What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-05-08 compared with 2023-11-07 · 662 added, 598 removed, 1464 unchanged (46% of the section changed)

3 unchanged sentences

(in thousands, except share amounts)

September 30,

2023 (unaudited)

March 31, 2024

Investments at fair value:

Companies less than 5% owned (cost:

Companies less than 5

% owned (cost:

$ 1,229,225 and $ 1,260,205 , respectively)

Companies 5% to 25% owned (cost:

% owned (cost:

$ 60,891 and $ 60,064 , respectively)

Companies more than 25% owned (cost:

Companies more than 25

% owned (cost:

$ 875,569 and $ 870,128 , respectively)

6 unchanged sentences

Debt ($ 1,162,250 and $ 1,183,250 face amounts, respectively, reported net of unamortized debt issuance costs of $ 4,927 and $ 5,473 , respectively.

See notes 6 and 7)

Payable for investments and cash equivalents purchased

Distributions payable

Management fee payable (see note 3)

15 unchanged sentences

Three months ended

Nine months ended

September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

March 31, 2024

March 31, 2023

INVESTMENT INCOME:

16 unchanged sentences

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

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

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

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

4 unchanged sentences

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

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

EARNINGS (LOSS) PER SHARE (see note 5)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

EARNINGS PER SHARE (see note 5)

See notes to consolidated financial statements.

3 unchanged sentences

Three months ended

Nine months ended

September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

March 31, 2024

March 31, 2023

Increase (decrease) in net assets resulting from operations:

Net investment income

Net realized loss

Net realized gain

Net change in unrealized gain (loss)

Net increase (decrease) in net assets resulting from operations

Net increase in net assets resulting from operations

Distributions to stockholders:

4 unchanged sentences

(see note 10) :

Issuance of common stock

Repurchases of common stock

Net capital transactions

Total increase (decrease) in net assets

3 unchanged sentences

(see note 10) :

Issuance of common stock

Repurchases of common stock

Net capital stock activity

See notes to consolidated financial statements.

2 unchanged sentences

(in thousands)

Nine months ended

September 30, 2023

September 30, 2022

Three months ended

March 31, 2024

March 31, 2023

Cash Flows from Operating Activities:

Net increase (decrease) in net assets resulting from

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

Net realized loss on investments and cash equivalents

Net increase in net assets resulting from

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

Net realized gain on investments and cash equivalents

Net change in unrealized (gain) loss on investments

Deferred financing costs/market discount

Net accretion of discount on investments

(Increase) decrease in operating assets:

1 unchanged sentence

Proceeds from disposition of investments

Net accretion of discount on investments

Capitalization of payment-in-kind

4 unchanged sentences

Prepaid expenses and other assets

Cash acquired in the Mergers

Increase (decrease) in operating liabilities:

5 unchanged sentences

Other liabilities and accrued expenses

Net Cash Used in Operating Activities

Net Cash Provided by Operating Activities

Cash Flows from Financing Activities:

Cash distributions paid

Proceeds from unsecured borrowings

Repayment of unsecured borrowings

2 unchanged sentences

Repurchase of common stock

Net Cash Provided by Financing Activities

NET DECREASE IN CASH AND CASH EQUIVALENTS

Net Cash Provided by (Used in) Financing Activities

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

2 unchanged sentences

Cash paid for interest

Issuance of shares in connection with the Mergers (1)

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 .

See notes to consolidated financial statements.

1 unchanged sentence

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited)

September 30, 2023

March 31, 2024

(in thousands, except share/unit amounts)

1 unchanged sentence

First Lien Bank Debt/Senior Secured Loans

Accession Risk Management Group, Inc.

(f/k/a RSC Acquisition, Inc.) (16)

33Across Inc.

Aegis Toxicology Sciences Corporation(16)

3 unchanged sentences

Trading Companies & Distributors

Apex Services Partners, LLC(16)

Diversified Consumer Services

Atria Wealth Solutions, Inc.(16)

6 unchanged sentences

Healthcare Providers & Services

Bayside Opco, LLC(27)

Healthcare Providers & Services

Bayside Parent, LLC(25)

1 unchanged sentence

BDG Media, Inc.

Brainjolt LLC

CC SAG Holdings Corp.

1 unchanged sentence

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.

Enhanced Permanent Capital, LLC(3)

3 unchanged sentences

Trading Companies & Distributors

Enverus Holdings, Inc.

(fka Drilling Info Holdings)(16)

Erie Construction Mid-west,

Building Products

Fertility (ITC) Investment Holdco, LLC

4 unchanged sentences

Leisure Equipment & Products

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2024

(in thousands, except share/unit amounts)

Senior Secured Loans (continued)

Higginbotham Insurance Agency, Inc.(16)

High Street Buyer, Inc.(16)

Human Interest Inc.

4 unchanged sentences

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

Maxor Acquisition, Inc.(16)

1 unchanged sentence

NSPC Intermediate Corp.

(National Spine)

Health Care Providers & Services

Oldco AI, LLC(f/k/a Amerimark)(14)(27)

Internet & Catalog Retail

Oldco AI, LLC (f/k/a Amerimark)(14)(27)**

Internet & Catalog Retail

One Touch Direct, LLC

Commercial Services & Supplies

ONS MSO, LLC(16)

Health Care Providers & Services

1 unchanged sentence

Health Care Providers & Services

Pediatric Home Respiratory Services, LLC

Health Care Providers & Services

Foy & Associates Insurance Services, LLC(16)

PhyNet Dermatology LLC

Health Care Providers & Services

Pinnacle Treatment Centers, Inc.(16)

2 unchanged sentences

Health Care Providers & Services

Retina Midco, Inc.(16)

Health Care Providers & Services

RQM+ Corp.(16)

5 unchanged sentences

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

Sightly Enterprises, Inc.

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2024

(in thousands, except share/unit amounts)

Senior Secured Loans (continued)

Southern Orthodontic Partners Management, LLC(16)

Health Care Providers & Services

SPAR Marketing Force, Inc.

Stryten Resources LLC

18 unchanged sentences

Water Utilities

World Insurance Associates, LLC(16)

Western Veterinary Partners LLC(16)

Diversified Consumer Services

Parent, Inc.(16)

Total First Lien Bank Debt/Senior Secured Loans

Second Lien Asset-Based Senior Secured Loans

ACRES Commercial Mortgage, LLC

AMF Levered II, LLC

Diversified Financial Services

7 unchanged sentences

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

September 30, 2023

March 31, 2024

(in thousands, except share/unit amounts)

3 unchanged sentences

Pharmaceuticals

Apeel Technology, Inc

Biotechnology

Arcutis Biotherapeutics, Inc.(3)

2 unchanged sentences

Pharmaceuticals

BridgeBio Pharma, Inc.(3)

Biotechnology

Cerapedics, Inc.

Biotechnology

Glooko, Inc.(16)

Health Care Technology

Meditrina, Inc.

6 unchanged sentences

Health Care Equipment & Supplies

SPR Therapeutics, Inc.

Health Care Technology

Vapotherm, Inc.

