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SLR Investment
SLRC
#6336
Rank
$0.87 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$16.13
Share price
0.88%
Change (1 day)
6.68%
Change (1 year)
๐Ÿ’ณ Financial services๐Ÿ’ฐ Investment Asset Management
Categories
  1. SLR Investment
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2022 Q3

SLR Investment - 10-Q quarterly report FY2022 Q3


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falseQ30001418076--12-31NYInvestment is on non-accrual status.Indicates an investment that is wholly or partially held by the Company through its wholly-owned financing subsidiary SUNS SPV LLC (the “SUNS SPV”). Such investments are pledged as collateral under the Senior Secured Revolving SPV Credit Facility (the “SPV Credit Facility”) (see Note 7 to the consolidated financial statements) and are not generally available to creditors, if any, of the Company.Indicates assets that the Company believes may not represent “qualifying assets” under Section 55(a) of the 1940 Act. If we fail to invest a sufficient portion of our assets in qualifying assets, we could be prevented from making follow-on 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, 2022, on a fair value basis, non-qualifying assets in the portfolio represented 22.7% of the total assets of the Company.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 nine months ended September 30, 2022 in these controlled investments are as follows:Indicates assets that the Company believes may not represent “qualifying assets” under Section 55(a) of the 1940 Act. If we fail to invest a sufficient portion of our assets in qualifying assets, we could be prevented from making follow-on 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 December 31, 2021, on a fair value basis, non-qualifying assets in the portfolio represented 23.1% of the total assets of the Company.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, 2021 in these controlled investments are as follows:Indicates an investment that is wholly held by the Company through NEFPASS LLC.Denotes a subsidiary of SLR Equipment Finance.SLR Equipment Finance is held through NEFCORP LLC, a wholly-owned consolidated taxable subsidiary and NEFPASS LLC, a wholly-owned consolidated subsidiary.Non-income producing security.OmniGuide Holdings, Inc., Domain Surgical, Inc. and OmniGuide, Inc. are co-borrowers.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 LIBOR or PRIME rate. These instruments are often subject to a LIBOR or PRIME rate floor.Interest is paid in kind (“PIK”).Spread is 5.50% Cash / 0.50% PIK.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.Kingsbridge Holdings, LLC is held through KBH Topco LLC, a Delaware corporation.See note 14 to the consolidated financial statements.See note 9 to the consolidated financial statements.See note 15 to the consolidated financial statements.Denotes a Level 1 investment.See note 13 to the consolidated financial statements.The Company’s investment in SOINT, LLC include a one dollar investment in common shares.See note 11 to the consolidated financial statements.The Company’s investments in SOAGG, LLC and SOINT, LLC include a two and one dollar investment in common shares, respectively.Spread is 6.00% Cash / 2.00% PIK.Spread is 2.50% Cash / 12.50% PIK.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, 2022.Floating rate debt investments typically bear interest at a rate determined by reference to the London Interbank Offered Rate (“LIBOR”), and which typically reset monthly, quarterly or semi-annually. 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, 2021.On April 1, 2022, in connection with the Merger (as defined in Note 1 “Organization”), the Company acquired net assets of $244,691 for the total stock consideration of $226,839. For further details, refer to Note 16 “Merger with SUNS”.Aggregate net unrealized appreciation for U.S. federal income tax purposes is $19,495; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $82,598 and $63,103, respectively, based on a tax cost of $1,651,087. Unless otherwise noted, all of the Company’s investments are pledged as collateral against the borrowings outstanding on the senior secured credit facility. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. All investments are Level 3 unless otherwise indicated.The Company controls the funding of the SLR Credit Solutions and SLR Healthcare ABL commitments and may cancel them at its discretion.The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it.The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by all senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the Asset Coverage Per Unit. In order to determine the specific Asset Coverage Per Unit for each class of debt, the total Asset Coverage Per Unit is allocated based on the amount outstanding in each class of debt at the end of the period. As of September 30, 2022, asset coverage was 187.0%.Total amount of each class of senior securities outstanding (in thousands) at the end of the period presented.Not applicable except for the 2042 Unsecured Notes which were publicly traded. The Average Market Value Per Unit is calculated by taking the daily average closing price during the period and dividing it by twenty-five dollars per share and multiplying the result by one thousand to determine a unit price per thousand consistent with Asset Coverage Per Unit. The average market value for the fiscal 2016, 2015, 2014, 2013 and 2012 periods was $100,175, $98,196, $94,301, $93,392, and $92,302, respectively.Based on the market price at closing of $18.13, adjusted for transaction costs. 0001418076 2022-09-30 0001418076 2021-12-31 0001418076 2022-07-01 2022-09-30 0001418076 2021-07-01 2021-09-30 0001418076 2022-01-01 2022-09-30 0001418076 2021-01-01 2021-09-30 0001418076 2022-10-31 0001418076 2022-09-30 2022-09-30 0001418076 2022-04-01 2022-04-01 0001418076 2022-05-03 0001418076 2022-05-23 2022-05-23 0001418076 2021-01-01 2021-12-31 0001418076 2021-09-30 0001418076 2020-12-31 0001418076 2015-01-01 2015-12-31 0001418076 2016-01-01 2016-12-31 0001418076 2017-01-01 2017-12-31 0001418076 2014-01-01 2014-12-31 0001418076 2018-01-01 2018-12-31 0001418076 2019-01-01 2019-12-31 0001418076 2020-01-01 2020-12-31 0001418076 2012-01-01 2012-12-31 0001418076 2013-01-01 2013-12-31 0001418076 2021-06-30 0001418076 2022-06-30 0001418076 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Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
10-Q
 
 
 
☒
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarter Ended September 30, 2022
 
☐
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number:
814-00754
 
 
SLR INVESTMENT CORP.
(Exact name of registrant as specified in its charter)
 
 
 
Maryland
 
26-1381340
(State of Incorporation)
 
(I.R.S. Employer
Identification No.)
500 Park Avenue
New York, N.Y.
 
10022
(Address of principal executive offices)
 
(Zip Code)
(212) 993-1670
(Registrant’s telephone number, including area code)
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of Each Class
 
Trading
Symbol(s)
 
Name of Each Exchange
on Which Registered
Common Stock, par value $0.01 per share
 
SLRC
 
The NASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation S-T
(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer ☒  Accelerated filer ☐
Non-accelerated
filer		 ☐  Smaller Reporting company ☐
   Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    Yes  ☐    No  ☒
The number of shares of the registrant’s Common Stock, $.01 par value, outstanding as of October 31, 2022 was 54,772,651.
 
 
 
Table of Contents
SLR INVESTMENT CORP.
FORM
10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2022
TABLE OF CONTENTS
 
   
PAGE
 
PART I. FINANCIAL INFORMATION
  
Item 1.
 Financial Statements  
 Consolidated Statements of Assets and Liabilities as of September 30, 2022 (unaudited) and December 31, 2021   3 
 
Consolidated Statements of Operations for the three and nine months ended September 30, 2022 (unaudited) and the three and nine months ended September 30, 2021 (unaudited)
   4 
 
Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2022 (unaudited) and the three and nine months ended September 30, 2021 (unaudited)
   5 
 
Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 (unaudited) and the nine months ended September 30, 2021 (unaudited)
   6 
 Consolidated Schedule of Investments as of September 30, 2022 (unaudited)   7 
 Consolidated Schedule of Investments as of December 31, 2021   12 
 Notes to Consolidated Financial Statements (unaudited)   17 
 Report of Independent Registered Public Accounting Firm   38 
Item 2.
 Management’s Discussion and Analysis of Financial Condition and Results of Operations   39 
Item 3.
 Quantitative and Qualitative Disclosures About Market Risk   56 
Item 4.
 Controls and Procedures   57 
PART II. OTHER INFORMATION
  
Item 1.
 Legal Proceedings   57 
Item 1A.
 Risk Factors   57 
Item 2.
 Unregistered Sales of Equity Securities and Use of Proceeds   58 
Item 3.
 Defaults Upon Senior Securities   58 
Item 4.
 Mine Safety Disclosures   58 
Item 5.
 Other Information   58 
Item 6.
 Exhibits   58 
 Signatures   60 
Table of Contents
PART I. FINANCIAL INFORMATION
In this Quarterly Report, “Company”, “we”, “us”, and “our” refer to SLR Investment Corp. unless the context states otherwise.
 
Item 1.
Financial Statements
SLR INVESTMENT CORP.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except share amounts)
 
   
September 30,
2022
(unaudited)
  
December 31,
2021
 
Assets
         
Investments at fair value:
         
Companies less than 5% owned (cost: $1,386,014 and $985,088, respectively)
  $1,368,827  $964,379 
Companies more than 25% owned (cost: $812,800 and $711,865, respectively)
   786,534   706,203 
Cash
   7,983   2,935 
Cash equivalents (cost: $268,931 and $320,000, respectively)
   268,931   320,000 
Dividends receivable
   11,542   9,028 
Interest receivable
   9,456   6,521 
Receivable for investments sold
   1,276   1,378 
Prepaid expenses and other assets
   886   567 
   
 
 
  
 
 
 
Total assets
  $2,455,435  $2,011,011 
   
 
 
  
 
 
 
Liabilities
         
Debt ($1,156,200 and $818,500 face amounts, respectively, reported net of unamortized debt issuance costs/market discount of $7,909 and $6,462, respectively. See notes 6 and 7)
  $1,148,291  $812,038 
Payable for investments and cash equivalents purchased
   268,952   320,041 
Distributions payable
   7,486   17,327 
Management fee payable (see note 3)
   7,890   7,435 
Performance-based incentive fee payable (see note 3)
   4,771   1,864 
Interest payable (see note 7)
   7,083   4,492 
Administrative services payable (see note 3)
   1,293   2,689 
Other liabilities and accrued expenses
   3,444   2,844 
   
 
 
  
 
 
 
Total liabilities
  $1,449,210  $1,168,730 
   
 
 
  
 
 
 
Commitments and contingencies (see note 10)
         
Net Assets
         
Common stock, par value $0.01 per share, 200,000,000 and 200,000,000 common shares authorized, respectively, and 54,772,651 and 42,260,826 shares issued and outstanding, respectively
  $548  $423 
Paid-in
capital in excess of par
   1,163,713   936,999 
Accumulated distributable net loss
   (158,036)   (95,141) 
   
 
 
  
 
 
 
Total net assets
  $1,006,225  $842,281 
   
 
 
  
 
 
 
Net Asset Value Per Share
  $18.37  $19.93 
   
 
 
  
 
 
 
See notes to consolidated financial statements.
 
3
Table of Contents
SLR INVESTMENT CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except share amounts)
 
   
Three months ended
  
Nine months ended
 
   
September 30, 2022
  
September 30, 2021
  
September 30, 2022
  
September 30, 2021
 
INVESTMENT INCOME:
                 
Interest:
                 
Companies less than 5% owned
  $32,933  $19,202  $82,450  $62,517 
Companies more than 25% owned
   2,431   2,834   6,914   8,605 
Dividends:
                 
Companies less than 5% owned
   —     —     —     133 
Companies more than 25% owned
   11,969   9,078   32,767   28,485 
Other income:
                 
Companies less than 5% owned
   234   1,044   1,222   3,862 
Companies more than 25% owned
   —     5   —     20 
   
 
 
  
 
 
  
 
 
  
 
 
 
Total investment income
   47,567   32,163   123,353   103,622 
   
 
 
  
 
 
  
 
 
  
 
 
 
EXPENSES:
                 
Management fees (see note 3)
  $7,890  $7,142  $22,019  $20,842 
Performance-based incentive fees (see note 3)
   4,965   698   9,699   8,444 
Interest and other credit facility expenses (see note 7)
   12,784   7,127   31,464   21,502 
Administrative services expense (see note 3)
   1,132   1,435   3,684   4,170 
Other general and administrative expenses
   935   755   4,212   2,673 
   
 
 
  
 
 
  
 
 
  
 
 
 
Total expenses
   27,706   17,157   71,078   57,631 
   
 
 
  
 
 
  
 
 
  
 
 
 
Performance-based incentive fees waived (see note 3)
   (194)   —     (1,552)   —   
   
 
 
  
 
 
  
 
 
  
 
 
 
Net expenses
   27,512   17,157   69,526   57,631 
   
 
 
  
 
 
  
 
 
  
 
 
 
Net investment income
  $20,055  $15,006  $53,827  $45,991 
   
 
 
  
 
 
  
 
 
  
 
 
 
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND CASH EQUIVALENTS:
                 
Net realized gain (loss) on investments and cash equivalents (companies less than 5% owned)
  $(37,326)  $(127)  $(37,401)  $68 
   
 
 
  
 
 
  
 
 
  
 
 
 
Net change in unrealized gain (loss) on investments and cash equivalents:
                 
Companies less than 5% owned
   28,783   (6,507)   3,521   1,284 
Companies more than 25% owned
   2,016   4,999   (20,602)   6,105 
   
 
 
  
 
 
  
 
 
  
 
 
 
Net change in unrealized gain (loss) on investments and cash equivalent
s
   30,799   (1,508)   (17,081)   7,389 
   
 
 
  
 
 
  
 
 
  
 
 
 
Net realized and unrealized gain (loss) on investments and cash equivalents
   (6,527)   (1,635)   (54,482)   7,457 
   
 
 
  
 
 
  
 
 
  
 
 
 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
  $13,528  $13,371  $(655)  $53,448 
   
 
 
  
 
 
  
 
 
  
 
 
 
EARNINGS (LOSS) PER SHARE (see note 5)
  $0.25  $0.32  $(0.01)  $1.26 
   
 
 
  
 
 
  
 
 
  
 
 
 
See notes to consolidated financial statements.
 
4
Table of Contents
SLR INVESTMENT CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
(in thousands, except share amounts)
 
   
Three months ended
  
Nine months ended
 
   
September 30, 2022
  
September 30, 2021
  
September 30, 2022
  
September 30, 2021
 
Increase (decrease) in net assets resulting from operations:
                 
Net investment income
  $20,055  $15,006  $53,827  $45,991 
Net realized gain (loss)
   (37,326)   (127)   (37,401)   68 
Net change in unrealized gain (loss)
   30,799   (1,508)   (17,081)   7,389 
   
 
 
  
 
 
  
 
 
  
 
 
 
Net increase (decrease) in net assets resulting from operations
   13,528   13,371   (655)   53,448 
   
 
 
  
 
 
  
 
 
  
 
 
 
Distributions to stockholders:
                 
From net investment income
   (20,055)   (17,327)   (53,827)   (51,981) 
From return of capital
   (2,401)   —     (8,413)   —   
   
 
 
  
 
 
  
 
 
  
 
 
 
Net distributions to stockholders
   (22,456)   (17,327)   (62,240)   (51,981) 
   
 
 
  
 
 
  
 
 
  
 
 
 
Capital transactions
(see note 12)
:
                 
Issuance of common stock
   —     —     226,839   —   
   
 
 
  
 
 
  
 
 
  
 
 
 
Total increase (decrease) in net assets
   (8,928)   (3,956)   163,944   1,467 
Net assets at beginning of period
   1,015,153   857,446   842,281   852,023 
   
 
 
  
 
 
  
 
 
  
 
 
 
Net assets at end of period
  $1,006,225  $853,490  $1,006,225  $853,490 
   
 
 
  
 
 
  
 
 
  
 
 
 
Capital stock activity
(see note 12)
:
                 
Issuance of common stock
   —     —     12,511,825   —   
   
 
 
  
 
 
  
 
 
  
 
 
 
See notes to consolidated financial statements.
 
5
Table of Contents
SLR INVESTMENT CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(in thousands)
 
   
Nine months ended
 
   
September 30, 2022
  
September 30, 2021
 
Cash Flows from Operating Activities:
         
Net increase (decrease) in net assets resulting from
operations
  $(655)  $53,448 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
         
Net realized (gain) loss on investments and cash equivalents
   37,401   (68) 
Net change in unrealized (gain) loss on investments
   17,081   (7,389) 
(Increase) decrease in operating assets:
         
Purchase of investments
   (406,302)   (398,349) 
Proceeds from disposition of investments
   259,784   321,918 
Net accretion of discount on investments
   (7,760)   (4,652) 
Capitalization of
payment-in-kind
income
   (1,753)   (5,000) 
Collections of
payment-in-kind
income
   1,112   942 
Receivable for investments sold
   102   51 
Interest receivable
   (2,935)   838 
Dividends receivable
   (2,514)   (1,092) 
Prepaid expenses and other assets
   (319)   (40) 
Cash acquired in merger
   2,313   —   
Increase (decrease) in operating liabilities:
         
Payable for investments and cash equivalents purchased
   (51,089)   116,760 
Management fee payable
   455   607 
Performance-based incentive fee payable
   2,907   (94) 
Administrative services expense payable
   (1,396)   206 
Interest payable
   2,591   3,175 
Other liabilities and accrued expenses
   600   62 
Deferred financing costs/market discount
   1,631   1,169 
   
 
 
  
 
 
 
Net Cash Provided by (Used in) Operating Activities
   (148,746)   82,492 
   
 
 
  
 
 
 
Cash Flows from Financing Activities:
         
Cash distributions paid
   (72,081)   (51,981) 
Proceeds from unsecured borrowings
   134,914   49,966 
Repayment of unsecured borrowings
   (150,000)   —   
Proceeds from secured borrowings
   743,892   457,000 
Repayment of secured borrowings
   (554,000)   (466,260) 
   
 
 
  
 
 
 
Net Cash Provided by (Used in) Financing Activities
   102,725   (11,275) 
   
 
 
  
 
 
 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
   (46,021)   71,217 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
   322,935   388,776 
   
 
 
  
 
 
 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
  $276,914  $459,993 
   
 
 
  
 
 
 
Supplemental disclosure of cash flow information:
         
Cash paid for interest
  $28,873  $18,327 
Issuance of shares in connection with the Merger
(1)
   226,839   —   
   
 
 
  
 
 
 
 
(1)
On April 1, 2022, in connection with the Merger (as defined in Note 1 “Organization”), the Company acquired net assets of $244,691 for the total stock consideration of $226,839. For further details, refer to Note 16 “Merger with SUNS”.
See notes to consolidated financial statements.
 
6
Table of Contents
SLR INVESTMENT CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited)
September 30, 202
2
(in thousands, except share/unit amount
s
)
 
Description
  
Industry
  
Spread
Above
Index
(7)
  
Floor
  
Interest
Rate
(1)
  
Acquisition
Date
   
Maturity

Date
   
Par Amount
   
Cost
   
Fair
Value
 
Senior Secured Loans — 134.4%
                                        
First Lien Bank Debt/Senior Secured Loans
                                        
Aegis Toxicology Sciences Corporation(16)
  Health Care Providers & Services   L+550   1.00%   8.41%   5/7/2018    5/9/2025   $17,176   $16,836   $17,176 
All State Ag Parts, LLC(16)
  Trading Companies & Distributors   S+500   1.00%   7.84%   4/1/2022    9/1/2026    2,681    2,591    2,681 
American Teleconferencing Services, Ltd.**
  Communications Equipment   L+650   1.00%   —     5/5/2016    9/9/2021    36,135    25,926    —   
American Teleconferencing Services, Ltd.**
  Communications Equipment   L+650   1.00%   —     9/17/2021    12/16/2022    6,581    6,426    1,287 
AmeriMark Intermediate Holdings, LLC(14)
  Internet & Catalog Retail   L+600   1.00%   11.09%   7/28/2021    10/15/2026    24,633    24,225    24,141 
Apex Services Partners, LLC(16)
  Diversified Consumer Services   S+525   1.00%   8.30%   8/31/2022    7/31/2025    14,021    13,612    13,601 
Atria Wealth Solutions, Inc.
  Diversified Financial Services   S+600   1.00%   8.79%   9/14/2018    2/29/2024    10,674    10,617    10,674 
Basic Fun, Inc.
  Specialty Retail   L+550   1.00%   8.59%   10/30/2020    10/30/2023    2,687    2,675    2,687 
BayMark Health Services, Inc.(16)
  Health Care Providers & Services   L+500   1.00%   8.12%   4/1/2022    6/11/2027    12,455    11,968    12,455 
BDG Media, Inc.
  Media   L+900   0.25%   11.29%   7/18/2022    4/27/2023    9,427    9,427    9,427 
CC SAG Holdings Corp. (Spectrum Automotive)(16)
  Diversified Consumer Services   L+575   0.75%   9.42%   6/29/2021    6/29/2028    16,794    16,468    16,794 
Composite Technology Acquisition Corp.(16)
  Building Products   L+500   1.00%   6.50%   4/1/2022    2/1/2025    10,759    10,276    10,759 
Copper River Seafoods, Inc.
  Food Products   P+275   —     9.00%   8/31/2022    4/23/2025    9,957    9,957    9,957 
Enhanced Permanent Capital, LLC(3)
  Capital Markets   L+700   1.00%   8.72%   12/29/2020    12/29/2025    35,205    34,444    35,205 
ENS Holdings III Corp. & ES Opco USA LLC (Bluefin)(16)
  Trading Companies & Distributors   L+475   1.00%   8.42%   4/1/2022    12/31/2025    6,232    5,997    6,232 
Enverus Holdings, Inc. (fka Drilling Info Holdings)(16)
  IT Services   L+450   —     7.62%   4/1/2022    7/30/2025    11,627    11,119    11,627 
Erie Construction
Mid-west,
LLC(16)
  Building Products   L+475   1.00%   7.56%   4/1/2022    7/30/2027    9,029    8,674    9,029 
Foundation Consumer Brands, LLC(16)
  Personal Products   L+550   1.00%   8.43%   2/12/2021    2/12/2027    39,038    38,070    39,038 
GSM Acquisition Corp.(16)
  Leisure Equipment & Products   S+500   1.00%   7.32%   4/1/2022    11/16/2026    11,468    10,977    11,353 
Higginbotham Insurance Agency, Inc.(16)
  Insurance   L+525   0.75%   8.37%   4/1/2022    11/25/2026    6,239    5,997    6,239 
High Street Buyer, Inc.(16)
  Insurance   L+600   0.75%   8.56%   4/1/2022    4/16/2028    7,701    7,257    7,701 
Human Interest Inc.
  Internet Software & Services   S+785   1.00%   10.36%   6/30/2022    7/1/2027    20,104    19,743    19,702 
iCIMS, Inc.
  Software   S+675   0.75%   9.49%   8/18/2022    8/18/2028    32,084    31,530    31,522 
Inszone Mid, LLC
  Insurance   L+575   1.00%   8.23%   9/28/2021    6/30/2026    20,670    20,487    20,670 
Ivy Fertility Services, LLC
  Health Care Providers & Services   L+625   1.00%   8.80%   12/22/2021    2/25/2026    33,176    32,406    33,176 
Kaseya, Inc.
  Software   S+575   0.75%   8.29%   6/22/2022    6/23/2029    32,426    31,953    31,939 
Kid Distro Holdings, LLC (Distro Kid)
  Software   L+575   1.00%   8.63%   9/24/2021    10/1/2027    29,519    29,010    29,519 
Kingsbridge Holdings, LLC(2)
  Multi-Sector Holdings   L+700   1.00%   9.29%   12/21/2018    12/21/2024    80,000    79,778    80,000 
KORE Wireless Group, Inc.(16)
  Wireless Telecommunication Services   L+550   —     9.17%   12/21/2018    12/21/2024    47,899    47,169    47,899 
Logix Holding Company, LLC(16)
  Communications Equipment   L+575   1.00%   8.87%   9/14/2018    12/22/2024    14,009    13,159    13,449 
Luxury Asset Capital, LLC
  Thrifts & Mortgage Finance   S+675   1.00%   9.38%   7/15/2022    7/15/2027    27,500    26,968    27,500 
Maurices, Incorporated(16)
  Specialty Retail   L+675   1.00%   9.38%   8/27/2021    6/1/2024    8,914    8,746    8,914 
MMIT Holdings, LLC
  IT Services   L+625   1.00%   9.50%   9/21/2021    9/15/2027    30,909    30,477    30,909 
Montefiore Nyack Hospital
  Health Care Providers & Services   L+495   —     8.05%   8/9/2022    11/15/2024    5,000    5,000    5,000 
NAC Holdings Corporation (Jaguar)(16)
  Insurance   L+525   1.00%   8.23%   7/30/2021    9/28/2024    28,675    28,234    28,675 
National Spine and Pain Centers, LLC
  Health Care Providers & Services   L+500   1.00%   7.31%   4/1/2022    6/2/2024    2,486    2,365    2,362 
OIS Management Services, LLC
  Health Care Providers & Services   S+575   1.00%   9.45%   4/11/2022    7/9/2026    6,262    6,161    6,262 
One Touch Direct, LLC
  Commercial Services & Supplies   P+75   —     7.00%   4/3/2020    3/30/2024    3,487    3,487    3,487 
Orthopedic Care Partners Management, LLC
  Health Care Providers & Services   S+650   1.00%   9.36%   8/17/2022    5/16/2024    2,843    2,823    2,822 
Pediatric Home Respiratory Services, LLC
  Health Care Providers & Services   S+625   1.00%   9.43%   8/19/2022    12/4/2024    754    744    743 
Peter C. Foy & Associates Insurance Services, LLC
  Insurance   S+600   0.75%   8.96%   4/1/2022    11/1/2028    10,006    9,860    10,006 
PhyNet Dermatology LLC
  Health Care Providers & Services   L+600
(15)
 		  1.00%   8.85%   9/5/2018    8/16/2024    14,498    14,454    14,498 
Pinnacle Treatment Centers, Inc.(16)
  Health Care Providers & Services   L+575   1.00%   8.00%   1/22/2020    12/31/2022    16,289    16,223    16,289 
Plastics Management, LLC(16)
  Health Care Providers & Services   S+500   1.00%   8.13%   4/1/2022    8/18/2027    9,515    9,169    9,420 
PPT Management Holdings, LLC(16)
  Health Care Providers & Services   L+850
(11)
 		  1.00%   10.78%   9/14/2018    12/16/2022    30,515    30,000    24,503 
RQM+ Corp.(16)
  Life Sciences Tools & Services   L+575   1.00%   9.31%   8/20/2021    8/12/2026    26,890    26,501    26,890 
RSC Acquisition, Inc.(16)
  Insurance   S+550   0.75%   7.76%   4/1/2022    11/1/2026    5,946    5,776    5,946 
RxSense Holdings LLC(16)
  Diversified Consumer Services   L+500   1.00%   8.12%   4/1/2022    3/13/2026    11,775    11,328    11,775 
SHO Holding I Corporation (Shoes for Crews)(16)
  Footwear   L+523   1.00%   8.04%   4/1/2022    4/27/2024    5,719    5,315    5,434 
Southern Orthodontic Partners Management, LLC
  Health Care Providers & Services   S+575   1.00%   9.19%   6/3/2022    1/27/2026    1,028    1,019    1,028 
SPAR Marketing Force, Inc.
  Media   P+95   —     7.20%   7/18/2022    10/10/2024    9,787    9,787    9,787 
Stryten Resources LLC
  Auto Parts & Equipment   S+800   1.00%   11.15%   8/11/2021    10/12/2026    25,988    25,548    25,988 
SunMed Group Holdings, LLC(16)
  Health Care Equipment & Supplies   L+575   0.75%   8.82%   6/16/2021    6/16/2028    25,014    24,487    25,014 
TAUC Management, LLC(16)
  Health Care Providers & Services   L+525   1.00%   8.16%   4/1/2022    2/12/2027    6,908    6,578    6,874 
Tilley Distribution, Inc.(16)
  Trading Companies & Distributors   L+600   1.00%   8.78%   4/1/2022    12/31/2026    10,253    9,758    10,253 
Ultimate Baked Goods Midco LLC (Rise Baking)(16)
  Packaged Foods & Meats   L+650   1.00%   10.17%   8/12/2021    8/13/2027    26,136    25,322    25,874 
Vessco Midco Holdings, LLC(16)
  Water Utilities   L+450   1.00%   7.34%   4/1/2022    11/2/2026    1,523    1,461    1,508 
World Insurance Associates, LLC(16)
  Insurance   L+575   1.00%   8.33%   4/1/2022    4/1/2026    23,188    22,463    23,188 
                                 
 
 
   
 
 
 
Total First Lien Bank Debt/Senior Secured Loans
                                $958,828   $936,888 
                                 
 
 
   
 
 
 
Second Lien Asset-Based Senior Secured Loans
                                        
ACRES Commercial Mortgage, LLC
  Diversified Financial Services   S+705   1.00%   9.82%   12/24/2021    8/21/2028    29,925   $29,380   $29,925 
Varilease Finance, Inc.
  Multi-Sector Holdings   L+750   1.00%   9.79%   8/22/2014    11/15/2025    29,563    29,483    29,563 
                                 
 
 
   
 
 
 
Total Second Lien Asset-Based Senior Secured Loans
                                $58,863   $59,488 
                                 
 
 
   
 
 
 
Second Lien Bank Debt/Senior Secured Loans
                                        
RD Holdco, Inc.** (2)
  Diversified Consumer Services   S+975
(11)
 		  1.50%   —     12/23/2013    5/16/2023    12,900   $11,791   $6,450 
                                 
 
 
   
 
 
 
Total Second Lien Bank Debt/Senior Secured Loans
                                $11,791   $6,450 
                                 
 
 
   
 
 
 
 
See notes to consolidated financial statements.
 
