

exchange rate and the current market rate as unrealized appreciation or depreciation.

Realized gains or losses are recognized when contracts are settled.

10 unchanged sentences

Treasury bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in thousands, except share amounts)

Recent Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update No.

“Reference Rate Reform (Topic 848):

Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform.

is effective for all entities as of March 12, 2020 through December 31, 2022.

The Company has determined that the adoption of this guidance has not had a material impact on the Company’s consolidated financial statements and disclosures.

The Company has an investment advisory and management agreement (the “Advisory Agreement”) with the Investment Adviser, under which the Investment Adviser manages the day-to-day

The Company has entered into the Third Amended and Restated Investment Advisory and Management Agreement (the “Advisory Agreement”) with the Investment Adviser, under which the Investment Adviser manages the day-to-day

operations of, and provides investment advisory services to the Company.

For providing these services, the Investment Adviser receives a fee from the Company, consisting of two components—a base management fee and a performance-based incentive fee.

The base management fee is determined by taking the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters calculated at an annual rate of 1.50 % on gross assets up to 200 % of the Company’s total net assets as of the immediately preceding quarter end and 1.00 % on gross assets that exceed 200 % of the Company’s total net assets as of the immediately preceding quarter end.

Following the Letter Agreement, the base management fee is determined by taking the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters calculated at an annual rate of 1.50 % on gross assets up to 200 % of the Company’s total net assets as of the immediately preceding quarter end and 1.00 % on gross assets that exceed 200 % of the Company’s total net assets as of the immediately preceding quarter end.

For purposes of computing the base management fee, gross assets exclude temporary assets acquired at the end of each fiscal quarter for purposes of preserving investment flexibility in the next fiscal quarter.

6 unchanged sentences

For this purpose, pre-incentive

fee net investment income means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement, and any interest expense and distributions paid on any issued and outstanding preferred stock, but excluding the performance-based incentive fee).

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2023

(in thousands, except share amounts)

performance-based incentive fee).

Pre-incentive

21 unchanged sentences

Fees waived pursuant to the above are not subject to recoupment by the Investment Adviser.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in thousands, except share amounts)

Company has also entered into an Administration Agreement with SLR Capital Management, LLC (the “Administrator”) under which the Administrator provides administrative services to the Company.

The Company has also entered into an Administration Agreement with SLR Capital Management, LLC (the “Administrator”) under which the Administrator provides administrative services to the Company.

For providing these services, facilities and personnel, the Company reimburses the Administrator for the Company’s allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including rent.

6 unchanged sentences

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

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2023

(in thousands, except share amounts)

Earnings Per Share

22 unchanged sentences

These inputs reflect management’s and, if applicable, an independent third-party valuation firm’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.

When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety.

For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3).

Gains and losses for assets and liabilities categorized within the Level 3 table below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

SLR INVESTMENT CORP.

2 unchanged sentences

(in thousands, except share amounts)

For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3).

A review of fair value hierarchy classifications is conducted on a quarterly basis.

11 unchanged sentences

Total Investments

In accordance with ASC 820-10,

certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy.

The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

The portfolio investment in this category is SSLP.

See Note 19 for more information on this investment, including its investment strategy and the Company’s unfunded equity commitment to SSLP.

This investment is not redeemable by the Company absent an election by the members of the entity to liquidate all investments and distribute the proceeds to the members.

Fair Value Measurements

As of December 31, 2022

Net Asset Value*

Senior Secured Loans

3 unchanged sentences

Total Investments

2022 Unsecured Notes

In accordance with ASC 820-10,

certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy.

The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

The portfolio investment in this category is SSLP.

See Note 18 for more information on this investment, including its investment strategy and the Company’s unfunded equity commitment to SSLP.

This investment is not redeemable by the Company absent an election by the members of the entity to liquidate all investments and distribute the proceeds to the members.

SLR INVESTMENT CORP.

9 unchanged sentences

Total gains or losses included in earnings:

Net realized gain (loss)

Net change in unrealized loss

Net realized loss

Net change in unrealized gain (loss)

Purchase of investment securities *

2 unchanged sentences

Fair value, December

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

Includes positions acquired from SUNS as a result of the Mergers.

The following table shows a reconciliation of the beginning and ending balances for fair valued liabilities measured using significant unobservable inputs (Level 3) for the year ended December 31, 2022:

2022 Unsecured Notes

For the year ended

December 31, 2022

Beginning fair value

Net realized (gain) loss

Unrealized gains (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)

Transfers in/out of Level 3

Ending fair value

The Company made an election to apply the fair value option of accounting to the 2022 Unsecured Notes, in accordance with ASC 825-10.

On May 8, 2022, the borrowings were repaid in full.