2 unchanged sentences

Health Care Equipment & Supplies

Total First Lien Life Science Senior

Secured Loans

Total First Lien Life Science Senior Secured Loans

Total Senior Secured Loans

Interest Rate (1)

Equipment Financing — 24.1 %

A&A Crane and Rigging, LLC (10)

A&A Crane and Rigging,

Commercial Services & Supplies

12 unchanged sentences

Commercial Services & Supplies

Bazzini, LLC (10)

Food & Staples Retailing

Boart Longyear Company (10)

5 unchanged sentences

Oil, Gas & Consumable Fuels

Capital City Jet Center, Inc.

10/4/2023 - 6/22/2026

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2024

(in thousands, except share/unit amounts)

Equipment Financing (continued)

Carolina’s Contracting, LLC (10)

1 unchanged sentence

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.

23 unchanged sentences

Commercial Services & Supplies

First American Commercial Bancorp,

First American Commercial Bancorp, Inc.

Diversified Financial Services

3 unchanged sentences

Diversified Financial Services

Freightsol LLC (10)

12.51 - 12.89 %

Georgia Jet, Inc.

GMT Corporation (10)

7 unchanged sentences

Auto Components

Kool Pak, LLC (10)

Loc Performance Products, LLC (10)

10 unchanged sentences

8/20/2024 - 11/1/2024

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2024

(in thousands, except share/unit amounts)

Equipment Financing (continued)

Miranda Logistics Enterprise, Inc.

11 unchanged sentences

Commercial Services & Supplies

9.33 - 9.77 %

10/1/2023 - 11/1/2024

Rayzor’s Edge LLC (10)

4 unchanged sentences

Construction & Engineering

Royal Express Inc.

Rotten Rock Hardscaping & Tree Service (10)

4 unchanged sentences

Transportation Infrastructure

SLR Equipment Finance(2)

Multi-Sector Holdings

Smiley Lifting Solutions, LLC(10)

3 unchanged sentences

ST Coaches, LLC (10)

8.50 - 8.58 %

10/1/2023 - 1/25/2025

Star Coaches Inc.

16 unchanged sentences

Up Trucking Services, LLC (10)

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2024

(in thousands, except share/unit amounts)

Equipment Financing (continued)

Waste Pro of Florida, Inc.

11 unchanged sentences

9/23/2027 - 8/16/2028

Zamborelli Enterprises Pacific Souther Foundation (10)

Zamborelli Enterprises Pacific Southern Foundation (10)

Diversified Consumer Services

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

September 30, 2023

(in thousands, except share/unit amounts)

Equipment Financing (continued) —

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

1 unchanged sentence

Total Equipment Financing

Interest Rate (1)

Preferred Equity – 0.3 %

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

Aerospace & Defense

Common Equity/Equity Interests/Warrants— 63.4 %

27 unchanged sentences

Diversified Consumer Services

RD Holdco, Inc.

(Rug Doctor) Warrants (2)*

Diversified Consumer Services

Senseonics Holdings, Inc.

6 unchanged sentences

Diversified Financial Services

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2024

(in thousands, except share/unit amounts)

Common Equity/Equity Interests/Warrants (continued)

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

16 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.

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 September 30, 2023.

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 March 31, 2024.

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 nine months ended September 30, 2023 in these controlled investments are as follows:

Transactions during the three months ended March 31, 2024 in these controlled investments are as follows:

Name of Issuer

1 unchanged sentence

Fair Value at

September 30,

Dividend/Misc

Equipment Operating Leases, LLC

7 unchanged sentences

RD Holdco, Inc.

(Rug Doctor, warrants)

RD Holdco, Inc.

SLR Business Credit

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2024

(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 (unaudited) (continued)

September 30, 2023

(in thousands)

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

1 unchanged sentence

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

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

As of March 31, 2024, on a fair value basis, non-qualifying

assets in the portfolio represented 24.8 % of the total assets of the Company.

5 unchanged sentences

federal tax purposes is $ 105,201 and $ 98,750 , respectively, based on a tax cost of $ 2,127,487 .

Unless otherwise noted, all of the Company’s investments are pledged as collateral against the borrowings outstanding on the senior secured credit facility.

Unless otherwise noted, all of the Company’s investments are pledged as collateral against the borrowings outstanding on the Credit Facility (see Note 7 to the consolidated financial statements).

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

1 unchanged sentence

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.

Spread is 1.00 % Cash / 6.00 % 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 12 to the consolidated financial statements.

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

March 31, 2024

(in thousands, except share/unit amounts)

See note 13 to the consolidated financial statements.

2 unchanged sentences

See note 14 to the consolidated financial statements.

BridgeBio Pharma, Inc.

may elect to defer up to 3.00 % 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.

3 unchanged sentences

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

Transactions during the three months ended March 31, 2024 in these affiliated investments are as follows:

Name of Issuer

Fair Value at

Affiliation(23)

Fair Value at

September 30,

Interest Income

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

Bayside Opco, LLC

Bayside Parent, LLC (loan)

1 unchanged sentence

Topco Blocker, LLC

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

Certain tranches have a spread of S+795 and certain tranches have a spread of S+425.

producing security.

3 unchanged sentences

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)

September 30, 2023

March 31, 2024

(in thousands)

2 unchanged sentences

Investments (at fair value) as

of September 30, 2023

of March 31, 2024

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

4 unchanged sentences

Diversified Consumer Services

Biotechnology

Asset Management

Capital Markets

Commercial Services & Supplies

Biotechnology

Thrifts & Mortgage Finance

Asset Management

Personal Products

Packaged Foods & Meats

Auto Parts & Equipment

Life Sciences Tools & Services

Wireless Telecommunication Services

Internet Software & Services

Building Products

Transportation Infrastructure

Internet & Catalog Retail

Packaged Foods & Meats

Transportation Infrastructure

Communications Equipment

Health Care Technology

Leisure Equipment & Products

Trading Companies & Distributors

Auto Parts & Equipment

Specialty Retail

Oil, Gas & Consumable Fuels

Hotels, Restaurants & Leisure

Health Care Technology

Aerospace & Defense

Oil, Gas & Consumable Fuels

Auto Components

Food Products

Leisure Equipment & Products

Specialty Retail

Metals & Mining

Water Utilities

Food & Staples Retailing

Construction & Engineering

1 unchanged sentence

Energy Equipment & Services

Water Utilities

Total Investments

consolidated financial statements.

See notes to consolidated financial statements.

SLR INVESTMENT CORP.

4 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

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.

CC SAG Holdings Corp.

Automotive)(16)

(Spectrum Automotive)(16)

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.

2 unchanged sentences

ENS Holdings III Corp.

& ES Opco USA

LLC (Bluefin)(16)

& ES Opco USA LLC (Bluefin)(16)

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)

2 unchanged sentences

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

Health Care Providers & Services

NAC Holdings Corporation (Jaguar)(16)

National Spine and Pain Centers, LLC

Health Care Providers & Services

Maxor Acquisition, Inc.(16)

Health Care Providers &

NSPC Intermediate Corp.