7
Table of Contents
SLR INVESTMENT CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)
September 30, 2022
(in thousands, except share/unit amount
s
)
 
Description
  
Industry
  
Spread
Above
Index
(7)
   
Floor
  
Interest
Rate
(1)
  
Acquisition
Date
   
Maturity

Date
   
Par Amount
   
Cost
   
Fair
Value
 
Senior Secured Loans (continued) —
                                      
First Lien Life Science Senior Secured Loans
                                         
Alimera Sciences, Inc.(16)
  Pharmaceuticals   L+765    1.78%   10.28%   12/31/2019    7/1/2024   $23,159   $23,823   $26,280 
Apeel Technology, Inc.
  Biotechnology   S+625    1.00%   8.75%   6/29/2022    6/1/2027    3,643    3,613    3,606 
Arcutis Biotherapeutics, Inc.(3)
  Pharamceuticals   L+745    0.10%   10.08%   12/22/2021    1/1/2027    66,849    66,803    67,518 
Ardelyx, Inc.
  Pharmaceuticals   L+795    0.10%   10.58%   2/23/2022    3/1/2027    9,475    9,407    9,475 
Axcella Health Inc.
  Pharmaceuticals   L+860    0.10%   11.23%   9/2/2021    9/1/2026    7,137    7,236    7,262 
BridgeBio Pharma, Inc.(3)
  Biotechnology   —       —     9.00%   11/17/2021    11/17/2026    39,530    38,954    39,184 
Centrexion Therapeutics, Inc.
  Pharmaceuticals   L+725    2.45%   9.88%   6/28/2019    1/1/2024    14,578    15,043    15,015 
Cerapedics, Inc.(16)
  Health Care Equipment & Supplies   L+695    2.50%   9.58%   3/22/2019    3/1/2025    30,982    32,059    33,151 
Glooko, Inc.(16)
  Health Care Technology   L+790    0.10%   10.53%   9/30/2021    10/1/2026    15,883    15,830    15,903 
Neuronetics, Inc.(16)
  Health Care Equipment & Supplies   L+765    1.66%   10.28%   3/2/2020    2/28/2025    18,012    18,387    18,463 
OmniGuide Holdings, Inc. (13)
  Health Care Equipment & Supplies   L+1405    0.10%   16.68%   7/30/2018    7/1/2023    18,879    18,413    19,314 
Rubius Therapeutics, Inc.(16)
  Pharmaceuticals   L+550    2.10%   8.13%   12/21/2018    6/1/2026    46,473    47,552    46,783 
scPharmaceuticals, Inc.(16)
  Pharmaceuticals   L+795    2.23%   10.58%   9/17/2019    9/17/2023    2,701    2,787    2,848 
Spectrum Pharmaceuticals, Inc.(16)
  Biotechnology   S+570    2.30%   8.72%   9/21/2022    9/1/2027    10,525    10,373    10,420 
Vapotherm, Inc.
  Health Care Equipment & Supplies   S+830    1.00%   10.93%   2/18/2022    2/1/2027    34,455    34,104    34,455 
                                  
 
 
   
 
 
 
Total First Lien Life Science Senior Secured Loans
                                 $344,384   $349,677 
                                  
 
 
   
 
 
 
Total Senior Secured Loans
                                 
$
1,373,866
 
  
$
1,352,503
 
                                  
 
 
   
 
 
 
 
Description
  
Industry
  
Interest
Rate
(1)
  
Acquisition
Date
   
Maturity

Date
   
Par Amount
   
Cost
   
Fair
Value
 
Equipment Financing — 23.7%
                             
Aero Operating LLC (10)
  Commercial Services & Supplies   
8.47-9.64%
   2/12/2021    
3/1/2025-12/1/2026
   $2,392   $2,389   $2,389 
AFG Dallas III, LLC (10)
  Diversified Consumer Services   10.00%   8/11/2022    
8/11/2026-8/26/2026
    1,093    1,093    1,093 
Air Methods Corporation (10)
  Airlines   
7.08-7.13%
   11/3/2021    
11/3/2026-11/23/2026
    3,719    3,784    3,719 
AmeraMex International, Inc. (10)
  Commercial Services & Supplies   10.00%   3/29/2019    4/15/2025    1,551    1,551    1,566 
Blackhawk Mining, LLC (10)
  Oil, Gas & Consumable Fuels   11.17%   2/16/2018    11/1/2022    409    409    409 
Boart Longyear Company (10)
  Metals & Mining   
9.06-10.44%
   5/28/2020    
7/1/2024-1/1/2026
    4,231    4,231    4,231 
Bowman Energy Solutions, LLC (10)
  Commercial Services & Supplies   7.42%   7/1/2022    8/1/2026    162    162    162 
Capital City Jet Center, Inc. (10)
  Airlines   10.00%   4/4/2018    
10/4/2023-6/22/26
    2,464    2,464    2,432 
Champion Air, LLC (10)
  Airlines   10.00%   3/19/2018    1/1/2023    1,219    1,219    1,219 
CKD Holdings, Inc. (10)
  Road & Rail   
8.10-8.60%
   9/22/2022    
6/22/26-9/22/27
    3,887    3,887    3,887 
Clubcorp Holdings, Inc. (10)
  Hotels, Restaurants & Leisure   
9.36-13.01%
   5/27/2021    
4/1/2025-10/1/2027
    6,027    6,027    6,027 
Dongwon Autopart Technology Inc. (10)
  Auto Components   7.96%   2/2/2021    1/1/2026    1,962    1,986    1,962 
EasyPak, LLC (10)
  Containers & Packaging   9.01%   1/6/2021    1/1/2024    364    364    364 
Energy Drilling Services, LLC (10)
  Diversified Consumer Services   6.58%   8/26/2022    9/1/2027    1,192    1,192    1,192 
Environmental Protection & Improvement Company, LLC (10)
  Road & Rail   8.25%   9/30/2020    10/1/2027    5,438    5,469    5,438 
Equipment Operating Leases, LLC (2)(12)
  Multi-Sector Holdings   8.37%   4/27/2018    4/27/2025    3,946    3,946    3,847 
First American Commercial Bancorp, Inc. (10)
  Diversified Financial Services   
7.50-9.02%
   10/28/2021    
11/1/2026-4/1/2027
    3,094    3,098    3,094 
First National Capital, LLC (10)
  Diversified Financial Services   9.00%   11/5/2021    8/1/2026    7,533    7,533    7,533 
Freightsol LLC (10)
  Road & Rail   
12.51-12.89%
   4/9/2019    11/1/2023    932    940    932 
Garda CL Technical Services, Inc. (10)
  Commercial Services & Supplies   
8.30-8.77%
   3/22/2018    
6/5/2023-10/5/2023
    669    669    667 
Georgia Jet, Inc. (10)
  Airlines   8.00%   12/4/2017    1/4/2024    520    520    520 
GMT Corporation (10)
  Machinery   10.71%   10/23/2018    1/1/2026    5,032    5,038    5,032 
Hawkeye Contracting Company, LLC (10)
  Construction & Engineering   10.50%   10/8/2021    11/1/2025    1,069    1,069    1,069 
HTI Logistics Corporation (10)
  Commercial Services & Supplies   
9.69-9.94%
   11/15/2018    
5/1/2024-9/1/2025
    322    322    314 
International Automotive Components Group, North America, Inc. (10)
  Auto Components   7.95%   6/23/2021    6/23/2025    6,616    6,659    6,484 
Kool Pak, LLC (10)
  Road & Rail   8.58%   2/5/2018    3/1/2024    233    233    233 
Loyer Capital LLC (2)(12)
  Multi-Sector Holdings   
8.73-11.52%
   5/16/2019    
5/16/24-9/25/24
    7,500    7,500    7,361 
Lux Credit Consultants, LLC (10)
  Road & Rail   
8.28-11.12%
   6/17/2021    
12/1/2024-10/1/2026
    15,930    15,930    15,930 
Lux Vending, LLC (10)
  Consumer Finance   
12.46-13.26%
   8/20/2021    
8/20/2024-10/1/2024
    1,870    1,902    1,870 
Mountain Air Helicopters, Inc. (10)
  Commercial Services & Supplies   10.00%   7/31/2017    2/28/2025    398    396    398 
Rane Light Metal Castings Inc. (10)
  Machinery   10.00%   6/1/2020    7/1/2024    184    184    184 
Rango, Inc. (10)
  Commercial Services & Supplies   
9.33-9.79%
   9/24/2019    
4/1/2023-11/1/2024
    2,374    2,399    2,329 
Royal Coach Lines, Inc.(10)
  Road & Rail   9.56%   11/21/2019    8/1/2025    913    913    833 
Royal Express Inc. (10)
  Road & Rail   9.53%   1/17/2019    2/1/2024    494    497    494 
Sidelines Tree Service LLC (10)
  Diversified Consumer Services   10.25%   7/31/2017    10/1/2022    19    19    19 
SLR Equipment Finance(2)
  Multi-Sector Holdings   8.50%   1/24/2022    1/24/2023    5,000    5,000    5,000 
Smiley Lifting Solutions, LLC(10)
  Commercial Services & Supplies   
7.82-7.95%
   6/30/2022    
9/15/2026-7/1/2029
    2,006    2,006    2,006 
ST Coaches, LLC (10)
  Road & Rail   
8.22-8.58%
   7/31/2017    
10/1/2022-1/25/2025
    1,810    1,810    1,729 
Star Coaches Inc. (10)
  Road & Rail   8.42%   3/9/2018    4/1/2025    3,019    3,019    2,710 
Superior Transportation, Inc. (10)
  Road & Rail   
10.22-10.63%
   7/31/2017    1/1/2026    3,814    3,814    3,814 
The Smedley Company & Smedley Services, Inc. (10)
  Commercial Services & Supplies   4.07%   7/31/2017    1/1/2028    2,706    2,706    2,706 
Trinity Equipment Rentals, Inc. (10)
  Commercial Services & Supplies   
7.94-8.75%
   10/8/2021    
11/1/2024-12/1/2026
    628    628    628 
Up Trucking Services, LLC (10)
  Road & Rail   11.21%   3/23/2018    8/1/2024    510    515    510 
Warrior Crane Services, LLC (10)
  Commercial Services & Supplies   8.95%   7/11/2019    
8/1/2024-8/1/2026
    2,144    2,144    2,104 
Wind River Environmental, LLC (10)
  Diversified Consumer Services   
8.43-10.00%
   7/31/2019    
8/1/2024-10/5/25
    673    675    673 
Womble Company, Inc. (10)
  Energy Equipment & Services   9.11%   12/27/2019    1/1/2025    428    428    411 
Worldwide Flight Services, Inc. (10)
  Transportation Infrastructure   8.32%   9/23/2022    9/23/2027    209    211    209 
        
                 
Shares/Units
         
SLR Equipment Finance Equity Interests (2)(9)(17)*
  Multi-Sector Holdings       7/31/2017         200    145,000    120,820 
                         
 
 
   
 
 
 
Total Equipment Financing
                        
$
263,950
 
  
$
238,553
 
                         
 
 
   
 
 
 
Preferred Equity – 0.4%
                                
SOINT, LLC (2)(3)(4)
  Aerospace & Defense   5.00%
(11)
   6/8/2012    6/30/2023    52,536   $5,254   $4,176 
                         
 
 
   
 
 
 
Total Preferred Equity
                        
$
5,254
 
  
$
4,176
 
                         
 
 
   
 
 
 
 
See notes to consolidated financial statements.
 
8
Table of Contents
SLR INVESTMENT CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)
September 30, 202
2
(in thousands, except share/unit amounts)
 
Description
  
Industry
  
Acquisition
Date
   
Shares/
Units
   
Cost
   
Fair
Value
 
Common Equity/Equity Interests/Warrants—55.7%
                       
aTyr Pharma, Inc. Warrants *
  Pharmaceuticals   11/18/2016    6,347   $106   $—   
CardioFocus, Inc. Warrants *
  Health Care Equipment & Supplies   3/31/2017    90    51    —   
Centrexion Therapeutics, Inc. Warrants *
  Pharmaceuticals   6/28/2019    289,102    136    92 
Conventus Orthopaedics, Inc. Warrants *
  Health Care Equipment & Supplies   6/15/2016    157,500    65    —   
Delphinus Medical Technologies, Inc. Warrants *
  Health Care Equipment & Supplies   8/18/2017    444,388    74    108 
Essence Group Holdings Corporation (Lumeris) Warrants *
  Health Care Technology   3/22/2017    260,000    129    377 
KBH Topco LLC (Kingsbridge) (2)(5)(18)
  Multi-Sector Holdings   11/3/2020    73,500,000    136,596    147,000 
RD Holdco, Inc. (Rug Doctor) (2)*
  Diversified Consumer Services   12/23/2013    231,177    15,683    —   
RD Holdco, Inc. (Rug Doctor) Class B (2)*
  Diversified Consumer Services   12/23/2013    522    5,216    —   
RD Holdco, Inc. (Rug Doctor) Warrants (2)*
  Diversified Consumer Services   12/23/2013    30,370    381    —   
Senseonics Holdings, Inc. (3)(8)*
  Health Care Equipment & Supplies   7/25/2019    469,353    235    620 
SLR Business Credit (2)(3)(19)
  Diversified Financial Services   4/1/2022    100    81,583    89,370 
SLR Credit Solutions (2)(3)(20)
  Diversified Financial Services   12/28/2012    280,303    280,737    288,760 
SLR Healthcare ABL (2)(3)(21)
  Diversified Financial Services   4/1/2022    32,839    34,335    33,750 
Spectrum Pharmaceuticals, Inc. Warrants *
  Biotechnology   9/21/2022    159,470    50    22 
TwentyEighty Investors, LLC*
  Professional Services   4/1/2022    17,214    5    5 
Vapotherm, Inc. Warrants(3)*
  Health Care Equipment & Supplies   2/18/2022    36,996    210    25 
Venus Concept Ltd. Warrants* (f/k/a Restoration Robotics)
  Health Care Equipment & Supplies   5/10/2018    33,430    152    —   
                
 
 
   
 
 
 
Total Common Equity/Equity Interests/Warrants
               
$
555,744
 
  
$
560,129
 
                
 
 
   
 
 
 
Total Investments (6) — 214.2%
               
$
2,198,814
 
  
$
2,155,361
 
                
 
 
   
 
 
 
 
Description
  
Industry
  
Acquisition
Date
   
Maturity

Date
   
Par Amount
     
Cash Equivalents — 26.7%
U.S. Treasury Bill
  
Government
   9/30/2022    11/22/2022   $270,000   $268,931   $268,931 
                     
 
 
   
 
 
 
Total Investments & Cash Equivalents —240.9%
                    
$
2,467,745
 
  
$
2,424,292
 
Liabilities in Excess of Other Assets — (140.9%)
                          (1,418,067) 
                          
 
 
 
Net Assets — 100.0%
                         
$
1,006,225
 
                          
 
 
 
 
(1)
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, 2022.
(2)
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 nine months ended September 30, 2022 in these controlled investments are as follows:
 
Name of Issuer
  
Fair Value at
December 31, 2021
   
Gross
Additions
   
Gross
Reductions
   
Realized
Gain
(Loss)
   
Change in
Unrealized
Gain (Loss)
  
Interest/Dividend
Income
  
Fair Value at
September 30, 2022
 
Equipment Operating Leases, LLC
  $18,939   $—     $15,725   $—     $633  $668  $3,847 
Kingsbridge Holdings, LLC
   80,000    —      —      —      (64)   5,182   80,000 
KBH Topco, LLC (Kingsbridge)
   145,996    —      —      —      1,004   11,288   147,000 
Loyer Capital LLC
   10,725    —      3,500    —      136   812   7,361 
RD Holdco, Inc. (Rug Doctor, common equity)
   —      —      —      —      —     —     —   
RD Holdco, Inc. (Rug Doctor, class B)
   5,216    —      —      —      (5,216)   —     —   
RD Holdco, Inc. (Rug Doctor, warrants)
   —      —      —      —      —     —     —   
RD Holdco, Inc. (debt)
   11,829    685    —      —      (5,351)   (18)   6,450 
SLR Business Credi
t
   —      81,583    —      —      7,787   3,400   89,370 
SLR Credit Solutions
   298,766    —      —      —      (10,006)   15,500   288,760 
SLR Equipment Finance (equity)
   129,102    —      —      —      (8,282)   —     120,820 
SLR Equipment Finance (debt)
   —      5,000    —      —      —     270   5,000 
SLR Healthcare ABL
   —      34,335    —      —      (585)   1,730   33,750 
SOAGG LLC
   1,121    —      447    —      (674)   647   —   
SOINT, LLC
   4,509    203    552    —      16   202   4,176 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
  
 
 
  
 
 
 
   $706,203   $121,806   $20,224   $—   $(20,602)  $39,681  $786,534 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
  
 
 
  
 
 
 
 
See notes to consolidated financial statements.
 
9
Table of Contents
SLR INVESTMENT CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)
September 30, 2022
(in thousands)
 
(3)
Indicates assets that the Company believes may not represent “qualifying assets” under Section 55(a) of the 1940 Act. If we fail to invest a sufficient portion of our assets in qualifying assets, we could be prevented from making
follow-on
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, 2022, on a fair value basis,
non-qualifying
assets in the portfolio represented 22.7% of the total assets of the Company.
(4)
The Company’s investment in SOINT, LLC include a one dollar investment in common shares.
(5)
Kingsbridge Holdings, LLC is held through KBH Topco LLC, a Delaware corporation.
(6)
Aggregate net unrealized appreciation for U.S. federal income tax purposes is $13,274; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $159,987 and $146,713, respectively, based on a tax cost of $2,142,087. Unless otherwise noted, all of the Company’s investments are pledged as collateral against the borrowings outstanding on the senior secured credit facility. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. All investments are Level 3 unless otherwise indicated.
(7)
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.
(8)
Denotes a Level 1 investment.
(9)
SLR Equipment Finance is held through NEFCORP LLC, a wholly-owned consolidated taxable subsidiary and NEFPASS LLC, a wholly-owned consolidated subsidiary.
(10)
Indicates an investment that is wholly held by the Company through NEFPASS LLC.
(11)
Interest is paid in kind (“PIK”).
(12)
Denotes a subsidiary of SLR Equipment Finance.
(13)
OmniGuide Holdings, Inc., Domain Surgical, Inc. and OmniGuide, Inc. are
co-borrowers.
(14)
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.
(15)
Spread is 5.50% Cash / 0.50% PIK.
(16)
Indicates an investment that is wholly or partially held by the Company through its wholly-owned financing subsidiary SUNS SPV LLC (the “SUNS SPV”). Such investments are pledged as collateral under the Senior Secured Revolving SPV Credit Facility (the “SPV Credit Facility”) (see Note 7 to the consolidated financial statements) and are not generally available to creditors, if any, of the Company.
(17)
See note 11 to the consolidated financial statements.
(18)
See note 13 to the consolidated financial statements.
(19)
See note 15 to the consolidated financial statements.
(20)
See note 9 to the consolidated financial statements.
(21)
See note 14 to the consolidated financial statements.
*
Non-income
producing security.
**
Investment is on
non-accrual
status.
 
See notes to consolidated financial statements.
 
10
Table of Contents
SLR INVESTMENT CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (continued)
September 30, 2022
(in thousands)
 
Industry Classification
  
Percentage of Total
Investments (at fair value) as
of September 30, 2022
 
Diversified Financial Services (includes SLR Credit Solutions, SLR Business Credit and SLR Healthcare ABL)
   21.5% 
Multi-Sector Holdings (includes Kingsbridge Holdings, LLC, SLR Equipment Finance, Equipment Operating Leases, LLC and Loyer Capital LLC)
   18.3% 
Pharmaceuticals
   8.1% 
Health Care Providers & Services
   7.1% 
Health Care Equipment & Supplies
   6.1% 
Insurance
   4.8% 
Software
   4.3% 
Biotechnology
   2.5% 
Diversified Consumer Services
   2.4% 
Wireless Telecommunication Services
   2.2% 
IT Services
   2.0% 
Personal Products
   1.8% 
Road & Rail
   1.7% 
Capital Markets
   1.6% 
Thrifts & Mortgage Finance
   1.3% 
Life Sciences Tools & Services
   1.2% 
Auto Parts & Equipment
   1.2% 
Packaged Foods & Meats
   1.2% 
Internet & Catalog Retail
   1.1% 
Building Products
   0.9% 
Internet Software & Services
   0.9% 
Media
   0.9% 
Trading Companies & Distributors
   0.9% 
Commercial Services & Supplies
   0.9% 
Health Care Technology
   0.8% 
Communications Equipment
   0.7% 
Specialty Retail
   0.5% 
Leisure Equipment & Products
   0.5% 
Food Products
   0.5% 
Auto Components
   0.4% 
Airlines
   0.4% 
Hotels, Restaurants & Leisure
   0.3% 
Footwear
   0.2% 
Machinery
   0.2% 
Metals & Mining
   0.2% 
Aerospace & Defense
   0.2% 
Consumer Finance
   0.1% 
Water Utilities
   0.1% 
Construction & Engineering
   0.0% 
Energy Equipment & Services
   0.0% 
Oil, Gas & Consumable Fuels
   0.0% 
Containers & Packaging
   0.0% 
Transportation Infrastructure
   0.0% 
Professional Services
   0.0% 
   
 
 
 
Total Investments
   100.0% 
   
 
 
 
See notes to consolidated financial statements.
 