While the Company has not made an election to apply the fair value option of accounting to any of its other debt obligations, if the Company’s debt obligations were carried at fair value at December 31, 2022, the fair value of the Credit Facility, SPV Credit Facility, 2023 Unsecured Notes, 2024 Unsecured Notes, 2025 Unsecured Notes, 2026 Unsecured Notes, 2027 Unsecured Notes and 2027 Series F Unsecured Notes would be $ 393,000 , $ 155,200 , $ 75,000 , $ 118,750 , $ 79,688 , $ 68,250 , $ 42,875 and $ 118,125 , respectively.

Includes PIK capitalization and accretion of discount.

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 December 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 $ 507,000 , $ 206,250 , $ 122,813 , $ 82,663 , $ 71,438 , $ 45,500 and $ 124,875 , respectively.

SLR INVESTMENT CORP.

10 unchanged sentences

Net realized gain (loss)

Net change in unrealized gain (loss)

change in unrealized loss

Purchase of investment securities(1) (2)

2 unchanged sentences

Fair value, December

Unrealized gains (losses) for the period relating to those Level 3

assets that were still held by the Company at the end of the

Net change in unrealized gain (loss)

On February 17, 2021, the Company exercised its warrants in Senseonics Holdings, Inc., receiving shares in the common stock of Senseonics Holdings, Inc.

The common stock of Senseonics Holdings, Inc.

is publicly traded, so this position is considered to be a Level 1 asset.

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

change in unrealized loss

Includes positions acquired from SUNS as a result of the Mergers.

Includes PIK capitalization and accretion of discount.

7 unchanged sentences

Ending fair value

The Company made elections to apply the fair value option of accounting to the 2022 Unsecured Notes, in accordance with ASC 825-10.

On December 31, 2021, there were borrowings of $ 150,000 on the 2022 Unsecured Notes.

The Company made an election to apply the fair value option of accounting to the 2022 Unsecured Notes, in accordance with ASC 825-10.

On May 8, 2022, the borrowings were repaid in full.

SLR INVESTMENT CORP.

2 unchanged sentences

(in thousands, except share amounts)

Notes, 2027 Unsecured Notes and 2027 Series F Unsecured Notes would be $ 393,000 , $ 155,200 , $ 75,000 , $ 118,750 , $ 79,688 , $ 68,250 , $ 42,875 and $ 118,125 , respectively.

Quantitative Information about Level 3 Fair Value Measurements

12 unchanged sentences

Senior Secured Loans

1,212,842 32,572

Income Approach

Market Multiple (1)

Market Yield Comparable Multiple

10.0 % – 45.5 % ( 13.2 %)

0.1 x- 21.4 x

Recovery Analysis

Recoverable Amount

Equipment Financing

145,132 120,820

Income Approach

8.5 % – 9.3 % ( 9.3 %)

Market Multiple (1)

Market Yield Comparable Multiple

8.5 % – 9.7 % ( 9.7 %) 1.1 x- 1.4 x

Comparable Multiple

Preferred Equity

2 unchanged sentences

Common Equity/Equity Interests/Warrants

149,120 412,480

Market Multiple (2)

Comparable Multiple

5.5 x – 11.3 x ( 9.5 x)

Market Approach

Comparable Multiple Return on Equity

9.8 x ( 8.8 x) 6.6 % –

Return on Equity

7.1 % – 34.8 % ( 10.6 %)

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.

Includes $ 120,820 of investments valued using an implied

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

Includes $ 525 of investments valued using a Black-Scholes model and $ 161,682 of investments valued using an EBITDA multiple.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2023

(in thousands, except share amounts)

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:

6 unchanged sentences

Senior Secured Loans

Income Approach

9.4 % – 18.2 % ( 12.0 %)

Income Approach Market Multiple (1)

Market Yield Comparable Multiple

19.6 % ( 8.7 %) 2.0 x- 3.0 x( 2.5 x)/ 2.0 x-

Market Multiple (1)

Comparable Multiple

0.1 x- 21.4 x

Equipment Financing

144,693 129,102

Income Approach Market Approach

Market Yield Return on Equity

Income Approach

8.5 % – 9.7 % ( 9.7 %)

Market Multiple (2)

Comparable Multiple

Preferred Equity

2 unchanged sentences

Common Equity/Equity Interests/Warrants

151,615 298,766

Market Multiple (3)

Comparable Multiple

7.8 x – 9.8 x ( 8.8 x)

Market Approach

Comparable Multiple Return on Equity

10.5 x ( 9.5 x) 6.1 % –

18.5 % ( 8.6 %)

2022 Unsecured Notes

Income Approach

Return on Equity

6.6 % – 35.2 % ( 9.2 %)

Investments are valued using a sum-of-the

parts analysis, using expected EBITDA multiples (2x-3x)

for certain segments of the business and expected revenue multiples (2x-3x)

for certain segments of the business.