Health Care Providers &

One Touch Direct, LLC

Commercial Services & Supplies

Commercial Services &

Health Care Providers &

Orthopedic Care Partners Management, LLC

Health Care Providers & Services

Pediatric Home Respiratory Services, LLC

Health Care Providers & Services

Foy & Associates Insurance Services,

PhyNet Dermatology LLC

Health Care Providers & Services

Health Care Providers &

Foy & Associates Insurance Services, LLC(16)

Pinnacle Treatment Centers, Inc.(16)

Health Care Providers & Services

Health Care Providers &

Plastics Management, LLC(16)

Health Care Providers & Services

PPT Management Holdings, LLC(16)

Health Care Providers & Services

Health Care Providers &

Retina Midco, Inc.(16)

Health Care Providers &

RQM+ Corp.(16)

Life Sciences Tools & Services

RSC Acquisition, Inc.(16)

Life Sciences Tools &

RxSense Holdings LLC(16)

Diversified Consumer Services

Diversified Consumer

SCP Eye Care, LLC

Health Care Providers & Services

SHO Holding I Corporation (Shoes for

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)

7 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

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)

Total First Lien Bank Debt/Senior

Secured Loans

Second Lien Asset-Based Senior Secured

ACRES Commercial Mortgage, LLC

Purchaser, LLC

Parent, Inc.(16)

Total First Lien Bank Debt/Senior Secured Loans

Second Lien Asset-Based Senior Secured Loans

AMF Levered II, LLC

Diversified Financial Services

FGI Worldwide LLC

Diversified Financial Services

Second Lien Bank Debt/Senior Secured Loans

10 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

Total Senior Secured Loans

Interest Rate (1)

Equipment Financing — 26.0 %

A&A Crane and Rigging, LLC (10)

Commercial Services & Supplies

Aero Operating LLC (10)

5 unchanged sentences

10.00 - 11.29 %

8/11/2026 - 3/1/2027

Air Methods Corporation (10)

1 unchanged sentence

11/3/2026 - 11/23/2026

AmeraMex International, Inc.

AmeraMex International,

Commercial Services & Supplies

8 unchanged sentences

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.

Carolina’s Contracting, LLC (10)

Diversified Consumer Services

8.40 - 8.72 %

Champion Air, LLC (10)

3/7/2028 - 5/18/2028

CKD Holdings, Inc.

5 unchanged sentences

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)

5 unchanged sentences

Multi-Sector Holdings

Extreme Steel Crane & Rigging, LLC (10)

Commercial Services & Supplies

First American Commercial Bancorp, Inc.

4 unchanged sentences

Diversified Financial Services

Freightsol LLC (10)

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.

3 unchanged sentences

HTI Logistics Corporation (10)

Commercial Services & Supplies

Commercial Services &

9.69 - 9.94 %

15 unchanged sentences

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

Rayzor’s Edge LLC (10)

Diversified Consumer Services

7.69 - 8.27 %

5/18/2030 - 6/30/2030

Royal Coach Lines, Inc.(10)

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)

7 unchanged sentences

ST Coaches, LLC (10)

8.47 - 8.58 %

7/1/2023 - 1/25/2025

Star Coaches Inc.

3 unchanged sentences

Commercial Services & Supplies

Trinity Equipment, Inc.

Commercial Services & Supplies

8.78 - 8.93 %

5/4/2028 - 5/19/2028

Trinity Equipment Rentals, Inc.

4 unchanged sentences

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)

8 unchanged sentences

9/23/2027 - 8/16/2028

Zamborelli Enterprises Pacific Souther Foundation (10)

Zamborelli Enterprises Pacific Southern 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)

Interest Rate (1)

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.

12 unchanged sentences

Health Care Equipment & Supplies

NSPC Holdings, LLC (National Spine) *

Health Care Providers & Services

RD Holdco, Inc.

4 unchanged sentences

Diversified Consumer Services

RD Holdco, Inc.

(Rug Doctor) Warrants (2)*

Diversified Consumer Services

Senseonics Holdings, Inc.

Health Care Equipment & Supplies

Topco Blocker, LLC (15)(27)*

Internet & Catalog Retail

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

2 unchanged sentences

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)

2 unchanged sentences

Asset Management

Spectrum Pharmaceuticals, Inc.

Biotechnology

Vapotherm, Inc.

3 unchanged sentences

Health Care Equipment & Supplies

Vertos Medical, Inc.

Health Care Equipment & Supplies

Total Common Equity/Equity Interests/Warrants

5 unchanged sentences

Net Assets — 100.0 %

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.

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.

9 unchanged sentences

federal tax purposes is $ 97,678 and $ 95,111 , respectively, based on a tax cost of $ 2,152,199 .

Unless otherwise noted, all of the Company’s investments are pledged as collateral against the borrowings outstanding on the senior secured credit facility.

Unless otherwise noted, all of the Company’s investments are pledged as collateral against the borrowings outstanding on the Credit Facility (see Note 7 to the consolidated financial statements).

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

1 unchanged sentence

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.

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 12 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 13 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.

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.

16 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

2 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

September 30, 2023

March 31, 2024

(in thousands, except share amounts)

30 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

September 30, 2023

March 31, 2024

(in thousands, except share amounts)

2 unchanged sentences

Investment transactions are accounted for on the trade date;

Under procedures established by the board of directors (the “Board”), we value investments, including certain senior secured debt, subordinated debt and other debt securities with maturities greater than 60 days, for which market quotations are readily available and deemed to represent fair value under GAAP, at such market quotations (unless they are deemed not to represent fair value).

days, for which market quotations are readily available and deemed to represent fair value under 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.

6 unchanged sentences

In each such case, independent valuation firms, that may from time to time be engaged by the Board, consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations.

Debt investments with maturities of 60 days or less shall each be valued at cost plus accreted discount, or minus amortized premium, which is expected to approximate fair value, unless such valuation, in the judgment of the Investment Adviser, does not represent fair value, in which case such investments shall be valued at fair value as determined in good faith by or under the direction of the Board.

Debt investments with maturities of 60

days or less shall each be valued at cost plus accreted discount, or minus amortized premium, which is expected to approximate fair value, unless such valuation, in the judgment of the Investment Adviser, does not represent fair value, in which case such investments shall be valued at fair value as determined in good faith by or under the direction of the Board.

Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Board.

16 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

September 30, 2023

March 31, 2024

(in thousands, except share amounts)

8 unchanged sentences

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

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

For the three months ended March 31, 2024, there has been no change to the Company’s valuation approaches or techniques and the nature of the related inputs considered in the valuation process.

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

12 unchanged sentences

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

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

federal income taxes.

The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4 % excise tax on this income.

The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4

% excise tax on this income.

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

10 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

September 30, 2023

March 31, 2024

(in thousands, except share amounts)

21 unchanged sentences

Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual

status when principal or interest cash payments are past due 30 days or more ( 90 days or more for equipment financing) and/or when it is no longer probable that principal or interest cash payments will be collected.

status when principal or interest cash payments are past due 30

days or more ( 90

days or more for equipment financing) and/or when it is no longer probable that principal or interest cash payments will be collected.