11
Table of Contents
SLR INVESTMENT CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2021
(in thousands, except share/unit amounts)
 
Description
  
Industry
  
Spread
Above
Index
(7)
  
LIBOR Floor
  
Interest
Rate
(1)
  
Acquisition
Date
   
Maturity

Date
   
Par Amount
   
Cost
   
Fair
Value
 
Senior Secured Loans — 111.5%
                                        
First Lien Bank Debt/Senior Secured Loans
                                        
Aegis Toxicology Sciences Corporation
  Health Care Providers & Services   L+550   1.00%   6.50%   5/7/2018    5/9/2025   $12,402   $12,283   $12,402 
Alteon Health, LLC
  Health Care Providers & Services   L+650   1.00%   7.50%   9/14/2018    9/1/2023    14,117    14,079    14,117 
American Teleconferencing Services, Ltd.**
  Communications Equipment   L+650   1.00%   7.50%   5/5/2016    9/9/2021    24,822    24,453    3,345 
American Teleconferencing Services, Ltd.**
  Communications Equipment   L+650   1.00%   7.50%   9/17/2021    3/31/2022    4,576    4,508    4,576 
AmeriMark Intermediate Holdings, LLC(14)
  Internet & Catalog Retail   L+600   1.00%   7.00%   7/28/2021    10/15/2026    25,226    24,739    24,721 
Atria Wealth Solutions, Inc
  Diversified Financial Services   L+600   1.00%   7.00%   9/14/2018    11/30/2022    6,345    6,329    6,345 
Basic Fun, Inc
  Specialty Retail   L+550   1.00%   6.50%   10/30/2020    10/30/2023    2,902    2,871    2,902 
CC SAG Holdings Corp. (Spectrum Automotive)
  Diversified Consumer Services   L+575   0.75%   6.50%   6/29/2021    6/29/2028    12,168    11,995    12,168 
Community Brands ParentCo, LLC (f/k/a Ministry Brands)
  Software   L+400   1.00%   5.00%   7/30/2021    12/2/2022    34,901    34,538    34,901 
Enhanced Permanent Capital, LLC(3)
  Capital Markets   L+700   1.00%   8.00%   12/29/2020    12/29/2025    26,061    25,418    26,061 
Foundation Consumer Brands, LLC
  Personal Products   L+638   1.00%   7.38%   2/12/2021    2/12/2027    33,367    32,633    33,367 
iCIMS, Inc.
  Software   L+650   1.00%   7.50%   9/7/2018    9/12/2024    19,341    19,120    19,341 
Inszone Mid, LLC.
  Insurance   L+575   1.00%   6.75%   9/28/2021    6/30/2026    11,141    11,035    11,086 
Ivy Fertility Services, LLC
  Health Care Providers & Services   L+625   1.00%   7.25%   12/22/2021    2/25/2026    21,677    21,299    21,298 
Kid Distro Holdings, LLC (Distro Kid)
  Software   L+600   1.00%   7.00%   9/24/2021    10/1/2027    29,743    29,168    29,148 
Kingsbridge Holdings, LLC(2) .
  Multi-Sector Holdings   L+700   1.00%   8.00%   12/21/2018    12/21/2024    80,000    79,713    80,000 
KORE Wireless Group, Inc.(3)
  Wireless Telecommunication Services   L+550   —     5.72%   12/21/2018    12/21/2024    36,470    36,062    36,470 
Logix Holding Company, LLC
  Communications Equipment   L+575   1.00%   6.75%   9/14/2018    12/22/2024    7,400    7,359    7,178 
Maurices, Incorporated
  Specialty Retail   L+675   1.00%   7.75%   8/27/2021    6/1/2024    5,135    5,044    5,135 
MMIT Holdings, LLC
  IT Services   L+625   1.00%   7.25%   9/21/2021    9/15/2027    31,026    30,541    31,026 
NAC Holdings Corporation (Jaguar)
  Insurance   L+525   1.00%   6.25%   7/30/2021    9/28/2024    15,924    15,730    15,844 
One Touch Direct, LLC
  Commercial Services & Supplies   P+75  
 
—  
 
  4.00%   4/3/2020    9/30/2022    274    274    274 
PhyNet Dermatology LLC
  Health Care Providers & Services   L+600
(17)
 		  1.00%   7.00%   9/5/2018    8/16/2024    14,589    14,529    14,589 
Pinnacle Treatment Centers, Inc.
  Health Care Providers & Services   L+575   1.00%   6.75%   1/22/2020    12/31/2022    11,996    11,953    11,996 
PPT Management Holdings, LLC
  Health Care Providers & Services   L+800
(15)
 		  1.00%   9.00%   9/14/2018    12/16/2022    21,120    21,086    18,374 
RQM+ Corp
  Life Sciences Tools & Services   L+575   1.00%   6.75%   8/20/2021    8/12/2026    16,504    16,349    16,462 
Stryten Energy LLC
  Auto Parts & Equipment   L+800   1.00%   9.00%   8/11/2021    10/12/2026    26,184    25,676    25,923 
SunMed Group Holdings, LLC
  Health Care Equipment & Supplies   L+575   0.75%   6.50%   6/16/2021    6/16/2028    18,536    18,232    18,351 
Ultimate Baked Goods Midco LLC (Rise Baking)
  Packaged Foods & Meats   L+625   1.00%   7.25%   8/12/2021    8/13/2027    19,381    18,920    18,896 
USR Parent, Inc. (Staples)
  Specialty Retail   L+884   1.00%   9.84%   6/3/2020    9/12/2022    3,275    3,275    3,275 
                                 
 
 
   
 
 
 
Total First Lien Bank Debt/Senior Secured Loans
                                $579,211   $559,571 
    
 
 
   
 
 
 
Second Lien Asset-Based Senior Secured Loans
                                        
ACRES Commercial Mortgage, LLC
  Diversified Financial Services   L+705   1.00%   8.05%   12/24/2021    8/21/2028    29,925   $29,328   $29,326 
Varilease Finance, Inc.
  Multi-Sector Holdings   L+750   1.00%   8.50%   8/22/2014    11/15/2025    29,563    29,467    29,563 
                                 
 
 
   
 
 
 
Total Second Lien Asset-Based Senior Secured Loans
                                $58,795   $58,889 
    
 
 
   
 
 
 
Second Lien Bank Debt/Senior Secured Loans
                                        
PhyMed Management LLC
  Health Care Providers & Services   L+1500
(16)
 		  1.00%   16.00%   12/18/2015    9/30/2022    37,819   $37,757   $36,874 
Rug Doctor LLC (2)
  Diversified Consumer Services   L+975
(11)
 		  1.50%   11.25%   12/23/2013    5/16/2023    11,828    11,819    11,829 
                                 
 
 
   
 
 
 
Total Second Lien Bank Debt/Senior Secured Loans
                                $49,576   $48,703 
    
 
 
   
 
 
 
First Lien Life Science Senior Secured Loans
                                        
Alimera Sciences, Inc.
  Pharmaceuticals   L+765   1.78%   9.43%   12/31/2019    7/1/2024   $20,074   $20,512   $20,475 
Arcutis Biotherapeutics, Inc.(3)
  Pharamceuticals   L+745   0.10%   7.55%   12/22/2021    1/1/2027    21,735    21,645    21,637 
Ardelyx, Inc.
  Pharmaceuticals   L+745   0.25%   7.70%   5/10/2018    11/1/2022    14,972    16,198    16,170 
Axcella Health Inc.
  Pharmaceuticals   L+860   0.10%   8.70%   9/2/2021    9/1/2026    9,278    9,318    9,302 
BridgeBio Pharma, Inc.(3)
  Biotechnology  
 
—
  
 
 
 
—  
 
  9.00%   11/17/2021    11/17/2026    34,574    34,082    34,055 
Centrexion Therapeutics, Inc.
  Pharmaceuticals   L+725   2.45%   9.70%   6/28/2019    1/1/2024    16,400    16,693    16,728 
Cerapedics, Inc.
  Health Care Equipment & Supplies   L+695   2.50%   9.45%   3/22/2019    3/1/2025    26,861    27,518    27,465 
Delphinus Medical Technologies, Inc.
  Health Care Equipment & Supplies   L+850   1.00%   9.50%   8/18/2017    6/1/2022    1,089    1,414    1,405 
Glooko, Inc.
  Health Care Technology   L+790   0.10%   8.00%   9/30/2021    10/1/2026    8,364    8,339    8,322 
Neuronetics, Inc.
  Health Care Equipment & Supplies   L+765   1.66%   9.31%   3/2/2020    2/28/2025    15,613    15,874    15,878 
OmniGuide Holdings, Inc. (13).
  Health Care Equipment & Supplies   L+1405   0.10%   14.15%   7/30/2018    7/1/2023    18,879    17,845    18,958 
Rezolute, Inc
  Biotechnology   L+875   0.12%   8.87%   4/14/2021    4/1/2026    5,675    5,663    5,661 
Rubius Therapeutics, Inc. (3)
  Pharmaceuticals   L+550   2.10%   7.60%   12/21/2018    6/1/2026    40,291    41,103    41,097 
scPharmaceuticals, Inc.
  Pharmaceuticals   L+795   2.23%   10.18%   9/17/2019    9/17/2023    4,098    4,165    4,160 
SOC Telemed, Inc.
  Health Care Providers & Services   L+747   0.13%   7.60%   3/26/2021    4/1/2026    31,137    31,211    31,214 
                                 
 
 
   
 
 
 
Total First Lien Life Science Senior Secured Loans
                                $271,580   $272,527 
    
 
 
   
 
 
 
Total Senior Secured Loans
                                
$
959,162
 
  
$
939,690
 
    
 
 
   
 
 
 
 
See notes to consolidated financial statements.
 
12
Table of Contents
SLR INVESTMENT CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
December 31, 2021
(in thousands, except share/unit amounts)
 
Description
  
Industry
  
Interest Rate
(1)
 
Acquisition
Date
  
Maturity

Date
  
Par Amount
   
Cost
   
Fair
Value
 
Equipment Financing — 32.5%
                          
Aero Operating LLC (10)
  Commercial Services & Supplies  
8.47-9.64%
 2/12/2021  
3/1/2025-12/1/2026
  $3,103   $3,100   $3,100 
Air Methods Corporation (10)
  Airlines  
7.08-7.13%
 11/3/2021  
11/3/2026-11/23/2026
   4,063    4,145    4,063 
AmeraMex International, Inc. (10)
  Commercial Services & Supplies  10.00% 3/29/2019  3/28/2022   3,149    3,148    3,180 
Blackhawk Mining, LLC (10)
  Oil, Gas & Consumable Fuels  
10.97-11.16%
 2/16/2018  
3/1/2022-11/1/2022
   1,642    1,615    1,636 
Boart Longyear Company (10)
  Metals & Mining  
9.06-10.44%
 5/28/2020  
7/1/2024-1/1/2026
   5,374    5,374    5,374 
Capital City Jet Center, Inc. (10)
  Airlines  10.00% 4/4/2018  
10/4/2023-6/22/26
   3,102    3,102    3,053 
Champion Air, LLC (10)
  Airlines  10.00% 3/19/2018  1/1/2023   1,685    1,685    1,685 
Clubcorp Holdings, Inc. (10)
  Hotels, Restaurants & Leisure  
8.87-9.41%
 5/27/2021  
6/1/2025-1/1/2027
   4,326    4,326    4,326 
Dongwon Autopart Technology Inc. (10)
  Auto Components  7.96% 2/2/2021  1/1/2026   2,347    2,382    2,347 
EasyPak, LLC (10)
  Containers & Packaging  9.01% 1/6/2021  1/1/2024   616    616    616 
Environmental Protection & Improvement Company, LLC (10)
  Road & Rail  8.25% 9/30/2020  10/1/2027   5,921    5,959    5,921 
Equipment Operating Leases, LLC (2)(12)
  Multi-Sector Holdings  
7.53-8.37%
 4/27/2018  
8/1/2022-4/27/2025
   19,671    19,671    18,939 
First American Commercial Bancorp, Inc. (10)
  Diversified Financial Services  7.50% 10/28/2021  11/1/2026   2,487    2,492    2,487 
First National Capital, LLC (10)
  Diversified Financial Services  9.00% 11/5/2021  8/1/2026   8,681    8,681    8,681 
Freightsol LLC (10)
  Road & Rail  
12.51-12.89%
 4/9/2019  11/1/2023   1,364    1,381    1,364 
Garda CL Technical Services, Inc. (10)
  Commercial Services & Supplies  
8.30-8.77%
 3/22/2018  
6/5/2023-10/5/2023
   1,245    1,245    1,242 
Georgia Jet, Inc. (10)
  Airlines  8.00% 12/4/2017  1/4/2024   795    795    795 
GMT Corporation (10)
  Machinery  10.71% 10/23/2018  10/1/2025   5,476    5,484    5,476 
Haljoe Coaches USA, LLC (10)
  Road & Rail  8.53% 7/31/2017  7/1/2024   1,061    1,061    915 
Hawkeye Contracting Company, LLC (10)
  Construction & Engineering  10.50% 10/8/2021  11/1/2025   1,252    1,252    1,252 
HTI Logistics Corporation (10)
  Commercial Services & Supplies  
9.69-9.94%
 11/15/2018  
5/1/2024-9/1/2025
   414    414    404 
International Automotive Components Group, North America, Inc. (10)
  Auto Components  7.95% 6/23/2021  6/23/2025   8,184    8,250    8,184 
Kool Pak, LLC (10)
  Road & Rail  8.58% 2/5/2018  3/1/2024   345    345    345 
Loyer Capital LLC (2)(12)
  Multi-Sector Holdings  
8.73-11.52%
 5/16/2019  
5/16/24-9/25/24
   11,000    11,000    10,725 
Lux Credit Consultants, LLC (10)
  Road & Rail  
8.28-9.65%
 6/17/2021  
12/1/2024-12/1/2025
   9,343    9,343    9,343 
Lux Vending, LLC (10)
  Consumer Finance  
12.46-13.26%
 8/20/2021  
8/20/2024-10/1/2024
   2,526    2,583    2,526 
Mountain Air Helicopters, Inc. (10)
  Commercial Services & Supplies  10.00% 7/31/2017  2/28/2025   479    476    479 
Rane Light Metal Castings Inc. (10)
  Machinery  10.00% 6/1/2020  7/1/2024   253    253    253 
Rango, Inc. (10)
  Commercial Services & Supplies  
9.33-9.79%
 9/24/2019  
4/1/2023-11/1/2024
   3,615    3,656    3,547 
Rossco Crane & Rigging, Inc. (10)
  Commercial Services & Supplies  11.53% 8/25/2017  9/1/2022   126    126    126 
Royal Coach Lines, Inc.(10)
  Road & Rail  9.56% 11/21/2019  8/1/2025   1,041    1,041    950 
Royal Express Inc. (10)
  Road & Rail  9.53% 1/17/2019  2/1/2024   683    690    683 
Sidelines Tree Service LLC (10)
  Diversified Consumer Services  10.25% 7/31/2017  10/1/2022   46    46    45 
South Texas Oilfield Solutions, LLC (10)
  Energy Equipment & Services  
12.52-13.76%
 3/29/2018  
9/1/2022-7/1/2023
   1,363    1,363    1,338 
ST Coaches, LLC (10)
  Road & Rail  
8.22-8.58%
 7/31/2017  
10/1/2022-1/25/2025
   1,951    1,951    1,839 
Stafford Logistics, Inc. (10)
  Commercial Services & Supplies  12.62% 9/11/2019  2/15/2026   7,094    7,094    7,094 
Star Coaches Inc. (10)
  Road & Rail  8.42% 3/9/2018  4/1/2025   3,401    3,401    2,916 
Sturgeon Services International Inc. (10)
  Energy Equipment & Services  18.38% 7/31/2017  2/28/2022   132    132    125 
Superior Transportation, Inc. (10)
  Road & Rail  
10.22-10.62%
 7/31/2017  1/1/2026   4,578    4,578    4,578 
Tailwinds, LLC (10)
  Air Freight & Logistics  
8.50-9.00%
 7/26/2019  
8/1/2024-10/16/2025
   2,267    2,267    2,267 
The Smedley Company & Smedley Services, Inc. (10)
  Commercial Services & Supplies  
10.21-15.36%
 7/31/2017  
10/29/2023-2/10/2024
   3,798    3,800    3,536 
Trinity Equipment Rentals, Inc. (10)
  Commercial Services & Supplies  
7.94-8.75%
 10/8/2021  
11/1/2024-12/1/2026
   777    777    777 
Trolleys, Inc. (10)
  Road & Rail  9.99% 7/18/2018  8/1/2022   1,573    1,573    1,540 
Up Trucking Services, LLC (10)
  Road & Rail  11.21% 3/23/2018  8/1/2024   696    705    696 
Warrior Crane Services, LLC (10)
  Commercial Services & Supplies  8.95% 7/11/2019  
8/1/2024-8/1/2026
   2,567    2,567    2,518 
Wind River Environmental, LLC (10)
  Diversified Consumer Services  
8.43-10.00%
 7/31/2019  
8/1/2024-10/5/25
   870    873    870 
Womble Company, Inc. (10)
  Energy Equipment & Services  9.11% 12/27/2019  1/1/2025   547    547    537 
        
              
Shares/Units
         
SLR Equipment Finance Equity Interests (2)(9)*
  Multi-Sector Holdings    7/31/2017      200    145,000    129,102 
                   
 
 
   
 
 
 
Total Equipment Financing
                  
$
292,365
 
  
$
273,795
 
                   
 
 
   
 
 
 
Preferred Equity – 0.7%
                          
SOAGG LLC (2)(3)(4)
  Aerospace & Defense  8.00% 12/14/2010  6/30/2023   446   $446   $1,121 
SOINT, LLC (2)(3)(4)
  Aerospace & Defense  5.00%
(11)
 6/8/2012  6/30/2023   56,030    5,603    4,509 
                   
 
 
   
 
 
 
Total Preferred Equity
                  
$
6,049
 
  
$
5,630
 
                   
 
 
   
 
 
 
 
See notes to consolidated financial statements.
 
13
Table of Contents
SLR INVESTMENT CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
December 31, 2021
(in thousands, except share/unit amounts)
 
Description
  
Industry
  
Acquisition
Date
   
Shares/Units
   
Cost
   
Fair
Value
 
Common Equity/Equity Interests/Warrants—53.6%
                       
aTyr Pharma, Inc. Warrants *
  Pharmaceuticals   11/18/2016    6,347   $106   $—   
CardioFocus, Inc. Warrants *
  Health Care Equipment & Supplies   3/31/2017    90    51    —   
Centrexion Therapeutics, Inc. Warrants *
  Pharmaceuticals   6/28/2019    289,102    136    65 
Conventus Orthopaedics, Inc. Warrants *
  Health Care Equipment & Supplies   6/15/2016    157,500    65    —   
Delphinus Medical Technologies, Inc. Warrants *
  Health Care Equipment & Supplies   8/18/2017    444,388    74    80 
Essence Group Holdings Corporation (Lumeris) Warrants *
  Health Care Technology   3/22/2017    208,000    63    258 
KBH Topco LLC (Kingsbridge) (2)(5)
  Multi-Sector Holdings   11/3/2020    73,500,000    136,596    145,996 
RD Holdco Inc. (Rug Doctor) (2)*
  Diversified Consumer Services   12/23/2013    231,177    15,683    —   
RD Holdco Inc. (Rug Doctor) Class B (2)*
  Diversified Consumer Services   12/23/2013    522    5,216    5,216 
RD Holdco Inc. (Rug Doctor) Warrants (2)*
  Diversified Consumer Services   12/23/2013    30,370    381    —   
Senseonics Holdings, Inc. (3)(8)*
  Health Care Equipment & Supplies   7/25/2019    406,923    117    1,086 
SLR Credit Solutions (2)(3)
  Diversified Financial Services   12/28/2012    280,303    280,737    298,766 
Venus Concept Ltd. Warrants* (f/k/a Restoration Robotics)
  Health Care Equipment & Supplies   5/10/2018    27,352    152    —   
                
 
 
   
 
 
 
Total Common Equity/Equity Interests/Warrants
               
$
439,377
 
  
$
451,467
 
                
 
 
   
 
 
 
Total Investments (6) — 198.3%
               
$
1,696,953
 
  
$
1,670,582
 
                
 
 
   
 
 
 
 
Description
  
Industry
   
Acquisition
Date
   
Maturity

Date
   
Par Amount
         
Cash Equivalents — 38.0%
                              
U.S. Treasury Bill
   Government    12/31/2021    1/25/2022   $320,000   $320,000   $320,000 
                       
 
 
   
 
 
 
Total Investments & Cash Equivalents —236.3%
                      
$
2,016,953
 
  
$
1,990,582
 
Liabilities in Excess of Other Assets — (136.3%)
                            (1,148,301) 
                            
 
 
 
Net Assets — 100.0%
                           
$
842,281
 
                            
 
 
 
 
(1)
Floating rate debt investments typically bear interest at a rate determined by reference to the London Interbank Offered Rate (“LIBOR”), and which typically reset monthly, quarterly or semi-annually. 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, 2021.
(2)
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, 2021 in these controlled investments are as follows:
 
Name of Issuer
  
Fair Value at
December 31, 2020
   
Gross
Additions
   
Gross
Reductions
   
Realized
Gain
(Loss)
   
Change in
Unrealized
Gain
(Loss)
  
Interest/
Dividend
Income
   
Fair Value at
December 31,
2021
 
AviatorCap SII, LLC
  $2,941   $—     $2,941   $ —     $—    $92   $—   
Equipment Operating Leases, LLC
   25,540    —      6,667    —      66   1,950    18,939 
Kingsbridge Holdings, LLC
   80,000    —      —      —      (79)   6,568    80,000 
KBH Topco, LLC (Kingsbridge)
   136,596    —      —      —      9,400   13,250    145,996 
Loyer Capital LLC
   14,456    —      3,731    —      —     1,426    10,725 
RD Holdco Inc. (Rug Doctor, common equity)
   1,226    —      —      —      (1,226)   —      —   
RD Holdco Inc. (Rug Doctor, class B)..
   5,216    —      —      —      —     —      5,216 
RD Holdco Inc. (Rug Doctor, warrants)..
   —      —      —      —      —     —      —   
Rug Doctor LLC
   10,559    1,270    —      —      (6)   1,300    11,829 
SLR Credit Solutions
   296,766    —      —      —      2,000   22,500    298,766 
SLR Equipment Finance (equity)
   129,102    —      —      —      —     —      129,102 
SLR Equipment Finance (debt)
   850    —      850    —      —     42    —   
SOAGG LLC
   2,300    —      —      —      (1,179)   1,543    1,121 
SOINT, LLC
   4,101    271    —      —      137   271    4,509 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
  
 
 
   
 
 
 
   $709,653   $ 1,541   $14,189   $—     $9,113  $ 48,942   $706,203 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
  
 
 
   
 
 
 
 
See notes to consolidated financial statements.
 
14
Table of Contents
SLR INVESTMENT CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
December 31, 2021
(in thousands)
 
(3)
Indicates assets that the Company believes may not represent “qualifying assets” under Section 55(a) of the 1940 Act. If we fail to invest a sufficient portion of our assets in qualifying assets, we could be prevented from making
follow-on
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 December 31, 2021, on a fair value basis,
non-qualifying
assets in the portfolio represented 23.1% of the total assets of the Company.
(4)
The Company’s investments in SOAGG, LLC and SOINT, LLC include a two and one dollar investment in common shares, respectively.
(5)
Kingsbridge Holdings, LLC is held through KBH Topco LLC, a Delaware corporation.
(6)
Aggregate net unrealized appreciation for U.S. federal income tax purposes is $19,495; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $82,598 and $63,103, respectively, based on a tax cost of $1,651,087. Unless otherwise noted, all of the Company’s investments are pledged as collateral against the borrowings outstanding on the senior secured credit facility. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. All investments are Level 3 unless otherwise indicated.
(7)
Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the LIBOR or PRIME rate. These instruments are often subject to a LIBOR or PRIME rate floor.
(8)
Denotes a Level 1 investment.
(9)
SLR Equipment Finance is held through NEFCORP LLC, a wholly-owned consolidated taxable subsidiary and NEFPASS LLC, a wholly-owned consolidated subsidiary.
(10)
Indicates an investment that is wholly held by the Company through NEFPASS LLC.
(11)
Interest is paid in kind (“PIK”).
(12)
Denotes a subsidiary of SLR Equipment Finance.
(13)
OmniGuide Holdings, Inc., Domain Surgical, Inc. and OmniGuide, Inc. are
co-borrowers.
(14)
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.
(15)
Spread is 6.00% Cash / 2.00% PIK.
(16)
Spread is 2.50% Cash / 12.50% PIK.
(17)
Spread is 5.50% Cash / 0.50% PIK.
*
Non-income
producing security.
**
Investment is on
non-accrual
status.
 
See notes to consolidated financial statements.
 
15
Table of Contents
SLR INVESTMENT CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
December 31, 2021
(in thousands)
 
Industry Classification
  
Percentage of Total
Investments (at fair value) as
of December 31, 2021
 
Multi-Sector Holdings (includes Kingsbridge Holdings, LLC, SLR Equipment Finance, Equipment Operating Leases, LLC and Loyer Capital LLC)
   24.8% 
Diversified Financial Services (includes SLR Credit Solutions)
   20.7% 
Health Care Providers & Services
   9.6% 
Pharmaceuticals
   7.8% 
Software
   5.0% 
Health Care Equipment & Supplies
   5.0% 
Biotechnology
   2.4% 
Wireless Telecommunication Services
   2.2% 
Personal Products
   2.0% 
Road & Rail
   1.9% 
IT Services
   1.9% 
Diversified Consumer Services
   1.8% 
Insurance
   1.6% 
Commercial Services & Supplies
   1.6% 
Capital Markets
   1.6% 
Auto Parts & Equipment
   1.5% 
Internet & Catalog Retail
   1.5% 
Packaged Foods & Meats
   1.1% 
Life Sciences Tools & Services
   1.0% 
Communications Equipment
   0.9% 
Specialty Retail
   0.7% 
Auto Components
   0.6% 
Airlines
   0.6% 
Health Care Technology
   0.5% 
Machinery
   0.3% 
Aerospace & Defense
   0.3% 
Metals & Mining
   0.3% 
Hotels, Restaurants & Leisure
   0.3% 
Consumer Finance
   0.1% 
Air Freight & Logistics
   0.1% 
Energy Equipment & Services
   0.1% 
Oil, Gas & Consumable Fuels
   0.1% 
Construction & Engineering
   0.1% 
Containers & Packaging
   0.0% 
   
 
 
 
Total Investments
   100.0% 
   
 
 
 
See notes to consolidated financial statements.
 