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

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

Includes $ 676 of investments valued using a Black-Scholes model and $ 148,444 of investments valued using an EBITDA multiple.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2022

(in thousands, except share amounts)

Significant increases or decreases in any of the above unobservable inputs in isolation, including unobservable inputs used in deriving bid-ask

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2023 Unsecured Notes

2022 Tranche C Notes

2024 Unsecured Notes

2 unchanged sentences

2027 Unsecured Notes

2027 Series F Unsecured Notes

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 4,746

as of December 31, 2022 and December 31, 2021, respectively.

Carrying Value equals the Face Amount net of unamortized market discount of $ 898 as of December 31, 2022.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 3,642 and $ 4,746 as of December 31, 2023 and December 31, 2022, respectively.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2023

(in thousands, except share amounts)

Carrying Value equals the Face Amount net of unamortized market discount of $ 893 and $ 898 as of December 31, 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 $ 289 and $ 579 as of December 31, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized market discount of $ 219 and $ 387 as of December 31, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 384 and $ 502 as of December 31, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized market discount of $ 387 as of December 31, 2022.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 34 and $ 47 as of December 31, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 12 and $ 22 as of December 31, 2023 and December 31, 2022, respectively.

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

Unsecured Notes

3 unchanged sentences

Pursuant to the Note Assumption Agreement, the Company expressly assumed on behalf of SUNS the due and punctual payment of the principal of (and premium, if any) and interest on all the 2025 Unsecured Notes outstanding, and the due and punctual performance and observance of every covenant and every condition of the Note Purchase Agreement, to be performed or observed by SUNS.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2022

(in thousands, except share amounts)

On January 6, 2022, the Company closed a private offering of $ 135,000 of the 2027 Series F Unsecured Notes with a fixed interest rate of 3.33 % and a maturity date of January 6, 2027 .

10 unchanged sentences

The 2026 Unsecured Notes were issued in a private placement only to qualified institutional buyers.

On December 28, 2017, the Company closed a private offering of $ 21,000 of the 2022 Tranche C Notes with a fixed interest rate of 4.50 % and a maturity date of December 28, 2022.

Interest on the 2022 Tranche C Notes is due semi-annually on June 28 and December 28 .

The 2022 Tranche C Notes were issued in a private placement only to qualified institutional buyers.

The 2022 Tranche C Notes were repaid in full at maturity.

On November 22, 2017, we issued $ 75,000 in aggregate principal amount of publicly registered 2023 Unsecured Notes for net proceeds of $ 73,846 .

Interest on the 2023 Unsecured Notes is paid semi-annually on January 20 and July 20 , at a fixed rate of 4.50 % per year, commencing on January 20, 2018.

The 2023 Unsecured Notes mature on January 20, 2023 .

On February 15, 2017, the Company closed a private offering of $ 100,000 of the 2022 Unsecured Notes with a fixed interest rate of 4.60 % and a maturity date of May 8, 2022 .

Interest on the 2022 Unsecured Notes is due semi-annually on May 8 and November 8 .

The 2022 Unsecured Notes were issued in a private placement only to qualified institutional buyers.

The 2022 Unsecured Notes were repaid in full at maturity.

On November 8, 2016, the Company closed a private offering of $ 50,000 of the 2022 Unsecured Notes with a fixed interest rate of 4.40 % and a maturity date of May 8, 2022.

Interest on the 2022 Unsecured Notes is due semi-annually on May 8 and November 8 .

The 2022 Unsecured Notes were issued in a private placement only to qualified institutional buyers.

The 2022 Unsecured Notes were repaid in full at maturity.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2023

(in thousands, except share amounts)

On November 22, 2017, the Company issued $ 75,000 in aggregate principal amount of publicly registered 2023 Unsecured Notes for net proceeds of $ 73,846 .

Interest on the 2023 Unsecured Notes was paid semi-annually on January 20 and July 20 , at a fixed rate of 4.50 % per year, commencing on January 20, 2018.

The 2023 Unsecured Notes were repaid in full on the maturity date, January 20, 2023 .

Revolving and Term Loan Facilities

1 unchanged sentence

The CF Assumption Agreement relates to the Company’s assumption of the Revolving Credit Facility, originally entered into on August 26, 2011 (as amended from time to time, the “SPV Credit Facility”), by and among SUNS SPV LLC (the “SUNS SPV”), a wholly-owned subsidiary of SUNS, acting as borrower, Citibank, N.A., acting as administrative agent and collateral agent, and the other parties thereto.

Currently, the commitment under the SPV Credit Facility is $ 225,000 ;

Currently, subsequent to an August 29, 2023 amendment, the commitment under the SPV Credit Facility is $ 275,000 ;

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 %

with no SOFR 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.

2 unchanged sentences

At December 31, 2023, outstanding USD equivalent borrowings under the SPV Credit Facility totaled $ 206,250 .

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2022

(in thousands, except share amounts)

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

1 to its August 28, 2019 senior secured credit agreement (the “Credit Facility”).