Such non-accrual

7 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

September 30, 2023

March 31, 2024

(in thousands, except share amounts)

2 unchanged sentences

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.

On April 1, 2022, in connection with the consummation of the Mergers, we 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 us to the Investment Adviser pursuant to the Advisory Agreement.

Following the Letter Agreement, the base management fee is now 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).

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 (as defined below), and any interest expense and distributions paid on any issued and outstanding preferred stock, but excluding the performance-based incentive fee).

Pre-incentive

16 unchanged sentences

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

No accrual was required for the three and nine months ended September 30, 2023 and 2022.

For the three and nine months ended September 30, 2023, the Company recognized $ 8,051 and $ 23,635 , respectively, in base management fees and $ 5,796 and $ 16,943 , respectively, in performance-based incentive fees.

For the three and nine months ended September 30, 2023, $ 175 and $ 410 , respectively, of such performance-based incentive fees were waived.

For the three and nine months ended September 30, 2022, the Company recognized $ 7,890 and $ 22,019 , respectively, in base management fees and $ 4,965 and $ 9,699 , respectively, in gross performance-based incentive fees.

For the three and nine months ended September 30, 2022, $ 194 and $ 1,552 of such performance-based incentive fees were waived.

No accrual was required for the three months ended March 31, 2024 and 2023.

For the three months ended March 31, 2024 and 2023, the Company recognized $ 7,882 and $ 7,706 , respectively, in base management fees and $ 5,952 and $ 5,509 , respectively, in performance-based incentive fees.

For the three months ended March 31, 2024 and 2023, $ 46 and $ 110 , respectively, of such performance-based incentive fees were waived.

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

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

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.

The Company has also entered into an administration agreement (“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.

1 unchanged sentence

The Company typically reimburses the Administrator on a quarterly basis.

For the three and nine months ended September 30, 2023, the Company recognized expenses under the Administration Agreement of $ 1,575 and $ 4,563 respectively.

For the three and nine months ended September 30, 2022, the Company recognized expenses under the Administration Agreement of $ 1,132 and $ 3,684 respectively.

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

For the three months ended March 31, 2024 and 2023, the Company recognized expenses under the Administration Agreement of $ 1,376 and $ 1,508 respectively.

No managerial assistance fees were accrued or collected for the three months ended March 31, 2024 and 2023.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

September 30, 2023

March 31, 2024

(in thousands, except share amounts)

Net Asset Value Per Share

At September 30, 2023, the Company’s total net assets and net asset value per share were $ 985,385 and $ 18.06 , respectively.

At March 31, 2024, the Company’s total net assets and net asset value per share were $ 992,143 and $ 18.19 , respectively.

This compares to total net assets and net asset value per share at December 31, 2023 of $ 986,639 and $ 18.09 , respectively.

1 unchanged sentence

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

for the three and nine months ended September 30, 2023 and 2022:

Three months ended September 30,

Nine months ended September 30,

Earnings (loss) per share (basic & diluted)

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

for the three months ended March 31, 2024 and 2023:

Three months ended March 31,

Earnings per share (basic & diluted)

Numerator - net increase in net assets resulting from operations:

Denominator - weighted average shares:

Earnings (loss) per share:

Earnings per share:

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

21 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

September 30, 2023

March 31, 2024

(in thousands, except share amounts)

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

The following tables present the balances of assets measured at fair value on a recurring basis, as of March 31, 2024 and December 31, 2023:

Fair Value Measurements

As of September 30, 2023

As of March 31, 2024

Net Asset Value*

20 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

September 30, 2023

March 31, 2024

(in thousands, except share amounts)

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

The following tables provide a summary of the changes in fair value of Level 3 assets for the three months ended March 31, 2024, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at March 31, 2024:

Fair Value Measurements Using Level 3 Inputs

2 unchanged sentences

Common Equity/

Fair value, June

Total gains or losses included in earnings:

Net realized loss

Net change in unrealized gain (loss)

Purchase of investment securities *

Proceeds from dispositions of investment securities

Transfers in/out of Level 3

Fair value, September

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

Net change in unrealized gain (loss)

Senior Secured

Preferred Equity

Common Equity/

Equity Interests/

Fair value, December

Total gains or losses included in earnings:

Net realized loss

Net realized gain

Net change in unrealized gain (loss)

2 unchanged sentences

Transfers in/out of Level 3

Fair value, September

Fair value, March

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:

1 unchanged sentence

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 September 30, 2023, the fair value of the Credit Facility, SPV Credit Facility, 2024 Unsecured Notes, 2025 Unsecured Notes, 2026 Unsecured Notes, 2027 Unsecured Notes and 2027 Series F Unsecured Notes would be $ 521,500 , $ 206,250 , $ 120,313 , $ 80,750 , $ 68,438 , $ 43,375 and $ 119,138 , respectively.

While the Company has not made an election to apply the fair value option of accounting to any of its current debt obligations, if the Company’s debt obligations were carried at fair value at March 31, 2024, 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 $ 486,000 , $ 206,250 , $ 123,125 , $ 82,875 , $ 71,063 , $ 45,375 and $ 124,200 , respectively.

All debt obligations would be considered Level 3 liabilities and would be valued with market yield as the unobservable input.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

September 30, 2023

March 31, 2024

(in thousands, except share amounts)

6 unchanged sentences

Total gains or losses included in earnings:

Net realized gain (loss)

Net change in unrealized loss

Net realized loss

change in unrealized gain (loss)

Purchase of investment securities*

2 unchanged sentences

Fair value, December 31, 2023

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

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.

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:

change in unrealized gain (loss)

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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

September 30, 2023

March 31, 2024

(in thousands, except share amounts)

5 unchanged sentences

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

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

Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of March 31, 2024 is summarized in the table below:

Fair Value at

September 30, 2023

March 31, 2024

Principal Valuation

3 unchanged sentences

Senior Secured Loans

1,292,834 7,532

Income Approach Recovery Analysis

Market Yield Recoverable Amount

Income Approach

10.0 % – 20.7 % ( 13.1 %)

Recovery Analysis

Recoverable Amount

Equipment Financing

144,486 120,820

Income Approach Market Multiple (1)

Market Yield Comparable Multiple

Income Approach

9.4 % – 9.4 % ( 9.4 %)

1.1 x- 1.4 x ( 1.2 x)

Market Multiple (1)

Comparable Multiple

Preferred Equity

2 unchanged sentences

Common Equity/Equity Interests/Warrants

165,771 406,220

Market Multiple (2)

Market Approach

Comparable Multiple Return on Equity

Comparable Multiple

5.5 x – 11.3 x ( 8.7 x)

Market Approach

Return on Equity

7.1 % – 24.9 % ( 10.5 %)

9 unchanged sentences

Senior Secured Loans

1,212,842 32,572

Income Approach Market Multiple (1)

Market Yield Comparable Multiple

Income Approach

10.0 % – 45.5 % ( 13.2 %)

0.1 x- 21.4 x ( 12.4 x)

Recovery Analysis

Recoverable Amount

Equipment Financing

Income Approach

8.5 % – 9.3 % ( 9.3 %)

I ncome Approach

Market Multiple (1)

Market Yield Comparable Multiple

8.5 % - 9.7 % ( 9.7 %)

1.1 x- 1.4 x ( 1.2 x)

Comparable Multiple

Preferred Equity

I ncome Approach

Income Approach

5.0 % – 5.0 % ( 5.0 %)

Common Equity/Equity Interests/Warrants

149,120 412,480

Market Multiple (2)

Market Approach

Comparable Multiple Return on Equity

Comparable Multiple

5.5 x – 11.3 x ( 9.5 x)

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.