16
Table of Contents
SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
September 30, 2022
(in thousands, except share amounts)
Note 1. Organization
Solar Capital LLC, a Maryland limited liability company, was formed in February 2007 and commenced operations on March 13, 2007 with initial capital of $1,200,000 of which 47.04% was funded by affiliated parties.
Immediately prior to our initial public offering, through a series of transactions, SLR Investment Corp. (the “Company”, “we”, “us” or “our”), merged with Solar Capital LLC, leaving SLR Investment Corp. as the surviving entity (the
“Pre-IPO
Merger”). SLR Investment Corp. issued an aggregate of approximately 26.65 million shares of common stock and $125,000 in senior unsecured notes to the existing Solar Capital LLC unit holders in connection with the
Pre-IPO
Merger. SLR Investment Corp. had no assets or operations prior to completion of the
Pre-IPO
Merger and as a result, the historical books and records of Solar Capital LLC have become the books and records of the surviving entity. The number of shares used to calculate weighted average shares for use in computations on a per share basis have been decreased retroactively by a factor of approximately 0.4022 for all periods prior to February 9, 2010. This factor represents the effective impact of the reduction in shares resulting from the
Pre-IPO
Merger.
SLR Investment Corp., a Maryland corporation formed in November 2007, is a
closed-end,
externally managed,
non-diversified
management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Furthermore, as the Company is an investment company, it continues to apply the guidance in FASB Accounting Standards Codification (“ASC”) Topic 946. In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
On February 9, 2010, the Company priced its initial public offering, selling 5.68 million shares of common stock, including the underwriters’ over-allotment, at a price of $18.50 per share. Concurrent with this offering, the Company’s senior management purchased an additional 600,000 shares through a private placement, also at $18.50 per share.
The Company’s investment objective is to maximize both current income and capital appreciation through debt and equity investments. The Company directly and indirectly invests primarily in leveraged middle market companies in the form of senior secured loans, financing leases and to a lesser extent, unsecured loans and equity securities. From time to time, we may also invest in public companies that are thinly traded.
On December 1, 2021, we entered into an Agreement and Plan of Merger (the “Merger Agreement”), with SLR Senior Investment Corp., a Maryland corporation (“SUNS”), Solstice Merger Sub, Inc., a Maryland corporation and our wholly-owned subsidiary (“Merger Sub”), and, solely for the limited purposes set forth therein, SLR Capital Partners, LLC (the “Investment Adviser”). The Merger Agreement provided that, subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into SUNS, with SUNS continuing as the surviving company and as SUNS’s wholly-owned subsidiary (the “Merger,”) and, immediately thereafter, SUNS will merge with and into us, with us continuing as the surviving company (together with the Merger, the “Mergers”). The Mergers closed on April 1, 2022. See Note 16 for additional information.
Note 2. Significant Accounting Policies
The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”), and include the accounts of the Company and certain wholly-owned subsidiaries. The consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of the operations and financial condition for the periods presented. All significant intercompany balances and transactions have been eliminated. Certain prior period amounts may have been reclassified to conform to the current period presentation.
Interim consolidated financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form
10-Q
and Regulation
S-X,
as appropriate. Accordingly, they may not include all of the information and notes required by GAAP for annual consolidated financial statements. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending on December 31, 2022.
In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements, have been included.
 
17
Table of Contents
SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(in thousands, except share amounts)
 
The significant accounting policies consistently followed by the Company are:
 
(a)
Investment transactions are accounted for on the trade date;
 
(b)
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, 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. If the Company anticipates using a market quotation for a security, it will also monitor for circumstances that may necessitate the use of fair value, such as significant events that may cause concern over the reliability of a market quotation]. We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker or a primary market dealer or other independent pricing service). We utilize
mid-market
pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are deemed not to represent fair value, we may utilize independent third-party valuation firms to assist us in determining the fair value of material assets. Accordingly, such investments go through our multi-step valuation process as described below. 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. 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. Such determination of fair values involves subjective judgments and estimates.
With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, the Board has approved a multi-step valuation process each quarter, as described below:
 
 (1)
our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the portfolio investment;
 
 (2)
preliminary valuation conclusions are then documented and discussed with senior management of the Investment Adviser;
 
 (3)
independent valuation firms engaged by the Board conduct independent appraisals and review the Investment Adviser’s preliminary valuations and make their own independent assessment for all material assets;
 
 (4)
the audit committee of the Board reviews the preliminary valuation of the Investment Adviser and that of the independent valuation firm and responds to the valuation recommendation of the independent valuation firm, if any, to reflect any comments; and
 
 (5)
the Board discusses valuations and determines the fair value of each investment in our portfolio in good faith based on the input of the Investment Adviser, the respective independent valuation firm, if any, and the audit committee.
 
18
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SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(in thousands, except share amounts)
 
Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. However, in accordance with ASC
820-10,
certain investments that qualify as investment companies in accordance with ASC 946, may be valued using net asset value as a practical expedient for fair value. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation approaches to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. 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, 2022, 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:
Level
 1
: Unadjusted quoted prices in active markets for identical assets or liabilities, accessible by the Company at the measurement date.
Level
 2
: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.
Level
 3
: Unobservable inputs for the asset or liability.
In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The exercise of judgment is based in part on our knowledge of the asset class and our prior experience.
 
(c)
Gains or losses on investments are calculated by using the specific identification method.
 
(d)
The Company records dividend income and interest, adjusted for amortization of premium and accretion of discount, on an accrual basis. Loan origination fees, original issue discount, and market discounts are capitalized and we amortize such amounts into income using the effective interest method. Upon the prepayment of a loan, any unamortized loan origination fees are recorded as interest income. We record call premiums received on loans repaid as interest income when we receive such amounts. Capital structuring fees, amendment fees, consent fees, and any other
non-recurring
fee income as well as management fee and other fee income for services rendered, if any, are recorded as other income when earned.
 
(e)
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 will accrue excise tax on such estimated excess taxable income as appropriate.
 
(f)
Book and tax basis differences relating to stockholder distributions and other permanent book and tax differences are typically reclassified among the Company’s capital accounts annually. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from GAAP.
 
(g)
Distributions to common stockholders are recorded as of the record date. The amount to be paid out as a distribution is determined by the Board. Net realized capital gains, if any, are generally distributed or deemed distributed at least annually.
 
(h)
In accordance with Regulation
S-X
and ASC Topic 810—
Consolidation
, the Company consolidates its interest in controlled investment company subsidiaries, financing subsidiaries and certain wholly-owned holding companies that serve to facilitate investment in portfolio companies. In addition, the Company may also consolidate any controlled operating companies substantially all of whose business consists of providing services to the Company.
 
19
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SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(in thousands, except share amounts)
 
 
(i)
The accounting records of the Company are maintained in U.S. dollars. Any assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. The Company will not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations would be included with the net unrealized gain or loss from investments. The Company’s investments in foreign securities, if any, may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments in terms of U.S. dollars and therefore the earnings of the Company.
 
(j)
In accordance with ASC
835-30,
the Company reports origination and other expenses related to certain debt issuances as a direct deduction from the carrying amount of the debt liability. Applicable expenses are deferred and amortized using either the effective interest method or the straight-line method over the stated life. The straight-line method may be used on revolving facilities and/or when it approximates the effective yield method.
 
(k)
The Company may enter into forward exchange contracts in order to hedge against foreign currency risk. These contracts are
marked-to-market
by recognizing the difference between the contract exchange rate and the current market rate as unrealized appreciation or depreciation. Realized gains or losses are recognized when contracts are settled.
 
(l)
The Company records expenses related to shelf registration statements and applicable equity offering costs as prepaid assets. These expenses are typically charged as a reduction of capital upon the sale of shares or expensed, in accordance with ASC
946-20-25.
 
(m)
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. Such
non-accrual
investments are restored to accrual status if past due principal and interest are paid in cash, and in management’s judgment, are likely to continue timely payment of their remaining principal and interest obligations. Cash interest payments received on such investments may be recognized as income or applied to principal depending on management’s judgment.
 
(n)
The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less would qualify, with limited exceptions. The Company believes that certain U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents.
Recent Accounting Pronouncements
In March 2020, the FASB issued Accounting Standards Update
No. 2020-04,
“Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. ASU
2020-04
is effective for all entities as of March 12, 2020 through December 31, 2022. The Company has determined that the adoption of this guidance has not had a material impact on the Company’s consolidated financial statements and disclosures.
 
20
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SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(in thousands, except share amounts)
 
Note 3. Agreements
The Company has an investment advisory and management agreement (the “Advisory Agreement”) with the Investment Adviser, under which the Investment Adviser will manage the
day-to-day
operations of, and provide investment advisory services to the Company. For providing these services, the Investment Adviser receives a fee from the Company, consisting of two components—a base management fee and a performance-based incentive fee. The base management fee is determined by taking the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters calculated at an annual rate of 1.50% on gross assets up to 200% of the Company’s total net assets as of the immediately preceding quarter end and 1.00% on gross assets that exceed 200% of the Company’s total net assets as of the immediately preceding quarter end. 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. Temporary assets include, but are not limited to, U.S. treasury bills, other short-term U.S. government or government agency securities, repurchase agreements or cash borrowings.
The performance-based incentive fee has two parts, as follows: one part is calculated and payable quarterly in arrears based on the Company’s
pre-incentive
fee net investment income for the immediately preceding calendar quarter. 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).
Pre-incentive
fee net investment income does not include any realized capital gains or losses, or unrealized capital appreciation or depreciation.
Pre-incentive
fee net investment income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, is compared to the hurdle rate of 1.75% per quarter (7% annualized). The Company pays the Investment Adviser a performance-based incentive fee with respect to the Company’s
pre-incentive
fee net investment income in each calendar quarter as follows: (1) no performance-based incentive fee in any calendar quarter in which the Company’s
pre-incentive
fee net investment income does not exceed the hurdle rate; (2) 100% of the Company’s
pre-incentive
fee net investment income with respect to that portion of such
pre-incentive
fee net investment income, if any, that exceeds the hurdle rate but is less than 2.1875% in any calendar quarter; and (3) 20% of the amount of the Company’s
pre-incentive
fee net investment income, if any, that exceeds 2.1875% in any calendar quarter. These calculations are appropriately
pro-rated
for any period of less than three months.
The second part of the performance-based incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Advisory Agreement, as of the termination date), and will equal 20% of the Company’s cumulative realized capital gains less cumulative realized capital losses, unrealized capital depreciation (unrealized depreciation on a gross
investment-by-investment
basis at the end of each calendar year) and all net capital gains upon which prior performance-based capital gains incentive fee payments were previously made to the Investment Adviser. 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, 2022 and 2021.
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. For the three and nine months ended September 30, 2021, the Company recognized $7,142 and $20,842, respectively, in base management fees and $698 and $8,444, respectively, in performance-based incentive fees. 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 Merger. 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. 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. The Administrator will also provide, on the Company’s behalf, managerial assistance to those portfolio companies to which the Company is required to provide such assistance. The Company typically reimburses the Administrator on a quarterly basis.
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. For the three and nine months ended September 30, 2021, the Company recognized expenses under the Administration Agreement of $1,435 and $4,170 respectively. No managerial assistance fees were accrued or collected for the three and nine months ended September 30, 2022 and 2021.
 
21
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SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(in thousands, except share amounts)
 
Note 4. Net Asset Value Per Share
At September 30, 2022, the Company’s total net assets and net asset value per share were $1,006,225 and $18.37, respectively. This compares to total net assets and net asset value per share at December 31, 2021 of $842,281 and $19.93, respectively.
Note 5. Earnings Per Share
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, 2022 and 2021:
 
   
Three months ended September 30,
   
Nine months ended September 30,
 
   
2022
   
2021
   
2022
   
2021
 
Earnings (loss) per share (basic & diluted)
                    
Numerator - net increase (decrease) in net assets resulting from operations:
  $13,528   $13,371   $(655)   $53,448 
Denominator - weighted average shares:
   54,772,651    42,260,826    50,647,874    42,260,826 
Earnings (loss) per share:
  $0.25   $0.32   ($0.01)   $1.26 
Note 6. Fair Value
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. GAAP establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuations used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:
Level
 1.
 Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company has the ability to access.
Level
 2.
 Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:
 
 a)
Quoted prices for similar assets or liabilities in active markets;
 
 b)
Quoted prices for identical or similar assets or liabilities in
non-active
markets;
 
 c)
Pricing models whose inputs are observable for substantially the full term of the asset or liability; and
 
 d)
Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.
Level
 3.
Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s and, if applicable, an independent third-party valuation firm’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.
When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3).
Gains and losses for assets and liabilities categorized within the Level 3 table below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Such reclassifications involving Level 3 assets and liabilities are reported as transfers in/out of Level 3 as of the end of the quarter in which the reclassifications occur. Within the fair value hierarchy tables below, cash and cash equivalents are excluded but could be classified as Level 1.
 
22
Table of Contents
SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(in thousands, except share amounts)
 
The following tables present the balances of assets and liabilities measured at fair value on a recurring basis, as of September 30, 2022 and December 31, 2021:
Fair Value Measurements
As of September 30, 2022
 
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets:
                    
Senior Secured Loans
  $—     $—     $1,352,503   $1,352,503 
Equipment Financing
   —      —      238,553    238,553 
Preferred Equity
   —      —      4,176    4,176 
Common Equity/Equity Interests/Warrants
   620    —      559,509    560,129 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Investments$
  $620   $—     $ 2,154,741   $2,155,361 
   
 
 
   
 
 
   
 
 
   
 
 
 
Fair Value Measurements
As of December 31, 2021
 
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets:
                    
Senior Secured Loans
  $—     $—     $939,690   $939,690 
Equipment Financing
   —      —      273,795    273,795 
Preferred Equity
   —      —      5,630    5,630 
Common Equity/Equity Interests/Warrants
   1,086    —      450,381    451,467 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Investments$
  $1,086   $—     $ 1,669,496   $1,670,582 
   
 
 
   
 
 
   
 
 
   
 
 
 
Liabilities:
                    
2022 Unsecured Notes
  $—     $—     $150,000   $150,000 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
23
Table of Contents
SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(in thousands, except share amounts)
 
The following tables provide a summary of the changes in fair value of Level 3 assets and liabilities for the three and nine months ended September 30, 2022, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at September 30, 2022:
Fair Value Measurements Using Level 3 Inputs
 
   
Senior Secured
Loans
  
Equipment

Financing
  
Preferred Equity
  
Common Equity/
Equity
Interests/
Warrants
  
Total
 
Fair value, June
 30, 2022
  $ 1,178,247  $ 255,978  $ 4,405  $554,597  $1,993,227 
Total gains or losses included in earnings:
                     
Net realized loss
   (37,231)   —     —     —     (37,231) 
Net change in unrealized gain (loss)
   34,518   (3,849)   59   (139)   30,589 
Purchase of investment securities
   228,399   15,581   67   5,051   249,098 
Proceeds from dispositions of investment securities
   (51,430)   (29,157)   (355)   —     (80,942) 
Transfers in/out of Level 3
   —     —     —     —     —   
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Fair value, September
 30, 2022
  $1,352,503  $238,553  $4,176  $559,509  $2,154,741 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:
                     
Net change in unrealized gain (loss)
  $781  $(3,849)  $59  $(139)  $(3,148) 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
   
Senior Secured
Loans
  
Equipment

Financing
  
Preferred Equity
  
Common Equity/
Equity
Interests/
Warrants
  
Total
 
Fair value, December
 31, 2021
  $939,690  $ 273,795  $ 5,630  $450,381  $1,669,496 
Total gains or losses included in earnings:
                     
Net realized loss
   (37,191)   —     —     —     (37,191) 
Net change in unrealized loss
   (1,890)   (6,828)   (658)   (7,121)   (16,497) 
Purchase of investment securities(1)
   639,306   44,202   202   116,249   799,959 
Proceeds from dispositions of investment securities
   (187,412)   (72,616)   (998)   —     (261,026) 
Transfers in/out of Level 3
   —     —     —     —     —   
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Fair value, September
 30, 2022
  $ 1,352,503  $238,553  $4,176  $559,509  $2,154,741 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
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
  $(2,744)  $(6,828)  $ (658)  $(7,121)  $(17,351) 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
(1)
Includes positions acquired from SUNS as a result of the Merger.
 
24
Table of Contents
SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(in thousands, except share amounts)
 
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 three and nine months ended September 30, 2022:
 
2022 Unsecured Notes
  
For the three months ended
September 30, 2022
 
Beginning fair value
  $ —   
Net realized (gain) loss
   —   
Net change in unrealized (gain) loss
   —   
Borrowings
   —   
Repayments
   —   
Transfers in/out of Level 3
   —   
   
 
 
 
Ending fair value
  $—   
   
 
 
 
 
2022 Unsecured Notes
  
For the nine months ended
September 30, 2022
 
Beginning fair value
  $150,000 
Net realized (gain) loss
   —   
Net change in unrealized (gain) loss
   —   
Borrowings
   —   
Repayments
   (150,000) 
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.
The following table provides a summary of the changes in fair value of Level 3 assets for the year ended December 31, 2021, 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 December 31, 2021:
Fair Value Measurements Using Level 3 Inputs
 
   
Senior Secured
Loans
  
Equipment

Financing
  
Preferred Equity
  
Common Equity/
Equity
Interests/
Warrants
  
Total
 
Fair value, December
 31, 2020
  $798,052  $ 284,846  $6,401  $440,971  $1,530,270 
Total gains or losses included in earnings:
                     
Net realized gain (loss)
   —     (8)   —     345   337 
Net change in unrealized gain (loss)
   (13,567)   1,394   (1,042)   9,857   (3,358) 
Purchase of investment securities
   533,614   76,700   271   —     610,585 
Proceeds from dispositions of investment securities
   (378,409)   (89,137)   —     (675)   (468,221) 
Transfers in/out of Level 3
(1)
   —     —     —     (117)   (117) 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Fair value, December
 31, 2021
  $939,690  $273,795  $5,630  $450,381  $1,669,496 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:
                     
Net change in unrealized gain (loss)
  $(12,837)  $1,394  $(1,042)  $9,597  $(2,888) 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
(1)
On February 17, 2021, the Company exercised its warrants in Senseonics Holdings, Inc., receiving shares in the common stock of Senseonics Holdings, Inc. The common stock of Senseonics Holdings, Inc. is publicly traded, so this position is considered to be a Level 1 asset.
 
25
Table of Contents
SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(in thousands, except share amounts)
 
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, 2021:
 
2022 Unsecured Notes
  
For the year ended
December 31, 2021
 
Beginning fair value
  $150,000 
Net realized (gain) loss
   —   
Net change in unrealized (gain) loss
   —   
Borrowings
   —   
Repayments
   —   
Transfers in/out of Level 3
   —   
   
 
 
 
Ending fair value
  $150,000 
   
 
 
 
The Company made elections to apply the fair value option of accounting to the 2022 Unsecured Notes, in accordance with ASC
825-10.
On December 31, 2021, there were borrowings of $150,000 on the 2022 Unsecured Notes.
Quantitative Information about Level 3 Fair Value Measurements
The Company typically determines the fair value of its performing debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to current contractual interest rates, relative maturities and other key terms and risks associated with an investment. Among other factors, a significant determinant of risk is the amount of leverage used by the portfolio company relative to the total enterprise value of the company, and the rights and remedies of our investment within each portfolio company.
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.
 
26
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SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(in thousands, except share amounts)
 
Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of September 30, 2022 is summarized in the table below:
 
 
  
Asset or
Liability
  
Fair Value at
September 30, 2022
 
  
Principal Valuation
Technique/Methodology
 
Unobservable Input
  
Range (Weighted
Average)
Senior Secured Loans
  Asset  $
$
1,320,263
32,240
 
 
  Income Approach
Market Multiple
(1)
 Market Yield
Comparable Multiple
  
7.6% – 17.8% (10.9%)
0.1x-21.4x(12.0x)
Equipment Financing
  Asset  $
$
117,733
120,820
 
 
  Income Approach
Market Multiple
(2)
 Market Yield
Comparable Multiple
  
8.5% – 9.7% (9.7%)
1.0x-1.28x
(1.14x)
Preferred Equity
  Asset  $4,176   Income Approach Market Yield  5.0% – 5.0% (5.0%)
Common Equity/Equity Interests/Warrants
  Asset  $
$
147,629
411,880
 
 
  Market Multiple
(3)
Market Approach
 Comparable Multiple
Return on Equity
  
7.0x – 9.3x (8.1x)
6.3% – 37.7% (9.7%)
 
(1)
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.
(2)
Includes $120,820 of investments valued using a transaction multiple.
(3)
Includes $624 of investments valued using a Black-Scholes model and $147,005 of investments valued using an EBITDA multiple.
Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of December 31, 2021 is summarized in the table below:
 
 
  
Asset or
Liability
  
Fair Value at
December 31, 2021
 
  
Principal Valuation
Technique/Methodology
 
Unobservable Input
  
Range (Weighted
Average)
Senior Secured Loans
  Asset  $
$
931,769
7,921
 
 
  Income Approach
Market Multiple
(1)
 Market Yield
Comparable Multiple
  
4.0% – 19.6% (8.7%)
2.0x-3.0x(2.5x)/2.0x-3.0x(2.5x)
Equipment Financing
  Asset  $
$
144,693
 129,102
 
 
  Income Approach
Market Approach
 Market Yield
Return on Equity
  
7.1% – 20.3% (9.8%)
4.6%-4.6%
(4.6%)
Preferred Equity
  Asset  $5,630   Income Approach Market Yield  3.5% – 8.0% (4.4%)
Common Equity/Equity Interests/Warrants
  Asset  $
$
151,615
298,766
 
 
  Market Multiple
(2)
Market Approach
 Comparable Multiple
Return on Equity
  
5.8x – 10.5x (9.5x)
6.1% – 18.5% (8.6%)
2022 Unsecured Notes
  Liability  $150,000   Income Approach Market Yield  2.2% – 4.6% (4.5%)
 
(1)
Investments are valued using a
sum-of-the
parts analysis, using expected EBITDA multiples
(2x-3x)
for certain segments of the business and expected revenue multiples
(2x-3x)
for certain segments of the business.
(2)
Includes $403 of investments valued using a Black-Scholes model and $151,212 of investments valued using an EBITDA multiple.
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. Generally, an increase in market yields or decrease in EBITDA multiples may result in a decrease in the fair value of certain of the Company’s investments.
 
27
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SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(in thousands, except share amounts)
 
Note 7. Debt
Our debt obligations consisted of the following as of September 30, 2022 and December 31, 2021:
 
   
September 30, 2022
  
December 31, 2021
 
Facility
  
Face Amount
   
Carrying Value
  
Face Amount
   
Carrying Value
 
Credit Facility
  $460,000   $ 454,868
(1)
 		 $ 322,500   $ 318,015
(1)
 
SPV Credit Facility
   130,200    129,236
(2)
 		  —      —   
2022 Unsecured Notes
   —      —     150,000    150,000 
2022 Tranche C Notes
   21,000    20,991
(3)
 		  21,000    20,964
(3)
 
2023 Unsecured Notes
   75,000    74,881
(4)
 		  75,000    74,592
(4)
 
2024 Unsecured Notes
   125,000    124,350
(5)
 		  125,000    124,143
(5)
 
2025 Unsecured Notes
   85,000    84,572
(6)
 		  —      —   
2026 Unsecured Notes
   75,000    74,468
(7)
 		  75,000    74,384
(7)
 
2027 Unsecured Notes
   50,000    49,950
(8)
 		  50,000    49,940
(8)
 
2027 Series F Unsecured Notes
   135,000    134,975
(9)
 		  —      —   
   
 
 
   
 
 
  
 
 
   
 
 
 
   $ 1,156,200   $ 1,148,291  $ 818,500   $ 812,038 
   
 
 
   
 
 
  
 
 
   
 
 
 
 
(1)
Carrying Value equals the Face Amount net of unamortized debt issuance costs of $5,132 and $4,485 as of September 30, 2022 and December 31, 2021, respectively.
(2)
Carrying Value equals the Face Amount net of unamortized market discount of $964 as of September 30, 2022.
(3)
Carrying Value equals the Face Amount net of unamortized debt issuance costs of $9 and $36 as of September 30, 2022 and December 31, 2021, respectively.
(4)
Carrying Value equals the Face Amount net of unamortized debt issuance costs of $119 and $408 as of September 30, 2022 and December 31, 2021, respectively.
(5)
Carrying Value equals the Face Amount net of unamortized debt issuance costs of $650 and $857 as of September 30, 2022 and December 31, 2021, respectively.
(6)
Carrying Value equals the Face Amount net of unamortized market discount of $428 as of September 30, 2022.
(7)
Carrying Value equals the Face Amount net of unamortized debt issuance costs of $532 and $616 as of September 30, 2022 and December 31, 2021, respectively.
(8)
Carrying Value equals the Face Amount net of unamortized debt issuance costs of $50 and $60 as of September 30, 2022 and December 31, 2021, respectively.
(9)
Carrying Value equals the Face Amount net of unamortized debt issuance costs of $25 as of September 30, 2022.
Unsecured Notes
On April 1, 2022, the Company entered into an assumption agreement (the “Note Assumption Agreement”), effective as of the closing of the Mergers. The Note Assumption Agreement relates to the Company’s assumption of $85,000 in aggregate principal amount of five-year, 3.90% senior unsecured notes, due March 31, 2025 (the “2025 Unsecured Notes”) and other obligations of SUNS under the Note Purchase Agreement, dated as of March 31, 2020 (the “Note Purchase Agreement”), among SUNS and certain institutional investors. Interest on the 2025 Unsecured Notes is due semi-annually on March 31 and September 30. Pursuant to the Note Assumption Agreement, the Company expressly assumed on behalf of SUNS the due and punctual payment of the principal of (and premium, if any) and interest on all the 2025 Unsecured Notes outstanding, and the due and punctual performance and observance of every covenant and every condition of the Note Purchase Agreement, to be performed or observed by SUNS.
On January 6, 2022, the Company closed a private offering of $135,000 of the 2027 Series F Unsecured Notes with a fixed interest rate of 3.33% and a maturity date of January 6, 2027. Interest on the 2027 Series F Unsecured Notes is due semi-annually on January 6 and July 6. The 2027 Series F Unsecured Notes were issued in a private placement only to qualified institutional buyers.
On September 14, 2021, the Company closed a private offering of $50,000 of the 2027 Unsecured Notes with a fixed interest rate of 2.95% and a maturity date of March 14, 2027. Interest on the 2027 Unsecured Notes is due semi-annually on March 14 and September 14. The 2027 Unsecured Notes were issued in a private placement only to qualified institutional buyers.
 