Following the amendment and a November 2022 upsizing, the Credit Facility is composed of $ 625,000 of revolving credit and $ 100,000 of term loans.

Following the amendment, a $ 25,000 November 2022 upsizing and a $ 40,000 August 2023 commitment expiration, the Credit Facility is now composed of $ 585,000 of revolving credit and $ 100,000 of term loans.

Borrowings generally bear interest at a rate per annum equal to the base rate plus a range of 1.75 %- 2.00 %

or the alternate base rate plus 0.75 %- 1.00 %.

The Credit Facility has a 0% floor and matures in December 2026 and includes ratable amortization in the final year.

The Credit Facility has a 0% floor, matures in December 2026 and includes ratable amortization in the final year.

The Credit Facility may be increased up to $ 800,000 with additional new lenders or an increase in commitments from current lenders.

The Credit Facility contains certain customary affirmative and negative covenants and events of default.

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.

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

At December 31, 2023, outstanding USD equivalent borrowings under the Credit Facility totaled $ 507,000 , composed of $ 407,000 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 year ended December 31, 2022 and the year ended December 31, 2021 was 4.09 % and 3.64 %, 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 2022 Unsecured Notes, the 2022 Tranche C Notes, 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 year ended December 31, 2022 and the year ended December 31, 2021 were $ 1,164,200 and $ 902,550 , respectively.

The average annualized interest cost for all borrowings for the years ended December 31, 2023 and December 31, 2022 was 5.88 % 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 year ended December 31, 2023 and December 31, 2022 were $ 1,273,200 and $ 1,164,200 , respectively.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2023

(in thousands, except share amounts)

Income Tax Information and Distributions to Stockholders

3 unchanged sentences

Return of capital

Distribution recognized in subsequent year

Distributions recognized in subsequent year

Total distributions

10 unchanged sentences

Includes capital loss carryforward acquired from the Mergers which is subject to limitations under IRC Sections 381-384.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2022

(in thousands, except share amounts)

The Company recognizes in its consolidated financial statements the tax effect of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination.

To the best of our knowledge, we did no t

have any uncertain tax positions that met the recognition or measurement criteria of ASC 740-10-25

did we have any unrecognized tax benefits as of the periods presented herein.

To the best of our knowledge, we did no t have any uncertain tax positions that met the recognition or measurement criteria of ASC 740-10-25

no r did we have any unrecognized tax benefits as of the periods presented herein.

Although we file federal and state tax returns, our major tax jurisdiction is federal.

2 unchanged sentences

Other Tax Information (unaudited)

For the fiscal years ended December 31, 2022, 2021 and 2020, 0.00 %, 0.32 % and 0.10 %, respectively, of the dividends paid during the year were eligible for qualified dividend income treatment and the dividends received deduction for corporate stockholders.

For the fiscal years ended December 31, 2022, 2021, and 2020, 88.05 %, 93.05 % and 92.05 %, respectively, of each of the distributions paid during the year represent interest-related dividends.

For the fiscal years ended December 31, 2023, 2022 and 2021, 0.00 %, 0.00 % and 0.32 %, respectively, of the ordinary distributions paid during the year were eligible for qualified dividend income treatment and the dividends received deduction for corporate stockholders.

For the fiscal years ended December 31, 2023, 2022, and 2021, 90.05 %, 88.05 % and 93.05 %, respectively, of each of the ordinary distributions paid during the year represent interest-related dividends.

For the fiscal years ended December 31, 2023, 2022 and 2021, no ne of the distributions represent short-term capital gains dividends.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2023

(in thousands, except share amounts)

Financial Highlights

27 unchanged sentences

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 year ended December 31, 2022, the ratios of operating expenses to average net assets and total expenses to average net assets would be 5.75 % and 10.43 %, respectively, without the performance-based incentive fee waiver.

For the years ended December 31, 2023 and December 31, 2022, the ratios of operating expenses to average net assets would be 6.60 % and 5.75 %, respectively, and the ratios of total expenses to average net assets would be and 13.95 % and 10.43 %, respectively, without the performance-based incentive fee waiver.

SLR INVESTMENT CORP.

20 unchanged sentences

items, there may be material differences between GAAP net income and cash available for distributions.

SLR Credit’s consolidated financial statements for the fiscal years ended December 31, 2022 and December 31, 2021 are attached as an exhibit to this annual report on Form 10

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2022

(in thousands, except share amounts)

Commitments and Contingencies

Sheet Arrangements

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 December 31, 2022 and December 31, 2021 is $ 323,663 and $ 226,733 , respectively, comprised of the following:

SLR Credit Solutions*

Outset Medical, Inc

Apeel Technology, Inc

CC SAG Holdings Corp.