Market Approach

Return on Equity

7.1 % – 34.8 % ( 10.6 %)

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.

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

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

spreads, if applicable, could result in significantly lower or higher fair value measurements for such assets and liabilities.

2 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

September 30, 2023

March 31, 2024

(in thousands, except share amounts)

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

September 30, 2023

Our debt obligations consisted of the following as of March 31, 2024 and December 31, 2023:

March 31, 2024

December 31, 2023

7 unchanged sentences

2027 Unsecured Notes

2027 Series F Unsecured Notes

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 3,918 and $ 4,746 as of September 30, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized market discount of $ 987 and $ 898 as of September 30, 2023 and December 31, 2022, respectively.

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

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 363 and $ 579 as of September 30, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized market discount of $ 262 and $ 387 as of September 30, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 414 and $ 502 as of September 30, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 37 and $ 47 as of September 30, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 15 and $ 22 as of September 30, 2023 and December 31, 2022, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 3,338 and $ 3,642 as of March 31, 2024 and December 31, 2023, respectively.

Carrying Value equals the Face Amount net of unamortized market discount of $ 804 and $ 893 as of March 31, 2024 and December 31, 2023, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 215 and $ 289 as of March 31, 2024 and December 31, 2023, respectively.

Carrying Value equals the Face Amount net of unamortized market discount of $ 176 and $ 219 as of March 31, 2024 and December 31, 2023, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 353 and $ 384 as of March 31, 2024 and December 31, 2023, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 31 and $ 34 as of March 31, 2024 and December 31, 2023, respectively.

Carrying Value equals the Face Amount net of unamortized debt issuance costs of $ 10 and $ 12 as of March 31, 2024 and December 31, 2023, respectively.

Unsecured Notes

14 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

September 30, 2023

March 31, 2024

(in thousands, except share amounts)

2 unchanged sentences

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

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

Revolving and Term Loan Facilities

8 unchanged sentences

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

At September 30, 2023, outstanding USD equivalent borrowings under the SPV Credit Facility totaled $ 206,250 .

At March 31, 2024, outstanding USD equivalent borrowings under the SPV Credit Facility totaled $ 206,250 .

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, a $ 25,000

November 2022 upsizing and a $ 40,000

August 2023 commitment expiration, the Credit Facility is composed of $ 585,000 of revolving credit and $ 100,000 of term loans.

Following the amendment, a $ 25,000 November 2022 upsizing and a $ 40,0 00 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.

At September 30, 2023, outstanding USD equivalent borrowings under the Credit Facility totaled $ 521,500 , composed of $ 421,500 of revolving credit and $ 100,000 of term loans.

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 March 31, 2024, outstanding USD equivalent borrowings under the Credit Facility totaled $ 486,000 , composed of $ 386,000 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 nine months ended September 30, 2023 and the year ended December 31, 2022 was 5.79 % 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 nine months ended September 30, 2023 and the year ended December 31, 2022 were $ 1,273,200 and $ 1,164,200 , respectively.

The average annualized interest cost for all borrowings for the three months ended March 31, 2024 and the year ended December 31, 2023 was 6.05 % and 5.88 %, 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 2024 Unsecured Notes, the 2025 Unsecured Notes, the 2026 Unsecured Notes, the 2027 Unsecured Notes and the 2027 Series F Unsecured Notes (collectively the “Debt Instruments”), if any.

The maximum amounts borrowed on the Debt Instruments during the three months ended March 31, 2024 and the year ended December 31, 2023 were $ 1,183,250 and $ 1,273,200 , respectively.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

September 30, 2023

March 31, 2024

(in thousands, except share amounts)

Financial Highlights

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

Nine months ended

September 30, 2023

Nine months ended

September 30, 2022

The following is a schedule of financial highlights for the three months ended March 31, 2024

Three months ended

March 31, 2024

Three months ended

March 31, 2023

Per Share Data:

1 unchanged sentence

Net investment income

Net realized and unrealized loss

Net increase (decrease) in net assets resulting from operations

Issuance of common stock in connection with the Mergers

Net realized and unrealized gain (loss)

Net increase in net assets resulting from operations

Distributions to stockholders:

13 unchanged sentences

Portfolio turnover ratio

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

Calculated using the average shares outstanding method.

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

2 unchanged sentences

Not annualized for periods less than one year.

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

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 nine months ended September 30, 2023, the ratios of operating expenses to average net assets and total expenses to average net assets would be 4.93 % and 10.30 %, respectively, without the performance-based incentive fee waiver.

For the nine months ended September 30, 2022, the ratios of operating expenses to average net assets and total expenses to average net assets would be 4.06 % and 7.28 %, respectively, without the performance-based incentive fee waiver.

For the three months ended March 31, 2024 and 2023, the ratios of operating expenses to average net assets would be

1.63 % and 1.62 %, respectively, without the performance-based incentive fee waiver.

For the three months ended March 31, 2024 and 2023, the ratios of total expenses to average net assets would be 3.47 % and 3.15 %, respectively, without the performance-based incentive fee waiver.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2024

(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 March 31, 2024 and December 31, 2023 is $ 226,921 and $ 248,692 , respectively, comprised of the following:

SLR Credit Solutions*

BDG Media, Inc.

Southern Orthodontic Partners Management, LLC

CVAUSA Management, LLC

Western Veterinary Partners LLC

Copper River Seafoods, Inc.

SPAR Marketing Force, Inc.

Alkeme Intermedia ry

Holdings, LLC

DeepIntent, Inc.

Retina Midco, Inc.

One Touch Direct, LLC

Orthopedic Care Partners Management, LLC

SPR Therapeutics, Inc.

Foy & Associates Insurance Services, LLC

33 Across Inc.

Luxury Asset Capital, LLC

United Digestive MSO Parent, LLC

The Townsend Company, LLC

Vertos Medical, Inc.

Foundation Consumer Brands, LLC

Kid Distro Holdings, LLC

Erie Construction Mid-west,

Ultimate Baked Goods Midco LLC

Brainjolt LLC

Basic Fun, Inc.

SLR Senior Lending Program LLC*

Bayside Opco, LLC

SunMed Group Holdings, LLC

AMF Levered II, LLC

Urology Management Holdings, Inc.

Sightly Enterprises, Inc.

SLR Healthcare ABL*

RxSense Holdings LLC

Tilley Distribution, Inc.

SCP Eye Care, LLC

GSM Acquisition Corp

UVP Management, LLC

Vapotherm, Inc.

Pinnacle Treatment Centers, Inc.

High Street Buyer, Inc.