28
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SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(in thousands, except share amounts)
 
On December 18, 2019, the Company closed a private offering of $125,000 of the 2024 Unsecured Notes with a fixed interest rate of 4.20% and a maturity date of December 15, 2024. Interest on the 2024 Unsecured Notes is due semi-annually on June 15 and December 15. The 2024 Unsecured Notes were issued in a private placement only to qualified institutional buyers.
On December 18, 2019, the Company closed a private offering of $75,000 of the 2026 Unsecured Notes with a fixed interest rate of 4.375% and a maturity date of December 15, 2026. Interest on the 2026 Unsecured Notes is due semi-annually on June 15 and December 15. The 2026 Unsecured Notes were issued in a private placement only to qualified institutional buyers.
On December 28, 2017, the Company closed a private offering of $21,000 of the 2022 Tranche C Notes with a fixed interest rate of 4.50% and a maturity date of December 28, 2022. Interest on the 2022 Tranche C Notes is due semi-annually on June 28 and December 28. The 2022 Tranche C Notes were issued in a private placement only to qualified institutional buyers.
On November 22, 2017, we issued $75,000 in aggregate principal amount of publicly registered 2023 Unsecured Notes for net proceeds of $73,846. Interest on the 2023 Unsecured Notes is paid semi-annually on January 20 and July 20, at a fixed rate of 4.50% per year, commencing on January 20, 2018. The 2023 Unsecured Notes mature on January 20, 2023.
On February 15, 2017, the Company closed a private offering of $100,000 of the 2022 Unsecured Notes with a fixed interest rate of 4.60% and a maturity date of May 8, 2022. Interest on the 2022 Unsecured Notes is due semi-annually on May 8 and November 8. The 2022 Unsecured Notes were issued in a private placement only to qualified institutional buyers.
On November 8, 2016, the Company closed a private offering of $50,000 of the 2022 Unsecured Notes with a fixed interest rate of 4.40% and a maturity date of
May 8, 2022
. Interest on the 2022 Unsecured Notes is due semi-annually on May 8 and November 8. The 2022 Unsecured Notes were issued in a private placement only to qualified institutional buyers. The 2022 Unsecured Notes were repaid in full at maturity.
Revolving and Term Loan Facilities
On April 1, 2022, the Company entered into an assumption agreement (the “CF Assumption Agreement”), effective as of the closing of the Mergers. The CF Assumption Agreement relates to the Company’s assumption of the Revolving Credit Facility, originally entered into on August 26, 2011 (as amended from time to time, the “SPV Credit Facility”), by and among SUNS SPV LLC (the “SUNS SPV”), a wholly-owned subsidiary of SUNS, acting as borrower, Citibank, N.A., acting as administrative agent and collateral agent, and the other parties thereto. Currently, the commitment under the SPV Credit Facility is $225,000; however, the commitment can also be expanded up to $600,000. The stated interest rate on the SPV Credit Facility is LIBOR plus
2.00%-2.50%
with no LIBOR floor requirement and the current final maturity date is June 1, 2026. The SPV Credit Facility is secured by all of the assets held by SUNS SPV. Under the terms of the SPV Credit Facility and related transaction documents, the Company as successor to SUNS, and SUNS 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 SPV Credit Facility also includes usual and customary events of default for credit facilities of this nature. At September 30, 2022, outstanding USD equivalent borrowings under the SPV Credit Facility totaled $130,200.
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, the Credit Facility is composed of $600,000 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 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, 2022, outstanding USD equivalent borrowings under the Credit Facility totaled $460,000, composed of $360,000 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.
 
29
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SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(in thousands, except share amounts)
 
The average annualized interest cost for all borrowings for the nine months ended September 30, 2022 and the year ended December 31, 2021 was 3.81% and 3.64%, respectively. These costs are exclusive of other credit facility expenses such as unused fees, agency fees and other prepaid expenses related to establishing and/or amending the Credit Facility, the SPV Credit Facility, the 2022 Unsecured Notes, the 2022 Tranche C Notes, the 2023 Unsecured Notes, the 2024 Unsecured Notes, the 2025 Unsecured Notes, the 2026 Unsecured Notes, the 2027 Unsecured Notes and the 2027 Series F Unsecured Notes (collectively the “Debt Instruments”), if any. The maximum amounts borrowed on the Debt Instruments during the nine months ended September 30, 2022 and the year ended December 31, 2021 were $1,157,100 and $902,550, respectively.
Note 8. Financial Highlights
The following is a schedule of financial highlights for the nine months ended September 30, 2022 and 2021:
 
   
Nine months ended
September 30, 2022
  
Nine months ended
September 30, 2021
 
Per Share Data: (a)
         
Net asset value, beginning of year
  $19.93  $20.16 
   
 
 
  
 
 
 
Net investment income
   1.06   1.09 
Net realized and unrealized gain (loss)
   (1.08)*   0.18 
   
 
 
  
 
 
 
Net increase (decrease) in net assets resulting from operations
   (0.02)   1.27 
Issuance of common stock in connection with the Merger
   (0.31)   —   
Distributions to stockholders:
         
From net investment income
   (1.06)   (1.23) 
From return of capital
 
 
(0.17
)
 
 
 
—
 
   
 
 
  
 
 
 
Net asset value, end of period
  $18.37  $20.20 
   
 
 
  
 
 
 
Per share market value, end of period
  $12.32  $19.13 
Total Return (b)(c)
   (27.75%)   16.46% 
Net assets, end of period
  $1,006,225  $853,490 
Shares outstanding, end of period
   54,772,651   42,260,826 
Ratios to average net assets (c):
         
Net investment income
   5.51%   5.38% 
   
 
 
  
 
 
 
Operating expenses
   3.90%**   4.23% 
Interest and other credit facility expenses
   3.22%   2.51% 
   
 
 
  
 
 
 
Total expenses
   7.12%**   6.74% 
   
 
 
  
 
 
 
Average debt outstanding
  $951,995  $672,962 
Portfolio turnover ratio
   13.8%   20.8% 
 
(a)
Calculated using the average shares outstanding method, except for the issuance of common stock in connection with the Merger, which reflects the actual amount per Share for the applicable period.
(b)
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. The market price per share as of December 31, 2021 and December 31, 2020 was $18.43 and $17.51, respectively. Total return does not include a sales load.
(c)
Not annualized for periods less than one year.
*
The amount shown may not correspond with the aggregate amount for the period as it includes the effect of the timing of the Merger.
**
The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets is shown net of a permanent incentive fee waiver (see note 3).
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 incentive fee waiver.
 
30
Table of Contents
SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(in thousands, except share amounts)
 
Note 9. 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. Crystal Financial owned approximately 98% of the outstanding ownership interest in SLR Credit Solutions (“SLR Credit”), f/k/a Crystal Financial LLC. The remaining financial interest was held by various employees of SLR Credit, through their investment in Crystal Management LP. SLR Credit had a diversified portfolio of 23 loans having a total par value of approximately $400,000 at November 30, 2012 and a $275,000 committed revolving credit facility. On July 28, 2016, the Company purchased Crystal Management LP’s approximately 2% equity interest in SLR Credit for approximately $5,737. Upon the closing of this transaction, the Company holds 100% of the equity interest in SLR Credit. On September 30, 2016, Crystal Capital Financial Holdings LLC was dissolved. As of September 30, 2022, total commitments to the revolving credit facility are $250,000.
As of September 30, 2022 SLR Credit had 27 funded commitments to 21 different issuers with total funded loans of approximately $354,853 on total assets of $375,603. As of December 31, 2021 SLR Credit had 22 funded commitments to 19 different issuers with total funded loans of approximately $287,375 on total assets of $347,821. As of September 30, 2022 and December 31, 2021, the largest loan outstanding totaled $34,178 and $35,000, respectively. For the same periods, the average exposure per issuer was $16,898 and $15,125, respectively. SLR Credit’s credit facility, which is
non-recourse
to the Company, had approximately $139,497 and $100,742 of borrowings outstanding at September 30, 2022 and December 31, 2021, respectively. For the three months ended September 30, 2022 and 2021, SLR Credit had net income of $3,897 and $5,445, respectively, on gross income of $8,596 and $9,508, respectively. For the nine months ended September 30, 2022 and 2021, SLR Credit had net income of $8,557 and $12,497 respectively, on gross income of $22,171 and $27,239, respectively. Due to timing and
non-cash
items, there may be material differences between GAAP net income and cash available for distributions.
 
31
Table of Contents
SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(in thousands, except share amounts)
 
Note 10. Commitments and Contingencies
Off-Balance
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, 2022 and December 31, 2021 is $310,204 and $226,733, respectively, comprised of the following:
 
   
September

30, 2022
   
December

31, 2021
 
SLR Credit Solutions*
  $44,263   $44,263 
Apeel Technology, Inc.
   32,786    —   
World Insurance Associates, LLC
   25,554    —   
CC SAG Holdings Corp. (Spectrum Automotive)
   24,346    18,827 
Human Interest, Inc.
   20,104    —   
Glooko, Inc.
   17,868    25,091 
Spectrum Pharmaceuticals, Inc.
   12,279    —   
iCIMS, Inc.
   11,577    —   
BridgeBio Pharma, Inc.
   9,016    23,049 
BDG Media, Inc.
   8,573    —   
RSC Acquisition, Inc.
   8,553    —   
Arcutis Biotherapeutics, Inc.
   8,356    43,470 
Atria Wealth Solutions, Inc.
   8,215    3,746 
Ardelyx, Inc.
   7,752    —   
Luxury Asset Capital, LLC
   7,500    —   
OIS Management Services, LLC
   5,205    —   
Vessco Midco Holdings, LLC
   4,098    —   
One Touch Direct, LLC
   4,013    7,226 
Kaseya, Inc.
   3,936    —   
Maurices, Incorporated
   3,922    5,649 
Foundation Consumer Brands, LLC
   3,009    2,269 
Inszone Mid, LLC
   2,790    12,465 
Kid Distro Holdings, LLC
   2,650    2,650 
Plastics Management, LLC
   2,424    —   
Pediatric Home Respiratory Services, LLC
   2,380    —   
Southern Orthodontic Partners Management, LLC
   2,292    —   
Basic Fun, Inc.
   2,150    1,935 
Copper River Seafoods, Inc.
   2,043    —   
Peter C. Foy & Associates Insurance Services, LLC
   1,969    —   
Orthopedic Care Partners Management, LLC
   1,896    —   
MMIT Holdings, LLC
   1,894    2,009 
SPAR Marketing Force, Inc.
   1,613    —   
Ivy Fertility Services, LLC
   1,571    4,532 
NAC Holdings Corporation
   1,479    4,765 
SLR Healthcare ABL*
   1,400    —   
RxSense Holdings LLC
   1,250    —   
Erie Construction
Mid-west,
LLC
   1,247    —   
Composite Technology Acquisition Corp.
   1,139    —   
Enverus Holdings, Inc.
   1,004    —   
SLR Equipment Finance
   1,000    5,000 
American Teleconferencing Services, Ltd.
   914    573 
SunMed Group Holdings, LLC
   843    828 
All State Ag Parts, LLC
   730    —   
Ultimate Baked Goods Midco LLC
   551    801 
BayMark Health Services, Inc.
   391    —   
Pinnacle Treatment Centers, Inc.
   387    1,414 
GSM Acquisition Corp.
   365    —   
High Street Buyer, Inc.
   327    —   
Tilley Distribution, Inc.
   293    —   
TAUC Management, LLC
   287    —   
RQM+ Corp.
   —      3,818 
Rezolute, Inc.
   —      5,675 
SOC Telemed, Inc.
   —      4,448 
Neuronetics, Inc.
   —      2,230 
   
 
 
   
 
 
 
Total Commitments
  $ 310,204   $ 226,733 
   
 
 
   
 
 
 
 
*
The Company controls the funding of the SLR Credit Solutions and SLR Healthcare ABL commitments and may cancel them at its discretion.
 
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SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(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 September 30, 2022 and December 31, 2021, the Company had sufficient cash available and/or liquid securities available to fund its commitments and had reviewed them for any appropriate fair value adjustment.​​​​​​​
Note 11. SLR Equipment Finance
On July 31, 2017, we acquired a 100% equity interest in NEF Holdings, LLC, which conducts its business through its wholly-owned subsidiary Nations Equipment Finance, LLC. Effective February 25, 2021, Nations Equipment Finance, LLC and its related companies is doing business as SLR Equipment Finance (“SLR Equipment”). SLR Equipment is an independent equipment finance company that provides senior secured loans and leases primarily to U.S. based companies. 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.
As of September 30, 2022, SLR Equipment had 129 funded equipment-backed leases and loans to 59 different customers with a total net investment in leases and loans of approximately $189,254 on total assets of $241,189. As of December 31, 2021, SLR Equipment had 135 funded equipment-backed leases and loans to 61 different customers with a total net investment in leases and loans of approximately $210,986 on total assets of $264,007. As of September 30, 2022 and December 31, 2021, the largest position outstanding totaled $19,272 and $19,207, respectively. For the same periods, the average exposure per customer was $3,208 and $3,459, respectively. SLR Equipment’s credit facility, which is
non-recourse
to the Company, had approximately $110,997 and $118,002 of borrowings outstanding at September 30, 2022 and December 31, 2021, respectively. For the three months ended September 30, 2022 and September 30, 2021, SLR Equipment had net income (loss) of $1,034 and ($306), respectively, on gross income of $6,486 and $5,809, respectively. For the nine months ended September 30, 2022 and September 30, 2021, SLR Equipment had net loss of $125 and $2,301, respectively, on gross income of $15,704 and $16,443, respectively. Due to timing and
non-cash
items, there may be material differences between GAAP net income and cash available for distributions.
 
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Table of Contents
SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(in thousands, except share amounts)
 
Note 12. Capital Share Transactions
As of September 30, 2022 and September 30, 2021, 200,000,000 shares of $0.01 par value capital stock were authorized.
Transactions in capital stock were as follows:
 
                                                                                                                                     
   
Shares
   
Amount
 
   
Three months ended
September 30, 2022
   
Three months ended
September 30, 2021
   
Three months ended
September 30, 2022
   
Three months ended
September 30, 2021
 
Shares issued in connection with the Mergers
  
 
—  
 
  
 
—  
 
  
$
—  
 
  
$
—  
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net increase
  
 
—  
 
  
 
—  
 
  
$
—  
 
  
$
—  
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
                                                                                                                                     
   
Shares
   
Amount
 
   
Nine months ended
September 30, 2022
   
Nine months ended
September 30, 2021
   
Nine months ended
September 30, 2022
   
Nine months ended
September 30, 2021
 
Shares issued in connection with the Mergers
  
 
12,511,825
 
  
 
—  
 
  
$
226,839
 
  
$
—  
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net increase
  
 
12,511,825
 
  
 
—  
 
  
$
226,839
 
  
$
—  
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Note 13. Kingsbridge Holdings, LLC
On November 3, 2020, the Company acquired an 87.5% equity interest in Kingsbridge Holdings, LLC (“KBH”) through KBH Topco LLC (“KBHT”), a newly formed Delaware corporation. KBH is a residual focused independent
mid-ticket
lessor of equipment primarily to U.S. investment grade companies. The Company invested $216,596 to effect the transaction, of which $136,596 was invested to acquire 87.5% of KBHT’s equity and $80,000 in KBH’s debt. The existing management team of KBH committed to continue 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, 2022 and December 31, 2021, KBHT had total assets of $774,619 and $738,425, respectively. For the same periods, debt recourse to KBHT totaled $246,210 and $216,881, respectively, and
non-recourse
debt totaled $316,840 and $323,844, respectively. None of the debt is recourse to the Company. For the three months ended September 30, 2022 and 2021, KBHT had net income of $3,327 and $3,163, respectively, on gross income of $71,332 and $60,510, respectively. For the nine months ended September 30, 2022 and 2021, KBHT had net income of $10,393 and $10,314, respectively, on gross income of $215,074 and $180,079, respectively. Due to timing and
non-cash
items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in KBHT’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that KBHT will be able to maintain consistent dividend payments to us.
Note 14. SLR Healthcare ABL
SUNS acquired an equity interest in SLR Healthcare ABL, f/k/a Gemino Healthcare Finance, LLC (“SLR Healthcare”) on September 30, 2013. SLR Healthcare is a commercial finance company that originates, underwrites, and manages primarily secured, asset-based loans for small and
mid-sized
companies operating in the healthcare industry. SUNS initial investment in SLR Healthcare ABL was $32,839. The management team of SLR Healthcare
co-invested
in the transaction and continues to lead SLR Healthcare. As of September 30, 2022, SLR Healthcare’s management team and the Company own approximately 7% and 93% of the equity in SLR Healthcare, respectively. SLRC acquired SLR Healthcare in connection with the Merger on April 1, 2022.
Concurrent with the closing of the transaction, SLR Healthcare entered into a new, four-year,
non-recourse,
$100,000 credit facility with
non-affiliates,
which was expandable to $150,000 under its accordion feature. Effective March 31, 2014, the credit facility was expanded to $105,000 and again on June 27, 2014 to $110,000. On May 27, 2016, SLR Healthcare entered into a new $125,000 credit facility which replaced the previously existing facility. The new facility has similar terms as compared to the previous facility and includes an accordion feature increase to $200,000 and had a maturity date of May 27, 2020. On June 28, 2019, this $125,000 facility was amended, extending the maturity date to June 28, 2023.
 
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SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(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, 2022, the portfolio totaled approximat
e
ly $179,633
of commitments with a total net investment in loans of $81,360 on total assets of $93,010. As of December 31, 2021, the portfolio totaled approximately $183,501 of commitments with a total net investment in loans of $81,604 on total assets of $91,275. At September 30, 2022, the portfolio consisted of 37 issuers with an average balance of approximately $2,199 versus 36 issuers with an average balance of approximately $2,267 at December 31, 2021. All of the commitments in SLR Healthcare’s portfolio are floating-rate, senior-secured,
cash-pay
loans. SLR Healthcare’s credit facility, which is
non-recourse
to us, had approximately $62,000 and $60,000 of borrowings outstanding at September 30, 2022 and December 31, 2021, respectively. For the three months ended September 30, 2022 and 2021, SLR Healthcare had net income (loss) of $822 and ($40), respectively, on gross income of $3,020 and $2,631, respectively. For the nine months ended September 30, 2022 and 2021, SLR Healthcare had net income of $2,543 and $494, respectively, on gross income of $7,898 and $7,035, respectively. Due to timing and
non-cash
items, there
may
be material differences between GAAP net income and cash available for distributions.
Note 15. SLR Business Credit
SUNS acquired 100% of the equity interests of North Mill Capital LLC (“NMC”) on October 20, 2017. NMC is a leading asset-backed lending commercial finance company that provides senior secured asset-backed financings to U.S. based
small-to-medium-sized
businesses primarily in the manufacturing, services and distribution industries. SUNS invested approximately $51,000 to effect the transaction. Subsequently, SUNS contributed 1% of its equity interest in NMC to ESP SSC Corporation. Immediately thereafter, SUNS and ESP SSC Corporation contributed their equity interests to NorthMill LLC (“North Mill”). On May 1, 2018, North Mill merged with and into NMC, with NMC being the surviving company. SUNS and ESP SSC Corporation then owned 99% and 1% of the equity interests of NMC, respectively. The management team of NMC continues to lead NMC. On June 28, 2019, North Mill Holdco LLC (“NM Holdco”), a newly formed entity and ESP SSC Corporation acquired 100% of Summit Financial Resources, a Salt Lake City-based provider of asset-backed financing to small and
medium-sized
businesses. As part of this transaction, SUNS 99% interest in the equity of NMC was contributed to NM Holdco. This approximately $15,500 transaction was financed with borrowings on NMC’s credit facility. Effective February 25, 2021, NMC and its related companies are doing business as SLR Business Credit. On June 3, 2021, NMC acquired 100% of Fast Pay Partners LLC, a Los Angeles-based provider of asset-backed financing to digital media companies. 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 Merger 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, 2022, the portfolio totaled approximately $554,171 of commitments, of which $295,973 were funded, on total assets of $346,278. As of
December 31, 2021, the portfolio totaled approximately $513,869 of commitments, of which $248,652 were funded, on total assets of $290,794. At
September 30, 2022, the portfolio consisted of 109 issuers with an average balance of approximately $2,715 versus 125 issuers with an average balance
of approximately $1,989 at December 31, 2021. NMC has a senior credit facility with a bank lending group for $240,000 which expires on
November 13, 2025. Borrowings are secured by substantially all of NMC’s assets. NMC’s credit facility, which is
non-recourse
to us, had
approximately $237,510 and $183,252 of borrowings outstanding at September 30, 2022 and December 31, 2021, respectively. For the three months
ended September 30, 2022 and 2021, SLR Business Credit had net income of $1,977 and $2,577, respectively, on gross income of $7,607 and $6,857,
respectively. For the nine months ended September 30, 2022 and 2021, SLR Business Credit had net income of $5,703 and $4,737, respectively, on
gross income of $20,378 and $16,674, respectively. Due to timing and
non-cash
items, there may be material differences between GAAP net income
and cash available for distributions. As such, and subject to fluctuations in SLR Business Credit’s funded commitments, the timing of originations, and
the repayments of financings, the Company cannot guarantee that SLR Business Credit will be able to maintain consistent dividend payments to us.
 
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SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(in thousands, except share amounts)
 
Note 16. Merger with SUNS
On December 1, 2021, we entered into the Merger Agreement, which provides that, subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into SUNS, with SUNS continuing as the surviving company and as our wholly-owned subsidiary and, immediately thereafter, SUNS will merge with and into us, with us continuing as the surviving company. Both the Board and SUNS’s board of directors, including all of the respective independent directors, in each case, on the recommendation of a special committee comprised solely of the independent directors of us or SUNS, as applicable, have approved the Merger Agreement and the transactions contemplated thereby.
The Merger Agreement contains customary representations and warranties by each of us, SUNS and the Investment Adviser. The Merger Agreement also contains customary covenants, including, among others, covenants relating to the operation of each of our and SUNS’s businesses during the period prior to the closing of the Mergers.
Consummation of the Mergers, which occurred on April 1, 2022, was subject to certain closing conditions as disclosed in the Merger Agreement.
On April 1, 2022, the Company completed its previously announced acquisition of SUNS. Pursuant to the Merger Agreement, Merger Sub was first merged with and into SUNS, with SUNS as the surviving corporation, and, immediately following the Merger, SUNS was then merged with and into the Company, with the Company as the surviving company. In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each outstanding share of SUNS’s common stock was converted into the right to receive 0.7796 shares of the Company’s common stock (with SUNS’s stockholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the Mergers, the Company issued an aggregate of 12,511,825 shares of its common stock to former SUNS stockholders.
The Merger is accounted for as an asset acquisition of SLR Senior Investment Corp. by the Company in accordance with the asset acquisition method of accounting as detailed in ASC
805-50,
Business Combinations – Related Issues, with the fair value of total consideration paid in conjunction with the Merger allocated to the assets acquired and liabilities assumed based on their relative fair values as of the date of the Merger. Generally, under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair values of net identifiable assets acquired other than certain
“non-qualifying”
assets (for example cash) and does not give rise to goodwill. The Company is the accounting survivor of the Merger. The Merger was considered a
tax-free
reorganization and the historical cost basis of the acquired SUNS investments are carried forward for tax purposes. Prior to the Merger, SUNS was also managed by the Investment Adviser.
The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Merger:
 
Common stock issued by the Company
(1)
  $227,602 
   
 
 
 
Assets acquired:
     
Investments, at fair value
  $400,105 
Cash
   2,313 
Other assets
   4,662 
   
 
 
 
Total assets acquired
  $407,080 
   
 
 
 
Liabilities assumed:
     
Debt, at fair value
  $159,816 
Other liabilities
   2,573 
   
 
 
 
Total liabilities assumed
  $162,389 
   
 
 
 
Net assets acquired
  $244,691 
   
 
 
 
Total purchase discount
  $(17,089) 
   
 
 
 
 
(1)
Based on the market price at closing of $18.13, adjusted for transaction costs.
 