(Spectrum Automotive)

Human Interest, Inc

World Insurance Associates, LLC

Spectrum Pharmaceuticals, Inc

Arcutis Biotherapeutics, Inc

Atria Wealth Solutions, Inc

Luxury Asset Capital, LLC

RSC Acquisition, Inc

Cerapedics, Inc

Maurices, Incorporated

Vessco Midco Holdings, LLC

Copper River Seafoods, Inc

BDG Media, Inc

Meditrina, Inc

One Touch Direct, LLC

DeepIntent, Inc

Foundation Consumer Brands, LLC

SCP Eye Care, LLC

Basic Fun, Inc

Kid Distro Holdings, LLC

Plastics Management, LLC

Southern Orthodontic Partners Management, LLC

Pediatric Home Respiratory Services, LLC

Pinnacle Treatment Centers, Inc

Ultimate Baked Goods Midco LLC

Orthopedic Care Partners Management, LLC

Ivy Fertility Services, LLC

Composite Technology Acquisition Corp

NAC Holdings Corporation

SLR Healthcare ABL*

SPAR Marketing Force, Inc

RxSense Holdings LLC

Erie Construction Mid-west,

Foy & Associates Insurance Services, LLC

American Teleconferencing Services, Ltd

Montefiore Nyack Hospital

Enverus Holdings, Inc

SLR Equipment Finance

SunMed Group Holdings, LLC

GSM Acquisition Corp

Tilley Distribution, Inc

BayMark Health Services, Inc

High Street Buyer, Inc

TAUC Management, LLC

ENS Holdings III Corp, LLC

All State Ag Parts, LLC

BridgeBio Pharma, Inc

Inszone Mid, LLC

Rezolute, Inc

SOC Telemed, Inc

MMIT Holdings, LLC

Neuronetics, Inc

Total Commitments

The Company controls the funding of the SLR Credit Solutions and SLR Healthcare ABL commitments and may cancel them at its discretion.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2022

(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.

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 December 31, 2022 and December 31, 2021, 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 Credit’s consolidated financial statements for the fiscal years ended December 31, 2023 and December 31, 2022 are attached as an exhibit to this annual report on Form 10-K.

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.

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 December 31, 2023, SLR Equipment had 150 funded equipment-backed leases and loans to 62 different customers with a total net investment in leases and loans of approximately $ 203,674 on total assets of $ 254,656 .

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 December 31, 2022 and December 31, 2021, the largest position outstanding totaled $ 19,259 and $ 19,207 , respectively.

As of December 31, 2023 and December 31, 2022, the largest position outstanding totaled $ 17,943 and

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2023

(in thousands, except share amounts)

$ 19,259 , respectively.

For the same periods, the average exposure per customer was $ 3,285 and $ 3,234 , respectively.

4 unchanged sentences

items, there may be material differences between GAAP net income and cash available for distributions.

SLR Equipment’s consolidated financial statements for the fiscal years ended December 31, 2022 and December

attached as an exhibit to this annual report on Form 10-K.

Capital Share Transactions

As of December 31, 2022 and December 31, 2021, 200,000,000 shares of $ 0.01 par value capital stock were authorized

Transactions in capital stock were as follows:

For the year ended

December 31, 2022

For the year ended

December 31, 2021

For the year ended

December 31, 2022

For the year ended

December 31, 2021

Shares issued in connection with the Mergers

Shares repurchased

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2021

(in thousands, except share amounts)

SLR Equipment’s consolidated financial statements for the fiscal years ended December 31, 2023 and December 31, 2022 are attached as an exhibit to this annual report on Form 10-K.

Kingsbridge Holdings, LLC

10 unchanged sentences

None of the debt is recourse to the Company.

For the years ended December 31, 2022, December 31, 2021 and for the period November 3, 2020 through December 31, 2020, KBHT had net income of $ 13,287 , $ 12,151 and $ 2,170 , respectively, on gross income of $ 298,760 , $ 245,889 and $ 43,618 , respectively.

For the years ended December 31, 2023, 2022 and 2021, KBHT had net income of $ 9,065 , $ 13,287 and $ 12,151 , respectively, on gross income of $ 327,363 , $ 298,760 and $ 245,889 , respectively.

Due to timing and non-cash

1 unchanged sentence

As such, and subject to fluctuations in KBHT’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that KBHT will be able to maintain consistent dividend payments to us.

KBHT’s consolidated financial statements for the fiscal years ended December 31, 2022 and December 31, 2021 are attached as an exhibit to this annual report

KBHT’s consolidated financial statements for the fiscal years ended December 31, 2023 and December 31, 2022 are attached as an exhibit to this annual report on Form 10-K.

SLR Healthcare ABL

5 unchanged sentences

in the transaction and continues to lead SLR Healthcare.

As of September 30, 2022, SLR Healthcare’s management team and the Company own approximately 7 % and 93 % of the equity in SLR Healthcare, respectively.

As of December 31, 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, 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 .

Effective upon an amendment dated August 24, 2023, SLR Healthcare has a $ 150,000 non-recourse

credit facility, which is expandable to $ 200,000 under its accordion facility.