CC SAG Holdings Corp.

(Spectrum Automotive)

Crewline Buyer, Inc.

ENS Holdings III Corp, LLC

Vessco Midco Holdings, LLC

TAUC Management, LLC

All States Ag Parts, LLC

Ardelyx, Inc.

Legacy Service Partners, LLC

SLR Equipment Finance*

Exactcare Parent, Inc.

Purchaser, LLC

Total Commitments

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

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2024

(in thousands, except share amounts)

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

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

As of March 31, 2024 and December 31, 2023, 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.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business.

As of March 31, 2024 and December 31, 2023, management is not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

Capital Share Transactions

As of March 31, 2024 and March 31, 2023, 200,000,000 shares of $ 0.01 par value capital stock were authorized.

Transactions in capital stock were as follows:

For the three months

ended March 31, 2024

For the three months

ended March 31, 2023

For the three months

ended March 31, 2024

For the three months

ended March 31, 2023

Shares repurchased

SLR Credit Solutions

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

5 unchanged sentences

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

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

As of September 30, 2023 SLR Credit had 32 funded commitments to 28 different issuers with total funded loans of approximately $ 469,495 on total assets of $ 506,081 .

As of March 31, 2024, total commitments to the revolving credit facility are $ 300,000 .

As of March 31, 2024, SLR Credit had 29 funded commitments to 25 different issuers with total funded loans of approximately $ 394,934 on total assets of $ 432,852 .

As of December 31, 2023, SLR Credit had 31 funded commitments to 26 different issuers with total funded loans of approximately $ 406,554 on total assets of $ 438,422 .

As of September 30, 2023 and December 31, 2022, the largest loan outstanding totaled $ 40,725 and $ 33,420 , respectively.

As of March 31, 2024 and December 31, 2023, the largest loan outstanding totaled $ 30,000 and $ 30,000 , respectively.

For the same periods, the average exposure per issuer was $ 15,797 and $ 15,637 , respectively.

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

to the Company, had approximately $ 284,472 and $ 224,325 of borrowings outstanding at September 30, 2023 and December 31, 2022, respectively.

For the three months ended September 30, 2023 and 2022, SLR Credit had net income of $ 4,315 and $ 3,897 , respectively, on gross income of $ 13,897 and $ 8,596 , respectively.

For the nine months ended September 30, 2023 and 2022, SLR Credit had net income of $ 1,411 and $ 8,557 , respectively, on gross income of $ 42,350 and $ 22,171 , respectively.

to the Company, had approximately $ 207,494 and $ 218,878 of borrowings outstanding at March 31, 2024 and December 31, 2023, respectively.

For the three months ended March 31, 2024 and 2023, SLR Credit had net income (loss) of $ 5,719 and ($ 9,672 ), respectively, on gross income of $ 13,056 and $ 14,555 , respectively.

Due to timing and non-cash

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

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

September 30, 2023

(in thousands, except share amounts)

SLR Equipment Finance

4 unchanged sentences

We invested $ 209,866 in cash to effect the transaction, of which $ 145,000 was invested in the equity of SLR Equipment through our wholly-owned consolidated taxable subsidiary NEFCORP LLC and our wholly-owned consolidated subsidiary NEFPASS LLC and $ 64,866 was used to purchase certain leases and loans held by SLR Equipment through NEFPASS LLC.

Concurrent with the transaction, SLR Equipment refinanced its existing senior secured credit facility into a $ 150,000 non-recourse

facility with an accordion feature to expand up to $ 250,000 .

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 September 30, 2023, SLR Equipment had 141 funded equipment-backed leases and loans to 56 different customers with a total net investment in leases and loans of approximately $ 199,831 on total assets of $ 251,031 .

On January 31, 2024, SLR Equipment entered into a $ 225,000

senior secured credit facility with a maturity date of January 31, 2027 .

On March 1, 2024, the credit facility was expanded to $ 350,000

of commitments.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2024

(in thousands, except share amounts)

As of March 31, 2024, SLR Equipment had 174 funded equipment-backed leases and loans to 79 different customers with a total net investment in leases and loans of approximately $ 212,564 on total assets of $ 265,015 .

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 September 30, 2023 and December 31, 2022, the largest position outstanding totaled $ 18,319 and $ 19,259 , respectively.

As of March 31, 2024 and December 31, 2023, the largest position outstanding totaled $ 17,883

and $ 17,943 , respectively.

For the same periods, the average exposure per customer was $ 2,691 and $ 3,285 , respectively.

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

to the Company, had approximately $ 130,557 and $ 114,977 of borrowings outstanding at September 30, 2023 and December 31, 2022, respectively.

For the three months ended September 30, 2023 and September 30, 2022, SLR Equipment had net income (loss) of ($ 1,176 ) and $ 1,034 , respectively, on gross income of $ 4,783 and $ 6,486 , respectively.

For the nine months ended September 30, 2023 and September 30, 2022, SLR Equipment had net loss of $ 2,193 and $ 125 , respectively, on gross income of $ 15,174 and $ 15,704 , respectively.

to the Company, had approximately $ 156,977 and $ 137,178 of borrowings outstanding at March 31, 2024 and December 31, 2023, respectively.

For the three months ended March 31, 2024 and March 31, 2023, SLR Equipment had net income (loss) of ($ 1,956

) and $ 1,038

, respectively, on gross income of $ 4,170 and $ 6,337

, respectively.

Due to timing and non-cash

7 unchanged sentences

The existing management team of KBH committed to continuing to lead KBH after the transaction.

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

As of September 30, 2023 and December 31, 2022, KBHT had total assets of $ 783,089 and $ 777,151 , respectively.

Following the transaction, the Company owned 87.5

% of KBHT equity and the KBH management team owned the remaining 12.5 % of KBHT’s equity.

On March 13, 2024, as per the terms of the original purchase agreement, the Company acquired 3.125 % of KBHT’s equity from the management team.

Effective with this purchase, the Company owns 90.625 % of KBHT’s equity and the management team owns the remaining 9.375

As of March 31, 2024 and December 31, 2023, KBHT had total assets of $ 848,189 and $ 857,346 , respectively.

For the same periods, debt recourse to KBHT totaled $ 252,153 and $ 249,807 , respectively, and non-recourse

1 unchanged sentence

None of the debt is recourse to the Company.

For the three months ended September 30, 2023 and 2022, KBHT had net income of $ 2,129 and $ 3,327 , respectively, on gross income of $ 85,544 and $ 71,332 , respectively.

For the nine months ended September 30, 2023 and 2022, KBHT had net income of $ 7,151 and $ 10,393 , respectively, on gross income of $ 229,051 and $ 215,074 , respectively.

For the three months ended March 31, 2024 and 2023, KBHT had net income of $ 1,928 and $ 2,627 , respectively, on gross income of $ 80,008 and $ 68,007 , respectively.

Due to timing and non-cash

8 unchanged sentences

in the transaction and continues to lead SLR Healthcare.

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

As of March 31, 2024, 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.