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SLR INVESTMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)(continued)
September 30, 2022
(in thousands, except share amounts)
 
Letter Agreement
On April 1, 2022, in connection with the consummation of the Mergers, the Company entered into a letter agreement (the “Letter Agreement”) pursuant to which the Investment Adviser voluntarily agreed to a permanent 25 basis point reduction of the annual base management fee rate payable by the Company to the Investment Adviser pursuant to the Advisory Agreement, resulting in an annual base management fee rate payable by the Company to the Investment Adviser of 1.50% on gross assets up to 200% of the Company’s total net assets. The Company retained the annual base management fee rate payable by the Company to the Investment Adviser of 1.00% on gross assets that exceed 200% of the Company’s total net assets.
Note 17. Stock Repurchase Program
On May 3, 2022, our Board authorized a program for the purpose of repurchasing up to $50,000 of our outstanding shares of common stock. 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. In addition, any repurchases will be conducted in accordance with the 1940 Act. Unless amended or extended by our Board, we expect the repurchase program to be in place until the earlier of May 1, 2023 or until $50,000 of our outstanding shares of common stock have been repurchased. The timing and number of shares to be repurchased will depend on a number of factors, including market conditions. There are no assurances that we will engage in any repurchases. As of September 30, 2022, no repurchases have taken place.
Note 18. Subsequent Events
The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued.
On October 5, 2022, our Board declared a monthly distribution of $0.136667 per share payable on November 2, 2022 to holders of record as of October 20, 2022.
On October 12, 2022, the Company entered into a joint venture agreement with SunStone Senior Credit L.P. (the “Investor”) to create SLR Senior Lending Program LLC (“SSLP”). The joint venture is expected to invest primarily in senior secured cash flow loans. The Company and the Investor each have made initial equity commitments of $50,000, resulting in a total equity commitment of $100,000. SSLP intends to seek third party financing to allow the joint venture to utilize leverage. The Company and the Investor expect to begin funding SSLP with investments prior to the end of 2022. Investment decisions and all material decisions in respect of SSLP must be approved by representatives of the Company and the Investor.
On November 2, 2022, our Board declared a monthly distribution of $0.136667 per share payable on December 1, 2022 to holders of record as of November 17, 2022.
 
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Table of Contents
Report of Independent Registered Public Accounting Firm
To the Stockholders and Board of Directors
SLR Investment Corp.:
Results of Review of Interim Financial Information
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, 2022, the related consolidated statements of operations and changes in net assets, for the three-month and nine-month periods ended September 30, 2022 and 2021, the related consolidated statements of cash flows for the nine-month periods ended September 30, 2022 and 2021, 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. generally accepted accounting principles.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities, including the consolidated schedule of investments, of the Company as of December 31, 2021, and the related consolidated statements of operations, changes in net assets, and cash flows for the year then ended (not presented herein); and in our report dated March 1, 2022, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of December 31, 2021, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities, including the consolidated schedule of investments, from which it has been derived.
Basis for Review Results
This consolidated interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with the standards of the PCAOB. A review of consolidated interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
/s/ KPMG LLP
New York, New York
November 2, 2022
 
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Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
The information contained in this section should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this report.
Some of the statements in this report constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained herein involve risks and uncertainties, including statements as to:
 
 • 
our future operating results, including our ability to achieve objectives as a result of the current
COVID-19
pandemic;
 
 • 
our business prospects and the prospects of our portfolio companies;
 
 • 
the impact of investments that we expect to make;
 
 • 
our contractual arrangements and relationships with third parties;
 
 • 
the dependence of our future success on the general economy and its impact on the industries in which we invest and the impact of the
COVID-19
pandemic thereon;
 
 • 
the impact of any protracted decline in the liquidity of credit markets on our business and the impact of the
COVID-19
pandemic thereon;
 
 • 
the ability of our portfolio companies to achieve their objectives, including as a result of the current
COVID-19
pandemic;
 
 • 
the valuation of our investments in portfolio companies, particularly those having no liquid trading market, and the impact of the
COVID-19
pandemic thereon;
 
 • 
market conditions and our ability to access alternative debt markets and additional debt and equity capital, and the impact of the
COVID-19
pandemic thereon;
 
 • 
our expected financings and investments;
 
 • 
the adequacy of our cash resources and working capital;
 
 • 
the timing of cash flows, if any, from the operations of our portfolio companies and the impact of the
COVID-19
pandemic thereon; and
 
 • 
the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments and the impacts of the
COVID-19
pandemic thereon.
 
 • 
changes in the political conditions and relations between the United States, Russia, Ukraine and other nations.
These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:
 
 • 
an economic downturn, including as a result of the current
COVID-19
pandemic, could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;
 
 • 
a contraction of available credit and/or an inability to access the equity markets, including as a result of the current
COVID-19
pandemic, could impair our lending and investment activities;
 
 • 
interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;
 
 • 
currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;
 
 • 
the ability to realize the anticipated benefits of the Mergers;
 
 • 
the effects of disruption on our business from the Mergers;
 
 • 
the combined company’s plans, expectations, objectives and intentions as a result of the Mergers;
 
 • 
the risks, uncertainties and other factors we identify in Item 1A. — Risk Factors contained in our Annual Report on Form
10-K
for the year ended December 31, 2021, elsewhere in this Quarterly Report on Form
10-Q
and in our other filings with the SEC.
We generally use words such as “anticipates,” “believes,” “expects,” “intends” and similar expressions to identify forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements for any reason, including any factors set forth in “Risk Factors” and elsewhere in this report.
We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including any annual reports on Form
10-K,
quarterly reports on Form
10-Q
and current reports on Form
8-K.
 
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Overview
Solar Capital LLC, a Maryland limited liability company, was formed in February 2007 and commenced operations on March 13, 2007 with initial capital of $1.2 billion of which 47.04% was funded by affiliated parties.
SLR Investment Corp. (the “Company”, “SLRC”, “we” or “our”), a Maryland corporation formed in November 2007, is a
closed-end,
externally managed,
non-diversified
management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Furthermore, as the Company is an investment company, it continues to apply the guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. In addition, for U.S federal income tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
On February 9, 2010, we priced our initial public offering, selling 5.68 million shares of our common stock. Concurrent with our initial public offering, Michael S. Gross, our Chairman,
Co-Chief
Executive Officer and President, and Bruce Spohler, our
Co-Chief
Executive Officer and Chief Operating Officer, collectively purchased an additional 0.6 million shares of our common stock through a private placement transaction exempt from registration under the Securities Act.
We invest primarily in privately held U.S. middle-market companies, where we believe the supply of primary capital is limited and the investment opportunities are most attractive. Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We invest primarily in leveraged middle-market companies in the form of senior secured loans, financing leases and to a lesser extent, unsecured loans and equity securities. From time to time, we may also invest in public companies that are thinly traded. Our business is focused primarily on the direct origination of investments through portfolio companies or their financial sponsors. Our investments generally range between $5 million and $100 million each, although we expect that this investment size will vary proportionately with the size of our capital base and/or with strategic initiatives. Our investment activities are managed by SLR Capital Partners, LLC (the “Investment Adviser”) and supervised by the board of directors (the “Board)”, a majority of whom are
non-interested,
as such term is defined in the 1940 Act. SLR Capital Management, LLC (the “Administrator”) provides the administrative services necessary for us to operate.
In addition, we may invest a portion of our portfolio in other types of investments, which we refer to as opportunistic investments, which are not our primary focus but are intended to enhance our overall returns. These investments may include, but are not limited to, direct investments in public companies that are not thinly traded and securities of leveraged companies located in select countries outside of the United States.
Merger Agreement
On December 1, 2021, we entered into an Agreement and Plan of Merger, or the Merger Agreement, with SLR Senior Investment Corp., a Maryland corporation (“SUNS”), Solstice Merger Sub, Inc., a Maryland corporation and our wholly-owned subsidiary (“Merger Sub”), and, solely for the limited purposes set forth therein, the Investment Adviser. The Merger Agreement provides that, subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into SUNS, with SUNS continuing as the surviving company and as SUNS’s wholly-owned subsidiary (the “Merger,”) and, immediately thereafter, SUNS will merge with and into us, with us continuing as the surviving company (together with the Merger, the “Mergers”). Both the Board and SUNS’s board of directors, including all of the respective independent directors, in each case, on the recommendation of a special committee comprised solely of the independent directors of us and SUNS, as applicable, have approved the Merger Agreement and the transactions contemplated thereby.
The Merger Agreement contains customary representations and warranties by each of us, SUNS and the Investment Adviser. The Merger Agreement also contains customary covenants, including, among others, covenants relating to the operation of each of our and SUNS’s businesses during the period prior to the closing of the Mergers.
Consummation of the Mergers, which occurred on April 1, 2022, was subject to certain closing conditions as disclosed in the Merger Agreement.
On April 1, 2022, we completed our previously announced acquisition of SUNS. Pursuant to the Merger Agreement, Merger Sub was first merged with and into SUNS, with SUNS as the surviving corporation, and, immediately following the Merger, SUNS was then merged with and into us, with us as the surviving company. In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each outstanding share of SUNS’s common stock was converted into the right to receive 0.7796 shares of our common stock (with SUNS’s stockholders receiving cash in lieu of fractional shares of our common stock). As a result of the Mergers, we issued an aggregate of 12,511,825 shares of our common stock to former SUNS stockholders.
 
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Table of Contents
The Merger is accounted for as an asset acquisition of SLR Senior Investment Corp. by the Company in accordance with the asset acquisition method of accounting as detailed in ASC
805-50,
Business Combinations – Related Issues, with the fair value of total consideration paid in conjunction with the Merger allocated to the assets acquired and liabilities assumed based on their relative fair values as of the date of the Merger. Generally, under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair values of net identifiable assets acquired other than certain
“non-qualifying”
assets (for example cash) and does not give rise to goodwill. The Company is the accounting survivor of the Merger. The Merger was considered a
tax-free
reorganization and the historical cost basis of the acquired SUNS investments are carried forward for tax purposes.
Letter Agreement
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, resulting in an annual base management fee rate payable by us to the Investment Adviser of 1.50% on gross assets up to 200% of our total net assets. We retained the annual base management fee rate payable by us to the Investment Adviser of 1.00% on gross assets that exceed 200% of our total net assets.
Recent Developments
On October 5, 2022, our Board declared a monthly distribution of $0.136667 per share payable on November 2, 2022 to holders of record as of October 20, 2022.
On October 12, 2022, the Company entered into a joint venture agreement with SunStone Senior Credit L.P. (the “Investor”) to create SLR Senior Lending Program LLC (“SSLP”). The joint venture is expected to invest primarily in senior secured cash flow loans. The Company and the Investor each have made initial equity commitments of $50 million, resulting in a total equity commitment of $100 million. SSLP intends to seek third party financing to allow the joint venture to utilize leverage. The Company and the Investor expect to begin funding SSLP with investments prior to the end of 2022. Investment decisions and all material decisions in respect of SSLP must be approved by representatives of the Company and the Investor.
On November 2, 2022, our Board declared a monthly distribution of $0.136667 per share payable on December 1, 2022 to holders of record as of November 17, 2022.
The global outbreak of the
COVID-19
pandemic, and the related effect on the U.S. and global economies, has continued to have adverse consequences for the business operations of some of the Company’s portfolio companies and, as a result, has had adverse effects on the Company’s operations. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, including the Company, remain uncertain. The operational and financial performance of the issuers of securities in which the Company invests depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Company’s investments and negatively impact the Company’s performance.
Investments
Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make. As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” The definition of “eligible portfolio company” includes certain public companies that do not have any securities listed on a national securities exchange and companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.
Revenue
We generate revenue primarily in the form of interest and dividend income from the securities we hold and capital gains, if any, on investment securities that we may sell. Our debt investments generally have a stated term of three to seven years and typically bear interest at a floating rate usually determined on the basis of a benchmark London interbank offered rate (“LIBOR”), the Secured Overnight Financing Rate (“SOFR”), commercial paper rate, or the prime rate. Interest on our debt investments is generally payable monthly or quarterly but may be
bi-monthly
or semi-annually. In addition, our investments may provide
payment-in-kind
(“PIK”) income. Such amounts of accrued PIK income are added to the cost of the investment on the respective capitalization dates and generally become due at maturity of the investment or upon the investment being called by the issuer. We may also generate revenue in the form of commitment, origination, structuring fees, fees for providing managerial assistance and, if applicable, consulting fees, etc.
 
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Expenses
All investment professionals of the investment adviser and their respective staffs, when and to the extent engaged in providing investment advisory and management services, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Investment Adviser. We bear all other costs and expenses of our operations and
transactions, including (without limitation):
 
 •
the cost of our organization and public offerings;
 
 •
the cost of calculating our net asset value, including the cost of any third-party valuation services;
 
 •
the cost of effecting sales and repurchases of our shares and other securities;
 
 •
interest payable on debt, if any, to finance our investments;
 
 •
fees payable to third parties relating to, or associated with, making investments, including fees and expenses associated with performing due diligence reviews of prospective investments and advisory fees;
 
 •
transfer agent and custodial fees;
 
 •
fees and expenses associated with marketing efforts;
 
 •
federal and state registration fees, any stock exchange listing fees;
 
 •
federal, state and local taxes;
 
 •
independent directors’ fees and expenses;
 
 •
brokerage commissions;
 
 •
fidelity bond, directors and officers errors and omissions liability insurance and other insurance premiums;
 
 •
direct costs and expenses of administration, including printing, mailing, long distance telephone and staff;
 
 •
fees and expenses associated with independent audits and outside legal costs;
 
 •
costs associated with our reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws; and
 
 •
all other expenses incurred by either SLR Capital Management or us in connection with administering our business, including payments under the Administration Agreement that will be based upon our allocable portion of overhead and other expenses incurred by SLR Capital Management in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions, and our allocable portion of the costs of compensation and related expenses of our chief compliance officer and our chief financial officer and their respective staffs.
We expect our general and administrative operating expenses related to our ongoing operations to increase moderately in dollar terms. During periods of asset growth, we generally expect our general and administrative operating expenses to decline as a percentage of our total assets and increase during periods of asset declines. Incentive fees, interest expense and costs relating to future offerings of securities, among others, may also increase or reduce overall operating expenses based on portfolio performance, interest rate benchmarks, and offerings of our securities relative to comparative periods, among other factors.
Portfolio and Investment Activity
During the three months ended September 30, 2022, we invested approximately $245.4 million across 44 portfolio companies. This compares to investing approximately $230.7 million in 23 portfolio companies for the three months ended September 30, 2021. Investments sold, prepaid or repaid during the three months ended September 30, 2022 totaled approximately $81.1 million versus approximately $105.9 million for the three months ended September 30, 2021.
At September 30, 2022, our portfolio consisted of 135 portfolio companies and was invested 30.2% in cash flow senior secured loans, 31.9% in asset-based senior secured loans / SLR Credit Solutions (“SLR Credit”) / SLR Healthcare ABL / SLR Business Credit, 21.6% in equipment senior secured financings / SLR Equipment Finance (“SLR Equipment”) / Kingsbridge Holdings, LLC (“KBH”) and 16.3% in life science senior secured loans, in each case, measured at fair value, versus 106 portfolio companies and was invested 28.4% in cash flow senior secured loans, 26.5% in asset-based senior secured loans / SLR Credit, 30.4% in equipment senior secured financings / SLR Equipment / KBH, and 14.7% in life science senior secured loans, in each case, measured at fair value, at September 30, 2021.
 
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At September 30, 2022, 79.7% or $1.71 billion of our income producing investment portfolio
*
is floating rate and 20.3% or $434.9 million is fixed rate, measured at fair value. At September 30, 2021, 74.1% or $1.20 billion of our income producing investment portfolio
*
is floating rate and 25.9% or $418.4 million is fixed rate, measured at fair value. As of September 30, 2022 and 2021, we had three and one issuers, respectively, on
non-accrual
status.
 
*
 
We have included SLR Credit Solutions, SLR Equipment Finance, SLR Healthcare ABL, SLR Business Credit and Kingsbridge Holdings, LLC within our income producing investment portfolio.
SLR Credit Solutions
On December 28, 2012, we acquired an equity interest in Crystal Capital Financial Holdings LLC (“Crystal Financial”) for $275 million in cash. Crystal Financial owned approximately 98% of the outstanding ownership interest in SLR Credit Solutions (“SLR Credit”), f/k/a Crystal Financial LLC. The remaining financial interest was held by various employees of SLR Credit, through their investment in Crystal Management LP. SLR Credit had a diversified portfolio of 23 loans having a total par value of approximately $400 million at November 30, 2012 and a $275 million committed revolving credit facility. On July 28, 2016, the Company purchased Crystal Management LP’s approximately 2% equity interest in SLR Credit for approximately $5.7 million. Upon the closing of this transaction, the Company holds 100% of the equity interest in SLR Credit. On September 30, 2016, Crystal Capital Financial Holdings LLC was dissolved. As of September 30, 2022, total commitments to the revolving credit facility are $250 million.
As of September 30, 2022, SLR Credit had 27 funded commitments to 21 different issuers with total funded loans of approximately $354.9 million on total assets of $375.6 million. As of December 31, 2021, SLR Credit had 22 funded commitments to 19 different issuers with total funded loans of approximately $287.4 million on total assets of $347.8 million. As of September 30, 2022 and December 31, 2021, the largest loan outstanding totaled $34.2 million and $35.0 million, respectively. For the same periods, the average exposure per issuer was $16.9 million and $15.1 million, respectively. SLR Credit’s credit facility, which is
non-recourse
to the Company, had approximately $139.5 million and $100.7 million of borrowings outstanding at September 30, 2022 and December 31, 2021, respectively. For the three months ended September 30, 2022 and 2021, SLR Credit had net income of $3.9 million and $5.4 million, respectively, on gross income of $8.6 million and $9.5 million, respectively. For the nine months ended September 30, 2022 and 2021, SLR Credit had net income of $8.6 million and $12.5 million, respectively, on gross income of $22.2 million and $27.2 million, respectively. Due to timing and
non-cash
items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in SLR Credit’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that SLR Credit will be able to maintain consistent dividend payments to us.
SLR Equipment Finance
On July 31, 2017, we acquired a 100% equity interest in NEF Holdings, LLC, which conducts its business through its wholly-owned subsidiary Nations Equipment Finance, LLC. Effective February 25, 2021, Nations Equipment Finance, LLC and its related companies is doing business as SLR Equipment Finance (“SLR Equipment”). SLR Equipment is an independent equipment finance company that provides senior secured loans and leases primarily to U.S. based companies. We invested $209.9 million in cash to effect the transaction, of which $145.0 million 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 $64.9 million 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 $150.0 million
non-recourse
facility with an accordion feature to expand up to $250.0 million. In September 2019, SLR Equipment amended the facility, increasing commitments to $214.0 million with an accordion feature to expand up to $314.0 million and extended the maturity date of the facility to July 31, 2023.
As of September 30, 2022, SLR Equipment had 129 funded equipment-backed leases and loans to 59 different customers with a total net investment in leases and loans of approximately $189.3 million on total assets of $241.2 million. As of December 31, 2021, SLR Equipment had 135 funded equipment-backed leases and loans to 61 different customers with a total net investment in leases and loans of approximately $211.0 million on total assets of $264.0 million. As of September 30, 2022 and December 31, 2021, the largest position outstanding totaled $19.3 million and $19.2 million, respectively. For the same periods, the average exposure per customer was $3.2 million and $3.5 million, respectively. SLR Equipment’s credit facility, which is
non-recourse
to the Company, had approximately $111.0 million and $118.0 million of borrowings outstanding at September 30, 2022 and December 31, 2021, respectively. For the three months ended September 30, 2022 and 2021, SLR Equipment had net income (loss) of $1.0 million and ($0.3) million, respectively, on gross income of $6.5 million and $5.8 million, respectively. For the nine months ended September 30, 2022 and 2021, SLR Equipment had net loss of $0.1 million and $2.3 million, respectively, on gross income of $15.7 million and $16.4 million, respectively. Due to timing and
non-cash
items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in SLR Equipment’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that SLR Equipment will be able to maintain consistent dividend payments to us.
 
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Kingsbridge Holdings, LLC
On November 3, 2020, the Company acquired 87.5% of Kingsbridge Holdings, LLC (“KBH”) through KBH Topco LLC (“KBHT”), a newly formed Delaware corporation. KBH is a residual focused independent
mid-ticket
lessor of equipment primarily to U.S. investment grade companies. The Company invested $216.6 million to effect the transaction, of which $136.6 million was invested to acquire 87.5% of KBHT’s equity and $80.0 million in KBH’s debt. The existing management team of KBH committed to continue 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, 2022 and December 31, 2021, KBHT had total assets of $774.6 million and $738.4 million, respectively. For the same periods, debt recourse to KBHT totaled $246.2 million and $216.9 million, respectively, and
non-recourse
debt totaled $316.8 million and $323.8 million, respectively. None of the debt is recourse to the Company. For the three months ended September 30, 2022 and 2021, KBHT had net income of $3.3 million and $3.2 million, respectively, on gross income of $71.3 million and $60.5 million, respectively. For the nine months ended September 30, 2022 and 2021, KBHT had net income of $10.4 million and $10.3 million, respectively, on gross income of $215.1 million and $180.1 million, respectively. Due to timing and
non-cash
items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in KBHT’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that KBHT will be able to maintain consistent dividend payments to us.
SLR Healthcare ABL
SUNS acquired an equity interest in SLR Healthcare ABL, f/k/a Gemino Healthcare Finance, LLC (“SLR Healthcare”) on September 30, 2013. SLR Healthcare is a commercial finance company that originates, underwrites, and manages primarily secured, asset-based loans for small and
mid-sized
companies operating in the healthcare industry. SUNS initial investment in SLR Healthcare ABL was $32.8 million. The management team of SLR Healthcare
co-invested
in the transaction and continues to lead SLR Healthcare. As of September 30, 2022, SLR Healthcare’s management team and the Company own approximately 7% and 93% of the equity in SLR Healthcare, respectively. SLRC acquired SLR Healthcare in connection with the Merger on April 1, 2022.
Concurrent with the closing of the transaction, SLR Healthcare entered into a new, four-year,
non-recourse,
$100 million credit facility with
non-affiliates,
which was expandable to $150 million under its accordion feature. Effective March 31, 2014, the credit facility was expanded to $105 million and again on June 27, 2014 to $110 million. On May 27, 2016, SLR Healthcare entered into a new $125 million credit facility which replaced the previously existing facility. The new facility has similar terms as compared to the previous facility and includes an accordion feature increase to $200 million and had a maturity date of May 27, 2020. On June 28, 2019, this $125 million facility was amended, extending the maturity date to June 28, 2023.
SLR Healthcare currently manages a highly diverse portfolio of directly-originated and underwritten senior-secured commitments. As of September 30, 2022, the portfolio totaled approximately $179.6 million of commitments with a total net investment in loans of $81.4 million on total assets of $93.0 million. As of December 31, 2021, the portfolio totaled approximately $183.5 million of commitments with a total net investment in loans of $81.6 million on total assets of $91.3 million. At September 30, 2022, the portfolio consisted of 37 issuers with an average balance of approximately $2.2 million versus 36 issuers with an average balance of approximately $2.3 million at December 31, 2021. All of the commitments in SLR Healthcare’s portfolio are floating-rate, senior-secured,
cash-pay
loans. SLR Healthcare’s credit facility, which is
non-recourse
to us, had approximately $62 million and $60 million of borrowings outstanding at September 30, 2022 and December 31, 2021, respectively. For the three months ended September 30, 2022 and 2021, SLR Healthcare had net income (loss) of $0.8 million and ($0.04) million, respectively, on gross income of $3.0 million and $2.6 million, respectively. For the nine months ended September 30, 2022 and 2021, SLR Healthcare had net income of $2.5 million and $0.5 million, respectively, on gross income of $7.9 million and $7.0 million, respectively. Due to timing and
non-cash
items, there may be material differences between GAAP net income and cash available for distributions.
SLR Business Credit
SUNS acquired 100% of the equity interests of North Mill Capital LLC (“NMC”) on October 20, 2017. NMC is a leading asset-backed lending commercial finance company that provides senior secured asset-backed financings to U.S. based
small-to-medium-sized
businesses primarily in the manufacturing, services and distribution industries. SUNS invested approximately $51.0 million to effect the transaction. Subsequently, SUNS contributed 1% of its equity interest in NMC to ESP SSC Corporation. Immediately thereafter, SUNS and ESP SSC Corporation contributed their equity interests to NorthMill LLC (“North Mill”). On May 1, 2018, North Mill merged with and into NMC, with NMC being the surviving company. SUNS and ESP SSC Corporation then owned 99% and 1% of the equity interests of NMC, respectively. The management team of NMC continues to lead NMC. On June 28, 2019, North Mill Holdco LLC (“NM Holdco”), a newly formed entity and ESP SSC Corporation acquired 100% of Summit Financial Resources, a Salt Lake City-based provider of asset-backed financing to small and
medium-sized
businesses. As part of this transaction, SUNS 99% interest in the equity of NMC was contributed to NM Holdco. This approximately $15.5 million transaction
 