The maturity date of this facility is March 31, 2026 .

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

As of December 31, 2023, the portfolio totaled approximately $ 255,000 of commitments with a total net investment in loans of $ 111,264 on total assets of $ 118,563 .

As of December 31, 2021, the portfolio totaled approximately $ 183,501 of commitments with a total net investment in loans of $ 81,604 on total assets of $ 91,275 .

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

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2023

(in thousands, except share amounts)

assets of $ 108,705 .

At December 31, 2023, the portfolio consisted of 42 issuers with an average balance of approximately $ 2,649 versus 41 issuers with an average balance of approximately $ 2,253 at December 31, 2022.

6 unchanged sentences

SLR Healthcare’s consolidated financial statements for the fiscal years ended December 31, 2023 and December 31, 2022 are attached as an exhibit to this annual report on Form 10-K.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2022

(in thousands, except share amounts)

SLR Business Credit

7 unchanged sentences

On May 1, 2018, North Mill merged with and into NMC, with NMC being the surviving company.

SUNS and ESP SSC Corporation then owned 99 % and 1 % of the equity interests of NMC, respectively.

SUNS and ESP SSC Corporation then owned 99 % and 1

% of the equity interests of NMC, respectively.

The management team of NMC continues to lead NMC.

10 unchanged sentences

At December 31, 2023, the portfolio consisted of 102 issuers with an average balance of approximately $ 2,681 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 .

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

Borrowings are secured by substantially all of NMC’s assets.

NMC’s credit facility, which is

approximately $

214,425 and $

183,252 of borrowings outstanding at December 31, 2022 and December 31, 2021, respectively.

For the years ended December 31, 2022, 2021 and 2020, SLR Business Credit had net income of $

4,512 , respectively, on gross income of $

19,715 , respectively.

Due to timing and

NMC’s credit facility, which is non-recourse

to us, had approximately $ 222,917 and $ 214,425 of borrowings outstanding at December 31, 2023 and December 31, 2022, respectively.

For the years ended December 31, 2023, 2022 and 2021, SLR Business Credit had net income ( loss

of ($ 9,488 ), $ 3,940 , and $ 7,295 , respectively, on gross income of $ 38,143 , $ 29,433 , and $ 24,021 , respectively.

Due to timing and non-cash

items, there may be material differences between GAAP net income and cash available for distributions.

As such, and subject to fluctuations in SLR Business Credit’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that SLR Business Credit will be able to maintain consistent dividend payments to us.

SLR Business Credit’s consolidated financial statements for the fiscal years ended December 31, 2022 and December 31, 2021 are attached as an exhibit to this annual

Merger with SUNS

On April 1, 2022, the Company completed its previously announced acquisition of SUNS.

Pursuant to the Merger Agreement, Merger Sub was first merged with and into SUNS, with SUNS as the surviving corporation, and, immediately following the Merger, SUNS was then merged with and into the Company, with the Company as the surviving company.

In accordance with the terms of the Merger Agreement, at the effective time of the Mergers, each outstanding share of SUNS’s common stock was converted into the right to receive 0.7796 shares of the Company’s common stock (with SUNS’s stockholders receiving cash in lieu of fractional shares of the Company’s common stock).

As a result of the Mergers, the Company issued an aggregate of 12,511,825 shares of its common stock to former SUNS stockholders.

The Mergers are accounted for as an asset acquisition of SUNS by the Company in accordance with the asset acquisition method of accounting as detailed in ASC 805-50,

Business Combinations – Related Issues, with the fair value of total consideration paid in conjunction with the Mergers allocated to the assets acquired and liabilities assumed based on their relative fair values as of the date of the Mergers.

Generally, under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group.

The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair values of net identifiable assets acquired other than certain “non-qualifying”

assets (for example cash) and does not give rise to goodwill.

The Company is the accounting survivor of the Mergers.

The Mergers were considered a tax-free

reorganization and the historical cost basis of the acquired SUNS investments are carried forward for tax purposes.

Prior to the Mergers, SUNS was also managed by the Investment Adviser.

SLR Business Credit’s consolidated financial statements for the fiscal years ended December 31, 2023 and December 31, 2022 are attached as an exhibit to this annual report on Form 10-K.

SLR INVESTMENT CORP.

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(in thousands, except share amounts)

The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Mergers:

Common stock issued by the Company (1)

Assets acquired:

Investments, at fair value

Total assets acquired

Liabilities assumed:

Debt, at fair value

Other liabilities

Total liabilities assumed

Net assets acquired

Total purchase discount

Based on the market price at closing of $ 18.13 , adjusted for transaction costs.