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

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 INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

September 30, 2023

(in thousands, except share amounts)

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

As of September 30, 2023, the portfolio totaled approximately $ 237,000 of commitments with a total net investment in loans of $ 106,484 on total assets of $ 113,832 .

As of March 31, 2024, the portfolio totaled approximately $ 274,000 of commitments with a total net investment in loans of $ 118,015 on total assets of $ 125,749 .

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 .

At September 30, 2023, the portfolio consisted of 38 issuers with an average balance of approximately $ 2,802 versus 41 issuers with an average balance of approximately $ 2,253 at December 31, 2022.

At March 31, 2024, the portfolio consisted of 44 issuers with an average balance of approximately $ 2,682 versus 42 issuers with an average balance of approximately $ 2,649 at December 31, 2023.

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

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

to us, had approximately $ 81,000 and $ 77,000 of borrowings outstanding at September 30, 2023 and December 31, 2022, respectively.

For the three months ended September 30, 2023 and 2022, SLR Healthcare had net income of $ 1,532 and $ 822 , respectively, on gross income of $ 4,833 and $ 3,020 , respectively.

For the nine months ended September 30, 2023 and 2022, SLR Healthcare had net income of $ 3,925 and $ 2,543 , respectively, on gross income of $ 13,109 and $ 7,898 , respectively.

to us, had approximately $ 93,300 and $ 84,700 of borrowings outstanding at March 31, 2024 and December 31, 2023, respectively.

For the three months ended March 31, 2024 and 2023, SLR Healthcare had net income of $ 1,318 and $ 1,120 , respectively, on gross income of $ 4,791 and $ 3,836 , respectively.

Due to timing and non-cash

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

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

March 31, 2024

(in thousands, except share amounts)

SLR Business Credit

15 unchanged sentences

The transaction purchase price of $ 66,671 was financed with equity from SUNS of $ 19,000 and borrowings on NMC’s credit facility of $ 47,671 .

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

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

As of September 30, 2023, the portfolio totaled approximately $ 612,399 of commitments, of which $ 257,818 were funded, on total assets of $ 302,912 .

As of March 31, 2024, the portfolio totaled approximately $ 564,398 of commitments, of which $ 226,561 were funded, on total assets of $ 257,665 .

As of December 31, 2023, the portfolio totaled approximately $ 610,949 of commitments, of which $ 273,541 were funded, on total assets of $ 315,335 .

At September 30, 2023, the portfolio consisted of 98 issuers with an average balance of approximately $ 2,631 versus 108 issuers with an average balance of approximately $ 2,648 at December 31, 2022.

At March 31, 2024, the portfolio consisted of 99 issuers with an average balance of approximately $ 2,288 versus 102 issuers with an average balance of approximately $ 2,681 at December 31, 2023.

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

1 unchanged sentence

NMC’s credit facility, which is non-recourse

to us, had approximately $ 199,449 and $ 214,425 of borrowings outstanding at September 30, 2023 and December 31, 2022, respectively.

For the three months ended September 30, 2023 and 2022, SLR Business Credit had net income of $ 1,779 and $ 1,977 respectively, on gross income of $ 9,709 and $ 7,607 , respectively.

For the nine months ended September 30, 2023 and 2022, SLR Business Credit had net income of $ 5,211 and $ 5,703 respectively, on gross income of $ 27,868 and $ 20,378 , respectively.

to us, had approximately $ 175,431 and $ 222,917 of borrowings outstanding at March 31, 2024 and December 31, 2023, respectively.

For the three months ended March 31, 2024 and 2023, SLR Business Credit had net income of $ 3,181 and $ 2,017 respectively, on gross income of $ 11,168 and $ 9,331 , respectively.

Due to timing and non-cash

1 unchanged sentence

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 INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

September 30, 2023

(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 September 30, 2023 and December 31, 2022 is $ 367,295 and $ 364,163 , respectively, comprised of the following:

September 30,

SLR Credit Solutions*

Outset Medical, Inc.

Apeel Technology, Inc.

Southern Orthodontic Partners Management, LLC

SLR Senior Lending Program LLC*

Orthopedic Care Partners Management, LLC

Human Interest, Inc.

CVAUSA Management, LLC

BDG Media, Inc.

Neuronetics, Inc.

Cerapedics, Inc.

Alkeme Intermediate Holdings, LLC

Arcutis Biotherapeutics, Inc.

Ardelyx, Inc.

United Digestive MSO Parent, LLC

Foy & Associates Insurance Services, LLC

Luxury Asset Capital, LLC

UVP Management, LLC

Urology Management Holdings, Inc.

The Townsend Company, LLC

SLR Equipment Finance

Vertos Medical, Inc.

Foundation Consumer Brands, LLC

Kid Distro Holdings, LLC

Maurices, Incorporated

Erie Construction Mid-west,

Ultimate Baked Goods Midco LLC

Basic Fun, Inc.

Bayside Opco, LLC

SunMed Group Holdings, LLC

SCP Eye Care, LLC

SLR Healthcare ABL*

RxSense Holdings LLC

Enverus Holdings, Inc.

Tilley Distribution, Inc.

GSM Acquisition Corp.

Composite Technology Acquisition Corp

High Street Buyer, Inc.

CC SAG Holdings Corp.

(Spectrum Automotive)

ENS Holdings III Corp, LLC

Pinnacle Treatment Centers, Inc.

Vessco Midco Holdings, LLC

TAUC Management, LLC

All States Ag Parts, LLC

World Insurance Associates, LLC

Spectrum Pharmaceuticals, Inc.

Atria Wealth Solutions, Inc.

Accession Risk Management Group, Inc.

Copper River Seafoods, Inc.

Meditrina, Inc.

One Touch Direct, LLC

DeepIntent, Inc.

Plastics Management, LLC

Pediatric Home Respiratory Services, LLC

Ivy Fertility Services, LLC

NAC Holdings Corporation

SPAR Marketing Force, Inc.

Montefiore Nyack Hospital

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.

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

September 30, 2023

(in thousands, except share amounts)

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

Capital Share Transactions

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

Transactions in capital stock were as follows:

Three months ended

September 30, 2023

Three months ended

September 30, 2022

Three months ended

September 30, 2023

Three months ended

September 30, 2022

Shares issued in connection with the Mergers

Nine months ended

September 30, 2023

Nine months ended

September 30, 2022

Nine months ended

September 30, 2023

Nine months ended

September 30, 2022

Shares issued in connection with the Mergers

Shares repurchased

Stock Repurchase Program

1 unchanged sentence

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

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

of the Securities Exchange Act of 1934, as amended (the “1934 Act”), including certain price, market volume and timing constraints.

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

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

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

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

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

There were no share repurchases during the three months ended March 31, 2024.

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 .

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)

September 30, 2023

March 31, 2024

(in thousands, except share amounts)

7 unchanged sentences

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.

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

The SSLP Facility generally bears interest at a rate of SOFR plus 3.25 %.

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

Effective with an amendment on March 25, 2024, the SSLP Facility is scheduled to mature on December 12, 2028 and generally bears interest at a rate of SOFR plus 2.90 %.

SSLP and SSLP SPV, as applicable, have made certain customary representations and warranties and are required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities.