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was financed with borrowings on NMC’s credit facility. Effective February 25, 2021, NMC and its related companies are doing business as SLR Business Credit. On June 3, 2021, NMC acquired 100% of Fast Pay Partners LLC, a Los Angeles-based provider of asset-backed financing to digital media companies. The transaction purchase price of $66.7 million was financed with equity from SUNS of $19.0 million and borrowings on NMC’s credit facility of $47.7 million. SLRC acquired SLR Business Credit in connection with the Merger 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, 2022, the portfolio totaled approximately $554.2 million of commitments, of which $296.0 million were funded, on total assets of $346.3 million. As of December 31, 2021, the portfolio totaled approximately $513.9 million of commitments, of which $248.7 million were funded, on total assets of $290.8 million. At September 30, 2022, the portfolio consisted of 109 issuers with an average balance of approximately $2.7 million versus 125 issuers with an average balance of approximately $2.0 million at December 31, 2021. NMC has a senior credit facility with a bank lending group for $240 million which expires on November 13, 2025. Borrowings are secured by substantially all of NMC’s assets. NMC’s credit facility, which is
non-recourse
to us, had approximately $237.5 million and $183.3 million of borrowings outstanding at September 30, 2022 and December 31, 2021, respectively. For the three months ended September 30, 2022 and 2021, SLR Business Credit had net income of $2.0 million and $2.6 million, respectively, on gross income of $7.6 million and $6.9 million, respectively. For the nine months ended September 30, 2022 and 2021, SLR Business Credit had net income of $5.7 million and $4.7 million, respectively, on gross income of $20.4 million and $16.7 million, respectively. Due to timing and
non-cash
items, there may be material differences between GAAP net income and cash available for distributions. As such, and subject to fluctuations in SLR Business Credit’s funded commitments, the timing of originations, and the repayments of financings, the Company cannot guarantee that SLR Business Credit will be able to maintain consistent dividend payments to us.
Stock Repurchase Program
On May 3, 2022, our Board authorized a program for the purpose of repurchasing up to $50 million of our outstanding shares of common stock. Under the repurchase program, we may, but are not obligated to, repurchase shares of our outstanding common stock in the open market from time to time provided that we comply with our code of ethics and the guidelines specified in Rule
10b-18
of the Exchange Act, including certain price, market volume and timing constraints. In addition, any repurchases will be conducted in accordance with the 1940 Act. Unless amended or extended by our Board, we expect the repurchase program to be in place until the earlier of May 1, 2023 or until $50 million of our outstanding shares of common stock have been repurchased. The timing and number of shares to be repurchased will depend on a number of factors, including market conditions. There are no assurances that we will engage in any repurchases. As of September 30, 2022, no repurchases have taken place.
Critical Accounting Policies
The preparation of consolidated financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting policies. Within the context of these critical accounting policies and disclosed subsequent events herein, we are not currently aware of any other reasonably likely events or circumstances that would result in materially different amounts being reported.
Valuation of Portfolio Investments
We conduct the valuation of our assets, pursuant to which our net asset value is determined, at all times consistent with GAAP, and the 1940 Act. Our valuation procedures are set forth in more detail in Note 2(b) to the Company’s Consolidated Financial Statements.
Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our consolidated financial statements.
Revenue Recognition
The Company records dividend income and interest, adjusted for amortization of premium and accretion of discount, on an accrual basis. Investments that are expected to pay regularly scheduled interest and/or dividends in cash are generally placed on
non-accrual
status when principal or interest/dividend 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/dividend cash payments will be collected. Such
non-accrual
investments are restored to accrual status if past due principal and interest or dividends are paid in cash, and in management’s judgment, are likely to continue timely payment of their remaining interest or dividend obligations. Interest or dividend cash payments received on investments may be recognized as income or applied to principal depending upon management’s judgment. Some of our investments may have contractual PIK income. PIK income computed at the contractual rate, as applicable, is accrued and reflected as
 
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a receivable up to the capitalization date. PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at the maturity of the investment or upon the investment being called by the issuer. At the point the Company believes PIK is not expected to be realized, the PIK investment will be placed on
non-accrual
status. When a PIK investment is placed on
non-accrual
status, the accrued, uncapitalized interest or dividends is reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK income. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on
non-accrual
status are restored to accrual status if the Company again believes that PIK is expected to be realized. Loan origination fees, original issue discount, and market discounts are capitalized and amortized into income using the effective interest method. Upon the prepayment of a loan, any unamortized loan origination fees are recorded as interest income. We record prepayment premiums on loans and other investments as interest income when we receive such amounts. Capital structuring fees are recorded as other income when earned.
The typically higher yields and interest rates on PIK securities, to the extent we invested, reflects the payment deferral and increased credit risk associated with such instruments and that such investments may represent a significantly higher credit risk than coupon loans. PIK securities may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. PIK income has the effect of generating investment income and increasing the incentive fees payable at a compounding rate. In addition, the deferral of PIK income also increases the
loan-to-value
ratio at a compounding rate. PIK securities create the risk that incentive fees will be paid to the Investment Adviser based on
non-cash
accruals that ultimately may not be realized, but the Investment Adviser will be under no obligation to reimburse the Company for these fees. For the three and nine months ended September 30, 2022, capitalized PIK income totaled $0.7 million and $1.7 million, respectively. For the three and nine months ended September 30, 2021, capitalized PIK income totaled $1.7 million and $5.0 million, respectively.
Net Realized Gain or Loss and Net Change in Unrealized Gain or Loss
We generally measure realized gain or loss by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized origination or commitment fees and prepayment penalties. The net change in unrealized gain or loss reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded unrealized gain or loss, when gains or losses are realized. Gains or losses on investments are calculated by using the specific identification method.
Income Taxes
SLRC, a U.S. corporation, has elected to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code. In order to qualify for U.S. federal income taxation as a RIC, the Company is required, among other things, to timely distribute to its stockholders at least 90% of investment company taxable income, as defined by the Code, for each year. Depending on the level of taxable income earned in a given tax year, we may choose to carry forward taxable income in excess of current year distributions into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year distributions, the Company accrues an estimated excise tax, if any, on estimated excess taxable income.
Recent Accounting Pronouncements
In March 2020, the FASB issued Accounting Standards Update
No. 2020-04,
“Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. ASU
2020-04
is effective for all entities as of March 12, 2020 through December 31, 2022. The Company has determined that the adoption of this guidance has not had a material impact on the Company’s consolidated financial statements and disclosures.
RESULTS OF OPERATIONS
Results comparisons are for the three and nine months ended September 30, 2022 and September 30, 2021:
Investment Income
For the three and nine months ended September 30, 2022, gross investment income totaled $47.6 million and $123.4 million, respectively. For the three and nine months ended September 30, 2021, gross investment income totaled $32.2 million and $103.6 million, respectively. The increase in gross investment income for the year over year three and nine month periods was primarily due to a larger portfolio size as a result of the Merger coupled with organic growth, as well as due to an increase in LIBOR and SOFR.
 
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Expenses
Net expenses totaled $27.5 million and $69.5 million, respectively, for the three and nine months ended September 30, 2022, of which $12.9 million and $31.7 million, respectively, were base management fees and gross performance-based incentive fees and $12.8 million and $31.5 million, respectively, were interest and other credit facility expenses. Over the same periods, $0.2 million and $1.6 million, respectively, of performance-based incentive fees were waived. Administrative services and other general and administrative expenses totaled $2.1 million and $7.9 million, respectively, for the three and nine months ended September 30, 2022. Expenses totaled $17.2 million and $57.6 million, respectively, for the three and nine months ended September 30, 2021, of which $7.8 million and $29.3 million, respectively, were base management fees and performance-based incentive fees and $7.1 million and $21.5 million, respectively, were interest and other credit facility expenses. Administrative services and other general and administrative expenses totaled $2.2 million and $6.8 million, respectively, for the three and nine months ended September 30, 2021. Expenses generally consist of management and performance-based incentive fees, interest and other credit facility expenses, administrative services fees, insurance expenses, legal fees, directors’ fees, transfer agency fees, printing and proxy expenses, audit and tax services expenses, and other general and administrative expenses. Interest and other credit facility expenses generally consist of interest, unused fees, agency fees and loan origination fees, if any, among others. The increase in expenses for the year over year three and nine month periods was primarily due to higher interest expense associated with an increase in borrowings to fund new investments as well as the increase in LIBOR and SOFR.
Net Investment Income
The Company’s net investment income totaled $20.1 million and $53.8 million, or $0.37 and $1.06, per average share, respectively, for the three and nine months ended September 30, 2022. The Company’s net investment income totaled $15.0 million and $46.0 million, or $0.36 and $1.09, per average share, respectively, for the three and nine months ended September 30, 2021.
Net Realized Gain (Loss)
The Company had investment sales and prepayments totaling approximately $81 million and $261 million, respectively, for the three and nine months ended September 30, 2022. Net realized losses over the same periods were $37.3 million and $37.4 million, respectively. Net realized losses for the three and nine months ended September 30, 2022 were primarily related to the exit of our investment in PhyMed Management, LLC. The Company had investment sales and prepayments totaling approximately $106 million and $320 million, respectively, for the three and nine months ended September 30, 2021. Net realized gains (losses) over the same periods were ($0.1) million and $0.1 million, respectively. Net realized losses for the three months ended September 30, 2021 were generally related to the exit of our warrant position in Scynexis, Inc. Net realized gains for the nine months ended September 30, 2021 were generally related to the exit of our warrant position in PQ Bypass, Inc., partially offset by losses from the sale of our legacy investment in B. Riley Financial, Inc and exit of our warrant position in Scynexis, Inc.
Net Change in Unrealized Gain (Loss)
For the three and nine months ended September 30, 2022, net change in unrealized gain (loss) on the Company’s assets and liabilities totaled $30.8 million and ($17.1) million, respectively. For the three and nine months ended September 30, 2021, net change in unrealized gain (loss) on the Company’s assets and liabilities totaled ($1.5) million and $7.4 million, respectively. Net unrealized gain for the three months ended September 30, 2022 is primarily due to the reversal of previously recognized unrealized depreciation on our investment in PhyMed Management LLC, as well as appreciation in the value of our investments in SLR Business Credit, Alimera Sciences, Inc. and Kingsbridge Holdings, LLC, among others, partially offset by depreciation in the value of our investments in SLR Equipment Finance, PPT Management Holdings, LLC, KBH Topco, LLC, SLR Healthcare ABL and SLR Credit Solutions, among others. Net unrealized loss for the nine months ended September 30, 2022 is primarily due to depreciation in the value of our investments in RD Holdco, Inc., American Teleconferencing Services, Ltd., SLR Credit Solutions and SLR Equipment Finance, among others, partially offset by the reversal of previously recognized unrealized depreciation on our investment in PhyMed Management LLC as well as appreciation on the value of our investments in SLR Business Credit and Alimera Sciences, Inc. in addition to unrealized appreciation on assets acquired in the Merger due to the accounting treatment of the purchase discount. Net unrealized loss for the three months ended September 30, 2021 is primarily due to depreciation in the value of our investments in American Teleconferencing Services, Ltd., PhyMed Management LLC and Rug Doctor, among others, partially offset by appreciation in the value of our investments in KBH Topco, LLC and SLR Credit Solutions, among others. Net unrealized gain for the nine months ended September 30, 2021 was primarily due to appreciation in the value our investments in KBH Topco, LLC, SLR Credit Solutions, and Senseonics Holdings, Inc., among others, partially offset by depreciation in the value of our investments in American Teleconferencing Services, Ltd., Rug Doctor and SOAGG, LLC, among others.
 
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Net Increase (Decrease) in Net Assets From Operations
For the three and nine months ended September 30, 2022, the Company had a net increase (decrease) in net assets resulting from operations of $13.5 million and ($0.7) million, respectively. For the same periods, earnings (losses) per average share were $0.25 and ($0.01), respectively. For the three and nine months ended September 30, 2021, the Company had a net increase in net assets resulting from operations of $13.4 million and $53.4 million, respectively. For the same periods, earnings per average share were $0.32 and $1.26, respectively.
LIQUIDITY AND CAPITAL RESOURCES
The Company’s liquidity and capital resources are generated and generally available through its Credit Facility and SPV Credit Facility (as defined below), the 2022 Tranche C Notes, the 2023 Unsecured Notes, the 2024 Unsecured Notes, the 2025 Unsecured Notes, the 2026 Unsecured Notes, the 2027 Unsecured Notes and the 2027 Series F Unsecured Notes, through cash flows from operations, investment sales, prepayments of senior and subordinated loans, income earned on investments and cash equivalents, and periodic
follow-on
equity and/or debt offerings. As of September 30, 2022, we had a total of $334.8 million of unused borrowing capacity under the Credit Facility and SPV Credit Facility, subject to borrowing base limits.
We may from time to time issue equity and/or debt securities in either public or private offerings. The issuance of such securities will depend on future market conditions, funding needs and other factors and there can be no assurance that any such issuance will occur or be successful. The primary uses of existing funds and any funds raised in the future is expected to be for investments in portfolio companies, repayment of indebtedness, cash distributions to our stockholders, or for other general corporate purposes.
On April 1, 2022, we entered into an assumption agreement (the “CF Assumption Agreement”), effective as of the closing of the Mergers. The CF Assumption Agreement relates to our assumption of the Revolving Credit Facility, originally entered into on August 26, 2011 (as amended from time to time, the “SPV Credit Facility”), by and among SUNS SPV LLC (the “SUNS SPV”), a wholly-owned subsidiary of SUNS, acting as borrower, Citibank, N.A., acting as administrative agent and collateral agent, and the other parties thereto. Currently, the commitment under the SPV Credit Facility is $225 million; however, the commitment can also be expanded up to $600 million. The stated interest rate on the SPV Credit Facility is LIBOR plus
2.00%-2.50%
with no LIBOR floor requirement and the current final maturity date is June 1, 2026. The SPV Credit Facility is secured by all of the assets held by SUNS SPV. Under the terms of the SPV Credit Facility and related transaction documents, we as successor to SUNS, and SUNS 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 SPV Credit Facility also includes usual and customary events of default for credit facilities of this nature.
On April 1, 2022, we entered into an assumption agreement (the “Note Assumption Agreement”), effective as of the closing of the Mergers. The Note Assumption Agreement relates to our assumption of $85 million in aggregate principal amount of five-year, 3.90% senior unsecured notes, due March 31, 2025 (the “2025 Unsecured Notes”) and other obligations of SUNS under the Note Purchase Agreement, dated as of March 31, 2020 (the “Note Purchase Agreement”), among SUNS and certain institutional investors. Interest on the 2025 Unsecured Notes is due semi-annually on March 31 and September 30. Pursuant to the Note Assumption Agreement, we expressly assumed on behalf of SUNS the due and punctual payment of the principal of (and premium, if any) and interest on all the 2025 Unsecured Notes outstanding, and the due and punctual performance and observance of every covenant and every condition of the Note Purchase Agreement, to be performed or observed by SUNS.
On January 6, 2022, the Company closed a private offering of $135 million of the 2027 Series F Unsecured Notes with a fixed interest rate of 3.33% and a maturity date of January 6, 2027. Interest on the 2027 Series F Unsecured Notes is due semi-annually on January 6 and July 6. The 2027 Series F Unsecured Notes were issued in a private placement only to qualified institutional buyers.
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, the Credit Facility is composed of $600 million of revolving credit and $100 million 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.
On September 14, 2021, the Company closed a private offering of $50 million of the 2027 Unsecured Notes with a fixed interest rate of 2.95% and a maturity date of March 14, 2027. Interest on the 2027 Unsecured Notes is due semi-annually on March 14 and September 14. The 2027 Unsecured Notes were issued in a private placement only to qualified institutional buyers.
On December 18, 2019, the Company closed a private offering of $125 million of the 2024 Unsecured Notes with a fixed interest rate of 4.20% and a maturity date of December 15, 2024. Interest on the 2024 Unsecured Notes is due semi-annually on June 15 and December 15. The 2024 Unsecured Notes were issued in a private placement only to qualified institutional buyers.
 
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On December 18, 2019, the Company closed a private offering of $75 million of the 2026 Unsecured Notes with a fixed interest rate of 4.375% and a maturity date of December 15, 2026. Interest on the 2026 Unsecured Notes is due semi-annually on June 15 and December 15. The 2026 Unsecured Notes were issued in a private placement only to qualified institutional buyers.
On December 28, 2017, the Company closed a private offering of $21 million of the 2022 Tranche C Notes with a fixed interest rate of 4.50% and a maturity date of December 28, 2022. Interest on the 2022 Tranche C Notes is due semi-annually on June 28 and December 28. The 2022 Tranche C Notes were issued in a private placement only to qualified institutional buyers.
On November 22, 2017, we issued $75 million in aggregate principal amount of publicly registered 2023 Unsecured Notes for net proceeds of $73.8 million. Interest on the 2023 Unsecured Notes is paid semi-annually on January 20 and July 20, at a fixed rate of 4.50% per year, commencing on January 20, 2018. The 2023 Unsecured Notes mature on January 20, 2023.
On February 15, 2017, the Company closed a private offering of $100 million of the 2022 Unsecured Notes with a fixed interest rate of 4.60% and a maturity date of May 8, 2022. Interest on the 2022 Unsecured Notes is due semi-annually on May 8 and November 8. The 2022 Unsecured Notes were issued in a private placement only to qualified institutional buyers.
On November 8, 2016, the Company closed a private offering of $50 million of the 2022 Unsecured Notes with a fixed interest rate of 4.40% and a maturity date of May 8, 2022. Interest on the 2022 Unsecured Notes is due semi-annually on May 8 and November 8. The 2022 Unsecured Notes were issued in a private placement only to qualified institutional buyers. The 2022 Unsecured Notes were repaid in full at maturity.
On January 11, 2013, the Company closed its most recent
follow-on
public equity offering of 6.3 million shares of common stock raising approximately $146.9 million in net proceeds. The primary uses of the funds raised were for investments in portfolio companies, reductions in revolving debt outstanding and for other general corporate purposes.
Cash Equivalents
We deem certain U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities as cash equivalents. The Company makes purchases that are consistent with its purpose of making investments in securities described in paragraphs 1 through 3 of Section 55(a) of the 1940 Act. From time to time, including at or near the end of each fiscal quarter, we consider using various temporary investment strategies for our business. One strategy includes taking proactive steps by utilizing cash equivalents as temporary assets with the objective of enhancing our investment flexibility pursuant to Section 55 of the 1940 Act. More specifically, from
time-to-time
we may purchase U.S. Treasury bills or other high-quality, short-term debt securities at or near the end of the quarter and typically close out the position on a net cash basis subsequent to quarter end. We may also utilize repurchase agreements or other balance sheet transactions, including drawing down on the Credit Facility, as deemed appropriate. The amount of these transactions or such drawn cash for this purpose is excluded from total assets for purposes of computing the asset base upon which the management fee is determined. We held approximately $269 million in cash equivalents as of September 30, 2022.
Debt
Unsecured Notes
On April 1, 2022, we entered into the Note Assumption Agreement, effective as of the closing of the Mergers. The Note Assumption Agreement relates to our assumption of $85 million of the 2025 Unsecured Notes and other obligations of SUNS under the Note Purchase Agreement, among SUNS and certain institutional investors. Interest on the 2025 Unsecured Notes is due semi-annually on March 31 and September 30. Pursuant to the Note Assumption Agreement, we expressly assumed on behalf of SUNS the due and punctual payment of the principal of (and premium, if any) and interest on all the 2025 Unsecured Notes outstanding, and the due and punctual performance and observance of every covenant and every condition of the Note Purchase Agreement, to be performed or observed by SUNS.
On January 6, 2022, the Company closed a private offering of $135 million of the 2027 Series F Unsecured Notes with a fixed interest rate of 3.33% and a maturity date of January 6, 2027. Interest on the 2027 Series F Unsecured Notes is due semi-annually on January 6 and July 6. The 2027 Series F Unsecured Notes were issued in a private placement only to qualified institutional buyers.
On September 14, 2021, the Company closed a private offering of $50 million of the 2027 Unsecured Notes with a fixed interest rate of 2.95% and a maturity date of March 14, 2027. Interest on the 2027 Unsecured Notes is due semi-annually on March 14 and September 14. The 2027 Unsecured Notes were issued in a private placement only to qualified institutional buyers.
On December 18, 2019, the Company closed a private offering of $125 million of the 2024 Unsecured Notes with a fixed interest rate of 4.20% and a maturity date of December 15, 2024. Interest on the 2024 Unsecured Notes is due semi-annually on June 15 and December 15. The 2024 Unsecured Notes were issued in a private placement only to qualified institutional buyers.
On December 18, 2019, the Company closed a private offering of $75 million of the 2026 Unsecured Notes with a fixed interest rate of 4.375% and a maturity date of December 15, 2026. Interest on the 2026 Unsecured Notes is due semi-annually on June 15 and December 15. The 2026 Unsecured Notes were issued in a private placement only to qualified institutional buyers.
 
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On December 28, 2017, the Company closed a private offering of $21 million of the 2022 Tranche C Notes with a fixed interest rate of 4.50% and a maturity date of December 28, 2022. Interest on the 2022 Tranche C Notes is due semi-annually on June 28 and December 28. The 2022 Tranche C Notes were issued in a private placement only to qualified institutional buyers.
On November 22, 2017, we issued $75 million in aggregate principal amount of publicly registered 2023 Unsecured Notes for net proceeds of $73.8 million. Interest on the 2023 Unsecured Notes is paid semi-annually on January 20 and July 20, at a fixed rate of 4.50% per year, commencing on January 20, 2018. The 2023 Unsecured Notes mature on January 20, 2023.
On February 15, 2017, the Company closed a private offering of $100 million of the 2022 Unsecured Notes with a fixed interest rate of 4.60% and a maturity date of May 8, 2022. Interest on the 2022 Unsecured Notes is due semi-annually on May 8 and November 8. The 2022 Unsecured Notes were issued in a private placement only to qualified institutional buyers.
On November 8, 2016, the Company closed a private offering of $50 million of the 2022 Unsecured Notes with a fixed interest rate of 4.40% and a maturity date of May 8, 2022. Interest on the 2022 Unsecured Notes is due semi-annually on May 8 and November 8. The 2022 Unsecured Notes were issued in a private placement only to qualified institutional buyers. The 2022 Unsecured Notes were issued in a private placement only to qualified institutional buyers. The 2022 Unsecured Notes were repaid in full at maturity.
Revolving & Term Loan Facilities
On April 1, 2022, we entered into the CF Assumption Agreement, effective as of the closing of the Mergers. The CF Assumption Agreement relates to our assumption of the SPV Credit Facility, by and among SUNS SPV, a wholly-owned subsidiary of SUNS, acting as borrower, Citibank, N.A., acting as administrative agent and collateral agent, and the other parties thereto. Currently, the commitment under the SPV Credit Facility is $225 million; however, the commitment can also be expanded up to $600 million. The stated interest rate on the SPV Credit Facility is LIBOR plus
2.00%-2.50%
with no LIBOR floor requirement and the current final maturity date is June 1, 2026. The SPV Credit Facility is secured by all of the assets held by SUNS SPV. Under the terms of the SPV Credit Facility and related transaction documents, we as successor to SUNS, and SUNS 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 SPV Credit Facility also includes usual and customary events of default for credit facilities of this nature. At September 30, 2022, outstanding USD equivalent borrowings under the SPV Credit Facility totaled $130.2 million.
On December 28, 2021, the Company closed on Amendment No. 1 to the Credit Facility. Following the amendment, the Credit Facility is composed of $600 million of revolving credit and $100 million 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 may be increased up to $800 million 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, 2022, outstanding USD equivalent borrowings under the Credit Facility totaled $460.0 million, composed of $360.0 million of revolving credit and $100.0 million 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. At September 30, 2022, the Company was in compliance with all financial and operational covenants required by the Debt Instruments.
Contractual Obligations
A summary of our significant contractual payment obligations is as follows as of September 30, 2022:
Payments Due by Period (in millions)
 
   
Total
   
Less than
1 Year
   
1-3 Years
   
3-5 Years
   
More Than
5 Years
 
Revolving credit facilities (1)
  $490.2   $—    $—     $490.2   $—  
Unsecured senior notes
   566.0    96.0   210.0   260.0   —   
Term loans
   100.0    —      —      100.0    —   
 
(1)
As of September 30, 2022, we had a total of $334.8 million of unused borrowing capacity under our revolving credit facilities, subject to borrowing base limits.
 
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Under the provisions of the 1940 Act, we are permitted, as a BDC, to issue senior securities in amounts such that our asset coverage ratio, as defined in the 1940 Act, equals at least 150% of gross assets less all liabilities and indebtedness not represented by senior securities, after each issuance of senior securities. If the value of our assets declines, we may be unable to satisfy the asset coverage test. If that happens, we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when such sales may be disadvantageous. Also, any amounts that we use to service our indebtedness would not be available for distributions to our common stockholders. Furthermore, as a result of issuing senior securities, we would also be exposed to typical risks associated with leverage, including an increased risk of loss.
We have also entered into two contracts under which we have future commitments: the Advisory Agreement, pursuant to which the Investment Adviser has agreed to serve as our investment adviser, and the Administration Agreement, pursuant to which the Administrator has agreed to furnish us with the facilities and administrative services necessary to conduct our
day-to-day
operations and provide on our behalf managerial assistance to those portfolio companies to which we are required to provide such assistance. Payments under the Advisory Agreement are equal to (1) a percentage of the value of our average gross assets and (2) a
two-part
incentive fee. Payments under the Administration Agreement are equal to an amount based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent, technology systems, insurance and our allocable portion of the costs of our chief financial officer and chief compliance officer and their respective staffs. Either party may terminate each of the Advisory Agreement and administration agreement without penalty upon 60 days’ written notice to the other. See note 3 to our Consolidated Financial Statements.
On July 31, 2017, the Company, NEFPASS LLC and NEFCORP LLC entered into a servicing agreement. NEFCORP LLC was engaged to provide NEFPASS LLC with administrative services related to the loans and capital leases held by NEFPASS LLC. NEFPASS LLC may terminate this agreement upon 30 days’ written notice to NEFCORP LLC.
Senior Securities
Information about our senior securities is shown in the following table (in thousands) as of the quarter ended September 30, 2022 and each year ended December 31 for the past ten years, unless otherwise noted. The “—” indicates information which the SEC expressly does not require to be disclosed for certain types of senior securities.
 