Letter Agreement

On April 1, 2022, in connection with the consummation of the Mergers, the Company entered into a letter agreement (the “Letter Agreement”) pursuant to which the Investment Adviser voluntarily agreed to a permanent 25 basis point reduction of the annual base management fee rate payable by the Company to the Investment Adviser pursuant to the Advisory Agreement, resulting in an annual base management fee rate payable by the Company to the Investment Adviser of 1.50 % on gross assets up to 200 % of the Company’s total net assets.

The Company retained the annual base management fee rate payable by the Company to the Investment Adviser of 1.00 % on gross assets that exceed 200 % of the Company’s total net assets.

Commitments and Contingencies

Sheet Arrangements

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 December 31, 2023 and December 31, 2022 is $ 248,692 and $ 364,163 , respectively, comprised of the following:

SLR Credit Solutions*

Orthopedic Care Partners Management, LLC

Southern Orthodontic Partners Management, LLC

Ardelyx, Inc.

CVAUSA Management, LLC

BDG Media, Inc.

Retina Midco, Inc.

Alkeme Intermediate Holdings, LLC

SPAR Marketing Force, Inc.

SLR Senior Lending Program LLC*

Copper River Seafoods, Inc.

Legacy Service Partners, LLC

Foy & Associates Insurance Services, LLC

Luxury Asset Capital, LLC

One Touch Direct, LLC

DeepIntent, Inc.

United Digestive MSO Parent, LLC

The Townsend Company, LLC

Vertos Medical, Inc.

AMF Levered II, LLC

Foundation Consumer Brands, LLC

UVP Management, LLC

Kid Distro Holdings, LLC

Erie Construction Mid-west,

Ultimate Baked Goods Midco LLC

Basic Fun, Inc.

SLR Equipment Finance *

Bayside Opco, LLC

SunMed Group Holdings, LLC

Urology Management Holdings, Inc.

SLR Healthcare ABL*

RxSense Holdings LLC

Tilley Distribution, Inc.

SCP Eye Care, LLC

GSM Acquisition Corp

SLR INVESTMENT CORP.

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(in thousands, except share amounts)

Pinnacle Treatment Centers, Inc.

High Street Buyer, Inc.

ENS Holdings III Corp, LLC

CC SAG Holdings Corp.

(Spectrum Automotive)

Crewline Buyer, Inc.

Exactcare Parent, Inc.

Purchaser, LLC

All States Ag Parts, LLC

Vessco Midco Holdings, LLC

TAUC Management, LLC

Outset Medical, Inc.

Apeel Technology, Inc.

Human Interest, Inc.

World Insurance Associates, LLC

Spectrum Pharmaceuticals, Inc.

Arcutis Biotherapeutics, Inc.

Atria Wealth Solutions, Inc.

Accession Risk Management Group, Inc.

Cerapedics, Inc.

Maurices, Incorporated

Meditrina, Inc.

Plastics Management, LLC

Pediatric Home Respiratory Services, LLC

Ivy Fertility Services, LLC

Composite Technology Acquisition Corp.

NAC Holdings Corporation

Montefiore Nyack Hospital

Enverus Holdings, Inc.

American Teleconferencing Services, Ltd.

BayMark Health Services, Inc.

Total Commitments

The Company controls the funding of these commitments and may cancel them at its discretion.

The credit agreements of the above loan commitments contain customary lending provisions and/or are subject to the respective 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 December 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.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2023

(in thousands, except share amounts)

Capital Share Transactions

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

Transactions in capital stock were as follows:

Shares issued in connection with the Mergers

Shares repurchased

Net increase (decrease)

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

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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 fiscal year ended December 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 fiscal year ended December 31, 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.

The total dollar amount of shares repurchased was $ 3,038 .

The total dollar amount of shares repurchased for the fiscal year ended December 31, 2022 was $ 3,038 .

SLR Senior Lending Program LLC

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On December 1, 2022, SSLP commenced operations.

On December 12, 2022, SSLP as servicer and SLR Senior Lending Program SPV LLC (“SSLP SPV”), a newly formed wholly owned subsidiary of SSLP, as borrower entered into a $ 100,000 senior secured revolving credit facility (the “SSLP Facility”) with Goldman Sachs Bank USA acting as administrative agent.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2023

(in thousands, except share amounts)

Sachs Bank USA acting as administrative agent.

On October 20, 2023, the SSLP Facility was expanded to $ 150,000 .

The SSLP Facility is scheduled to mature on December 12, 2027 .

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

There were no borrowings during the period December 12, 2022 to December 31, 2022.

As of December 31, 2022 the Company and the Investor had contributed combined equity capital in the amount of $ 19,000 .

As of December 31, 2022, the Company and the Investors’ remaining commitments to SSLP totaled $ 40,500 and $ 40,500 , 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 December 31, 2022, SSLP had total assets of $ 19,105 .

SSLP’s portfolio consisted of floating rate senior secured loans to seven (7) different borrowers.

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

Investments prepaid totaled $ 68 for the same period.