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

At September 30, 2023, there were $ 79,200 of borrowings outstanding on the SSLP Facility.

As of September 30, 2023, the Company and the Investor had contributed combined equity capital in the amount of $ 57,500 .

As of September 30, 2023, the Company and the Investors’ remaining commitments to SSLP totaled $ 21,250 and $ 21,250 , respectively.

At March 31, 2024, there were $ 124,520 of borrowings outstanding on the SSLP Facility.

As of March 31, 2024 and December 31, 2023, the Company and the Investor had contributed combined equity capital in the amount of $ 95,750 and $ 85,750 , respectively.

As of March 31, 2024 and December 31, 2023, the Company and the Investors’ combined remaining commitments to SSLP totaled $ 4,250 and $ 14,250 , respectively.

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

As of September 30, 2023 and December 31, 2022, SSLP had total assets of $ 137,447 and $ 19,105 , respectively.

As of March 31, 2024 and December 31, 2023, SSLP had total assets of $ 225,133 and $ 195,868 , respectively.

For the same periods, SSLP’s portfolio consisted of floating rate senior secured loans to 39 and 32 different borrowers, respectively.

For the three months ended September 30, 2023, SSLP invested $ 57,456 in 16 portfolio companies.

Investments prepaid totaled $ 1,658 for the three months ended September 30, 2023.

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

Investments prepaid totaled $ 68 for the period December 1, 2022 (commencement of operations) through December 31, 2022.

For the three months ended March 31, 2024, SSLP invested $ 29,758 in 11 portfolio companies.

Investments prepaid totaled $ 771 for the three months ended March 31, 2024.

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

portfolio companies.

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

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

September 30, 2023

March 31, 2024

(in thousands, except share amounts)

SSLP Portfolio as of September 30, 2023

SSLP Portfolio as of March 31, 2024

Accession Risk Management Group, Inc.

3 unchanged sentences

All States Ag Parts, LLC (4)

Trading Companies & Distributors

Trading Companies &

Apex Service Partners, LLC

Diversified Consumer Services

Atria Wealth Solutions, Inc.

4 unchanged sentences

Diversified Consumer Services

CVAUSA Management, LLC (4)

Health Care Providers & Services

ENS Holdings III Corp.

& ES Opco USA LLC (4)

Trading Companies & Distributors

Trading Companies &

Erie Construction Mid-west,

Building Products

Exactcare Parent, Inc.

Health Care Providers & Services

Fertility (ITC) Investment Holdco, LLC (4)

2 unchanged sentences

Personal Products

GSM Acquisition Corp.

Leisure Equipment & Products

Higginbotham Insurance Agency, Inc.

High Street Buyer, Inc.

Kid Distro Holdings, LLC (4)

ONS MSO, LLC (4)

Legacy Service Partners, LLC

Diversified Consumer Services

Maxor Acquisition, Inc.

Health Care Providers & Services

PhyNet Dermatology LLC (4)

Health Care Providers & Services

ONS MSO, LLC (4)

Health Care Providers & Services

Pinnacle Treatment Centers, Inc.

2 unchanged sentences

Health Care Providers & Services

Retina Midco, Inc.

Health Care Providers & Services

Life Sciences Tools & Services

2 unchanged sentences

SunMed Group Holdings, LLC (4)

Health Care Equipment & Supplies

Health Care Equipment &

The Townsend Company, LLC (4)

1 unchanged sentence

Tilley Distribution, Inc.

Trading Companies & Distributors

Trading Companies &

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

UVP Management, LLC (4)

Health Care Providers & Services

Vessco Midco Holdings, LLC (4)

Water Utilities

Purchaser, LLC

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

1 unchanged sentence

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 September 30, 2023.

For each debt investment we have provided the current interest rate in effect as of March 31, 2024.

Represents the fair value in accordance with ASC Topic 820.

3 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

September 30, 2023

March 31, 2024

(in thousands, except share amounts)

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.

2 unchanged sentences

Health Care Providers & Services

CC SAG Holdings Corp.

Diversified Consumer Services

CVAUSA Management, LLC (4)

Health Care Providers & Services

ENS Holdings III Corp.

1 unchanged sentence

Trading Companies & Distributors

Erie Construction Mid-west,

Building Products

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.

Ivy Fertility Services, LLC (4)

Health Care Providers & Services

Kid Distro Holdings, LLC (4)

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

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

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

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.

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.

2 unchanged sentences

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

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

September 30,

SLR INVESTMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

March 31, 2024

(in thousands, except share amounts)

Below is certain summarized financial information for SSLP as of March 31, 2024

and December 31, 2023

and for the three months ended March 31, 2024 and March 31, 2023:

March 31, 2024

Selected Balance Sheet Information for SSLP:

1 unchanged sentence

Cash and other assets

Debt outstanding

Debt outstanding ($ 124,520 and $ 106,900 face amounts, respectively, reported net of unamortized debt issuance costs of $ 1,914 and $ 1,697 , respectively)

Distributions payable

6 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

September 30, 2023

March 31, 2024

(in thousands, except share amounts)

For the three

September 30,

For the period

December 1, 2022

(commencement

of operations) to

March 31, 2024

For the three

March 31, 2023

Selected Income Statement Information for SSLP:

2 unchanged sentences

Interest and other credit facility expenses

Organizational costs

Other general and administrative expenses

Total expenses

Net investment income (loss)

Net investment income

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.

1 unchanged sentence

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 November 7, 2023, the Board declared a quarterly distribution of $ 0.41 per share payable on December 28, 2023 to holders of record as of December 14, 2023.

On May 7, 2024, the Board authorized an extension of a program for the purpose of repurchasing up to $ 50,000 of the Company’s outstanding shares of common stock.

Under the repurchase program, the Company may, but is not obligated to, repurchase shares of the Company’s outstanding common stock in the open market from time to time provided that the Company complies with the Company’s code of ethics and the guidelines specified in Rule 10b-18

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

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

Unless further amended or extended by the Board, the Company expects the repurchase program to be in place until the earlier of May 7, 2025 or until $ 50,000 of the Company’s 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 the Company will engage in any repurchases.

On May 8, 2024, the Board declared a quarterly distribution of $0.41 per share payable on June 27, 2024 to holders of record as of June 13, 2024.

Report of Independent Registered Public Accounting Firm

3 unchanged sentences

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

(and subsidiaries) (the Company), including the consolidated schedule of investments, as of September 30, 2023, the related consolidated statements of operations and changes in net assets, for the three-month and nine-month periods ended September 30, 2023 and 2022, the related consolidated statements of cash flows for the nine-month periods ended September 30, 2023 and 2022, and the related notes (collectively, the consolidated interim financial information).

(and subsidiaries) (the Company), including the consolidated schedule of investments, as of March 31, 2024, the related consolidated statements of operations, changes in net assets, and cash flows for the three-month periods ended March 31, 2024 and 2023, and the related notes (collectively, the consolidated interim financial information).

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

12 unchanged sentences

New York, New York

November 7, 2023

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

What changed 10-Q

Item 1. Financial Statements