Class and Year
  
Total Amount
Outstanding(1)
   
Asset
Coverage
Per Unit(2)
   
Involuntary
Liquidating
Preference
Per Unit(3)
   
Average
Market Value
Per Unit(4)
 
Credit Facility
                    
Fiscal 2022 (through September 30, 2022)
  $360,000   $583    —      N/A 
Fiscal 2021
   222,500    552    —      N/A 
Fiscal 2020
   126,000    421    —      N/A 
Fiscal 2019
   42,900    182    —      N/A 
Fiscal 2018
   96,400    593    —      N/A 
Fiscal 2017
   245,600    1,225    —      N/A 
Fiscal 2016
   115,200    990    —      N/A 
Fiscal 2015
   207,900    1,459    —      N/A 
Fiscal 2014
   —      —      —      N/A 
Fiscal 2013
   —      —      —      N/A 
Fiscal 2012
   264,452    1,510    —      N/A 
SPV Credit Facility
                    
Fiscal 2022 (through September 30, 2022)
   130,200    211    —      N/A 
2022 Unsecured Notes
                    
Fiscal 2022 (through September 30, 2022)
   —      —      —      N/A 
Fiscal 2021
   150,000    372    —      N/A 
Fiscal 2020
   150,000    501    —      N/A 
Fiscal 2019
   150,000    638    —      N/A 
Fiscal 2018
   150,000    923    —      N/A 
Fiscal 2017
   150,000    748    —      N/A 
Fiscal 2016
   50,000    430    —      N/A 
2022 Tranche C Notes
                    
Fiscal 2022 (through September 30, 2022)
   21,000    34    —      N/A 
Fiscal 2021
   21,000    52    —      N/A 
Fiscal 2020
   21,000    70    —      N/A 
Fiscal 2019
   21,000    89    —      N/A 
Fiscal 2018
   21,000    129    —      N/A 
Fiscal 2017
   21,000    105    —      N/A 
2023 Unsecured Notes
                    
 
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Table of Contents
Class and Year
  
Total Amount
Outstanding(1)
   
Asset
Coverage
Per Unit(2)
   
Involuntary
Liquidating
Preference
Per Unit(3)
   
Average
Market Value
Per Unit(4)
 
Fiscal 2022 (through September 30, 2022)
   75,000    121    —      N/A 
Fiscal 2021
   75,000    186    —      N/A 
Fiscal 2020
   75,000    250    —      N/A 
Fiscal 2019
   75,000    319    —      N/A 
Fiscal 2018
   75,000    461    —      N/A 
Fiscal 2017
   75,000    374    —      N/A 
2024 Unsecured Notes
                    
Fiscal 2022 (through September 30, 2022)
   125,000    202    —      N/A 
Fiscal 2021
   125,000    309    —      N/A 
Fiscal 2020
   125,000    417    —      N/A 
Fiscal 2019
   125,000    531    —      N/A 
2025 Unsecured Notes
                    
Fiscal 2022 (through September 30, 2022)
   85,000    137    —      N/A 
2026 Unsecured Notes
                    
Fiscal 2022 (through September 30, 2022)
   75,000    121    —      N/A 
Fiscal 2021
   75,000    186    —      N/A 
Fiscal 2020
   75,000    250    —      N/A 
Fiscal 2019
   75,000    319    —      N/A 
2027 Unsecured Notes
                    
Fiscal 2022 (through September 30, 2022)
   50,000    81    —      N/A 
Fiscal 2021
   50,000    124    —      N/A 
2027 Series F Unsecured Notes
                    
Fiscal 2022 (through September 30, 2022)
   135,000    218    —      N/A 
2042 Unsecured Notes
                    
Fiscal 2017
   —      —      —      N/A 
Fiscal 2016
   100,000    859    —     $1,002 
Fiscal 2015
   100,000    702    —      982 
Fiscal 2014
   100,000    2,294    —      943 
Fiscal 2013
   100,000    2,411    —      934 
Fiscal 2012
   100,000    571    —      923 
Senior Secured Notes
                    
Fiscal 2017
   —      —      —      N/A 
Fiscal 2016
   75,000    645    —      N/A 
Fiscal 2015
   75,000    527    —      N/A 
Fiscal 2014
   75,000    1,721    —      N/A 
Fiscal 2013
   75,000    1,808    —      N/A 
Fiscal 2012
   75,000    428    —      N/A 
Term Loans
                    
Fiscal 2022 (through September 30, 2022)
   100,000    162    —      N/A 
Fiscal 2021
   100,000    248    —      N/A 
Fiscal 2020
   75,000    250    —      N/A 
Fiscal 2019
   75,000    319    —      N/A 
Fiscal 2018
   50,000    308    —      N/A 
Fiscal 2017
   50,000    250    —      N/A 
Fiscal 2016
   50,000    430    —      N/A 
Fiscal 2015
   50,000    351    —      N/A 
Fiscal 2014
   50,000    1,147    —      N/A 
Fiscal 2013
   50,000    1,206    —      N/A 
Fiscal 2012
   50,000    285    —      N/A 
NEFPASS Facility
                    
Fiscal 2021
   —      —      —      N/A 
Fiscal 2020
   30,000    100    —      N/A 
Fiscal 2019
   30,000    128    —      N/A 
Fiscal 2018
   30,000    185    —      N/A 
SSLP Facility
                    
Fiscal 2019
   —      —      —      N/A 
Fiscal 2018
   53,785    331    —      N/A 
 
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Total Senior Securities
                    
Fiscal 2022 (through September 30, 2022)
  $1,156,200   $1,870    —      N/A 
Fiscal 2021
   818,500    2,029    —      N/A 
Fiscal 2020
   677,000    2,259    —      N/A 
Fiscal 2019
   593,900    2,525    —      N/A 
Fiscal 2018
   476,185    2,930    —      N/A 
Fiscal 2017
   541,600    2,702    —      N/A 
Fiscal 2016
   390,200    3,354    —      N/A 
Fiscal 2015
   432,900    3,039    —      N/A 
Fiscal 2014
   225,000    5,162    —      N/A 
Fiscal 2013
   225,000    5,425    —      N/A 
Fiscal 2012
   489,452    2,794    —      N/A 
 
(1)
Total amount of each class of senior securities outstanding (in thousands) at the end of the period presented.
(2)
The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by all senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the Asset Coverage Per Unit. In order to determine the specific Asset Coverage Per Unit for each class of debt, the total Asset Coverage Per Unit is allocated based on the amount outstanding in each class of debt at the end of the period. As of September 30, 2022, asset coverage was 187.0%.
(3)
The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it.
(4)
Not applicable except for the 2042 Unsecured Notes which were publicly traded. The Average Market Value Per Unit is calculated by taking the daily average closing price during the period and dividing it by twenty-five dollars per share and multiplying the result by one thousand to determine a unit price per thousand consistent with Asset Coverage Per Unit. The average market value for the fiscal 2016, 2015, 2014, 2013 and 2012 periods was $100,175, $98,196, $94,301, $93,392, and $92,302, respectively.
Off-Balance
Sheet Arrangements
From
time-to-time
and in the normal course of business, the Company may make unfunded capital commitments to current or prospective portfolio companies. Typically, the Company may agree to provide delayed-draw term loans or, to a lesser extent, revolving loan or equity commitments. These unfunded capital commitments always take into account the Company’s liquidity and cash available for investment, portfolio and issuer diversification, and other considerations. Accordingly, the Company had the following unfunded capital commitments at September 30, 2022 and December 31, 2021, respectively:
 
   
September 30,
2022
   
December 31,
2021
 
(in millions)
 
SLR Credit Solutions*
  $44.3   $44.3 
Apeel Technology, Inc.
   32.8    —   
World Insurance Associates, LLC
   25.5    —   
CC SAG Holdings Corp. (Spectrum Automotive)
   24.3    18.8 
Human Interest, Inc.
   20.1    —   
Glooko, Inc.
   17.9    25.1 
Spectrum Pharmaceuticals, Inc.
   12.3    —   
iCIMS, Inc.
   11.6    —   
BridgeBio Pharma, Inc.
   9.0    23.0 
BDG Media, Inc.
   8.6    —   
RSC Acquisition, Inc.
   8.5    —   
Arcutis Biotherapeutics, Inc.
   8.4    43.5 
Atria Wealth Solutions, Inc.
   8.2    3.7 
Ardelyx, Inc.
   7.8    —   
Luxury Asset Capital, LLC
   7.5    —   
OIS Management Services, LLC
   5.2    —   
Vessco Midco Holdings, LLC
   4.1    —   
One Touch Direct, LLC
   4.0    7.2 
Kaseya, Inc.
   3.9    —   
Maurices, Incorporated
   3.9    5.7 
Foundation Consumer Brands, LLC
   3.0    2.3 
Inszone Mid, LLC
   2.8    12.5 
Kid Distro Holdings, LLC
   2.7    2.7 
Plastics Management, LLC
   2.4    —   
Pediatric Home Respiratory Services, LLC
   2.4    —   
Southern Orthodontic Partners Management, LLC
   2.3    —   
Basic Fun, Inc.
   2.2    1.9 
 
53
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September 30,
2022
   
December 31,
2021
 
(in millions)
 
Copper River Seafoods, Inc.
   2.0    —   
Peter C. Foy & Associates Insurance Services, LLC
   2.0    —   
Orthopedic Care Partners Management, LLC
   1.9    —   
MMIT Holdings, LLC
   1.9    2.0 
SPAR Marketing Force, Inc.
   1.6    —   
Ivy Fertility Services, LLC
   1.6    4.5 
NAC Holdings Corporation
   1.5    4.8 
SLR Healthcare ABL*
   1.4    —   
RxSense Holdings LLC
   1.3    —   
Erie Construction
Mid-west,
LLC
   1.2    —   
Composite Technology Acquisition Corp.
   1.1    —   
Enverus Holdings, Inc.
   1.0    —   
SLR Equipment Finance
   1.0    5.0 
American Teleconferencing Services, Ltd.
   0.9    0.6 
SunMed Group Holdings, LLC
   0.8    0.8 
All State Ag Parts, LLC
   0.7    —   
Ultimate Baked Goods Midco LLC
   0.5    0.8 
BayMark Health Services, Inc.
   0.4    —   
Pinnacle Treatment Centers, Inc.
   0.4    1.4 
GSM Acquisition Corp.
   0.4    —   
High Street Buyer, Inc.
   0.3    —   
Tilley Distribution, Inc.
   0.3    —   
TAUC Management, LLC
   0.3    —   
RQM+ Corp.
   —      3.8 
Rezolute, Inc.
   —      5.7 
SOC Telemed, Inc.
   —      4.4 
Neuronetics, Inc.
   —      2.2 
   
 
 
   
 
 
 
Total Commitments
  $310.2   $226.7 
   
 
 
   
 
 
 
 
*
The Company controls the funding of the SLR Credit Solutions and SLR Healthcare commitments and may cancel them at its discretion.
The credit agreements of the above loan commitments contain customary lending provisions and/or are subject to the 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, 2022 and December 31, 2021, the Company had sufficient cash available and/or liquid securities available to fund its commitments and had reviewed them for any appropriate fair value adjustment.
In the normal course of its business, we invest or trade in various financial instruments and may enter into various investment activities with
off-balance
sheet risk, which may include forward foreign currency contracts. Generally, these financial instruments represent future commitments to purchase or sell other financial instruments at specific terms at future dates. These financial instruments contain varying degrees of
off-balance
sheet risk whereby changes in the market value or our satisfaction of the obligations may exceed the amount recognized in our Consolidated Statements of Assets and Liabilities.
Distributions
The following table reflects the cash distributions per share on our common stock for the two most recent fiscal years and the current fiscal year to date:
 
Date Declared
  
Record Date
  
Payment Date
  
Amount
 
Fiscal 2022
           
November 2, 2022
  November 17, 2022  December 1, 2022  $0.136667 
October 5, 2022
  October 20, 2022  November 2, 2022   0.136667 
September 2, 2022
  September 20, 2022  October 4, 2022   0.136667 
August 2, 2022
  August 18, 2022  September 1, 2022   0.136667 
July 6, 2022
  July 21, 2022  August 2, 2022   0.136667 
June 3, 2022
  June 23, 2022  July 5, 2022   0.136667 
May 3, 2022
  May 19, 2022  June 2, 2022   0.136667 
April 4, 2022
  April 21, 2022  May 3, 2022   0.136667 
 
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March 1, 2022
   March 18, 2022    April 1, 2022    0.41 
             
 
 
 
Total 2022
            $1.503336 
             
 
 
 
Fiscal 2021
               
November 3, 2021
   December 16, 2021    January 5, 2022   $0.41 
August 3, 2021
   September 23, 2021    October 5, 2021    0.41 
May 5, 2021
   June 23, 2021    July 2, 2021    0.41 
February 24, 2021
   March 18, 2021    April 2, 2021    0.41 
             
 
 
 
Total 2021
            $1.64 
             
 
 
 
Fiscal 2020
               
November 5, 2020
   December 17, 2020    January 5, 2021   $0.41 
August 4, 2020
   September 17, 2020    October 2, 2020    0.41 
May 7, 2020
   June 18, 2020    July 2, 2020    0.41 
February 20, 2020
   March 19, 2020    April 3, 2020    0.41 
             
 
 
 
Total 2020
            $1.64 
             
 
 
 
Tax characteristics of all distributions will be reported to stockholders on Form 1099 after the end of the calendar year. Future quarterly distributions, if any, will be determined by the Board. We expect that our distributions to stockholders will generally be from accumulated net investment income, from net realized capital gains or
non-taxable
return of capital, if any, as applicable.
We have elected to be taxed as a RIC under Subchapter M of the Code. To maintain our RIC tax treatment, we must distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. In addition, although we currently intend to distribute realized net capital gains (
i.e.
, net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment.
We maintain an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a distribution, then stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash distributions.
We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, due to the asset coverage test applicable to us as a business development company, we may in the future be limited in our ability to make distributions. Also, the Credit Facility may limit our ability to declare distributions if we default under certain provisions. If we do not distribute a certain percentage of our income annually, we will suffer adverse tax consequences, including possible loss of the tax benefits available to us as a regulated investment company. In addition, in accordance with GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as contractual
payment-in-kind
income, which represents contractual income added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a regulated investment company.
With respect to the distributions to stockholders, income from origination, structuring, closing and certain other upfront fees associated with investments in portfolio companies are treated as taxable income and accordingly, distributed to stockholders.
Related Parties
We have entered into a number of business relationships with affiliated or related parties, including the following:
 
 • 
We have entered into the Advisory Agreement with the Investment Adviser. Mr. Gross, our Chairman,
Co-Chief
Executive Officer and President and Mr. Spohler, our
Co-Chief
Executive Officer, Chief Operating Officer and board member, are managing members and senior investment professionals of, and have financial and controlling interests in, the Investment Adviser. In addition, Mr. Peteka, our Chief Financial Officer, Treasurer and Secretary serves as the Chief Financial Officer for the Investment Adviser.
 
 • 
The Administrator provides us with the office facilities and administrative services necessary to conduct
day-to-day
operations pursuant to our Administration Agreement. We reimburse the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions, and the compensation of our chief compliance officer, our chief financial officer and their respective staffs.
 
 • 
We have entered into a license agreement with the Investment Adviser, pursuant to which the Investment Adviser has granted us a
non-exclusive,
royalty-free license to use the licensed marks “SOLAR” and “SLR”.
 
55
Table of Contents
The Investment Adviser may also manage other funds in the future that may have investment mandates that are similar, in whole and in part, with ours. For example, the Investment Adviser presently serves as investment adviser to SCP Private Credit Income BDC LLC, an unlisted BDC that focuses on investing primarily in senior secured loans, including
non-traditional
asset-based loans and first lien loans and SLR HC BDC LLC, an unlisted BDC whose principal focus is to invest directly and indirectly in senior secured loans and other debt instruments typically to middle market companies within the healthcare industry. In addition, Michael S. Gross, our Chairman,
Co-Chief
Executive Officer and President, Bruce Spohler, our
Co-Chief
Executive Officer and Chief Operating Officer, and Richard L. Peteka, our Chief Financial Officer, serve in similar capacities for SCP Private Credit Income BDC LLC and SLR HC BDC LLC. The Investment Adviser and certain investment advisory affiliates may determine that an investment is appropriate for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that we should invest
side-by-side
with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff, and consistent with the Investment Adviser’s allocation procedures. On June 13, 2017, the Adviser received an exemptive order that permits the Company to participate in
negotiated co-investment transactions
with certain affiliates, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, and pursuant to various conditions (the “Order”). If the Company is unable to rely on the Order for a particular opportunity, such opportunity will be allocated first to the entity whose investment strategy is the most consistent with the opportunity being allocated, and second, if the terms of the opportunity are consistent with more than one entity’s investment strategy, on an alternating basis. Although the Adviser’s investment professionals will endeavor to allocate investment opportunities in a fair and equitable manner, the Company and its stockholders could be adversely affected to the extent investment opportunities are allocated among us and other investment vehicles managed or sponsored by, or affiliated with, our executive officers, directors and members of the Adviser.
Related party transactions may occur among us, SLR Credit, Equipment Operating Leases LLC, KBH, Loyer Capital LLC, SLR Business Credit, SLR Healthcare ABL and SLR Equipment. These transactions may occur in the normal course of business. No administrative or other fees are paid to the Investment Adviser by SLR Credit, Equipment Operating Leases LLC, KBH, Loyer Capital LLC, SLR Business Credit, SLR Healthcare ABL or SLR Equipment.
In addition, we have adopted a formal code of ethics that governs the conduct of our officers and directors. Our officers and directors also remain subject to the duties imposed by both the 1940 Act and the Maryland General Corporation Law.
 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
We are subject to financial market risks, including changes in interest rates. In addition, U.S. and global capital markets and credit markets have experienced a higher level of stress due to the global
COVID-19
pandemic, which has resulted in an increase in the level of volatility across such markets and a general decline in value of the securities that we hold. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In a low interest rate environment, including a reduction of LIBOR and SOFR to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net investment income. During the nine months ended September 30, 2022, certain investments in our comprehensive investment portfolio had floating interest rates. These floating rate investments were primarily based on floating LIBOR or SOFR and typically have durations of one to three months after which they reset to current market interest rates. Additionally, some of these investments have floors. The Company also has revolving credit facilities that are generally based on floating LIBOR or SOFR. Assuming no changes to our balance sheet as of September 30, 2022 and no new defaults by portfolio companies, a hypothetical one percent decrease in LIBOR and SOFR on our comprehensive floating rate assets and liabilities would decrease our net investment income by eleven cents per average share over the next twelve months. Assuming no changes to our balance sheet as of September 30, 2022 and no new defaults by portfolio companies, a hypothetical one percent increase in LIBOR and SOFR on our comprehensive floating rate assets and liabilities would increase our net investment income by approximately twelve cents per average share over the next twelve months. However, we may hedge against interest rate fluctuations from
time-to-time
by using standard hedging instruments such as futures, options, swaps and forward contracts subject to the requirements of the 1940 Act. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in any benefits of certain changes in interest rates with respect to our portfolio of investments. At September 30, 2022, we have no interest rate hedging instruments outstanding on our balance sheet.
 
Increase (Decrease) in LIBOR and SOFR
   (1.00%)   1.00% 
Increase (Decrease) in Net Investment Income Per Share Per Year
   (0.11)  $0.12 
We may also have exposure to foreign currencies through various investments. These investments are converted into U.S. dollars at the balance sheet date, exposing us to movements in foreign exchange rates. In order to reduce our exposure to fluctuations in foreign exchange rates, we may borrow from
time-to-time
in such currencies under our multi-currency revolving credit facility or enter into forward currency or similar contracts.
 
56
Table of Contents
Item 4.
Controls and Procedures
(a) Evaluation of Disclosure Controls and Procedures
As of September 30, 2022 (the end of the period covered by this report), we, including our
Co-Chief
Executive Officers and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule
13a-15(e)
of the 1934 Act). Based on that evaluation, our management, including the
Co-Chief
Executive Officers and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.
(b) Changes in Internal Controls Over Financial Reporting
Management has not identified any change in the Company’s internal control over financial reporting that occurred during the third quarter of 2022 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II. OTHER INFORMATION
 
Item 1.
Legal Proceedings
Other than as described in Part II, Item. 1 - Legal Proceedings section of our Form
10-Q
for the quarter ended March 31, 2022 (which was filed with the SEC on May 3, 2022), to which there have been no material updates as of the date of this report, we, the Administrator, and the Investment Adviser are not currently subject to any material pending legal proceedings threatened against us. From time to time, we may be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations beyond what has been disclosed within these financial statements.
 
Item 1A.
Risk Factors
In addition to the other information set forth in this report, you should carefully consider the factors discussed in “Risk Factors” in the March 1, 2022 filing of our Annual Report on
Form 10-K, which
could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. Other than the risk factors set forth below, there have been no material changes during the period ended September 30, 2022 to the risk factors discussed in “Risk Factors” in the March 1, 2022 filing of our Annual Report on Form
10-K.
The Russian invasion of Ukraine may have a material adverse impact on us and our portfolio companies.
On February 24, 2022, the Russian military commenced a full-scale invasion of
Russia’s pre-positioned forces
into Ukraine, which could have a negative impact on the economy and business activity globally (including in the countries in which the Company invests), and therefore could adversely affect the performance of the Company’s investments. Following such invasion, the United States and several European nations announced sanctions against Russia. Furthermore, the conflict between the two nations and the varying involvement of the United States and other NATO countries could preclude prediction as to their ultimate adverse impact on global economic and market conditions, and, as a result, presents material uncertainty and risk with respect to the Company and the performance of its investments or operations, and the ability of the Company to achieve its investment objectives. Additionally, to the extent that third parties, investors, or related customer bases have material operations or assets in Russia or Ukraine, they may have adverse consequences related to the ongoing conflict.
 
57
Table of Contents
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
We did not engage in unregistered sales of securities during the quarter ended September 30, 2022.
 
Item 3.
Defaults Upon Senior Securities
None.
 
Item 4.
Mine Safety Disclosures
Not applicable.
 
Item 5.
Other Information
None.
 
Item 6.
Exhibits
The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:
 
Exhibit
Number
  
Description
  2.1
  
Agreement and Plan of Merger among SLR Investment Corp., SLR Senior Investment Corp., Solstice Merger Sub, Inc. and SLR Capital Partners, LLC (for the limited purposes set forth therein), dated as of December 1, 2021(7)
  3.1
  
Articles of Amendment and Restatement(1)
  3.2
  
Second Amended and Restated Bylaws(7)
  4.1
  
Form of Common Stock Certificate(2)
  4.2
  
Indenture, dated as of November 16, 2012, between the Registrant and U.S. Bank National Association as trustee(4)
  4.3
  
Second Supplemental Indenture, dated November 22, 2017, relating to the 4.50% Notes due 2023, between the Registrant and U.S. Bank National Association as trustee, including the Form of 4.50% Notes due 2023(5)
10.1
  
Form of Contribution Agreement, dated as of August 26, 2011, by and between SUNS SPV LLC, as the contributee, and SLR Senior Investment Corp., as the contributor(3)
10.2
  
Form of Loan and Servicing Agreement, dated as of August 26, 2011 (as amended through the Tenth Amendment dated as of December 29, 2021), by and among SLR Senior Investment Corp., as the servicer and the transferor, SUNS SPV LLC, as the borrower, each of the conduit lenders from time to time party thereto, each of the liquidity banks from time to time party thereto, each of the lender agents from time to time party thereto, Citibank, N.A., as the administrative agent and collateral agent, and Wells Fargo Bank, N.A., as the account bank, the backup servicer and the collateral custodian(9)
10.3
  
Letter Agreement, dated as of April 1, 2022, between SLR Investment Corp. and SLR Capital Partners, LLC(8)
10.4
  
Credit Facility Assumption Agreement, dated as of April 1, 2022, by SLR Investment Corp.(8)
10.5
  
Assumption Agreement, dated as of April 1, 2022, made by SLR Investment Corp. for the benefit of the holders of Notes issues under the Note Purchase Agreement(8)
10.6
  
Note Purchase Agreement, dated as of March 31, 2020, between SLR Senior Investment Corp. and the purchasers party thereto(6)
23.1
  
Awareness Letter of Independent Registered Public Accounting Firm*
31.1
  
Certification of Co-Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
31.2
  
Certification of Co-Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
 
58
Table of Contents
Exhibit
Number
  
Description
  31.3
  
Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
  32.1
  
Certification of Co-Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002.*
  32.2
  
Certification of Co-Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002.*
  32.3
  
Certification of Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002.*
101.INS
  
Inline XBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.*
101.SCH
  
Inline XBRL Taxonomy Extension Schema Document.*
101.CAL
  
Inline XBRL Taxonomy Extension Calculation Linkbase Document.*
101.DEF
  
Inline XBRL Taxonomy Extension Definition Linkbase Document.*
101.LAB
  
Inline XBRL Taxonomy Extension Label Linkbase Document.*
101.PRE
  
Inline XBRL Taxonomy Extension Presentation Linkbase Document.*
104
  
Cover Page Interactive Data File — The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
 
(1)
Previously filed in connection with SLR Investment Corp.’s registration statement on Form
N-2
Pre-Effective
Amendment No. 7 (File
No. 333-148734)
filed on January 7, 2010.
(2)
Previously filed in connection with SLR Investment Corp.’s registration statement on Form
N-2
(File No
333-148734)
filed on February 9, 2010.
(3)
Previously filed in connection with SLR Senior Investment Corp.’s report on Form
8-K
(File
No. 814-00849)
filed on August 31, 2011.
(4)
Previously filed in connection with SLR Investment Corp.’s registration statement on Form
N-2
Post-Effective Amendment No. 6 (File
No. 333-172968)
filed on November 16, 2012.
(5)
Previously filed in connection with SLR Investment Corp.’s registration statement on Form
N-2
Post-Effective Amendment No. 5 (File
No. 333-194870)
filed on November 22, 2017.
(6)
Previously filed in connection with SLR Senior Investment Corp.’s report on Form
10-Q
(File
No. 814-00849)
filed on May 7, 2020.
(7)
Previously filed in connection with SLR Investment Corp.’s report on Form
8-K
filed on December 1, 2021.
(8)
Previously filed in connection with SLR Investment Corp.’s report on Form
8-K
filed on April 1, 2022.
(9)
Previously filed in connection with SLR Investment Corp.’s report on Form
10-Q
filed on May 3, 2022.
*
Filed herewith.
 
59
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on November 2, 2022.
 
SLR INVESTMENT CORP.
By:
 
/
S
/ M
ICHAEL
S. G
ROSS
 
Michael S. Gross
Co-Chief Executive Officer
(Principal Executive Officer)
By:
 
/
S
/ B
RUCE
J. S
POHLER
 
Bruce J. Spohler
Co-Chief Executive Officer
(Principal Executive Officer)
By:
 
/
S
/ R
ICHARD
L. P
ETEKA
 
Richard L. Peteka
Chief Financial Officer
(Principal Financial and Accounting Officer)
 
60

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