As of December 31, 2023 and December 31, 2022, borrowings outstanding on the SSLP Facility totaled $ 106,900 and $ 0 , respectively.

As of December 31, 2023 and December 31, 2022, the Company and the Investor had contributed combined equity capital in the amount of $ 85,750 and $ 19,000 , respectively.

As of December 31, 2023 and December 31, 2022, the Company and the Investor’s combined remaining commitments to SSLP totaled $ 14,250 and $ 81,000 , 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 approval of both the Company and the Investor.

As of December 31, 2023 and December 31, 2022, SSLP had total assets of $ 195,868 and $ 19,105 , respectively.

For the same periods, SSLP’s portfolio consisted of floating rate senior secured loans to 32 and 7 different borrowers, respectively.

For the year ended December 31, 2023 and the period December 1, 2022 (commencement of operations) through December 31, 2022, SSLP invested $ 188,741 in 32 portfolio companies and $ 18,100 in 7 portfolio companies, respectively.

For the same periods, investments prepaid totaled $ 21,070 and $ 68 , respectively.

SSLP Portfolio as of December 31, 2023

Aegis Toxicology Sciences Corporation (4)

Health Care Providers & Services

Alkeme Intermediary Holdings, LLC (4)

All States Ag Parts, LLC (4)

Trading Companies & Distributors

Apex Service Partners, LLC

Diversified Consumer Services

Atria Wealth Solutions, Inc.

Diversified Financial Services

BayMark Health Services, Inc.

Health Care Providers & Services

CC SAG Holdings Corp.

Diversified Consumer Services

CVAUSA Management, LLC (4)

Health Care Providers & Services

ENS Holdings III Corp.

& ES Opco USA LLC (4)

Trading Companies & Distributors

Erie Construction Mid-west,

Building Products

SLR INVESTMENT CORP.

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(in thousands, except share amounts)

Fertility (ITC) Investment Holdco, LLC (4)

Health Care Providers & Services

Foundation Consumer Brands, LLC (4)

Personal Products

GSM Acquisition Corp.

Leisure Equipment & Products

Higginbotham Insurance Agency, Inc.

High Street Buyer, Inc.

Kid Distro Holdings, LLC (4)

Maxor Acquisition, Inc.

Health Care Providers & Services

ONS MSO, LLC (4)

Health Care Providers & Services

Pinnacle Treatment Centers, Inc.

Health Care Providers & Services

Plastics Management, LLC (4)

Health Care Providers & Services

Life Sciences Tools & Services

RxSense Holdings LLC (4)

Diversified Consumer Services

SunMed Group Holdings, LLC (4)

Health Care Equipment & Supplies

The Townsend Company, LLC (4)

Commercial Services & Supplies

Tilley Distribution, Inc.

Trading Companies & Distributors

Ultimate Baked Goods Midco LLC (4)

Packaged Foods & Meats

United Digestive MSO Parent, LLC (4)

Health Care Providers & Services

Urology Management Holdings, Inc.

Health Care Providers & Services

Vessco Midco Holdings, LLC (4)

Water Utilities

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.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2023

(in thousands, except share amounts)

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 December 31, 2023.

Represents the fair value in accordance with ASC Topic 820.

The determination of such fair value is not included in the Board’s valuation process described elsewhere herein.

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

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)

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

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

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2023

(in thousands, except share amounts)

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

Selected Balance Sheet Information for SSLP:

Investments at fair value (cost $18,032)

Investments at fair value (cost $ 186,059 and $ 18,032 , respectively)

Cash and other assets

Debt outstanding ($ 106,900

face amounts, respectively, reported net of unamortized debt issuance costs of $ 1,697

, respectively)

Distributions payable

Interest payable and other credit facility related expenses

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Total liabilities and members’ equity

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2022

(in thousands, except share amounts)

For the Period

December 1, 2022

(commencement of

operations) through

December 31, 2022

(commencement

of operations)

Selected Income Statement Information for SSLP:

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Total expenses

Net investment loss

Net investment income (loss)

Realized gain on investments

1 unchanged sentence

Net realized and unrealized gain on investments

Net income (loss)

Service fees are included within the Company’s Consolidated Statements of Operations as other income.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2023

(in thousands, except share amounts)

Subsequent Events

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 January 10, 2023, the Board declared a monthly distribution

of $ 0.136667 per share payable on February 2, 2023 to holders of record as of January 26, 2023.

On February 2, 2023, the Board declared a monthly distribution of

$ 0.136667 per share payable on March 1, 2023 to holders of record as of February 16, 2023.

On February 28, 2023, the Board declared a monthly distribution

of $ 0.136667 per share payable on April 4, 2023 to holders of record as of March 23, 2023.

On February 27, 2024, the Board declared a quarterly distribution of $ 0.41 per share payable on March 28, 2024 to holders of record as of March 14, 2024.

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

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-K

Item 8. Financial Statements and Supplementary Data